CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 485	$ 1,011
Receivables, less allowances of $2 and $1	409	276
Receivables for taxes	7	30
Inventories (Note 6)	387	325
Prepaid expenses and other current assets	132	63
Assets of discontinued operations	1,908	1,934
Total current assets	3,328	3,639
Property and equipment, less accumulated depreciation of $3,334 and $3,291	1,462	1,233
Construction in progress	172	144
Timber and timberlands at cost, less depletion charged to disposals	14,474	6,479
Minerals and mineral rights, net	319	14
Investments in and advances to joint ventures (Note 7)	905	0
Goodwill	40	40
Deferred tax assets	250	254
Other assets	424	302
Restricted financial investments held by variable interest entities	615	615
Total assets	21,989	12,720
Liabilities
Notes payable	1	4
Accounts payable	300	204
Accrued liabilities (Note 9)	590	427
Liabilities of discontinued operations (Note 3)	666	690
Total current liabilities	1,557	1,325
Note payable to Timberland Venture (Note 10)	830	0
Long-term debt (Note 10)	8,013	4,787
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred pension and other postretirement benefits	926	987
Deposit from contribution of timberlands to related party (Note 7)	437	0
Other liabilities	285	241
Total liabilities	12,559	7,851
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: 13,693,046 and 13,799,711 shares	14	14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 733,010,052 and 510,483,285 shares	916	638
Other capital	8,527	4,080
Retained earnings	1,106	1,349
Cumulative other comprehensive loss (Note 13)	(1,133)	(1,212)
Total equity	9,430	4,869
Total liabilities and equity	$ 21,989	$ 12,720