- Generated full year net earnings of $1.9 billion, or $2.53 per diluted share
- Achieved full year Adjusted EBITDA of $3.7 billion
- Returning $1.75 billion in
total cash back to shareholders based on 2022 results, including
$550 million of share repurchase
completed in 2022
SEATTLE, Jan. 26,
2023 /PRNewswire/ -- Weyerhaeuser Company (NYSE:
WY) today reported fourth quarter net earnings of $11 million,
or 2 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of
$416 million, or 55 cents per
diluted share, on net sales of $2.2
billion for the same period last year and net earnings of
$310 million for the third quarter of
2022. Excluding a total after-tax charge of $160 million for special items, the company
reported fourth quarter net earnings of $171
million, or 24 cents per
diluted share. This compares with net earnings before special
items of $367 million for the same
period last year. Adjusted EBITDA for the fourth quarter of 2022
was $369 million compared with
$674 million for the same period
last year and $583 million for the
third quarter of 2022.
In the fourth quarter, Weyerhaeuser completed the purchase of a
group annuity contract that transfers approximately $420 million of the company's Canadian pension
liabilities to an insurance carrier. The contract purchase was
funded from Canadian pension plan assets, with no company cash
contribution required. As a result of the transaction, fourth
quarter special items include a noncash after-tax settlement charge
of $152 million. This transaction is
the latest in a series of actions taken to reduce the company's
pension plan obligations. Since beginning these efforts in 2018,
Weyerhaeuser's pension obligations have decreased from $6.8 billion to $2.3
billion as of December 31,
2022.
For the full year 2022, Weyerhaeuser reported net earnings of
$1.9 billion, or $2.53 per diluted share, on net sales of
$10.2 billion. This compares with net
earnings of $2.6 billion on net sales
of $10.2 billion for the full year
2021. Full year 2022 includes after-tax charges of $367 million for special items. Excluding these
items, the company reported net earnings of $2.2 billion, or $3.02 per diluted share. This compares with net
earnings before special items of $2.5
billion for the full year 2021. Adjusted EBITDA for full
year 2022 was $3.7 billion compared
with $4.1 billion for full year
2021.
This afternoon, the company declared a $0.90 per share
supplemental dividend. On a combined basis, including dividends and
share repurchase, the company is returning $1.75 billion of cash, or 75 percent of 2022
Adjusted FAD, to shareholders based on 2022 results.
"I am extremely proud of our accomplishments in 2022, and our
performance reflects strong execution across all businesses despite
macroeconomic headwinds, supply chain disruptions and dynamic
market conditions," said Devin W. Stockfish, president and chief
executive officer. "Our teams drove continued improvements across
each of the value levers of our investment thesis in 2022. Notably,
we grew our timberlands holdings through a strategic acquisition in
the Carolinas, captured additional operational excellence
improvements, announced our first two carbon capture and storage
agreements and joined the Climate Pledge. We also increased our
base dividend by 5.9 percent, repurchased $550 million of our shares and refinanced
$900 million of debt. Entering 2023,
our balance sheet is exceptionally strong, and we are well
positioned to navigate through a range of market conditions. We
remain focused on serving our customers and driving long-term value
for shareholders through our unrivaled portfolio, industry-leading
performance, strong ESG foundation and disciplined capital
allocation."
WEYERHAEUSER
FINANCIAL HIGHLIGHTS
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
(millions, except
per share data)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net sales
|
|
$
|
2,276
|
|
|
$
|
1,823
|
|
|
$
|
2,206
|
|
|
$
|
10,184
|
|
|
$
|
10,201
|
|
Net earnings
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Net earnings per
diluted share
|
|
$
|
0.42
|
|
|
$
|
0.02
|
|
|
$
|
0.55
|
|
|
$
|
2.53
|
|
|
$
|
3.47
|
|
Weighted average shares
outstanding, diluted
|
|
|
741
|
|
|
|
737
|
|
|
|
751
|
|
|
|
743
|
|
|
|
751
|
|
Net earnings before
special items(1)(2)
|
|
$
|
310
|
|
|
$
|
171
|
|
|
$
|
367
|
|
|
$
|
2,247
|
|
|
$
|
2,526
|
|
Net earnings per
diluted share before special items(1)
|
|
$
|
0.42
|
|
|
$
|
0.24
|
|
|
$
|
0.49
|
|
|
$
|
3.02
|
|
|
$
|
3.37
|
|
Adjusted
EBITDA(1)
|
|
$
|
583
|
|
|
$
|
369
|
|
|
$
|
674
|
|
|
$
|
3,654
|
|
|
$
|
4,094
|
|
Net cash from
operations
|
|
$
|
562
|
|
|
$
|
167
|
|
|
$
|
494
|
|
|
$
|
2,832
|
|
|
$
|
3,159
|
|
Adjusted
FAD(3)
|
|
$
|
468
|
|
|
$
|
(56)
|
|
|
$
|
181
|
|
|
$
|
2,327
|
|
|
$
|
2,623
|
|
|
|
(1)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Additionally, Adjusted EBITDA is a non-GAAP measure
that management uses to evaluate the performance of the company.
Adjusted EBITDA, as we define it, is operating income adjusted for
depreciation, depletion, amortization, basis of real estate sold
and special items. Net earnings before special items and Adjusted
EBITDA should not be considered in isolation from, and are not
intended to represent an alternative to, our GAAP results.
Reconciliations of net earnings before special items and Adjusted
EBITDA to GAAP earnings are included within this
release.
|
(2)
|
Fourth quarter 2022
after-tax special items include a $152 million noncash settlement
charge related to the transfer of pension assets and liabilities
through the purchase of a group annuity contract and a $8 million
noncash impairment charge related to the planned divestiture of
legacy coal assets. Special items for prior periods presented are
included in the reconciliation tables within this
release.
|
(3)
|
Adjusted Funds
Available for Distribution (Adjusted FAD) is a non-GAAP measure
that management uses to evaluate the company's liquidity. Adjusted
FAD, as we define it, is net cash from operations adjusted for
capital expenditures and significant non-recurring items. Adjusted
FAD measures cash generated during the period (net of capital
expenditures and significant non-recurring items) that is available
for dividends, repurchases of common shares, debt reduction,
acquisitions, and other discretionary and nondiscretionary capital
allocation activities. Adjusted FAD should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results. A reconciliation of Adjusted FAD to net cash from
operations is included within this release.
|
TIMBERLANDS
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2022
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
574
|
|
|
$
|
548
|
|
|
$
|
(26)
|
|
Net contribution to
pretax earnings
|
|
$
|
107
|
|
|
$
|
86
|
|
|
$
|
(21)
|
|
Adjusted
EBITDA
|
|
$
|
168
|
|
|
$
|
150
|
|
|
$
|
(18)
|
|
Q4 2022 Performance – In the West, fee harvest volumes
were slightly higher than the third quarter, as harvest operations
returned to normal levels faster than expected following the
resolution of the work stoppage. Sales realizations were
significantly lower, partially offset by moderately higher sales
volumes. Per unit log and haul costs were comparable, and forestry
and road costs were seasonally lower. In the South, fee harvest
volumes were slightly higher than the third quarter, while sales
realizations and per unit log and haul costs were both
comparable.
Q1 2023 Outlook – Weyerhaeuser anticipates first quarter
earnings and Adjusted EBITDA will be slightly higher than the
fourth quarter. In the West, the company expects significantly
higher fee harvest volumes, partially offset by significantly lower
domestic sales realizations. Per unit log and haul costs are
expected to be moderately lower and forestry and road costs are
expected to be seasonally lower. In the South, the company expects
fee harvest volumes and sales realizations to be slightly lower.
Per unit log and haul costs and forestry and road costs are
expected to be comparable.
REAL ESTATE, ENERGY & NATURAL RESOURCES
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2022
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
68
|
|
|
$
|
55
|
|
|
$
|
(13)
|
|
Net contribution to
pretax earnings
|
|
$
|
48
|
|
|
$
|
24
|
|
|
$
|
(24)
|
|
Pretax charge for
special items
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
10
|
|
Net contribution to
pretax earnings before special items
|
|
$
|
48
|
|
|
$
|
34
|
|
|
$
|
(14)
|
|
Adjusted
EBITDA
|
|
$
|
60
|
|
|
$
|
46
|
|
|
$
|
(14)
|
|
Q4 2022 Performance – Earnings and Adjusted EBITDA
decreased from the third quarter due to lower real estate sales.
The number of acres sold decreased due to the timing of
transactions, partially offset by an increase in the average price
per acre due to the mix of properties sold. The segment reported
full year Adjusted EBITDA of $329
million.
Fourth quarter pretax special items include a $10 million noncash impairment charge related to
the planned divestiture of legacy coal assets.
