Weyerhaeuser (WY) 10-K 18 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 07, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	WEYERHAEUSER COMPANY
Trading Symbol	WY
Entity Central Index Key	0000106535
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Small Business	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		746,331,000
Entity Public Float			$ 25.7
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity File Number	1-4825
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-0470860
Entity Address, Address Line One	220 OCCIDENTAL AVENUE SOUTH
Entity Address, City or Town	SEATTLE
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104-7800
City Area Code	(206)
Local Phone Number	539-3000
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares ($1.25 par value)
Security Exchange Name	NYSE
Documents Incorporated by Reference	Portions of the Notice of the 2022 Annual Meeting of Shareholders and Proxy Statement for the company’s Annual Meeting of Shareholders to be held May 13, 2022, are incorporated by reference into Part III
Auditor Name	KPMG LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	185

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 10,201	$ 7,532	$ 6,554
Costs of sales	6,103	5,447	5,412
Gross margin	4,098	2,085	1,142
Selling expenses	95	83	84
General and administrative expenses	396	347	348
Charges for integration and restructuring, closures and asset impairments (Note 4)	0	1	80
Product remediation recoveries (Note 18)	(37)	(8)	(68)
Gain on sale of timberlands (Note 4)	(32)	(182)	(48)
Other operating costs, net (Note 19)	33	134	95
Operating income	3,643	1,710	651
Non-operating pension and other post-employment benefit costs (Note 9)	(19)	(290)	(516)
Interest income and other	5	5	30
Interest expense, net of capitalized interest	(313)	(443)	(378)
Earnings (loss) before income taxes	3,316	982	(213)
Income taxes (Note 20)	(709)	(185)	137
Net earnings (loss)	$ 2,607	$ 797	$ (76)
Earnings (loss) per share (Note 5):
Basic	$ 3.48	$ 1.07	$ (0.10)
Diluted	$ 3.47	$ 1.07	$ (0.10)
Weighted average shares outstanding (in thousands) (Note 5):
Basic	749,496	746,931	745,897
Diluted	750,983	747,899	745,897

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive income:
Net earnings (loss)	$ 2,607	$ 797	$ (76)
Other comprehensive income (loss):
Foreign currency translation adjustments	(11)	18	26
Changes in unamortized actuarial loss, net of tax expense of $112 in 2021, $22 in 2020 and $73 in 2019	351	62	225
Changes in unamortized net prior service credit, net of tax (expense) benefit of $1 in 2021, $0 in 2020 and ($1) in 2019	3	2	(3)
Total comprehensive income	$ 2,950	$ 879	$ 172

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Changes in unamortized actuarial loss, tax expense	$ 112	$ 22	$ 73
Changes in unamortized net prior service credit, tax (expense) benefit	$ 1	$ 0	$ 1

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,879	$ 495
Receivables, net	507	450
Receivables for taxes	24	82
Inventories (Note 6)	520	443
Prepaid expenses and other current assets	205	139
Total current assets	3,135	1,609
Property and equipment, net (Note 7)	2,057	2,013
Construction in progress	175	73
Timber and timberlands at cost, less depletion	11,510	11,827
Minerals and mineral rights, less depletion	255	268
Deferred tax assets (Note 20)	17	120
Other assets	503	401
Total assets	17,652	16,311
Current liabilities:
Current maturities of long-term debt (Notes 12 and 13)	0	150
Accounts payable	281	204
Accrued liabilities (Note 10)	673	596
Total current liabilities	954	950
Long-term debt, net (Notes 12 and 13)	5,099	5,325
Deferred tax liabilities (Note 20)	46	24
Deferred pension and other post-employment benefits (Note 9)	440	911
Other liabilities	346	370
Commitments and contingencies (Note 14)
Total liabilities	6,885	7,580
Weyerhaeuser shareholders’ interest (Notes 15 and 16):
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 747,301 thousand shares at December 31, 2021 and 747,385 thousand shares at December 31, 2020	934	934
Other capital	8,181	8,208
Retained earnings	2,131	411
Accumulated other comprehensive loss (Note 15)	(479)	(822)
Total equity	10,767	8,731
Total liabilities and equity	$ 17,652	$ 16,311

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	747,301,000	747,385,000
Common shares, outstanding	747,301,000	747,385,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operations:
Net earnings (loss)	$ 2,607	$ 797	$ (76)
Noncash charges (credits) to earnings (loss):
Depreciation, depletion and amortization	477	472	510
Basis of real estate sold	71	141	116
Deferred income taxes, net (Note 20)	14	(56)	(169)
Pension and other post-employment benefits (Note 9)	61	326	548
Share-based compensation expense (Note 16)	30	30	30
Charges for impairment of assets (Note 4)	0	0	80
Net gains on sale of timberlands (Note 4)	(32)	(182)	(48)
Timber casualty loss (Note 19)	0	80	0
Change in:
Receivables, net	(57)	(141)	13
Receivables and payables for taxes	99	65	33
Inventories	(77)	(25)	(23)
Prepaid expenses and other current assets	(25)	(4)	6
Accounts payable and accrued liabilities	113	(17)	37
Pension and post-employment benefit contributions and payments	(59)	(30)	(45)
Other	(63)	73	(46)
Net cash from operations	3,159	1,529	966
Cash flows from investing activities:
Capital expenditures for property and equipment	(386)	(225)	(327)
Capital expenditures for timberlands reforestation	(55)	(56)	(57)
Acquisition of timberlands (Note 4)	(149)	(425)	0
Proceeds from note receivable held by variable interest entities (Note 8)	0	362	253
Proceeds from sale of timberlands (Note 4)	261	526	297
Other	4	3	21
Net cash from investing activities	(325)	185	187
Cash flows from financing activities:
Cash dividends on common shares	(884)	(381)	(1,013)
Net proceeds from issuance of long-term debt (Note 12)	0	732	739
Payments on long-term debt (Note 12)	(375)	(1,492)	(512)
Proceeds from borrowings on line of credit (Note 11)	0	550	1,095
Payments on line of credit (Note 11)	0	(780)	(1,290)
Payments on debt held by variable interest entities (Note 8)	0	0	(302)
Proceeds from exercise of stock options	51	33	13
Repurchases of common shares (Note 15)	(100)	0	(60)
Other	(22)	(20)	(18)
Net cash from financing activities	(1,330)	(1,358)	(1,348)
Net change in cash, cash equivalents and restricted cash	1,504	356	(195)
Cash, cash equivalents and restricted cash at beginning of year	495	139	334
Cash, cash equivalents and restricted cash at end of year	1,999	495	139
Cash paid (received) during the year for:
Interest, net of amounts capitalized of $4 in 2021, $4 in 2020 and $5 in 2019	315	365	370
Income taxes, net of refunds	$ 609	$ 176	$ (2)

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Cash Flows [Abstract]
Interest, amount capitalized	$ 4	$ 4	$ 5

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common shares:	Other capital:	Retained earnings (accumulated deficit):	Accumulated other comprehensive loss:
Balance at beginning of year at Dec. 31, 2018		$ 933	$ 8,172	$ 1,093	$ (1,152)
Issued for exercise of stock options and vested units		2	12
Repurchases of common shares (Note 15)		(3)	(57)
Share-based compensation			30
Other transactions, net			(5)
Net earnings (loss)	$ (76)			(76)
Dividends on common shares				(1,013)
Adjustments related to new accounting pronouncements (Notes 15 and 17)				(7)
Other comprehensive income					248
Balance at end of year at Dec. 31, 2019	$ 8,177	932	8,152	(3)	(904)
Dividends paid per common share	$ 1.36
Issued for exercise of stock options and vested units		2	31
Repurchases of common shares (Note 15)		0	0
Share-based compensation			30
Other transactions, net			(5)
Net earnings (loss)	$ 797			797
Dividends on common shares				(383)
Adjustments related to new accounting pronouncements (Notes 15 and 17)				0
Other comprehensive income					82
Balance at end of year at Dec. 31, 2020	$ 8,731	934	8,208	411	(822)
Dividends paid per common share	$ 0.51
Issued for exercise of stock options and vested units		3	49
Repurchases of common shares (Note 15)		(3)	(97)
Share-based compensation			30
Other transactions, net			(9)
Net earnings (loss)	$ 2,607			2,607
Dividends on common shares				(887)
Adjustments related to new accounting pronouncements (Notes 15 and 17)				0
Other comprehensive income					343
Balance at end of year at Dec. 31, 2021	$ 10,767	$ 934	$ 8,181	$ 2,131	$ (479)
Dividends paid per common share	$ 1.18

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies describe: • our election to be taxed as a real estate investment trust, • how we report our results, • changes in how we report our results and • how we account for various items. OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT) Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts and lump sum timber deeds. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments. HOW WE REPORT OUR RESULTS Our report includes: • consolidated financial statements, • our business segments, • estimates, • fair value measurements and • foreign currency translation. Consolidated Financial Statements Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including: • majority-owned domestic and foreign subsidiaries and • variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements , unless specified otherwise, references to “Weyerhaeuser,” "the company," “we” and “our” refer to the consolidated company. Our Business Segments Reportable business segments are determined based on the company’s "management approach," as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting We are principally engaged in: • growing and harvesting timber; • maximizing the value of our acreage through the sale of higher and better use (HBU) properties and • manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services. SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, recreational leases and other products. Real Estate & ENR Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, wind and solar). Wood Products Structural lumber, oriented strand board, engineered wood products and building materials distribution. We also transfer raw materials, semi-finished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves pricing products transferred between our business segments at current market values. Unallocated Items are gains or charges related to company level initiatives or previous businesses that are not allocated to our current business segments. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations such as environmental remediation and workers compensation. Estimates We prepare our financial statements according to U.S. generally accepted accounting principles (U.S. GAAP). This requires us to make estimates and assumptions during our reporting periods and at the date of our financial statements. The estimates and assumptions affect our: • reported amounts of assets, liabilities and equity; • disclosure of contingent assets and liabilities and • reported amounts of revenues and expenses. While we do our best in preparing these estimates, actual results can and do differ from those estimates and assumptions. Fair Value Measurements We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including: • long-lived assets (asset groups) measured at fair value for an impairment assessment; • pension plan assets measured at fair value and • asset retirement obligations initially measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs are unadjusted quoted prices for identical assets or liabilities traded in an active market. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Foreign Currency Translation We translate foreign currencies into U.S. dollars in two ways: • assets and liabilities — at the exchange rates in effect as of our balance sheet date and • revenues and expenses — at average monthly exchange rates throughout the year. CHANGES IN HOW WE REPORT OUR RESULTS Changes in how we report our results come from: • reclassification of certain balances and results from prior years to make them consistent with our current reporting and • accounting changes made upon our adoption of new accounting guidance. Reclassifications We have reclassified certain balances and results from prior years to be consistent with our 2021 reporting. This makes year-to-year balances comparable. Our reclassifications had no effect on consolidated net earnings or equity. HOW WE ACCOUNT FOR VARIOUS ITEMS This section provides information about how we account for certain key items related to: • capital investments, • financing our business and • operations. ITEMS RELATED TO CAPITAL INVESTMENTS Key items related to accounting for capital investments pertain to property and equipment, timber and timberlands and impairment of long-lived assets. Property and Equipment We maintain property accounts on an individual asset basis and account for them as follows: • Improvements to and replacements of major units of property are capitalized. • Maintenance, repairs and minor replacements are expensed. • Depreciation is calculated using a straight-line method at rates based on estimated service lives. • Costs associated with logging roads that we intend to utilize for a period longer than one year are capitalized. These roads are then amortized over an estimated service life. • Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings. Timber and Timberlands We carry timber and timberlands at cost less depletion. Depletion refers to the carrying value of timber that is harvested or sold. Key activities affecting how we account for timber and timberlands include: • reforestation, • depletion and • forest management in Canada. Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation and then expense costs after the first planting as they are incurred or over the period of expected benefit. These expensed costs include: • fertilization, • vegetation and insect control, • pruning and precommercial thinning and • property taxes. Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts. Timber depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider: • regulatory and environmental constraints, • our management strategies, • inventory data improvements, • growth rate revisions and recalibrations and • known dispositions and inoperable acres. In addition, the duration of the harvest cycle varies by geographic region and species of timber. Depletion rate calculations do not include estimates for: • future silviculture or sustainable forest management costs associated with existing stands; • future reforestation costs associated with a stand's final harvest and • future volume in connection with the replanting of a stand subsequent to its final harvest. We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in costs of sales. Forest Management in Canada. We manage timberlands under long-term licenses in various Canadian provinces that are: • granted by the provincial governments; • granted for initial periods of 15 to 25 years and • renewable provided we meet reforestation, operating and management guidelines. Calculation of the fees we pay on the timber we harvest: • varies from province to province, • is tied to product market pricing and • depends upon the allocation of land management responsibilities in the license. Impairment of Long-Lived Assets We review the carrying value of long-lived assets whenever an event or a change in circumstance indicates that the carrying value of the asset or asset group may not be recoverable through future operations. The carrying value is the original cost, less accumulated depreciation and any past impairments recorded. Impaired assets held for use are written down to fair value, while impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on: • appraisals, • market pricing of comparable assets, • discounted value of estimated future cash flows from the asset, • replacement values of comparable assets and • agreed upon sale price or offer price. ITEMS RELATED TO FINANCING OUR BUSINESS Key items related to financing our business include financial instruments, cash equivalents and concentration of risk. Financial Instruments We estimate the fair value of financial instruments where appropriate. The assumptions we use — including the discount rate and estimates of cash flows — can significantly affect our fair-value amounts. Our fair values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions. Cash Equivalents Cash equivalents are investments with maturities of 90 days or less at the date of purchase. We state cash equivalents at cost, which approximates market. Concentration of Risk We disclose customers that represent a concentration of risk. As of December 31, 2021, and December 31, 2020, no customer accounted for 10 percent or more of our net sales. ITEMS RELATED TO OPERATIONS Key items related to operations include revenue recognition, inventories, shipping and handling costs, income taxes, pension and other post-employment benefit plans and environmental remediation. Revenue Recognition Refer to Note 3: Revenue Recognition for details on how we account for revenue. Inventories We state inventories at the lower of cost or net realizable value. Cost includes labor, materials and production overhead. LIFO — the last-in, first-out method — applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the moving average cost or FIFO — the first-in, first-out — methods and those products continue to be recognized under those methods. The moving average cost or FIFO method applies to the balance of our domestic raw material and product inventories, all material and supply inventories and all foreign inventories. Shipping and Handling Costs We classify shipping and handling costs in "Costs of sales" in the Consolidated Statement of Operations . Income Taxes We account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. We recognize deferred tax assets and liabilities to reflect: • future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and • net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we: • determine when the differences between the carrying amounts and tax bases of affected items are expected to be recovered or resolved and • use enacted tax rates expected to apply to taxable income in those years. Pension and Other Post-Employment Benefit Plans We recognize the overfunded or underfunded status of our defined benefit pension and other post-employment plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes: • cost of benefits provided in exchange for employees’ services rendered during the year; • interest cost of the obligations; • expected long-term return on plan assets; • gains or losses on plan settlements and curtailments; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants affected by the plan amendment are inactive and • amortization of cumulative unrecognized net actuarial gains and losses — generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year — over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately half of our employees. Determination of benefits differs for salaried, hourly and union employees as follows: • Salaried employee benefits are based on each employee’s highest monthly earnings for five consecutive years during the final 10 years before retirement. • Hourly and union employee benefits generally are stated amounts for each year of service. • Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are: • U.S. pension plans — according to the Employee Retirement Income Security Act of 1974 and • Canadian pension plans — according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment health care and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 9: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans. Estimates for pension and other post-employment benefit plans. E stimates we use in accounting for our pension and other post-employment benefit plans include the: • fair value of our plan assets; • expected long-term rate of return on plan assets and • discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows. Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 9: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods. Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans. Factors we consider in determining our expected long-term rate of return include: • historical returns for a portfolio of assets similar to our expected allocation and • expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity. Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits. Environmental Remediation We accrue losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 2: BUSINESS SEGMENTS Our business segments and how we account for those segments are discussed in Note 1: Summary of Significant Accounting Policies . This note provides key financial data by business segment. KEY FINANCIAL DATA BY BUSINESS SEGMENT Sales and Net Contribution (Charge) to Earnings DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS CONSOLIDATED Sales to unaffiliated customers 2021 $ 1,636 $ 344 $ 8,221 $ — $ 10,201 2020 $ 1,466 $ 276 $ 5,790 $ — $ 7,532 2019 $ 1,618 $ 313 $ 4,623 $ — $ 6,554 Intersegment sales 2021 $ 535 $ — $ — $ (535 ) $ — 2020 $ 471 $ — $ — $ (471 ) $ — 2019 $ 503 $ 1 $ — $ (504 ) $ — Net contribution (charge) to earnings 2021 $ 464 $ 210 $ 3,211 $ (256 ) $ 3,629 2020 $ 455 $ 86 $ 1,340 $ (456 ) $ 1,425 2019 $ 347 $ 144 $ 353 $ (679 ) $ 165 Management evaluates segment performance based on the net contribution (charge) to earnings of the respective segments. An analysis and reconciliation of our business segment information to the consolidated financial statements are included below: Reconciliation of Net Contribution to Earnings to Net Earnings (Loss) DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Net contribution to earnings $ 3,629 $ 1,425 $ 165 Interest expense, net of capitalized interest (313 ) (443 ) (378 ) Income (loss) before income taxes 3,316 982 (213 ) Income taxes (709 ) (185 ) 137 Net earnings (loss) $ 2,607 $ 797 $ (76 ) Additional Financial Information DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS CONSOLIDATED Depreciation, depletion and amortization 2021 $ 261 $ 15 $ 196 $ 5 $ 477 2020 $ 257 $ 14 $ 195 $ 6 $ 472 2019 $ 301 $ 14 $ 191 $ 4 $ 510 Capital expenditures 2021 $ 114 $ — $ 320 $ 7 $ 441 2020 $ 104 $ — $ 176 $ 1 $ 281 2019 $ 112 $ — $ 257 $ 15 $ 384 Total Assets DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS AND REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS CONSOLIDATED Total assets (1) 2021 $ 12,737 $ 2,891 $ 2,024 $ 17,652 2020 $ 12,874 $ 2,619 $ 818 $ 16,311 (1) Assets attributable to the Real Estate & ENR business segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
REVENUE RECOGNITION	NOTE 3: REVENUE RECOGNITION A majority of our revenue is derived from sales of delivered logs and manufactured wood products. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers PERFORMANCE OBLIGATIONS A performance obligation, as defined in ASC Topic 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period, in which the performance obligation is satisfied. Performance obligations associated with delivered log sales are typically satisfied when the logs are delivered to our customers’ mills or delivered to an ocean vessel in the case of export sales. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped. We have elected, as an accounting policy, to treat shipping and handling that is performed after a customer obtains control of the product as an activity required to fulfill the promise to transfer the good; therefore we will not evaluate this requirement as a separate performance obligation. Customers are generally invoiced shortly after logs are delivered or after wood products are shipped, with payment generally due within a month or less of the invoice date. ASC Topic 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Performance obligations associated with real estate sales are generally met when placed into escrow and all conditions of closing have been satisfied. CONTRACT ESTIMATES Substantially all of our performance obligations are satisfied as of a point in time. Therefore, there is little judgment in determining when control transfers for our business segments as described above. The transaction price for log sales generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is generally the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. There are no significant contract estimates related to the real estate business. CONTRACT BALANCES In general, customers are billed and a receivable is recorded as we ship and/or deliver wood products and logs. We generally receive payment shortly after products have been received by our customers. Contract asset and liability balances are immaterial. For real estate sales, the company receives the entire consideration in cash at closing. MAJOR PRODUCTS A Reconciliation of Revenue Recognized by our Major Products: DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 308 $ 329 $ 375 Export grade sales 561 391 365 Subtotal West 869 720 740 South 589 573 640 North (1) 52 52 92 Subtotal delivered logs sales 1,510 1,345 1,472 Stumpage and pay-as-cut timber 31 19 42 Recreational and other lease revenue 65 63 61 Other (2) 30 39 43 Net sales attributable to Timberlands segment 1,636 1,466 1,618 Real Estate & ENR segment Real estate 246 202 225 Energy and natural resources 98 74 88 Net sales attributable to Real Estate & ENR segment 344 276 313 Wood Products segment Structural lumber 3,721 2,602 1,892 Oriented strand board 1,840 1,013 632 Engineered solid section 679 505 510 Engineered I-joists 447 316 323 Softwood plywood 210 171 161 Medium density fiberboard 186 171 166 Complementary building products 790 676 602 Other (3) 348 336 337 Net sales attributable to Wood Products segment 8,221 5,790 4,623 Total $ 10,201 $ 7,532 $ 6,554 ( 1 ) In November 2019, we sold our Michigan timberlands and in March 2020, we sold our Montana timberlands. Refer to Note 4: Timberland Acquisitions and Divestitures for further information on these divestitures. ( 2 ) Other Timberlands sales includes sales of seeds and seedlings from our nursery operations as well as wood chips. ( 3 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.

