Fourth Quarter 2023 | Third Quarter 2023 | Fourth Quarter 2022 | Full-Year 2023 | Full-Year 2022 | ||||||||||||||||||||||||||||
Net Earnings (Loss) | $ | (0.82) | $ | 0.47 | $ | (0.90) | $ | 0.82 | $ | 4.10 | ||||||||||||||||||||||
Less – Discontinued Operations (Gain) Loss, Net of Taxes | — | 0.08 | 1.38 | 0.04 | 0.64 | |||||||||||||||||||||||||||
Net Earnings (Loss) from Continuing Operations | (0.82) | 0.55 | 0.48 | 0.86 | 4.74 | |||||||||||||||||||||||||||
Add Back – Non-Operating Pension Expense (Income) | 0.04 | 0.04 | (0.13) | 0.15 | (0.52) | |||||||||||||||||||||||||||
Add Back – Net Special Items Expense (Income) | 1.58 | 0.08 | 0.41 | 1.64 | 0.63 | |||||||||||||||||||||||||||
Income Taxes - Non-Operating Pension and Special Items | (0.39) | (0.03) | 0.11 | (0.49) | (1.67) | |||||||||||||||||||||||||||
Adjusted Operating Earnings* | $ | 0.41 | $ | 0.64 | $ | 0.87 | $ | 2.16 | $ | 3.18 |
(In millions) | Fourth Quarter 2023 | Third Quarter 2023 | Fourth Quarter 2022 | Full-Year 2023 | Full-Year 2022 | |||||||||||||||||||||||||||
Net Sales | $ | 4,601 | $ | 4,613 | $ | 5,133 | $ | 18,916 | $ | 21,161 | ||||||||||||||||||||||
Net Earnings (Loss) | (284) | 165 | (318) | 288 | 1,504 | |||||||||||||||||||||||||||
Business Segment Operating Profit (Loss) | 257 | 352 | 451 | 1,249 | 1,848 | |||||||||||||||||||||||||||
Adjusted Operating Earnings | 142 | 224 | 309 | 755 | 1,168 | |||||||||||||||||||||||||||
Cash Provided By (Used For) Operations | 492 | 468 | 761 | 1,833 | 2,174 | |||||||||||||||||||||||||||
Free Cash Flow** | 187 | 240 | 439 | 692 | 1,243 |
(In millions) | Fourth Quarter 2023 | Third Quarter 2023 | Fourth Quarter 2022 | Full-Year 2023 | Full-Year 2022 | |||||||||||||||||||||||||||
Net Sales by Business Segment | ||||||||||||||||||||||||||||||||
Industrial Packaging | $ | 3,842 | $ | 3,787 | $ | 4,169 | $ | 15,596 | $ | 17,451 | ||||||||||||||||||||||
Global Cellulose Fibers | 656 | 725 | 842 | 2,890 | 3,227 | |||||||||||||||||||||||||||
Corporate and Inter-segment Sales | 103 | 101 | 122 | 430 | 483 | |||||||||||||||||||||||||||
Net Sales | $ | 4,601 | $ | 4,613 | $ | 5,133 | $ | 18,916 | $ | 21,161 | ||||||||||||||||||||||
Operating Profit (Loss) by Business Segment | ||||||||||||||||||||||||||||||||
Industrial Packaging | $ | 315 | $ | 325 | $ | 416 | $ | 1,266 | $ | 1,742 | ||||||||||||||||||||||
Global Cellulose Fibers | (58) | 27 | 35 | (17) | 106 | |||||||||||||||||||||||||||
Total Business Segment Operating Profit (Loss) | $ | 257 | $ | 352 | $ | 451 | $ | 1,249 | $ | 1,848 |
Fourth Quarter 2023 | Third Quarter 2023 | Fourth Quarter 2022 | ||||||||||||||||||||||||||||||||||||
(In millions) | Before Tax | After Tax | Before Tax | After Tax | Before Tax | After Tax | ||||||||||||||||||||||||||||||||
Restructuring and other charges, net: | ||||||||||||||||||||||||||||||||||||||
Severance and other costs (a) | $ | 118 | $ | 89 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Building a Better IP | (19) | (14) | — | — | — | — | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | (4) | (3) | ||||||||||||||||||||||||||||||||
Total restructuring and other charges, net | 99 | 99 | 75 | — | — | (4) | (3) | |||||||||||||||||||||||||||||||
Accelerated depreciation (a) | 422 | 317 | — | — | — | — | ||||||||||||||||||||||||||||||||
Environmental remediation reserve adjustment | 7 | 5 | 29 | 22 | 48 | 36 | ||||||||||||||||||||||||||||||||
Equity method investment impairment | 18 | 14 | — | — | — | — | ||||||||||||||||||||||||||||||||
EMEA Packaging goodwill impairment | — | — | — | — | 76 | 76 | ||||||||||||||||||||||||||||||||
Legal reserve adjustments | — | — | — | — | 11 | 8 | ||||||||||||||||||||||||||||||||