Q1 2023 Outlook – Weyerhaeuser anticipates first quarter
earnings before special items will be approximately $10 million higher than the fourth quarter and
Adjusted EBITDA will be approximately $35
million higher than the fourth quarter due to the timing and
mix of real estate sales. The company expects full year 2023
Adjusted EBITDA for the segment will be approximately $300 million.
WOOD PRODUCTS
FINANCIAL
HIGHLIGHTS
|
|
2022
|
|
|
2022
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
1,767
|
|
|
$
|
1,331
|
|
|
$
|
(436)
|
|
Net contribution to
pretax earnings
|
|
$
|
344
|
|
|
$
|
147
|
|
|
$
|
(197)
|
|
Adjusted
EBITDA
|
|
$
|
395
|
|
|
$
|
197
|
|
|
$
|
(198)
|
|
Q4 2022 Performance – Sales realizations for lumber and
oriented strand board decreased 11 percent and 16 percent,
respectively, compared with third quarter averages. Sales and
production volumes for lumber were significantly lower due to the
work stoppage, labor constraints and adverse weather conditions.
Unit manufacturing costs were significantly higher and log costs
were moderately lower, primarily for western logs. For oriented
strand board, sales volumes were slightly lower and production
volumes were comparable. Unit manufacturing costs were moderately
lower, and fiber costs were slightly lower. Sales realizations were
lower for most engineered wood products, while sales volumes were
significantly lower for all products due to softening demand. Raw
material costs were moderately lower, primarily for oriented strand
board webstock. Distribution sales volumes were lower, primarily
for engineered wood products.
Q1 2023 Outlook – Weyerhaeuser anticipates first quarter
earnings and Adjusted EBITDA will be moderately higher than the
fourth quarter, excluding the effect of changes in average sales
realizations for lumber and oriented strand board. For lumber, the
company expects higher sales volumes, moderately lower log costs
and significantly lower unit manufacturing costs. For oriented
strand board, the company anticipates moderately higher sales
volumes, moderately lower fiber costs and slightly lower unit
manufacturing costs. Sales realizations for engineered wood
products are expected to be significantly lower, partially offset
by significantly lower raw material costs, primarily for oriented
strand board webstock. For distribution, the company anticipates
lower margins for all products.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners
of timberlands, began operations in 1900. We own or control
approximately 11 million acres of timberlands in the U.S. and
manage additional timberlands under long-term licenses in
Canada. We manage these
timberlands on a sustainable basis in compliance with
internationally recognized forestry standards. We are also one of
the largest manufacturers of wood products in North America. Our company is a real estate
investment trust. In 2022, we generated $10.2 billion in net sales and employed
approximately 9,200 people who serve customers worldwide. Our
common stock trades on the New York Stock Exchange under the symbol
WY. Learn more at www.weyerhaeuser.com.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10
a.m. Eastern) on January 27,
2023 to discuss fourth quarter results.
To access the live webcast and presentation online, go to the
Investor Relations section on www.weyerhaeuser.com on
January 27, 2023.
To join the conference call from within North America, dial 1-877-407-0792 (access
code: 13734906) at least 15 minutes prior to the call. Those
calling from outside North America
should dial 201-689-8263 (access code: 13734906). Replays will be
available for two weeks at 1-844-512-2921 (access code: 13734906)
from within North America, and at
1-412-317-6671 (access code: 13734906) from outside North America.
FORWARD-LOOKING STATEMENTS
This news release contains statements concerning the company's
future results and performance that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, with respect to our outlook
and expectations concerning the following: earnings and Adjusted
EBITDA for the company and for each of our businesses; fee harvest
volumes and sales realizations for our Timberlands business; log
and haul, forestry and road costs and expenses; sales volumes and
log and manufacturing costs for our lumber business; sales volumes,
fiber costs and unit manufacturing costs for our oriented strand
board business; sales realizations and raw material costs for our
engineered wood products business; margins for all products in our
distribution business; and our future performance through a range
of market conditions. Forward-looking statements can be identified
by the fact that they do not relate strictly to historical or
current facts. They often involve use of words and expressions such
as "anticipate," "expect," "looking ahead," "planned," "will," and
similar words and expressions. They may use the positive, negative
or another variation of those and similar words and expressions.
These forward-looking statements are based on our current
expectations and assumptions and are not guarantees of future
events or performance. The realization of our expectations and the
accuracy of our assumptions are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to:
- the effect of general economic conditions, including employment
rates, interest rate levels, inflation, housing starts, general
availability and cost of financing for home mortgages and the
relative strength of the U.S. dollar;
- the effect of COVID-19 and other viral or disease outbreaks and
their potential effects on our business, results of operations,
cash flows, financial condition and future prospects;
- market demand for the company's products, including market
demand for our timberland properties with higher and better uses,
which is related to, among other factors, the strength of the
various U.S. business segments and U.S. and international economic
conditions;
- changes in currency exchange rates, particularly the relative
value of the U.S. dollar to the Japanese yen, the Chinese yuan, and
the Canadian dollar, and the relative value of the euro to the
yen;
- restrictions on international trade and tariffs imposed on
imports or exports;
- the availability and cost of shipping and transportation;
- economic activity in Asia,
especially Japan and China;
- performance of our manufacturing operations, including
maintenance and capital requirements;
- potential disruptions in our manufacturing operations;
- the level of competition from domestic and foreign
producers;
- the successful execution of our internal plans and strategic
initiatives, including restructuring and cost reduction
initiatives;
- our ability to hire and retain capable employees;
- the successful and timely execution and integration of our
strategic acquisitions, including our ability to realize expected
benefits and synergies, and the successful and timely execution of
our strategic divestitures, each of which is subject to a number of
risks and conditions beyond our control including, but not limited
to, timing and required regulatory approvals or the occurrence of
any event, change or other circumstances that could give rise to a
termination of any acquisition or divestiture transaction under the
terms of the governing transaction agreements;
- raw material availability and prices;
- the effect of weather;
- changes in global or regional climate conditions and
governmental response to such changes;
- the risk of loss from fires, floods, windstorms, hurricanes,
pest infestation and other natural disasters;
- energy prices;
- transportation and labor availability and costs;
- federal tax policies;
- the effect of forestry, land use, environmental and other
governmental regulations;
- legal proceedings;
- performance of pension fund investments and related
derivatives;
- the effect of timing of employee retirements as it relates to
the cost of pension benefits and changes in the market price of our
common stock on charges for share-based compensation;
- the accuracy of our estimates of costs and expenses related to
contingent liabilities and the accuracy of our estimates of charges
related to casualty losses;
- changes in accounting principles; and
- other risks and uncertainties identified in our 2021 Annual
Report on Form 10-K, as well as those set forth from time to time
in our other public statements, reports, registration statements,
prospectuses, information statements and other filings with the
SEC.
It is not possible to predict or identify all risks and
uncertainties that might affect the accuracy of our forward-looking
statements and, consequently, our descriptions of such risks and
uncertainties should not be considered exhaustive. There is no
guarantee that any of the events anticipated by these
forward-looking statements will occur, and if any of the events do
occur, there is no guarantee what effect they will have on the
company's business, results of operations, cash flows, financial
condition and future prospects.
Forward-looking statements speak only as of the date they are
made, and we undertake no obligation to publicly update or revise
any forward-looking statements, whether because of new information,
future events, or otherwise.
RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS
We reconcile Adjusted EBITDA to net earnings for the
consolidated company and to operating income (loss) for the
business segments, as those are the most directly comparable U.S.
GAAP measures for each.
The table below reconciles Adjusted EBITDA for the year ended
December 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,880
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270
|
|
Loss on debt
extinguishment(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425
|
|
Net contribution
(charge) to earnings
|
|
$
|
528
|
|
|
$
|
218
|
|
|
$
|
2,536
|
|
|
$
|
(431)
|
|
|
$
|
2,851
|
|
Non-operating pension
and other post-employment benefit costs(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
254
|
|
|
|
254
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
(25)
|
|
Operating income
(loss)
|
|
|
528
|
|
|
|
218
|
|
|
|
2,536
|
|
|
|
(202)
|
|
|
|
3,080
|
|
Depreciation,
depletion and amortization
|
|
|
256
|
|
|
|
17
|
|
|
|
201
|
|
|
|
6
|
|
|
|
480
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
84
|
|
|
|
—
|
|
|
|
—
|
|
|
|
84
|
|
Special items included
in operating income (loss)(3)
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA
|
|
$
|
784
|
|
|
$
|
329
|
|
|
$
|
2,737
|
|
|
$
|
(196)
|
|
|
$
|
3,654
|
|
|
|
(1)
|
Loss on debt
extinguishment is a pretax special item related to the early
extinguishment of $931 million of debt.
|
(2)
|
Non-operating pension
and other post-employment benefit costs includes a pretax special
item consisting of a $205 million noncash settlement charge related
to the transfer of pension plan assets and liabilities to an
insurance company through the purchase of a group annuity
contract.