TIMBERLAND ACQUISITIONS AND DIV

TIMBERLAND ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
TIMBERLAND ACQUISITIONS AND DIVESTITURES	NOTE 4: TIMBERLAND ACQUISITIONS AND DIVESTITURES WASHINGTON DIVESTITURE On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our Consolidated Statement of Operations . This divestiture is not considered a strategic shift that has, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations. ALABAMA ACQUISITION On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . As discussed above, this transaction was structured as a like-kind exchange. OREGON ACQUISITION AND DIVESTITURE On September 1, 2020, we announced an agreement to sell 149 thousand acres of southern Oregon timberlands and a separate agreement to purchase 85 thousand acres of mid-coastal Oregon timberlands. On November 17, 2020, we completed the sale of southern Oregon timberlands for $381 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $182 million gain in the Timberlands segment. This sale was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. On November 19, 2020, we completed the purchase of mid-coastal Oregon timberlands for $425 million, which is net of purchase price adjustments. As a result of the purchase, we recorded $421 million of timberland assets in “Timber and timberlands at cost, less depletion” and $4 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . MONTANA AND MICHIGAN DIVESTITURES On December 17, 2019, we announced an agreement to sell 630 thousand acres of Montana timberlands. On March 26, 2020, we completed the sale for $145 million in cash proceeds, which is net of purchase price adjustments and closing costs. On September 16, 2019, we announced an agreement to sell 555 thousand acres of Michigan timberlands. On November 13, 2019, we completed the sale for $297 million in cash proceeds, which is net of purchase price adjustments and closing costs. As a result of the sale, we recorded a $48 million gain in the Timberlands segment. The Montana and Michigan divestitures were not considered strategic shifts that had or will have a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. However, the related assets for the Montana divestiture met the relevant criteria to be classified as held for sale which changed their presentation from long-term to current on our Consolidated Balance Sheet as of December 31, 2019. The designation as held for sale required us to record the related net assets at the lower of their current cost basis or fair value, less an amount of estimated selling costs, and thus, we recognized a noncash pretax impairment charge of $80 million in fourth quarter 2019. As a result, no material gain or loss was recorded upon completion of the sale in first quarter 2020.

NET EARNINGS (LOSS) PER SHARE

NET EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
NET EARNINGS (LOSS) PER SHARE	NOTE 5: NET EARNINGS (LOSS) PER SHARE Our basic and diluted earnings (loss) per share for the last three years were: • $3.48 and $3.47, respectively, in 2021, • $1.07 in 2020 and • $(0.10) in 2019. HOW WE CALCULATE BASIC AND DILUTED NET EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is net earnings (loss) available to common shareholders divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings (loss) per share is net earnings (loss) available to common shareholders divided by the sum of the: • weighted average number of our outstanding common shares and • the effect of our outstanding dilutive potential common shares. Dilutive potential common shares may include: • outstanding stock options, • restricted stock units and • performance share units. Calculation of Weighted Average Number of Outstanding Common Shares – Dilutive SHARES IN THOUSANDS 2021 2020 2019 Weighted average number of outstanding shares — basic 749,496 746,931 745,897 Dilutive potential common shares: Stock options 336 313 — Restricted stock units 764 403 — Performance share units 387 252 — Total effect of outstanding dilutive potential common shares 1,487 968 — Weighted average number of outstanding common shares — dilutive 750,983 747,899 745,897 We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied. SHARES EXCLUDED FROM DILUTIVE EFFECT The following shares were not included in the computation of diluted earnings (loss) per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. Potential Shares Not Included in the Computation of Diluted Earnings (Loss) per Share SHARES IN THOUSANDS 2021 2020 2019 Stock options — 2,107 2,631 Restricted stock units — — 477 Performance share units 729 781 1,131

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6: INVENTORIES Inventories include raw materials, work-in-process, finished goods as well as materials and supplies, as shown below: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 LIFO inventories: Logs $ 26 $ 24 Lumber, plywood, panels and fiberboard 61 59 Other products 17 9 Moving average cost or FIFO inventories: Logs 65 64 Lumber, plywood, panels, fiberboard and engineered wood products 106 84 Other products 131 100 Materials and supplies 114 103 Total $ 520 $ 443 If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $103 million as of December 31, 2021 HOW WE ACCOUNT FOR OUR INVENTORIES The “Inventories” section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 7: PROPERTY AND EQUIPMENT, NET Property and equipment includes land, buildings and improvements, machinery and equipment, roads and other items. Carrying Value of Property and Equipment and Estimated Service Lives DOLLAR AMOUNTS IN MILLIONS RANGE OF LIVES DECEMBER 31, 2021 DECEMBER 31, 2020 Property and equipment, at cost: Land N/A $ 83 $ 84 Buildings and improvements 15-40 1,104 1,049 Machinery and equipment 5-25 3,640 3,486 Roads 10-35 724 725 Other 3-10 98 101 Total cost 5,649 5,445 Accumulated depreciation and amortization (3,592 ) (3,432 ) Property and equipment, net $ 2,057 $ 2,013 SERVICE LIVES AND DEPRECIATION In general, additions are classified into components, each with its own estimated useful life as determined at the time of purchase. Depreciation and amortization expense for property and equipment was: • $241 million in 2021, • $243 million in 2020 and • $240 million in 2019.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 8: RELATED PARTIES This note provides details about our transactions with related parties. For the years presented, our material related parties have consisted of variable interest entities. From 2002 through 2004, we sold certain nonstrategic timberlands. As a result of these sales, buyer-sponsored and monetization variable interest entities, or special purpose entities (SPEs), were formed. We were the primary beneficiary and consolidated the assets and liabilities of the SPEs involved in these transactions. The assets of the buyer-sponsored SPEs were financial investments which consisted of bank guarantees. These bank guarantees were in turn backed by bank notes, which were the liabilities of the monetization SPEs. Interest earned from the financial investments within the buyer-sponsored SPEs was used to pay interest accrued on the corresponding monetization SPE’s note. We had an equity interest in the monetization SPEs, but no ownership interest in the buyer-sponsored SPEs. The following disclosures refer to assets of buyer-sponsored SPEs and liabilities of monetization SPEs. However, because these SPEs were distinct legal entities: • Assets of the SPEs were not available to satisfy our liabilities or obligations. • Liabilities of the SPEs were not our liabilities or obligations. During first quarter 2020, we received $362 million in proceeds from our final buyer-sponsored SPE at maturity. The corresponding $302 million in liabilities of this SPE was paid in third quarter 2019. During first quarter 2019, we received $253 million in proceeds from a buyer-sponsored SPE at maturity. Our Consolidated Statement of Operations includes interest income on buyer-sponsored SPE investments of $22 million in 2019 and interest expense on monetization SPE notes of $12 million in 2019. We had minimal interest income on buyer-sponsored SPE investments and no interest expense on monetization SPE notes in 2020. The weighted average interest rate on our buyer-sponsored SPEs was 5.5 percent during 2020 and 2019. The interest rate on the final monetization SPE that matured in 2019 was 5.6 percent.

PENSION AND OTHER POST-EMPLOYME

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
Pension And Other Postretirement Benefit Expense [Abstract]
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	NOTE 9: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS This note provides details about defined benefit and defined contribution plans we sponsor for our employees. The "Pension and Other Post-Employment Benefit Plans" section of Note 1: Summary of Significant Accounting Policies DEFINED BENEFIT PLANS WE SPONSOR OVERVIEW OF PLANS The defined benefit pension plans we sponsor in the U.S. and Canada differ according to each country’s requirements. In the U.S., we have plans that qualify under the Internal Revenue Code (qualified plans), as well as plans for select employees that provide additional benefits not qualified under the Internal Revenue Code (nonqualified plans). In Canada, we have plans that are registered under the Income Tax Act and applicable provincial pension acts (registered plans), as well as nonregistered plans for select employees that provide additional benefits that may not be registered under the Income Tax Act or provincial pension acts (nonregistered plans). We also sponsor other post-employment benefit (OPEB) plans in the U.S. and Canada, including retiree medical and life insurance plans. We sponsor various defined contribution plans for our U.S. and Canadian salaried and hourly employees. Our contributions to these plans were $27 million, $27 million and $25 million in 2021, 2020 and 2019, respectively. Actions to Reduce Pension Plan Obligations As part of our continued efforts to reduce pension plan obligations, we transferred approximately $0.8 billion and $1.5 billion of U.S. qualified pension plan assets and liabilities to insurance companies through the purchase of group annuity contracts in December 2020 (2020 Retiree Annuity Purchase) and January 2019 (2019 Retiree Annuity Purchase), respectively. In connection with these transactions, we recorded noncash pretax settlement charges of $253 million and $449 million during 2020 and 2019, respectively. These settlement charges accelerated the recognition of previously unrecognized losses in "accumulated other comprehensive loss," that would have been recognized in subsequent periods. The 2019 Retiree Annuity Purchase triggered a remeasurement of plan assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the U.S. qualified pension plan as of January 31, 2019, as well as our discount rate used to calculate the related net periodic benefit cost for the remainder of 2019 to 4.30 percent from 4.40 percent. All other assumptions remained unchanged. The net effect of the remeasurement was a $24 million reduction in funded status, primarily driven by the decrease in discount rate. This change in funded status was reflected on our Consolidated Balance Sheet as of March 31, 2019. Given the timing of the 2020 Retiree Annuity Purchase, the plan remeasurement triggered as a result of the transaction was conducted as part of our annual valuation process. Additionally, we settled the assets and liabilities associated with three Canadian registered pension plans through the purchase of group annuity contracts in October 2019. As a result of the transaction, we recorded a noncash pretax settlement charge of $6 million. FUNDED STATUS OF PLANS The funded status of the plans we sponsor is determined by comparing the projected benefit obligation with the fair value of plan assets at the end of the year. The following table demonstrates how our plans' funded status is reflected on our Consolidated Balance Sheet . DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2021 2020 2021 2020 Projected benefit obligation at beginning of year $ 3,971 $ 4,260 $ 149 $ 151 Service cost 42 36 — — Interest cost 98 139 3 4 Actuarial (gains) losses (1) (206 ) 540 (9 ) 5 Plan participants’ contributions — — 2 2 Benefits paid, including lump sum and annuity transfers (199 ) (1,025 ) (13 ) (14 ) Other, including foreign currency translation 2 21 (1 ) 1 Projected benefit obligation at end of year $ 3,708 $ 3,971 $ 131 $ 149 Fair value of plan assets at beginning of year (estimated) $ 3,230 $ 3,719 $ 15 $ 19 Actual return on plan assets (2) 336 490 — — Employer contributions and benefit payments 50 21 9 8 Plan participants’ contributions — — 2 2 Benefits paid, including lump sum and annuity transfers (199 ) (1,025 ) (13 ) (14 ) Other, including foreign currency translation 1 25 — — Fair value of plan assets at end of year (estimated) $ 3,418 $ 3,230 $ 13 $ 15 Presentation on our Consolidated Balance Sheet : (3) Noncurrent assets $ 52 $ 58 $ — $ — Current liabilities (16 ) (17 ) (7 ) (8 ) Noncurrent liabilities (326 ) (782 ) (111 ) (126 ) Funded status (4) $ (290 ) $ (741 ) $ (118 ) $ (134 ) Accumulated benefit obligation at end of year $ 3,601 $ 3,855 N/A N/A Actuarial Assumptions Used in Estimating Our Pension and OPEB Benefit Obligations: Discount rate (5) 2.90 - 3.10% 2.50% 2.60 - 3.00% 2.10 - 2.40% Rate of compensation increase (6) 2.00 - 13.00% 2.00 - 13.00% N/A N/A Lump sum or installment distributions election (7) 60.00% 60.00% N/A N/A Healthcare cost trend rate: Assumed for next year (8) N/A N/A 4.50 - 6.20% 4.50 - 6.80% Ultimate (8) N/A N/A 4.00 - 4.50% 4.00 - 4.50% Year when rate will reach ultimate (8) N/A N/A 2037 - 2040 2037 - 2040 (1) Actuarial (gains) losses are primarily due to year over year changes in discount rates. (2) Includes adjustments for final fair value of plan assets. (3) Assets and liabilities on our Consolidated Balance Sheet are different from the cumulative income or expense that we have recorded associated with the plans. The differences are actuarial gains and losses and prior service costs and credits that are deferred and amortized into periodic benefit costs in future periods. Unamortized amounts are recorded in "Accumulated Other Comprehensive Loss", which is a component of total equity on our Consolidated Balance Sheet . The "Accumulated Other Comprehensive Loss" section of Note 15: Shareholders’ Interest details changes in these amounts by component. (4) For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets were $2.9 billion and $2.5 billion at December 31, 2021, respectively, and $3.1 billion and $2.3 billion at December 31, 2020, respectively. For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets were $2.8 billion and $2.5 billion at December 31, 2021, respectively, and $3.0 billion and $2.3 billion at December 31, 2020, respectively. (5) For the U.S. defined benefit plans, the discount rate assumption was 2.9% and 2.5% for 2021 and 2020, respectively. For the Canadian defined benefit plans, the discount rate assumption was 3.1% and 2.5% for 2021 and 2020, respectively. For U.S. OPEB plans, the discount rate assumption was 2.6% and 2.1% for 2021 and 2020, respectively. For Canadian OPEB plans, the discount rate assumption was 3.0% and 2.4% for 2021 and 2020, respectively. For lump sum distributions (for U.S. qualified salaried and nonqualified plans only), the discount rate assumption was based on the PPA Phased Table: Interest and mortality assumptions as mandated by the Pension Protection Act of 2006. (6) For the U.S. defined benefit plans, the rate of compensation increase assumption for both 2021 and 2020 was between 2.00% - 13.00% for salaried and hourly participants and was decreasing with participant age. For the Canadian defined benefit plans, the rate of compensation increase assumption for both 2021 and 2020 was 3.25% and 3.00% for salaried and hourly participants, respectively. (7) U.S. qualified salaried and nonqualified plans only. (8) For U.S. OPEB plans, the healthcare cost trend rate assumption for the next year for Pre-Medicare was 6.20% and 6.80% for 2021 and 2020, respectively. The healthcare cost trend rate assumption for Health Reimbursement Account (HRA) was 4.50% for both 2021 and 2020. The ultimate healthcare cost trend rate was 4.50% and the assumption for the year the ultimate healthcare cost trend rate is reached was 2037 in both 2021 and 2020. For Canadian OPEB plans, the healthcare cost trend rate was 5.30% for both 2021 and 2020. The ultimate healthcare cost trend rate was 4.00% and the assumption for the year the ultimate healthcare cost trend rate is reached was 2040 for both 2021 and 2020. PENSION ASSETS Our Investment Policies and Strategies Our investment policies and strategies guide and direct how the funds are managed for the benefit plans we sponsor. These funds include our: • U.S. Pension Trust — funds our U.S. qualified pension plans; • Canadian Pension Trust — funds our Canadian registered pension plans and • Retirement Compensation Arrangements — fund a portion of our Canadian nonregistered pension plans. U.S. and Canadian Pension Trusts In 2018, we began to shift pension plan assets to an allocation that more closely aligns with our pension plan liability profile. Our former investment strategy included investments primarily in hedge funds and private equity funds. These asset classes are now in redemption and run-off mode. However, given the long-term nature of these investments, they will continue to comprise a portion of the plan assets for several years. We expect all investments in redemption to be redeemed at amounts materially consistent with their net asset values (NAV). As these investments are redeemed or liquidated, cash proceeds available for investment will be invested in accordance with our revised investment strategy. The revised investment strategy targets a percentage allocation to growth assets and a percentage allocation to liability hedging assets based on each plan’s funded status. We expect to increase the allocation to liability hedging assets over time as the funded status of the pension plan improves. Growth assets include investments in global equities, hedge funds (which are in redemption) and private equity assets (which are in run-off mode). Liability hedging assets include corporate credit and government issued fixed income securities as well as treasury futures selected to align with the plan liabilities. In December 2021, we entered into an agreement to sell certain private equity and hedge fund investments to a third party for $189 million (2021 Secondary Sale) in accordance with our investment strategy. A majority of the assets were transferred to the buyer by year-end 2021. The remaining assets included in the sale are held at the purchase price and are expected to transfer during 2022 in accordance with the agreement. Assets within our U.S. and Canadian pension trusts were invested as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 Cash and short-term investments (1) 12.1% 3.6% Fixed income investments: (2) Corporate 40.5 30.6 Government 21.2 31.8 Repurchase agreements (1.3 ) (2.8 ) Hedge funds and related investments (3)(4) 3.6 6.9 Private equity and related investments (4)(5) 24.9 30.0 Derivative instruments, net (6) 0.1 0.2 Accrued liabilities (1.1 ) (0.3 ) Total 100.0% 100.0% (1) Cash and short-term investments are valued at cost, which approximates market. The increased cash holding at year-end 2021 was a result of the 2021 Secondary Sale transaction timing. Refer to “U.S. and Canadian Pension Trusts” above for further information. (2) Fixed income investments include publicly traded corporate and government issued debt. These bonds have varying maturities, credit quality and sector exposure and are selected to align with the duration of our plan liabilities. Additionally, our fixed income portfolio includes repurchase agreements, which represent short-term borrowings to hedge against interest rate risk. We have an obligation to return the cash related to these borrowings in accordance with the agreements, which are collateralized by our government bonds. Fixed income investments are valued at exit prices quoted in active or non-active markets or based on observable inputs. (3) Hedge fund s and related investments are privately-offered managed pools primarily structured as limited liability entities. General members or partners of these limited liability entities serve as portfolio managers and are thus responsible for the fund’s underlying investment decisions. Underlying investments within these funds may include long and short public and private equities, corporate, mortgage and sovereign debt, options, swaps, forwards and other derivative positions. These funds have varying degrees of leverage, liquidity and redemption provisions. (4) These investments are primarily valued based on the NAVs of the funds. These values represent the per-unit price at which new investors are permitted to invest and existing investors are permitted to exit. When NAVs as of the end of the year have not been received, we estimate fair value by adjusting the most recently reported NAVs for market events and cash flows between the interim date and the end of the year. (5) Private equity and related investments are investments in private equity, mezzanine, distressed, co-investments and other structures. Private equity funds generally participate in buyout and venture capital strategies through unlisted equity and debt instruments. These funds may also borrow at the underlying entity level. Mezzanine and distressed funds generally invest in the debt of public or private companies with additional participation through warrants or other equity options. (6) Derivative instruments have historically been comprised of swaps, futures, forwards or options. Consistent with our shift in asset strategy, our positions in derivative instruments have been significantly reduced. At December 31, 2021, only a small amount of futures remain in our portfolio. Derivative instruments are valued based upon valuation statements received from each derivative’s counterparty. Retirement Compensation Arrangements Retirement compensation arrangements fund a portion of our Canadian nonregistered pension plans. As required by Canadian tax rules, approximately 50 percent of these assets are invested into a non-interest bearing refundable tax account held by the Canada Revenue Agency. This portion of the portfolio does not earn returns. The remaining portion is invested in a portfolio of equities. Managing Risk Investments and contracts are subject to risks including market price, interest rate, credit, currency and liquidity risks. The following provides an overview of these risks and describes governance processes and actions we take to mitigate these risks on our pension plan asset portfolios. RISK MITIGATION Market price risk is the risk that market fluctuations will adversely affect the value of plan assets. The trusts mitigate market price risk by investing in a diversified portfolio. In addition, we and our investment advisers perform regular monitoring with ongoing qualitative assessments, quantitative assessments, and comprehensive investment and operational due diligence. Interest rate risk exists with respect to both assets and liabilities and is the risk that a change in interest rates will adversely affect the fair value of interest rate securities or liabilities, thereby affecting the overall funded status. This risk is mitigated by investing a portion of trust assets in fixed income investments which more closely match the plan liabilities. Credit risk is the risk that counterparties’ failure to discharge their obligations could affect cash flows. The trusts have exposure primarily through investments in fixed income securities. This risk is mitigated by investing in a diversified portfolio, initial due diligence, and ongoing monitoring processes. Currency risk arises from holding plan assets denominated in a currency other than the currency in which its liabilities are settled. This risk is mitigated by investing a portion of the Canadian plan assets in Canadian dollar fixed income investments. Liquidity risk is the risk that the trust will not be able to settle liabilities such as payments to participants, counterparties, and service providers. Private equity and hedge fund investments generally have less liquidity than publicly traded investments. This risk is mitigated through investing a significant portion of plan assets in liquid instruments such as publicly traded fixed income. Valuation of Our Plan Assets Pension assets are stated at fair value or NAV. Fair value is based on the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the reporting date. We consider both observable and unobservable inputs that reflect assumptions applied by market participants when setting the exit price of an asset or liability in an orderly transaction within the principal market for that asset or liability. We value the pension plan assets based upon the observability of exit pricing inputs and classify pension plan assets based upon the lowest level input that is significant to the fair value measurement of the pension plan assets in their entirety. Refer to Note 1: Summary of Significant Accounting Policies for details on the fair value hierarchy. Investments for which fair value is measured using the NAV per share as a practical expedient are not categorized within the fair value hierarchy. The net pension plan assets, when categorized in accordance with this fair value hierarchy, are as follows. DOLLAR AMOUNTS IN MILLIONS 2021 2020 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Pension trust investments: Cash and short-term investments $ 412 $ — $ — $ 412 $ 117 $ — $ — $ 117 Fixed income investments: Corporate — 1,380 — 1,380 — 985 — 985 Government — 721 — 721 — 1,021 — 1,021 Repurchase agreements — (43 ) — (43 ) — (90 ) — (90 ) Hedge funds and related investments (1) — — 10 10 — — 4 4 Private equity and related investments (1) — — 104 104 — — 68 68 Derivative instruments (2) — 5 — 5 — 8 — 8 Total pension trust investments measured at fair value (1) 412 2,063 114 2,589 117 1,924 72 2,113 Canadian nonregistered plan assets: Cash and short-term investments 5 — — 5 5 — — 5 Public equity investments 6 — — 6 5 — — 5 Total Canadian nonregistered plan assets measured at fair value 11 — — 11 10 — — 10 Total plan assets measured at fair value (1) $ 2,600 $ 2,123 (1) December 31, 2021 and 2020 exclude $856 million and $1,116 million of hedge fund and private equity investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient, which are not required to be classified in the fair value hierarchy. Additionally, December 31, 2021 and 2020 exclude $38 million and $9 million of accrued liabilities, respectively. (2) Derivative instruments include futures contracts. The fair value and aggregate notional value of these contracts were $5 million and $1,126 million at December 31, 2021, respectively, and $8 million and $449 million at December 31, 2020, respectively. A reconciliation of the beginning and ending balances of the pension plan assets measured at fair value using significant unobservable inputs (Level 3) is presented below: DOLLAR AMOUNTS IN MILLIONS 2021 Beginning Balance Realized Gain (Loss) Unrealized Gain (Loss) Purchases, Sales, Settlements, Net Transfers In (Out), Net Ending Balance Hedge funds and related investments $ 4 $ — $ — $ (1 ) $ 7 $ 10 Private equity and related investments 68 — 11 (4 ) 29 104 Total $ 72 $ — $ 11 $ (5 ) $ 36 $ 114 2020 Beginning Balance Realized Gain (Loss) Unrealized Gain (Loss) Purchases, Sales, Settlements, Net Transfers In (Out), Net Ending Balance Hedge funds and related investments $ 13 $ 3 $ (4 ) $ (9 ) $ 1 $ 4 Private equity and related investments 86 — (1 ) (9 ) (8 ) 68 Total $ 99 $ 3 $ (5 ) $ (18 ) $ (7 ) $ 72 The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. We evaluate the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. ACTIVITY OF PLANS Net Periodic Benefit Cost Our net periodic benefit cost and the assumptions used to estimate it are shown in the following table. DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Service cost $ 42 $ 36 $ 32 $ — $ — $ — Interest cost 98 139 160 3 4 6 Expected return on plan assets (204 ) (234 ) (223 ) — — — Amortization of actuarial loss 115 122 112 5 4 7 Amortization of prior service cost (credit) 3 3 4 (1 ) (1 ) (5 ) Settlement charges — 253 455 — — — Net periodic benefit cost $ 54 $ 319 $ 540 $ 7 $ 7 $ 8 Actuarial Assumptions Used in Estimating Our Pension and OPEB Net Periodic Benefit Cost: Discount rate (1)(2) 2.50% 3.10 - 3.40% 3.70 - 4.40% 2.10 - 2.40% 3.00% 3.70 - 4.20% Expected return on assets (3) 6.00% 6.50% 7.00% N/A N/A N/A Rate of compensation increase (4) 2.00 - 13.00% 2.00 - 13.00% 2.00 - 13.00% N/A N/A N/A Lump sum or installment distributions election (5) 60.00% 60.00% 60.00% N/A N/A N/A Weighted healthcare cost trend rate (6) N/A N/A N/A 4.50 - 6.80% 4.50 - 7.30% 4.50 - 7.80% (1) For the U.S. defined benefit plans, the discount rate assumption was 2.50%, 3.40% and 4.30% for 2021, 2020 and 2019, respectively. For the Canadian defined benefit plans, the discount rate assumption was 2.50%, 3.10% and 3.70% for 2021, 2020 and 2019, respectively. For U.S. OPEB plans, the discount rate assumption was 2.10%, 3.00% and 4.20%, for 2021, 2020 and 2019, respectively. For Canadian OPEB plans, the discount rate assumption was 2.40%, 3.00% and 3.70% for 2021, 2020 and 2019, respectively. For lump sum distributions (for U.S. qualified salaried and nonqualified plans only), the discount rate assumption was based on the PPA Phased Table: Interest and mortality assumptions as mandated by the Pension Protection Act of 2006. (2) The discount rate used to estimate our net periodic benefit cost for January 2019 was 4.40%. Due to the remeasurement triggered by the 2019 Retiree Annuity Purchase, the discount rate was updated to 4.30% for the remainder of the year. (3) Determining our expected return requires a high degree of judgment. We consider actual pension fund asset performance over multiple years, and current and expected valuation levels in the global equity and credit markets. Historical fund returns are used as a base and we place added weight on more recent pension plan asset performance. As discussed in the “Our Investment Policies and Strategies” and “U.S. and Canadian Pension Trusts” sections above, fixed income securities continue to make up a larger portion of our plan assets. As a result, we reduced our assumption of long-term rate of return on plan assets to 5.00% for the year ending December 31, 2022. (4) For the U.S. defined benefit plans, the rate of compensation increase assumption for 2021, 2020 and 2019 was between 2.00% - 13.00% for salaried and hourly participants and was decreasing with participant age. For the Canadian defined benefit plans, the rate of compensation increase assumption for salaried participants was 3.25% for 2021, 2020 and 2019. The rate of compensation increase assumption for hourly participants was 3.00% for 2021, 2020 and 2019. (5) U.S. qualified salaried and nonqualified plans only. (6) For OPEB plans during 2021, the assumed weighted healthcare cost trend rate was 6.8%, 4.5% and 5.3% for U.S. Pre-Medicare participants, U.S. HRA participants and Canadian OPEB plans, respectively. Pension Plan Contributions and Benefit Payments Established funding standards govern the funding requirements for our qualified and registered pension plans. We fund the benefit payments of our nonqualified and nonregistered plans as benefit payments come due. During 2021, we made contributions and/or benefit payments of $16 million for our U.S. nonqualified pension plans, $2 million for our Canadian nonregistered pension plans and $2 million for our Canadian registered plans. Additionally, we voluntarily contributed $30 million to our U.S. qualified pension plans during 2021, although there was no minimum required contribution for the year. During 2022, based on estimated year-end asset values and projections of plan liabilities, we expect to make contributions and/or benefit payments of approximately: • $13 million for our U.S. nonqualified pension plans, • $3 million for the Canadian non-registered plans and • $2 million for our Canadian registered plan (required contribution). We do not anticipate contributions being required for our U.S. qualified pension plan for 2022. OPEB Benefit Payments During 2021, we contributed $7 million and $2 million to our U.S. and Canadian OPEB plans, respectively. In 2022, we expect to make contributions of $12 million in total for our U.S. and Canadian OPEB plans, including $4 million expected to be required to cover benefit payments under collectively bargained contractual obligations. Estimated Projected Benefit Payments for the Next 10 Years DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2022 $ 189 $ 12 2023 $ 193 $ 11 2024 $ 194 $ 11 2025 $ 192 $ 10 2026 $ 195 $ 9 2027-2031 $ 986 $ 41 UNION-ADMINISTERED MULTIEMPLOYER BENEFIT PLANS We contribute to multiemployer defined benefit plans under the terms of collective-bargaining agreements. These plans cover a small number of our employees and on an annual basis our contributions are immaterial. These plans have different risks than single-employer plans. Our contributions may be used to fund benefits for employees of other participating employers. If we choose to stop participating, we may be required to pay a withdrawal liability based on the underfunded status of the plan .

