Attached files
file | filename |
---|---|
EX-99.1 - WEYERHAEUSER CO | v173013_ex99-1.htm |
8-K - WEYERHAEUSER CO | v173013_8k.htm |
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
CONSOLIDATED
EARNINGS
(in
millions, except per-share figures)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Net
sales and revenues:
|
||||||||||||||||||||||||||||
Forest
Products
|
$ | 1,103 | $ | 1,192 | $ | 1,211 | $ | 1,118 | $ | 1,423 | $ | 4,624 | $ | 6,692 | ||||||||||||||
Real
Estate
|
172 | 199 | 196 | 337 | 354 | 904 | 1,408 | |||||||||||||||||||||
Total
net sales and revenues
|
1,275 | 1,391 | 1,407 | 1,455 | 1,777 | 5,528 | 8,100 | |||||||||||||||||||||
Costs
and expenses:
|
||||||||||||||||||||||||||||
Forest
Products:
|
||||||||||||||||||||||||||||
Costs
of products sold
|
978 | 1,050 | 973 | 936 | 1,210 | 3,937 | 5,540 | |||||||||||||||||||||
Alternative
fuel mixture credits
|
- | (107 | ) | (122 | ) | (115 | ) | - | (344 | ) | - | |||||||||||||||||
Depreciation,
depletion and amortization
|
122 | 125 | 123 | 121 | 140 | 491 | 578 | |||||||||||||||||||||
Selling
expenses
|
43 | 33 | 33 | 38 | 54 | 147 | 227 | |||||||||||||||||||||
General
and administrative expenses
|
96 | 83 | 79 | 67 | 77 | 325 | 459 | |||||||||||||||||||||
Research
and development expenses
|
13 | 15 | 10 | 13 | 15 | 51 | 64 | |||||||||||||||||||||
Charges
for restructuring and closures
|
82 | 46 | 67 | 25 | 23 | 220 | 110 | |||||||||||||||||||||
Impairment
of goodwill and other assets
|
18 | 20 | 36 | 108 | 872 | 182 | 1,019 | |||||||||||||||||||||
Other
operating costs (income), net
|
6 | (77 | ) | (184 | ) | (14 | ) | 19 | (269 | ) | 11 | |||||||||||||||||
1,358 | 1,188 | 1,015 | 1,179 | 2,410 | 4,740 | 8,008 | ||||||||||||||||||||||
Real
Estate:
|
||||||||||||||||||||||||||||
Costs
and operating expenses
|
149 | 159 | 168 | 280 | 448 | 756 | 1,449 | |||||||||||||||||||||
Depreciation
and amortization
|
4 | 4 | 3 | 6 | 4 | 17 | 18 | |||||||||||||||||||||
Selling
expenses
|
22 | 20 | 19 | 22 | 34 | 83 | 139 | |||||||||||||||||||||
General
and administrative expenses
|
28 | 17 | 16 | 19 | 24 | 80 | 106 | |||||||||||||||||||||
Other
operating costs, net
|
- | 7 | 13 | 10 | 6 | 30 | 2 | |||||||||||||||||||||
Impairment
of long-lived assets and other related charges
|
44 | 58 | 50 | 117 | 432 | 269 | 979 | |||||||||||||||||||||
247 | 265 | 269 | 454 | 948 | 1,235 | 2,693 | ||||||||||||||||||||||
Total
costs and expenses
|
1,605 | 1,453 | 1,284 | 1,633 | 3,358 | 5,975 | 10,701 | |||||||||||||||||||||
Operating
income (loss)
|
(330 | ) | (62 | ) | 123 | (178 | ) | (1,581 | ) | (447 | ) | (2,601 | ) | |||||||||||||||
Forest
Products:
|
||||||||||||||||||||||||||||
Interest
expense incurred
|
(108 | ) | (107 | ) | (107 | ) | (114 | ) | (123 | ) | (436 | ) | (505 | ) | ||||||||||||||
Less:
interest capitalized
|
2 | 2 | 1 | 1 | 3 | 6 | 59 | |||||||||||||||||||||
Gain
(loss) on early extinguishment of debt
|
- | - | - | (28 | ) | 34 | (28 | ) | 32 | |||||||||||||||||||
Interest
income and other
|
14 | 13 | 15 | 15 | 20 | 57 | 78 | |||||||||||||||||||||
Gain
on Uruguay restructuring
|
- | - | - | - | 149 | - | 250 | |||||||||||||||||||||
Equity
in income (loss) of affiliates
|
3 | - | (4 | ) | (4 | ) | 7 | (5 | ) | 15 | ||||||||||||||||||
Real
Estate:
|
||||||||||||||||||||||||||||
Interest
