INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Domestic and Foreign Earnings (Loss) From Continuing Operations Before Income Taxes

Domestic and Foreign Earnings From Continuing Operations Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Domestic earnings	$	421	$	970	$	198
Foreign earnings	82		43		122
Total	$	503	$	1,013	$	320

Provision (Benefit) for Income Taxes From Continuing Operations

Provision (Benefit) for Income Taxes From Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Current:
Federal	$	3		$	(26	)	$	(80	)
State	(1		)	12			(18		)
Foreign	(5		)	3			(21		)
	(3		)	(11		)	(119		)
Deferred:
Federal	(30		)	178			(79		)
State	2			6			6
Foreign	28			12			21
	—			196			(52		)
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)

Effective Income Tax Rate Applicable to Continuing Operations

Effective Income Tax Rate Applicable to Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
U.S. federal statutory income tax	$	176		$	354		$	112
State income taxes, net of federal tax benefit	1			14			7
REIT income not subject to federal income tax	(158		)	(161		)	(101		)
REIT benefit from change to tax law	(13		)	—			—
Foreign taxes	—			(2		)	(8		)
Provision for unrecognized tax benefits	(7		)	(4		)	(193		)
Repatriation of Canadian earnings	—			—			21
Domestic production activities deduction	—			—			(13		)
Other, net	(2		)	(16		)	4
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)
Effective income tax rate	(0.5		)%	18.3		%	(53.4		)%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Net noncurrent deferred tax asset	4			44
Net noncurrent deferred tax liability	(86		)	(14		)
Net deferred tax asset (liability)	$	(82	)	$	30

Items Included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Postretirement benefits	$	80		$	101
Pension	260			369
State tax credits	56			56
Net operating loss carryforwards	59			86
Cellulosic biofuel producers credit	78			100
Other	203			223
Gross deferred tax assets	736			935
Valuation allowance	(72		)	(72		)
Net deferred tax assets	664			863
Property, plant and equipment	(496		)	(523		)
Timber installment notes	(180		)	(180		)
Other	(70		)	(130		)
Deferred tax liabilities	(746		)	(833		)
Net deferred tax asset (liability)	$	(82	)	$	30

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Balance at beginning of year	$	11		$	26
Settlements	(4		)	—
Lapse of statute	(1		)	(15		)
Balance at end of year	$	6		$	11