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
ACCRUED LIABILITIES	NOTE 10: ACCRUED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Compensation and employee benefit costs $ 225 $ 204 Current portion of lease liabilities ( Note 17 ) 24 26 Customer rebates, volume discounts and deferred income 164 111 Interest 83 87 Taxes payable 106 75 Other 71 93 Total $ 673 $ 596

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
	Dec. 31, 2021
Short Term Debt Other Disclosures [Abstract]
LINES OF CREDIT	NOTE 11: LINE OF CREDIT OUR LINE OF CREDIT In January 2020, we refinanced and extended our $1.5 billion five-year January 2025 LETTERS OF CREDIT AND SURETY BONDS The amounts of letters of credit and surety bonds we have entered into as of the end of the last two years are included in the following table: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Letters of credit $ 34 $ 36 Surety bonds $ 136 $ 130 Our compensating balance requirement for our letters of credit was $4 million as of December 31, 2021 and $3 million as of December 31, 2020.

LONG-TERM DEBT, NET

LONG-TERM DEBT, NET	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT, NET	NOTE 12: LONG-TERM DEBT, NET This note provides details about: • debt issued and extinguished and • long-term debt and related maturities. Our long-term debt includes notes, debentures and other borrowings. DEBT ISSUED AND EXTINGUISHED In October 2021, we repaid our $150 million 9.00 percent notes at maturity. In May 2021, we repaid our $225 million variable-rate term loan that was scheduled to mature in July 2026. In December 2020, we redeemed our $500 million 4.625 percent notes due in September 2023, and in September 2020, we redeemed our $325 million 3.25 percent notes due in March 2023 Consolidated Statement of Operations In March 2020, we issued $750 million of 4.00 percent notes due in April 2030. The net proceeds after deducting the discount, underwriting fees and issuance costs were $732 million. In May 2020, a portion of the net proceeds was used to redeem our $569 million 4.70 percent notes due in March 2021. A net pretax charge of $11 million was included in “Interest expense, net of capitalized interest” in the Consolidated Statement of Operations in second quarter 2020 for the make-whole premium in connection with the early extinguishment, partially offset by the write-off of an unamortized fair value step-up adjustment. In February 2019, we issued $750 million of 4.00 percent notes due in November 2029. The net proceeds after deducting the discount, underwriting fees and issuance costs were $739 million. In March 2019, a portion of the net proceeds was used to redeem our $500 million 7.38 percent notes due in October 2019. A pretax charge of $12 million was included in "Interest expense, net of capitalized interest" in the Consolidated Statement of Operations in first quarter 2019 for the make-whole premium, unamortized debt issuance costs and unamortized debt discounts in connection with the early extinguishment. LONG-TERM DEBT AND RELATED MATURITIES The following table lists our long-term debt by types and interest rates at the end of our last two years and includes the current portion. Long-Term Debt by Types and Interest Rates (Includes Current Portion) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 9.00% debentures due 2021 $ — $ 150 7.125% debentures due 2023 191 191 5.207% debentures due 2023 860 860 8.50% debentures due 2025 300 300 7.95% debentures due 2025 136 136 7.70% debentures due 2026 150 150 7.35% debentures due 2026 62 62 7.85% debentures due 2026 100 100 Variable-rate term loan credit facility matures 2026 — 225 6.95% debentures due 2027 300 300 4.00% notes due 2029 750 750 4.00% notes due 2030 750 750 7.375% debentures due 2032 1,250 1,250 6.875% debentures due 2033 275 275 Other 1 1 Total principal long-term debt 5,125 5,500 Add: fair value adjustments (related to Plum Creek merger) 8 12 Less: unamortized discounts (26 ) (28 ) Less: unamortized debt expense (8 ) (9 ) #REF! #REF! Total $ 5,099 $ 5,475 Portion due within one year $ — $ 150 Amounts of Long-Term Debt Due Annually for the Next Five Years and Thereafter DOLLAR AMOUNTS IN MILLIONS (1) 2022 $ — 2023 $ 1,051 2024 $ — 2025 $ 436 2026 $ 312 Thereafter $ 3,326 (1) Excludes $26 million of unamortized discounts, capitalized debt expense and fair value adjustments (related to Plum Creek merger).

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 13: FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF DEBT The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit: Fixed rate $ 5,099 $ 6,221 $ 5,250 $ 6,718 Variable rate — — 225 225 Total Debt $ 5,099 $ 6,221 $ 5,475 $ 6,943 To estimate the fair value of long-term debt we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our variable-rate long-term debt and line of credit instruments have net carrying values that approximate their fair values with only insignificant differences. The inputs to these valuations are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS We believe that our other financial instruments, including cash and cash equivalents, short-term investments, mutual fund investments held in grantor trusts, receivables and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts.

LEGAL PROCEEDINGS, COMMITMENTS

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	NOTE 14: LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES This note provides details about our: • legal proceedings, • environmental matters and • commitments and other contingencies. LEGAL PROCEEDINGS We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Balance Sheet , Consolidated Statement of Operations or Consolidated Statement of Cash Flows . ENVIRONMENTAL MATTERS Site Remediation Under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the “Superfund” – and similar state laws, we are a party to various proceedings related to the cleanup of hazardous waste sites and have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. We have received notification from the Environmental Protection Agency (the EPA) and have acknowledged that we are a potentially responsible party in a portion of the Kalamazoo River Superfund site in southwest Michigan. Our involvement in the remediation site is based on our former ownership of the Plainwell, Michigan mill located within the remediation site. Several other companies also have been deemed potentially responsible parties as past or present owners or operators of facilities within the site, or as arrangers under CERCLA. We cooperated with other parties to jointly implement an administrative order issued by the EPA on April 14, 2016, with respect to a portion of the site comprising a stretch of the river approximately 1.7 miles long referred to as the Otsego Township Dam Area. During third quarter 2018, implementation of this administrative order was completed. In 2010, the company, along with others, was named as a defendant by Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia-Pacific LLC in an action seeking contribution under CERCLA for remediation costs relating to a certain area within the site. On March 29, 2018, the U.S. District Court issued an opinion and order assigning the company responsibility for 5 percent of approximately $50 million in past costs incurred by the plaintiffs. The remaining 95 percent of this pool of past costs incurred was allocated to the plaintiffs and other defendants. The opinion and order, which is currently on appeal before the U . S . Court of Appeals for the Sixth Circuit, does not establish allocation for future remediation costs, and accordingly, we may incur additional costs in connection with future remediation tasks for other areas of the site. We have established accruals for estimated remediation costs on the active Superfund sites and other sites for which we are a potentially responsible party. These accruals are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . Changes in the Accrual for Environmental Remediation DOLLAR AMOUNTS IN MILLIONS Accrual balance as of December 31, 2020 $ 57 Charges and adjustments, net 14 Payments (8 ) Accrual balance as of December 31, 2021 $ 63 We change our accrual to reflect: • new information on any site concerning implementation of remediation alternatives, • updates on prior cost estimates and new sites and • costs incurred to remediate sites. Estimates. We believe it is reasonably possible, based on currently available information and analysis, that remediation costs for all identified sites may exceed our existing accruals by up to $126 million. This estimate, in which those additional costs may be incurred over several years, is the upper end of the range of reasonably possible additional costs. • is much less certain than the estimates on which our accruals currently are based and • uses assumptions that are less favorable to us among the range of reasonably possible outcomes. In estimating our current accruals and the possible range of additional future costs, we: • assumed we will not bear the entire cost of remediation of every site, • took into account the ability of other potentially responsible parties to participate and • considered each party’s financial condition and probable contribution on a per-site basis. We have not recorded any amounts for potential recoveries from insurance carriers. Asset Retirement Obligations We have obligations associated with the retirement of tangible long-lived assets consisting primarily of reforestation obligations related to forest management licenses in Canada and obligations to close and cap landfills. Some of our sites have asbestos containing materials. We have met our current legal obligation to identify and manage these materials. In situations where we cannot reasonably determine when asbestos containing materials might be removed from the sites, we have not recorded an accrual because the fair value of the obligation cannot be reasonably estimated. As of December 31, 2021, and December 31, 2020, we had an asset retirement obligation of $33 million. Consolidated Balance Sheet . COMMITMENTS AND OTHER CONTINGENCIES Product Remediation Contingency Refer to Note 18: Product Remediation Recoveries for further information.

