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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operations:    
Net earnings $ 83 $ 114
Noncash charges (credits) to earnings:    
Depreciation, depletion and amortization 125 125
Basis of real estate sold 24 31
Deferred income taxes, net 4 0
Pension and other post-employment benefits (Note 6) 23 16
Share-based compensation expense (Note 12) 11 10
Other 0 1
Change in:    
Receivables, net (76) (53)
Receivables and payables for taxes (22) (3)
Inventories (68) (68)
Prepaid expenses and other current assets 5 17
Accounts payable and accrued liabilities (25) (51)
Pension and post-employment benefit contributions and payments (3) (4)
Other (11) (11)
Net cash from operations 70 124
Cash flows from investing activities:    
Capital expenditures for property and equipment (71) (57)
Capital expenditures for timberlands reforestation (22) (22)
Acquisitions of timberlands (4) 0
Other 0 2
Net cash from investing activities (97) (77)
Cash flows from financing activities:    
Cash dividends on common shares (152) (248)
Net proceeds from issuance of long-term debt (Note 8) 299 0
Payments on long-term debt (Note 8) (210) 0
Repurchases of common shares (Note 4) (25) (50)
Other (9) (10)
Net cash from financing activities (97) (308)
Net change in cash, cash equivalents and restricted cash (124) (261)
Cash, cash equivalents and restricted cash at beginning of period 684 1,164
Cash, cash equivalents and restricted cash at end of period 560 903
Cash paid during the period for:    
Interest, net of amount capitalized of $3 and $2 58 57
Income taxes, net of refunds $ 34 $ 23