INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Domestic and Foreign Earnings (Loss) From Continuing Operations Before Income Taxes

Domestic and Foreign Earnings (Loss) From Continuing Operations Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2014		2013		2012
Domestic earnings	$	970	$	198	$	333
Foreign earnings (loss)	43		122		(11		)
Total	$	1,013	$	320	$	322

Provision (Benefit) for Income Taxes From Continuing Operations

Provision (Benefit) for Income Taxes From Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	2014			2013			2012
Current:
Federal	$	(26	)	$	(80	)	$	(78	)
State	12			(18		)	(11		)
Foreign	3			(21		)	26
	(11		)	(119		)	(63		)
Deferred:
Federal	178			(79		)	6
State	6			6			1
Foreign	12			21			66
	196			(52		)	73
Total income tax provision (benefit)	$	185		$	(171	)	$	10

Effective Income Tax Rate Applicable to Continuing Operations

Effective Income Tax Rate Applicable to Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	2014			2013			2012
U.S. federal statutory income tax	$	354		$	112		$	113
State income taxes, net of federal tax benefit	14			7			3
REIT income not subject to federal income tax	(161		)	(101		)	(94		)
Foreign taxes	(2		)	(8		)	8
Provision for unrecognized tax benefits	(4		)	(193		)	(6		)
Repatriation of Canadian earnings	—			21			—
State income tax settlement	—			—			(10		)
Domestic production activities deduction	—			(13		)	—
Other, net	(16		)	4			(4		)
Total income tax provision (benefit)	$	185		$	(171	)	$	10
Effective income tax rate	18.3		%	(53.4		)%	3.1		%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2014			DECEMBER 31, 2013
Net current deferred tax asset	$	228		$	130
Net noncurrent deferred tax asset	8			5
Net noncurrent deferred tax liability	(206		)	(285		)
Net deferred tax asset (liability)	$	30		$	(150	)

Items included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2014			DECEMBER 31, 2013
Postretirement benefits	$	101		$	102
Pension	369			57
Real estate impairments	—			121
State tax credits	56			59
Net operating loss carryforwards	86			110
Cellulosic biofuel producers credit	100			80
Other	223			260
Gross deferred tax assets	935			789
Valuation allowance	(72		)	(89		)
Net deferred tax assets	863			700
Property, plant and equipment	(523		)	(540		)
Timber installment notes	(180		)	(180		)
Other	(130		)	(130		)
Deferred tax liabilities	(833		)	(850		)
Net deferred tax asset (liability)	$	30		$	(150	)

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2014			DECEMBER 31, 2013
Balance at beginning of year	$	26		$	177
Reductions for tax positions of prior years	—			(148		)
Lapse of statute	(15		)	(3		)
Balance at end of year	$	11		$	26