SHAREHOLDERS' INTEREST

SHAREHOLDERS' INTEREST	12 Months Ended
	Dec. 31, 2021
Stockholders Equity Note [Abstract]
SHAREHOLDERS' INTEREST	NOTE 15: SHAREHOLDERS’ INTEREST This note provides details about: • preferred and preference shares, • common shares, • share repurchase programs and • accumulated other comprehensive loss. PREFERRED AND PREFERENCE SHARES We had no preferred shares or preference shares outstanding as of December 31, 2021 or December 31, 2020. We have authorization to issue 7 million preferred shares with a par value of $1.00 per share and 40 million preference shares with a par value of $1.00 per share. COMMON SHARES The number of common shares we have outstanding changes when: • new shares are issued, • stock options are exercised, • restricted stock units or performance share units vest, • stock equivalent units are settled in common shares, • shares are tendered, • shares are repurchased or • shares are canceled. Reconciliation of Our Common Share Activity SHARES IN THOUSANDS 2021 2020 2019 Outstanding at beginning of year 747,385 745,300 746,391 Stock options exercised 1,849 1,441 660 Issued for vested restricted stock units 635 574 480 Issued for vested performance share units 162 70 118 Repurchased (2,730 ) — (2,349 ) Outstanding at end of year 747,301 747,385 745,300 SHARE REPURCHASE PROGRAMS On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program). During third quarter 2021, we repurchased 780,228 common shares for approximately $26 million (including transaction fees) under the 2019 Repurchase Program in open-market transactions. During fourth quarter 2021, we repurchased 1,949,496 common shares for approximately $74 million (including transaction fees) under the 2021 Repurchase Program in open-market transactions. As of December 31, 2021, we had remaining authorization of $927 million for future share repurchases. During 2020, we did not repurchase any shares of common stock. During 2019, we repurchased over 2.3 million shares of common stock for approximately $60 million (including transaction fees) under the 2019 Repurchase Program. As of December 31, 2019, we had remaining authorization of $440 million for future share repurchases. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. There were no unsettled repurchases as of December 31, 2021, or December 31, 2020. ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in amounts included in our accumulated other comprehensive loss by component are: DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Pension (1) Balance at beginning of period $ (1,064 ) $ (1,128 ) $ (1,343 ) Other comprehensive income (loss) before reclassifications 254 (223 ) (216 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings (2)(3) 90 287 431 Total other comprehensive income 344 64 215 Balance at end of period (720 ) (1,064 ) (1,128 ) Other post-employment benefits (1) Balance at beginning of period (12 ) (12 ) (19 ) Other comprehensive income (loss) before reclassifications 6 (3 ) 6 Amounts reclassified from accumulated other comprehensive income (loss) to earnings (2) 4 3 1 Total other comprehensive income 10 — 7 Balance at end of period (2 ) (12 ) (12 ) Translation adjustments and other Balance at beginning of period 254 236 210 Translation adjustments (11 ) 18 26 Total other comprehensive income (loss) (11 ) 18 26 Balance at end of period 243 254 236 Accumulated other comprehensive loss, end of period $ (479 ) $ (822 ) $ (904 ) (1) Amounts are presented net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 9: Pension and Other Post-Employment Benefit Plans . (3) Amounts include settlement charges totaling $253 million and $455 million related to our pension plans for the years ended December 31, 2020 and December 31, 2019, respectively. There were no settlement charges related to our pension plans for the year ended December 31, 2021. See Note 9: Pension and Other Post-Employment Benefit Plans for further detail.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share Based Compensation [Abstract]
SHARE-BASED COMPENSATION	NOTE 16: SHARE-BASED COMPENSATION This note provides details about: • our Long-Term Incentive Compensation Plan (2013 Plan), • how we account for share-based awards, • tax benefits of share-based awards, • types of share-based compensation, • unrecognized share-based compensation and • deferred compensation stock equivalent units. Share-based compensation expense was: • $30 million in 2021, • $30 million in 2020 and • $30 million in 2019. OUR LONG-TERM INCENTIVE COMPENSATION PLAN Our long-term incentive plan provides for share-based awards that include: • restricted stock, • restricted stock units (RSUs), • performance shares, • performance share units (PSUs), • stock options and • stock appreciation rights (SARs). We may issue future grants of up to 19 million shares under the 2013 Plan. We also have the right to reissue forfeited and expired grants. For restricted stock, RSUs, performance shares, PSUs or other equity grants: • An individual participant may receive a grant of up to 1 million shares annually. • No participant may be granted awards that exceed $10 million earned in a 12-month period. For stock options and SARs: • An individual participant may receive a grant of up to 2 million shares in any one calendar year. • The exercise price is required to be the market price on the date of the grant. We have not granted any stock options or SARs since 2016 and the remaining liability related to SARs is immaterial at December 31, 2021. The Compensation Committee of our board of directors annually establishes an overall pool of stock awards available for grants based on performance. For stock-settled awards we: • issue new stock into the marketplace and • generally do not repurchase shares in connection with issuing new awards. Our common shares would increase by approximately 24 million shares if all share-based awards were exercised or vested. These include: • all options, RSUs and PSUs outstanding at December 31, 2021, and • all remaining options, RSUs and PSUs that could be granted under the 2013 Plan. HOW WE ACCOUNT FOR SHARE-BASED AWARDS When accounting for share-based awards we: • use a fair-value-based measurement and • recognize the cost of share-based awards in our consolidated financial statements. We recognize the cost of share-based awards in the Consolidated Statement of Operations over the required service period — generally the period from the date of the grant to the date when it is fully vested. Special situations include: • Awards that vest upon retirement — the required service period ends on the date an employee is eligible for retirement, including early retirement. • Awards that continue to vest following job elimination or the sale of a business — the required service period ends on the date the employment from the company is terminated. In these special situations, compensation expense from share-based awards is recognized over a period that is shorter than the stated vesting period. TAX BENEFITS OF SHARE-BASED AWARDS Our total income tax benefit from share-based awards recognized in the Consolidated Statement of Operations for the last three years was: • $4 million in 2021, • $4 million in 2020 and • $4 million in 2019. Tax benefits from share-based awards are accrued as stock compensation expense and realized when: • restricted shares and RSUs vest, • performance shares and PSUs vest, • stock options are exercised and • SARs are exercised. TYPES OF SHARE-BASED COMPENSATION Our share-based compensation is in the form of: • RSUs, • PSUs, • stock options and • SARs. RESTRICTED STOCK UNITS Through the 2013 Plan, we award RSUs — grants that entitle the holder to shares of our stock as the award vests. The Details Our RSUs granted in 2021, 2020 and 2019 generally: • vest ratably over four years; • immediately vest in the event of death while employed or disability; • continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one-year anniversary of the grant; • continue vesting for one year in the event of involuntary termination when retirement has not been met and • will be forfeited upon termination of employment in all other situations including early retirement prior to age 62. Our Accounting The fair value of our RSUs is the market price of our stock on the grant date of the awards. We generally record share-based compensation expense for RSUs over the four-year vesting period. Generally, for RSUs that continue to vest following the termination of employment, we record the share-based compensation expense over a required service period that is less than the stated vesting period. Activity The following table shows our RSU activity for 2021: RESTRICTED STOCK UNITS (IN THOUSANDS) WEIGHTED AVERAGE GRANT-DATE FAIR VALUE Nonvested at December 31, 2020 1,851 $ 29.67 Granted 751 $ 33.62 Vested (799 ) $ 31.16 Forfeited (47 ) $ 31.16 Nonvested at December 31, 2021 (1) 1,756 $ 30.87 ( 1) As of December 31, 2021, there were approximately 245 thousand RSUs that had met the requisite service period and will be released as identified in the grant terms. The weighted average grant-date fair value for RSUs was: • $33.62 in 2021, • $30.03 in 2020 and • $25.83 in 2019. The total grant-date fair value of RSUs vested was: • $25 million in 2021, • $19 million in 2020 and • $18 million in 2019. Nonvested RSUs accrue dividends that are paid out when RSUs vest. Any RSUs forfeited will not receive dividends. As RSUs vest, a portion of the shares awarded is withheld to cover employee taxes. As a result, the number of stock units vested and the number of common shares issued will differ. PERFORMANCE SHARE UNITS Through the 2013 Plan, we award PSUs — grants that entitle the holder to shares of our stock as the award vests. The Details The final number of shares granted in 2021 and 2020 will vest between a range of 0 percent to 150 percent of each grant’s target, depending upon actual company performance compared against an industry peer group. For PSUs granted in 2019, company performance is measured against an industry peer group and the S&P 500. The vesting provisions for PSUs granted in 2021, 2020 and 2019 were as follows: • vest 100 percent on the third anniversary of the grant date as long as the individual remains employed by the company; • fully vest in the event the participant dies or becomes disabled while employed; • continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one-year anniversary of the grant; • continue vesting for one year in the event of involuntary termination when the retirement criteria has not been met and the employee has met the second anniversary of the grant date and • will be forfeited upon termination of employment in all other situations including early retirement prior to age 62. In addition, PSUs granted in 2021 and 2020 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return (TSR). Our Accounting Since the awards contain a market condition, the effect of the market condition is reflected in the grant-date fair value which is estimated using a Monte Carlo simulation model. This model estimates the TSR ranking of the company over the performance period. Compensation expense is based on the estimated probable number of earned awards and recognized over the vesting period on an accelerated basis. Generally, compensation expense would not be reversed if the market condition is not achieved, provided the requisite service period has been completed. Weighted Average Assumptions Used in Estimating the Value of PSUs 2021 GRANTS 2020 GRANTS 2019 GRANTS Performance period 2/11/2021 - 12/31/2023 2/13/2020 - 12/31/2022 1/1/2019 - 12/31/2021 Expected dividends 1.99% 4.50% 5.25% Risk-free rate 0.02% - 0.20% 1.45% - 1.62% 2.43% - 2.55% Volatility 32.87% - 52.82% 20.02% - 22.40% 22.50% - 27.40% Weighted average grant-date fair value $ 38.50 $ 33.16 $ 29.66 Activity The following table shows our PSU activity for 2021: GRANTS (IN THOUSANDS) WEIGHTED AVERAGE GRANT-DATE FAIR VALUE Nonvested at December 31, 2020 1,098 $ 32.58 Granted at target 353 38.50 Vested (228 ) 35.49 Forfeited (20 ) 35.28 Performance adjustment (99 ) 35.49 Nonvested at December 31, 2021 (1) 1,104 $ 33.56 (1) As of December 31, 2021, there were approximately 196 thousand PSUs that had met the requisite service period and will be released as identified in the grant terms. The total grant-date fair value of PSUs vested was: • $8 • $3 million in 2020 and • $3 million in 2019. As PSUs vest, a portion of the shares awarded is withheld to cover participant taxes. As a result, the number of stock units vested and the number of common shares issued will differ. STOCK OPTIONS Stock options entitle award recipients to purchase shares of our common stock at a fixed exercise price. We have not granted stock option awards since 2016. When granted in prior years, stock options had an exercise price equal to the market price of our stock on the date of the grant. The Details Our stock options generally: • vest over four years of continuous service, • must be exercised within 10 years of the grant date and • use a Black-Scholes option valuation model to estimate the fair value of every stock option award on its grant date. Activity The following table shows our stock option activity for 2021: OPTIONS (IN THOUSANDS) WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS) AGGREGATE INTRINSIC VALUE (IN MILLIONS) Outstanding at December 31, 2020 3,768 $ 28.82 Exercised (1,850 ) $ 27.70 Forfeited or expired (1 ) $ 35.40 Outstanding at December 31, 2021 1,917 $ 29.88 2.99 $ 22 Exercisable at December 31, 2021 1,917 $ 29.88 2.99 $ 22 The total intrinsic value of stock options exercised was: • $18 million in 2021, • $13 million in 2020 and • $5 million in 2019. UNRECOGNIZED SHARE-BASED COMPENSATION As of December 31, 2021, our unrecognized share-based compensation cost for all types of share-based awards included $43 million related to non-vested equity-classified share-based compensation arrangements. These are expected to be recognized over a weighted average period of approximately 1.2 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS Certain employees and our board of directors may defer compensation into stock equivalent units. The Details Eligible employees: • may choose to defer all or part of their bonus into stock equivalent units; • may choose to defer part of their salary, except for executive officers and • receive a 15 percent premium if the deferral is for at least five years. Our directors: • receive a portion of their annual retainer fee in the form of RSUs, which vest over one year and may be deferred into stock equivalent units; • may choose to defer some or all of the remainder of their annual retainer fee into stock equivalent units and • do not receive a premium for their deferrals. Employees and directors also choose when the deferrals will be paid out, although no deferrals may be paid until after the separation from service of the employee or director. Our Accounting We settle all deferred compensation accounts in cash for our employees. Our directors receive shares of common stock as payment for stock equivalent units. In addition, we credit all stock equivalent accounts with dividend equivalents. The number of common shares to be issued in the future to directors is 673 thousand. Stock equivalent units are: • liability-classified awards and • remeasured to fair value at every reporting date. The fair value of a stock equivalent unit is equal to the market price of our stock. Activity The number of stock equivalent units outstanding in our deferred compensation accounts was: • 712 thousand as of December 31, 2021, • 767 thousand as of December 31, 2020 and • 788 thousand as of December 31, 2019.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
LEASES	NOTE 17: LEASES We account for leases in accordance with ASC Topic 842, Leases, which we adopted on January 1, 2019 using the modified retrospective transition approach at the beginning of the adoption period through a cumulative-effect adjustment to retained earnings. This adoption resulted in the recognition of right-of-use assets ("ROU assets") of $165 million and lease liabilities of $172 million, with the difference of $7 million recorded to "Retained earnings", on our Consolidated Balance Sheet on January 1, 2019. The majority of our operating leases are related to our office and warehouse space, and the majority of our financing leases are related to vehicles and forklifts. Our leases have remaining lease terms of approximately 1 year to 25 years. Options to renew, extend or terminate a lease are reflected in our lease terms when we believe it is reasonably certain we will exercise that option. When our leases do not provide an implicit or an explicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. Lease Expense DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Operating lease costs $ 20 $ 21 $ 20 Financing lease costs 9 12 15 Total lease costs $ 29 $ 33 $ 35 Supplemental Cash Flow Information DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 19 $ 20 $ 20 Financing cash flows for financing leases (1) $ 11 $ 13 $ 16 ROU assets obtained in exchange for new (modified) lease liabilities: Operating leases $ 9 $ 3 $ 6 Financing leases $ 4 $ 4 $ 5 (1) Interest expense related to financing leases was immaterial during 2021, 2020 and 2019. Supplemental Balance Sheet Information Related to Leases DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 LEASES BALANCE SHEET CLASSIFICATION Assets Operating lease ROU assets Other assets $ 101 $ 106 Financing lease ROU assets Property and equipment, net 13 19 Total leased assets $ 114 $ 125 Liabilities Current: Operating lease liabilities Accrued liabilities $ 17 $ 16 Financing lease liabilities Accrued liabilities 7 10 Noncurrent: Operating lease liabilities Other liabilities 90 95 Financing lease liabilities Other liabilities 8 12 Total lease liabilities $ 122 $ 133 Weighted Average Remaining Lease Term DECEMBER 31, 2021 DECEMBER 31, 2020 Operating leases 8 years 10 years Financing leases 2 years 2 years Weighted Average Discount Rate DECEMBER 31, 2021 DECEMBER 31, 2020 Operating leases 4.1 % 4.2 % Financing leases 2.9 % 3.1 % Maturities of Lease Liabilities as of December 31, 2021 DOLLAR AMOUNTS IN MILLIONS OPERATING LEASES FINANCING LEASES 2022 $ 21 $ 8 2023 19 5 2024 13 2 2025 12 1 2026 12 — Thereafter 50 — Total lease payments 127 16 Less: interest (20 ) (1 ) Total present value of lease liabilities $ 107 $ 15

PRODUCT REMEDIATION RECOVERIES,

PRODUCT REMEDIATION RECOVERIES, NET	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
PRODUCT REMEDIATION RECOVERIES, NET	NOTE 18: PRODUCT REMEDIATION RECOVERIES In July 2017, we announced we were implementing a solution to address concerns regarding our TJI® Joists coated with our former Flak Jacket® Protection product. This issue was isolated to Flak Jacket product manufactured after December 1, 2016 and did not affect any of our other products. During the years ended December 31, 2021, 2020 and 2019 , Consolidated Statement of Operations .

OTHER OPERATING COSTS, NET

OTHER OPERATING COSTS, NET	12 Months Ended
	Dec. 31, 2021
Other Income [Abstract]
OTHER OPERATING COSTS, NET	NOTE 19: OTHER OPERATING COSTS, NET Other operating costs, net: • includes both recurring and non-recurring income and expense items and • can fluctuate from year to year. Income and Expense Items Included in Other Operating Costs, Net DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Foreign exchange losses (gains), net (1) $ (5 ) $ 7 $ 2 Gain on disposition of nonstrategic assets (3 ) (4 ) (4 ) Insurance recovery (13 ) — — Litigation expense, net 7 11 63 Research and development expenses 5 5 6 Timber casualty loss — 80 — Other, net (2) 42 35 28 Total other operating costs, net $ 33 $ 134 $ 95 (1) Foreign exchange gains and losses result from changes in exchange rates primarily related to our U.S. dollar denominated cash and debt balances that are held by our Canadian subsidiary. ( 2 ) Other, net includes environmental remediation charges. See Note 14: Legal Proceedings, Commitments and Contingencies for more information. INSURANCE RECOVERY During fourth quarter 2021, we received a $13 million insurance recovery related to property damage and business interruption for certain of our mills in the southern U.S. as a result of severe winter storm damage in first quarter 2021. This recovery was attributable to our Wood Products segment and was recorded within “Other operating costs, net” in the Consolidated Statement of Operations . TIMBER CASUALTY LOSS In September 2020, forest fires in the state of Oregon, commonly referred to as the Holiday Farm, Beachie Creek, Riverside, and Archie Creek fires, spread from adjacent lands onto portions of our Oregon timberland properties. Based on interpretation of satellite imagery and aerial photography, as well as limited on-site assessments, we estimated that the fires affected approximately 125 thousand acres of our Oregon timberlands. Our assessments indicated that the extent of damage varies from tract to tract based on topographical conditions, rate of fire spread, age of the timber and other circumstances. Based on these assessments, we expected that the majority of merchantable timber, even if affected by the fires, is likely salvageable if harvested within a reasonable period of time. We believe the majority of pre-merchantable timber affected by the fires will not be able to be salvaged. In third quarter 2020, we recorded a timber casualty loss of $80 million which represented the estimated book value of timber and related assets that could not be salvaged based on information available at that time. The loss was attributable to our Timberlands segment and was recorded within “Other operating costs, net” in the Consolidated Statement of Operations . As of December 31, 2021, we have harvested a substantial majority of our planned salvage volume in Oregon. The additional information obtained from our salvage operations has not resulted in a change to the estimated loss previously recorded.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 20: INCOME TAXES This note provides details about income taxes applicable to our operations, including the following: • earnings (loss) before income taxes, • provision (benefit) for income taxes, • effective income tax rate, • deferred tax assets and liabilities and • unrecognized tax benefits. The “Income Taxes” section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our income taxes. EARNINGS (LOSS) BEFORE INCOME TAXES Domestic and Foreign Earnings (Loss) Before Income Taxes DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Domestic earnings (loss) $ 2,499 $ 723 $ (268 ) Foreign earnings 817 259 55 Total earnings (loss) before income taxes $ 3,316 $ 982 $ (213 ) PROVISION (BENEFIT) FOR INCOME TAXES DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Current: Federal $ 378 $ 147 $ 21 State 74 30 1 Foreign 243 64 10 Total current 695 241 32 Deferred: Federal 27 (66 ) (137 ) State (2 ) (1 ) (31 ) Foreign (11 ) 11 (1 ) Total deferred 14 (56 ) (169 ) Total income tax provision (benefit) $ 709 $ 185 $ (137 ) EFFECTIVE INCOME TAX RATE DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 U.S. federal statutory income tax $ 696 $ 207 $ (45 ) State income taxes, net of federal tax benefit 57 23 (31 ) REIT income not subject to federal income tax (102 ) (51 ) (68 ) Return to provision adjustment — (3 ) 4 Foreign taxes 62 19 (1 ) Other, net (4 ) (10 ) 4 Total income tax provision (benefit) $ 709 $ 185 $ (137 ) Effective income tax rate 21.4% 18.8% 64.1% DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets and liabilities reflect the future tax effect created by differences between the timing of when income or deductions are recognized for pretax financial book reporting purposes versus income tax purposes. Deferred tax assets represent a future tax benefit (or reduction to income taxes in a future period), while deferred tax liabilities represent a future tax obligation (or increase to income taxes in a future period). Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Net noncurrent deferred tax asset $ 17 $ 120 Net noncurrent deferred tax liability (46 ) (24 ) Net deferred tax asset (liability) $ (29 ) $ 96 Items Included in Our Deferred Income Tax Assets (Liabilities) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Deferred tax assets: Pension and post-employment benefits 96 $ 207 State tax credits 42 48 Depletion 13 14 Environmental Reserves 14 13 Incentive compensation 19 19 Intercompany land sales 15 15 Workers compensation 17 18 Other reserves 14 17 Other 70 78 Gross deferred tax assets 300 429 Valuation allowance (50 ) (66 ) Net deferred tax assets 250 363 Deferred tax liabilities: Property, plant and equipment (258 ) (239 ) Other (21 ) (28 ) Net deferred tax liabilities (279 ) (267 ) Net deferred tax asset (liability) $ (29 ) $ 96 Net Operating Loss and Credit Carryforwards Our gross federal, state and foreign net operating loss carryforwards as of December 31, 2021 totaled $527 million as follows: • Federal - • State - $148 million, which will begin to expire in 2028; and • Foreign - none currently recorded. Our gross state credit carryforwards as of December 31, 2021 totaled $53 million, which includes $5 million that expire from 2025 through 2035 and $48 million that do not expire. Our U.S. TRSs have $8 million in foreign tax credit carryforwards that expire from 2027 through 2031. Valuation Allowances With the exception of the valuation allowance discussed below, we believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets. Our valuation allowance on our deferred tax assets was $50 million as of December 31, 2021, which related to state credits, state net operating losses and foreign tax credits. Reinvestment of Undistributed Earnings It is our practice and intention to permanently reinvest approximately 10 percent of the earnings of our Canadian subsidiary. Our assertion is based on the company’s global cash management and planned capital deployment. Accordingly, deferred taxes are provided primarily related to Canadian withholding taxes associated with any Canadian earnings not considered permanently reinvested. We have no other foreign subsidiaries with undistributed earnings. UNRECOGNIZED TAX BENEFITS Unrecognized tax benefits represent potential future obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. In accordance with our accounting policy, we accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense (see Note 1: Summary of Significant Accounting Policies ). As of December 31, 2021, none of our U.S. federal income tax returns or foreign jurisdiction income tax returns are under examination. Our U.S. federal income tax returns are open to examination for years 2018 forward and foreign jurisdiction income tax returns are open to examination for years 2014 forward. We are undergoing examinations in state jurisdictions for tax years 2016 through 2018, with tax years 2009 forward open to examination. We do not expect that the outcome of any examination will have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit settlements are subject to significant uncertainty.

GEOGRAPHIC AREAS

GEOGRAPHIC AREAS	12 Months Ended
	Dec. 31, 2021
Segments Geographical Areas [Abstract]
GEOGRAPHIC AREAS	NOTE 21: GEOGRAPHIC AREAS This note provides selected key financial data according to the geographical locations of our customers. SALES Our sales to unaffiliated customers outside the U.S. are primarily to customers in Canada, Japan, China and Korea. Our export sales are comprised primarily of logs, lumber and wood chips to Japan, Canada, China and Korea. Sales by Geographic Area DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Sales to unaffiliated customers: U.S. $ 8,709 $ 6,549 $ 5,674 Canada 778 528 440 Japan 477 326 305 China 123 83 90 Korea 52 27 27 Other foreign countries 62 19 18 Total $ 10,201 $ 7,532 $ 6,554 Export sales from the U.S.: Japan $ 396 $ 292 $ 265 Canada 128 109 94 China 119 79 85 Korea 51 25 25 Other foreign countries 36 10 10 Total $ 730 $ 515 $ 479 LONG-LIVED ASSETS Our long-lived assets used in the generation of revenues in different geographical areas are nearly all in the U.S. and Canada. Our long-lived assets primarily include: • property and equipment, including construction in progress, • timber and timberlands and • minerals and mineral rights. Long-Lived Assets by Geographic Area DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 U.S. $ 13,731 $ 13,922 Canada 307 299 Total $ 14,038 $ 14,221

