Sylvamo (SLVM) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		41,001,335
Entity Central Index Key	0001856485
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
NET SALES	$ 933	$ 919	$ 1,838	$ 1,860
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	684	721	1,400	1,390
Selling and administrative expenses	82	76	156	159
Depreciation, amortization and cost of timber harvested	37	34	76	69
Taxes other than payroll and income taxes	8	6	15	12
Interest (income) expense, net	9	12	18	19
Income before income taxes	113	70	173	211
Income tax provision	30	21	47	65
NET INCOME	$ 83	$ 49	$ 126	$ 146
EARNINGS PER SHARE
Net earnings (loss), basic (in dollars per share)	$ 2.02	$ 1.16	$ 3.06	$ 3.44
Net earnings (loss), diluted (in dollars per share)	$ 1.98	$ 1.14	$ 3	$ 3.40

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 83	$ 49	$ 126	$ 146
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Amortization of pension and postretirement loss (less taxes of $0, $0, $0 and $0)	0	0	0	0
Change in cumulative foreign currency translation adjustment	(98)	45	(136)	86
Net gains/losses on cash flow hedging derivatives:
Net gains (losses) arising during the period (less taxes of $2, $9, $2 and $9)	(4)	22	0	18
Reclassification adjustment for (gains) losses included in net earnings (less taxes of $1, $4, $2 and $6)	(2)	(10)	(5)	(14)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	(104)	57	(141)	90
COMPREHENSIVE INCOME (LOSS)	$ (21)	$ 106	$ (15)	$ 236

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement loss, tax	$ 0	$ 0	$ 0	$ 0
Net gains (losses) arising during the period, tax	2	9	2	9
Reclassification adjustments for (gains) losses included in net earnings, tax	$ 1	$ 4	$ 2	$ 6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and temporary investments	$ 145	$ 220
Restricted cash	60	60
Accounts and notes receivable, net	411	428
Contract assets	32	27
Inventories	412	404
Other current assets	40	54
Total Current Assets	1,100	1,193
Plants, Properties and Equipment, net	955	1,002
Forestlands	346	364
Goodwill	121	139
Right of Use Assets	59	58
Deferred Charges and Other Assets	110	116
TOTAL ASSETS	2,691	2,872
Current Liabilities
Accounts payable	389	421
Notes payable and current maturities of long-term debt	28	28
Accrued payroll and benefits	65	63
Other current liabilities	172	183
Total Current Liabilities	654	695
Long-Term Debt	894	931
Deferred Income Taxes	162	189
Other Liabilities	151	156
Commitments and Contingent Liabilities (Note 12)
Equity
Common stock $1 par value, 200.0 shares authorized, 44.9 shares and 44.5 shares issued and 41.0 shares and 41.2 shares outstanding at June 30, 2024 and December 31, 2023, respectively	45	45
Paid-in capital	60	48
Retained earnings	2,317	2,222
Accumulated other comprehensive loss	(1,397)	(1,256)
Stockholders' equity before treasury stock	1,025	1,059
Less: Common stock held in treasury, at cost, 3.9 shares and 3.3 shares at June 30, 2024 and December 31, 2023, respectively	(195)	(158)
Total Equity	830	901
TOTAL LIABILITIES AND EQUITY	$ 2,691	$ 2,872

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	44,900,000	44,500,000
Common shares, outstanding (in shares)	41,000,000	41,200,000
Treasury stock (in shares)	3,900,000	3,300,000

CONDENSED CONSOLIDATED AND CO_3

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
NET INCOME	$ 126	$ 146
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and cost of timber harvested	76	69
Deferred income tax provision (benefit), net	0	4
Stock-based compensation	12	15
Changes in operating assets and liabilities and other:
Accounts and notes receivable	(7)	91
Inventories	(20)	(60)
Accounts payable and accrued liabilities	(26)	(147)
Other	(19)	22
CASH PROVIDED BY OPERATING ACTIVITIES	142	140
INVESTMENT ACTIVITIES
Invested in capital projects	(113)	(105)
Acquisition of business, net of cash acquired	0	(167)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES	(113)	(272)
FINANCING ACTIVITIES
Dividends paid	(25)	(21)
Issuance of debt	16	437
Reduction of debt	(54)	(443)
Repurchases of common stock	(30)	(40)
Other	(2)	(6)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(95)	(73)
Effect of Exchange Rate Changes on Cash	(9)	9
Change in Cash, Temporary Investments and Restricted Cash	(75)	(196)
Beginning of the period	280	360
End of the period	$ 205	$ 164