|
(3)
|
Operating income (loss)
for Real Estate & ENR includes a pretax special item consisting
of a $10 million noncash impairment charge related to the planned
divestiture of legacy coal assets.
|
The table below reconciles Adjusted EBITDA for the year ended
December 31, 2021:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,607
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
313
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
709
|
|
Net contribution
(charge) to earnings
|
|
$
|
464
|
|
|
$
|
210
|
|
|
$
|
3,211
|
|
|
$
|
(256)
|
|
|
$
|
3,629
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19
|
|
|
|
19
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5)
|
|
|
|
(5)
|
|
Operating income
(loss)
|
|
|
464
|
|
|
|
210
|
|
|
|
3,211
|
|
|
|
(242)
|
|
|
|
3,643
|
|
Depreciation,
depletion and amortization
|
|
|
261
|
|
|
|
15
|
|
|
|
196
|
|
|
|
5
|
|
|
|
477
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
71
|
|
|
|
—
|
|
|
|
—
|
|
|
|
71
|
|
Special items included
in operating income (loss)(1)(2)(3)
|
|
|
(32)
|
|
|
|
—
|
|
|
|
(50)
|
|
|
|
(15)
|
|
|
|
(97)
|
|
Adjusted
EBITDA
|
|
$
|
693
|
|
|
$
|
296
|
|
|
$
|
3,357
|
|
|
$
|
(252)
|
|
|
$
|
4,094
|
|
|
|
(1)
|
Operating income (loss)
for Timberlands includes a pretax special item consisting of a $32
million gain on the sale of timberlands.
|
(2)
|
Operating income (loss)
for Wood Products includes pretax special items consisting of a $37
million product remediation insurance recovery and a $13 million
insurance recovery.
|
(3)
|
Operating income (loss)
for Unallocated Items includes a pretax special item consisting of
a $15 million noncash legal benefit.
|
The table below reconciles Adjusted EBITDA for the quarter ended
December 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45)
|
|
Net contribution
(charge) to earnings
|
|
$
|
86
|
|
|
$
|
24
|
|
|
$
|
147
|
|
|
$
|
(225)
|
|
|
$
|
32
|
|
Non-operating pension
and other post-employment benefit costs(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
216
|
|
|
|
216
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(16)
|
|
|
|
(16)
|
|
Operating income
(loss)
|
|
|
86
|
|
|
|
24
|
|
|
|
147
|
|
|
|
(25)
|
|
|
|
232
|
|
Depreciation,
depletion and amortization
|
|
|
64
|
|
|
|
5
|
|
|
|
50
|
|
|
|
1
|
|
|
|
120
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
Special items included
in operating income (loss)(2)
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA
|
|
$
|
150
|
|
|
$
|
46
|
|
|
$
|
197
|
|
|
$
|
(24)
|
|
|
$
|
369
|
|
|
|
(1)
|
Non-operating pension
and other post-employment benefit costs includes a pretax special
item consisting of a $205 million noncash settlement charge related
to the transfer of pension plan assets and liabilities to an
insurance company through the purchase of a group annuity
contract.
|
(2)
|
Operating income (loss)
for Real Estate & ENR includes a pretax special item consisting
of a $10 million noncash impairment charge related to the planned
divestiture of legacy coal assets.
|
The table below reconciles Adjusted EBITDA for the quarter ended
September 30, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
310
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77
|
|
Net contribution
(charge) to earnings
|
|
$
|
107
|
|
|
$
|
48
|
|
|
$
|
344
|
|
|
$
|
(45)
|
|
|
$
|
454
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
12
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9)
|
|
|
|
(9)
|
|
Operating income
(loss)
|
|
|
107
|
|
|
|
48
|
|
|
|
344
|
|
|
|
(42)
|
|
|
|
457
|
|
Depreciation,
depletion and amortization
|
|
|
61
|
|
|
|
5
|
|
|
|
51
|
|
|
|
2
|
|
|
|
119
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
Adjusted
EBITDA
|
|
$
|
168
|
|
|
$
|
60
|
|
|
$
|
395
|
|
|
$
|
(40)
|
|
|
$
|
583
|
|
The table below reconciles Adjusted EBITDA for the quarter ended
December 31, 2021:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
416
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112
|
|
Net contribution
(charge) to earnings
|
|
$
|
110
|
|
|
$
|
36
|
|
|
$
|
516
|
|
|
$
|
(57)
|
|
|
$
|
605
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(1)
|
|
Operating income
(loss)
|
|
|
110
|
|
|
|
36
|
|
|
|
516
|
|
|
|
(53)
|
|
|
|
609
|
|
Depreciation,
depletion and amortization
|
|
|
66
|
|
|
|
4
|
|
|
|
51
|
|
|
|
—
|
|
|
|
121
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
Special items included
in operating income (loss)(1)(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
(50)
|
|
|
|
(15)
|
|
|
|
(65)
|
|
Adjusted
EBITDA
|
|
$
|
176
|
|
|
$
|
49
|
|
|
$
|
517
|
|
|
$
|
(68)
|
|
|
$
|
674
|
|
|
|
(1)
|
Operating income (loss)
for Wood Products includes pretax special items consisting of a $37
million product remediation insurance recovery and a $13 million
insurance recovery.
|
(2)
|
Operating income (loss)
for Unallocated Items includes a pretax special item consisting of
a $15 million noncash legal benefit.
|
RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET
EARNINGS
We reconcile net earnings before special items to net earnings
and net earnings per diluted share before special items to net
earnings per diluted share, as those are the most directly
comparable U.S. GAAP measures. We believe the measures provide
meaningful supplemental information for investors about our
operating performance, better facilitate period to period
comparisons and are widely used by analysts, lenders, rating
agencies and other interested parties.
The table below reconciles net earnings before special items to
net earnings:
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net
earnings
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(9)
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
(12)
|
|
|
|
—
|
|
|
|
(12)
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
|
|
—
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
(28)
|
|
|
|
—
|
|
|
|
(28)
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Net earnings before
special items
|
|
$
|
310
|
|
|
$
|
171
|
|
|
$
|
367
|
|
|
$
|
2,247
|
|
|
$
|
2,526
|
|
The table below reconciles net earnings per diluted share before
special items to net earnings per diluted share:
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net earnings per
diluted share
|
|
$
|
0.42
|
|
|
$
|
0.02
|
|
|
$
|
0.55
|
|
|
$
|
2.53
|
|
|
$
|
3.47
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
|
|
—
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
0.21
|
|
|
|
—
|
|
|
|
0.20
|
|
|
|
—
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04)
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
Net earnings per
diluted share before special items
|
|
$
|
0.42
|
|
|
$
|
0.24
|
|
|
$
|
0.49
|
|
|
$
|
3.02
|
|
|
$
|
3.37
|
|
RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM
OPERATIONS
We reconcile Adjusted FAD to net cash from operations, as that
is the most directly comparable U.S. GAAP measure. We believe the
measure provides meaningful supplemental information for investors
about our liquidity.
The table below reconciles Adjusted FAD to net cash from
operations:
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net cash from
operations
|
|
$
|
562
|
|
|
$
|
167
|
|
|
$
|
494
|
|
|
$
|
2,832
|
|
|
$
|
3,159
|
|
Capital
expenditures
|
|
|
(94)
|
|
|
|
(223)
|
|
|
|
(218)
|
|
|
|
(468)
|
|
|
|
(441)
|
|
Adjustments to
FAD(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
(95)
|
|
|
|
(37)
|
|
|
|
(95)
|
|
Adjusted
FAD
|
|
$
|
468
|
|
|
$
|
(56)
|
|
|
$
|
181
|
|
|
$
|
2,327
|
|
|
$
|
2,623
|
|
|
|
(1)
|
Adjustments to FAD
include a $37 million product remediation insurance recovery
received in first quarter 2022 and a $95 million tax refund
received in fourth quarter 2021 associated with our $300 million
voluntary contribution to our U.S. qualified pension plan in
2018.
