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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Schedule of Fair Value of Assets and Liabilities

The following table presents information about financial instruments at the balance sheet dates indicated.

 

     2016      2015  
(In millions)   

Carrying

Value

     

Fair

Value

     

Carrying

Value

     

Fair

Value

  

Timber notes receivable

    $ 885      $ 884      $ 905      $ 909  

Company-owned life insurance

      89        89        88        88  

Financial liabilities:

            

Recourse debt:

            

9.75% Senior Secured Notes, due 2019

      —        —        250        265  

7.35% debentures, due 2016

      —        —        18        18  

Revenue bonds, due in varying amounts periodically through 2029

      186        181        186        186  

American & Foreign Power Company, Inc. 5% debentures, due 2030

      14        12        14        13  

Non-recourse debt

      798        800        819        825