expense incurred
|
(7 | ) | (7 | ) | (8 | ) | (8 | ) | (9 | ) | (30 | ) | (45 | ) | ||||||||||||||
Less:
interest capitalized
|
7 | 7 | 6 | 6 | 9 | 26 | 45 | |||||||||||||||||||||
Interest
income and other
|
1 | 1 | 3 | - | - | 5 | 2 | |||||||||||||||||||||
Equity
in income of unconsolidated entities
|
2 | 11 | 1 | 3 | 5 | 17 | 21 | |||||||||||||||||||||
Impairments
of investments and other related charges
|
(26 | ) | (6 | ) | - | 25 | (43 | ) | (7 | ) | (160 | ) | ||||||||||||||||
Earnings
(loss) from continuing operations before income taxes
|
(442 | ) | (148 | ) | 30 | (282 | ) | (1,529 | ) | (842 | ) | (2,809 | ) | |||||||||||||||
Income tax benefit (provision) (1)
|
176 | 32 | (35 | ) | 101 | 326 | 274 | 900 | ||||||||||||||||||||
Loss
from continuing operations
|
(266 | ) | (116 | ) | (5 | ) | (181 | ) | (1,203 | ) | (568 | ) | (1,909 | ) | ||||||||||||||
Discontinued operations, net of taxes (2)
|
- | - | - | - | (11 | ) | - | 667 | ||||||||||||||||||||
Net
loss
|
(266 | ) | (116 | ) | (5 | ) | (181 | ) | (1,214 | ) | (568 | ) | (1,242 | ) | ||||||||||||||
Less:
net loss attributable to noncontrolling interests
|
2 | 10 | 5 | 6 | 2 | 23 | 66 | |||||||||||||||||||||
Net
loss attributable to Weyerhaeuser common shareholders
|
$ | (264 | ) | $ | (106 | ) | $ | - | $ | (175 | ) | $ | (1,212 | ) | $ | (545 | ) | $ | (1,176 | ) | ||||||||
Basic
and diluted net earnings (loss) per share attributable to Weyerhaeuser
common shareholders:
|
||||||||||||||||||||||||||||
Continuing
operations
|
$ | (1.25 | ) | $ | (0.50 | ) | $ | - | $ | (0.83 | ) | $ | (5.68 | ) | $ | (2.58 | ) | $ | (8.72 | ) | ||||||||
Discontinued
operations
|
- | - | - | - | (0.05 | ) | - | 3.15 | ||||||||||||||||||||
Net
earnings (loss) per share
|
$ | (1.25 | ) | $ | (0.50 | ) | $ | - | $ | (0.83 | ) | $ | (5.73 | ) | $ | (2.58 | ) | $ | (5.57 | ) | ||||||||
Dividends
paid per share
|
$ | 0.25 | $ | 0.25 | $ | 0.05 | $ | 0.05 | $ | 0.60 | $ | 0.60 | $ | 2.40 | ||||||||||||||
Weighted
average shares outstanding (in thousands):
|
||||||||||||||||||||||||||||
Basic
|
211,298 | 211,356 | 211,357 | 211,358 | 211,289 | 211,342 | 211,258 | |||||||||||||||||||||
Diluted
|
211,298 | 211,356 | 211,357 | 211,358 | 211,289 | 211,342 | 211,258 | |||||||||||||||||||||
Common
shares outstanding at end of period (in thousands)
|
211,355 | 211,357 | 211,357 | 211,359 | 211,289 | 211,359 | 211,289 |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
1
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
FOOTNOTES
TO CONSOLIDATED EARNINGS
(in
millions)
(1)
|
(a)
Third quarter and year-to-date 2009 includes $21 million in net tax
charges related to the true-up of previous tax liabilities, state tax law
and rate changes and interest on unrecognized tax
benefits.
|
(b)
Year-to-date 2008 includes $14 million for tax benefits related to the release
of tax liabilities.
(2)
|
Discontinued
operations for 2008 include the net operating results of our
Containerboard, Packaging and Recycling business and Australian
operations.
|
Results
of discontinued operations exclude certain general corporate overhead costs that
have been allocated to and are included in contribution to earnings for the
operating segments. Discontinued operations include an allocation of
net pension and postretirement income or expense.
