TIMBERLAND ACQUISITIONS AND DIVESTITURES	12 Months Ended
Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
TIMBERLAND ACQUISITIONS AND DIVESTITURES	NOTE 4: TIMBERLAND ACQUISITIONS AND DIVESTITURES WASHINGTON DIVESTITURE On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our Consolidated Statement of Operations. This divestiture is not considered a strategic shift that has, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations. ALABAMA ACQUISITION On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet. As discussed above, this transaction was structured as a like-kind exchange. OREGON ACQUISITION AND DIVESTITURE On September 1, 2020, we announced an agreement to sell 149 thousand acres of southern Oregon timberlands and a separate agreement to purchase 85 thousand acres of mid-coastal Oregon timberlands. These transactions were structured as a like-kind exchange. On November 17, 2020, we completed the sale of southern Oregon timberlands for $381 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $182 million gain in the Timberlands segment. This sale was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. On November 19, 2020, we completed the purchase of mid-coastal Oregon timberlands for $425 million, which is net of purchase price adjustments. As a result of the purchase, we recorded $421 million of timberland assets in “Timber and timberlands at cost, less depletion” and $4 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet. MONTANA AND MICHIGAN DIVESTITURES On December 17, 2019, we announced an agreement to sell 630 thousand acres of Montana timberlands. On March 26, 2020, we completed the sale for $145 million in cash proceeds, which is net of purchase price adjustments and closing costs. On September 16, 2019, we announced an agreement to sell 555 thousand acres of Michigan timberlands. On November 13, 2019, we completed the sale for $297 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $48 million gain in the Timberlands segment. The Montana and Michigan divestitures were not considered strategic shifts that had or will have a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. However, the related assets for the Montana divestiture met the relevant criteria to be classified as held for sale which changed their presentation from long-term to current on our Consolidated Balance Sheet as of December 31, 2019. The designation as held for sale required us to record the related net assets at the lower of their current cost basis or fair value, less an amount of estimated selling costs, and thus, we recognized a noncash pretax impairment charge of $80 million in fourth quarter 2019. As a result, no material gain or loss was recorded upon completion of the sale in first quarter 2020.

TIMBERLAND ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

TIMBERLAND ACQUISITIONS AND DIVESTITURES

NOTE 4: TIMBERLAND ACQUISITIONS AND DIVESTITURES

WASHINGTON DIVESTITURE

On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our Consolidated Statement of Operations.

This divestiture is not considered a strategic shift that has, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations.

ALABAMA ACQUISITION

On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet. As discussed above, this transaction was structured as a like-kind exchange.

OREGON ACQUISITION AND DIVESTITURE

On September 1, 2020, we announced an agreement to sell 149 thousand acres of southern Oregon timberlands and a separate agreement to purchase 85 thousand acres of mid-coastal Oregon timberlands. These transactions were structured as a like-kind exchange.

On November 17, 2020, we completed the sale of southern Oregon timberlands for $381 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $182 million gain in the Timberlands segment. This sale was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations.

On November 19, 2020, we completed the purchase of mid-coastal Oregon timberlands for $425 million, which is net of purchase price adjustments. As a result of the purchase, we recorded $421 million of timberland assets in “Timber and timberlands at cost, less depletion” and $4 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet.

MONTANA AND MICHIGAN DIVESTITURES

On December 17, 2019, we announced an agreement to sell 630 thousand acres of Montana timberlands. On March 26, 2020, we completed the sale for $145 million in cash proceeds, which is net of purchase price adjustments and closing costs.

On September 16, 2019, we announced an agreement to sell 555 thousand acres of Michigan timberlands. On November 13, 2019, we completed the sale for $297 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $48 million gain in the Timberlands segment.

The Montana and Michigan divestitures were not considered strategic shifts that had or will have a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. However, the related assets for the Montana divestiture met the relevant criteria to be classified as held for sale which changed their presentation from long-term to current on our Consolidated Balance Sheet as of December 31, 2019. The designation as held for sale required us to record the related net assets at the lower of their current cost basis or fair value, less an amount of estimated selling costs, and thus, we recognized a noncash pretax impairment charge of $80 million in fourth quarter 2019. As a result, no material gain or loss was recorded upon completion of the sale in first quarter 2020.