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2021
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 22: RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Cash and cash equivalents $ 1,879 $ 495 Restricted cash included in other assets (1) 120 — Total cash, cash equivalents and restricted cash $ 1,999 $ 495 (1) Amounts included in restricted cash as of December 31, 2021 are comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Real Estate Investment Trust Election (REIT)	OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT) Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts and lump sum timber deeds. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments.
Consolidated Financial Statements	Consolidated Financial Statements Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including: • majority-owned domestic and foreign subsidiaries and • variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated.
Our Business Segments	Our Business Segments Reportable business segments are determined based on the company’s "management approach," as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting We are principally engaged in: • growing and harvesting timber; • maximizing the value of our acreage through the sale of higher and better use (HBU) properties and • manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services. SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, recreational leases and other products. Real Estate & ENR Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, wind and solar). Wood Products Structural lumber, oriented strand board, engineered wood products and building materials distribution. We also transfer raw materials, semi-finished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves pricing products transferred between our business segments at current market values. Unallocated Items are gains or charges related to company level initiatives or previous businesses that are not allocated to our current business segments. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations such as environmental remediation and workers compensation.
Estimates	Estimates We prepare our financial statements according to U.S. generally accepted accounting principles (U.S. GAAP). This requires us to make estimates and assumptions during our reporting periods and at the date of our financial statements. The estimates and assumptions affect our: • reported amounts of assets, liabilities and equity; • disclosure of contingent assets and liabilities and • reported amounts of revenues and expenses. While we do our best in preparing these estimates, actual results can and do differ from those estimates and assumptions.
Fair Value Measurements	Fair Value Measurements We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including: • long-lived assets (asset groups) measured at fair value for an impairment assessment; • pension plan assets measured at fair value and • asset retirement obligations initially measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs are unadjusted quoted prices for identical assets or liabilities traded in an active market. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.
Foreign Currency Translation	Foreign Currency Translation We translate foreign currencies into U.S. dollars in two ways: • assets and liabilities — at the exchange rates in effect as of our balance sheet date and • revenues and expenses — at average monthly exchange rates throughout the year.
Reclassifications	Reclassifications We have reclassified certain balances and results from prior years to be consistent with our 2021 reporting. This makes year-to-year balances comparable. Our reclassifications had no effect on consolidated net earnings or equity.
Property and Equipment	Property and Equipment We maintain property accounts on an individual asset basis and account for them as follows: • Improvements to and replacements of major units of property are capitalized. • Maintenance, repairs and minor replacements are expensed. • Depreciation is calculated using a straight-line method at rates based on estimated service lives. • Costs associated with logging roads that we intend to utilize for a period longer than one year are capitalized. These roads are then amortized over an estimated service life. • Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings.
Timber and Timberlands	Timber and Timberlands We carry timber and timberlands at cost less depletion. Depletion refers to the carrying value of timber that is harvested or sold. Key activities affecting how we account for timber and timberlands include: • reforestation, • depletion and • forest management in Canada. Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation and then expense costs after the first planting as they are incurred or over the period of expected benefit. These expensed costs include: • fertilization, • vegetation and insect control, • pruning and precommercial thinning and • property taxes. Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts. Timber depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider: • regulatory and environmental constraints, • our management strategies, • inventory data improvements, • growth rate revisions and recalibrations and • known dispositions and inoperable acres. In addition, the duration of the harvest cycle varies by geographic region and species of timber. Depletion rate calculations do not include estimates for: • future silviculture or sustainable forest management costs associated with existing stands; • future reforestation costs associated with a stand's final harvest and • future volume in connection with the replanting of a stand subsequent to its final harvest. We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in costs of sales. Forest Management in Canada. We manage timberlands under long-term licenses in various Canadian provinces that are: • granted by the provincial governments; • granted for initial periods of 15 to 25 years and • renewable provided we meet reforestation, operating and management guidelines. Calculation of the fees we pay on the timber we harvest: • varies from province to province, • is tied to product market pricing and • depends upon the allocation of land management responsibilities in the license.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review the carrying value of long-lived assets whenever an event or a change in circumstance indicates that the carrying value of the asset or asset group may not be recoverable through future operations. The carrying value is the original cost, less accumulated depreciation and any past impairments recorded. Impaired assets held for use are written down to fair value, while impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on: • appraisals, • market pricing of comparable assets, • discounted value of estimated future cash flows from the asset, • replacement values of comparable assets and • agreed upon sale price or offer price.
Financial Instruments	Financial Instruments We estimate the fair value of financial instruments where appropriate. The assumptions we use — including the discount rate and estimates of cash flows — can significantly affect our fair-value amounts. Our fair values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions.
Cash Equivalents	Cash Equivalents Cash equivalents are investments with maturities of 90 days or less at the date of purchase. We state cash equivalents at cost, which approximates market.
Concentration of Risk	Concentration of Risk We disclose customers that represent a concentration of risk. As of December 31, 2021, and December 31, 2020, no customer accounted for 10 percent or more of our net sales.
Revenue Recognition	Revenue Recognition Refer to Note 3: Revenue Recognition for details on how we account for revenue. PERFORMANCE OBLIGATIONS A performance obligation, as defined in ASC Topic 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period, in which the performance obligation is satisfied. Performance obligations associated with delivered log sales are typically satisfied when the logs are delivered to our customers’ mills or delivered to an ocean vessel in the case of export sales. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped. We have elected, as an accounting policy, to treat shipping and handling that is performed after a customer obtains control of the product as an activity required to fulfill the promise to transfer the good; therefore we will not evaluate this requirement as a separate performance obligation. Customers are generally invoiced shortly after logs are delivered or after wood products are shipped, with payment generally due within a month or less of the invoice date. ASC Topic 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Performance obligations associated with real estate sales are generally met when placed into escrow and all conditions of closing have been satisfied. CONTRACT ESTIMATES Substantially all of our performance obligations are satisfied as of a point in time. Therefore, there is little judgment in determining when control transfers for our business segments as described above. The transaction price for log sales generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is generally the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. There are no significant contract estimates related to the real estate business. CONTRACT BALANCES In general, customers are billed and a receivable is recorded as we ship and/or deliver wood products and logs. We generally receive payment shortly after products have been received by our customers. Contract asset and liability balances are immaterial. For real estate sales, the company receives the entire consideration in cash at closing.
Inventories	Inventories We state inventories at the lower of cost or net realizable value. Cost includes labor, materials and production overhead. LIFO — the last-in, first-out method — applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the moving average cost or FIFO — the first-in, first-out — methods and those products continue to be recognized under those methods. The moving average cost or FIFO method applies to the balance of our domestic raw material and product inventories, all material and supply inventories and all foreign inventories.
Shipping and Handling Costs	Shipping and Handling Costs We classify shipping and handling costs in "Costs of sales" in the Consolidated Statement of Operations .
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. We recognize deferred tax assets and liabilities to reflect: • future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and • net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we: • determine when the differences between the carrying amounts and tax bases of affected items are expected to be recovered or resolved and • use enacted tax rates expected to apply to taxable income in those years.
Pension and Other Post-Employment Benefit Plans	Pension and Other Post-Employment Benefit Plans We recognize the overfunded or underfunded status of our defined benefit pension and other post-employment plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes: • cost of benefits provided in exchange for employees’ services rendered during the year; • interest cost of the obligations; • expected long-term return on plan assets; • gains or losses on plan settlements and curtailments; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants affected by the plan amendment are inactive and • amortization of cumulative unrecognized net actuarial gains and losses — generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year — over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately half of our employees. Determination of benefits differs for salaried, hourly and union employees as follows: • Salaried employee benefits are based on each employee’s highest monthly earnings for five consecutive years during the final 10 years before retirement. • Hourly and union employee benefits generally are stated amounts for each year of service. • Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are: • U.S. pension plans — according to the Employee Retirement Income Security Act of 1974 and • Canadian pension plans — according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment health care and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 9: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans. Estimates for pension and other post-employment benefit plans. E stimates we use in accounting for our pension and other post-employment benefit plans include the: • fair value of our plan assets; • expected long-term rate of return on plan assets and • discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows. Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 9: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods. Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans. Factors we consider in determining our expected long-term rate of return include: • historical returns for a portfolio of assets similar to our expected allocation and • expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity. Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits.
Environmental Remediation	Environmental Remediation We accrue losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded.
Earnings Per Share	Basic earnings (loss) per share is net earnings (loss) available to common shareholders divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings (loss) per share is net earnings (loss) available to common shareholders divided by the sum of the: • weighted average number of our outstanding common shares and • the effect of our outstanding dilutive potential common shares. Dilutive potential common shares may include: • outstanding stock options, • restricted stock units and • performance share units. We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied.
Stock Repurchase Programs Policy	We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled.
Share-based Compensation	HOW WE ACCOUNT FOR SHARE-BASED AWARDS When accounting for share-based awards we: • use a fair-value-based measurement and • recognize the cost of share-based awards in our consolidated financial statements. We recognize the cost of share-based awards in the Consolidated Statement of Operations over the required service period — generally the period from the date of the grant to the date when it is fully vested. Special situations include: • Awards that vest upon retirement — the required service period ends on the date an employee is eligible for retirement, including early retirement. • Awards that continue to vest following job elimination or the sale of a business — the required service period ends on the date the employment from the company is terminated. In these special situations, compensation expense from share-based awards is recognized over a period that is shorter than the stated vesting period.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Sales and Net Contribution (Charge) to Earnings	Sales and Net Contribution (Charge) to Earnings DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS CONSOLIDATED Sales to unaffiliated customers 2021 $ 1,636 $ 344 $ 8,221 $ — $ 10,201 2020 $ 1,466 $ 276 $ 5,790 $ — $ 7,532 2019 $ 1,618 $ 313 $ 4,623 $ — $ 6,554 Intersegment sales 2021 $ 535 $ — $ — $ (535 ) $ — 2020 $ 471 $ — $ — $ (471 ) $ — 2019 $ 503 $ 1 $ — $ (504 ) $ — Net contribution (charge) to earnings 2021 $ 464 $ 210 $ 3,211 $ (256 ) $ 3,629 2020 $ 455 $ 86 $ 1,340 $ (456 ) $ 1,425 2019 $ 347 $ 144 $ 353 $ (679 ) $ 165
Reconciliation of Net Contribution to Earnings to Net Earnings (Loss)	Reconciliation of Net Contribution to Earnings to Net Earnings (Loss) DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Net contribution to earnings $ 3,629 $ 1,425 $ 165 Interest expense, net of capitalized interest (313 ) (443 ) (378 ) Income (loss) before income taxes 3,316 982 (213 ) Income taxes (709 ) (185 ) 137 Net earnings (loss) $ 2,607 $ 797 $ (76 )
Additional Financial Information	Additional Financial Information DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS CONSOLIDATED Depreciation, depletion and amortization 2021 $ 261 $ 15 $ 196 $ 5 $ 477 2020 $ 257 $ 14 $ 195 $ 6 $ 472 2019 $ 301 $ 14 $ 191 $ 4 $ 510 Capital expenditures 2021 $ 114 $ — $ 320 $ 7 $ 441 2020 $ 104 $ — $ 176 $ 1 $ 281 2019 $ 112 $ — $ 257 $ 15 $ 384
Total Assets	Total Assets DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS AND REAL ESTATE & ENR WOOD PRODUCTS UNALLOCATED ITEMS CONSOLIDATED Total assets (1) 2021 $ 12,737 $ 2,891 $ 2,024 $ 17,652 2020 $ 12,874 $ 2,619 $ 818 $ 16,311 (1) Assets attributable to the Real Estate & ENR business segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue by Major Products	A Reconciliation of Revenue Recognized by our Major Products: DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 308 $ 329 $ 375 Export grade sales 561 391 365 Subtotal West 869 720 740 South 589 573 640 North (1) 52 52 92 Subtotal delivered logs sales 1,510 1,345 1,472 Stumpage and pay-as-cut timber 31 19 42 Recreational and other lease revenue 65 63 61 Other (2) 30 39 43 Net sales attributable to Timberlands segment 1,636 1,466 1,618 Real Estate & ENR segment Real estate 246 202 225 Energy and natural resources 98 74 88 Net sales attributable to Real Estate & ENR segment 344 276 313 Wood Products segment Structural lumber 3,721 2,602 1,892 Oriented strand board 1,840 1,013 632 Engineered solid section 679 505 510 Engineered I-joists 447 316 323 Softwood plywood 210 171 161 Medium density fiberboard 186 171 166 Complementary building products 790 676 602 Other (3) 348 336 337 Net sales attributable to Wood Products segment 8,221 5,790 4,623 Total $ 10,201 $ 7,532 $ 6,554 ( 1 ) In November 2019, we sold our Michigan timberlands and in March 2020, we sold our Montana timberlands. Refer to Note 4: Timberland Acquisitions and Divestitures for further information on these divestitures. ( 2 ) Other Timberlands sales includes sales of seeds and seedlings from our nursery operations as well as wood chips. ( 3 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.

NET EARNINGS (LOSS) PER SHARE (

NET EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) per Share	Calculation of Weighted Average Number of Outstanding Common Shares – Dilutive SHARES IN THOUSANDS 2021 2020 2019 Weighted average number of outstanding shares — basic 749,496 746,931 745,897 Dilutive potential common shares: Stock options 336 313 — Restricted stock units 764 403 — Performance share units 387 252 — Total effect of outstanding dilutive potential common shares 1,487 968 — Weighted average number of outstanding common shares — dilutive 750,983 747,899 745,897
Potential Shares Not Included in the Computation of Diluted Earnings (Loss) per Share	Potential Shares Not Included in the Computation of Diluted Earnings (Loss) per Share SHARES IN THOUSANDS 2021 2020 2019 Stock options — 2,107 2,631 Restricted stock units — — 477 Performance share units 729 781 1,131

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories include raw materials, work-in-process, finished goods as well as materials and supplies, as shown below: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 LIFO inventories: Logs $ 26 $ 24 Lumber, plywood, panels and fiberboard 61 59 Other products 17 9 Moving average cost or FIFO inventories: Logs 65 64 Lumber, plywood, panels, fiberboard and engineered wood products 106 84 Other products 131 100 Materials and supplies 114 103 Total $ 520 $ 443

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
Carrying Value of Property and Equipment and Estimated Service Lives	Carrying Value of Property and Equipment and Estimated Service Lives DOLLAR AMOUNTS IN MILLIONS RANGE OF LIVES DECEMBER 31, 2021 DECEMBER 31, 2020 Property and equipment, at cost: Land N/A $ 83 $ 84 Buildings and improvements 15-40 1,104 1,049 Machinery and equipment 5-25 3,640 3,486 Roads 10-35 724 725 Other 3-10 98 101 Total cost 5,649 5,445 Accumulated depreciation and amortization (3,592 ) (3,432 ) Property and equipment, net $ 2,057 $ 2,013

PENSION AND OTHER POST-EMPLOY_2

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Funded Status of Our Plans	The funded status of the plans we sponsor is determined by comparing the projected benefit obligation with the fair value of plan assets at the end of the year. The following table demonstrates how our plans' funded status is reflected on our Consolidated Balance Sheet . DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2021 2020 2021 2020 Projected benefit obligation at beginning of year $ 3,971 $ 4,260 $ 149 $ 151 Service cost 42 36 — — Interest cost 98 139 3 4 Actuarial (gains) losses (1) (206 ) 540 (9 ) 5 Plan participants’ contributions — — 2 2 Benefits paid, including lump sum and annuity transfers (199 ) (1,025 ) (13 ) (14 ) Other, including foreign currency translation 2 21 (1 ) 1 Projected benefit obligation at end of year $ 3,708 $ 3,971 $ 131 $ 149 Fair value of plan assets at beginning of year (estimated) $ 3,230 $ 3,719 $ 15 $ 19 Actual return on plan assets (2) 336 490 — — Employer contributions and benefit payments 50 21 9 8 Plan participants’ contributions — — 2 2 Benefits paid, including lump sum and annuity transfers (199 ) (1,025 ) (13 ) (14 ) Other, including foreign currency translation 1 25 — — Fair value of plan assets at end of year (estimated) $ 3,418 $ 3,230 $ 13 $ 15 Presentation on our Consolidated Balance Sheet : (3) Noncurrent assets $ 52 $ 58 $ — $ — Current liabilities (16 ) (17 ) (7 ) (8 ) Noncurrent liabilities (326 ) (782 ) (111 ) (126 ) Funded status (4) $ (290 ) $ (741 ) $ (118 ) $ (134 ) Accumulated benefit obligation at end of year $ 3,601 $ 3,855 N/A N/A Actuarial Assumptions Used in Estimating Our Pension and OPEB Benefit Obligations: Discount rate (5) 2.90 - 3.10% 2.50% 2.60 - 3.00% 2.10 - 2.40% Rate of compensation increase (6) 2.00 - 13.00% 2.00 - 13.00% N/A N/A Lump sum or installment distributions election (7) 60.00% 60.00% N/A N/A Healthcare cost trend rate: Assumed for next year (8) N/A N/A 4.50 - 6.20% 4.50 - 6.80% Ultimate (8) N/A N/A 4.00 - 4.50% 4.00 - 4.50% Year when rate will reach ultimate (8) N/A N/A 2037 - 2040 2037 - 2040 (1) Actuarial (gains) losses are primarily due to year over year changes in discount rates. (2) Includes adjustments for final fair value of plan assets. (3) Assets and liabilities on our Consolidated Balance Sheet are different from the cumulative income or expense that we have recorded associated with the plans. The differences are actuarial gains and losses and prior service costs and credits that are deferred and amortized into periodic benefit costs in future periods. Unamortized amounts are recorded in "Accumulated Other Comprehensive Loss", which is a component of total equity on our Consolidated Balance Sheet . The "Accumulated Other Comprehensive Loss" section of Note 15: Shareholders’ Interest details changes in these amounts by component. (4) For pension plans with a projected benefit obligation exceeding plan assets, the projected benefit obligation and fair value of plan assets were $2.9 billion and $2.5 billion at December 31, 2021, respectively, and $3.1 billion and $2.3 billion at December 31, 2020, respectively. For pension plans with an accumulated benefit obligation exceeding plan assets, the accumulated benefit obligation and fair value of plan assets were $2.8 billion and $2.5 billion at December 31, 2021, respectively, and $3.0 billion and $2.3 billion at December 31, 2020, respectively. (5) For the U.S. defined benefit plans, the discount rate assumption was 2.9% and 2.5% for 2021 and 2020, respectively. For the Canadian defined benefit plans, the discount rate assumption was 3.1% and 2.5% for 2021 and 2020, respectively. For U.S. OPEB plans, the discount rate assumption was 2.6% and 2.1% for 2021 and 2020, respectively. For Canadian OPEB plans, the discount rate assumption was 3.0% and 2.4% for 2021 and 2020, respectively. For lump sum distributions (for U.S. qualified salaried and nonqualified plans only), the discount rate assumption was based on the PPA Phased Table: Interest and mortality assumptions as mandated by the Pension Protection Act of 2006. (6) For the U.S. defined benefit plans, the rate of compensation increase assumption for both 2021 and 2020 was between 2.00% - 13.00% for salaried and hourly participants and was decreasing with participant age. For the Canadian defined benefit plans, the rate of compensation increase assumption for both 2021 and 2020 was 3.25% and 3.00% for salaried and hourly participants, respectively. (7) U.S. qualified salaried and nonqualified plans only. (8) For U.S. OPEB plans, the healthcare cost trend rate assumption for the next year for Pre-Medicare was 6.20% and 6.80% for 2021 and 2020, respectively. The healthcare cost trend rate assumption for Health Reimbursement Account (HRA) was 4.50% for both 2021 and 2020. The ultimate healthcare cost trend rate was 4.50% and the assumption for the year the ultimate healthcare cost trend rate is reached was 2037 in both 2021 and 2020. For Canadian OPEB plans, the healthcare cost trend rate was 5.30% for both 2021 and 2020. The ultimate healthcare cost trend rate was 4.00% and the assumption for the year the ultimate healthcare cost trend rate is reached was 2040 for both 2021 and 2020.
Schedules of Allocation of Our Plans' Assets	The net pension plan assets, when categorized in accordance with this fair value hierarchy, are as follows. DOLLAR AMOUNTS IN MILLIONS 2021 2020 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Pension trust investments: Cash and short-term investments $ 412 $ — $ — $ 412 $ 117 $ — $ — $ 117 Fixed income investments: Corporate — 1,380 — 1,380 — 985 — 985 Government — 721 — 721 — 1,021 — 1,021 Repurchase agreements — (43 ) — (43 ) — (90 ) — (90 ) Hedge funds and related investments (1) — — 10 10 — — 4 4 Private equity and related investments (1) — — 104 104 — — 68 68 Derivative instruments (2) — 5 — 5 — 8 — 8 Total pension trust investments measured at fair value (1) 412 2,063 114 2,589 117 1,924 72 2,113 Canadian nonregistered plan assets: Cash and short-term investments 5 — — 5 5 — — 5 Public equity investments 6 — — 6 5 — — 5 Total Canadian nonregistered plan assets measured at fair value 11 — — 11 10 — — 10 Total plan assets measured at fair value (1) $ 2,600 $ 2,123 (1) December 31, 2021 and 2020 exclude $856 million and $1,116 million of hedge fund and private equity investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient, which are not required to be classified in the fair value hierarchy. Additionally, December 31, 2021 and 2020 exclude $38 million and $9 million of accrued liabilities, respectively. (2) Derivative instruments include futures contracts. The fair value and aggregate notional value of these contracts were $5 million and $1,126 million at December 31, 2021, respectively, and $8 million and $449 million at December 31, 2020, respectively.
Reconciliation of Pension Plan Assets Measured at Level 3 Fair Value	A reconciliation of the beginning and ending balances of the pension plan assets measured at fair value using significant unobservable inputs (Level 3) is presented below: DOLLAR AMOUNTS IN MILLIONS 2021 Beginning Balance Realized Gain (Loss) Unrealized Gain (Loss) Purchases, Sales, Settlements, Net Transfers In (Out), Net Ending Balance Hedge funds and related investments $ 4 $ — $ — $ (1 ) $ 7 $ 10 Private equity and related investments 68 — 11 (4 ) 29 104 Total $ 72 $ — $ 11 $ (5 ) $ 36 $ 114 2020 Beginning Balance Realized Gain (Loss) Unrealized Gain (Loss) Purchases, Sales, Settlements, Net Transfers In (Out), Net Ending Balance Hedge funds and related investments $ 13 $ 3 $ (4 ) $ (9 ) $ 1 $ 4 Private equity and related investments 86 — (1 ) (9 ) (8 ) 68 Total $ 99 $ 3 $ (5 ) $ (18 ) $ (7 ) $ 72
Net Periodic Benefit Cost	Our net periodic benefit cost and the assumptions used to estimate it are shown in the following table. DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2021 2020 2019 2021 2020 2019 Net periodic benefit cost: Service cost $ 42 $ 36 $ 32 $ — $ — $ — Interest cost 98 139 160 3 4 6 Expected return on plan assets (204 ) (234 ) (223 ) — — — Amortization of actuarial loss 115 122 112 5 4 7 Amortization of prior service cost (credit) 3 3 4 (1 ) (1 ) (5 ) Settlement charges — 253 455 — — — Net periodic benefit cost $ 54 $ 319 $ 540 $ 7 $ 7 $ 8 Actuarial Assumptions Used in Estimating Our Pension and OPEB Net Periodic Benefit Cost: Discount rate (1)(2) 2.50% 3.10 - 3.40% 3.70 - 4.40% 2.10 - 2.40% 3.00% 3.70 - 4.20% Expected return on assets (3) 6.00% 6.50% 7.00% N/A N/A N/A Rate of compensation increase (4) 2.00 - 13.00% 2.00 - 13.00% 2.00 - 13.00% N/A N/A N/A Lump sum or installment distributions election (5) 60.00% 60.00% 60.00% N/A N/A N/A Weighted healthcare cost trend rate (6) N/A N/A N/A 4.50 - 6.80% 4.50 - 7.30% 4.50 - 7.80% (1) For the U.S. defined benefit plans, the discount rate assumption was 2.50%, 3.40% and 4.30% for 2021, 2020 and 2019, respectively. For the Canadian defined benefit plans, the discount rate assumption was 2.50%, 3.10% and 3.70% for 2021, 2020 and 2019, respectively. For U.S. OPEB plans, the discount rate assumption was 2.10%, 3.00% and 4.20%, for 2021, 2020 and 2019, respectively. For Canadian OPEB plans, the discount rate assumption was 2.40%, 3.00% and 3.70% for 2021, 2020 and 2019, respectively. For lump sum distributions (for U.S. qualified salaried and nonqualified plans only), the discount rate assumption was based on the PPA Phased Table: Interest and mortality assumptions as mandated by the Pension Protection Act of 2006. (2) The discount rate used to estimate our net periodic benefit cost for January 2019 was 4.40%. Due to the remeasurement triggered by the 2019 Retiree Annuity Purchase, the discount rate was updated to 4.30% for the remainder of the year. (3) Determining our expected return requires a high degree of judgment. We consider actual pension fund asset performance over multiple years, and current and expected valuation levels in the global equity and credit markets. Historical fund returns are used as a base and we place added weight on more recent pension plan asset performance. As discussed in the “Our Investment Policies and Strategies” and “U.S. and Canadian Pension Trusts” sections above, fixed income securities continue to make up a larger portion of our plan assets. As a result, we reduced our assumption of long-term rate of return on plan assets to 5.00% for the year ending December 31, 2022. (4) For the U.S. defined benefit plans, the rate of compensation increase assumption for 2021, 2020 and 2019 was between 2.00% - 13.00% for salaried and hourly participants and was decreasing with participant age. For the Canadian defined benefit plans, the rate of compensation increase assumption for salaried participants was 3.25% for 2021, 2020 and 2019. The rate of compensation increase assumption for hourly participants was 3.00% for 2021, 2020 and 2019. (5) U.S. qualified salaried and nonqualified plans only. (6) For OPEB plans during 2021, the assumed weighted healthcare cost trend rate was 6.8%, 4.5% and 5.3% for U.S. Pre-Medicare participants, U.S. HRA participants and Canadian OPEB plans, respectively.
Estimated Projected Benefit Payments for the Next 10 Years	Estimated Projected Benefit Payments for the Next 10 Years DOLLAR AMOUNTS IN MILLIONS PENSION OPEB 2022 $ 189 $ 12 2023 $ 193 $ 11 2024 $ 194 $ 11 2025 $ 192 $ 10 2026 $ 195 $ 9 2027-2031 $ 986 $ 41
Qualified and Registered Plans
Schedules of Allocation of Our Plans' Assets	Assets within our U.S. and Canadian pension trusts were invested as follows: DECEMBER 31, 2021 DECEMBER 31, 2020 Cash and short-term investments (1) 12.1% 3.6% Fixed income investments: (2) Corporate 40.5 30.6 Government 21.2 31.8 Repurchase agreements (1.3 ) (2.8 ) Hedge funds and related investments (3)(4) 3.6 6.9 Private equity and related investments (4)(5) 24.9 30.0 Derivative instruments, net (6) 0.1 0.2 Accrued liabilities (1.1 ) (0.3 ) Total 100.0% 100.0% (1) Cash and short-term investments are valued at cost, which approximates market. The increased cash holding at year-end 2021 was a result of the 2021 Secondary Sale transaction timing. Refer to “U.S. and Canadian Pension Trusts” above for further information. (2) Fixed income investments include publicly traded corporate and government issued debt. These bonds have varying maturities, credit quality and sector exposure and are selected to align with the duration of our plan liabilities. Additionally, our fixed income portfolio includes repurchase agreements, which represent short-term borrowings to hedge against interest rate risk. We have an obligation to return the cash related to these borrowings in accordance with the agreements, which are collateralized by our government bonds. Fixed income investments are valued at exit prices quoted in active or non-active markets or based on observable inputs. (3) Hedge fund s and related investments are privately-offered managed pools primarily structured as limited liability entities. General members or partners of these limited liability entities serve as portfolio managers and are thus responsible for the fund’s underlying investment decisions. Underlying investments within these funds may include long and short public and private equities, corporate, mortgage and sovereign debt, options, swaps, forwards and other derivative positions. These funds have varying degrees of leverage, liquidity and redemption provisions. (4) These investments are primarily valued based on the NAVs of the funds. These values represent the per-unit price at which new investors are permitted to invest and existing investors are permitted to exit. When NAVs as of the end of the year have not been received, we estimate fair value by adjusting the most recently reported NAVs for market events and cash flows between the interim date and the end of the year. (5) Private equity and related investments are investments in private equity, mezzanine, distressed, co-investments and other structures. Private equity funds generally participate in buyout and venture capital strategies through unlisted equity and debt instruments. These funds may also borrow at the underlying entity level. Mezzanine and distressed funds generally invest in the debt of public or private companies with additional participation through warrants or other equity options. (6) Derivative instruments have historically been comprised of swaps, futures, forwards or options. Consistent with our shift in asset strategy, our positions in derivative instruments have been significantly reduced. At December 31, 2021, only a small amount of futures remain in our portfolio. Derivative instruments are valued based upon valuation statements received from each derivative’s counterparty.