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
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. 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, 2023 (the "Annual Report" or “2023 Form 10-K”), 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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 financial statements included in our 2023 Form 10-K. There have been no material changes to the significant accounting policies for the six months ended June 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and this guidance should be applied prospectively but there is the option to apply it retrospectively. The Company plans to adopt the provisions of this guidance in conjunction with our Form 10-K for the annual period ending December 31, 2025. Segment Reporting In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires a public entity to disclose for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (“CODM”) and included in each reported measure of a segment’s profit or loss. Additionally, it requires a public entity to disclose the title and position of the individual or the name of the group or committee identified as the CODM. This guidance is effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company plans to adopt the provisions of this guidance in conjunction with our Form 10-K for the period ending December 31, 2024.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Europe Uncoated Papers $ 180 $ 192 $ 366 $ 395 Market Pulp 25 18 46 45 Europe 205 210 412 440 Latin America Uncoated Papers 220 215 416 401 Market Pulp 15 20 27 40 Latin America 235 235 443 441 North America Uncoated Papers 474 463 945 949 Market Pulp 19 11 38 30 North America 493 474 983 979 Total $ 933 $ 919 $ 1,838 $ 1,860 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 $2 million and $8 million are included in “Other current liabilities” as of June 30, 2024 and December 31, 2023, respectively. The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
EQUITY	4 EQUITY A summary of changes in equity for the three and six months ended June 30, 2024 and 2023 is provided below: Three Months Ended June 30, 2024 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, 2024 45 $ 45 $ 54 $ 2,253 $ (1,293) $ (170) $ 889 Stock-based employee compensation — — 6 — — — 6 Share repurchases — — — — — (25) (25) Dividends ($0.45 per share) — — — (19) — — (19) Comprehensive income (loss) — — — 83 (104) — (21) Balance, June 30, 2024 45 $ 45 $ 60 $ 2,317 $ (1,397) $ (195) $ 830 Six Months Ended June 30, 2024 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, 2023 45 $ 45 $ 48 $ 2,222 $ (1,256) $ (158) $ 901 Stock-based employee compensation — — 12 — — (7) 5 Share repurchases — — — — — (30) (30) Dividends ($0.75 per share) — — — (31) — — (31) Comprehensive income (loss) — — — 126 (141) — (15) Balance, June 30, 2024 45 $ 45 $ 60 $ 2,317 $ (1,397) $ (195) $ 830 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

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (77) $ (76) $ (77) $ (76) Amounts reclassified from accumulated other comprehensive income — — — — Balance at end of period (77) (76) (77) (76) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,235) (1,247) (1,197) (1,288) Other comprehensive income (loss) before reclassifications (98) 45 (136) 86 Balance at end of period (1,333) (1,202) (1,333) (1,202) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 19 18 18 26 Other comprehensive income (loss) before reclassifications (4) 22 — 18 Amounts reclassified from accumulated other comprehensive income (2) (10) (5) (14) Balance at end of period 13 30 13 30 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,397) $ (1,248) $ (1,397) $ (1,248)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income 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. There are no adjustments required to be made to net income for purposes of computing basic and diluted earnings per share. Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2024 2023 2024 2023 Net income $ 83 $ 49 $ 126 $ 146 Weighted average common shares outstanding 41.1 42.4 41.2 42.4 Effect of dilutive securities 0.8 0.4 0.8 0.6 Weighted average common shares outstanding - assuming dilution 41.9 42.8 42.0 43.0 Earnings per share - basic $ 2.02 $ 1.16 $ 3.06 $ 3.44 Earnings per share - diluted $ 1.98 $ 1.14 $ 3.00 $ 3.40 Anti-dilutive shares (a) 0.4 0.4 0.4 0.3

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure	ACQUISITIONS On January 2, 2023, the Company completed the 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. The following table summarizes the final 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 115 Other assets 2 Total assets acquired 247 Accounts payable 51 Other liabilities 29 Total liabilities assumed 80 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.

SUPPLEMENTARY FINANCIAL STATEME

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
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 $68 million and $109 million at June 30, 2024 and December 31, 2023, respectively. Restricted Cash Restricted cash of $60 million as of June 30, 2024 and December 31, 2023 represents funds held in escrow related to the Brazil Tax Dispute. See Note 13 Long-Term Debt for further details. The following table provides a reconciliation of cash, temporary investments and restricted cash in the condensed consolidated balance sheets to total cash, temporary investments and restricted cash in the condensed consolidated statements of cash flows: In millions June 30, 2024 December 31, 2023 Cash and temporary investments $ 145 $ 220 Restricted cash 60 60 Total cash, temporary investments and restricted cash in the statements of cash flows $ 205 $ 280 Accounts and Notes Receivable Accounts and notes receivable, net, by classification were: In millions June 30, 2024 December 31, 2023 Accounts and notes receivable: Trade $ 387 $ 404 Notes and other 24 24 Total $ 411 $ 428 The allowance for expected credit losses was $27 million and $25 million at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Raw materials $ 61 $ 60 Finished paper and pulp products 225 213 Operating supplies 103 109 Other 23 22 Total $ 412 $ 404 Plants, Properties and Equipment, Net Accumulated depreciation was $3.7 billion and $3.8 billion at June 30, 2024 and December 31, 2023, respectively. Depreciation expense was $31 million and $28 million for the three months and $64 million and $58 million for the six months ended June 30, 2024 and 2023, respectively. Non-cash additions to plants, property and equipment included within accounts payable were $9 million and $17 million each at June 30, 2024 and December 31, 2023. Forestlands Non-cash additions to Forestlands included within accounts payable were $10 million at June 30, 2024. There were no non-cash additions to Forestlands included within accounts payable as of December 31, 2023. Other Liabilities and Costs During the three months ended September 30, 2023, the Company recorded approximately $13 million before taxes ($10 million after taxes) of severance costs related to a planned reduction in our salaried workforce. These severance liabilities were recorded in Other current liabilities in our condensed consolidated balance sheet. As of June 30, 2024, the reserve totaled approximately $6 million which will be paid in cash over the remainder of 2024. Interest Interest payments of $31 million and $37 million were made during the six months ended June 30, 2024 and 2023, respectively. Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Interest expense (a) $ 13 $ 15 $ 27 $ 34 Interest income (b) (3) (2) (7) (13) Capitalized interest cost (1) (1) (2) (2) Total $ 9 $ 12 $ 18 $ 19 (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 As of June 30, 2024 and December 31, 2023, we have recorded liabilities of $28 million and $27 million related to asset retirement obligations. These amounts are included in “Other liabilities.”

