CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,048	$ 1,580
Receivables, less allowances of $3 and $3	545	525
Receivables for taxes	14	25
Inventories (Note 5)	590	595
Prepaid expenses	87	80
Deferred tax assets	218	228
Total current assets	2,502	3,033
Property and equipment, less accumulated depreciation of $6,361 and $6,324	2,484	2,623
Construction in progress	231	131
Timber and timberlands at cost, less depletion charged to disposals	6,507	6,530
Investments in and advances to equity affiliates	174	188
Goodwill	40	40
Deferred tax assets	0	8
Other assets	267	289
Restricted financial investments held by variable interest entities	615	615
Total assets	12,820	13,457
Liabilities
Accounts payable	344	331
Accrued liabilities (Note 7)	554	587
Total current liabilities	898	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	259	206
Deferred pension and other postretirement benefits	1,106	1,319
Other liabilities	277	308
Total liabilities	$ 7,942	$ 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: 511,032,862 and 524,474,315 shares	639	656
Other capital	4,089	4,519
Retained earnings	1,449	1,508
Cumulative other comprehensive loss (Note 10)	(1,313)	(1,393)
Total equity	4,878	5,304
Total liabilities and equity	$ 12,820	$ 13,457