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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Statement of Cash Flows [Abstract]    
NET INCOME FROM CONTINUING OPERATIONS $ 204 $ 248
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and cost of timber harvested 105 94
Deferred income tax provision (benefit), net 4 4
Stock-based compensation 21 16
Changes in operating assets and liabilities and other    
Accounts and notes receivable 99 (81)
Inventories (46) (76)
Accounts payable and accrued liabilities (122) 18
Other 72 53
CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS 337 276
CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET 0 20
CASH PROVIDED BY OPERATING ACTIVITIES 337 296
INVESTMENT ACTIVITIES    
Invested in capital projects (147) (91)
Acquisition of business (167) 0
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS (314) (91)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET 0 (5)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (314) (96)
FINANCING ACTIVITIES    
Dividends paid (32) (5)
Issuance of debt 443 0
Reduction of debt (482) (174)
Repurchases of common stock (53) 0
Other (7) (2)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS (131) (181)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET 0 (1)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES (131) (182)
Effect of Exchange Rate Changes on Cash 2 27
Change in Cash Included in Assets Held for Sale 0 41
Change in Cash, Temporary Investments and Restricted Cash (106) 4
Beginning of the period 360 159
End of the period $ 254 $ 163