Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Receivables consisted of the following:

	December 31,
	2020		2019
Trade receivables	$	161	$	111
Income tax receivable	2		35
Other receivables	23		19
Allowance for doubtful accounts	(2)		(1)
	$	184	$	164

Schedule of Inventory, Current [Table Text Block]

Inventories

Inventories are valued at the lower of cost or net realizable value. Inventory costs include materials, labor, and operating overhead. The FIFO (first-in, first out) or average cost methods are used to value our inventories as of December 31, 2020. Included in the inventory balance is a lower of cost or market adjustment of $12 million as of December 31, 2020, and $13 million as of December 31, 2019. Inventory consisted of the following:

	December 31,
	2020		2019
Logs	$	49	$	47
Other raw materials	36		32
Semi-finished inventory	28		26
Finished products	146		160
Total	$	259	$	265

Depreciation expense [Table Text Block]

Depreciation and amortization expense on property, plant, and equipment is included in our Consolidated Statements of Income as noted below:

	Year ended December 31,
	2020		2019		2018
Cost of sales	$	103	$	115	$	113
Selling, general and administrative expenses	3		3		3
Total depreciation and amortization	$	106	$	118	$	116

Property, Plant and Equipment [Table Text Block]

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following:

	December 31,
	2020		2019
Property, plant, and equipment, at cost:
Land, land improvements, and logging roads, net of road amortization	$	172	$	168
Buildings	356		350
Machinery and equipment	1,971		1,965
Construction in progress	63		46
	2,562		2,529
Accumulated depreciation	(1,644)		(1,564)
Property, plant, and equipment, net	$	918	$	965

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Accounts payable and accrued liabilities were as follows:

	December 31,
	2020		2019
Trade accounts payable	$	125	$	127
Salaries and wages payable	62		48
Accrued rebates	44		34
Taxes other than income taxes	15		7
Current portion of operating lease liabilities	8		8
Other accrued liabilities	13		18
Total Accounts payable and accrued liabilities	$	267	$	242

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities were as follows:

	December 31,
	2020		2019
Pension benefit obligation	$	17	$	23
Asset retirement obligations	10		11
Uncertain tax positions	9		37
Post-retirement obligations	9		9
Warranty reserves	6		6
Other	35		39
Total Other long-term liabilities	$	86	$	125

Schedule of Asset Retirement Obligations [Table Text Block]

The activity in our asset retirement obligation liability for 2020 and 2019 is summarized in the following table.

	Year ended December 31,
	2020		2019
Beginning balance	$	11	$	12
Accretion expense	1		1
Adjusted to expense during the year	(1)		(2)
Adjusted to other operating credits and charges, net	—		—
Ending balance	$	10	$	11