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BUSINESS SEGMENTS
 6 Months Ended
Jun. 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, hardwood lumber 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 for all periods presented in this report.
Corporate and Other includes results of our transportation operations, 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 and other general and administrative expenses that are not allocated to the business segments. We sold our five short line railroads at the end of 2010. We entered into an agreement to sell Westwood Shipping Lines, our last transportation business, in a transaction that is subject to regulatory approval and is expected to close in the third quarter. Westwood results are included in Corporate and Other for all periods presented in this report.
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,

2011
 
JUNE 30,

2010
 
JUNE 30,

2011
 
JUNE 30,

2010
Sales to and revenues from unaffiliated customers:
 
 
 
 
 
 
 
Timberlands
$
288


 
$
225


 
$
518


 
$
427


Wood Products
702


 
789


 
1,326


 
1,393


Cellulose Fibers
526


 
468


 
1,032


 
878


Real Estate
191


 
257


 
351


 
408


Corporate and Other
66


 
66


 
124


 
118


 
1,773


 
1,805


 
3,351


 
3,224


Less sales of discontinued operations
(163
)
 
(164
)
 
(319
)
 
(300
)
 
1,610


 
1,641


 
3,032


 
2,924


Intersegment sales:
 
 
 
 
 
 
 
Timberlands
134


 
123


 
325


 
294


Wood Products
24


 
20


 
45


 
36


Corporate and Other
5


 
5


 
8


 
9


 
163


 
148


 
378


 
339


Total sales and revenues
1,773


 
1,789


 
3,410


 
3,263


Intersegment eliminations
(163
)
 
(148
)
 
(378
)
 
(339
)
Total
$
1,610


 
$
1,641


 
$
3,032


 
$
2,924


Net contribution to earnings:
 
 
 
 
 
 
 
Timberlands
$
112


 
$
70


 
$
353


 
$
151


Wood Products
(61
)
 
(3
)
 
(97
)
 
(22
)
Cellulose Fibers
80


 
74


 
166


 
93


Real Estate
8


 
27


 
7


 
58


Corporate and Other
(22
)
 
8


 
(63
)
 
20


 
117


 
176


 
366


 
300


Interest expense, net of capitalized interest
(117
)
 
(155
)
 
(210
)
 
(261
)
Income before income taxes (continuing and discontinued operations)
—


 
21


 
156


 
39


Income taxes (continuing and discontinued operations)
10


 
(7
)
 
(47
)
 
(45
)
Net earnings (loss) attributable to Weyerhaeuser common shareholders
$
10


 
$
14


 
$
109


 
$
(6
)