|
Weyerhaeuser
Company
|
Exhibit
99.2
|
|
Q4.2022 Analyst
Package
|
|
|
Preliminary results
(unaudited)
|
|
|
|
|
Consolidated
Statement of Operations
|
|
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Net
sales
|
|
$
|
3,112
|
|
|
$
|
2,973
|
|
|
$
|
2,276
|
|
|
$
|
1,823
|
|
|
$
|
2,206
|
|
|
$
|
10,184
|
|
|
$
|
10,201
|
|
Costs of
sales
|
|
|
1,647
|
|
|
|
1,789
|
|
|
|
1,694
|
|
|
|
1,434
|
|
|
|
1,501
|
|
|
|
6,564
|
|
|
|
6,103
|
|
Gross
margin
|
|
|
1,465
|
|
|
|
1,184
|
|
|
|
582
|
|
|
|
389
|
|
|
|
705
|
|
|
|
3,620
|
|
|
|
4,098
|
|
Selling
expenses
|
|
|
23
|
|
|
|
23
|
|
|
|
24
|
|
|
|
23
|
|
|
|
27
|
|
|
|
93
|
|
|
|
95
|
|
General and
administrative expenses
|
|
|
92
|
|
|
|
102
|
|
|
|
100
|
|
|
|
104
|
|
|
|
113
|
|
|
|
398
|
|
|
|
396
|
|
Other operating costs
(income), net
|
|
|
6
|
|
|
|
12
|
|
|
|
1
|
|
|
|
30
|
|
|
|
(44)
|
|
|
|
49
|
|
|
|
(36)
|
|
Operating
income
|
|
|
1,344
|
|
|
|
1,047
|
|
|
|
457
|
|
|
|
232
|
|
|
|
609
|
|
|
|
3,080
|
|
|
|
3,643
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(15)
|
|
|
|
(11)
|
|
|
|
(12)
|
|
|
|
(216)
|
|
|
|
(5)
|
|
|
|
(254)
|
|
|
|
(19)
|
|
Interest income and
other
|
|
|
(1)
|
|
|
|
1
|
|
|
|
9
|
|
|
|
16
|
|
|
|
1
|
|
|
|
25
|
|
|
|
5
|
|
Interest expense, net
of capitalized interest
|
|
|
(72)
|
|
|
|
(65)
|
|
|
|
(67)
|
|
|
|
(66)
|
|
|
|
(77)
|
|
|
|
(270)
|
|
|
|
(313)
|
|
Loss on debt
extinguishment
|
|
|
(276)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(276)
|
|
|
|
—
|
|
Earnings (loss) before
income taxes
|
|
|
980
|
|
|
|
972
|
|
|
|
387
|
|
|
|
(34)
|
|
|
|
528
|
|
|
|
2,305
|
|
|
|
3,316
|
|
Income taxes
|
|
|
(209)
|
|
|
|
(184)
|
|
|
|
(77)
|
|
|
|
45
|
|
|
|
(112)
|
|
|
|
(425)
|
|
|
|
(709)
|
|
Net
earnings
|
|
$
|
771
|
|
|
$
|
788
|
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Per Share
Information
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.03
|
|
|
$
|
1.06
|
|
|
$
|
0.42
|
|
|
$
|
0.02
|
|
|
$
|
0.56
|
|
|
$
|
2.53
|
|
|
$
|
3.48
|
|
Diluted
|
|
$
|
1.03
|
|
|
$
|
1.06
|
|
|
$
|
0.42
|
|
|
$
|
0.02
|
|
|
$
|
0.55
|
|
|
$
|
2.53
|
|
|
$
|
3.47
|
|
Dividends paid per
common share
|
|
$
|
1.63
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.67
|
|
|
$
|
2.17
|
|
|
$
|
1.18
|
|
Weighted average shares
outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
747,507
|
|
|
|
744,542
|
|
|
|
740,058
|
|
|
|
735,715
|
|
|
|
749,020
|
|
|
|
741,904
|
|
|
|
749,496
|
|
Diluted
|
|
|
748,823
|
|
|
|
745,582
|
|
|
|
740,975
|
|
|
|
736,640
|
|
|
|
750,942
|
|
|
|
742,953
|
|
|
|
750,983
|
|
Common shares
outstanding at end of period (in thousands)
|
|
|
745,442
|
|
|
|
741,738
|
|
|
|
737,547
|
|
|
|
732,794
|
|
|
|
747,301
|
|
|
|
732,794
|
|
|
|
747,301
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and Amortization
(Adjusted EBITDA)
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Net
earnings
|
|
$
|
771
|
|
|
$
|
788
|
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
15
|
|
|
|
11
|
|
|
|
12
|
|
|
|
216
|
|
|
|
5
|
|
|
|
254
|
|
|
|
19
|
|
Interest income and
other
|
|
|
1
|
|
|
|
(1)
|
|
|
|
(9)
|
|
|
|
(16)
|
|
|
|
(1)
|
|
|
|
(25)
|
|
|
|
(5)
|
|
Interest expense, net
of capitalized interest
|
|
|
72
|
|
|
|
65
|
|
|
|
67
|
|
|
|
66
|
|
|
|
77
|
|
|
|
270
|
|
|
|
313
|
|
Loss on debt
extinguishment
|
|
|
276
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
|
|
—
|
|
Income taxes
|
|
|
209
|
|
|
|
184
|
|
|
|
77
|
|
|
|
(45)
|
|
|
|
112
|
|
|
|
425
|
|
|
|
709
|
|
Operating
income
|
|
|
1,344
|
|
|
|
1,047
|
|
|
|
457
|
|
|
|
232
|
|
|
|
609
|
|
|
|
3,080
|
|
|
|
3,643
|
|
Depreciation, depletion
and amortization
|
|
|
122
|
|
|
|
119
|
|
|
|
119
|
|
|
|
120
|
|
|
|
121
|
|
|
|
480
|
|
|
|
477
|
|
Basis of real estate
sold
|
|
|
31
|
|
|
|
39
|
|
|
|
7
|
|
|
|
7
|
|
|
|
9
|
|
|
|
84
|
|
|
|
71
|
|
Special items included
in operating income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
(65)
|
|
|
|
10
|
|
|
|
(97)
|
|
Adjusted
EBITDA(1)
|
|
$
|
1,497
|
|
|
$
|
1,205
|
|
|
$
|
583
|
|
|
$
|
369
|
|
|
$
|
674
|
|
|
$
|
3,654
|
|
|
$
|
4,094
|
|
|
|
(1)
|
Adjusted EBITDA is a
non-GAAP measure that management uses to evaluate the performance
of the company. Adjusted EBITDA, as we define it, is operating
income adjusted for depreciation, depletion, amortization, basis of
real estate sold and special items. Our definition of Adjusted
EBITDA may be different from similarly titled measures reported by
other companies. Adjusted EBITDA should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results.
|
Weyerhaeuser
Company
|
|
Total Company
Statistics
|
|
Q4.2022 Analyst
Package
|
|
|
|
Preliminary results
(unaudited)
|
|
|
|
|
|
|
|
Special Items
Included in Net Earnings (Income Tax Affected)
|
|
|
|
|
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Net
earnings
|
|
$
|
771
|
|
|
$
|
788
|
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(9)
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12)
|
|
|
|
—
|
|
|
|
(12)
|
|
Loss on debt
extinguishment(1)
|
|
|
207
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
|
|
—
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(28)
|
|
|
|
—
|
|
|
|
(28)
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Net earnings before
special items(2)
|
|
$
|
978
|
|
|
$
|
788
|
|
|
$
|
310
|
|
|
$
|
171
|
|
|
$
|
367
|
|
|
$
|
2,247
|
|
|
$
|
2,526
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Net earnings per
diluted share
|
|
$
|
1.03
|
|
|
$
|
1.06
|
|
|
$
|
0.42
|
|
|
$
|
0.02
|
|
|
$
|
0.55
|
|
|
$
|
2.53
|
|
|
$
|
3.47
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Loss on debt
extinguishment(1)
|
|
|
0.28
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
|
|
—
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.21
|
|
|
|
—
|
|
|
|
0.20
|
|
|
|
—
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04)
|
|
|
|
—
|
|
|
|
(0.04)
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
Net earnings per
diluted share before special items(2)
|
|
$
|
1.31
|
|
|
$
|
1.06
|
|
|
$
|
0.42
|
|
|
$
|
0.24
|
|
|
$
|
0.49
|
|
|
$
|
3.02
|
|
|
$
|
3.37
|
|
|
|
(1)
|
We recorded a total
pretax loss on debt extinguishment of $276 million ($207 million
after-tax) in first quarter 2022.
|
(2)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Net earnings before special items should not be
considered in isolation from, and is not intended to represent an
alternative to, our GAAP results.
