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BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Reconciliation of Business Segment Information

A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

JUNE 2019

 

 

JUNE 2018

 

 

JUNE 2019

 

 

JUNE 2018

 

Sales to unaffiliated customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands(1)

 

$

401

 

 

$

476

 

 

$

832

 

 

$

966

 

Real Estate & ENR

 

 

81

 

 

 

58

 

 

 

199

 

 

 

109

 

Wood Products(1)

 

 

1,210

 

 

 

1,531

 

 

 

2,304

 

 

 

2,855

 

 

 

 

1,692

 

 

 

2,065

 

 

 

3,335

 

 

 

3,930

 

Intersegment sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands(1)

 

 

131

 

 

 

139

 

 

 

256

 

 

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

1,823

 

 

 

2,204

 

 

 

3,591

 

 

 

4,211

 

Intersegment eliminations(1)

 

 

(131

)

 

 

(139

)

 

 

(256

)

 

 

(281

)

Total

 

$

1,692

 

 

$

2,065

 

 

$

3,335

 

 

$

3,930

 

Net contribution to earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

102

 

 

$

161

 

 

$

222

 

 

$

350

 

Real Estate & ENR

 

 

35

 

 

 

22

 

 

 

90

 

 

 

47

 

Wood Products

 

 

81

 

 

 

329

 

 

 

150

 

 

 

599

 

 

 

 

218

 

 

 

512

 

 

 

462

 

 

 

996

 

Unallocated items(2)

 

 

(36

)

 

 

(38

)

 

 

(566

)

 

 

(130

)

Net contribution to earnings (loss)

 

 

182

 

 

 

474

 

 

 

(104

)

 

 

866

 

Interest expense, net of capitalized interest

 

 

(91

)

 

 

(92

)

 

 

(198

)

 

 

(185

)

Earnings (loss) before income taxes

 

 

91

 

 

 

382

 

 

 

(302

)

 

 

681

 

Income taxes

 

 

37

 

 

 

(65

)

 

 

141

 

 

 

(95

)

Net earnings (loss)

 

$

128

 

 

$

317

 

 

$

(161

)

 

$

586

 

 

(1)

In January 2019, we changed the way we report our Canadian Forestlands operations, which are primarily operated to supply Weyerhaeuser’s Canadian Wood Products manufacturing facilities. As a result, we no longer report related intersegment sales in the Timberlands segment and we will now record the minimal associated third-party log sales in the Wood Products segment. These collective transactions did not contribute any earnings to the Timberlands segment. We have conformed prior year presentations with the current year.

(2)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and postretirement costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.