CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operations:
Net earnings	$ 249	$ 245
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	289	241
Basis of real estate sold	30	11
Deferred income taxes, net	56	16
Pension and other postretirement benefits (Note 8)	5	21
Share-based compensation expense	40	16
Charges for impairment of assets	15	13
Equity (earnings) loss from joint ventures (Note 7)	(9)	13
Net gains on dispositions of assets and operations	(51)	(21)
Foreign exchange transaction (gains) losses (Note 16)	(12)	21
Change in:
Receivables less allowances	(90)	(26)
Receivable for taxes	35	14
Inventories	17	(15)
Prepaid expenses	(1)	(2)
Accounts payable and accrued liabilities	36	(25)
Pension and postretirement contributions (Note 8)	(29)	(39)
Distributions received from joint ventures	5	0
Other	(46)	(29)
Net cash from operations	539	454
Cash flows from investing activities:
Capital expenditures for property and equipment	(140)	(170)
Capital expenditures for timberlands reforestation	(34)	(27)
Acquisition of timberlands	(8)	(32)
Proceeds from sale of assets	83	6
Proceeds from contribution of timberlands to related party (Note 7)	440	0
Distributions received from joint ventures	27	0
Cash and cash equivalents acquired in Plum Creek merger (Note 4)	9	0
Other	(3)	12
Cash from (used in) investing activities	374	(211)
Cash flows from financing activities:
Cash dividends on common shares	(469)	(301)
Cash dividends on preference shares	(11)	(11)
Proceeds from issuance of long-term debt	1,398	0
Payments on debt	(723)	0
Repurchase of common stock (Note 5)	(1,629)	(407)
Other	1	17
Cash from financing activities	(1,433)	(702)
Net change in cash and cash equivalents	(520)	(459)
Cash and cash equivalents from continuing operations at beginning of period	1,011	1,577
Cash and cash equivalents from discontinued operations at beginning of period	1	3
Cash and cash equivalents at beginning of period	1,012	1,580
Cash and cash equivalents from continuing operations at end of period	485	1,117
Cash and cash equivalents from discontinued operations at end of period	7	4
Cash and cash equivalents at end of period	492	1,121
Cash paid (received) during the period for:
Interest, net of amount capitalized of $3 and $3	225	172
Income taxes	(25)	5
Noncash investing and financing activities:
Equity issued as consideration for our merger with Plum Creek (Note 4)	$ 6,383	$ 0