|
Selected Total
Company Items
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Pension and
post-employment costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension and
post-employment service costs
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
36
|
|
|
$
|
42
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
15
|
|
|
|
11
|
|
|
|
12
|
|
|
|
216
|
|
|
|
5
|
|
|
|
254
|
|
|
|
19
|
|
Total company
pension and post-employment costs
|
|
$
|
25
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
225
|
|
|
$
|
15
|
|
|
$
|
290
|
|
|
$
|
61
|
|
Weyerhaeuser
Company
Q4.2022 Analyst
Package
Preliminary results
(unaudited)
|
|
Condensed
Consolidated Balance Sheet
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
September 30,
2022
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,205
|
|
|
$
|
1,723
|
|
|
$
|
1,920
|
|
|
$
|
1,581
|
|
|
$
|
1,879
|
|
Receivables,
net
|
|
|
745
|
|
|
|
547
|
|
|
|
425
|
|
|
|
357
|
|
|
|
507
|
|
Receivables for
taxes
|
|
|
8
|
|
|
|
6
|
|
|
|
15
|
|
|
|
42
|
|
|
|
24
|
|
Inventories
|
|
|
611
|
|
|
|
571
|
|
|
|
542
|
|
|
|
550
|
|
|
|
520
|
|
Prepaid expenses and
other current assets
|
|
|
206
|
|
|
|
165
|
|
|
|
146
|
|
|
|
216
|
|
|
|
205
|
|
Total current
assets
|
|
|
2,775
|
|
|
|
3,012
|
|
|
|
3,048
|
|
|
|
2,746
|
|
|
|
3,135
|
|
Property and
equipment, net
|
|
|
2,026
|
|
|
|
2,000
|
|
|
|
1,997
|
|
|
|
2,171
|
|
|
|
2,057
|
|
Construction in
progress
|
|
|
203
|
|
|
|
233
|
|
|
|
245
|
|
|
|
222
|
|
|
|
175
|
|
Timber and timberlands
at cost, less depletion
|
|
|
11,469
|
|
|
|
11,706
|
|
|
|
11,681
|
|
|
|
11,604
|
|
|
|
11,510
|
|
Minerals and mineral
rights, less depletion
|
|
|
252
|
|
|
|
248
|
|
|
|
245
|
|
|
|
214
|
|
|
|
255
|
|
Deferred tax
assets
|
|
|
15
|
|
|
|
11
|
|
|
|
10
|
|
|
|
8
|
|
|
|
17
|
|
Other
assets
|
|
|
376
|
|
|
|
370
|
|
|
|
364
|
|
|
|
375
|
|
|
|
503
|
|
Total
assets
|
|
$
|
17,116
|
|
|
$
|
17,580
|
|
|
$
|
17,590
|
|
|
$
|
17,340
|
|
|
$
|
17,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
118
|
|
|
$
|
982
|
|
|
$
|
—
|
|
Accounts
payable
|
|
|
310
|
|
|
|
283
|
|
|
|
272
|
|
|
|
247
|
|
|
|
281
|
|
Accrued
liabilities
|
|
|
674
|
|
|
|
658
|
|
|
|
664
|
|
|
|
511
|
|
|
|
673
|
|
Total current
liabilities
|
|
|
984
|
|
|
|
941
|
|
|
|
1,054
|
|
|
|
1,740
|
|
|
|
954
|
|
Long-term debt,
net
|
|
|
5,053
|
|
|
|
5,053
|
|
|
|
4,935
|
|
|
|
4,071
|
|
|
|
5,099
|
|
Deferred tax
liabilities
|
|
|
66
|
|
|
|
83
|
|
|
|
89
|
|
|
|
96
|
|
|
|
46
|
|
Deferred pension and
other post-employment benefits
|
|
|
432
|
|
|
|
347
|
|
|
|
335
|
|
|
|
344
|
|
|
|
440
|
|
Other
liabilities
|
|
|
344
|
|
|
|
340
|
|
|
|
339
|
|
|
|
340
|
|
|
|
346
|
|
Total
liabilities
|
|
|
6,879
|
|
|
|
6,764
|
|
|
|
6,752
|
|
|
|
6,591
|
|
|
|
6,885
|
|
Total
equity
|
|
|
10,237
|
|
|
|
10,816
|
|
|
|
10,838
|
|
|
|
10,749
|
|
|
|
10,767
|
|
Total liabilities
and equity
|
|
$
|
17,116
|
|
|
$
|
17,580
|
|
|
$
|
17,590
|
|
|
$
|
17,340
|
|
|
$
|
17,652
|
|
Weyerhaeuser
Company
Q4.2022 Analyst
Package
Preliminary results
(unaudited)
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2022
|
|
|
June 30,
2022
|
|
|
Sept 30,
2022
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2021
|
|
Cash flows from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$
|
771
|
|
|
$
|
788
|
|
|
$
|
310
|
|
|
$
|
11
|
|
|
$
|
416
|
|
|
$
|
1,880
|
|
|
$
|
2,607
|
|
Noncash charges
(credits) to earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
122
|
|
|
|
119
|
|
|
|
119
|
|
|
|
120
|
|
|
|
121
|
|
|
|
480
|
|
|
|
477
|
|
Basis of real estate
sold
|
|
|
31
|
|
|
|
39
|
|
|
|
7
|
|
|
|
7
|
|
|
|
9
|
|
|
|
84
|
|
|
|
71
|
|
Deferred income taxes,
net
|
|
|
14
|
|
|
|
—
|
|
|
|
3
|
|
|
|
(47)
|
|
|
|
(2)
|
|
|
|
(30)
|
|
|
|
14
|
|
Pension and other
post-employment benefits
|
|
|
25
|
|
|
|
19
|
|
|
|
21
|
|
|
|
225
|
|
|
|
15
|
|
|
|
290
|
|
|
|
61
|
|
Share-based
compensation expense
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
8
|
|
|
|
7
|
|
|
|
33
|
|
|
|
30
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
Loss on debt
extinguishment
|
|
|
276
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
|
|
—
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(238)
|
|
|
|
198
|
|
|
|
121
|
|
|
|
68
|
|
|
|
(10)
|
|
|
|
149
|
|
|
|
(57)
|
|
Receivables and
payables for taxes
|
|
|
110
|
|
|
|
(83)
|
|
|
|
(12)
|
|
|
|
(116)
|
|
|
|
6
|
|
|
|
(101)
|
|
|
|
99
|
|
Inventories
|
|
|
(87)
|
|
|
|
29
|
|
|
|
28
|
|
|
|
(7)
|
|
|
|
(22)
|
|
|
|
(37)
|
|
|
|
(77)
|
|
Prepaid expenses and
other current assets
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
(12)
|
|
|
|
(25)
|
|
Accounts payable and
accrued liabilities
|
|
|
(62)
|
|
|
|
47
|
|
|
|
(8)
|
|
|
|
(88)
|
|
|
|
(3)
|
|
|
|
(111)
|
|
|
|
113
|
|
Pension and
post-employment benefit contributions and payments
|
|
|
(4)
|
|
|
|
(10)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(3)
|
|
|
|
(24)
|
|
|
|
(59)
|
|
Other
|
|
|
(8)
|
|
|
|
(7)
|
|
|
|
(26)
|
|
|
|
(4)
|
|
|
|
(36)
|
|
|
|
(45)
|
|
|
|
(63)
|
|
Net cash from
operations
|
|
$
|
957
|
|
|
$
|
1,146
|
|
|
$
|
562
|
|
|
$
|
167
|
|
|
$
|
494
|
|
|
$
|
2,832
|
|
|
$
|
3,159
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
for property and equipment
|
|
$
|
(50)
|
|
|
$
|
(71)
|
|
|
$
|
(86)
|
|
|
$
|
(208)
|
|
|
$
|
(202)
|
|
|
$
|
(415)
|
|
|
$
|
(386)
|
|
Capital expenditures
for timberlands reforestation
|
|
|
(20)
|
|
|
|
(10)
|
|
|
|
(8)
|
|
|
|
(15)
|
|
|
|
(16)
|
|
|
|
(53)
|
|
|
|
(55)
|
|
Acquisition of
timberlands
|
|
|
(18)
|
|
|
|
(265)
|
|
|
|
(3)
|
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(295)
|
|
|
|
(149)
|
|
Proceeds from sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
261
|
|
Other
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
1
|
|
|
|
4
|
|
|
|
4
|
|
Net cash from
investing activities
|
|
$
|
(87)
|
|
|
$
|
(346)
|
|
|
$
|
(97)
|
|
|
$
|
(229)
|
|
|
$
|
(217)
|
|
|
$
|
(759)
|
|
|
$
|
(325)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends on
common shares
|
|
$
|
(1,218)
|
|
|
$
|
(134)
|
|
|
$
|
(133)
|
|
|
$
|
(132)
|
|
|
$
|
(502)
|
|
|
$
|
(1,617)
|
|
|
$
|
(884)
|
|
