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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2012
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 have disposed of various businesses and operations that are excluded from the segment results below. See Note 4: Discontinued Operations for information regarding our 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    
JUNE 30,
2012
 
JUNE 30,
2011
 
JUNE 30,
2012
 
JUNE 30,
2011
Sales to and revenues from unaffiliated customers:
 
 
 
 
 
 
 
Timberlands
$
262

 
$
288

 
$
512

 
$
518

Wood Products
776

 
605

 
1,410

 
1,131

Cellulose Fibers
459

 
526

 
932

 
1,032

Real Estate
296

 
191

 
433

 
351

 
1,793

 
1,610

 
3,287

 
3,032

Intersegment sales:
 
 
 
 
 
 
 
Timberlands
146

 
134

 
336

 
325

Wood Products
20

 
21

 
40

 
41

 
166

 
155

 
376

 
366

Total sales and revenues
1,959


1,765

 
3,663

 
3,398

Intersegment eliminations
(166
)
 
(155
)
 
(376
)
 
(366
)
Total
$
1,793

 
$
1,610

 
$
3,287

 
$
3,032

Net contribution to earnings from continuing operations:
 
 
 
 
 
 
 
Timberlands
$
77

 
$
118

 
$
147

 
$
359

Wood Products
36

 
(54
)
 
23

 
(86
)
Cellulose Fibers
36

 
85

 
84

 
177

Real Estate
15

 
8

 
7

 
7

 
164

 
157

 
261

 
457

Unallocated items(1)
23

 
(21
)
 
39

 
(74
)
Net contribution to earnings from discontinued operations
—

 
(19
)
 
—

 
(17
)
Net contribution to earnings
187

 
117

 
300

 
366

Interest expense, net of capitalized interest
(86
)
 
(117
)
 
(173
)
 
(210
)
Income before income taxes (continuing and discontinued operations)
101

 
—

 
127

 
156

Income taxes (continuing and discontinued operations)
(17
)
 
10

 
(2
)
 
(47
)
Net earnings attributable to Weyerhaeuser common shareholders
$
84

 
$
10

 
$
125

 
$
109


(1)
Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation; pension and postretirement costs; foreign exchange transaction gains and losses associated with financing; and the elimination of intersegment profit in inventory and the LIFO reserve.