CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 769	$ 1,011
Receivables, less allowances of $2 and $1	412	276
Receivables for taxes	5	30
Inventories (Note 6)	368	325
Prepaid expenses and other current assets	150	63
Assets of discontinued operations	1,652	1,934
Total current assets	3,356	3,639
Property and equipment, less accumulated depreciation of $3,364 and $3,287	1,476	1,233
Construction in progress	202	144
Timber and timberlands at cost, less depletion charged to disposals	14,424	6,479
Minerals and mineral rights, net	321	14
Investments in and advances to joint ventures (Note 7)	73	0
Goodwill	40	40
Deferred tax assets	122	254
Other assets	317	302
Restricted financial investments held by variable interest entities	615	615
Total assets	20,946	12,720
Liabilities
Current maturities of long-term debt (Note 10)	1,981	0
Notes payable	1	4
Accounts payable	234	204
Accrued liabilities (Note 9)	533	427
Liabilities of discontinued operations (Note 3)	578	690
Total current liabilities	3,327	1,325
Long-term debt (Note 10)	6,329	4,787
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred pension and other postretirement benefits	875	987
Deposit from contribution of timberlands to related party (Note 7)	429	0
Other liabilities	285	241
Total liabilities	11,756	7,851
Commitments and contingencies (Note 12)
Equity:
Mandatory convertible preference shares, series A: $1.00 par value; $50.00 liquidation; authorized 40,000,000 shares; issued and outstanding: 0 and 13,799,711 shares	0	14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 747,932,527 and 510,483,285 shares	935	638
Other capital	8,264	4,080
Retained earnings	1,101	1,349
Cumulative other comprehensive loss (Note 13)	(1,110)	(1,212)
Total equity	9,190	4,869
Total liabilities and equity	$ 20,946	$ 12,720

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).