SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Note)

6 Months Ended

Jun. 30, 2022

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Statement Information [Note Text Block]

Temporary Investments 

Temporary investments with an original maturity of three months or less and money market funds with greater than three month maturities but with the right to redeem without notices are treated as cash equivalents and are stated at cost. Temporary investments totaled $702 million and $1.1 billion at June 30, 2022 and December 31, 2021, respectively.

Accounts and Notes Receivable

In millions	June 30, 2022		December 31, 2021
Accounts and notes receivable, net:
Trade (less allowances of $29 in 2022 and $34 in 2021)	$	3,241	$	3,027
Other	221		205
Total	$	3,462	$	3,232

Inventories

In millions	June 30, 2022		December 31, 2021
Raw materials	$	258	$	245
Finished pulp, paper and packaging	1,123		1,014
Operating supplies	460		486
Other	56		69
Total	$	1,897	$	1,814

Current Investments

As a result of the 2021 spin-off of Sylvamo, the Company retained 19.9% of the shares of Sylvamo with the intent to monetize its investment and provide additional proceeds to the Company. In April 2022, the Company exchanged 4,132,000 shares of Sylvamo common stock owned by the Company in exchange and as repayment for an approximately $144 million term loan obligation - see Note 17 - Debt for further discussion. This transaction resulted in the reversal of a $31 million deferred tax liability due to the tax-free exchange of the Sylvamo Corporation common stock. After this transaction, the Company owns 4,614,358 shares, or approximately 10.5% of the shares, of Sylvamo common stock.

The Company's investment in Sylvamo was valued at $151 million and $245 million at June 30, 2022 and December 31, 2021, respectively, and is recorded in Current investments in the accompanying condensed consolidated balance sheet. The Company is accounting for its ownership interest in Sylvamo at fair value as an investment in equity securities.

Plants, Properties and Equipment  

Accumulated depreciation was $18.0 billion and $17.6 billion at June 30, 2022 and December 31, 2021, respectively. Depreciation expense was $256 million and $262 million for the three months ended June 30, 2022 and 2021, respectively, and $506 million and $520 million for the six months ended June 30, 2022 and 2021, respectively.

Non-cash additions to plants, properties and equipment included within accounts payable were $66 million and $106 million at June 30, 2022 and December 31, 2021, respectively.

Amounts invested in capital projects in the accompanying condensed consolidated statement of cash flows are presented net of insurance recoveries of $25 million received during the six months ended June 30, 2022 and $4 million received during the six months ended June 30, 2021.

Interest

Interest payments made during the six months ended June 30, 2022 and 2021 were $165 million and $247 million, respectively.

Amounts related to interest were as follows: 

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2022		2021		2022		2021
Interest expense	$	83	$	117	$	160	$	241
Interest income	9		31		17		62
Capitalized interest costs	4		3		8		5

Asset Retirement Obligations

The Company had recorded liabilities of $107 million related to asset retirement obligations at June 30, 2022 and December 31, 2021.