DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sales and Net Earnings from Discontinued Operations

Sales and Net Earnings from Discontinued Operations

DOLLAR AMOUNTS IN MILLIONS
	2016(1)			2015(2)			2014 (3)
Total net sales	$	1,537		$	1,860		$	2,509
Costs of products sold	1,283			1,573			2,030
Gross margin	254			287			479
Selling expenses	12			14			61
General and administrative expenses	29			30			57
Research and development expenses	5			6			7
Charges for integration and restructuring, closures and asset impairments(4)	63			2			3
Other operating income, net	(27		)	(26		)	(27		)
Operating income	172			261			378
Equity loss from joint venture	(4		)	(105		)	(1		)
Interest expense, net of capitalized interest	(5		)	(6		)	(9		)
Earnings from discontinued operations before income taxes	163			150			368
Income taxes	(97		)	(55		)	(130		)
Net earnings from operations	66			95			238
Net gain on divestiture of Cellulose Fibers	546			—			—
Net gain on divestiture of WRECO	—			—			972
Net earnings from discontinued operations	$	612		$	95		$	1,210
(1) Discontinued operations in 2016 includes 335 days of the pulp business, 305 days of our printing papers joint venture operations, and 244 days of the liquid packaging board business. (2) Discontinued operations in 2015 includes a full year of the Cellulose Fibers business segment operations. (3) Discontinued operations in 2014 includes a full year of the Cellulose Fibers business segment operations and 188 days of WRECO operations. (4) Charges for integration and restructuring, closures and asset impairments consist of costs related to our strategic evaluation of the Cellulose Fibers businesses and transaction-related costs.

Carrying Value of Assets and Liabilities of Discontinued Operations

Carrying Value of Assets and Liabilities of Discontinued Operations

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
Assets
Cash and cash equivalents	$	1
Receivables, less discounts and allowances	211
Inventories	243
Prepaid expenses	14
Property and equipment, net	1,339
Construction in progress	51
Timber and timberlands at cost, less depletion charged to disposals	1
Investments in and advances to equity affiliates	74
Total assets of discontinued operations	$	1,934
Liabilities
Accounts payable	$	122
Accrued liabilities	118
Long-term debt	88
Deferred income taxes	336
Other liabilities	26
Total liabilities of discontinued operations	$	690

Cash Flows from Discontinued Operations

Cash Flows from Discontinued Operations

DOLLAR AMOUNTS IN MILLIONS
	2016(1)		2015(2)			2014(3)
Net cash provided by (used in) operating activities	$	196	$	429		$	399
Net cash provided by (used in) investing activities	$	2,356	$	(118	)	$	581
(1) Discontinued operations in 2016 includes 335 days of the pulp business, 305 days of our printing papers joint venture operations, and 244 days of the liquid packaging board business, and the cash flows associated with the CF divestitures. (2) Discontinued operations in 2015 includes a full year of the Cellulose Fibers business segment operations. (3) Discontinued operations in 2014 includes a full year of the Cellulose Fibers business segment operations, 188 days of WRECO operations and the cash flows associated with the WRECO divestiture.

Cellulose Fibers

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Components of the net gain on divestitures

The following table presents the components of the net gain on the divestiture of Cellulose Fibers:

DOLLAR AMOUNTS IN MILLIONS
	2016
Proceeds, net of cash and cash equivalents disposed of	$	2,486
Less:
Net book value of assets and liabilities disposed of	(1,678		)
Transaction costs, net of reimbursement	(19		)
	(1,697		)
Pretax gain on Cellulose Fibers divestitures	789
Income taxes	(243		)
Net gain on Cellulose Fibers divestitures	$	546

WRECO

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Components of the net gain on divestitures

The following table presents the components of the net gain on the divestiture of WRECO:

DOLLAR AMOUNTS IN MILLIONS
	2014
Proceeds:
Common shares tendered (58,813,151 shares at $33.22 per share)	$	1,954
Cash	707
	2,661
Less:
Net book value of contributed assets	(1,671		)
Transaction costs, net of reimbursement	(18		)
	(1,689		)
Gain on WRECO divestiture	$	972