CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Cash flows from operations:
Net earnings	$ 101		$ 194
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	123		126
Deferred income taxes, net	13		36
Pension and other postretirement benefits (Note 6)	10		(47)
Share-based compensation expense	8		9
Charges for impairment of assets	13		0
Net gains on dispositions of assets(1)	(16)	[1]	(25)	[1]
Foreign exchange transaction losses (Note 13)	29		14
Change in:
Receivables less allowances	(16)		(1)
Receivable for taxes	2		67
Inventories	(57)		(88)
Real estate and land	0		(72)
Prepaid expenses	(11)		3
Accounts payable and accrued liabilities	(91)		(80)
Deposits on land positions and other assets	0		12
Pension and postretirement contributions / benefit payments	(20)		(33)
Other	(11)		(6)
Net cash from operations	77		109
Cash flows from investing activities:
Property and equipment	(71)		(51)
Timberlands reforestation	(18)		(14)
Acquisition of timberlands	(32)		0
Proceeds from sale of assets	2		19
Cash from investing activities	(119)		(46)
Cash flows from financing activities:
Cash dividends on common shares	(152)		(129)
Change in book overdrafts	0		(6)
Exercises of stock options	21		15
Repurchase of common stock (Note 4)	(253)		0
Other	4		2
Cash from financing activities	(380)		(118)
Net change in cash and cash equivalents	(422)		(55)
Cash and cash equivalents at beginning of period	1,580		835
Cash and cash equivalents at end of period	1,158		780
Cash paid (received) during the period for:
Interest, net of amount capitalized of $1 and $5	114		101
Income taxes	$ 1		$ (50)

[1] Includes gains on timberland exchanges.