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BUSINESS SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Sales and Net Contribution (Charge) to Earnings

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

 

2023

 

$

1,654

 

 

$

363

 

 

$

5,657

 

 

$

—

 

 

$

7,674

 

2022

 

$

1,858

 

 

$

368

 

 

$

7,958

 

 

$

—

 

 

$

10,184

 

2021

 

$

1,636

 

 

$

344

 

 

$

8,221

 

 

$

—

 

 

$

10,201

 

Intersegment sales

 

2023

 

$

572

 

 

$

—

 

 

$

—

 

 

$

(572

)

 

$

—

 

2022

 

$

561

 

 

$

—

 

 

$

—

 

 

$

(561

)

 

$

—

 

2021

 

$

535

 

 

$

—

 

 

$

—

 

 

$

(535

)

 

$

—

 

Net contribution (charge) to earnings

 

2023

 

$

488

 

 

$

211

 

 

$

709

 

 

$

(191

)

 

$

1,217

 

2022

 

$

528

 

 

$

218

 

 

$

2,536

 

 

$

(431

)

 

$

2,851

 

2021

 

$

464

 

 

$

210

 

 

$

3,211

 

 

$

(256

)

 

$

3,629

 
Reconciliation of Net Contribution to Earnings to Net Earnings (Loss)

Reconciliation of Net Contribution to Earnings to Net Earnings

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

Net contribution to earnings

 

$

1,217

 

 

$

2,851

 

 

$

3,629

 

Interest expense, net of capitalized interest

 

 

(280

)

 

 

(270

)

 

 

(313

)

Loss on debt extinguishment (Note 11)

 

 

—

 

 

 

(276

)

 

 

—

 

Income before income taxes

 

 

937

 

 

 

2,305

 

 

 

3,316

 

Income taxes

 

 

(98

)

 

 

(425

)

 

 

(709

)

Net earnings

 

$

839

 

 

$

1,880

 

 

$

2,607

 

 
Additional Financial Information

Additional Financial Information

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

WOOD

 

 

UNALLOCATED

 

 

 

 

 

 

TIMBERLANDS

 

 

& ENR

 

 

PRODUCTS

 

 

ITEMS

 

 

CONSOLIDATED

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

267

 

 

$

16

 

 

$

210

 

 

$

7

 

 

$

500

 

2022

 

$

256

 

 

$

17

 

 

$

201

 

 

$

6

 

 

$

480

 

2021

 

$

261

 

 

$

15

 

 

$

196

 

 

$

5

 

 

$

477

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

111

 

 

$

—

 

 

$

323

 

 

$

13

 

 

$

447

 

2022

 

$

113

 

 

$

—

 

 

$

347

 

 

$

8

 

 

$

468

 

2021

 

$

114

 

 

$

—

 

 

$

320

 

 

$

7

 

 

$

441

 
Total Assets

Total Assets

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIMBERLANDS AND

 

 

WOOD

 

 

UNALLOCATED

 

 

 

 

 

 

REAL ESTATE & ENR

 

 

PRODUCTS

 

 

ITEMS

 

 

CONSOLIDATED

 

Total assets(1)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

12,596

 

 

$

3,073

 

 

$

1,314

 

 

$

16,983

 

2022

 

$

12,682

 

 

$

2,933

 

 

$

1,725

 

 

$

17,340

 

 

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