Foreign currency cumulative translation loss related to sale of equity method investment | — | — | — | — | 10 | 10 | ||||||||||||||||||||||||||||||||
Tax expense related to legal entity restructuring | — | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||
Foreign deferred tax valuation allowance | — | — | — | — | — | 45 | ||||||||||||||||||||||||||||||||
Interest related to the timber monetization settlement | — | — | — | — | 3 | 2 | ||||||||||||||||||||||||||||||||
Total special items, net | $ | 546 | $ | 415 | $ | 29 | $ | 22 | $ | 144 | $ | 174 |
(a) | Amounts associated with mill strategic actions. See notes (b) and (c) on the Consolidated Statement of Operations included later in this release. |
Third Quarter 2023 | Fourth Quarter 2022 | |||||||||||||||||||||||||
(In millions) | Before Tax | After Tax | Before Tax | After Tax | ||||||||||||||||||||||
Ilim equity method investment impairment and transaction costs | $ | 59 | $ | 50 | $ | 533 | $ | 533 | ||||||||||||||||||
Total | $ | 59 | $ | 50 | $ | 533 | $ | 533 |
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||
Net Sales | $ | 4,601 | $ | 5,133 | $ | 4,613 | $ | 18,916 | $ | 21,161 | ||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Cost of products sold | 3,282 | (a) | 3,668 | (h) | 3,345 | (a) | 13,629 | (a) | 15,143 | (h) | ||||||||||||||||||||||
Selling and administrative expenses | 357 | 315 | 286 | 1,360 | 1,293 | |||||||||||||||||||||||||||
Depreciation, amortization and cost of timber harvested | 689 | (b) | 251 | 258 | 1,432 | (b) | 1,040 | |||||||||||||||||||||||||
Distribution expenses | 395 | 446 | 382 | 1,575 | 1,783 | |||||||||||||||||||||||||||
Taxes other than payroll and income taxes | 39 | 38 | 39 | 154 | 148 | |||||||||||||||||||||||||||
Restructuring and other charges, net | 99 | (c) | (4) | (i) | — | 99 | (c) | 89 | (i) | |||||||||||||||||||||||
Net (gains) losses on sales and impairments of businesses | — | 76 | (j) | — | — | 76 | (j) | |||||||||||||||||||||||||
Net (gains) losses on sales of equity method investments | — | 10 | (k) | — | — | 10 | (k) | |||||||||||||||||||||||||
Net (gains) losses on mark to market investments | — | — | — | — | (65) | (l) | ||||||||||||||||||||||||||
Interest expense, net | 52 | 59 | (m) | 58 | 231 | (d) | 325 | (m) | ||||||||||||||||||||||||
Non-operating pension expense (income) | 14 | (48) | 13 | 54 | (192) | |||||||||||||||||||||||||||
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss) | (326) | 322 | 232 | 382 | 1,511 | |||||||||||||||||||||||||||
Income tax provision (benefit) | (61) | (e) | 148 | (n) | 39 | 59 | (e) | (236) | (n) | |||||||||||||||||||||||
Equity earnings (loss), net of taxes | (19) | (f) | (3) | (1) | (21) | (f) | (6) | |||||||||||||||||||||||||
Earnings (Loss) From Continuing Operations | (284) | 171 | 192 | 302 | 1,741 | |||||||||||||||||||||||||||
Discontinued operations, net of taxes | — | (489) | (o) | (27) | (g) | (14) | (g) | (237) | (o) | |||||||||||||||||||||||
Net Earnings (Loss) | $ | (284) | $ | (318) | $ | 165 | $ | 288 | $ | 1,504 | ||||||||||||||||||||||
Basic Earnings Per Common Share | ||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.82) | $ | 0.48 | $ | 0.55 | $ | 0.87 | $ | 4.79 | ||||||||||||||||||||||
Discontinued operations, net of taxes | — | (1.38) | (0.08) | (0.04) | (0.65) | |||||||||||||||||||||||||||
Net earnings (loss) | $ | (0.82) | $ | (0.90) | $ | 0.47 | $ | 0.83 | $ | 4.14 | ||||||||||||||||||||||
Diluted Earnings Per Common Share | ||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | (0.82) | $ | 0.48 | $ | 0.55 | $ | 0.86 | $ | 4.74 | ||||||||||||||||||||||
Discontinued operations, net of taxes | — | (1.38) | (0.08) | (0.04) | (0.64) | |||||||||||||||||||||||||||
Net earnings (loss) | $ | (0.82) | $ | (0.90) | $ | 0.47 | $ | 0.82 | $ | 4.10 | ||||||||||||||||||||||
