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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2014
BUSINESS SEGMENTS
BUSINESS SEGMENTS
We are principally engaged in growing and harvesting timber and manufacturing, distributing and selling forest products. 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; and
•
Cellulose Fibers – which includes pulp, liquid packaging board and an equity interest in a newsprint joint venture.
We have disposed of various businesses and operations that are excluded from the segment results below. See Note 2: 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
JUNE 2014
 
JUNE 2013
 
JUNE 2014
 
JUNE 2013
Sales to unaffiliated customers:
 
 
 
 
 
 
 
Timberlands
$
397

 
$
333

 
$
774

 
$
626

Wood Products
1,077

 
1,065

 
1,975

 
2,053

Cellulose Fibers
490

 
476

 
951

 
950

 
1,964

 
1,874

 
3,700

 
3,629

Intersegment sales:
 
 
 
 
 
 
 
Timberlands
186

 
166

 
424

 
390

Wood Products
21

 
18

 
40

 
36

 
207

 
184

 
464

 
426

Total sales
2,171


2,058

 
4,164

 
4,055

Intersegment eliminations
(207
)
 
(184
)
 
(464
)
 
(426
)
Total
$
1,964

 
$
1,874

 
$
3,700

 
$
3,629

Net contribution to earnings:
 
 
 
 
 
 
 
Timberlands
$
170

 
$
114

 
$
334

 
$
218

Wood Products
102

 
136

 
166

 
314

Cellulose Fibers
91

 
57

 
145

 
88

 
363

 
307

 
645

 
620

Unallocated Items(1)
48

 
(6
)
 
83

 
(56
)
Net contribution to earnings from discontinued operations
29

 
20

 
45

 
24

Net contribution to earnings
440


321

 
773

 
588

Interest expense, net of capitalized interest
(85
)
 
(81
)
 
(168
)
 
(163
)
Income before income taxes (continuing and discontinued operations)
355

 
240

 
605

 
425

Income taxes (continuing and discontinued operations)
(64
)
 
(42
)
 
(120
)
 
(83
)
Net earnings
291

 
198

 
485

 
342

Dividends on preference shares
(11
)
 
(2
)
 
(22
)
 
(2
)
Net earnings attributable to Weyerhaeuser common shareholders
$
280

 
$
196

 
$
463

 
$
340


(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 outstanding borrowings and the elimination of intersegment profit in inventory and the LIFO reserve.