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued Liabilities	Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Compensation and employee benefit costs $ 225 $ 204 Current portion of lease liabilities ( Note 17 ) 24 26 Customer rebates, volume discounts and deferred income 164 111 Interest 83 87 Taxes payable 106 75 Other 71 93 Total $ 673 $ 596

LINES OF CREDIT (Tables)

LINES OF CREDIT (Tables)	12 Months Ended
	Dec. 31, 2021
Short Term Debt Other Disclosures [Abstract]
Letters of Credit and Surety Bonds	LETTERS OF CREDIT AND SURETY BONDS The amounts of letters of credit and surety bonds we have entered into as of the end of the last two years are included in the following table: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Letters of credit $ 34 $ 36 Surety bonds $ 136 $ 130

LONG-TERM DEBT, NET (Tables)

LONG-TERM DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt by Types and Interest Rates (Includes Current Portion)	The following table lists our long-term debt by types and interest rates at the end of our last two years and includes the current portion. Long-Term Debt by Types and Interest Rates (Includes Current Portion) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 9.00% debentures due 2021 $ — $ 150 7.125% debentures due 2023 191 191 5.207% debentures due 2023 860 860 8.50% debentures due 2025 300 300 7.95% debentures due 2025 136 136 7.70% debentures due 2026 150 150 7.35% debentures due 2026 62 62 7.85% debentures due 2026 100 100 Variable-rate term loan credit facility matures 2026 — 225 6.95% debentures due 2027 300 300 4.00% notes due 2029 750 750 4.00% notes due 2030 750 750 7.375% debentures due 2032 1,250 1,250 6.875% debentures due 2033 275 275 Other 1 1 Total principal long-term debt 5,125 5,500 Add: fair value adjustments (related to Plum Creek merger) 8 12 Less: unamortized discounts (26 ) (28 ) Less: unamortized debt expense (8 ) (9 ) #REF! #REF! Total $ 5,099 $ 5,475 Portion due within one year $ — $ 150
Amounts of Long-Term Debt Due Annually for the Next Five Years and Thereafter	Amounts of Long-Term Debt Due Annually for the Next Five Years and Thereafter DOLLAR AMOUNTS IN MILLIONS (1) 2022 $ — 2023 $ 1,051 2024 $ — 2025 $ 436 2026 $ 312 Thereafter $ 3,326 (1) Excludes $26 million of unamortized discounts, capitalized debt expense and fair value adjustments (related to Plum Creek merger).

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Estimated Fair Values and Carrying Values of Long-Term Debt and Line of Credit	The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit: Fixed rate $ 5,099 $ 6,221 $ 5,250 $ 6,718 Variable rate — — 225 225 Total Debt $ 5,099 $ 6,221 $ 5,475 $ 6,943

LEGAL PROCEEDINGS, COMMITMENT_2

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Changes in the Accrual for Environmental Remediation	Changes in the Accrual for Environmental Remediation DOLLAR AMOUNTS IN MILLIONS Accrual balance as of December 31, 2020 $ 57 Charges and adjustments, net 14 Payments (8 ) Accrual balance as of December 31, 2021 $ 63

SHAREHOLDERS' INTEREST (Tables)

SHAREHOLDERS' INTEREST (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders Equity Note [Abstract]
Reconciliation of Our Common Share Activity	Reconciliation of Our Common Share Activity SHARES IN THOUSANDS 2021 2020 2019 Outstanding at beginning of year 747,385 745,300 746,391 Stock options exercised 1,849 1,441 660 Issued for vested restricted stock units 635 574 480 Issued for vested performance share units 162 70 118 Repurchased (2,730 ) — (2,349 ) Outstanding at end of year 747,301 747,385 745,300
Changes in Amounts Included in Our Accumulated Other Comprehensive Loss	Changes in amounts included in our accumulated other comprehensive loss by component are: DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Pension (1) Balance at beginning of period $ (1,064 ) $ (1,128 ) $ (1,343 ) Other comprehensive income (loss) before reclassifications 254 (223 ) (216 ) Amounts reclassified from accumulated other comprehensive income (loss) to earnings (2)(3) 90 287 431 Total other comprehensive income 344 64 215 Balance at end of period (720 ) (1,064 ) (1,128 ) Other post-employment benefits (1) Balance at beginning of period (12 ) (12 ) (19 ) Other comprehensive income (loss) before reclassifications 6 (3 ) 6 Amounts reclassified from accumulated other comprehensive income (loss) to earnings (2) 4 3 1 Total other comprehensive income 10 — 7 Balance at end of period (2 ) (12 ) (12 ) Translation adjustments and other Balance at beginning of period 254 236 210 Translation adjustments (11 ) 18 26 Total other comprehensive income (loss) (11 ) 18 26 Balance at end of period 243 254 236 Accumulated other comprehensive loss, end of period $ (479 ) $ (822 ) $ (904 ) (1) Amounts are presented net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 9: Pension and Other Post-Employment Benefit Plans . (3) Amounts include settlement charges totaling $253 million and $455 million related to our pension plans for the years ended December 31, 2020 and December 31, 2019, respectively. There were no settlement charges related to our pension plans for the year ended December 31, 2021. See Note 9: Pension and Other Post-Employment Benefit Plans for further detail.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share Based Compensation [Abstract]
Schedule of Restricted Stock Units Activity	Activity The following table shows our RSU activity for 2021: RESTRICTED STOCK UNITS (IN THOUSANDS) WEIGHTED AVERAGE GRANT-DATE FAIR VALUE Nonvested at December 31, 2020 1,851 $ 29.67 Granted 751 $ 33.62 Vested (799 ) $ 31.16 Forfeited (47 ) $ 31.16 Nonvested at December 31, 2021 (1) 1,756 $ 30.87 ( 1) As of December 31, 2021, there were approximately 245 thousand RSUs that had met the requisite service period and will be released as identified in the grant terms.
Weighted Average Assumptions Used in Estimating the Value of Performance Share Units	Weighted Average Assumptions Used in Estimating the Value of PSUs 2021 GRANTS 2020 GRANTS 2019 GRANTS Performance period 2/11/2021 - 12/31/2023 2/13/2020 - 12/31/2022 1/1/2019 - 12/31/2021 Expected dividends 1.99% 4.50% 5.25% Risk-free rate 0.02% - 0.20% 1.45% - 1.62% 2.43% - 2.55% Volatility 32.87% - 52.82% 20.02% - 22.40% 22.50% - 27.40% Weighted average grant-date fair value $ 38.50 $ 33.16 $ 29.66
Schedule of Performance Share Units Activity	Activity The following table shows our PSU activity for 2021: GRANTS (IN THOUSANDS) WEIGHTED AVERAGE GRANT-DATE FAIR VALUE Nonvested at December 31, 2020 1,098 $ 32.58 Granted at target 353 38.50 Vested (228 ) 35.49 Forfeited (20 ) 35.28 Performance adjustment (99 ) 35.49 Nonvested at December 31, 2021 (1) 1,104 $ 33.56 (1) As of December 31, 2021, there were approximately 196 thousand PSUs that had met the requisite service period and will be released as identified in the grant terms.
Schedule of Stock Options Activity	Activity The following table shows our stock option activity for 2021: OPTIONS (IN THOUSANDS) WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS) AGGREGATE INTRINSIC VALUE (IN MILLIONS) Outstanding at December 31, 2020 3,768 $ 28.82 Exercised (1,850 ) $ 27.70 Forfeited or expired (1 ) $ 35.40 Outstanding at December 31, 2021 1,917 $ 29.88 2.99 $ 22 Exercisable at December 31, 2021 1,917 $ 29.88 2.99 $ 22

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Expense	Lease Expense DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Operating lease costs $ 20 $ 21 $ 20 Financing lease costs 9 12 15 Total lease costs $ 29 $ 33 $ 35
Supplemental Cash Flow Information	Supplemental Cash Flow Information DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 19 $ 20 $ 20 Financing cash flows for financing leases (1) $ 11 $ 13 $ 16 ROU assets obtained in exchange for new (modified) lease liabilities: Operating leases $ 9 $ 3 $ 6 Financing leases $ 4 $ 4 $ 5 (1) Interest expense related to financing leases was immaterial during 2021, 2020 and 2019.
Supplemental Balance Sheet Information Related to Leases	Supplemental Balance Sheet Information Related to Leases DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 LEASES BALANCE SHEET CLASSIFICATION Assets Operating lease ROU assets Other assets $ 101 $ 106 Financing lease ROU assets Property and equipment, net 13 19 Total leased assets $ 114 $ 125 Liabilities Current: Operating lease liabilities Accrued liabilities $ 17 $ 16 Financing lease liabilities Accrued liabilities 7 10 Noncurrent: Operating lease liabilities Other liabilities 90 95 Financing lease liabilities Other liabilities 8 12 Total lease liabilities $ 122 $ 133
Weighted Average Remaining Lease Term	Weighted Average Remaining Lease Term DECEMBER 31, 2021 DECEMBER 31, 2020 Operating leases 8 years 10 years Financing leases 2 years 2 years Weighted Average Discount Rate DECEMBER 31, 2021 DECEMBER 31, 2020 Operating leases 4.1 % 4.2 % Financing leases 2.9 % 3.1 %
Schedule of Maturities of Operating and Finance Leases Liabilities	Maturities of Lease Liabilities as of December 31, 2021 DOLLAR AMOUNTS IN MILLIONS OPERATING LEASES FINANCING LEASES 2022 $ 21 $ 8 2023 19 5 2024 13 2 2025 12 1 2026 12 — Thereafter 50 — Total lease payments 127 16 Less: interest (20 ) (1 ) Total present value of lease liabilities $ 107 $ 15

OTHER OPERATING COSTS, NET (Tab

OTHER OPERATING COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income [Abstract]
Income and Expense Items Included in Other Operating Costs, Net	Income and Expense Items Included in Other Operating Costs, Net DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Foreign exchange losses (gains), net (1) $ (5 ) $ 7 $ 2 Gain on disposition of nonstrategic assets (3 ) (4 ) (4 ) Insurance recovery (13 ) — — Litigation expense, net 7 11 63 Research and development expenses 5 5 6 Timber casualty loss — 80 — Other, net (2) 42 35 28 Total other operating costs, net $ 33 $ 134 $ 95 (1) Foreign exchange gains and losses result from changes in exchange rates primarily related to our U.S. dollar denominated cash and debt balances that are held by our Canadian subsidiary. ( 2 ) Other, net includes environmental remediation charges. See Note 14: Legal Proceedings, Commitments and Contingencies for more information.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic and Foreign Earnings (Loss) Before Income Taxes	Domestic and Foreign Earnings (Loss) Before Income Taxes DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Domestic earnings (loss) $ 2,499 $ 723 $ (268 ) Foreign earnings 817 259 55 Total earnings (loss) before income taxes $ 3,316 $ 982 $ (213 )
Provision (Benefit) for Income Taxes	PROVISION (BENEFIT) FOR INCOME TAXES DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Current: Federal $ 378 $ 147 $ 21 State 74 30 1 Foreign 243 64 10 Total current 695 241 32 Deferred: Federal 27 (66 ) (137 ) State (2 ) (1 ) (31 ) Foreign (11 ) 11 (1 ) Total deferred 14 (56 ) (169 ) Total income tax provision (benefit) $ 709 $ 185 $ (137 )
Effective Income Tax Rate Applicable	EFFECTIVE INCOME TAX RATE DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 U.S. federal statutory income tax $ 696 $ 207 $ (45 ) State income taxes, net of federal tax benefit 57 23 (31 ) REIT income not subject to federal income tax (102 ) (51 ) (68 ) Return to provision adjustment — (3 ) 4 Foreign taxes 62 19 (1 ) Other, net (4 ) (10 ) 4 Total income tax provision (benefit) $ 709 $ 185 $ (137 ) Effective income tax rate 21.4% 18.8% 64.1%
Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)	Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Net noncurrent deferred tax asset $ 17 $ 120 Net noncurrent deferred tax liability (46 ) (24 ) Net deferred tax asset (liability) $ (29 ) $ 96
Items Included in Our Deferred Income Tax Assets (Liabilities)	Items Included in Our Deferred Income Tax Assets (Liabilities) DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Deferred tax assets: Pension and post-employment benefits 96 $ 207 State tax credits 42 48 Depletion 13 14 Environmental Reserves 14 13 Incentive compensation 19 19 Intercompany land sales 15 15 Workers compensation 17 18 Other reserves 14 17 Other 70 78 Gross deferred tax assets 300 429 Valuation allowance (50 ) (66 ) Net deferred tax assets 250 363 Deferred tax liabilities: Property, plant and equipment (258 ) (239 ) Other (21 ) (28 ) Net deferred tax liabilities (279 ) (267 ) Net deferred tax asset (liability) $ (29 ) $ 96

GEOGRAPHIC AREAS (Tables)

GEOGRAPHIC AREAS (Tables)	12 Months Ended
	Dec. 31, 2021
Segments Geographical Areas [Abstract]
Sales by Geographic Area	Sales by Geographic Area DOLLAR AMOUNTS IN MILLIONS 2021 2020 2019 Sales to unaffiliated customers: U.S. $ 8,709 $ 6,549 $ 5,674 Canada 778 528 440 Japan 477 326 305 China 123 83 90 Korea 52 27 27 Other foreign countries 62 19 18 Total $ 10,201 $ 7,532 $ 6,554 Export sales from the U.S.: Japan $ 396 $ 292 $ 265 Canada 128 109 94 China 119 79 85 Korea 51 25 25 Other foreign countries 36 10 10 Total $ 730 $ 515 $ 479
Long-Lived Assets by Geographic Area	Long-Lived Assets by Geographic Area DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 U.S. $ 13,731 $ 13,922 Canada 307 299 Total $ 14,038 $ 14,221

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2021
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2021 DECEMBER 31, 2020 Cash and cash equivalents $ 1,879 $ 495 Restricted cash included in other assets (1) 120 — Total cash, cash equivalents and restricted cash $ 1,999 $ 495 (1) Amounts included in restricted cash as of December 31, 2021 are comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee benefits retirement period	10 years
Customers | Net Sales | Customer Concentration Risk
Concentration risk, percentage	10.00%	10.00%
Canada | Minimum
Term of timber lease	15 years
Canada | Maximum
Term of timber lease	25 years

BUSINESS SEGMENTS - Sales and N

BUSINESS SEGMENTS - Sales and Net Contribution (Charge) to Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	$ 10,201	$ 7,532	$ 6,554
Net contribution (charge) to earnings	3,629	1,425	165
Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,636	1,466	1,618
Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	344	276	313
Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	8,221	5,790	4,623
Operating segments | Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,636	1,466	1,618
Net contribution (charge) to earnings	464	455	347
Operating segments | Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	344	276	313
Net contribution (charge) to earnings	210	86	144
Operating segments | Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	8,221	5,790	4,623
Net contribution (charge) to earnings	3,211	1,340	353
Unallocated Items
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	0	0	0
Net contribution (charge) to earnings	(256)	(456)	(679)
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	(535)	(471)	(504)
Intersegment eliminations | Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	535	471	503
Intersegment eliminations | Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	0	0	1
Intersegment eliminations | Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	$ 0	$ 0	$ 0

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Net Contribution to Earnings to Net Earnings (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation From Segment Totals To Consolidated [Abstract]
Net contribution to earnings	$ 3,629	$ 1,425	$ 165
Interest expense, net of capitalized interest	(313)	(443)	(378)
Earnings (loss) before income taxes	3,316	982	(213)
Income taxes (Note 20)	(709)	(185)	137
Net earnings (loss)	$ 2,607	$ 797	$ (76)

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	$ 477	$ 472	$ 510
Capital expenditures	441	281	384
Operating segments | Timberlands
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	261	257	301
Capital expenditures	114	104	112
Operating segments | Real Estate & ENR
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	15	14	14
Capital expenditures	0	0	0
Operating segments | Wood Products
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	196	195	191
Capital expenditures	320	176	257
Unallocated Items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	5	6	4
Capital expenditures	$ 7	$ 1	$ 15

BUSINESS SEGMENTS - Total Asset

BUSINESS SEGMENTS - Total Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 17,652	$ 16,311
Operating segments | Timberlands and Real Estate & ENR
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	12,737	12,874
Operating segments | Wood Products
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,891	2,619
Unallocated Items
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,024	$ 818

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer
Net sales	$ 10,201	$ 7,532	$ 6,554
Timberlands
Revenue from External Customer
Net sales	1,636	1,466	1,618
Timberlands | Delivered logs
Revenue from External Customer
Net sales	1,510	1,345	1,472
Timberlands | Stumpage and pay-as-cut timber
Revenue from External Customer
Net sales	31	19	42
Timberlands | Recreational and other lease revenue
Revenue from External Customer
Net sales	65	63	61
Timberlands | Other
Revenue from External Customer
Net sales	30	39	43
Timberlands | West | Delivered logs
Revenue from External Customer
Net sales	869	720	740
Timberlands | South | Delivered logs
Revenue from External Customer
Net sales	589	573	640
Timberlands | North | Delivered logs
Revenue from External Customer
Net sales	52	52	92
Timberlands | Domestic grade sales | West | Delivered logs
Revenue from External Customer
Net sales	308	329	375
Timberlands | Export grade sales | West | Delivered logs
Revenue from External Customer
Net sales	561	391	365
Real Estate & ENR
Revenue from External Customer
Net sales	344	276	313
Real Estate & ENR | Real Estate
Revenue from External Customer
Net sales	246	202	225
Real Estate & ENR | Energy and natural resources
Revenue from External Customer
Net sales	98	74	88
Wood Products
Revenue from External Customer
Net sales	8,221	5,790	4,623
Wood Products | Structural lumber
Revenue from External Customer
Net sales	3,721	2,602	1,892
Wood Products | Oriented strand board
Revenue from External Customer
Net sales	1,840	1,013	632
Wood Products | Engineered solid section
Revenue from External Customer
Net sales	679	505	510
Wood Products | Engineered I-joists
Revenue from External Customer
Net sales	447	316	323
Wood Products | Softwood plywood
Revenue from External Customer
Net sales	210	171	161
Wood Products | Medium density fiberboard
Revenue from External Customer
Net sales	186	171	166
Wood Products | Complementary building products
Revenue from External Customer
Net sales	790	676	602
Wood Products | Other
Revenue from External Customer
Net sales	$ 348	$ 336	$ 337

TIMBERLAND ACQUISITIONS AND D_2

TIMBERLAND ACQUISITIONS AND DIVESTITURES - Additional Information (Details) a in Thousands, $ in Millions

Jul. 07, 2021USD ($)

Apr. 30, 2021a

Feb. 25, 2021USD ($)a

Nov. 19, 2020USD ($)

Nov. 17, 2020USD ($)

Sep. 01, 2020a

Mar. 26, 2020USD ($)

Dec. 17, 2019a

Nov. 13, 2019USD ($)

Sep. 16, 2019a

Dec. 31, 2019USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Apr. 27, 2021USD ($)

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Payments for purchase of timberlands

$ 149

$ 425

$ 0

Impairment charges

$ 80

Washington

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Area of timberlands agreed to be sold | a

145

Proceeds from disposition of operations

$ 261

Gain on sale of discontinued operations

$ 32

ALABAMA

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Area of timberlands agreed to be purchased | a

