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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operations:      
Net earnings $ 1,880 $ 2,607 $ 797
Noncash charges (credits) to earnings:      
Depreciation, depletion and amortization 480 477 472
Basis of real estate sold 84 71 141
Deferred income taxes, net (Note 20) (30) 14 (56)
Pension and other post-employment benefits (Note 9) 290 61 326
Share-based compensation expense (Note 16) 33 30 30
Net gains on sale of timberlands (Note 4) 0 (32) (182)
Timber casualty loss (Note 19) 0 0 80
Loss on debt extinguishment (Note 12) 276 0 92
Change in:      
Receivables, net 149 (57) (141)
Receivables and payables for taxes (101) 99 65
Inventories (37) (77) (25)
Prepaid expenses and other current assets (12) (25) (4)
Accounts payable and accrued liabilities (111) 113 (17)
Pension and post-employment benefit contributions and payments (24) (59) (30)
Other (45) (63) (19)
Net cash from operations 2,832 3,159 1,529
Cash flows from investing activities:      
Capital expenditures for property and equipment (415) (386) (225)
Capital expenditures for timberlands reforestation (53) (55) (56)
Acquisition of timberlands (Note 4) (295) (149) (425)
Proceeds from note receivable held by variable interest entities (Note 8) 0 0 362
Proceeds from sale of timberlands (Note 4) 0 261 526
Other 4 4 3
Net cash from investing activities (759) (325) 185
Cash flows from financing activities:      
Cash dividends on common shares (1,617) (884) (381)
Net proceeds from issuance of long-term debt (Note 12) 881 0 732
Payments on long-term debt (Note 12) (1,203) (375) (1,492)
Proceeds from borrowings on line of credit (Note 11) 0 0 550
Payments on line of credit (Note 11) 0 0 (780)
Proceeds from exercise of stock options 16 51 33
Repurchases of common shares (Note 15) (543) (100) 0
Other (25) (22) (20)
Net cash from financing activities (2,491) (1,330) (1,358)
Net change in cash, cash equivalents and restricted cash (418) 1,504 356
Cash, cash equivalents and restricted cash at beginning of year 1,999 495 139
Cash, cash equivalents and restricted cash at end of year 1,581 1,999 495
Cash paid (received) during the year for:      
Interest, net of amounts capitalized of $4 in 2022, $4 in 2021 and $4 in 2020 283 315 365
Income taxes, net of refunds $ 566 $ 609 $ 176