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
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 $14 million and $16 million for the three months and $28 million and $33 million for the six months ended June 30, 2024 and 2023, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2024 December 31, 2023 Assets Operating lease assets Right of use assets $ 59 $ 58 Finance lease assets Plants, properties, and equipment, net (a) 21 22 Total leased assets $ 80 $ 80 Liabilities Current Operating Other current liabilities $ 19 $ 18 Finance Notes payable and current maturities of long-term debt 2 2 Noncurrent Operating Other Liabilities 47 46 Finance Long-term debt 12 14 Total lease liabilities $ 80 $ 80 (a) Finance leases are recorded net of accumulated amortization of $17 million and $16 million as of June 30, 2024 and December 31, 2023, 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 $14 million and $16 million for the three months and $28 million and $33 million for the six months ended June 30, 2024 and 2023, respectively. Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2024 December 31, 2023 Assets Operating lease assets Right of use assets $ 59 $ 58 Finance lease assets Plants, properties, and equipment, net (a) 21 22 Total leased assets $ 80 $ 80 Liabilities Current Operating Other current liabilities $ 19 $ 18 Finance Notes payable and current maturities of long-term debt 2 2 Noncurrent Operating Other Liabilities 47 46 Finance Long-term debt 12 14 Total lease liabilities $ 80 $ 80 (a) Finance leases are recorded net of accumulated amortization of $17 million and $16 million as of June 30, 2024 and December 31, 2023, respectively.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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, 2024: In millions Europe Latin America North America Total Balance as of December 31, 2023 Goodwill $ 11 $ 129 $ — $ 140 Accumulated impairment losses (1) — — (1) $ 10 $ 129 $ — $ 139 Currency translation and other — (17) — (17) Balance as of June 30, 2024 Goodwill 10 112 — 122 Accumulated impairment losses (1) — — (1) Total $ 9 $ 112 $ — $ 121

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES An income tax provision of $30 million and $47 million was recorded for the three and six months ended June 30, 2024, and the reported effective income tax rate was 27% and 27% respectively. 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 was 30% and 31%, 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 $105 million in tax, and $249 million in interest, penalties and fees as of June 30, 2024 (adjusted for variation in currency exchange rates and recent law change pursuant to which the Brazil tax authority agreed to cancel a portion of the interest, penalties, and fees). 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, 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 settlement strategy, 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, 2024
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 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, 2024. 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 portion of the basins. The Company submitted a proposed pilot intervention plan to CETESB in late 2023, and CETESB approved its pre-intervention stages and certain additional measures that the Company later submitted. As of June 30, 2024, 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 because the further studies to be conducted and the remediation that may be required will depend on 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 11 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil. During the first quarter of 2024, the State of Sao Paulo issued a tax assessment to our Brazilian subsidiary for approximately $44 million (adjusted for variation in currency exchange rates) regarding unpaid VAT arising from intercompany transactions. This assessment includes $18 million in tax and $26 million in interest and penalties. As of June 30, 2024, no reserve has been recorded by the Company because the risk of loss is not probable. The Company reached an amnesty agreement with the Brazilian government related to certain VAT amounts assessed in prior years, which are unrelated to the 2024 tax assessment noted above. This agreement resulted in the recognition of $9 million of interest income during the first quarter of 2023. 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, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt is summarized in the following table: In millions June 30, 2024 December 31, 2023 Term Loan F - due 2027 (a) $ 459 $ 471 Term Loan A - due 2028 (b) 259 266 7.00% Senior Notes - due 2029 (c) 89 89 Securitization Program 100 117 Other 15 16 Less: current portion (28) (28) Total $ 894 $ 931 (a) As of June 30, 2024 and December 31, 2023, presented net of $3 million and $3 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2024 and December 31, 2023, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively. (c) As of June 30, 2024 and December 31, 2023, presented net of $1 million and $1 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, 2024, the Company had no outstanding borrowings on the Revolving Credit Facility and $21 million of letters of credit related to the Revolving Credit Facility, resulting in an available borrowing capacity of $429 million. As of December 31, 2023, the Company had no outstanding borrowings on the Revolving Credit Facility and $21 million of letters of credit related to the Revolving Credit Facility, resulting in an available borrowing capacity of $429 million. Any outstanding balance on the Revolving Credit Facility is recorded within “Notes payable and current maturities of long-term debt” in the condensed consolidated balance sheet. 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. The average interest rate for the quarter ended June 30, 2024 was 6.24%, and the average interest rate for the year ended December 31, 2023 was 5.92%. In the first quarter of 2023, in connection with the tender offer and the consent solicitation related to the 2029 Senior Notes, 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 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 of 2023, $360 million aggregate principal of the notes were tendered, resulting in a debt extinguishment cost of $5 million, related to the write-off of debt issuance costs. This cost was recorded within “Interest expense (income), net.” The 2029 Senior Notes are unsecured bonds with a 7.00% fixed interest rate, payable semi-annually. The interest rates applicable to the Term Loan F, Term Loan A and Revolving Credit Facility are based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percentage of 1.85%, 1.85% and 1.60%, respectively, payable monthly, with a SOFR floor of 0.00%. The obligations under the Term Loan F, Term Loan A and Revolving Credit Facility are secured by substantially all the tangible and intangible assets of Sylvamo and its subsidiaries, subject to certain exceptions, and along with the 2029 Senior Notes facility are guaranteed by Sylvamo and certain subsidiaries. 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 75 basis points is expected as a cash rebate, the effective net interest rate on the Term Loan F was approximately 6.29% and 6.31% as of June 30, 2024 and December 31, 2023, respectively. In connection with the Term Loan F, the Company was party to interest rate swaps with various counterparties with a notional amount of $200 million maturing in 2024 and $200 million maturing in 2026. In the first quarter of 2023, 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. In addition, the Company liquidated the swaps maturing in 2026 with a notional amount of $200 million in the third quarter of 2023, receiving cash proceeds of $19 million. The related gains from all swap proceeds has been deferred within “Accumulated other comprehensive loss” in the condensed consolidated balance sheet and will be amortized into interest expense over the original contract term of the swaps, of which less than one two In the first quarter of 2023, the Company entered into four new interest rate swaps with various counterparties with a notional amount of $200 million, maturing in 2025. The interest rate swaps are designated as cash flow hedges, and are utilized to manage interest rate risk. The interest rate swaps allow for the Company to exchange the difference in the variable rates on Term Loan F determined in reference to SOFR and the fixed interest rate per notional amount ranging from 3.72% to 3.75%. As of June 30, 2024 and December 31, 2023, the fair value of the interest rate swaps related to Term Loan F resulted in an asset of $3 million and $1 million, respectively. Assets resulting from interest rate swaps are reflected in “Deferred charges and other assets.” In relation to Term Loan A, the Company is party to interest rate swaps with a current aggregate notional amount of $261 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, 2024 and December 31, 2023, the fair value of these interest rate swaps resulted in an asset of $0.2 million recorded in “Deferred charges and other assets” and a liability of $5 million, recorded within “Other liabilities,” respectively. In July 2024, the Company amended existing credit agreements to reduce the capacity of the Revolving Credit Facility to $400 million and extend the maturity of both the Revolving Credit Facility and Term Loan A to 2029. The Securitization Program capacity was reduced to $110 million, subject to borrowing base availability, and the maturity was extended to 2027. Also in July 2024, the Company entered into a new senior secured term loan facility which provides an aggregate principal amount of $235 million (“Term Loan F-2”) maturing in 2031. A portion of the proceeds from Term Loan F-2 were used to repay $104 million of Term Loan F and $36 million of Term Loan A. In addition, the Company issued a notice of full redemption of the outstanding $90 million of 2029 Senior Notes. The remaining proceeds of Term Loan F-2 will be used for the redemption and to pay the related premiums, fees and expenses in September 2024. Within the terms of the refinancing, the interest rates applicable to the Term Loan F, Term Loan A and the Revolving Credit Facility are based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percent of 1.85%. Term Loan F-2 is based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percent of 2.25%. As a result of the refinancing in July 2024, the Company entered into five new interest rate swaps with various counterparties in connection with Term Loan F-2. The total notional amount of these swaps is $235 million maturing in 2029. These interest rate swaps allow for the Company to exchange the difference in the variable rates on Term Loan F-2 determined in reference to SOFR and the fixed interest rate per notional amount ranging from 3.80% to 3.82%. 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. In 2023, the Company deposited $60 million in an account subject to the control of the administrative agent. Therefore, our ability to make restricted payments under the credit agreement is governed by the provisions in the credit agreement in effect as if the Brazil Tax Dispute is settled, if at the time of any restricted payments we maintain $225 million of available liquidity. As of June 30, 2024, we were in compliance with our debt covenants.