Summary
results of discontinued operations:
Year-to-date
|
||||||||
Q4 2008
|
2008
|
|||||||
Net
sales
|
$ | - | $ | 3,301 | ||||
Net
earnings from operations (after-tax)
|
$ | 3 | $ | 217 | ||||
Net
gain (loss) on divestitures and sales (after-tax)
|
$ | (14 | ) | $ | 450 | |||
Net
earnings (loss) from discontinued operations
|
$ | (11 | ) | $ | 667 |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
2
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
NET
SALES AND REVENUES:
(in
millions)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Timberlands:
|
||||||||||||||||||||||||||||
Logs:
|
||||||||||||||||||||||||||||
West
|
$ | 82 | $ | 87 | $ | 84 | $ | 76 | $ | 129 | $ | 329 | $ | 547 | ||||||||||||||
South
|
33 | 43 | 39 | 29 | 37 | 144 | 97 | |||||||||||||||||||||
Canada
|
2 | - | 5 | 6 | 4 | 13 | 20 | |||||||||||||||||||||
Total
logs
|
117 | 130 | 128 | 111 | 170 | 486 | 664 | |||||||||||||||||||||
Pay
as cut timber sales
|
7 | 7 | 10 | 7 | 10 | 31 | 32 | |||||||||||||||||||||
Timberlands sales and exchanges (1)
|
4 | 40 | 15 | 7 | 7 | 66 | 73 | |||||||||||||||||||||
Higher and better use land sales (1)
|
1 | 4 | 5 | 1 | 2 | 11 | 11 | |||||||||||||||||||||
Minerals,
oil and gas
|
14 | 14 | 21 | 13 | 19 | 62 | 61 | |||||||||||||||||||||
Products from international
operations (2)
|
7 | 10 | 13 | 14 | 13 | 44 | 40 | |||||||||||||||||||||
Other
products
|
7 | 3 | 1 | 3 | 3 | 14 | 18 | |||||||||||||||||||||
157 | 208 | 193 | 156 | 224 | 714 | 899 | ||||||||||||||||||||||
Wood
Products:
|
||||||||||||||||||||||||||||
Softwood
lumber
|
222 | 229 | 226 | 208 | 286 | 885 | 1,443 | |||||||||||||||||||||
Engineered
solid section
|
55 | 62 | 67 | 54 | 74 | 238 | 414 | |||||||||||||||||||||
Engineered
I-Joists
|
33 | 43 | 47 | 39 | 46 | 162 | 284 | |||||||||||||||||||||
Oriented
strand board
|
55 | 58 | 63 | 58 | 88 | 234 | 416 | |||||||||||||||||||||
Plywood
|
24 | 22 | 25 | 21 | 38 | 92 | 202 | |||||||||||||||||||||
Hardwood
lumber
|
51 | 56 | 54 | 45 | 59 | 206 | 291 | |||||||||||||||||||||
Other
products produced
|
43 | 39 | 37 | 27 | 62 | 146 | 225 | |||||||||||||||||||||
Other
products purchased for resale
|
59 | 85 | 69 | 58 | 72 | 271 | 493 | |||||||||||||||||||||
542 | 594 | 588 | 510 | 725 | 2,234 | 3,768 | ||||||||||||||||||||||
Cellulose
Fibers:
|
||||||||||||||||||||||||||||
Pulp
|
281 | 255 | 297 | 315 | 311 | 1,148 | 1,357 | |||||||||||||||||||||
Liquid
packaging board
|
66 | 77 | 73 | 74 | 76 | 290 | 290 | |||||||||||||||||||||
Other
products
|
17 | 17 | 20 | 19 | 26 | 73 | 118 | |||||||||||||||||||||
364 | 349 | 390 | 408 | 413 | 1,511 | 1,765 | ||||||||||||||||||||||
Real
Estate:
|
||||||||||||||||||||||||||||
Single
family housing
|
162 | 180 | 185 | 305 | 308 | 832 | 1,294 | |||||||||||||||||||||
Land
development
|
9 | 18 | 10 | 31 | 45 | 68 | 99 | |||||||||||||||||||||
Other
|
1 | 1 | 1 | 1 | 1 | 4 | 15 | |||||||||||||||||||||
172 | 199 | 196 | 337 | 354 | 904 | 1,408 | ||||||||||||||||||||||
Corporate
and Other
|
40 | 41 | 40 | 44 | 61 | 165 | 392 | |||||||||||||||||||||
Containerboard,
Packaging and Recycling
|
- | - | - | - | - | - | 3,169 | |||||||||||||||||||||
Less:
sales of discontinued operations
|
- | - | - | - | - | - | (3,301 | ) | ||||||||||||||||||||
$ | 1,275 | $ | 1,391 | $ | 1,407 | $ | 1,455 | $ | 1,777 | $ | 5,528 | $ | 8,100 |
(1) Higher
and better use timberlands and other non-strategic timberlands are sold through
Forest Products subsidiaries.
