BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2023

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
							UNALLOCATED
			REAL				ITEMS AND
			ESTATE		WOOD		INTERSEGMENT
	TIMBERLANDS		& ENR		PRODUCTS		ELIMINATIONS			CONSOLIDATED
Sales to unaffiliated customers
2023	$	1,654	$	363	$	5,657	$	—		$	7,674
2022	$	1,858	$	368	$	7,958	$	—		$	10,184
2021	$	1,636	$	344	$	8,221	$	—		$	10,201
Intersegment sales
2023	$	572	$	—	$	—	$	(572	)	$	—
2022	$	561	$	—	$	—	$	(561	)	$	—
2021	$	535	$	—	$	—	$	(535	)	$	—
Net contribution (charge) to earnings
2023	$	488	$	211	$	709	$	(191	)	$	1,217
2022	$	528	$	218	$	2,536	$	(431	)	$	2,851
2021	$	464	$	210	$	3,211	$	(256	)	$	3,629

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

DOLLAR AMOUNTS IN MILLIONS
	2023			2022			2021
Net contribution to earnings	$	1,217		$	2,851		$	3,629
Interest expense, net of capitalized interest		(280	)		(270	)		(313	)
Loss on debt extinguishment (Note 11)		—			(276	)		—
Income before income taxes		937			2,305			3,316
Income taxes		(98	)		(425	)		(709	)
Net earnings	$	839		$	1,880		$	2,607

Additional Financial Information

DOLLAR AMOUNTS IN MILLIONS
			REAL ESTATE		WOOD		UNALLOCATED
	TIMBERLANDS		& ENR		PRODUCTS		ITEMS		CONSOLIDATED
Depreciation, depletion and amortization
2023	$	267	$	16	$	210	$	7	$	500
2022	$	256	$	17	$	201	$	6	$	480
2021	$	261	$	15	$	196	$	5	$	477
Capital expenditures
2023	$	111	$	—	$	323	$	13	$	447
2022	$	113	$	—	$	347	$	8	$	468
2021	$	114	$	—	$	320	$	7	$	441

Total Assets

DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS AND		WOOD		UNALLOCATED
	REAL ESTATE & ENR		PRODUCTS		ITEMS		CONSOLIDATED
Total assets(1)
2023	$	12,596	$	3,073	$	1,314	$	16,983
2022	$	12,682	$	2,933	$	1,725	$	17,340

(1)Assets attributable to the Real Estate & ENR segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.