Average Shares of Common Stock Outstanding - Diluted | 346.0 | 353.7 | 348.1 | 349.1 | 367.0 |
(a) | Includes pre-tax charges of $7 million ($5 million after taxes), $29 million ($22 million after taxes) and $36 million ($27 million after taxes) for the three months ended December 31, 2023 and September 30, 2023 and the twelve months ended December 31, 2023, respectively, for environmental remediation reserve adjustments. | ||||
(b) | Includes a pre-tax charge of $422 million ($317 million after taxes) for the three months and twelve months ended December 31, 2023 for accelerated depreciation associated with the permanent closure of our containerboard mill in Orange, Texas and the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills. | ||||
(c) | Includes a pre-tax charge of $118 million ($89 million after taxes) for the three months and twelve months ended December 31, 2023 for costs associated with the permanent closure of our containerboard mill in Orange, Texas and the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills and pre-tax income of $19 million ($14 million after taxes) for the three months and twelve months ended December 31, 2023 for the revision of severance estimates related to our Building a Better IP initiative. |
(d) | Includes pre-tax income of $6 million ($4 million after taxes) for the twelve months ended December 31, 2023 for interest income associated with the settlement of tax audits and a pre-tax charge of $3 million ($2 million after taxes) for the twelve months ended December 31, 2023 related to the previously announced settlement of the timber monetization restructuring tax matter. | ||||
(e) | Includes tax expense of $4 million for the three months and twelve months ended December 31, 2023 related to internal legal entity restructuring and a tax benefit of $23 million for the twelve months ended December 31, 2023 related to the settlement of tax audits. | ||||
(f) | Includes a pre-tax charge of $18 million ($14 million after taxes) for the three months and twelve months ended December 31, 2023 for the other-than-temporary impairment of an equity method investment. |
(g) | Includes charges of $59 million ($50 million after taxes) and $135 million ($126 million after taxes) for the three months ended September 30, 2023 and the twelve months ended December 31, 2023, respectively, for impairment and transaction costs related to our former equity method investment in the Ilim joint venture. | ||||
(h) | Includes pre-tax charges of $48 million ($36 million after taxes) and $63 million ($47 million after taxes) for the three months and twelve months ended December 31, 2022, respectively, for environmental remediation reserve adjustments, a pre-tax charge of $11 million ($8 million after taxes) for the three months and twelve months ended December 31, 2022 for a litigation reserve, pre-tax income of $15 million ($11 million after taxes) for the twelve months ended December 31, 2022 for a legal settlement and a pre-tax charge of $6 million ($5 million after taxes) for the twelve months ended December 31, 2022 for other costs. | ||||
(i) | Includes a pre-tax charge of $93 million ($70 million after taxes) for the twelve months ended December 31, 2022 for debt extinguishment costs and other pre-tax income of $4 million ($3 million after taxes) for the three months and twelve months ended December 31, 2022. | ||||
(j) | Includes a charge of $76 million (before and after taxes) for the three months and twelve months ended December 31, 2022 related to the impairment of goodwill in our EMEA Packaging business. | ||||
(k) | Includes a loss of $10 million (before and after taxes) for the three months and twelve months ended December 31, 2022 for the foreign currency cumulative translation adjustment related to the sale of an equity method investment. | ||||