(2)
Includes logs, plywood and hardwood lumber harvested or produced by our
international operations, primarily in South America.
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
NET
CONTRIBUTION TO PRE-TAX EARNINGS:
(in
millions)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Timberlands
|
$ | 40 | $ | 66 | $ | 219 | $ | 13 | $ | 62 | $ | 338 | $ | 384 | ||||||||||||||
Wood
Products
|
(266 | ) | (162 | ) | (97 | ) | (208 | ) | (960 | ) | (733 | ) | (1,547 | ) | ||||||||||||||
Cellulose
Fibers
|
31 | 100 | 166 | 147 | (29 | ) | 444 | 147 | ||||||||||||||||||||
Real
Estate
|
(96 | ) | (50 | ) | (64 | ) | (89 | ) | (630 | ) | (299 | ) | (1,357 | ) | ||||||||||||||
Corporate
and Other
|
(43 | ) | 13 | (81 | ) | 4 | 119 | (107 | ) | 1,558 | ||||||||||||||||||
Containerboard,
Packaging and Recycling
|
- | - | - | - | - | - | 204 | |||||||||||||||||||||
$ | (334 | ) | $ | (33 | ) | $ | 143 | $ | (133 | ) | $ | (1,438 | ) | $ | (357 | ) | $ | (611 | ) |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
3
FOOTNOTES
TO NET CONTRIBUTION TO PRE-TAX EARNINGS
(includes
costs incurred within the company's discontinued operations)
(in
millions)
Year-to-date
|
||||||||||||||||||||||||||||
|
Q1 2009
|
Q2 2009
|
Q3 2009
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|||||||||||||||||||||
Timberlands
includes:
|
||||||||||||||||||||||||||||
Charges
for restructuring and closures
|
$ | - | $ | (5 | ) | $ | (2 | ) | $ | - | $ | - | $ | (7 | ) | $ | - | |||||||||||
Asset
impairments- attributable to Weyerhaeuser shareholders
|
- | - | - | (15 | ) | - | (15 | ) | - | |||||||||||||||||||
Asset
impairments- attributable to noncontrolling interest
|
- | - | - | (5 | ) | - | (5 | ) | - | |||||||||||||||||||
Gain
on sale of 140,000 acres of non-strategic timberlands
|
- | - | 163 | - | - | 163 | - | |||||||||||||||||||||
Sale
of mineral royalties
|
- | - | 6 | - | - | 6 | - |
Year-to-date
|
||||||||||||||||||||||||||||
|
Q1 2009
|
Q2 2009
|
Q3 2009
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|||||||||||||||||||||
Wood
Products includes:
|
||||||||||||||||||||||||||||
Charges
for restructuring and closures
|
$ | (63 | ) | $ | - | $ | (1 | ) | $ | (1 | ) | $ | (9 | ) | $ | (65 | ) | $ | (50 | ) | ||||||||
Goodwill
impairments
|
(3 | ) | - | - | - | (733 | ) | (3 | ) | (742 | ) | |||||||||||||||||
Other
asset impairments
|
(5 | ) | (16 | ) | (4 | ) | (84 | ) | (19 | ) | (109 | ) | (96 | ) | ||||||||||||||
Reserve
for litigation
|
(19 | ) | - | - | - | - | (19 | ) | (18 | ) | ||||||||||||||||||
Gain
on sale of property
|
- | 1 | - | - | - | 1 | - |
Year-to-date
|
||||||||||||||||||||||||||||
|
Q1 2009
|
Q2 2009
|
Q3 2009
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|||||||||||||||||||||
Cellulose
Fibers includes:
|
||||||||||||||||||||||||||||
Charges
for restructuring and closures
|
$ | (1 | ) | $ | - | $ | - | $ | - | $ | - | $ | (1 | ) | $ | (1 | ) | |||||||||||
Goodwill
impairments
|
