Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Receivables consisted of the following (dollar amounts in millions):


	September 30, 2025		December 31, 2024
Trade receivables	$	131	$	100
Income tax receivable	9		12
Other receivables	19		21
Allowance for doubtful accounts	(1)		(1)
Total Receivables	$	158	$	131

Other receivables as of September 30, 2025, and December 31, 2024, primarily consisted of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The first-in, first-out or average cost methods are used to value our inventories as of September 30, 2025. Inventory consisted of the following (dollar amounts in millions):


	September 30, 2025		December 31, 2024
Logs	$	58	$	64
Other raw materials	43		41
Semi-finished inventories	37		33
Finished products	220		220
Total Inventories	$	357	$	357

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollars in millions):


	September 30, 2025		December 31, 2024
Land, land improvements, and logging roads, net of road amortization	$	221	$	217
Buildings	511		504
Machinery and equipment	2,545		2,472
Construction in progress	318		248
Property, plant, and equipment	3,595		3,441
Accumulated depreciation	(1,926)		(1,849)
Property, plant, and equipment, net	$	1,669	$	1,592

Accounts payable and accrued liabilities were as follows (dollars amounts in millions):


	September 30, 2025		December 31, 2024
Trade accounts payable	$	126	$	139
Salaries and wages payable	80		80
Accrued customer incentives	52		48
Taxes other than income taxes	8		4
Current portion of operating lease liabilities	8		8
Other accrued liabilities	6		9
Total accounts payable and accrued liabilities	$	280	$	287

Other accrued liabilities at September 30, 2025, and December 31, 2024, primarily consisted of accrued interest, workers' compensation liabilities, and warranty reserves. Additionally, trade accounts payable included $22 million and $32 million related to capital expenditures that had not yet been paid as of September 30, 2025, and December 31, 2024, respectively.


	September 30, 2025		December 31, 2024
Post-retirement obligations	$	6	$	7
Asset retirement obligations	9		9
Uncertain tax positions	13		13
Warranty reserves	5		5
Pension benefit obligation	1		2
Other	20		21
Total other long-term liabilities	$	55	$	57

Other long-term liabilities at September 30, 2025 and December 31, 2024, consisted primarily of workers’ compensation liabilities and investment tax incentives associated with property, plant, and equipment. See “Note 11. Product Warranties” below for further information regarding our product warranty claims.