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BUSINESS SEGMENTS
9 Months Ended
Sep. 30, 2011
BUSINESS SEGMENTS
BUSINESS SEGMENTS
We are principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate development and construction. Our principal business segments are:
•
Timberlands – which includes logs; timber; minerals, oil and gas; and international wood products;
•
Wood Products – which includes softwood lumber, engineered lumber, structural panels and building materials distribution;
•
Cellulose Fibers – which includes pulp, liquid packaging board and an equity interest in a newsprint joint venture; and
•
Real Estate – which includes real estate development, construction and sales.
We sold our hardwoods operations in a transaction that closed on August 1, 2011. The hardwoods results are included in our Wood Products segment and results of discontinued operations for all periods presented in this report.
Corporate and Other includes certain gains or charges that are not related to an individual operating segment and the portion of items such as share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing and other general and administrative expenses that are not allocated to the business segments. Historically, Corporate and Other included the results of our transportation operations. This included our five short line railroads that were sold at the end of 2010 and Westwood Shipping Lines that was sold on September 30, 2011. Westwood results are included in our results of discontinued operations.
An analysis and reconciliation of our business segment information to the respective information in the Consolidated Financial Statements is as follows:
 
QUARTER ENDED
 
YEAR-TO-DATE ENDED
DOLLAR AMOUNTS IN MILLIONS    
SEPTEMBER 2011
 
SEPTEMBER 2010
 
SEPTEMBER 2011
 
SEPTEMBER 2010
Sales to and revenues from unaffiliated customers:
 
 
 
 
 
 
 
Timberlands
$
252

 
$
240

 
$
770

 
$
667

Wood Products
630

 
626

 
1,956

 
2,019

Cellulose Fibers
503

 
522

 
1,535

 
1,400

Real Estate
211

 
210

 
562

 
618

Corporate and Other
56

 
66

 
180

 
184

 
1,652

 
1,664

 
5,003

 
4,888

Less sales of discontinued operations
(83
)

(150
)

(402
)

(450
)
 
1,569

 
1,514

 
4,601

 
4,438

Intersegment sales:
 
 
 
 
 
 
 
Timberlands
154

 
145

 
479

 
439

Wood Products
21

 
20

 
66

 
56

Corporate and Other
4

 
5

 
12

 
14

 
179

 
170

 
557

 
509

Total sales and revenues
1,748

 
1,684

 
5,158

 
4,947

Intersegment eliminations
(179
)
 
(170
)
 
(557
)
 
(509
)
Total
$
1,569

 
$
1,514

 
$
4,601

 
$
4,438

Net contribution to earnings from continuing operations:
 
 
 
 
 
 
 
Timberlands
$
62

 
$
75

 
$
415

 
$
226

Wood Products
(76
)
 
(102
)
 
(165
)
 
(135
)
Cellulose Fibers
135

 
181

 
301

 
274

Real Estate
10

 
20

 
17

 
78

Corporate and Other
(16
)
 
5

 
(70
)
 
28

 
115

 
179

 
498

 
471

Net contribution to earnings from discontinued operations
37

 
7

 
20

 
15

Net contribution to earnings
152

 
186

 
518

 
486

Interest expense, net of capitalized interest
(86
)
 
(95
)
 
(296
)
 
(356
)
Income before income taxes (continuing and discontinued operations)
66

 
91

 
222

 
130

Income taxes (continuing and discontinued operations)
91

 
1,025

 
44

 
980

Net earnings attributable to Weyerhaeuser common shareholders
$
157

 
$
1,116

 
$
266

 
$
1,110