- | - | - | - | (94 | ) | - | (94 | ) | |||||||||||||||||||
Other
asset impairments
|
- | - | - | (2 | ) | - | (2 | ) | - | |||||||||||||||||||
Alternative
fuel mixture credits
|
- | 107 | 122 | 115 | - | 344 | - |
Year-to-date
|
||||||||||||||||||||||||||||
|
Q1 2009
|
Q2 2009
|
Q3 2009
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|||||||||||||||||||||
Real
Estate includes:
|
||||||||||||||||||||||||||||
Charges
for restructuring and closures
|
$ | (4 | ) | $ | (2 | ) | $ | (13 | ) | $ | (8 | ) | $ | (10 | ) | $ | (27 | ) | $ | (10 | ) | |||||||
Impairment
of assets and other related charges - attributable to Weyerhaeuser
shareholders
|
(66 | ) | (50 | ) | (42 | ) | (92 | ) | (474 | ) | (250 | ) | (1,076 | ) | ||||||||||||||
Impairment
of assets and other related charges - attributable to noncontrolling
interest
|
(2 | ) | (9 | ) | (4 | ) | - | (1 | ) | (15 | ) | (63 | ) | |||||||||||||||
Commercial
partnership income adjustment
|
- | - | - | - | - | - | 12 | |||||||||||||||||||||
Sale
of partnership interest
|
- | 9 | - | - | - | 9 | - | |||||||||||||||||||||
Net
gain (loss) on land and lot sales
|
6 | 7 | - | (10 | ) | (130 | ) | 3 | (219 | ) |
Year-to-date
|
||||||||||||||||||||||||||||
|
Q1 2009
|
Q2 2009
|
Q3 2009
|
Q4 2009
|
Q4 2008
|
2009
|
2008
|
|||||||||||||||||||||
Corporate
and Other includes:
|
||||||||||||||||||||||||||||
Charges
for restructuring and closures
|
$ | (18 | ) | $ | (41 | ) | $ | (64 | ) | $ | (24 | ) | $ | (14 | ) | $ | (147 | ) | $ | (59 | ) | |||||||
Asset
impairments
|
(10 | ) | (4 | ) | (31 | ) | (2 | ) | (22 | ) | (47 | ) | (77 | ) | ||||||||||||||
Cost
of sales adjustment on previously impaired Real Estate
assets
|
- | - | - | 24 | - | 24 | - | |||||||||||||||||||||
Litigation
and insurance settlements
|
- | 20 | - | - | - | 20 | - | |||||||||||||||||||||
Environmental
reserve adjustment
|
- | - | - | - | - | - | (17 | ) | ||||||||||||||||||||
Gain
on Uruguay restructuring
|
- | - | - | - | 149 | - | 250 | |||||||||||||||||||||
Gain
on sale of Containerboard, Packaging and Recycling
business
|
- | - | - | - | - | - | 1,173 | |||||||||||||||||||||
Gain
on sale of Australian operations
|
- | - | - | - | - | - | 217 | |||||||||||||||||||||
Gain
on sale of closed facilities
|
- | 18 | - | - | - | 18 | - | |||||||||||||||||||||
2008
amendments to U.S. postretirement benefit plans
|
- | - | - | - | - | - | 52 | |||||||||||||||||||||
Reduction
in retiree life insurance benefits
|
- | - | - | 17 | - | 17 | - | |||||||||||||||||||||
Share-based
compensation
|
(3 | ) | (2 | ) | (4 | ) | (4 | ) | 2 | (13 | ) | (20 | ) | |||||||||||||||
Net
foreign exchange gains (losses)
|
(5 | ) | 21 | 17 | 6 | (25 | ) | 39 | (43 | ) | ||||||||||||||||||
Pension and postretirement credits (1)
|
24 | 37 | 31 | 29 | 69 | 121 | 186 | |||||||||||||||||||||
Lease
accounting adjustment
|
- | - | - | (12 | ) | - | (12 | ) | - |
(1)
|
Excludes
pension and postretirement included in charges for restructuring and
closures above.
