Discontinued Operations and Disposal Groups (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations - Income Statement

All current and historical operating results of the Sylvamo Corporation businesses and Kwidzyn are presented as Discontinued Operations, net of tax, in the consolidated statement of operations. Kwidzyn was previously part of the Printing Papers business prior to its sale in August 2021. See Kwidzyn Mill section below for further details regarding this sale. The following summarizes the major classes of line items comprising Earnings (Loss) Before Income Taxes and Equity Earnings reconciled to Discontinued Operations, net of tax, related to the Sylvamo Corporation businesses and Kwidzyn for all prior periods presented in the consolidated statement of operations:

In millions	2021		2020		2019
Net Sales	$	2,417	$	3,015	$	4,059
Costs and Expenses
Cost of products sold	1,508		2,036		2,597
Selling and administrative expenses	224		165		199
Depreciation, amortization and cost of timber harvested	113		196		234
Distribution expenses	229		264		310
Taxes other than payroll and income taxes	24		35		38
Restructuring and other charges, net	—		—		6
Net (gains) losses on sales of fixed assets	(86)		—		—
Net (gains) losses on sales and impairments of businesses	(351)		—		—
Interest expense, net	(19)		(2)		(7)
Earnings (Loss) Before Income Taxes and Equity Earnings	775		321		682
Income tax provision (benefit)	145		69		156
Discontinued Operations, Net of Taxes	$	630	$	252	$	526

Disposal Groups, Including Discontinued Operations - Balance Sheet

The following summarizes the major classes of assets and liabilities of the Sylvamo Corporation businesses and Kwidzyn reconciled to current assets and long-term assets of discontinued operations and current liabilities and long-term liabilities of

discontinued operations in the accompanying consolidated balance sheet:

In millions	2020
Cash and temporary investments	$	127
Accounts and notes receivable	432
Contract assets	24
Inventories	424
Other current assets	43
Current assets of discontinued operations	$	1,050
Plants, Properties and Equipment	$	1,272
Forestlands	293
Goodwill	200
Right of Use Assets	73
Deferred Charges and Other Assets	116
Long-Term Assets of Discontinued Operations	$	1,954
Notes payable and current maturities of long-term debt	$	4
Accounts payable	285
Accrued payroll and benefits	56
Other current liabilities	150
Current liabilities of discontinued operations	$	495
Long-Term Debt	$	22
Deferred Income taxes	171
Pension Benefit Obligation	24
Postretirement and Postemployment Benefit Obligation	17
Long-Term Lease Obligations	59
Other Liabilities	76
Long-Term Liabilities of Discontinued Operations	$	369

Disposal Group, Including Discontinued Operations - Cash Flow

The following summarizes the total cash provided by operations and total cash used for investing activities related to the Sylvamo Corporation businesses and Kwidzyn and included in the consolidated statement of cash flows:

In millions	2021		2020		2019
Cash Provided by (Used For) Operating Activities	$	290	$	463	$	831
Cash Provided by (Used For) Investment Activities	$	757	$	(111)	$	(147)