69

Payments to acquire timberlands

$ 149

Timberlands acquisition, timber and timberlands at cost, less depletion

$ 148

Timberlands acquisition, property and equipment, net

$ 1

Oregon

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Area of timberlands agreed to be sold | a

149

Proceeds from disposition of operations

$ 381

Gain on sale of discontinued operations

$ 182

Area of timberlands agreed to be purchased | a

85

Timberlands acquisition, timber and timberlands at cost, less depletion

$ 421

Timberlands acquisition, property and equipment, net

4

Payments for purchase of timberlands

$ 425

Montana

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Area of timberlands agreed to be sold | a

630

Proceeds from disposition of operations

$ 145

Michigan

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Proceeds from disposition of operations

$ 297

Gain on sale of discontinued operations

$ 48

Number of acers of timberlands agreed to be sold | a

555

NET EARNINGS (LOSS) PER SHARE -

NET EARNINGS (LOSS) PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings (loss) per share, basic	$ 3.48	$ 1.07	$ (0.10)
Earnings (loss) per share, diluted	$ 3.47	1.07	(0.10)
Earnings (loss) per share, basic and diluted		$ 1.07	$ (0.10)

NET EARNINGS (LOSS) PER SHARE_2

NET EARNINGS (LOSS) PER SHARE - Schedule of Earning (Loss) per share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share Basic And Diluted [Line Items]
Basic	749,496	746,931	745,897
Dilutive potential common shares	1,487	968	0
Diluted	750,983	747,899	745,897
Stock options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	336	313	0
Restricted stock units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	764	403	0
Performance share units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	387	252	0

NET EARNINGS (LOSS) PER SHARE_3

NET EARNINGS (LOSS) PER SHARE - Potential Shares Not Included in the Computation of Diluted Earnings (Loss) Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings (loss) per share	0	2,107	2,631
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings (loss) per share	0	0	477
Performance share units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings (loss) per share	729	781	1,131

INVENTORIES - Inventories (Deta

INVENTORIES - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Total	$ 520	$ 443
Logs
Inventory [Line Items]
LIFO inventories	26	24
Moving average cost or FIFO inventories	65	64
Lumber, plywood, panels and fiberboard
Inventory [Line Items]
LIFO inventories	61	59
Lumber, plywood, panels, fiberboard and engineered wood products
Inventory [Line Items]
Moving average cost or FIFO inventories	106	84
Other products
Inventory [Line Items]
LIFO inventories	17	9
Moving average cost or FIFO inventories	131	100
Materials and supplies
Inventory [Line Items]
Moving average cost or FIFO inventories	$ 114	$ 103

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Increase in inventory amount if FIFO would have been used	$ 103	$ 76

PROPERTY AND EQUIPMENT, NET - C

PROPERTY AND EQUIPMENT, NET - Carrying Value of Property and Equipment and Estimated Service Lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment [Line Items]
Property and equipment, at cost	$ 5,649	$ 5,445
Accumulated depreciation and amortization	(3,592)	(3,432)
Property and equipment, net	2,057	2,013
Land
Property and Equipment [Line Items]
Property and equipment, at cost	83	84
Buildings and improvements
Property and Equipment [Line Items]
Property and equipment, at cost	$ 1,104	1,049
Buildings and improvements | Minimum
Property and Equipment [Line Items]
Estimated service lives	15 years
Buildings and improvements | Maximum
Property and Equipment [Line Items]
Estimated service lives	40 years
Machinery and Equipment
Property and Equipment [Line Items]
Property and equipment, at cost	$ 3,640	3,486
Machinery and Equipment | Minimum
Property and Equipment [Line Items]
Estimated service lives	5 years
Machinery and Equipment | Maximum
Property and Equipment [Line Items]
Estimated service lives	25 years
Roads
Property and Equipment [Line Items]
Property and equipment, at cost	$ 724	725
Roads | Minimum
Property and Equipment [Line Items]
Estimated service lives	10 years
Roads | Maximum
Property and Equipment [Line Items]
Estimated service lives	35 years
Other
Property and Equipment [Line Items]
Property and equipment, at cost	$ 98	$ 101
Other | Minimum
Property and Equipment [Line Items]
Estimated service lives	3 years
Other | Maximum
Property and Equipment [Line Items]
Estimated service lives	10 years

PROPERTY AND EQUIPMENT, NET - A

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment [Line Items]
Depreciation and amortization expense	$ 477	$ 472	$ 510
Property and Equipment
Property and Equipment [Line Items]
Depreciation and amortization expense	$ 241	$ 243	$ 240

RELATED PARTIES - Additional In

RELATED PARTIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Proceeds from note receivable held by variable interest entities	$ 362		$ 253
Payment of SPE liabilities		$ 302		$ 0	$ 0	$ 302
Interest expense				$ 313	443	378
Buyer-sponsored SPEs
Related Party Transaction [Line Items]
Interest income						22
Interest expense					$ 0	$ 12
Weighted average interest rate on SPE financial investments					5.50%	5.50%
Monetization SPEs
Related Party Transaction [Line Items]
Weighted average interest rate on SPE long-term notes						5.60%

PENSION AND OTHER POST-EMPLOY_3

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			11 Months Ended	12 Months Ended
	Dec. 31, 2021	Oct. 31, 2019	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					$ 27	$ 27	$ 25
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			4.40%	4.30%
Defined Benefit Plan, Net effect of remeasurement reduction in funded status							$ 24
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			4.40%				4.30%
U.S. Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan						(800)	$ (1,500)
Payment for pension benefits					30
Qualified and Registered Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, private equity and hedge fund investments to a third party	$ 189
Registered Pension Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					2
Expected contribution to benefit plans during 2022	2				2
Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					2
Expected contribution to benefit plans during 2022	3				3
Non Qualified Pension Plans Defined Benefit | U.S.
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					16
Expected contribution to benefit plans during 2022	13				$ 13
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Payment for Settlement		$ 6				253	$ 449
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					2.50%
Employer contributions and benefit payments					$ 50	$ 21
Pension | Canada
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					2.50%	3.10%	3.70%
Pension | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					2.50%	3.40%	4.30%
Other Post-employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate						3.00%
Employer contributions and benefit payments					$ 9	$ 8
Expected contribution to benefit plans during 2022	12				12
Other Post-employment Benefits | Collective Bargaining Arrangement
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2022	$ 4				$ 4
Other Post-employment Benefits | Canada
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					2.40%	3.00%	3.70%
Employer contributions and benefit payments					$ 2
Other Post-employment Benefits | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					2.10%	3.00%	4.20%
Employer contributions and benefit payments					$ 7

PENSION AND OTHER POST-EMPLOY_4

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Funded Status of Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at beginning of year	$ 3,971	$ 4,260
Service cost	42	36	$ 32
Interest cost	98	139	160
Actuarial (gains) losses	(206)	540
Plan participants’ contributions	0	0
Benefits paid, including lump sum and annuity transfers	(199)	(1,025)
Other, including foreign currency translation	2	21
Projected benefit obligation at end of year	3,708	3,971	4,260
Fair value of plan assets at beginning of year (estimated)	3,230	3,719
Actual return on plan assets(2)	336	490
Employer contributions and benefit payments	50	21
Plan participants’ contributions	0	0
Benefits paid, including lump sum and annuity transfers	(199)	(1,025)
Other, including foreign currency translation	1	25
Fair value of plan assets at end of year (estimated)	3,418	3,230	3,719
Noncurrent assets	52	58
Current liabilities	(16)	(17)
Noncurrent liabilities	(326)	(782)
Funded status	(290)	(741)
Accumulated benefit obligation at end of year	$ 3,601	$ 3,855
Discount rate		2.50%
Lump sum or installment distributions election	60.00%	60.00%
Pension | U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.90%	2.50%
Pension | Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%	2.50%
Pension | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.90%
Rate of compensation increase	2.00%	2.00%
Pension | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%
Rate of compensation increase	13.00%	13.00%
Other Post-employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at beginning of year	$ 149	$ 151
Service cost	0	0	0
Interest cost	3	4	6
Actuarial (gains) losses	(9)	5
Plan participants’ contributions	2	2
Benefits paid, including lump sum and annuity transfers	(13)	(14)
Other, including foreign currency translation	(1)	1
Projected benefit obligation at end of year	131	149	151
Fair value of plan assets at beginning of year (estimated)	15	19
Actual return on plan assets(2)	0	0
Employer contributions and benefit payments	9	8
Plan participants’ contributions	2	2
Benefits paid, including lump sum and annuity transfers	(13)	(14)
Other, including foreign currency translation	0	0
Fair value of plan assets at end of year (estimated)	13	15	$ 19
Noncurrent assets	0	0
Current liabilities	(7)	(8)
Noncurrent liabilities	(111)	(126)
Funded status	(118)	(134)
Accumulated benefit obligation at end of year	0	$ 0
Other Post-employment Benefits | U.S.
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments	$ 7
Discount rate	2.60%	2.10%
Ultimate	4.50%	4.50%
Year when rate will reach Ultimate	2037	2037
Other Post-employment Benefits | Canada
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments	$ 2
Discount rate	3.00%	2.40%
Assumed for next year	5.30%	5.30%
Ultimate	4.00%	4.00%
Year when rate will reach Ultimate	2040	2040
Other Post-employment Benefits | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.60%	2.10%
Assumed for next year	4.50%	4.50%
Ultimate	4.00%	4.00%
Other Post-employment Benefits | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.00%	2.40%
Assumed for next year	6.20%	6.80%
Ultimate	4.50%	4.50%

PENSION AND OTHER POST-EMPLOY_5

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Funded Status of Our Plans (Parenthetical) (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension plans with projected benefit obligations exceeding plan assets, projected benefit obligations	$ 2.9	$ 3.1
Pension plans with projected benefit obligations exceeding plan assets, fair value of assets	2.5	2.3
Pension plans with accumulated benefit obligations exceeding plan assets, accumulated benefit obligations	2.8	3
Pension plans with accumulated benefit obligations exceeding plan assets, fair value of assets	$ 2.5	$ 2.3
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount rates, benefit obligation		2.50%
Pension | U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rates, benefit obligation	2.90%	2.50%
Pension | U.S. | Salaried
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	2.00%
Pension | U.S. | Hourly
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase		13.00%
Pension | Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rates, benefit obligation	3.10%	2.50%
Pension | Canada | Salaried
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	3.25%
Pension | Canada | Hourly
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase		3.00%
Other Post-employment Benefits | U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rates, benefit obligation	2.60%	2.10%
Ultimate healthcare cost trend rate	4.50%	4.50%
Year the cost ultimate health care cost rate is reached	2037	2037
Other Post-employment Benefits | U.S. | Pre-Medicare
Defined Benefit Plan Disclosure [Line Items]
Healthcare cost trend rate assumption for next year	6.20%	6.80%
Other Post-employment Benefits | U.S. | Health Reimbursement Account
Defined Benefit Plan Disclosure [Line Items]
Healthcare cost trend rate assumption for next year	4.50%	4.50%
Other Post-employment Benefits | Canada
Defined Benefit Plan Disclosure [Line Items]
Discount rates, benefit obligation	3.00%	2.40%
Healthcare cost trend rate assumption for next year	5.30%	5.30%
Ultimate healthcare cost trend rate	4.00%	4.00%
Year the cost ultimate health care cost rate is reached	2040	2040

PENSION AND OTHER POST-EMPLOY_6

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Assets Within Our U.S. and Canadian Qualified and Registered Pension Plans (Details) - Qualified and Registered Plans	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	100.00%	100.00%
Cash and short-term investments
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	12.10%	3.60%
Fixed income investments, Corporate
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	40.50%	30.60%
Fixed income investments, Government
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	21.20%	31.80%
Fixed Income Investments, Repurchase Agreements
Defined Benefit Plan Disclosure [Line Items]
Repurchase agreements	(1.30%)	(2.80%)
Hedge funds and related investments
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	3.60%	6.90%
Private equity and related investments
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	24.90%	30.00%
Derivative instruments, net
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	0.10%	0.20%
Accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Repurchase agreements	(1.10%)	(0.30%)

PENSION AND OTHER POST-EMPLOY_7

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Net Pension Plan Assets, by Fair Value Hierarchy (Details) - Pension - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and short-term investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 412	$ 117
Cash and short-term investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	5
Fixed Income Investments, Corporate | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,380	985
Fixed Income Investments, Government | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	721	1,021
Fixed Income Investments, Repurchase Agreements | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	(43)	(90)
Hedge funds and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	10	4
Private equity and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	104	68
Derivative instruments, net | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	8
Total pension trust investments measured at fair value | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,589	2,113
Public equity investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	5
Total Canadian Nonregistered Plan Assets Measured At Fair Value | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	11	10
Pension plans defined benefit excluding hedge fund and private equity investments and accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,600	2,123
Fair Value, Inputs, Level 1 | Cash and short-term investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	412	117
Fair Value, Inputs, Level 1 | Cash and short-term investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	5
Fair Value, Inputs, Level 1 | Fixed Income Investments, Corporate | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Fixed Income Investments, Government | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Fixed Income Investments, Repurchase Agreements | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Hedge funds and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Private equity and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Derivative instruments, net | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 1 | Total pension trust investments measured at fair value | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	412	117
Fair Value, Inputs, Level 1 | Public equity investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	5
Fair Value, Inputs, Level 1 | Total Canadian Nonregistered Plan Assets Measured At Fair Value | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	11	10
Fair Value, Inputs, Level 1 | Pension plans defined benefit excluding hedge fund and private equity investments and accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Cash and short-term investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Cash and short-term investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Fixed Income Investments, Corporate | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,380	985
Fair Value, Inputs, Level 2 | Fixed Income Investments, Government | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	721	1,021
Fair Value, Inputs, Level 2 | Fixed Income Investments, Repurchase Agreements | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	(43)	(90)
Fair Value, Inputs, Level 2 | Hedge funds and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Private equity and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Derivative instruments, net | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	8
Fair Value, Inputs, Level 2 | Total pension trust investments measured at fair value | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,063	1,924
Fair Value, Inputs, Level 2 | Public equity investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Total Canadian Nonregistered Plan Assets Measured At Fair Value | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 | Pension plans defined benefit excluding hedge fund and private equity investments and accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Cash and short-term investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Cash and short-term investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Fixed Income Investments, Corporate | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Fixed Income Investments, Government | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Fixed Income Investments, Repurchase Agreements | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Hedge funds and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	10	4
Fair Value, Inputs, Level 3 | Private equity and related investments | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	104	68
Fair Value, Inputs, Level 3 | Derivative instruments, net | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Total pension trust investments measured at fair value | Qualified and Registered Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	114	72
Fair Value, Inputs, Level 3 | Public equity investments | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Total Canadian Nonregistered Plan Assets Measured At Fair Value | Non Registered Plans | Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 3 | Pension plans defined benefit excluding hedge fund and private equity investments and accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

PENSION AND OTHER POST-EMPLOY_8

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Net Pension Plan Assets, by Fair Value Hierarchy (Parenthetical) (Details) - Pension - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Future
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 5	$ 8
Derivative, notional amount	1,126	449
Derivative instruments, net | U.S. | Qualified and Registered Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	8
Derivative instruments, net | Net Asset Value | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	856	1,116
Accrued liabilities | U.S. | Qualified and Registered Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 38	$ 9

PENSION AND OTHER POST-EMPLOY_9

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Reconciliation of Pension Plan Assets Measured at Level 3 Fair Value (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year (estimated)	$ 72	$ 99
Realized Gain (Loss)	0	3
Unrealized Gain (Loss)	11	(5)
Purchases, Sales, Settlements, Net	(5)	(18)
Transfers In (Out), Net	36	(7)
Fair value of plan assets at end of year (estimated)	114	72
Hedge funds and related investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year (estimated)	4	13
Realized Gain (Loss)	0	3
Unrealized Gain (Loss)	0	(4)
Purchases, Sales, Settlements, Net	(1)	(9)
Transfers In (Out), Net	7	1
Fair value of plan assets at end of year (estimated)	10	4
Private equity and related investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year (estimated)	68	86
Realized Gain (Loss)	0	0
Unrealized Gain (Loss)	11	(1)
Purchases, Sales, Settlements, Net	(4)	(9)
Transfers In (Out), Net	29	(8)
Fair value of plan assets at end of year (estimated)	$ 104	$ 68

PENSION AND OTHER POST-EMPLO_10

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Net Periodic Benefit Cost and Assumptions used to Estimate our Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.40%	4.30%
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost			$ 42	$ 36	$ 32
Interest cost			98	139	160
Expected return on plan assets			(204)	(234)	(223)
Amortization of actuarial loss			115	122	112
Amortization of prior service cost (credit)			3	3	4
Settlement charges			0	253	455
Net periodic benefit cost			$ 54	$ 319	$ 540
Discount rate			2.50%
Expected return on assets			6.00%	6.50%	7.00%
Lump sum or installment distributions election			60.00%	60.00%	60.00%
Pension | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate				3.10%	3.70%
Rate of compensation increase			2.00%	2.00%	2.00%
Pension | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate				3.40%	4.40%
Rate of compensation increase			13.00%	13.00%	13.00%
Other Post-employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost			$ 0	$ 0	$ 0
Interest cost			3	4	6
Expected return on plan assets			0	0	0
Amortization of actuarial loss			5	4	7
Amortization of prior service cost (credit)			(1)	(1)	(5)
Settlement charges			0	0	0
Net periodic benefit cost			$ 7	$ 7	$ 8
Discount rate				3.00%
Other Post-employment Benefits | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate			2.10%		3.70%
Weighted health care cost trend rate assumed		4.50%	4.50%	4.50%	4.50%
Other Post-employment Benefits | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate			2.40%		4.20%
Rate of compensation increase			13.00%
Weighted health care cost trend rate assumed		7.80%	6.80%	7.30%	7.80%

PENSION AND OTHER POST-EMPLO_11

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Net Periodic Benefit Cost and Assumptions used to Estimate our Net Periodic Benefit Costs (Parenthetical) (Details)	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.40%	4.30%
Qualified and Registered Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets			5.00%
U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.40%				4.30%
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.50%
Expected return on plan assets			6.00%	6.50%	7.00%
Pension | Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate				3.10%	3.70%
Rate of compensation increase			2.00%	2.00%	2.00%
Pension | Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate				3.40%	4.40%
Rate of compensation increase			13.00%	13.00%	13.00%
Pension | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.50%	3.40%	4.30%
Pension | U.S. | Salaried | Minimum
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			2.00%	2.00%	2.00%
Pension | U.S. | Salaried | Maximum
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			13.00%	13.00%	13.00%
Pension | U.S. | Hourly | Minimum
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			2.00%	2.00%	2.00%
Pension | U.S. | Hourly | Maximum
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			13.00%	13.00%	13.00%
Pension | Canada
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.50%	3.10%	3.70%
Pension | Canada | Salaried
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			3.25%	3.25%	3.25%
Pension | Canada | Hourly
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			3.00%	3.00%	3.00%
Other Post-employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate				3.00%
Other Post-employment Benefits | Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.10%		3.70%
Weighted health care cost trend rate assumed		4.50%	4.50%	4.50%	4.50%
Other Post-employment Benefits | Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.40%		4.20%
Rate of compensation increase			13.00%
Weighted health care cost trend rate assumed		7.80%	6.80%	7.30%	7.80%
Other Post-employment Benefits | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.10%	3.00%	4.20%
Other Post-employment Benefits | U.S. | Pre-Medicare
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed			6.80%
Other Post-employment Benefits | U.S. | Health Reimbursement Account
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed			4.50%
Other Post-employment Benefits | Canada
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.40%	3.00%	3.70%
Weighted health care cost trend rate assumed			5.30%

PENSION AND OTHER POST-EMPLO_12

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Estimated Projected Benefit Payments for the Next 10 Years (Details) $ in Millions	Dec. 31, 2021USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments 2022	$ 189
Expected Future Benefit Payments 2023	193
Expected Future Benefit Payments 2024	194
Expected Future Benefit Payments 2025	192
Expected Future Benefit Payments 2026	195
Expected Future Benefit Payments 2027-2031	986
OPEB
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments 2022	12
Expected Future Benefit Payments 2023	11
Expected Future Benefit Payments 2024	11
Expected Future Benefit Payments 2025	10
Expected Future Benefit Payments 2026	9
Expected Future Benefit Payments 2027-2031	$ 41

ACCRUED LIABILITIES - Accrued L

ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Compensation and employee benefit costs	$ 225	$ 204
Current portion of lease liabilities (Note 17)	24	26
Customer rebates, volume discounts and deferred income	164	111
Interest	83	87
Taxes payable	106	75
Other	71	93
Total	$ 673	$ 596

LINES OF CREDIT - Additional In

LINES OF CREDIT - Additional Information (Details) - USD ($)	1 Months Ended
	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Line of credit, amount outstanding		$ 0	$ 0
Line of credit, remaining borrowing capacity		1,500,000,000	1,500,000,000
Compensating balance requirements for our letters of credit		$ 4,000,000	$ 3,000,000
Senior Unsecured Revolving Credit Facility
Line Of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 1,500,000,000
Line of credit expiration date	Jan. 31, 2025
Line of credit expiration period	5 years

LINES OF CREDIT - Letters of Cr

LINES OF CREDIT - Letters of Credit and Surety Bonds (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Short Term Debt Other Disclosures [Abstract]
Letters of credit	$ 34	$ 36
Surety bonds	$ 136	$ 130

LONG-TERM DEBT, NET - Additiona

LONG-TERM DEBT, NET - Additional Information (Details) - USD ($) $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 31, 2021

May 31, 2021

Dec. 31, 2020

Sep. 30, 2020

May 31, 2020

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2019

Dec. 31, 2021

Dec. 31, 2020

Feb. 28, 2019

Debt Instrument [Line Items]

