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v3.25.2

BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Reconciliation of Business Segment Information in Consolidated Statement of Operations | A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:
DOLLAR AMOUNTS IN MILLIONS |  | TIMBERLANDS |  |  | REAL ESTATE & ENR |  |  | WOOD PRODUCTS |  |  | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS |  |  | CONSOLIDATED |
QUARTER ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 373 |  |  | $ | 154 |  |  | $ | 1,357 |  |  | $ | — |  |  | $ | 1,884 |
Intersegment sales |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | (156 | ) |  |  | — |
Total |  |  | 529 |  |  |  | 154 |  |  |  | 1,357 |  |  |  | (156 | ) |  |  | 1,884 |
Costs of sales |  |  | 416 |  |  |  | 44 |  |  |  | 1,243 |  |  |  | (144 | ) |  |  | 1,559 |
Gross margin |  |  | 113 |  |  |  | 110 |  |  |  | 114 |  |  |  | (12 | ) |  |  | 325 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 23 |
General and administrative expenses |  |  | 24 |  |  |  | 6 |  |  |  | 40 |  |  |  | 44 |  |  |  | 114 |
Other segment items(1) |  |  | — |  |  |  | (2 | ) |  |  | 6 |  |  |  | 19 |  |  |  | 23 |
Net contribution (charge) to earnings |  | $ | 88 |  |  | $ | 106 |  |  | $ | 46 |  |  | $ | (75 | ) |  | $ | 165 |
QUARTER ENDED JUNE 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 409 |  |  | $ | 109 |  |  | $ | 1,421 |  |  | $ | — |  |  | $ | 1,939 |
Intersegment sales |  |  | 146 |  |  |  | — |  |  |  | — |  |  |  | (146 | ) |  |  | — |
Total |  |  | 555 |  |  |  | 109 |  |  |  | 1,421 |  |  |  | (146 | ) |  |  | 1,939 |
Costs of sales |  |  | 450 |  |  |  | 46 |  |  |  | 1,185 |  |  |  | (146 | ) |  |  | 1,535 |
Gross margin |  |  | 105 |  |  |  | 63 |  |  |  | 236 |  |  |  | — |  |  |  | 404 |
Selling expenses |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
General and administrative expenses |  |  | 25 |  |  |  | 8 |  |  |  | 37 |  |  |  | 46 |  |  |  | 116 |
Other segment items(1) |  |  | (1 | ) |  |  | (4 | ) |  |  | (19 | ) |  |  | 17 |  |  |  | (7 | )
Net contribution (charge) to earnings |  | $ | 81 |  |  | $ | 59 |  |  | $ | 196 |  |  | $ | (63 | ) |  | $ | 273 |
YEAR-TO-DATE ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 755 |  |  | $ | 248 |  |  | $ | 2,644 |  |  | $ | — |  |  | $ | 3,647 |
Intersegment sales |  |  | 308 |  |  |  | — |  |  |  | — |  |  |  | (308 | ) |  |  | — |
Total |  |  | 1,063 |  |  |  | 248 |  |  |  | 2,644 |  |  |  | (308 | ) |  |  | 3,647 |
Costs of sales |  |  | 825 |  |  |  | 76 |  |  |  | 2,357 |  |  |  | (271 | ) |  |  | 2,987 |
Gross margin |  |  | 238 |  |  |  | 172 |  |  |  | 287 |  |  |  | (37 | ) |  |  | 660 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 44 |  |  |  | 1 |  |  |  | 46 |
General and administrative expenses |  |  | 48 |  |  |  | 13 |  |  |  | 79 |  |  |  | 93 |  |  |  | 233 |
Other segment items(1) |  |  | (1 | ) |  |  | (3 | ) |  |  | 12 |  |  |  | 43 |  |  |  | 51 |
Net contribution (charge) to earnings |  | $ | 190 |  |  | $ | 162 |  |  | $ | 152 |  |  | $ | (174 | ) |  | $ | 330 |
YEAR-TO-DATE ENDED JUNE 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 796 |  |  | $ | 216 |  |  | $ | 2,723 |  |  | $ | — |  |  | $ | 3,735 |
Intersegment sales |  |  | 280 |  |  |  | — |  |  |  | — |  |  |  | (280 | ) |  |  | — |
