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BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 SEPTEMBER 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 386 |  |  | $ | 103 |  |  | $ | 1,228 |  |  | $ | — |  |  | $ | 1,717 |
Intersegment sales |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | (150 | ) |  |  | — |
Total |  |  | 536 |  |  |  | 103 |  |  |  | 1,228 |  |  |  | (150 | ) |  |  | 1,717 |
Costs of sales |  |  | 429 |  |  |  | 28 |  |  |  | 1,218 |  |  |  | (162 | ) |  |  | 1,513 |
Gross margin |  |  | 107 |  |  |  | 75 |  |  |  | 10 |  |  |  | 12 |  |  |  | 204 |
Selling expenses |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 23 |
General and administrative expenses |  |  | 25 |  |  |  | 7 |  |  |  | 39 |  |  |  | 36 |  |  |  | 107 |
Other segment items(1) |  |  | 2 |  |  |  | (1 | ) |  |  | (33 | ) |  |  | (4 | ) |  |  | (36 | )
Net contribution (charge) to earnings |  | $ | 80 |  |  | $ | 69 |  |  | $ | (19 | ) |  | $ | (20 | ) |  | $ | 110 |
QUARTER ENDED SEPTEMBER 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 357 |  |  | $ | 89 |  |  | $ | 1,235 |  |  | $ | — |  |  | $ | 1,681 |
Intersegment sales |  |  | 136 |  |  |  | — |  |  |  | — |  |  |  | (136 | ) |  |  | — |
Total |  |  | 493 |  |  |  | 89 |  |  |  | 1,235 |  |  |  | (136 | ) |  |  | 1,681 |
Costs of sales |  |  | 410 |  |  |  | 31 |  |  |  | 1,132 |  |  |  | (142 | ) |  |  | 1,431 |
Gross margin |  |  | 83 |  |  |  | 58 |  |  |  | 103 |  |  |  | 6 |  |  |  | 250 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | 22 |
General and administrative expenses |  |  | 24 |  |  |  | 6 |  |  |  | 41 |  |  |  | 51 |  |  |  | 122 |
Other segment items(1) |  |  | 1 |  |  |  | 1 |  |  |  | 14 |  |  |  | 8 |  |  |  | 24 |
Net contribution (charge) to earnings |  | $ | 57 |  |  | $ | 51 |  |  | $ | 27 |  |  | $ | (53 | ) |  | $ | 82 |
YEAR-TO-DATE ENDED SEPTEMBER 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 1,141 |  |  | $ | 351 |  |  | $ | 3,872 |  |  | $ | — |  |  | $ | 5,364 |
Intersegment sales |  |  | 458 |  |  |  | — |  |  |  | — |  |  |  | (458 | ) |  |  | — |
Total |  |  | 1,599 |  |  |  | 351 |  |  |  | 3,872 |  |  |  | (458 | ) |  |  | 5,364 |
Costs of sales |  |  | 1,254 |  |  |  | 104 |  |  |  | 3,575 |  |  |  | (433 | ) |  |  | 4,500 |
Gross margin |  |  | 345 |  |  |  | 247 |  |  |  | 297 |  |  |  | (25 | ) |  |  | 864 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 67 |  |  |  | 1 |  |  |  | 69 |
General and administrative expenses |  |  | 73 |  |  |  | 20 |  |  |  | 118 |  |  |  | 129 |  |  |  | 340 |
Other segment items(1) |  |  | 1 |  |  |  | (4 | ) |  |  | (21 | ) |  |  | 39 |  |  |  | 15 |
Net contribution (charge) to earnings |  | $ | 270 |  |  | $ | 231 |  |  | $ | 133 |  |  | $ | (194 | ) |  | $ | 440 |
YEAR-TO-DATE ENDED SEPTEMBER 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 1,153 |  |  | $ | 305 |  |  | $ | 3,958 |  |  | $ | — |  |  | $ | 5,416 |
Intersegment sales |  |  | 416 |  |  |  | — |  |  |  | — |  |  |  | (416 | ) |  |  | — |
Total |  |  | 1,569 |  |  |  | 305 |  |  |  | 3,958 |  |  |  | (416 | ) |  |  | 5,416 |
Costs of sales |  |  | 1,275 |  |  |  | 118 |  |  |  | 3,424 |  |  |  | (410 | ) |  |  | 4,407 |
Gross margin |  |  | 294 |  |  |  | 187 |  |  |  | 534 |  |  |  | (6 | ) |  |  | 1,009 |
