CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 401	$ 684
Receivables, net	353	306
Receivables for taxes	8	9
Inventories (Note 5)	588	607
Assets held for sale (Note 15)	141	0
Prepaid expenses and other current assets	121	142
Total current assets	1,612	1,748
Property and equipment, less accumulated depreciation of $4,108 and $3,980	2,332	2,329
Construction in progress	360	287
Timber and timberlands at cost, less depletion	11,709	11,551
Minerals and mineral rights, less depletion	180	189
Deferred tax assets	62	24
Other assets	413	408
Total assets	16,668	16,536
Current liabilities:
Current maturities of long-term debt (Note 8)	522	210
Accounts payable	280	255
Accrued liabilities (Note 7)	512	512
Total current liabilities	1,314	977
Long-term debt, net (Note 8)	4,948	4,866
Deferred tax liabilities	14	26
Deferred pension and other post-employment benefits (Note 6)	613	596
Other liabilities	341	350
Total liabilities	7,230	6,815
Commitments and contingencies (Note 10)
Equity:
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 720,861 thousand shares at September 30, 2025 and 725,845 thousand shares at December 31, 2024	902	908
Other capital	7,385	7,500
Retained earnings	1,506	1,715
Accumulated other comprehensive loss (Note 11)	(355)	(402)
Total equity	9,438	9,721
Total liabilities and equity	$ 16,668	$ 16,536