CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operations:
Net earnings	$ 81	$ 101
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	142	123
Basis of real estate sold	17	10
Deferred income taxes, net	18	13
Pension and other postretirement benefits (Note 7)	4	10
Share-based compensation expense	24	8
Charges for impairment of assets	0	13
Equity (earnings) loss from joint ventures (Note 6)	(3)	6
Net gains on dispositions of assets and operations	(41)	(16)
Foreign exchange transaction losses (Note 16)	(13)	29
Change in:
Receivables less allowances	(47)	(16)
Receivable for taxes	10	2
Inventories	(43)	(57)
Prepaid expenses	(1)	(11)
Accounts payable and accrued liabilities	(70)	(91)
Pension and postretirement contributions (Note 7)	(17)	(20)
Distributions from joint ventures	5	0
Other	(19)	(17)
Net cash from operations	47	87
Cash flows from investing activities:
Capital expenditures for property and equipment	(57)	(71)
Capital expenditures for timberlands reforestation	(16)	(18)
Acquisition of timberlands	(6)	(32)
Proceeds from sale of assets	70	2
Distributions from joint ventures	24	0
Cash and cash equivalents acquired in Plum Creek merger (Note 3)	9	0
Cash from (used in) investing activities	24	(119)
Cash flows from financing activities:
Net proceeds from issuance of debt (Note 10)	1,098	0
Payments on debt (Note 10)	(720)	0
Cash dividends on common shares	(241)	(152)
Repurchase of common stock (Note 4)	(798)	(253)
Other	(7)	15
Cash from financing activities	(668)	(390)
Net change in cash and cash equivalents	(597)	(422)
Cash and cash equivalents at beginning of period	1,012	1,580
Cash and cash equivalents at end of period		1,158
Cash paid (received) during the period for:
Interest, net of amount capitalized of $2 and $1	125	114
Income taxes	(13)	1
Noncash investing and financing activity:
Equity issued as consideration for our merger with Plum Creek (Note 3)	$ 6,383	$ 0