|
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
4
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
THIRD
PARTY SALES VOLUMES:
(in
millions)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Timberlands
(thousands):
|
||||||||||||||||||||||||||||
Logs
- cubic meters:
|
||||||||||||||||||||||||||||
West
|
1,090 | 1,283 | 1,156 | 950 | 1,567 | 4,479 | 6,967 | |||||||||||||||||||||
South
|
769 | 1,062 | 981 | 724 | 861 | 3,536 | 2,347 | |||||||||||||||||||||
Canada
|
64 | 3 | 144 | 198 | 97 | 409 | 529 | |||||||||||||||||||||
International
|
77 | 73 | 84 | 71 | 147 | 305 | 329 | |||||||||||||||||||||
Wood
Products (millions):
|
||||||||||||||||||||||||||||
Softwood
lumber - board feet
|
890 | 896 | 803 | 764 | 1,016 | 3,353 | 4,722 | |||||||||||||||||||||
Engineered
solid section - cubic feet
|
3 | 4 | 3 | 3 | 5 | 13 | 23 | |||||||||||||||||||||
Engineered
I-Joists - lineal feet
|
26 | 36 | 43 | 34 | 38 | 139 | 227 | |||||||||||||||||||||
Oriented
strand board - square feet (3/8")
|
347 | 374 | 363 | 348 | 535 | 1,432 | 2,438 | |||||||||||||||||||||
Plywood -
square feet (3/8")
|
67 | 71 | 84 | 76 | 116 | 298 | 565 | |||||||||||||||||||||
Hardwood
lumber - board feet
|
58 | 69 | 66 | 59 | 66 | 252 | 324 | |||||||||||||||||||||
Cellulose
Fibers (thousands):
|
||||||||||||||||||||||||||||
Pulp
- air-dry metric tons
|
409 | 395 | 450 | 443 | 393 | 1,697 | 1,704 | |||||||||||||||||||||
Liquid
packaging board - tons
|
64 | 77 | 74 | 73 | 76 | 288 | 302 | |||||||||||||||||||||
Real
Estate:
|
||||||||||||||||||||||||||||
Single-family
homes sold
|
455 | 790 | 593 | 431 | 329 | 2,269 | 2,522 | |||||||||||||||||||||
Single-family
homes closed
|
429 | 464 | 506 | 778 | 755 | 2,177 | 3,188 | |||||||||||||||||||||
Single-family
homes sold but not closed at end of period (backlog)
|
584 | 910 | 997 | 650 | 558 | 650 | 558 |
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
TOTAL
PRODUCTION VOLUMES:
(in
millions)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Timberlands
(thousands):
|
||||||||||||||||||||||||||||
Fee
depletion - cubic meters:
|
||||||||||||||||||||||||||||
West
|
1,678 | 1,910 | 1,603 | 1,168 | 2,214 | 6,359 | 10,626 | |||||||||||||||||||||
South
|
2,380 | 2,495 | 2,258 | 1,863 | 2,858 | 8,996 | 12,363 | |||||||||||||||||||||
International
|
107 | 141 | 122 | 133 | - | 503 | - | |||||||||||||||||||||
Wood
Products (millions):
|
||||||||||||||||||||||||||||
Softwood
lumber - board feet
|
861 | 792 | 777 | 668 | 977 | 3,098 | 4,451 | |||||||||||||||||||||
Engineered
solid section - cubic feet
|
2 | 3 | 3 | 3 | 4 | 11 | 22 | |||||||||||||||||||||
Engineered
I-Joists - lineal feet
|
20 | 24 | 36 | 29 | 39 | 109 | 218 | |||||||||||||||||||||
Oriented
strand board - square feet (3/8")
|
335 | 369 | 390 | 354 | 516 | 1,448 | 2,468 | |||||||||||||||||||||
Plywood
- square feet (3/8")
|
28 | 37 | 48 | 37 | 75 | 150 | 333 | |||||||||||||||||||||
Hardwood
lumber - board feet
|
55 | 48 | 54 | 44 | 51 | 201 | 253 | |||||||||||||||||||||
Cellulose
Fibers (thousands):
|
||||||||||||||||||||||||||||
Pulp
- air-dry metric tons
|
415 | 368 | 429 | 417 | 436 | 1,629 | 1,760 | |||||||||||||||||||||
Liquid
packaging board - tons
|
65 | 77 | 71 | 69 | 81 | 282 | 297 |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
5
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
(in
millions)
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec.
