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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operations:      
Net earnings $ 396 $ 839 $ 1,880
Noncash charges (credits) to earnings:      
Depreciation, depletion and amortization 502 500 480
Basis of real estate sold 120 93 84
Deferred income taxes, net (Note 18) (40) (4) (30)
Pension and other post-employment benefits (Note 8) 63 68 290
Share-based compensation expense (Note 15) 43 36 33
Net gains on sale of timberlands (Note 4) 0 (84) 0
Loss on debt extinguishment (Note 11) 0 0 276
Other 2 (2) 0
Change in:      
Receivables, net 45 4 149
Receivables and payables for taxes 14 41 (101)
Inventories (55) (13) (37)
Prepaid expenses and other current assets 19 (13) (12)
Accounts payable and accrued liabilities (38) 35 (111)
Pension and post-employment benefit contributions and payments (18) (20) (24)
Other (45) (47) (45)
Net cash from operations 1,008 1,433 2,832
Cash flows from investing activities:      
Capital expenditures for property and equipment (364) (390) (415)
Capital expenditures for timberlands reforestation (52) (57) (53)
Acquisition of timberlands (Note 4) (251) (233) (295)
Proceeds from sale of timberlands (Note 4) 0 166 0
Purchase of short-term investments 0 (664) 0
Maturities of short-term investments 0 664 0
Other 31 6 4
Net cash from investing activities (636) (508) (759)
Cash flows from financing activities:      
Cash dividends on common shares (684) (1,216) (1,617)
Net proceeds from issuance of long-term debt (Note 11) 0 992 881
Payments on long-term debt (Note 11) 0 (978) (1,203)
Repurchases of common shares (Note 14) (154) (131) (543)
Other (14) (9) (9)
Net cash from financing activities (852) (1,342) (2,491)
Net change in cash, cash equivalents and restricted cash (480) (417) (418)
Cash, cash equivalents and restricted cash at beginning of year 1,164 1,581 1,999
Cash, cash equivalents and restricted cash at end of year 684 1,164 1,581
Cash paid during the year for:      
Interest, net of amounts capitalized of $10 in 2024, $7 in 2023 and $6 in 2022 259 283 283
Income taxes, net of refunds $ 60 $ 63 $ 566