PENSION AND POSTRETIREMENT BENE

PENSION AND POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023 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, 2024
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, 2024, 2,546,012 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 2024 2023 2024 2023 Total stock-based compensation expense (included in selling and administrative expense) $ 5 $ 8 $ 12 $ 15 As of June 30, 2024, $24 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 1.7 years.

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA	6 Months Ended
	Jun. 30, 2024
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 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 2024 2023 2024 2023 Europe $ 206 $ 210 $ 413 $ 440 Latin America 245 250 461 472 North America 493 474 983 979 Intersegment Sales (11) (15) (19) (31) Net Sales $ 933 $ 919 $ 1,838 $ 1,860 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Europe $ 8 $ (11) $ 4 $ 12 Latin America 37 48 51 94 North America 77 45 139 142 Business Segment Operating Profit $ 122 $ 82 $ 194 $ 248 Income before income taxes $ 113 $ 70 $ 173 $ 211 Interest (income) expense, net 9 12 18 19 Net special items expense (income) (a) — — 3 18 Business Segment Operating Profit $ 122 $ 82 $ 194 $ 248 (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 integration 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 of 2023 and other charges.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Europe Uncoated Papers $ 180 $ 192 $ 366 $ 395 Market Pulp 25 18 46 45 Europe 205 210 412 440 Latin America Uncoated Papers 220 215 416 401 Market Pulp 15 20 27 40 Latin America 235 235 443 441 North America Uncoated Papers 474 463 945 949 Market Pulp 19 11 38 30 North America 493 474 983 979 Total $ 933 $ 919 $ 1,838 $ 1,860

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of changes in equity	A summary of changes in equity for the three and six months ended June 30, 2024 and 2023 is provided below: Three Months Ended June 30, 2024 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, 2024 45 $ 45 $ 54 $ 2,253 $ (1,293) $ (170) $ 889 Stock-based employee compensation — — 6 — — — 6 Share repurchases — — — — — (25) (25) Dividends ($0.45 per share) — — — (19) — — (19) Comprehensive income (loss) — — — 83 (104) — (21) Balance, June 30, 2024 45 $ 45 $ 60 $ 2,317 $ (1,397) $ (195) $ 830 Six Months Ended June 30, 2024 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, 2023 45 $ 45 $ 48 $ 2,222 $ (1,256) $ (158) $ 901 Stock-based employee compensation — — 12 — — (7) 5 Share repurchases — — — — — (30) (30) Dividends ($0.75 per share) — — — (31) — — (31) Comprehensive income (loss) — — — 126 (141) — (15) Balance, June 30, 2024 45 $ 45 $ 60 $ 2,317 $ (1,397) $ (195) $ 830 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