31,
|
||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Forest
Products
|
||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||
Cash
and cash equivalents
|
$ | 1,653 | $ | 1,745 | $ | 1,624 | $ | 1,862 | $ | 2,288 | ||||||||||
Short-term
investments
|
92 | 60 | 47 | 49 | 138 | |||||||||||||||
Receivables,
less allowances
|
384 | 402 | 403 | 370 | 429 | |||||||||||||||
Receivables
for taxes
|
273 | 336 | 299 | 602 | 73 | |||||||||||||||
Receivable
from pension trust
|
285 | 285 | 285 | 146 | 200 | |||||||||||||||
Inventories
|
664 | 530 | 498 | 447 | 702 | |||||||||||||||
Prepaid
expenses
|
98 | 92 | 87 | 82 | 101 | |||||||||||||||
Deferred
tax assets
|
150 | 151 | 150 | 109 | 159 | |||||||||||||||
Total
current assets
|
3,599 | 3,601 | 3,393 | 3,667 | 4,090 | |||||||||||||||
Property
and equipment, net
|
3,783 | 3,747 | 3,686 | 3,611 | 3,869 | |||||||||||||||
Construction
in progress
|
95 | 108 | 108 | 52 | 104 | |||||||||||||||
Timber
and timberlands at cost, less depletion charged to
disposals
|
4,201 | 4,173 | 4,014 | 4,010 | 4,205 | |||||||||||||||
Investments
in and advances to equity affiliates
|
205 | 200 | 199 | 197 | 202 | |||||||||||||||
Goodwill
|
40 | 40 | 40 | 40 | 43 | |||||||||||||||
Deferred
pension and other assets
|
564 | 600 | 658 | 756 | 651 | |||||||||||||||
Restricted
assets held by special purpose entities
|
914 | 916 | 914 | 915 | 916 | |||||||||||||||
Noncurrent
assets of discontinued operations
|
- | - | - | - | - | |||||||||||||||
13,401 | 13,385 | 13,012 | 13,248 | 14,080 | ||||||||||||||||
Real
Estate
|
||||||||||||||||||||
Cash
and cash equivalents
|
3 | 1 | 4 | 7 | 6 | |||||||||||||||
Receivables,
less allowances
|
51 | 46 | 31 | 32 | 74 | |||||||||||||||
Inventory
|
1,851 | 1,777 | 1,734 | 1,515 | 1,860 | |||||||||||||||
Investments
in unconsolidated entities
|
21 | 16 | 16 | 17 | 30 | |||||||||||||||
Deferred
tax assets
|
439 | 419 | 396 | 299 | 438 | |||||||||||||||
Other
assets
|
183 | 180 | 133 | 126 | 167 | |||||||||||||||
Consolidated
assets not owned
|
32 | 18 | 6 | 6 | 40 | |||||||||||||||
2,580 | 2,457 | 2,320 | 2,002 | 2,615 | ||||||||||||||||
Total
assets
|
$ | 15,981 | $ | 15,842 | $ | 15,332 | $ | 15,250 | $ | 16,695 | ||||||||||
Liabilities
|
||||||||||||||||||||
Forest
Products
|
||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||
Notes
payable and commercial paper
|
$ | 1 | $ | 1 | $ | 3 | $ | 4 | $ | 1 | ||||||||||
Current
maturities of long-term debt
|
406 | 388 | 41 | 3 | 407 | |||||||||||||||
Accounts
payable
|
285 | 314 | 325 | 317 | 381 | |||||||||||||||
Accrued
liabilities
|
730 | 760 | 656 | 631 | 933 | |||||||||||||||
Current
liabilities of discontinued operations
|
- | - | - | - | - | |||||||||||||||
Total
current liabilities
|
1,422 | 1,463 | 1,025 | 955 | 1,722 | |||||||||||||||
Long-term
debt
|
5,153 | 5,153 | 5,150 | 5,281 | 5,153 | |||||||||||||||
Deferred
income taxes
|
1,723 | 1,677 | 1,663 | 1,538 | 1,805 | |||||||||||||||
Deferred
pension, other postretirement benefits and other
liabilities
|
1,718 | 1,755 | 1,701 | 2,000 | 1,618 | |||||||||||||||
Liabilities
(nonrecourse to Weyerhaeuser) held by special purpose
entities
|
763 | 766 | 765 | 768 | 764 | |||||||||||||||
Noncurrent
liabilities of discontinued operations
|
- | - | - | - | - | |||||||||||||||
10,779 | 10,814 | 10,304 | 10,542 | 11,062 | ||||||||||||||||
Real
Estate
|
||||||||||||||||||||
Notes
payable and commercial paper
|
- | - | - | - | - | |||||||||||||||
Long-term
debt
|
