As of June 30, 2020, the fair value of the Timber Notes and Extension Loans was $4.94 billion and $4.27 billion, respectively, for the 2015 Financing Entities. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 17 in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

Activity between the Company and the 2015 Financing Entities was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In millions	2020		2019		2020		2019
Revenue (a)	$	23	$	23	$	47	$	47
Expense (a)	32		32		64		64
Cash receipts (b)	—		—		47		47
Cash payments (c)	—		—		64		64

(a)The revenue and expense are included in Interest expense, net in the accompanying statement of operations.

(b)The cash receipts are interest received on the Financial assets of special purpose entities.

(c)The cash payments represent interest paid on Nonrecourse financial liabilities of special purpose entities.

As of June 30, 2020, the fair value of the Timber Notes and Extension Loans was $2.25 billion and $2.09 billion, respectively, for the 2007 Financing Entities. The Timber Notes and Extension Loans are classified as Level 2 within the fair value hierarchy, which is further defined in Note 17 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Activity between the Company and the 2007 Financing Entities was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In millions	2020		2019		2020		2019
Revenue (a)	$	12	$	21	$	28	$	42
Expense (b)	12		20		28		41
Cash receipts (c)	11		16		23		32
Cash payments (d)	11		18		26		36

(a)The revenue is included in Interest expense, net in the accompanying statement of operations and includes approximately $4 million and $9 million for the three and six months ended June 30, 2020 and 2019, respectively, of accretion income for the amortization of the basis difference adjustment on the Financial assets of special purpose entities.

(b)The expense is included in Interest expense, net in the accompanying statement of operations and includes approximately $1 million and $3 million for the three and six months ended June 30, 2020 and 2019, respectively, of accretion expense for the amortization of the basis difference adjustment on the Nonrecourse financial liabilities of special purpose entities.

(c)The cash receipts are interest received on the Financial assets of special purpose entities.

(d)The cash payments are interest paid on Nonrecourse financial liabilities of special purpose entities.