CONSOLIDATED BALANCE SHEET (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,158	$ 1,580
Receivables, less allowances of $3 and $3	539	525
Receivables for taxes	23	25
Inventories (Note 5)	645	595
Prepaid expenses	95	80
Deferred tax assets	192	228
Total current assets	2,652	3,033
Property and equipment, less accumulated depreciation of $6,304 and $6,324	2,524	2,623
Construction in progress	171	131
Timber and timberlands at cost, less depletion charged to disposals	6,552	6,530
Investments in and advances to equity affiliates	183	188
Goodwill	40	40
Deferred tax assets	3	8
Other assets	269	289
Restricted financial investments held by variable interest entities	615	615
Total assets	13,009	13,457
Liabilities
Accounts payable	319	331
Accrued liabilities (Note 7)	533	587
Total current liabilities	852	918
Long-term debt (Note 8)	4,891	4,891
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred income taxes	195	206
Deferred pension and other postretirement benefits	1,249	1,319
Other liabilities	284	308
Total liabilities	7,982	8,153
Commitments and contingencies (Note 9)
Equity:
Mandatory convertible preference shares, series A: $1.00 par value; $50.00 liquidation; authorized 40,000,000 shares; issued and outstanding: 13,800,000 shares	14	14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 518,735,116 and 524,474,315 shares	648	656
Other capital	4,299	4,519
Retained earnings	1,445	1,508
Cumulative other comprehensive loss (Note 10)	(1,379)	(1,393)
Total equity	5,027	5,304
Total liabilities and equity	$ 13,009	$ 13,457