Pretax charge related to early extinguishment of debt

$ 58

$ 23

$ 11

$ 12

Proceeds from debt, net of issuance costs

$ 739

Unamortized discounts, capitalized debt expense and fair value adjustments

$ 26

9.00% debentures due 2021

Debt Instrument [Line Items]

Repayments of debt

$ 150

Debt instrument, interest rate, stated percentage

9.00%

9.00%

9.00%

9.00%

9.00%

4.625% Notes Due in September 2023

Debt Instrument [Line Items]

Repayments of debt

$ 500

Debt instrument, interest rate, stated percentage

4.625%

4.625%

4.625%

Debt, maturity date

2023-09

Variable Rate Term Loan Mature in July 2026

Debt Instrument [Line Items]

Repayments of debt

$ 225

Debt, maturity date

2026-07

3.25% Notes Due in March 2023

Debt Instrument [Line Items]

Repayments of debt

$ 325

Debt instrument, interest rate, stated percentage

3.25%

3.25%

Debt, maturity date

2023-03

4.00 percent due in April 2030

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

4.00%

Debt, maturity date

2030-04

Debt issued

$ 750

Proceeds from debt, net of issuance costs

$ 732

4.70 percent due March 2021

Debt Instrument [Line Items]

Repayments of debt

$ 569

Debt instrument, interest rate, stated percentage

4.70%

Debt, maturity date

2021-03

4.00 percent due in November 2029

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

4.00%

Debt, maturity date

2029-11

Debt issued

$ 750

7.38 percent due in October 2019

Debt Instrument [Line Items]

Repayments of debt

$ 500

Debt instrument, interest rate, stated percentage

7.38%

7.38%

Debt, maturity date

2019-10

LONG-TERM DEBT, NET - Long-Term

LONG-TERM DEBT, NET - Long-Term Debt by Types and Interest Rates (Includes Current Portion) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2021
Debt Instrument [Line Items]
Other	$ 1	$ 1
Total principal long-term debt	5,125	5,500
Less: unamortized discounts	(26)	(28)
Less: unamortized debt expense	(8)	(9)
Total	5,099	5,475
Portion due within one year	0	150
Plum Creek
Debt Instrument [Line Items]
Add: fair value adjustments (related to Plum Creek merger)	8	12
9.00% debentures due 2021
Debt Instrument [Line Items]
Senior Notes	$ 0	$ 150
Debt, interest rate	9.00%	9.00%	9.00%
Debt, maturity date	Dec. 31, 2021	Dec. 31, 2021
7.125% debentures due 2023
Debt Instrument [Line Items]
Senior Notes	$ 191	$ 191
Debt, interest rate	7.125%	7.125%
Debt, maturity date	Dec. 31, 2023	Dec. 31, 2023
5.207% debentures due 2023
Debt Instrument [Line Items]
Senior Notes	$ 860	$ 860
Debt, interest rate	5.207%	5.207%
Debt, maturity date	Dec. 31, 2023	Dec. 31, 2023
8.50% debentures due 2025
Debt Instrument [Line Items]
Senior Notes	$ 300	$ 300
Debt, interest rate	8.50%	8.50%
Debt, maturity date	Dec. 31, 2025	Dec. 31, 2025
7.95% debentures due 2025
Debt Instrument [Line Items]
Senior Notes	$ 136	$ 136
Debt, interest rate	7.95%	7.95%
Debt, maturity date	Dec. 31, 2025	Dec. 31, 2025
7.70% debentures due 2026
Debt Instrument [Line Items]
Senior Notes	$ 150	$ 150
Debt, interest rate	7.70%	7.70%
Debt, maturity date	Dec. 31, 2026	Dec. 31, 2026
7.35% debentures due 2026
Debt Instrument [Line Items]
Senior Notes	$ 62	$ 62
Debt, interest rate	7.35%	7.35%
Debt, maturity date	Dec. 31, 2026	Dec. 31, 2026
7.85% debentures due 2026
Debt Instrument [Line Items]
Senior Notes	$ 100	$ 100
Debt, interest rate	7.85%	7.85%
Debt, maturity date	Dec. 31, 2026	Dec. 31, 2026
Variable rate term loan credit facility matures 2026
Debt Instrument [Line Items]
Term loan credit facility	$ 0	$ 225
Debt, maturity date	Dec. 31, 2026	Dec. 31, 2026
6.95% debentures due 2027
Debt Instrument [Line Items]
Senior Notes	$ 300	$ 300
Debt, interest rate	6.95%	6.95%
Debt, maturity date	Dec. 31, 2027	Dec. 31, 2027
4.00% notes due 2029
Debt Instrument [Line Items]
Senior Notes	$ 750	$ 750
Debt, interest rate	4.00%	4.00%
Debt, maturity date	Dec. 31, 2029	Dec. 31, 2029
4.00% notes due 2030
Debt Instrument [Line Items]
Senior Notes	$ 750	$ 750
Debt, interest rate	4.00%	4.00%
Debt, maturity date	Dec. 31, 2030	Dec. 31, 2030
7.375% debentures due 2032
Debt Instrument [Line Items]
Senior Notes	$ 1,250	$ 1,250
Debt, interest rate	7.375%	7.375%
Debt, maturity date	Dec. 31, 2032	Dec. 31, 2032
6.875% debentures due 2033
Debt Instrument [Line Items]
Senior Notes	$ 275	$ 275
Debt, interest rate	6.875%	6.875%
Debt, maturity date	Dec. 31, 2033	Dec. 31, 2033

LONG-TERM DEBT, NET - Amounts o

LONG-TERM DEBT, NET - Amounts of Long-Term Debt Due Annually for the Next Five Years and Thereafter (Details) $ in Millions	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	1,051
2024	0
2025	436
2026	312
Thereafter	$ 3,326

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt and Line of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	$ 5,099	$ 5,475
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	6,221	6,943
Fixed interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	5,099	5,250
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	6,221	6,718
Variable interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	0	225
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	$ 0	$ 225

LEGAL PROCEEDINGS, COMMITMENT_3

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Changes in the Accrual for Environmental Remediation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Accrual For Environmental Loss Contingencies Disclosure [Abstract]
Accrual balance as of December 31, 2020	$ 57
Charges and adjustments, net	14
Payments	(8)
Accrual balance as of December 31, 2021	$ 63

LEGAL PROCEEDINGS, COMMITMENT_4

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Asset retirement obligations	$ 33,000,000	$ 33,000,000
Maximum
Loss Contingencies [Line Items]
Remediation costs for all identified sites may exceed accruals	$ 126,000,000

SHAREHOLDERS' INTEREST - Additi

SHAREHOLDERS' INTEREST - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 22, 2021
Class Of Stock [Line Items]
Shares repurchased during period			2,730,000	0	2,349,000
Shares repurchased during period value			$ 100,000,000	$ 0	$ 60,000,000
Unsettled share repurchases	$ 0		0	$ 0
2021 Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount						$ 1,000,000,000
Shares repurchased during period	1,949,496	780,228
Shares repurchased during period value	$ 74,000,000	$ 26,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 927,000,000		$ 927,000,000
2019 Repurchase Program
Class Of Stock [Line Items]
Shares repurchased during period				0	2,300,000
Shares repurchased during period value					$ 60,000,000
Stock repurchase program, remaining authorized repurchase amount					$ 440,000,000
Preferred shares
Class Of Stock [Line Items]
Preferred shares, outstanding	0		0	0
Preferred shares, authorized	7,000,000		7,000,000	40,000,000
Preferred shares, par value	$ 1		$ 1	$ 1

SHAREHOLDERS' INTEREST - Reconc

SHAREHOLDERS' INTEREST - Reconciliation of Our Common Share Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Outstanding at beginning of year	747,385	745,300	746,391
Repurchased	(2,730)	0	(2,349)
Outstanding at end of year	747,301	747,385	745,300
Stock options
Class Of Stock [Line Items]
Stock issued under share-based payment arrangement	1,849	1,441	660
Vested restricted stock units
Class Of Stock [Line Items]
Stock issued under share-based payment arrangement	635	574	480
Vested performance share units
Class Of Stock [Line Items]
Stock issued under share-based payment arrangement	162	70	118

SHAREHOLDERS' INTEREST - Change

SHAREHOLDERS' INTEREST - Changes in Amounts Included in Our Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of year	$ 8,731	$ 8,177
Translation adjustments	(11)	18	$ 26
Balance at end of year	10,767	8,731	8,177
Pension
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of year	(1,064)	(1,128)	(1,343)
Other comprehensive income (loss) before reclassifications	254	(223)	(216)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	90	287	431
Total other comprehensive income	344	64	215
Balance at end of year	(720)	(1,064)	(1,128)
Other Post-Employment Benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of year	(12)	(12)	(19)
Other comprehensive income (loss) before reclassifications	6	(3)	6
Amounts reclassified from accumulated other comprehensive income (loss) to earnings	4	3	1
Total other comprehensive income	10	0	7
Balance at end of year	(2)	(12)	(12)
Translation Adjustment And Other
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of year	254	236	210
Translation adjustments	(11)	18	26
Total other comprehensive income	(11)	18	26
Balance at end of year	243	254	236
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of year	(822)	(904)	(1,152)
Total other comprehensive income	343	82	248
Balance at end of year	$ (479)	$ (822)	$ (904)

SHAREHOLDERS' INTEREST - Chan_2

SHAREHOLDERS' INTEREST - Changes in Amounts Included in Our Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension
Accumulated Other Comprehensive Income Loss [Line Items]
Defined Benefit Plan, Plan Assets, Payment for Settlement	$ 0	$ 253	$ 455

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 30,000,000	$ 30,000,000	$ 30,000,000
Number of shares available for future grants under the Plan	19,000,000
Increase in number of common shares if all share-based awards were exercised or vested	24,000,000
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	$ 4,000,000	$ 4,000,000	$ 4,000,000
Unrecognized share-based compensation cost for non-vested equity-classified share-based compensation arrangements	$ 43,000,000
Unrecognized share-based compensation costs for non-vested equity-classified share-based compensation arrangements, weighted average period for recognition	1 year 2 months 12 days
Number of common shares to be issued for directors who elected common share payments subsequent to year-end	673,000
Number of stock-equivalent units outstanding in deferred compensation accounts	712,000	767,000	788,000
Restricted stock, restricted stock units, performance shares, performance share units, or other equity grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of shares an individual may receive in one year	1,000,000
Value of awards a participant may be granted in a 12 month period	$ 10,000,000
Stock options and stock appreciation rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of shares an individual may receive in one year	2,000,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Weighted average grant-date fair value	$ 33.62	$ 30.03	$ 25.83
Total grant-date fair value vested	$ 25,000,000	$ 19,000,000	$ 18,000,000
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant-date fair value	$ 38.50	$ 33.16	$ 29.66
Total grant-date fair value vested	$ 8,000,000	$ 3,000,000	$ 3,000,000
Performance share units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target	0.00%
Performance share units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target		150.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Total intrinsic value of stock options exercised	$ 18,000,000	$ 13,000,000	$ 5,000,000

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Units
Balance, beginning of year	1,851
Granted	751
Vested	(799)
Forfeited	(47)
Balance, end of year	1,756	1,851
Weighted Average Grant Date Fair Value
Balance, beginning of year	$ 29.67
Granted	33.62	$ 30.03	$ 25.83
Vested	31.16
Forfeited	31.16
Balance, end of year	$ 30.87	$ 29.67

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Parenthetical) (Details) shares in Thousands	Dec. 31, 2021shares
Restricted stock units
Stock Units
Nonvested performance share units that have met the requisite service period and will be released as identified in the grant terms	245

SHARE-BASED COMPENSATION - Weig

SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Performance Share Units (Details) - Performance share units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividends	1.99%	4.50%	5.25%
Risk-free rate minimum	0.02%	1.45%	2.43%
Risk-free rate maximum	0.20%	1.62%	2.55%
Volatility minimum	32.87%	20.02%	22.50%
Volatility maximum	52.82%	22.40%	27.40%
Weighted average grant-date fair value	$ 38.50	$ 33.16	$ 29.66
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Feb. 11, 2021	Feb. 13, 2020	Jan. 1, 2019
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021

SHARE-BASED COMPENSATION - Sc_3

SHARE-BASED COMPENSATION - Schedule of Performance Share Units Activity (Details) - Performance share units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Units
Balance, beginning of year	1,098
Granted	353
Vested	(228)
Forfeited	(20)
Performance adjustment	(99)
Balance, end of year	1,104	1,098
Weighted Average Grant Date Fair Value
Balance, beginning of year	$ 32.58
Granted	38.50	$ 33.16	$ 29.66
Vested	35.49
Forfeited	35.28
Performance adjustment	35.49
Balance, end of year	$ 33.56	$ 32.58

SHARE-BASED COMPENSATION - Sc_4

SHARE-BASED COMPENSATION - Schedule of Performance Share Units Activity (Parenthetical) (Details) shares in Thousands	Dec. 31, 2021shares
Performance share units
Stock Units
Nonvested performance share units that have met the requisite service period and will be released as identified in the grant terms	196

SHARE-BASED COMPENSATION - Sc_5

SHARE-BASED COMPENSATION - Schedule of Stock Options Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Options
Balance, beginning of year | shares	3,768
Exercised | shares	(1,850)
Forfeited or expired | shares	(1)
Balance, end of year | shares	1,917
Exercisable, end of year | shares	1,917
Weighted Average Exercise Price
Balance, beginning of year | $ / shares	$ 28.82
Exercised | $ / shares	27.70
Forfeited or expired | $ / shares	35.40
Balance, end of year | $ / shares	29.88
Exercisable, end of year | $ / shares	$ 29.88
Weighted Average Remaining Contractual Term
Balance, end of year	2 years 11 months 26 days
Exercisable, end of year	2 years 11 months 26 days
Aggregate Intrinsic Value
Balance, end of year | $	$ 22
Exercisable, end of year | $	$ 22

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Lessee Lease Description [Line Items]
Total leased assets	$ 114	$ 125	$ 165
Total lease liabilities	$ 122	$ 133	172
Amount recorded to retained earnings related to new accounting pronouncement			$ 7
Minimum
Lessee Lease Description [Line Items]
Operating and finance leases remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Operating and finance leases remaining lease term	25 years

LEASES - Summary of Lease Expen

LEASES - Summary of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 20	$ 21	$ 20
Financing lease costs	9	12	15
Total lease costs	$ 29	$ 33	$ 35

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 19	$ 20	$ 20
Financing cash flows for financing leases	11	13	16
ROU assets obtained in exchange for new (modified) lease liabilities:
Operating leases	9	3	6
Financing leases	$ 4	$ 4	$ 5

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Assets
Operating lease ROU assets	$ 101	$ 106
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssets	us-gaap:OtherAssets
Financing lease ROU assets	$ 13	$ 19
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssets	us-gaap:OtherAssets
Total leased assets	$ 114	$ 125	$ 165
Current:
Operating lease liabilities	$ 17	$ 16
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities (Note 10)	Accrued liabilities (Note 10)
Financing lease liabilities	$ 7	$ 10
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities (Note 10)	Accrued liabilities (Note 10)
Noncurrent:
Operating lease liabilities	$ 90	$ 95
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Financing lease liabilities	$ 8	$ 12
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 122	$ 133	$ 172

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Remaining Lease Term (years)
Operating lease, weighted average remaining lease term	8 years	10 years
Finance lease, weighted average remaining lease term	2 years	2 years
Weighted Average Discount Rate
Operating lease, weighted average discount rate	4.10%	4.20%
Finance lease, weighted average discount rate	2.90%	3.10%

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Lease
Operating lease liability payments of 2022	$ 21
Operating lease liability payments of 2023	19
Operating lease liability payments of 2024	13
Operating lease liability payments of 2025	12
Operating lease liability payments of 2026	12
Operating lease liability payments thereafter	50
Operating lease total payments due	127
Operating lease interest	(20)
Operating lease liability present value	107
Finance Leases
Finance lease liability payments of 2022	8
Finance lease liability payments of 2023	5
Finance lease liability payments of 2024	2
Finance lease liability payments of 2025	1
Finance lease liability payments of 2026	0
Finance lease liability payments thereafter	0
Finance lease total payments due	16
Finance lease interest	(1)
Finance lease liability present value	$ 15

PRODUCT REMEDIATION RECOVERIE_2

PRODUCT REMEDIATION RECOVERIES, NET - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Product Liability Contingency [Line Items]
Insurance recoveries	$ 13	$ 0	$ 0
Wood Products
Product Liability Contingency [Line Items]
Insurance recoveries	$ 37	$ 8	$ 68

OTHER OPERATING COSTS, NET - In

OTHER OPERATING COSTS, NET - Income and Expense Items Included in Other Operating Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income [Abstract]
Foreign exchange losses (gains), net		$ (5)	$ 7	$ 2
Gain on disposition of nonstrategic assets		(3)	(4)	(4)
Insurance recovery		(13)	0	0
Litigation expense, net		7	11	63
Research and development expenses		5	5	6
Timber casualty loss	$ 80	0	80	0
Other, net		42	35	28
Total other operating costs, net		$ 33	$ 134	$ 95

OTHER OPERATING COSTS, NET - Ad

OTHER OPERATING COSTS, NET - Additional Information (Details) a in Thousands, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2020a	Dec. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Component Of Other Operating Costs [Line Items]
Insurance recoveries				$ 13	$ 0	$ 0
Timber casualty loss			$ 80	0	80	0
Oregon
Component Of Other Operating Costs [Line Items]
Number of acres of timberlands approximately affected by forest fires | a	125
Wood Products
Component Of Other Operating Costs [Line Items]
Insurance recoveries				$ 37	$ 8	$ 68
Wood Products | Other Operating Costs, Net
Component Of Other Operating Costs [Line Items]
Insurance recoveries		$ 13

INCOME TAXES - Domestic and For

INCOME TAXES - Domestic and Foreign Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract]
Domestic earnings (loss)	$ 2,499	$ 723	$ (268)
Foreign earnings	817	259	55
Earnings (loss) before income taxes	$ 3,316	$ 982	$ (213)

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 378	$ 147	$ 21
State	74	30	1
Foreign	243	64	10
Total current	695	241	32
Deferred:
Federal	27	(66)	(137)
State	(2)	(1)	(31)
Foreign	(11)	11	(1)
Total deferred	14	(56)	(169)
Total income tax provision (benefit)	$ 709	$ 185	$ (137)

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Applicable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
U.S. federal statutory income tax	$ 696	$ 207	$ (45)
State income taxes, net of federal tax benefit	57	23	(31)
REIT income not subject to federal income tax	(102)	(51)	(68)
Return to provision adjustment	0	(3)	4
Foreign taxes	62	19	(1)
Other, net	(4)	(10)	4
Total income tax provision (benefit)	$ 709	$ 185	$ (137)
Effective income tax rate	21.40%	18.80%	64.10%

INCOME TAXES - Balance Sheet Cl

INCOME TAXES - Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets Liabilities Net [Abstract]
Net noncurrent deferred tax asset	$ 17	$ 120
Net noncurrent deferred tax liability	(46)	(24)
Net deferred tax asset (liability)	$ (29)	$ 96

INCOME TAXES - Items Included i

INCOME TAXES - Items Included in Our Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Components Of Deferred Tax Assets And Liabilities [Abstract]
Pension and post-employment benefits	$ 96	$ 207
State tax credits	42	48
Depletion	13	14
Environmental Reserves	14	13
Incentive compensation	19	19
Intercompany land sales	15	15
Workers compensation	17	18
Other reserves	14	17
Other	70	78
Gross deferred tax assets	300	429
Valuation allowance	(50)	(66)
Net deferred tax assets	250	363
Property, plant and equipment	(258)	(239)
Other	(21)	(28)
Net deferred tax liabilities	(279)	(267)
Net deferred tax asset (liability)	$ (29)	$ 96

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation allowance	$ 50	$ 66
Canada
Reinvestment of undistributed earnings percentage from foreign subsidiaries	10.00%
Federal, state and foreign
Net operating loss carryforwards	$ 527
Federal - U.S. REIT
Net operating loss carryforwards	379
Credit carryforwards	$ 8
Federal - U.S. REIT | Minimum
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2034
Tax Credit Carryforward, Expiration Date	Dec. 31, 2027
Federal - U.S. REIT | Maximum
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2036
Tax Credit Carryforward, Expiration Date	Dec. 31, 2031
State and Local Jurisdiction [Member]
Net operating loss carryforwards	$ 148
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2028
Credit carryforwards	$ 53
State and Local Jurisdiction [Member] | With expiration
Credit carryforwards	5
State and Local Jurisdiction [Member] | Without expiration
Credit carryforwards	$ 48
State and Local Jurisdiction [Member] | Minimum
Tax Credit Carryforward, Expiration Date	Dec. 31, 2025
State and Local Jurisdiction [Member] | Maximum
Tax Credit Carryforward, Expiration Date	Dec. 31, 2035
Foreign Tax Authority
Net operating loss carryforwards	$ 0

GEOGRAPHIC AREAS - Sales by Geo

GEOGRAPHIC AREAS - Sales by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 10,201	$ 7,532	$ 6,554
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	8,709	6,549	5,674
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	778	528	440
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	477	326	305
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	123	83	90
Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	52	27	27
Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	62	19	18
Export sales from the U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	730	515	479
Export sales from the U.S. | U.S. | Japanese Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	396	292	265
Export sales from the U.S. | U.S. | Canada Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	128	109	94
Export sales from the U.S. | U.S. | Chinese Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	119	79	85
Export sales from the U.S. | U.S. | Korea Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	51	25	25
Export sales from the U.S. | U.S. | Other Countries Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 36	$ 10	$ 10

GEOGRAPHIC AREAS - Long-Lived A

GEOGRAPHIC AREAS - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 14,038	$ 14,221
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	13,731	13,922
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 307	$ 299

RESTRICTED CASH - Reconciliatio

RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,879	$ 495
Restricted cash included in other assets	$ 120	$ 0
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total cash, cash equivalents and restricted cash	$ 1,999	$ 495	$ 139	$ 334