(l) | Includes a pre-tax net gain of $65 million ($49 million after taxes) for the twelve months ended December 31, 2022 related to the monetization of our investment in Sylvamo Corporation. | ||||
(m) | Includes pre-tax charges of $3 million ($2 million after taxes) and $58 million ($43 million after taxes) for the three months and twelve months ended December 31, 2022, respectively, related to the previously announced settlement of the timber monetization restructuring tax matter. | ||||
(n) | Includes tax expense of $45 million for the three months and twelve months ended December 31, 2022 related to a foreign deferred tax valuation allowance, a tax benefit of $604 million for the twelve months ended December 31, 2022 related to the previously announced settlement of the timber monetization restructuring tax matter and a tax benefit of $66 million for the twelve months ended December 31, 2022 related to the tax-free exchange of our shares of Sylvamo Corporation. | ||||
(o) | Includes a charge of $533 million (before and after taxes) for the three months and twelve months ended December 31, 2022 for the impairment of our equity method investment in connection with our announced plan to sell our interest in the Ilim joint venture. |
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||
Net Earnings (Loss) | $ | (284) | $ | (318) | $ | 165 | $ | 288 | $ | 1,504 | ||||||||||||||||||||||
Less: Discontinued operations, net of taxes (gain) loss | — | 489 | 27 | 14 | 237 | |||||||||||||||||||||||||||
Earnings (Loss) from Continuing Operations | (284) | 171 | 192 | 302 | 1,741 | |||||||||||||||||||||||||||
Add back: Non-operating pension expense (income) | 14 | (48) | 13 | 54 | (192) | |||||||||||||||||||||||||||
Add back: Net special items expense (income) | 546 | 144 | 29 | 572 | 233 | |||||||||||||||||||||||||||
Income taxes - Non-operating pension and special items | (134) | 42 | (10) | (173) | (614) | |||||||||||||||||||||||||||
Adjusted Operating Earnings | $ | 142 | $ | 309 | $ | 224 | $ | 755 | $ | 1,168 | ||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||
Diluted Earnings per Common Share as Reported | $ | (0.82) | $ | (0.90) | $ | 0.47 | $ | 0.82 | $ | 4.10 | ||||||||||||||||||||||
Less: Discontinued operations, net of taxes (gain) loss | — | 1.38 | 0.08 | 0.04 | 0.64 | |||||||||||||||||||||||||||
Continuing Operations | (0.82) | 0.48 | 0.55 | 0.86 | 4.74 | |||||||||||||||||||||||||||
Add back: Non-operating pension expense (income) | 0.04 | (0.13) | 0.04 | 0.15 | (0.52) | |||||||||||||||||||||||||||
Add back: Net special items expense (income) | 1.58 | 0.41 | 0.08 | 1.64 | 0.63 | |||||||||||||||||||||||||||
Income taxes per share - Non-operating pension and special items | (0.39) | 0.11 | (0.03) | (0.49) | (1.67) | |||||||||||||||||||||||||||
Adjusted Operating Earnings per Share | $ | 0.41 | $ | 0.87 | $ | 0.64 | $ | 2.16 | $ | 3.18 |
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Industrial Packaging | $ | 3,842 | $ | 4,169 | $ | 3,787 | $ | 15,596 | $ | 17,451 | |||||||||||||||||||||||||
Global Cellulose Fibers | 656 | 842 | 725 | 2,890 | 3,227 | ||||||||||||||||||||||||||||||
Corporate and Inter-segment Sales | 103 | 122 | 101 | 430 | 483 | ||||||||||||||||||||||||||||||
Net Sales | $ | 4,601 | $ | 5,133 | $ | 4,613 | $ | 18,916 | $ | 21,161 | |||||||||||||||||||||||||
Operating Profit (Loss) by Business Segment | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Industrial Packaging | $ | 315 | $ | 416 | $ | 325 | $ | 1,266 | $ | 1,742 | |||||||||||||||||||||||||
Global Cellulose Fibers | (58) | 35 | 27 | (17) | 106 | ||||||||||||||||||||||||||||||
