Cash Included in Assets Held for Sale

[Table of Contents](#i988dd6b5140d4a1b8c6b4c50f020743f_10)[CONSOLIDATED STATEMENT OF CASH FLOWS](#i988dd6b5140d4a1b8c6b4c50f020743f_142) 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| In millions for the years ended December 31 | 2021 | 2020 | 2019 |
| OPERATING ACTIVITIES |  |  |  |
| Net earnings (loss)  | $ | 1,754  |  | $ | 482  |  | $ | 1,220  |  |
| Depreciation, amortization, and cost of timber harvested | 1,210  |  | 1,287  |  | 1,306  |  |
| Deferred income tax provision (benefit), net | (291) |  | 9  |  | 212  |  |
| Restructuring and other charges, net | 509  |  | 195  |  | 57  |  |
| Periodic pension (income) expense, net | (112) |  | 32  |  | 93  |  |
| Net (gains) losses on mark to market investments | 32  |  | —  |  | —  |  |
| Net (gains) losses on sales and impairments of businesses | (358) |  | 465  |  | 205  |  |
| Net (gains) losses on sales of equity method investments | (205) |  | (35) |  | —  |  |
| Net (gains) losses on sales of fixed assets | (86) |  | —  |  | —  |  |
| Antitrust fines | —  |  | —  |  | 32  |  |
| Equity method dividends received | 159  |  | 162  |  | 273  |  |
| Equity (earnings) losses, net  | (313) |  | (77) |  | (250) |  |
| Other, net | 157  |  | 219  |  | 120  |  |
| Changes in current assets and liabilities |  |  |  |
| Accounts and notes receivable | (596) |  | 59  |  | 246  |  |
| Contract assets | (49) |  | 35  |  | 2  |  |
| Inventories | (263) |  | 35  |  | (1) |  |
| Accounts payable and accrued liabilities | 519  |  | 141  |  | 139  |  |
| Interest payable | (32) |  | (55) |  | (19) |  |
| Other | (5) |  | 109  |  | (25) |  |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | 2,030  |  | 3,063  |  | 3,610  |  |
| INVESTMENT ACTIVITIES |  |  |  |
| Invested in capital projects, net of insurance recoveries | (549) |  | (751) |  | (1,276) |  |
| Acquisitions, net of cash acquired | (80) |  | (65) |  | (103) |  |
| Proceeds from sales of equity method investments | 908  |  | 500  |  | —  |  |
| Proceeds from sales of businesses, net of cash divested | 827  |  | 40  |  | 81  |  |
| Proceeds from settlement of Variable Interest Entities | 4,850  |  | —  |  | —  |  |
| Proceeds from sale of fixed assets | 101  |  | 8  |  | 18  |  |
| Other | (3) |  | (1) |  | (20) |  |
| CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES | 6,054  |  | (269) |  | (1,300) |  |
| FINANCING ACTIVITIES |  |  |  |
| Repurchases of common stock and payments of restricted stock tax withholding | (839) |  | (42) |  | (535) |  |
| Issuance of debt | 1,512  |  | 583  |  | 534  |  |
| Reduction of debt | (2,509) |  | (2,278) |  | (1,507) |  |
| Change in book overdrafts | 65  |  | 35  |  | (66) |  |
| Dividends paid | (780) |  | (806) |  | (796) |  |
| Reduction of Variable Interest Entity loans | (4,220) |  | —  |  | —  |  |
| Distribution to Sylvamo Corporation | (130) |  | —  |  | —  |  |
| Net debt tender premiums paid | (456) |  | (188) |  | (18) |  |
| Other | (18) |  | (4) |  | (1) |  |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | (7,375) |  | (2,700) |  | (2,389) |  |
| Cash Included in Assets Held for Sale | —  |  | (2) |  | —  |  |
| Effect of Exchange Rate Changes on Cash | (9) |  | (8) |  | 1  |  |
| Change in Cash and Temporary Investments | 700  |  | 84  |  | (78) |  |
| Cash and Temporary Investments |  |  |  |
| Beginning of the period | 595  |  | 511  |  | 589  |  |
| End of the period | $ | 1,295  |  | $ | 595  |  | $ | 511  |  |

 The accompanying notes are an integral part of these financial statements.50
