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Consolidated Statement of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net Sales $ 4,613 [1] $ 5,402 [1] $ 14,315 $ 16,028
Costs and Expenses        
Cost of products sold 3,345 3,830 10,347 11,475
Selling and administrative expenses 286 337 1,003 978
Depreciation, amortization and cost of timber harvested 258 261 743 789
Distribution expenses 382 471 1,180 1,337
Taxes other than payroll and income taxes 39 38 115 110
Restructuring and other charges, net 0 93 0 93
Net (gains) losses on mark to market investments 0 (16) 0 (65)
Interest expense, net 58 123 179 266
Non-operating pension expense (income) 13 (48) 40 (144)
Earnings (loss) from continuing operations before income taxes and equity earnings 232 313 708 1,189
Income tax provision (benefit) 39 (575) 120 (384)
Equity earnings (loss), net of taxes (1) (1) (2) (3)
Earnings (Loss) From Continuing Operations 192 887 586 1,570
Discontinued operations, net of taxes (27) 64 (14) 252
Net Earnings (Loss) $ 165 $ 951 $ 572 $ 1,822
Basic Earnings (Loss) Per Share        
Basic earnings (loss) per share from continuing operations $ 0.55 $ 2.48 $ 1.69 $ 4.28
Discontinued operations, net of taxes (0.08) 0.18 (0.04) 0.69
Earnings Per Share, Basic, Total 0.47 2.66 1.65 4.97
Diluted Earnings (Loss) Per Share        
Diluted earnings (loss) per share from continuing operations 0.55 2.46 1.68 4.24
Discontinued operations, net of taxes (0.08) 0.18 (0.04) 0.68
Earnings Per Share, Diluted, Total $ 0.47 $ 2.64 $ 1.64 $ 4.92
Average Shares of Common Stock Outstanding – assuming dilution 348.1 360.4 349.0 370.7
[1] Net sales are attributed to countries based on the location of the seller.