Selling expenses |  |  | 1 |  |  |  | — |  |  |  | 64 |  |  |  | 1 |  |  |  | 66 |
General and administrative expenses |  |  | 74 |  |  |  | 20 |  |  |  | 118 |  |  |  | 146 |  |  |  | 358 |
Other segment items(1) |  |  | 1 |  |  |  | (3 | ) |  |  | 1 |  |  |  | 30 |  |  |  | 29 |
Net contribution (charge) to earnings |  | $ | 218 |  |  | $ | 170 |  |  | $ | 351 |  |  | $ | (183 | ) |  | $ | 556 |
(1) Other segment items for each reportable segment includes recurring and non-recurring income and expense items. For our Wood Products segment, this includes an impairment charge related to the indefinite curtailment of our New Bern lumber mill for the quarter and year-to-date period ended September 30, 2024, product remediation recoveries for the year-to-date period ended September 30, 2024, and a gain on the sale of our Princeton lumber mill for the quarter and year-to-date period ended September 30, 2025. For Unallocated Items, this includes non-operating pension and other post-employment benefit costs, interest income and other and insurance recoveries for all periods presented. Refer to Note 13: Other Operating (Income) Costs, Net for additional information.
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 |  | SEPTEMBER 2025 |  |  | SEPTEMBER 2024 |  |  | SEPTEMBER 2025 |  |  | SEPTEMBER 2024 |
Net contribution to earnings |  | $ | 110 |  |  | $ | 82 |  |  | $ | 440 |  |  | $ | 556 |
Interest expense, net of capitalized interest |  |  | (71 | ) |  |  | (69 | ) |  |  | (203 | ) |  |  | (203 | )
Earnings before income taxes |  |  | 39 |  |  |  | 13 |  |  |  | 237 |  |  |  | 353 |
Income taxes |  |  | 41 |  |  |  | 15 |  |  |  | 13 |  |  |  | (38 | )
Net earnings |  | $ | 80 |  |  | $ | 28 |  |  | $ | 250 |  |  | $ | 315 |
Additional Financial Information | Additional Financial Information
DOLLAR AMOUNTS IN MILLIONS |  | TIMBERLANDS |  |  | REAL ESTATE & ENR |  |  | WOOD PRODUCTS |  |  | UNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS |  |  | CONSOLIDATED |
QUARTER ENDED SEPTEMBER 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 68 |  |  | $ | 3 |  |  | $ | 56 |  |  | $ | 3 |  |  | $ | 130 |
Capital expenditures |  | $ | 37 |  |  | $ | — |  |  | $ | 88 |  |  | $ | — |  |  | $ | 125 |
QUARTER ENDED SEPTEMBER 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 65 |  |  | $ | 3 |  |  | $ | 54 |  |  | $ | 3 |  |  | $ | 125 |
Capital expenditures |  | $ | 22 |  |  | $ | — |  |  | $ | 72 |  |  | $ | 3 |  |  | $ | 97 |
YEAR-TO-DATE ENDED SEPTEMBER 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 197 |  |  | $ | 9 |  |  | $ | 166 |  |  | $ | 8 |  |  | $ | 380 |
Capital expenditures |  | $ | 82 |  |  | $ | — |  |  | $ | 243 |  |  | $ | — |  |  | $ | 325 |
YEAR-TO-DATE ENDED SEPTEMBER 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 196 |  |  | $ | 10 |  |  | $ | 164 |  |  | $ | 6 |  |  | $ | 376 |
Capital expenditures |  | $ | 74 |  |  | $ | — |  |  | $ | 177 |  |  | $ | 16 |  |  | $ | 267 |
Total Assets | Total Assets
DOLLAR AMOUNTS IN MILLIONS |  | SEPTEMBER 30, 2025 |  |  | DECEMBER 31, 2024 |
Timberlands and Real Estate & ENR(1) |  | $ | 12,857 |  |  | $ | 12,545 |
Wood Products |  |  | 3,200 |  |  |  | 3,116 |
Unallocated items |  |  | 611 |  |  |  | 875 |
Consolidated |  | $ | 16,668 |  |  | $ | 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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