Total Business Segment Operating Profit (Loss) | $ | 257 | $ | 451 | $ | 352 | $ | 1,249 | $ | 1,848 | |||||||||||||||||||||||||
Earnings (Loss) Before Income Taxes and Equity Earnings | $ | (326) | $ | 322 | $ | 232 | $ | 382 | $ | 1,511 | |||||||||||||||||||||||||
Interest expense, net | 52 | 59 | (d) | 58 | 231 | (a) | 325 | (d) | |||||||||||||||||||||||||||
Adjustment for less than wholly owned subsidiaries (g) | (2) | (3) | — | (2) | (5) | ||||||||||||||||||||||||||||||
Corporate expenses, net | (9) | (20) | 20 | 27 | 34 | ||||||||||||||||||||||||||||||
Corporate net special items | (1) | (b) | 65 | (e) | 29 | (b) | 28 | (b) | 99 | (e) | |||||||||||||||||||||||||
Business net special items | 529 | (c) | 76 | (f) | — | 529 | (c) | 76 | (f) | ||||||||||||||||||||||||||
Non-operating pension expense (income) | 14 | (48) | 13 | 54 | (192) | ||||||||||||||||||||||||||||||
Business Segment Operating Profit (Loss) (h) | $ | 257 | $ | 451 | $ | 352 | $ | 1,249 | $ | 1,848 |
(a) | Includes income of $6 million for the twelve months ended December 31, 2023 for interest income associated with the settlement of tax audits and a charge of $3 million for the twelve months ended December 31, 2023 related to the previously announced settlement of the timber monetization restructuring tax matter. | ||||
(b) | Includes charges of $7 million, $29 million and $36 million for the three months ended December 31, 2023 and September 30, 2023 and the twelve months ended December 31, 2023, respectively, for environmental remediation reserve adjustments and income of $8 million for the three months and twelve months ended December 31, 2023 for the revision of severance estimates related to our Building a Better IP initiative. | ||||
(c) | Related to Industrial Packaging, includes a charge of $428 million for the three months and twelve months ended December 31, 2023 for accelerated depreciation, severance and other costs associated with the permanent closure of our containerboard mill in Orange, Texas and income of $8 million for the three months and twelve months ended December 31, 2023 for the revision of severance estimates related to our Building a Better IP initiative. | ||||
Related to Global Cellulose Fibers, includes a charge of $112 million for the three months and twelve months ended December 31, 2023 for accelerated depreciation, severance and other costs associated with the permanent shutdown of pulp machines at our Riegelwood, North Carolina and Pensacola, Florida mills and income of $3 million for the three months and twelve months ended December 31, 2023 for the revision of severance estimates related to our Building a Better IP initiative. | |||||
(d) | Includes charges of $3 million and $58 million for the three months and twelve months ended December 31, 2022, respectively, related to the previously announced settlement of the timber monetization restructuring tax matter. | ||||
(e) | Includes charges of $48 million and $63 million for the three months and twelve months ended December 31, 2022, respectively, for environmental remediation reserve adjustments, a charge of $11 million for the three months and twelve months ended December 31, 2022 for a litigation reserve, a loss of $10 million for the three months and twelve months ended December 31, 2022 for the foreign currency cumulative translation adjustment related to the sale of an equity method investment, a charge of $93 million for the twelve months ended December 31, 2022 for debt extinguishment costs, a net gain of $65 million for the twelve months ended December 31, 2022 related to the monetization of our investment in Sylvamo Corporation, income of $15 million for the twelve months ended December 31, 2022 for a legal settlement and other income of $4 million and a charge of $2 million for the three months and twelve months ended December 31, 2022, respectively. | ||||