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Defined Benefit Pension and Postretirement Adjustments Balance at beginning of period $ (77) $ (76) $ (77) $ (76) Amounts reclassified from accumulated other comprehensive income — — — — Balance at end of period (77) (76) (77) (76) Change in Cumulative Foreign Currency Translation Adjustments Balance at beginning of period (1,235) (1,247) (1,197) (1,288) Other comprehensive income (loss) before reclassifications (98) 45 (136) 86 Balance at end of period (1,333) (1,202) (1,333) (1,202) Net Gains and Losses on Cash Flow Hedging Derivatives Balance at beginning of period 19 18 18 26 Other comprehensive income (loss) before reclassifications (4) 22 — 18 Amounts reclassified from accumulated other comprehensive income (2) (10) (5) (14) Balance at end of period 13 30 13 30 Total Accumulated Other Comprehensive Income (Loss) at End of Period $ (1,397) $ (1,248) $ (1,397) $ (1,248)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended In millions, except per share amounts 2024 2023 2024 2023 Net income $ 83 $ 49 $ 126 $ 146 Weighted average common shares outstanding 41.1 42.4 41.2 42.4 Effect of dilutive securities 0.8 0.4 0.8 0.6 Weighted average common shares outstanding - assuming dilution 41.9 42.8 42.0 43.0 Earnings per share - basic $ 2.02 $ 1.16 $ 3.06 $ 3.44 Earnings per share - diluted $ 1.98 $ 1.14 $ 3.00 $ 3.40 Anti-dilutive shares (a) 0.4 0.4 0.4 0.3

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the final 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 115 Other assets 2 Total assets acquired 247 Accounts payable 51 Other liabilities 29 Total liabilities assumed 80 Net assets acquired $ 167

SUPPLEMENTARY FINANCIAL STATE_2

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, temporary investments and restricted cash in the condensed consolidated balance sheets to total cash, temporary investments and restricted cash in the condensed consolidated statements of cash flows: In millions June 30, 2024 December 31, 2023 Cash and temporary investments $ 145 $ 220 Restricted cash 60 60 Total cash, temporary investments and restricted cash in the statements of cash flows $ 205 $ 280
Schedule of Accounts and Notes Receivable Net		Accounts and notes receivable, net, by classification were: In millions June 30, 2024 December 31, 2023 Accounts and notes receivable: Trade $ 387 $ 404 Notes and other 24 24 Total $ 411 $ 428
Schedule of Inventories		In millions June 30, 2024 December 31, 2023 Raw materials $ 61 $ 60 Finished paper and pulp products 225 213 Operating supplies 103 109 Other 23 22 Total $ 412 $ 404
Schedule of Interest Expense		Amounts related to interest were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Interest expense (a) $ 13 $ 15 $ 27 $ 34 Interest income (b) (3) (2) (7) (13) Capitalized interest cost (1) (1) (2) (2) Total $ 9 $ 12 $ 18 $ 19 (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, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related To Leases	Supplemental Balance Sheet Information Related to Leases In millions Classification June 30, 2024 December 31, 2023 Assets Operating lease assets Right of use assets $ 59 $ 58 Finance lease assets Plants, properties, and equipment, net (a) 21 22 Total leased assets $ 80 $ 80 Liabilities Current Operating Other current liabilities $ 19 $ 18 Finance Notes payable and current maturities of long-term debt 2 2 Noncurrent Operating Other Liabilities 47 46 Finance Long-term debt 12 14 Total lease liabilities $ 80 $ 80 (a) Finance leases are recorded net of accumulated amortization of $17 million and $16 million as of June 30, 2024 and December 31, 2023, respectively.

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: In millions Europe Latin America North America Total Balance as of December 31, 2023 Goodwill $ 11 $ 129 $ — $ 140 Accumulated impairment losses (1) — — (1) $ 10 $ 129 $ — $ 139 Currency translation and other — (17) — (17) Balance as of June 30, 2024 Goodwill 10 112 — 122 Accumulated impairment losses (1) — — (1) Total $ 9 $ 112 $ — $ 121

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt is summarized in the following table: In millions June 30, 2024 December 31, 2023 Term Loan F - due 2027 (a) $ 459 $ 471 Term Loan A - due 2028 (b) 259 266 7.00% Senior Notes - due 2029 (c) 89 89 Securitization Program 100 117 Other 15 16 Less: current portion (28) (28) Total $ 894 $ 931 (a) As of June 30, 2024 and December 31, 2023, presented net of $3 million and $3 million in unamortized debt issuance costs, respectively. (b) As of June 30, 2024 and December 31, 2023, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

INCENTIVE PLANS (Tables)

INCENTIVE PLANS (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Total stock-based compensation expense (included in selling and administrative expense) $ 5 $ 8 $ 12 $ 15

FINANCIAL INFORMATION BY BUSI_2

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting	Information By Business Segment Net Sales Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Europe $ 206 $ 210 $ 413 $ 440 Latin America 245 250 461 472 North America 493 474 983 979 Intersegment Sales (11) (15) (19) (31) Net Sales $ 933 $ 919 $ 1,838 $ 1,860 Business Segment Operating Profit Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Europe $ 8 $ (11) $ 4 $ 12 Latin America 37 48 51 94 North America 77 45 139 142 Business Segment Operating Profit $ 122 $ 82 $ 194 $ 248 Income before income taxes $ 113 $ 70 $ 173 $ 211 Interest (income) expense, net 9 12 18 19 Net special items expense (income) (a) — — 3 18 Business Segment Operating Profit $ 122 $ 82 $ 194 $ 248 (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 integration 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 of 2023 and other charges.

