REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

NOTE 3: REVENUE RECOGNITION

A reconciliation of revenue recognized by our major products:

	QUARTER ENDED				YEAR-TO-DATE ENDED
DOLLAR AMOUNTS IN MILLIONS	SEPTEMBER 2025		SEPTEMBER 2024		SEPTEMBER 2025		SEPTEMBER 2024
Net sales to unaffiliated customers:
Timberlands segment
Delivered logs:
West
Domestic sales	$	100	$	78	$	300	$	269
Export grade sales		69		80		207		270
Subtotal West		169		158		507		539
South		154		149		460		453
North		13		11		35		33
Subtotal delivered logs sales		336		318		1,002		1,025
Stumpage and pay-as-cut timber		22		14		45		38
Recreational and other lease revenue		21		19		59		57
Other(1)		7		6		35		33
Net sales attributable to Timberlands segment		386		357		1,141		1,153
Real Estate & ENR segment
Real estate		65		59		257		220
Energy and natural resources		38		30		94		85
Net sales attributable to Real Estate & ENR segment		103		89		351		305
Wood Products segment
Structural lumber		509		451		1,617		1,414
Oriented strand board		167		206		600		749
Engineered solid section		162		175		492		543
Engineered I-joists		85		95		268		301
Softwood plywood		38		38		119		121
Medium density fiberboard		39		42		107		123
Complementary building products		149		158		429		475
Other(2)		79		70		240		232
Net sales attributable to Wood Products segment		1,228		1,235		3,872		3,958
Total net sales	$	1,717	$	1,681	$	5,364	$	5,416

(1)Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips.

(2)Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.