CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,121	$ 1,580
Receivables, less allowances of $3 and $3	537	525
Receivables for taxes	12	25
Inventories (Note 5)	603	595
Prepaid expenses	82	80
Deferred tax assets	162	228
Total current assets	2,517	3,033
Property and equipment, less accumulated depreciation of $6,378 and $6,324	2,557	2,623
Construction in progress	171	131
Timber and timberlands at cost, less depletion charged to disposals	6,531	6,530
Investments in and advances to equity affiliates	176	188
Goodwill	40	40
Deferred tax assets	2	8
Other assets	274	289
Restricted financial investments held by variable interest entities	615	615
Total assets	12,883	13,457
Liabilities
Accounts payable	343	331
Accrued liabilities (Note 7)	576	587
Total current liabilities	919	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	196	206
Deferred pension and other postretirement benefits	1,166	1,319
Other liabilities	275	308
Total liabilities	$ 7,958	$ 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: 13,799,711 and 13,800,000 shares	$ 14	$ 14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 514,121,330 and 524,474,315 shares	643	656
Other capital	4,163	4,519
Retained earnings	1,428	1,508
Cumulative other comprehensive loss (Note 10)	(1,323)	(1,393)
Total equity	4,925	5,304
Total liabilities and equity	$ 12,883	$ 13,457