Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the financial results of the EWP segment (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	67	$	201	$	455	$	481
Cost of sales	(54)		(156)		(352)		(403)
Gross profit	13		45		103		78
Selling, general, and administrative expenses	(2)		(5)		(12)		(15)
Income from operations of discontinued operations	12		40		91		64
Other non-operating items	—		5		—		(1)
Gain on disposal before income taxes	118		—		158		—
Income from discontinued operations before income taxes	130		44		249		63
Provision for income taxes	(33)		(11)		(53)		(16)
Income from discontinued operations, net of income taxes	$	97	$	33	$	196	$	47

The following summarizes the total cash provided by operations and total cash used for investing activities related to the EWP segment and included in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (in millions):

	Nine Months Ended September 30,
	2022		2021
Net cash provided by discontinued operating activities	$	18	$	30
Net cash provided by (used in) discontinued investing activities	$	258	$	(25)

The following table presents the aggregate carrying amounts of discontinued operations related to the EWP segment in the Condensed Consolidated Balance Sheets (in millions):

	December 31, 2021
Carrying amounts of assets included as part of discontinued operations:
Accounts receivable, net	$	22
Inventories	46
Timber and timberlands	42
Property, plant, and equipment, net	30
Operating lease assets	1
Investments in and advances to affiliates	14
Total assets classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	156
Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable and accrued liabilities	$	34
Other liabilities	42
Total liabilities classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	76