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
NET SALES	$ 933	$ 919	$ 1,838	$ 1,860
Contract liabilities	2		2		$ 8
Europe
Revenue from External Customer [Line Items]
NET SALES	205	210	412	440
Latin America
Revenue from External Customer [Line Items]
NET SALES	235	235	443	441
North America
Revenue from External Customer [Line Items]
NET SALES	493	474	983	979
Uncoated Papers | Europe
Revenue from External Customer [Line Items]
NET SALES	180	192	366	395
Uncoated Papers | Latin America
Revenue from External Customer [Line Items]
NET SALES	220	215	416	401
Uncoated Papers | North America
Revenue from External Customer [Line Items]
NET SALES	474	463	945	949
Market Pulp | Europe
Revenue from External Customer [Line Items]
NET SALES	25	18	46	45
Market Pulp | Latin America
Revenue from External Customer [Line Items]
NET SALES	15	20	27	40
Market Pulp | North America
Revenue from External Customer [Line Items]
NET SALES	$ 19	$ 11	$ 38	$ 30

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			41,200,000
Beginning balance	$ 889	$ 790	$ 901	$ 678
Stock-based employee compensation	6	8	5	10
Stock Repurchased During Period, Value	(25)	(30)	(30)	(40)
Dividends	(19)	(12)	(31)	(22)
Comprehensive income (loss)	$ (21)	106	$ (15)	236
Ending balance (in shares)	41,000,000		41,000,000
Ending balance	$ 830	$ 862	$ 830	$ 862
Dividends per share (in dollars per share)	$ 0.45	$ 0.25	$ 0.75	$ 0.50
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	45,000,000	44,000,000	45,000,000	44,000,000
Beginning balance	$ 45	$ 44	$ 45	$ 44
Stock-based employee compensation		$ 1		$ 1
Ending balance (in shares)	45,000,000	44,000,000	45,000,000	44,000,000
Ending balance	$ 45	$ 45	$ 45	$ 45
Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	54	32	48	25
Stock-based employee compensation	6	7	12	14
Ending balance	60	39	60	39
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,253	2,116	2,222	2,029
Dividends	(19)	(12)	(31)	(22)
Comprehensive income (loss)	83	49	126	146
Ending balance	2,317	2,153	2,317	2,153
Accumulated  Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,293)	(1,305)	(1,256)	(1,338)
Stock-based employee compensation		0		0
Comprehensive income (loss)	(104)	57	(141)	90
Ending balance	(1,397)	(1,248)	(1,397)	(1,248)
Common Stock Held In Treasury, At Cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(170)	(97)	(158)	(82)
Stock-based employee compensation	0	0	(7)	(5)
Stock Repurchased During Period, Value	(25)	(30)	(30)	(40)
Ending balance	$ (195)	$ (127)	$ (195)	$ (127)

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 889	$ 790	$ 901	$ 678
Ending balance	830	862	830	862
Total Accumulated Other Comprehensive Income (Loss) at End of Period	830	862	830	862
Accumulated  Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,293)	(1,305)	(1,256)	(1,338)
Ending balance	(1,397)	(1,248)	(1,397)	(1,248)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,397)	(1,248)	(1,397)	(1,248)
Defined Benefit Pension and Postretirement Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(77)	(76)	(77)	(76)
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Ending balance	(77)	(76)	(77)	(76)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(77)	(76)	(77)	(76)
Change in Cumulative Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,235)	(1,247)	(1,197)	(1,288)
Other comprehensive income (loss) before reclassifications	(98)	45	(136)	86
Ending balance	(1,333)	(1,202)	(1,333)	(1,202)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,333)	(1,202)	(1,333)	(1,202)
Net Gains and Losses on Cash Flow Hedging Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	19	18	18	26
Amounts reclassified from accumulated other comprehensive income	(2)	(10)	(5)	(14)
Other comprehensive income (loss) before reclassifications	(4)	22	0	18
Ending balance	13	30	13	30
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$ 13	$ 30	$ 13	$ 30

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 83	$ 49	$ 126	$ 146
Weighted-average common shares outstanding - basic (in shares)	41,100,000	42,400,000	41,200,000	42,400,000
Effect of dilutive securities	800,000	400,000	800,000	600,000
Weighted-average common shares outstanding - diluted (in shares)	41,900,000	42,800,000	42,000,000	43,000,000
Net earnings (loss), basic (in dollars per share)	$ 2.02	$ 1.16	$ 3.06	$ 3.44
Net earnings (loss), diluted (in dollars per share)	$ 1.98	$ 1.14	$ 3	$ 3.40
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	400,000	400,000	400,000	300,000

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	Jan. 02, 2023 USD ($)
Business Acquisition [Line Items]
Net assets acquired	$ 167
Nymolla
Business Acquisition [Line Items]
Accounts receivable	63
Inventory	67
Plants, properties and equipment	115
Other assets	2
Total assets acquired	247
Accounts payable	51
Other liabilities	29
Total liabilities assumed	$ 80

ACQUISITIONS Narrative (Details

ACQUISITIONS Narrative (Details) € in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 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)	$ 684	$ 721			$ 1,400	$ 1,390
Nymolla
Business Acquisition [Line Items]
Paper Machines | paperMachines							2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory			$ 9
Business Combination, Consideration Transferred			167	€ 157
Capacity, Short Tons | shortTons							500,000
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

SUPPLEMENTARY FINANCIAL STATE_3

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Temporary Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term Investments	$ 68	$ 109
Cash and temporary investments	145	220
Restricted cash	60	60
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 205	$ 280	$ 164	$ 360

