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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operations:      
Net earnings (loss) $ 2,607 $ 797 $ (76)
Noncash charges (credits) to earnings (loss):      
Depreciation, depletion and amortization 477 472 510
Basis of real estate sold 71 141 116
Deferred income taxes, net (Note 20) 14 (56) (169)
Pension and other post-employment benefits (Note 9) 61 326 548
Share-based compensation expense (Note 16) 30 30 30
Charges for impairment of assets (Note 4) 0 0 80
Net gains on sale of timberlands (Note 4) (32) (182) (48)
Timber casualty loss (Note 19) 0 80 0
Change in:      
Receivables, net (57) (141) 13
Receivables and payables for taxes 99 65 33
Inventories (77) (25) (23)
Prepaid expenses and other current assets (25) (4) 6
Accounts payable and accrued liabilities 113 (17) 37
Pension and post-employment benefit contributions and payments (59) (30) (45)
Other (63) 73 (46)
Net cash from operations 3,159 1,529 966
Cash flows from investing activities:      
Capital expenditures for property and equipment (386) (225) (327)
Capital expenditures for timberlands reforestation (55) (56) (57)
Acquisition of timberlands (Note 4) (149) (425) 0
Proceeds from note receivable held by variable interest entities (Note 8) 0 362 253
Proceeds from sale of timberlands (Note 4) 261 526 297
Other 4 3 21
Net cash from investing activities (325) 185 187
Cash flows from financing activities:      
Cash dividends on common shares (884) (381) (1,013)
Net proceeds from issuance of long-term debt (Note 12) 0 732 739
Payments on long-term debt (Note 12) (375) (1,492) (512)
Proceeds from borrowings on line of credit (Note 11) 0 550 1,095
Payments on line of credit (Note 11) 0 (780) (1,290)
Payments on debt held by variable interest entities (Note 8) 0 0 (302)
Proceeds from exercise of stock options 51 33 13
Repurchases of common shares (Note 15) (100) 0 (60)
Other (22) (20) (18)
Net cash from financing activities (1,330) (1,358) (1,348)
Net change in cash, cash equivalents and restricted cash 1,504 356 (195)
Cash, cash equivalents and restricted cash at beginning of year 495 139 334
Cash, cash equivalents and restricted cash at end of year 1,999 495 139
Cash paid (received) during the year for:      
Interest, net of amounts capitalized of $4 in 2021, $4 in 2020 and $5 in 2019 315 365 370
Income taxes, net of refunds $ 609 $ 176 $ (2)