456 | 456 | 404 | 402 | 456 | |||||||||||||||
Other
liabilities
|
317 | 294 | 259 | 252 | 313 | |||||||||||||||
Consolidated
liabilities not owned
|
35 | 1 | - | - | 17 | |||||||||||||||
808 | 751 | 663 | 654 | 786 | ||||||||||||||||
Total
liabilities
|
11,587 | 11,565 | 10,967 | 11,196 | 11,848 | |||||||||||||||
Equity
|
||||||||||||||||||||
Weyerhaeuser
shareholders' interest
|
4,381 | 4,249 | 4,349 | 4,044 | 4,814 | |||||||||||||||
Noncontrolling
interest
|
13 | 28 | 16 | 10 | 33 | |||||||||||||||
Total
equity
|
4,394 | 4,277 | 4,365 | 4,054 | 4,847 | |||||||||||||||
Total
liabilities and equity
|
$ | 15,981 | $ | 15,842 | $ | 15,332 | $ | 15,250 | $ | 16,695 |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
6
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION (unaudited)
STATEMENT
OF CASH FLOWS
SELECTED
INFORMATION (unaudited)
(in
millions)
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Net
cash from operations
|
$ | (436 | ) | $ | 126 | $ | 34 | $ | 74 | $ | (1,172 | ) | $ | (202 | ) | $ | (1,311 | ) | ||||||||||
Cash paid for property and
equipment (1)
|
(53 | ) | (32 | ) | (38 | ) | (56 | ) | (90 | ) | (179 | ) | (372 | ) | ||||||||||||||
Cash paid for timberlands
reforestation (1)
|
(15 | ) | (7 | ) | (7 | ) | (7 | ) | (17 | ) | (36 | ) | (53 | ) | ||||||||||||||
Acquisition
of timberlands
|
(7 | ) | - | (19 | ) | 10 | (18 | ) | (16 | ) | (165 | ) | ||||||||||||||||
Cash
received from issuances of debt
|
- | - | - | 491 | - | 491 | - | |||||||||||||||||||||
Revolving
credit facilities, notes and commercial paper borrowings,
net
|
- | - | - | - | 8 | - | (373 | ) | ||||||||||||||||||||
Payments
on debt
|
(1 | ) | (18 | ) | (403 | ) | (432 | ) | (773 | ) | (854 | ) | (972 | ) | ||||||||||||||
Proceeds
from the sale of assets and operations
|
8 | 29 | 313 | 14 | 26 | 364 | 6,484 | |||||||||||||||||||||
Cash
paid for dividends
|
(53 | ) | (53 | ) | (10 | ) | (11 | ) | (127 | ) | (127 | ) | (507 | ) | ||||||||||||||
Loan
to pension trust, net of repayments
|
(85 | ) | - | - | 139 | (200 | ) | 54 | (200 | ) | ||||||||||||||||||
Repurchases
of common stock
|
(2 | ) | - | - | - | - | (2 | ) | - |
(1)
Capital spending is for Forest Products only and excludes Real
Estate.
Forest
Products Working Capital by Business Segment
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
||||||||||||||||
Timberlands
|
$ | 47 | $ | 36 | $ | 16 | $ | 9 | $ | 20 | ||||||||||
Wood
Products
|
354 | 279 | 250 | 226 | 351 | |||||||||||||||
Cellulose
Fibers
|
292 | 284 | 317 | 234 | 290 | |||||||||||||||
Corporate
and Other (1)
|
1,484 | 1,539 | 1,785 | 2,243 | 1,707 | |||||||||||||||
$ | 2,177 | $ | 2,138 | $ | 2,368 | $ | 2,712 | $ | 2,368 |
(1)
|
Corporate
and Other segment holds payroll and other liabilities related to the
segments and income tax receivable related to Real
Estate.
|
Forest
Products Capital Expenditures by Business Segment
Q1
|
Q2
|
Q3
|
Q4
|
Year-to-date
|
||||||||||||||||||||||||
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
Timberlands
|
$ | 28 | $ | 21 | $ | 18 | $ | 16 | $ | 44 | $ | 83 | $ | 110 | ||||||||||||||
Wood
Products
|
25 | 4 | 4 | 24 | 30 | 57 | 100 | |||||||||||||||||||||
Cellulose
Fibers
|
8 | 10 | 20 | 23 | 17 | 61 | 54 | |||||||||||||||||||||
Corporate
and Other
|
7 | 4 | 3 | - | 16 | 14 | 61 | |||||||||||||||||||||
Containerboard,
Packaging and Recycling
|
- | - | - | - | - | - | 100 | |||||||||||||||||||||
$ | 68 | $ | 39 | $ | 45 | $ | 63 | $ | 107 | $ | 215 | $ | 425 |
PRELIMINARY
RESULTS - SUBJECT TO AUDIT
7