(f) | Related to Industrial Packaging, includes a charge of $76 million for the three months and twelve months ended December 31, 2022 related to the impairment of goodwill in our EMEA Packaging business. |
(g) | Operating profits for business segments include each segment's percentage share of the profits of subsidiaries included in that segment that are less than wholly owned. The pre-tax earnings for these subsidiaries is adjusted here to present consolidated earnings before income taxes and equity earnings. | ||||
(h) | As set forth in the chart above, business segment operating profit is defined as earnings (loss) from continuing operations before income taxes and equity earnings, but including the impact of less than wholly owned subsidiaries, and excluding interest expense, net, corporate expenses, net, corporate net special items, business net special items and non-operating pension expense. Business segment operating profit is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments. Business segment operating profit is presented in our financial statement footnotes in accordance with ASC 280. |
Three Months Ended December 31, | Three Months Ended September 30, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Industrial Packaging (In thousands of short tons) | |||||||||||||||||||||||||||||||||||
Corrugated Packaging (b) | 2,325 | 2,443 | 2,329 | 9,428 | 10,202 | ||||||||||||||||||||||||||||||
Containerboard | 783 | 546 | 677 | 2,604 | 2,642 | ||||||||||||||||||||||||||||||
Recycling | 535 | 545 | 529 | 2,152 | 2,190 | ||||||||||||||||||||||||||||||
Saturated Kraft | 42 | 42 | 40 | 160 | 188 | ||||||||||||||||||||||||||||||
Gypsum /Release Kraft | 58 | 67 | 58 | 237 | 251 | ||||||||||||||||||||||||||||||
EMEA Packaging (b) | 331 | 342 | 299 | 1,282 | 1,376 | ||||||||||||||||||||||||||||||
Industrial Packaging | 4,074 | 3,985 | 3,932 | 15,863 | 16,849 | ||||||||||||||||||||||||||||||
Global Cellulose Fibers (In thousands of metric tons) (c) | 676 | 711 | 692 | 2,681 | 2,893 |
(a) | Sales volumes include third party and inter-segment sales and exclude sales of equity investees. |
(b) | Volumes for corrugated box sales reflect consumed tons sold ("CTS"). Board sales by these businesses reflect invoiced tons. |
(c) | Includes North American volumes and internal sales to mills. |
December 31, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Current Assets | ||||||||||||||
Cash and Temporary Investments | $ | 1,113 | $ | 804 | ||||||||||
Accounts and Notes Receivable, Net | 3,059 | 3,284 | ||||||||||||
Contract Assets | 433 | 481 | ||||||||||||
Inventories | 1,889 | 1,942 | ||||||||||||
Assets Held for Sale | — | 133 | ||||||||||||
Other | 114 | 126 | ||||||||||||
Total Current Assets | 6,608 | 6,770 | ||||||||||||
Plants, Properties and Equipment, Net | 10,150 | 10,431 | ||||||||||||
Investments | 163 | 186 | ||||||||||||
Long-Term Financial Assets of Variable Interest Entities | 2,312 | 2,294 | ||||||||||||
Goodwill | 3,041 | 3,041 | ||||||||||||
Overfunded Pension Plan Assets | 118 | 297 | ||||||||||||
Right of Use Assets | 448 | 424 | ||||||||||||
Deferred Charges and Other Assets | 421 | 497 | ||||||||||||
Total Assets | $ | 23,261 | $ | 23,940 | ||||||||||
Liabilities and Equity | ||||||||||||||
Current Liabilities | ||||||||||||||
Notes Payable and Current Maturities of Long-Term Debt | $ | 138 | $ | 763 | ||||||||||
Accounts Payable and Other Current Liabilities | 3,821 | 4,237 | ||||||||||||
Total Current Liabilities | 3,959 | 5,000 | ||||||||||||
Long-Term Debt | 5,455 | 4,816 | ||||||||||||
