CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 415	$ 1,012
Receivables, less allowances of $4 and $3	578	487
Receivables for taxes	25	30
Inventories (Note 5)	677	568
Prepaid expenses and other current assets	135	77
Total current assets	1,830	2,174
Property and equipment, less accumulated depreciation of $6,371 and $6,294	2,763	2,572
Construction in progress	223	195
Timber and timberlands at cost, less depletion charged to disposals	14,548	6,480
Minerals and mineral rights, net	325	14
Investments in and advances to joint ventures	1,011	74
Goodwill	40	40
Deferred tax assets	15	4
Other assets	409	302
Restricted financial investments held by variable interest entities	615	615
Total assets		12,470
Liabilities
Notes payable	4	4
Accounts payable	385	326
Accrued liabilities (Note 9)	595	545
Total current liabilities	984	875
Note payable to Timberland Venture (Note 10)	835	0
Long-term debt (Note 10)	7,803	4,875
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred income taxes	71	86
Deferred pension and other postretirement benefits	983	987
Other liabilities	311	267
Total liabilities	$ 11,498	$ 7,601
Commitments and contingencies (Note 12)
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 13,799,711 shares	$ 14	$ 14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 759,044,221 and 510,483,285 shares	948	638
Other capital	9,305	4,080
Retained earnings	1,177	1,349
Cumulative other comprehensive loss (Note 13)	(1,163)	(1,212)
Total equity	10,281	4,869
Total liabilities and equity	$ 21,779	$ 12,470