CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 701	$ 676
Receivables, less discounts and allowances of $1 and $1	442	390
Receivables for taxes	8	84
Inventories (Note 6)	349	358
Prepaid expenses and other current assets	177	114
Assets held for sale (Note 3)	411	0
Total current assets	2,088	1,622
Property and equipment, less accumulated depreciation of $3,319 and $3,306	1,534	1,562
Construction in progress	190	213
Timber and timberlands at cost, less depletion charged to disposals	13,669	14,299
Minerals and mineral rights, less depletion	314	319
Investments in and advances to joint ventures (Note 7)	33	56
Goodwill	40	40
Deferred tax assets	261	293
Other assets	246	224
Restricted financial investments held by variable interest entities	615	615
Total assets	18,990	19,243
Liabilities
Current maturities of long-term debt (Note 10)	668	281
Accounts payable	252	233
Accrued liabilities (Note 9)	585	692
Liabilities held for sale (Note 3)	19	0
Total current liabilities	1,524	1,206
Long-term debt (Note 10)	5,936	6,329
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred pension and other postretirement benefits (Note 8)	1,230	1,322
Deposit from contribution of timberlands to related party (Note 7)	419	426
Other liabilities	280	269
Total liabilities	9,900	10,063
Commitments and contingencies (Note 12)
Equity:
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 752,711,155 and 748,528,131 shares	941	936
Other capital	8,374	8,282
Retained earnings	1,154	1,421
Cumulative other comprehensive loss (Note 13)	(1,379)	(1,459)
Total equity	9,090	9,180
Total liabilities and equity	$ 18,990	$ 19,243

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).