CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operations:
Net earnings	$ 181	$ 249
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	262	289
Basis of real estate sold	24	30
Deferred income taxes, net	6	56
Gains on sales of non-strategic assets	(9)	(51)
Pension and other postretirement benefits (Note 8)	47	5
Share-based compensation expense	19	40
Charges for impairment of assets	147	15
Equity (earnings) loss from joint ventures (Note 7)	0	(9)
Foreign exchange transaction (gains) losses (Note 16)	3	(12)
Change in:
Receivables less allowances	(78)	(90)
Receivable/payable for taxes	(53)	35
Inventories	(7)	17
Prepaid expenses	(13)	(1)
Accounts payable and accrued liabilities	55	36
Pension and postretirement contributions (Note 8)	(37)	(29)
Distributions of earnings received from joint ventures	0	5
Other	(23)	(46)
Net cash from operations	524	539
Cash flows from investing activities:
Capital expenditures for property and equipment	(126)	(140)
Capital expenditures for timberlands reforestation	(36)	(34)
Acquisition of timberlands	0	(8)
Proceeds from sale of non-strategic assets	12	83
Proceeds from contribution of timberlands to related party	0	440
Distributions of investment received from joint ventures (Note 7)	23	27
Cash and cash equivalents acquired in Plum Creek merger (Note 4)	0	9
Other	21	(3)
Cash from (used in) investing activities	(106)	374
Cash flows from financing activities:
Cash dividends on common shares	(466)	(469)
Cash dividends on preference shares	0	(11)
Proceeds from issuance of long-term debt	0	1,398
Payments of debt	0	(723)
Repurchase of common stock	0	(1,629)
Proceeds from stock options exercised	81	12
Other	(8)	(11)
Cash used in financing activities	(393)	(1,433)
Net change in cash and cash equivalents	25	(520)
Cash and cash equivalents from continuing operations at beginning of period	676	1,011
Cash and cash equivalents from discontinued operations at beginning of period	0	1
Cash and cash equivalents at beginning of period		1,012
Cash and cash equivalents from continuing operations at end of period	701	485
Cash and cash equivalents from discontinued operations at end of period	0	7
Cash and cash equivalents at end of period		492
Cash paid (received) during the period for:
Interest, net of amount capitalized of $5 and $3	192	225
Income taxes	$ 106	$ (25)