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Consolidated Statement of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net Sales $ 4,682 [1] $ 5,389 [1] $ 9,702 $ 10,626
Costs and Expenses        
Cost of products sold 3,360 3,806 7,002 7,645
Selling and administrative expenses 336 300 717 641
Depreciation, amortization and cost of timber harvested 244 267 485 528
Distribution expenses 376 442 798 866
Taxes other than payroll and income taxes 40 36 76 72
Net (gains) losses on mark to market investments 0 (3) 0 (49)
Interest expense, net 59 74 121 143
Non-operating pension expense (income) 12 (47) 27 (96)
Earnings (loss) from continuing operations before income taxes and equity earnings 255 514 476 876
Income tax provision (benefit) 33 96 81 191
Equity earnings (loss), net of taxes 0 (2) (1) (2)
Earnings (Loss) From Continuing Operations 222 416 394 683
Discontinued operations, net of taxes 13 95 13 188
Net Earnings (Loss) $ 235 $ 511 $ 407 $ 871
Basic Earnings (Loss) Per Share        
Basic earnings (loss) per share from continuing operations $ 0.64 $ 1.13 $ 1.13 $ 1.83
Discontinued operations, net of taxes 0.04 0.26 0.04 0.51
Earnings Per Share, Basic, Total 0.68 1.39 1.17 2.34
Diluted Earnings (Loss) Per Share        
Diluted earnings (loss) per share from continuing operations 0.64 1.13 1.12 1.82
Discontinued operations, net of taxes 0.04 0.25 0.04 0.50
Earnings Per Share, Diluted, Total $ 0.68 $ 1.38 $ 1.16 $ 2.32
Average Shares of Common Stock Outstanding – assuming dilution 346.5 370.7 349.5 375.7
[1] Net sales are attributed to countries based on the location of the seller.