Net proceeds from
issuance of long-term debt
|
|
|
881
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
881
|
|
|
|
—
|
|
Payments on long-term
debt
|
|
|
(1,203)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(150)
|
|
|
|
(1,203)
|
|
|
|
(375)
|
|
Proceeds from exercise
of stock options
|
|
|
12
|
|
|
|
2
|
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
16
|
|
|
|
51
|
|
Repurchases of common
shares
|
|
|
(118)
|
|
|
|
(141)
|
|
|
|
(143)
|
|
|
|
(141)
|
|
|
|
(74)
|
|
|
|
(543)
|
|
|
|
(100)
|
|
Other
|
|
|
(18)
|
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(3)
|
|
|
|
(25)
|
|
|
|
(22)
|
|
Net cash from
financing activities
|
|
$
|
(1,664)
|
|
|
$
|
(274)
|
|
|
$
|
(276)
|
|
|
$
|
(277)
|
|
|
$
|
(724)
|
|
|
$
|
(2,491)
|
|
|
$
|
(1,330)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
|
$
|
(794)
|
|
|
$
|
526
|
|
|
$
|
189
|
|
|
$
|
(339)
|
|
|
$
|
(447)
|
|
|
$
|
(418)
|
|
|
$
|
1,504
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
1,999
|
|
|
|
1,205
|
|
|
|
1,731
|
|
|
|
1,920
|
|
|
|
2,446
|
|
|
|
1,999
|
|
|
|
495
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
1,205
|
|
|
$
|
1,731
|
|
|
$
|
1,920
|
|
|
$
|
1,581
|
|
|
$
|
1,999
|
|
|
$
|
1,581
|
|
|
$
|
1,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
78
|
|
|
$
|
71
|
|
|
$
|
62
|
|
|
$
|
72
|
|
|
$
|
78
|
|
|
$
|
283
|
|
|
$
|
315
|
|
Income taxes, net of
refunds
|
|
$
|
85
|
|
|
$
|
269
|
|
|
$
|
92
|
|
|
$
|
120
|
|
|
$
|
115
|
|
|
$
|
566
|
|
|
$
|
609
|
|
Weyerhaeuser
Company
|
Timberlands
Segment
|
|
Q4.2022 Analyst
Package
|
|
|
Preliminary results
(unaudited)
|
|
|
|
|
|
Segment Statement of
Operations
|
|
|
|
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Sales to unaffiliated
customers
|
|
$
|
465
|
|
|
$
|
515
|
|
|
$
|
441
|
|
|
$
|
437
|
|
|
$
|
429
|
|
|
$
|
1,858
|
|
|
$
|
1,636
|
|
Intersegment
sales
|
|
|
161
|
|
|
|
156
|
|
|
|
133
|
|
|
|
111
|
|
|
|
136
|
|
|
|
561
|
|
|
|
535
|
|
Total net
sales
|
|
|
626
|
|
|
|
671
|
|
|
|
574
|
|
|
|
548
|
|
|
|
565
|
|
|
|
2,419
|
|
|
|
2,171
|
|
Costs of
sales
|
|
|
423
|
|
|
|
495
|
|
|
|
442
|
|
|
|
436
|
|
|
|
432
|
|
|
|
1,796
|
|
|
|
1,650
|
|
Gross
margin
|
|
|
203
|
|
|
|
176
|
|
|
|
132
|
|
|
|
112
|
|
|
|
133
|
|
|
|
623
|
|
|
|
521
|
|
Selling
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
General and
administrative expenses
|
|
|
24
|
|
|
|
24
|
|
|
|
25
|
|
|
|
25
|
|
|
|
23
|
|
|
|
98
|
|
|
|
92
|
|
Other operating
(income) loss, net
|
|
|
(3)
|
|
|
|
(1)
|
|
|
|
(1)
|
|
|
|
1
|
|
|
|
(1)
|
|
|
|
(4)
|
|
|
|
(37)
|
|
Operating income and
Net contribution to earnings
|
|
$
|
182
|
|
|
$
|
153
|
|
|
$
|
107
|
|
|
$
|
86
|
|
|
$
|
110
|
|
|
$
|
528
|
|
|
$
|
464
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Operating
income
|
|
$
|
182
|
|
|
$
|
153
|
|
|
$
|
107
|
|
|
$
|
86
|
|
|
$
|
110
|
|
|
$
|
528
|
|
|
$
|
464
|
|
Depreciation, depletion
and amortization
|
|
|
65
|
|
|
|
66
|
|
|
|
61
|
|
|
|
64
|
|
|
|
66
|
|
|
|
256
|
|
|
|
261
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
Adjusted
EBITDA(1)
|
|
$
|
247
|
|
|
$
|
219
|
|
|
$
|
168
|
|
|
$
|
150
|
|
|
$
|
176
|
|
|
$
|
784
|
|
|
$
|
693
|
|
|
(1) See
definition of Adjusted EBITDA (a non-GAAP measure) on page
1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Gain on sale of
timberlands
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Total decrease
(increase) in working capital(2)
|
|
$
|
(34)
|
|
|
$
|
57
|
|
|
$
|
14
|
|
|
$
|
(28)
|
|
|
$
|
(21)
|
|
|
$
|
9
|
|
|
$
|
(31)
|
|
Cash spent for capital
expenditures(3)
|
|
$
|
(30)
|
|
|
$
|
(23)
|
|
|
$
|
(22)
|
|
|
$
|
(38)
|
|
|
$
|
(38)
|
|
|
$
|
(113)
|
|
|
$
|
(114)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and log inventory for the Timberlands and Real Estate
& ENR segments combined.
|
(3)
|
Does not include cash
spent for the acquisition of timberlands.
|
Segment
Statistics(4)
|
|
|
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Third Party
|
|
Delivered
logs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
West
|
$
|
259
|
|
|
$
|
308
|
|
|
$
|
224
|
|
|
$
|
213
|
|
|
$
|
220
|
|
|
$
|
1,004
|
|
|
$
|
869
|
|
(millions)
|
|
South
|
|
154
|
|
|
|
160
|
|
|
|
166
|
|
|
|
165
|
|
|
|
160
|
|
|
|
645
|
|
|
|
589
|
|
|
|
North
|
|
15
|
|
|
|
10
|
|
|
|
15
|
|
|
|
16
|
|
|
|
14
|
|
|
|
56
|
|
|
|
52
|
|
|
|
Total delivered
logs
|
|
428
|
|
|
|
478
|
|
|
|
405
|
|
|
|
394
|
|
|
|
394
|
|
|
|
1,705
|
|
|
|
1,510
|
|
|
|
Stumpage and pay-as-cut
timber
|
|
9
|
|
|
|
11
|
|
|
|
10
|
|
|
|
16
|
|
|
|
9
|
|
|
|
46
|
|
|
|
31
|
|
|
|
Recreational and other
lease revenue
|
|
17
|
|
|
|
16
|
|
|
|
18
|
|
|
|
17
|
|
|
|
17
|
|
|
|
68
|
|
|
|
65
|
|
|
|
Other
revenue
|
|
11
|
|
|
|
10
|
|
|
|
8
|
|
|
|
10
|
|
|
|
9
|
|
|
|
39
|
|
|
|
30
|
|
|
|
Total
|
$
|
465
|
|
|
$
|
515
|
|
|
$
|
441
|
|
|
$
|
437
|
|
|
$
|
429
|
|
|
$
|
1,858
|
|
|
$
|
1,636
|
|
Delivered
Logs
|
|
West
|
$
|
161.29
|
|
|
$
|
173.35
|
|
|
$
|
158.59
|
|
|
$
|
141.88
|
|
|
$
|
146.39
|
|
|
$
|
159.46
|
|
|
$
|
140.08
|
|
Third Party
Sales
|
|
South
|
$
|
37.15
|
|
|
$
|
38.47
|
|
|
$
|
38.59
|
|
|
$
|
38.67
|
|
|
$
|
36.55
|
|
|
$
|
38.23
|
|
|
$
|
35.47
|
|
Realizations (per
ton)
|
|
North
|
$
|
72.79
|
|
|
$
|
83.93
|
|
|
$
|
83.84
|
|
|
$
|
80.57
|
|
|
$
|
66.74
|
|
|
$
|
79.64
|
|
|
$
|
66.18
|
|
Delivered
Logs
|
|
West
|
|
1,604
|
|
|
|
1,778
|
|
|
|
1,411
|
|
|
|
1,503
|
|
|
|
1,501
|
|
|
|
6,296
|
|
|
|
6,203
|
|
Third Party
Sales
|
|
South
|
|
4,135
|
|
|
|
4,167
|
|
|
|
4,310
|
|
|
|
4,252
|
|
|
|
4,358
|
|
|
|
16,864
|
|
|
|
16,594
|
|
Volumes (tons,
thousands)
|
|
North
|
|
210
|
|
|
|
118
|
|
|
|
177
|
|
|
|
202
|
|
|
|
217
|
|
|
|
707
|
|
|
|
788
|
|
Fee Harvest
Volumes
|
|
West
|
|
2,240
|
|
|
|
2,085
|
|
|
|
1,760
|
|
|
|
1,773
|
|
|
|
1,954
|
|
|
|
7,858
|
|
|
|
8,084
|
|
(tons,
thousands)
|
|
South
|
|
5,842
|
|
|
|
6,159
|
|
|
|
6,112
|
|
|
|
6,216
|
|
|
|
6,160
|
|
|
|
24,329
|
|
|
|
23,304
|
|
|
|
North
|
|
278
|
|
|
|
180
|
|
|
|
245
|
|
|
|
271
|
|
|
|
285
|
|
|
|
974
|
|
|
|
1,085
|
|
|
|
(4)
|
Western logs are
primarily transacted in MBF but are converted to ton equivalents
for external reporting purposes.