Total |  |  | 1,076 |  |  |  | 216 |  |  |  | 2,723 |  |  |  | (280 | ) |  |  | 3,735 |
Costs of sales |  |  | 865 |  |  |  | 87 |  |  |  | 2,292 |  |  |  | (268 | ) |  |  | 2,976 |
Gross margin |  |  | 211 |  |  |  | 129 |  |  |  | 431 |  |  |  | (12 | ) |  |  | 759 |
Selling expenses |  |  | — |  |  |  | — |  |  |  | 43 |  |  |  | 1 |  |  |  | 44 |
General and administrative expenses |  |  | 50 |  |  |  | 14 |  |  |  | 77 |  |  |  | 95 |  |  |  | 236 |
Other segment items(1) |  |  | — |  |  |  | (4 | ) |  |  | (13 | ) |  |  | 22 |  |  |  | 5 |
Net contribution (charge) to earnings |  | $ | 161 |  |  | $ | 119 |  |  | $ | 324 |  |  | $ | (130 | ) |  | $ | 474 |
(1) Other segment items for each reportable segment includes recurring and non-recurring income and expense items. For our Wood Products segment, this includes product remediation recoveries. For Unallocated Items, this includes non-operating pension and other post-employment benefit costs and interest income and other.
Reconciliation of Net Contribution to Earnings to Net Earnings (Loss) | Reconciliation of Net Contribution to Earnings to Net Earnings
|  | QUARTER ENDED |  |  | YEAR-TO-DATE ENDED |
DOLLAR AMOUNTS IN MILLIONS |  | JUNE 2025 |  |  | JUNE 2024 |  |  | JUNE 2025 |  |  | JUNE 2024 |
Net contribution to earnings |  | $ | 165 |  |  | $ | 273 |  |  | $ | 330 |  |  | $ | 474 |
Interest expense, net of capitalized interest |  |  | (66 | ) |  |  | (67 | ) |  |  | (132 | ) |  |  | (134 | )
Earnings before income taxes |  |  | 99 |  |  |  | 206 |  |  |  | 198 |  |  |  | 340 |
Income taxes |  |  | (12 | ) |  |  | (33 | ) |  |  | (28 | ) |  |  | (53 | )
Net earnings |  | $ | 87 |  |  | $ | 173 |  |  | $ | 170 |  |  | $ | 287 |
Additional Financial Information | Additional Financial Information
DOLLAR AMOUNTS IN MILLIONS |  | TIMBERLANDS |  |  | REAL ESTATE & ENR |  |  | WOOD PRODUCTS |  |  | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS |  |  | CONSOLIDATED |
QUARTER ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 64 |  |  | $ | 4 |  |  | $ | 55 |  |  | $ | 2 |  |  | $ | 125 |
Capital expenditures |  | $ | 19 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | $ | 107 |
QUARTER ENDED JUNE 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 67 |  |  | $ | 4 |  |  | $ | 54 |  |  | $ | 1 |  |  | $ | 126 |
Capital expenditures |  | $ | 21 |  |  | $ | — |  |  | $ | 63 |  |  | $ | 7 |  |  | $ | 91 |
YEAR-TO-DATE ENDED JUNE 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 129 |  |  | $ | 6 |  |  | $ | 110 |  |  | $ | 5 |  |  | $ | 250 |
Capital expenditures |  | $ | 45 |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |  |  | $ | 200 |
YEAR-TO-DATE ENDED JUNE 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 131 |  |  | $ | 7 |  |  | $ | 110 |  |  | $ | 3 |  |  | $ | 251 |
Capital expenditures |  | $ | 52 |  |  | $ | — |  |  | $ | 105 |  |  | $ | 13 |  |  | $ | 170 |
Total Assets | Total Assets
DOLLAR AMOUNTS IN MILLIONS |  | JUNE 30, 2025 |  |  | DECEMBER 31, 2024 |
Timberlands and Real Estate & ENR(1) |  | $ | 12,455 |  |  | $ | 12,545 |
Wood Products |  |  | 3,278 |  |  |  | 3,116 |
Unallocated items |  |  | 745 |  |  |  | 875 |
Consolidated |  | $ | 16,478 |  |  | $ | 16,536 |
(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.

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