SUPPLEMENTARY FINANCIAL STATE_4

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade	$ 387	$ 404
Notes and other	24	24
Total	$ 411	$ 428

SUPPLEMENTARY FINANCIAL STATE_5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Expected Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for expected credit losses	$ 27	$ 25

SUPPLEMENTARY FINANCIAL STATE_6

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 61	$ 60
Finished paper and pulp products	225	213
Operating supplies	103	109
Other	23	22
Inventory net	$ 412	$ 404

SUPPLEMENTARY FINANCIAL STATE_7

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Other Liabilites and Costs(Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Severance Costs	$ 13
Severance Costs, Net of Taxes	$ 10
Employee Severance | Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve		$ 6

SUPPLEMENTARY FINANCIAL STATE_8

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Plants, Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other Significant Noncash Transactions [Line Items]
Depreciation	$ 31	$ 28	$ 64	$ 58
Accumulated depreciation	$ 3,700		3,700		$ 3,800
Forestlands [Member]
Other Significant Noncash Transactions [Line Items]
Non-cash additions			10		0
Property, Plant and Equipment [Member]
Other Significant Noncash Transactions [Line Items]
Non-cash additions			$ 9		$ 17

SUPPLEMENTARY FINANCIAL STATE_9

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payments			$ 31	$ 37
Interest expense (a)	$ 13	$ 15	27	34
Interest income (b)	(3)	(2)	(7)	(13)
Capitalized interest cost	(1)	(1)	(2)	(2)
Total	$ 9	$ 12	$ 18	19
Payment for Debt Extinguishment or Debt Prepayment Cost				5
Debt Instrument, interest rate, stated percentage	7%		7%
Litigation Settlement Interest				$ 9

SUPPLEMENTARY FINANCIAL STAT_10

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Asset Retirement Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset Retirement Obligation	$ 28	$ 27

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Lease cost	$ 14	$ 16	$ 28	$ 33
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, 2024	Dec. 31, 2023
Assets
Right of Use Assets	$ 59	$ 58
Finance lease assets	21	22
Total leased assets	80	80
Current
Operating	19	18
Finance	2	2
Noncurrent
Operating	47	46
Finance	12	14
Total lease liabilities	$ 80	$ 80
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	$ 17	$ 16

GOODWILL - Changes in the Goodw

GOODWILL - Changes in the Goodwill Balance as Allocated to Each Business Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill gross beginning balance	$ 140
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	139
Currency translation and other	(17)
Goodwill gross ending balance	122
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	121
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	10
Accumulated impairment loss, ending balance	(1)
Goodwill, ending balance	9
Latin America
Goodwill [Roll Forward]
Goodwill gross beginning balance	129
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	129
Currency translation and other	(17)
Goodwill gross ending balance	112
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	112
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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Examination [Line Items]
Income tax provision	$ 30	$ 21	$ 47	$ 65
Effective income tax rate reconciliation, percent	27%	30%	27%	31%
Income tax examination, estimate of possible loss			$ 105
Income tax examination, penalties and interest expense			$ 249
Income tax examination, tax liabilities payable, percentage	40%		40%
Income tax examination, tax liability, threshold	$ 300		$ 300
International Paper
Income Tax Examination [Line Items]
Income tax examination, tax liabilities payable, percentage	60%		60%

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Site Contingency [Line Items]
Litigation Settlement Interest				$ 9
BRAZIL
Site Contingency [Line Items]
Litigation Settlement Interest		$ 9
Brazil Unpaid VAT
Site Contingency [Line Items]
Damages claim, value	$ 44
Loss Contingency Accrual	0		$ 0
Brazil Unpaid VAT | Tax
Site Contingency [Line Items]
Damages claim, value	18
Brazil Unpaid VAT | Interest and penalties
Site Contingency [Line Items]
Damages claim, value	$ 26
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 - Summary of Lon

LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: current portion	$ (28)	$ (28)
Long-Term Debt	$ 894	931
Debt Instrument, interest rate, stated percentage	7%
Other Long-Term Debt
Debt Instrument [Line Items]
Long-term debt	$ 15	16
Term Loan F - due 2027 (a) | Secured Debt
Debt Instrument [Line Items]
Long-term debt	459	471
Unamortized debt issuance costs	3	3
Term Loan A - due 2028 (b) | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 259	266
Debt Instrument, interest rate, stated percentage	1.85%
Unamortized debt issuance costs	$ 2	2
7.00% Senior Notes - due 2029 (c) | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 89	89
Debt Instrument, interest rate, stated percentage	7%
Unamortized original issue discount	$ 1	1
Securitization Program
Debt Instrument [Line Items]
Long-term debt	$ 100	$ 117