|
Weyerhaeuser
Company
Real Estate, Energy
& Natural Resources Segment
|
|
Q4.2022 Analyst
Package
|
|
|
|
Preliminary results
(unaudited)
|
|
|
|
|
|
|
|
Segment Statement of
Operations
|
|
|
|
|
|
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Net
sales
|
|
$
|
128
|
|
|
$
|
117
|
|
|
$
|
68
|
|
|
$
|
55
|
|
|
$
|
59
|
|
|
$
|
368
|
|
|
$
|
344
|
|
Costs of
sales
|
|
|
41
|
|
|
|
45
|
|
|
|
14
|
|
|
|
13
|
|
|
|
16
|
|
|
|
113
|
|
|
|
109
|
|
Gross
margin
|
|
|
87
|
|
|
|
72
|
|
|
|
54
|
|
|
|
42
|
|
|
|
43
|
|
|
|
255
|
|
|
|
235
|
|
General and
administrative expenses
|
|
|
6
|
|
|
|
7
|
|
|
|
6
|
|
|
|
8
|
|
|
|
7
|
|
|
|
27
|
|
|
|
25
|
|
Other operating loss,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
Operating income and
Net contribution to earnings
|
|
$
|
81
|
|
|
$
|
65
|
|
|
$
|
48
|
|
|
$
|
24
|
|
|
$
|
36
|
|
|
$
|
218
|
|
|
$
|
210
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Operating
income
|
|
$
|
81
|
|
|
$
|
65
|
|
|
$
|
48
|
|
|
$
|
24
|
|
|
$
|
36
|
|
|
$
|
218
|
|
|
$
|
210
|
|
Depreciation, depletion
and amortization
|
|
|
4
|
|
|
|
3
|
|
|
|
5
|
|
|
|
5
|
|
|
|
4
|
|
|
|
17
|
|
|
|
15
|
|
Basis of real estate
sold
|
|
|
31
|
|
|
|
39
|
|
|
|
7
|
|
|
|
7
|
|
|
|
9
|
|
|
|
84
|
|
|
|
71
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
116
|
|
|
$
|
107
|
|
|
$
|
60
|
|
|
$
|
46
|
|
|
$
|
49
|
|
|
$
|
329
|
|
|
$
|
296
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Restructuring,
impairments and other charges
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Cash spent for capital
expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Statistics
|
|
|
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Net Sales
|
Real Estate
|
|
$
|
97
|
|
|
$
|
90
|
|
|
$
|
30
|
|
|
$
|
18
|
|
|
$
|
34
|
|
|
$
|
235
|
|
|
$
|
246
|
|
(millions)
|
Energy and Natural
Resources
|
|
|
31
|
|
|
|
27
|
|
|
|
38
|
|
|
|
37
|
|
|
|
25
|
|
|
|
133
|
|
|
|
98
|
|
|
Total
|
|
$
|
128
|
|
|
$
|
117
|
|
|
$
|
68
|
|
|
$
|
55
|
|
|
$
|
59
|
|
|
$
|
368
|
|
|
$
|
344
|
|
Acres Sold
|
Real Estate
|
|
|
24,126
|
|
|
|
26,906
|
|
|
|
5,014
|
|
|
|
2,745
|
|
|
|
6,920
|
|
|
|
58,791
|
|
|
|
55,827
|
|
Price per
Acre
|
Real Estate
|
|
$
|
3,785
|
|
|
$
|
3,215
|
|
|
$
|
5,046
|
|
|
$
|
5,550
|
|
|
$
|
4,385
|
|
|
$
|
3,714
|
|
|
$
|
3,725
|
|
Basis as a Percent
of
Real Estate Net Sales
|
Real Estate
|
|
|
32
|
%
|
|
|
43
|
%
|
|
|
23
|
%
|
|
|
39
|
%
|
|
|
26
|
%
|
|
|
36
|
%
|
|
|
29
|
%
|
Weyerhaeuser
Company
Wood Products Segment
|
Q4.2022 Analyst
Package
|
Preliminary results
(unaudited)
|
|
Segment Statement of
Operations
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Net
sales
|
|
$
|
2,519
|
|
|
$
|
2,341
|
|
|
$
|
1,767
|
|
|
$
|
1,331
|
|
|
$
|
1,718
|
|
|
$
|
7,958
|
|
|
$
|
8,221
|
|
Costs of
sales
|
|
|
1,276
|
|
|
|
1,414
|
|
|
|
1,360
|
|
|
|
1,116
|
|
|
|
1,185
|
|
|
|
5,166
|
|
|
|
4,808
|
|
Gross
margin
|
|
|
1,243
|
|
|
|
927
|
|
|
|
407
|
|
|
|
215
|
|
|
|
533
|
|
|
|
2,792
|
|
|
|
3,413
|
|
Selling
expenses
|
|
|
21
|
|
|
|
21
|
|
|
|
22
|
|
|
|
22
|
|
|
|
23
|
|
|
|
86
|
|
|
|
84
|
|
General and
administrative expenses
|
|
|
35
|
|
|
|
35
|
|
|
|
36
|
|
|
|
36
|
|
|
|
34
|
|
|
|
142
|
|
|
|
138
|
|
Other operating costs
(income), net
|
|
|
5
|
|
|
|
8
|
|
|
|
5
|
|
|
|
10
|
|
|
|
(40)
|
|
|
|
28
|
|
|
|
(20)
|
|
Operating income and
Net contribution to earnings
|
|
$
|
1,182
|
|
|
$
|
863
|
|
|
$
|
344
|
|
|
$
|
147
|
|
|
$
|
516
|
|
|
$
|
2,536
|
|
|
$
|
3,211
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Operating
income
|
|
$
|
1,182
|
|
|
$
|
863
|
|
|
$
|
344
|
|
|
$
|
147
|
|
|
$
|
516
|
|
|
$
|
2,536
|
|
|
$
|
3,211
|
|
Depreciation, depletion
and amortization
|
|
|
51
|
|
|
|
49
|
|
|
|
51
|
|
|
|
50
|
|
|
|
51
|
|
|
|
201
|
|
|
|
196
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(50)
|
|
|
|
—
|
|
|
|
(50)
|
|
Adjusted
EBITDA(1)
|
|
$
|
1,233
|
|
|
$
|
912
|
|
|
$
|
395
|
|
|
$
|
197
|
|
|
$
|
517
|
|
|
$
|
2,737
|
|
|
$
|
3,357
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Segment Special
Items Included in Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Insurance
recovery
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Product remediation
recovery
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
37
|
|
Selected Segment
Items
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Total decrease
(increase) in working capital(2)
|
|
$
|
(371)
|
|
|
$
|
205
|
|
|
$
|
136
|
|
|
$
|
20
|
|
|
$
|
(11)
|
|
|
$
|
(10)
|
|
|
$
|
(23)
|
|
Cash spent for capital
expenditures
|
|
$
|
(39)
|
|
|
$
|
(56)
|
|
|
$
|
(68)
|
|
|
$
|
(184)
|
|
|
$
|
(174)
|
|
|
$
|
(347)
|
|
|
$
|
(320)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and inventory for the Wood Products segment.