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities | 2,113 | 2,106 | ||||||||||||
Deferred Income Taxes | 1,552 | 1,732 | ||||||||||||
Underfunded Pension Benefit Obligation | 280 | 281 | ||||||||||||
Postretirement and Postemployment Benefit Obligation | 140 | 150 | ||||||||||||
Long-Term Lease Obligations | 312 | 283 | ||||||||||||
Other Liabilities | 1,095 | 1,075 | ||||||||||||
Equity | ||||||||||||||
Common Stock | 449 | 449 | ||||||||||||
Paid-in Capital | 4,730 | 4,725 | ||||||||||||
Retained Earnings | 9,491 | 9,855 | ||||||||||||
Accumulated Other Comprehensive Loss | (1,565) | (1,925) | ||||||||||||
13,105 | 13,104 | |||||||||||||
Less: Common Stock Held in Treasury, at Cost | 4,750 | 4,607 | ||||||||||||
Total Equity | 8,355 | 8,497 | ||||||||||||
Total Liabilities and Equity | $ | 23,261 | $ | 23,940 |
Twelve Months Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating Activities | ||||||||||||||
Net earnings (loss) | $ | 288 | $ | 1,504 | ||||||||||
Depreciation, amortization and cost of timber harvested | 1,432 | 1,040 | ||||||||||||
Deferred income tax expense (benefit), net | (156) | (773) | ||||||||||||
Restructuring and other charges, net | 99 | 89 | ||||||||||||
Periodic pension (income) expense, net | 94 | (116) | ||||||||||||
Net (gains) losses on mark to market investments | — | (65) | ||||||||||||
Net (gains) losses on sales and impairments of businesses | — | 76 | ||||||||||||
Net (gains) losses on sales and impairments of equity method investments | 153 | 543 | ||||||||||||
Equity method dividends received | 13 | 204 | ||||||||||||
Equity (earnings) losses, net of taxes | (108) | (291) | ||||||||||||
Other, net | 20 | 108 | ||||||||||||
Changes in current assets and liabilities | ||||||||||||||
Accounts and notes receivable | 255 | (59) | ||||||||||||
Contract assets | 48 | (103) | ||||||||||||
Inventories | 73 | (162) | ||||||||||||
Accounts payable and accrued liabilities | (402) | 110 | ||||||||||||
Interest payable | (19) | 41 | ||||||||||||
Other | 43 | 28 | ||||||||||||
Cash Provided By (Used For) Operating Activities | 1,833 | 2,174 | ||||||||||||
Investment Activities | ||||||||||||||
Invested in capital projects, net of insurance recoveries | (1,141) | (931) | ||||||||||||
Proceeds from sale of equity method investments, net of transaction costs | 472 | — | ||||||||||||
Proceeds from exchange of equity securities | — | 311 | ||||||||||||
Proceeds from sale of fixed assets | 4 | 13 | ||||||||||||
Other | (3) | (1) | ||||||||||||
Cash Provided By (Used For) Investment Activities | (668) | (608) | ||||||||||||
Financing Activities | ||||||||||||||
Repurchases of common stock and payments of restricted stock tax withholding | (218) | (1,284) | ||||||||||||
Issuance of debt | 783 | 1,011 | ||||||||||||
Reduction of debt | (780) | (1,017) | ||||||||||||
Change in book overdrafts | (8) | 1 | ||||||||||||
Dividends paid | (642) | (673) | ||||||||||||
Net debt tender premiums paid | — | (89) | ||||||||||||
Other | (1) | (3) | ||||||||||||
Cash Provided By (Used for) Financing Activities | (866) | (2,054) | ||||||||||||
Effect of Exchange Rate Changes on Cash and Temporary Investments | 10 | (3) | ||||||||||||
Change in Cash and Temporary Investments | 309 | (491) | ||||||||||||
Cash and Temporary Investments | ||||||||||||||
Beginning of the period | 804 | 1,295 | ||||||||||||
End of the period | $ | 1,113 | $ | 804 | ||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash Provided By (Used For) Operating Activities | $ | 492 | $ | 761 | $ | 1,833 | $ | 2,174 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Cash invested in capital projects, net of insurance recoveries | (305) | (322) | (1,141) | (931) | |||||||||||||||||||
Free Cash Flow | $ | 187 | $ | 439 | $ | 692 | $ | 1,243 |