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BUSINESS SEGMENTS
 9 Months Ended
Sep. 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    
SEPTEMBER 2012
 
SEPTEMBER 2011
 
SEPTEMBER 2012
 
SEPTEMBER 2011
Sales to and revenues from unaffiliated customers:
 
 
 
 
 
 
 
Timberlands
$
267

 
$
252

 
$
779

 
$
770

Wood Products
816

 
603

 
2,226

 
1,734

Cellulose Fibers
459

 
503

 
1,391

 
1,535

Real Estate
230

 
211

 
663

 
562

 
1,772

 
1,569

 
5,059

 
4,601

Intersegment sales:
 
 
 
 
 
 
 
Timberlands
162

 
154

 
498

 
479

Wood Products
18

 
20

 
58

 
61

 
180

 
174

 
556

 
540

Total sales and revenues
1,952


1,743

 
5,615

 
5,141

Intersegment eliminations
(180
)
 
(174
)
 
(556
)
 
(540
)
Total
$
1,772

 
$
1,569

 
$
5,059

 
$
4,601

Net contribution to earnings from continuing operations:
 
 
 
 
 
 
 
Timberlands
$
80

 
$
61

 
$
227

 
$
420

Wood Products
59

 
(80
)
 
82

 
(166
)
Cellulose Fibers
78

 
139

 
162

 
316

Real Estate
17

 
10

 
24

 
17

 
234

 
130

 
495

 
587

Unallocated Items(1)
(17
)
 
(15
)
 
22

 
(89
)
Net contribution to earnings from discontinued operations
—

 
37

 
—

 
20

Net contribution to earnings
217

 
152

 
517

 
518

Interest expense, net of capitalized interest
(87
)
 
(86
)
 
(260
)
 
(296
)
Income before income taxes (continuing and discontinued operations)
130

 
66

 
257

 
222

Income taxes (continuing and discontinued operations)
(13
)
 
91

 
(15
)
 
44

Net earnings attributable to Weyerhaeuser common shareholders
$
117

 
$
157

 
$
242

 
$
266


(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.