|
Segment
Statistics
|
|
in millions, except for
third party sales realizations
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Structural Lumber
|
Third party net
sales
|
|
$
|
1,206
|
|
|
$
|
998
|
|
|
$
|
676
|
|
|
$
|
494
|
|
|
$
|
701
|
|
|
$
|
3,374
|
|
|
$
|
3,721
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
1,041
|
|
|
$
|
776
|
|
|
$
|
556
|
|
|
$
|
495
|
|
|
$
|
592
|
|
|
$
|
724
|
|
|
$
|
759
|
|
in board
feet)
|
Third party sales
volumes(3)
|
|
|
1,157
|
|
|
|
1,289
|
|
|
|
1,216
|
|
|
|
996
|
|
|
|
1,185
|
|
|
|
4,658
|
|
|
|
4,902
|
|
|
Production
volumes
|
|
|
1,203
|
|
|
|
1,232
|
|
|
|
1,140
|
|
|
|
938
|
|
|
|
1,148
|
|
|
|
4,513
|
|
|
|
4,815
|
|
Oriented
Strand
|
Third party net
sales
|
|
$
|
564
|
|
|
$
|
497
|
|
|
$
|
287
|
|
|
$
|
230
|
|
|
$
|
327
|
|
|
$
|
1,578
|
|
|
$
|
1,840
|
|
Board
|
Third party sales
realizations
|
|
$
|
787
|
|
|
$
|
676
|
|
|
$
|
401
|
|
|
$
|
335
|
|
|
$
|
490
|
|
|
$
|
553
|
|
|
$
|
675
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
717
|
|
|
|
735
|
|
|
|
715
|
|
|
|
686
|
|
|
|
668
|
|
|
|
2,853
|
|
|
|
2,726
|
|
in square feet
3/8")
|
Production
volumes
|
|
|
739
|
|
|
|
758
|
|
|
|
735
|
|
|
|
729
|
|
|
|
725
|
|
|
|
2,961
|
|
|
|
2,865
|
|
Engineered
Solid
|
Third party net
sales
|
|
$
|
196
|
|
|
$
|
247
|
|
|
$
|
233
|
|
|
$
|
186
|
|
|
$
|
188
|
|
|
$
|
862
|
|
|
$
|
679
|
|
Section
|
Third party sales
realizations
|
|
$
|
3,433
|
|
|
$
|
3,863
|
|
|
$
|
3,946
|
|
|
$
|
3,743
|
|
|
$
|
3,319
|
|
|
$
|
3,751
|
|
|
$
|
2,789
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
5.7
|
|
|
|
6.4
|
|
|
|
5.9
|
|
|
|
5.0
|
|
|
|
5.7
|
|
|
|
23.0
|
|
|
|
24.4
|
|
in cubic
feet)
|
Production
volumes
|
|
|
5.7
|
|
|
|
6.4
|
|
|
|
6.0
|
|
|
|
5.5
|
|
|
|
6.0
|
|
|
|
23.6
|
|
|
|
24.0
|
|
Engineered
|
Third party net
sales
|
|
$
|
137
|
|
|
$
|
168
|
|
|
$
|
166
|
|
|
$
|
102
|
|
|
$
|
132
|
|
|
$
|
573
|
|
|
$
|
447
|
|
I-joists
|
Third party sales
realizations
|
|
$
|
2,969
|
|
|
$
|
3,432
|
|
|
$
|
3,525
|
|
|
$
|
3,537
|
|
|
$
|
2,888
|
|
|
$
|
3,350
|
|
|
$
|
2,300
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
46
|
|
|
|
49
|
|
|
|
47
|
|
|
|
29
|
|
|
|
45
|
|
|
|
171
|
|
|
|
194
|
|
in lineal
feet)
|
Production
volumes
|
|
|
44
|
|
|
|
50
|
|
|
|
47
|
|
|
|
31
|
|
|
|
46
|
|
|
|
172
|
|
|
|
190
|
|
Softwood Plywood
|
Third party net
sales
|
|
$
|
58
|
|
|
$
|
53
|
|
|
$
|
47
|
|
|
$
|
35
|
|
|
$
|
40
|
|
|
$
|
193
|
|
|
$
|
210
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
783
|
|
|
$
|
746
|
|
|
$
|
632
|
|
|
$
|
543
|
|
|
$
|
581
|
|
|
$
|
679
|
|
|
$
|
681
|
|
in square feet
3/8")
|
Third party sales
volumes(3)
|
|
|
75
|
|
|
|
70
|
|
|
|
74
|
|
|
|
66
|
|
|
|
68
|
|
|
|
285
|
|
|
|
308
|
|
|
Production
volumes
|
|
|
66
|
|
|
|
67
|
|
|
|
64
|
|
|
|
62
|
|
|
|
60
|
|
|
|
259
|
|
|
|
263
|
|
Medium
Density
|
Third party net
sales
|
|
$
|
48
|
|
|
$
|
53
|
|
|
$
|
50
|
|
|
$
|
41
|
|
|
$
|
43
|
|
|
$
|
192
|
|
|
$
|
186
|
|
Fiberboard
|
Third party sales
realizations
|
|
$
|
1,082
|
|
|
$
|
1,174
|
|
|
$
|
1,274
|
|
|
$
|
1,310
|
|
|
$
|
995
|
|
|
$
|
1,200
|
|
|
$
|
908
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
44
|
|
|
|
45
|
|
|
|
40
|
|
|
|
31
|
|
|
|
43
|
|
|
|
160
|
|
|
|
205
|
|
in square feet
3/4")
|
Production
volumes
|
|
|
44
|
|
|
|
48
|
|
|
|
38
|
|
|
|
31
|
|
|
|
43
|
|
|
|
161
|
|
|
|
206
|
|
|
|
(3)
|
Volumes include sales
of internally produced products and products purchased for resale
primarily through our distribution business.
|
Weyerhaeuser
Company
|
Unallocated
Items
|
Q4.2022 Analyst
Package
|
Preliminary results
(unaudited)
|
|
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 post-employment costs,
elimination of intersegment profit in inventory and LIFO, foreign
exchange transaction gains and losses, interest income and other as
well as legacy obligations.
|
|
Net Charge to
Earnings
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Unallocated corporate
function and variable compensation expense
|
|
$
|
(31)
|
|
|
$
|
(36)
|
|
|
$
|
(36)
|
|
|
$
|
(36)
|
|
|
$
|
(35)
|
|
|
$
|
(139)
|
|
|
$
|
(129)
|
|
Liability classified
share-based compensation
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
|
(1)
|
|
|
|
(4)
|
|
|
|
4
|
|
|
|
(6)
|
|
Foreign exchange gain
(loss)
|
|
|
—
|
|
|
|
3
|
|
|
|
9
|
|
|
|
(2)
|
|
|
|
3
|
|
|
|
10
|
|
|
|
5
|
|
Elimination of
intersegment profit in inventory and LIFO
|
|
|
(59)
|
|
|
|
18
|
|
|
|
2
|
|
|
|
18
|
|
|
|
10
|
|
|
|
(21)
|
|
|
|
(23)
|
|
Other, net
|
|
|
(12)
|
|
|
|
(21)
|
|
|
|
(19)
|
|
|
|
(4)
|
|
|
|
(27)
|
|
|
|
(56)
|
|
|
|
(89)
|
|
Operating
loss
|
|
|
(101)
|
|
|
|
(34)
|
|
|
|
(42)
|
|
|
|
(25)
|
|
|
|
(53)
|
|
|
|
(202)
|
|
|
|
(242)
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(15)
|
|
|
|
(11)
|
|
|
|
(12)
|
|
|
|
(216)
|
|
|
|
(5)
|
|
|
|
(254)
|
|
|
|
(19)
|
|
Interest income and
other
|
|
|
(1)
|
|
|
|
1
|
|
|
|
9
|
|
|
|
16
|
|
|
|
1
|
|
|
|
25
|
|
|
|
5
|
|
Net charge to
earnings
|
|
$
|
(117)
|
|
|
$
|
(44)
|
|
|
$
|
(45)
|
|
|
$
|
(225)
|
|
|
$
|
(57)
|
|
|
$
|
(431)
|
|
|
$
|
(256)
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Operating
loss
|
|
$
|
(101)
|
|
|
$
|
(34)
|
|
|
$
|
(42)
|
|
|
$
|
(25)
|
|
|
$
|
(53)
|
|
|
$
|
(202)
|
|
|
$
|
(242)
|
|
Depreciation, depletion
and amortization
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
1
|
|
|
|
—
|
|
|
|
6
|
|
|
|
5
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(15)
|
|
|
|
—
|
|
|
|
(15)
|
|
Adjusted
EBITDA(1)
|
|
$
|
(99)
|
|
|
$
|
(33)
|
|
|
$
|
(40)
|
|
|
$
|
(24)
|
|
|
$
|
(68)
|
|
|
$
|
(196)
|
|
|
$
|
(252)
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Unallocated Special
Items Included in Net Charge to Earnings (Pretax)
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Legal
benefit
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Special items
included in operating loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
—
|
|
|
|
15
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(205)
|
|
|
|
—
|
|
|
|
(205)
|
|
|
|
—
|
|
Special items
included in net charge to earnings
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(205)
|
|
|
$
|
15
|
|
|
$
|
(205)
|
|
|
$
|
15
|
|
Unallocated Selected
Items
|
|
in millions
|
|
Q1.2022
|
|
|
Q2.2022
|
|
|
Q3.2022
|
|
|
Q4.2022
|
|
|
Q4.2021
|
|
|
YTD.2022
|
|
|
YTD.2021
|
|
Cash spent for capital
expenditures
|
|
$
|
(1)
|
|
|
$
|
(2)
|
|
|
$
|
(4)
|
|
|
$
|
(1)
|
|
|
$
|
(6)
|
|
|
$
|
(8)
|
|
|
$
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information contact:
Analysts – Andy
Taylor (206) 539-3907
Media – Nancy
Thompson (919) 861-0342
View original content to download
multimedia:https://www.prnewswire.com/news-releases/weyerhaeuser-reports-fourth-quarter-full-year-results-301731996.html
SOURCE Weyerhaeuser Company