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BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2019
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIMBERLANDS

 

 

REAL

ESTATE

& ENR

 

 

WOOD

PRODUCTS

 

 

UNALLOCATED

ITEMS AND

INTERSEGMENT

ELIMINATIONS

 

 

CONSOLIDATED

 

Sales to unaffiliated customers(1)

 

2019

 

$

1,618

 

 

$

313

 

 

$

4,623

 

 

$

—

 

 

$

6,554

 

2018

 

$

1,873

 

 

$

306

 

 

$

5,297

 

 

$

—

 

 

$

7,476

 

2017

 

$

1,893

 

 

$

280

 

 

$

5,023

 

 

$

—

 

 

$

7,196

 

Intersegment sales(1)

 

2019

 

$

503

 

 

$

1

 

 

$

—

 

 

$

(504

)

 

$

—

 

2018

 

$

537

 

 

$

1

 

 

$

—

 

 

$

(538

)

 

$

—

 

2017

 

$

522

 

 

$

1

 

 

$

—

 

 

$

(523

)

 

$

—

 

Net contribution (charge) to earnings

 

2019

 

$

347

 

 

$

144

 

 

$

353

 

 

$

(679

)

 

$

165

 

2018

 

$

583

 

 

$

127

 

 

$

838

 

 

$

(366

)

 

$

1,182

 

2017

 

$

532

 

 

$

146

 

 

$

569

 

 

$

(138

)

 

$

1,109

 

 

(1)

In 2019, we changed the way we report our Canadian Forestlands operations. As a result, we no longer report related intersegment sales in the Timberlands segment and we 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 or Wood Products segment. We have conformed prior year presentations with the current year.

 

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 follows:

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

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

Net contribution to earnings

 

$

165

 

 

$

1,182

 

 

$

1,109

 

Interest expense, net of capitalized interest

 

 

(378

)

 

 

(375

)

 

 

(393

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

(213

)

 

 

807

 

 

 

716

 

Income taxes

 

 

137

 

 

 

(59

)

 

 

(134

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

(76

)

 

$

748

 

 

$

582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Financial Information

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

TIMBERLANDS

 

 

REAL ESTATE &

ENR

 

 

WOOD

PRODUCTS

 

 

UNALLOCATED

ITEMS

 

 

CONSOLIDATED

 

Depreciation, depletion and amortization

 

2019

 

$

301

 

 

$

14

 

 

$

191

 

 

$

4

 

 

$

510

 

2018

 

$

319

 

 

$

14

 

 

$

149

 

 

$

4

 

 

$

486

 

2017

 

$

356

 

 

$

15

 

 

$

145

 

 

$

5

 

 

$

521

 

Capital expenditures

 

2019

 

$

112

 

 

$

—

 

 

$

257

 

 

$

15

 

 

$

384

 

2018

 

$

117

 

 

$

—

 

 

$

306

 

 

$

4

 

 

$

427

 

2017

 

$

115

 

 

$

2

 

 

$

299

 

 

$

3

 

 

$

419

 

 

Total Assets

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

TIMBERLANDS and

REAL ESTATE & ENR

 

 

WOOD

PRODUCTS

 

 

UNALLOCATED

ITEMS

 

 

CONSOLIDATED

 

Total assets(1)(2)

 

2019

 

$

13,130

 

 

$

2,452

 

 

$

824

 

 

$

16,406

 

2018

 

$

13,792

 

 

$

2,280

 

 

$

1,177

 

 

$

17,249

 

 

(1)

In 2019, we changed the way we report our Canadian Forestlands operations. As a result, Canadian Forestlands assets previously reported in the Timberlands segment are now recorded in the Wood Products segment. We have conformed prior year presentations with the current year.

(2)

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.