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost						$ 5,000,000
Debt Instrument, interest rate, stated percentage		7%			7%
Debt Instrument, Consolidated Total, Maximum Leverage Ratio		375%			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
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
Income Tax Examination, Current Amount Deposited with Credit Agreement Agent							$ 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
Securitization Program
Debt Instrument [Line Items]
Total borrowing capacity		$ 120,000,000			$ 120,000,000		$ 120,000,000
Line of Credit Facility, Interest Rate at Period End		6.24%			6.24%		5.92%
Long-term debt and lease obligation		$ 100,000,000			$ 100,000,000		$ 117,000,000
Securitization Program | Subsequent Event
Debt Instrument [Line Items]
Total borrowing capacity	$ 110,000,000
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						1 year
Term Loan F Notes Due 2027 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2026
Debt Instrument [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer			2 years
Term Loan A - due 2028 (b) | Interest Rate Swap | Other Liabilities
Debt Instrument [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value							5,000,000
Term Loan A - due 2028 (b) | Interest Rate Swap | Deferred Charges and Other Assets
Debt Instrument [Line Items]
Fair value of interest rate swaps		200,000			200,000
Term Loan A - due 2028 (b) | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2028 Maturity
Debt Instrument [Line Items]
Notional amount		$ 261,000,000			$ 261,000,000
Term Loan A - due 2028 (b) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		4.13%			4.13%
Term Loan A - due 2028 (b) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		4.16%			4.16%
Term Loan F - due 2027 (a) | Interest Rate Swap | Deferred Charges and Other Assets
Debt Instrument [Line Items]
Fair value of interest rate swaps		$ 3,000,000			$ 3,000,000		1,000,000
Term Loan F - due 2027 (a) | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2024
Debt Instrument [Line Items]
Notional amount							200,000,000	$ 200,000,000
Swap Unwind, Cash Proceeds				$ 12,000,000
Number of Interest Rate Swaps Unwound				4
Term Loan F - due 2027 (a) | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2026
Debt Instrument [Line Items]
Notional amount						$ 200,000,000		$ 200,000,000
Swap Unwind, Cash Proceeds			$ 19,000,000
Term Loan F - due 2027 (a) | 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 (a) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		3.72%			3.72%
Term Loan F - due 2027 (a) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate		3.75%			3.75%
Term Loan F-2 Due 2031 | Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | 2029 | Subsequent Event
Debt Instrument [Line Items]
Notional amount	$ 235,000,000
Number of New Interest Rate Swaps	5
Term Loan F-2 Due 2031 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Interest Rate Swap | Subsequent Event
Debt Instrument [Line Items]
Derivative, fixed interest rate	3.80%
Term Loan F-2 Due 2031 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Interest Rate Swap | Subsequent Event
Debt Instrument [Line Items]
Derivative, fixed interest rate	3.82%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowing capacity		$ 450,000,000			$ 450,000,000		450,000,000
Long-term line of credit outstanding		0			0	60,000,000	0
Letters of Credit Outstanding, Amount		21,000,000			21,000,000		21,000,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 429,000,000			$ 429,000,000		429,000,000
Debt Instrument, interest rate, stated percentage		1.60%			1.60%
Line of Credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Total borrowing capacity	$ 400,000,000
Line of Credit | Revolving Credit Facility | Term Loan A - due 2028 (b) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0%
Senior Notes | 7.00% Senior Notes - due 2029 (c)
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage		7%			7%
Debt Instrument, Repaid, Principal						360,000,000
Long-term debt and lease obligation		$ 89,000,000			$ 89,000,000		$ 89,000,000
Senior Notes | 7.00% Senior Notes - due 2029 (c) | Subsequent Event
Debt Instrument [Line Items]
Notice of Redemption, Amount	90,000,000
Senior Notes | 7.00% Senior Notes - due 2029 (c) | Interest (expense) income
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost						$ 5,000,000
Senior Notes | Term Loan F - due 2027 (a) | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Repaid, Principal	104,000,000
Senior Notes | Term Loan A Due 2029 | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Repaid, Principal	$ 36,000,000
Secured Debt | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.85%
Secured Debt | Term Loan F Notes Due 2027
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage		1.85%			1.85%
Debt instrument, patronage distributions, percentage		0.90%			0.90%
Debt instrument, patronage distributions, cash rebate, percentage		0.75%			0.75%
Debt instrument, effective interest rate		6.29%			6.29%		6.31%
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 2028 (b)
Debt Instrument [Line Items]
Debt Instrument, Issued, Principal				$ 300,000,000
Debt Instrument, interest rate, stated percentage		1.85%			1.85%
Long-term debt and lease obligation		$ 259,000,000			$ 259,000,000		$ 266,000,000
Secured Debt | Term Loan F - due 2027 (a)
Debt Instrument [Line Items]
Long-term debt and lease obligation		$ 459,000,000			$ 459,000,000		$ 471,000,000
Secured Debt | Term Loan F - due 2027 (a) | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.85%
Secured Debt | Term Loan A Due 2029 | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.85%
Secured Debt | Term Loan F-2 Due 2031 | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	2.25%
Long-term debt and lease obligation	$ 235,000,000

INCENTIVE PLANS - Narrative (De

INCENTIVE PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 24
Vesting period	1 year 8 months 12 days
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grant (in shares) | shares	2,546,012

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense (included in selling and administrative expense)	$ 5	$ 8	$ 12	$ 15

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 933	$ 919	$ 1,838	$ 1,860
Income before income taxes	113	70	173	211
Interest (income) expense, net	9	12	18	19
Europe
Segment Reporting Information [Line Items]
Net Sales	205	210	412	440
Latin America
Segment Reporting Information [Line Items]
Net Sales	235	235	443	441
North America
Segment Reporting Information [Line Items]
Net Sales	493	474	983	979
Operating Segments
Segment Reporting Information [Line Items]
Business Segment Operating Profit	122	82	194	248
Operating Segments | Europe
Segment Reporting Information [Line Items]
Net Sales	206	210	413	440
Business Segment Operating Profit	8	(11)	4	12
Operating Segments | Latin America
Segment Reporting Information [Line Items]
Net Sales	245	250	461	472
Business Segment Operating Profit	37	48	51	94
Operating Segments | North America
Segment Reporting Information [Line Items]
Net Sales	493	474	983	979
Business Segment Operating Profit	77	45	139	142
Intersegment Sales
Segment Reporting Information [Line Items]
Net Sales	(11)	(15)	(19)	(31)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest (income) expense, net	9	12	18	19
Net special items expense (income) (a)	$ 0	$ 0	$ 3	$ 18