v3.26.3
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operations:    
Net earnings $ 379 $ 250
Noncash charges (credits) to earnings:    
Depreciation, depletion and amortization 383 380
Basis of acres sold 70 76
Deferred income taxes, net (60) (61)
Pension and other post-employment benefits (Note 6) 56 71
Share-based compensation expense (Note 12) 33 32
Gain on lumber mill sale (Note 16) 0 (29)
Gain on sale of timberlands (Note 15) (129) 0
Other 2 3
Change in:    
Receivables, net (92) (37)
Receivables and payables for taxes 3 (12)
Inventories (3) 4
Prepaid expenses and other current assets (2) 9
Accounts payable and accrued liabilities 45 41
Pension and post-employment benefit contributions and payments (14) (13)
Other (27) (38)
Net cash from operations 644 676
Cash flows from investing activities:    
Capital expenditures for property and equipment (350) (288)
Capital expenditures for timberlands reforestation (38) (37)
Acquisitions of timberlands (Note 15) (3) (466)
Proceeds from lumber mill sale (Note 16) 22 61
Proceeds from sale of timberlands (Note 15) 306 0
Other (1) 1
Net cash from investing activities (64) (729)
Cash flows from financing activities:    
Cash dividends on common shares (454) (454)
Net proceeds from issuance of long-term debt (Note 8) 0 1,098
Net Proceeds from issuance of commercial paper (Note 8) 381 0
Payments on long-term debt (Note 8) (522) (712)
Payments on commercial paper (Note 8) (81) 0
Repurchases of common shares (Note 4) (30) (150)
Other (6) (12)
Net cash from financing activities (712) (230)
Net change in cash, cash equivalents and restricted cash (132) (283)
Cash, cash equivalents and restricted cash at beginning of period 481 684
Cash, cash equivalents and restricted cash at end of period 349 401
Cash paid during the period for:    
Interest, net of amount capitalized of $10 and $8 195 201
Income taxes, net of refunds $ 21 $ 61