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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 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 in 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
DOLLAR AMOUNTS IN MILLIONS    
MARCH 31,
2012
 
MARCH 31,
2011
Sales to and revenues from unaffiliated customers:
 
 
 
Timberlands
$
250

 
$
230

Wood Products
634

 
526

Cellulose Fibers
473

 
506

Real Estate
137

 
160

 
1,494

 
1,422

Intersegment sales:
 
 
 
Timberlands
190

 
191

Wood Products
20

 
20

 
210

 
211

Total sales and revenues
1,704


1,633

Intersegment eliminations
(210
)
 
(211
)
Total
$
1,494

 
$
1,422

Net contribution to earnings from continuing operations:
 
 
 
Timberlands
$
71

 
$
241

Wood Products
(22
)
 
(36
)
Cellulose Fibers
44

 
86

Real Estate
(8
)
 
(1
)
 
85

 
290

Unallocated items(1)
28

 
(43
)
Net contribution to earnings from discontinued operations
—

 
2

Net contribution to earnings
113

 
249

Interest expense, net of capitalized interest
(87
)
 
(93
)
Income before income taxes (continuing and discontinued operations)
26

 
156

Income taxes (continuing and discontinued operations)
15

 
(57
)
Net earnings attributable to Weyerhaeuser common shareholders
$
41

 
$
99


(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; and foreign exchange transaction gains and losses associated with financing.