BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2022

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
2022	$	1,858	$	368	$	7,958	$	—		$	10,184
2021	$	1,636	$	344	$	8,221	$	—		$	10,201
2020	$	1,466	$	276	$	5,790	$	—		$	7,532
Intersegment sales
2022	$	561	$	—	$	—	$	(561	)	$	—
2021	$	535	$	—	$	—	$	(535	)	$	—
2020	$	471	$	—	$	—	$	(471	)	$	—
Net contribution (charge) to earnings
2022	$	528	$	218	$	2,536	$	(431	)	$	2,851
2021	$	464	$	210	$	3,211	$	(256	)	$	3,629
2020	$	455	$	86	$	1,340	$	(456	)	$	1,425

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
	2022			2021			2020
Net contribution to earnings	$	2,851		$	3,629		$	1,425
Interest expense, net of capitalized interest		(270	)		(313	)		(351	)
Loss on debt extinguishment (Note 12)		(276	)		—			(92	)
Income before income taxes		2,305			3,316			982
Income taxes		(425	)		(709	)		(185	)
Net earnings	$	1,880		$	2,607		$	797

Additional Financial Information

DOLLAR AMOUNTS IN MILLIONS
			REAL ESTATE		WOOD		UNALLOCATED
	TIMBERLANDS		& ENR		PRODUCTS		ITEMS		CONSOLIDATED
Depreciation, depletion and amortization
2022	$	256	$	17	$	201	$	6	$	480
2021	$	261	$	15	$	196	$	5	$	477
2020	$	257	$	14	$	195	$	6	$	472
Capital expenditures
2022	$	113	$	—	$	347	$	8	$	468
2021	$	114	$	—	$	320	$	7	$	441
2020	$	104	$	—	$	176	$	1	$	281

Total Assets

DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS AND		WOOD		UNALLOCATED
	REAL ESTATE & ENR		PRODUCTS		ITEMS		CONSOLIDATED
Total assets(1)
2022	$	12,682	$	2,933	$	1,725	$	17,340
2021	$	12,737	$	2,891	$	2,024	$	17,652

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