Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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

Receivables consisted of the following (dollars in millions):

	December 31,
	2023		2022
Trade receivables	$	104	$	106
Income tax receivables	27		4
Other receivables	26		19
Allowance for doubtful accounts	(2)		(1)
Total Receivables	$	155	$	127

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, 2023. Inventories include a lower of cost or market adjustment of $7 million and $22 million as of December 31, 2023, and 2022, respectively. Inventory consisted of the following (dollars in millions):

	December 31,
	2023		2022
Logs	$	81	$	59
Other raw materials	53		72
Semi-finished inventory	27		25
Finished products	217		180
Total Inventories	$	378	$	337

Depreciation expense [Table Text Block]

Depreciation and amortization expense on property, plant, and equipment was included in our Consolidated Statements of Income as noted below (dollars in millions):

	Year Ended December 31,
	2023		2022		2021
Cost of sales	$	111	$	121	$	107
Selling, general and administrative expenses	4		4		2
Total depreciation and amortization	$	115	$	124	$	109

Property, Plant and Equipment [Table Text Block]

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

	December 31,
	2023		2022
Land, land improvements, and logging roads, net of road amortization	$	212	$	193
Buildings	493		428
Machinery and equipment	2,352		2,124
Construction in progress	236		253
	3,293		2,998
Accumulated depreciation	(1,753)		(1,672)
Property, plant, and equipment, net	$	1,540	$	1,326

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

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

	December 31,
	2023		2022
Trade accounts payable	$	141	$	178
Salaries and wages payable	57		66
Accrued customer incentives	37		46
Taxes other than income taxes	3		10
Current portion of operating lease liabilities	6		8
Other accrued liabilities	10		9
Total Accounts payable and accrued liabilities	$	254	$	317

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities were as follows (dollars in millions):

	December 31,
	2023		2022
Post-retirement obligations	$	7	$	7
Asset retirement obligations	8		8
Uncertain tax positions	15		7
Warranty reserves	6		6
Pension benefit obligation	2		1
Other	23		25
Total Other long-term liabilities	$	61	$	53

Schedule of Asset Retirement Obligations [Table Text Block]

The activity in our asset retirement obligation liability for 2023 and 2022 is summarized in the following table (dollars in millions).

	Year Ended December 31,
	2023		2022
Beginning balance	$	8	$	8
Accretion expense	—		—
Adjusted to expense (cost of sales and other operating credits and charges, net)	—		(1)
Payments made	—		—
Ending balance	$	8	$	8