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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operations:      
Net earnings (loss) $ (76) $ 748 $ 582
Noncash charges (credits) to income:      
Depreciation, depletion and amortization 510 486 521
Basis of real estate sold 116 124 81
Deferred income taxes, net (Note 21) (169) 72 44
Pension and other postretirement benefits (Note 9) 548 309 97
Share-based compensation expense (Note 16) 30 42 40
Charges for impairment of assets (Note 18) 80 1 154
Net gains on sale of nonstrategic assets (5) (16) (16)
Net gains on sale of nonstrategic timberlands (Notes 4 and 8) (48) 0 (99)
Change in:      
Receivables, less allowances 13 62 (35)
Receivable and payable for taxes 33 (103) (50)
Inventories (23) (14) (39)
Prepaid expenses and other current assets 6 (18) (12)
Accounts payable and accrued liabilities 37 (154) 106
Pension and postretirement contributions / benefit payments (45) (381) (78)
Other (41) (46) (95)
Net cash from operations 966 1,112 1,201
Cash flows from investing activities:      
Capital expenditures for property and equipment (327) (368) (358)
Capital expenditures for timberlands reforestation (57) (59) (61)
Proceeds from note receivable held by variable interest entities (Note 8) 253 0 0
Proceeds from disposition of operations (Note 4) 0 0 403
Proceeds from sale of nonstrategic assets 6 4 26
Proceeds from sale of nonstrategic timberlands (Notes 4 and 8) 297 0 203
Proceeds from redemption of ownership in related party (Note 8) 0 0 108
Other 15 (17) 46
Net cash from investing activities 187 (440) 367
Cash flows from financing activities:      
Cash dividends on common shares (1,013) (995) (941)
Proceeds from issuance of long-term debt (Note 12) 739 0 225
Payments on long-term debt (Note 12) (512) (62) (831)
Proceeds from borrowings on line of credit (Note 11) 1,095 425 100
Payments on line of credit (Note 11) (1,290) 0 (100)
Payments on debt held by variable interest entities (Note 8) (302) (209) 0
Proceeds from exercise of stock options 13 52 128
Repurchases of common shares (Note 15) (60) (366) 0
Other (18) (7) (1)
Net cash from financing activities (1,348) (1,162) (1,420)
Net change in cash and cash equivalents (195) (490) 148
Cash and cash equivalents at beginning of year 334 824 676
Cash and cash equivalents at end of year 139 334 824
Cash paid (received) during the year for:      
Interest, net of amounts capitalized of $5 in 2019, $9 in 2018 and $9 in 2017 370 358 381
Income taxes, net of refunds $ (2) $ 95 $ 169