Weyerhaeuser (WY) 8-K Weyerhaeuser Reports Fourth Quarter, Full Year Results

Weyerhaeuser Company																Exhibit 99.2
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net sales	$	1,865		$	2,065		$	1,910		$	1,636		$	1,823		$	7,476		$	7,196
Costs of sales	1,348			1,447			1,452			1,345			1,316			5,592			5,298
Gross margin	517			618			458			291			507			1,884			1,898
Selling expenses	23			23			20			22			21			88			87
General and administrative expenses	78			80			78			82			72			318			310
Research and development expenses	2			2			2			2			2			8			14
Charges for integration and restructuring, closures and asset impairments	2			—			—			—			16			2			194
Charges (recoveries) for product remediation, net	(20		)	20			—			—			50			—			290
Other operating costs (income), net	28			17			21			8			(130		)	74			(128		)
Operating income	404			476			337			177			476			1,394			1,131
Non-operating pension and other postretirement benefit (costs) credits	(24		)	(13		)	(17		)	(218		)	(16		)	(272		)	(62		)
Interest income and other	12			11			13			24			10			60			40
Interest expense, net of capitalized interest	(93		)	(92		)	(93		)	(97		)	(96		)	(375		)	(393		)
Earnings (loss) before income taxes	299			382			240			(114		)	374			807			716
Income taxes	(30		)	(65		)	15			21			(103		)	(59		)	(134		)
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Per Share Information
	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Earnings (loss) per share, basic and diluted	$	0.35		$	0.42		$	0.34		$	(0.12	)	$	0.36		$	0.99		$	0.77
Dividends paid per common share	$	0.32		$	0.32		$	0.34		$	0.34		$	0.32		$	1.32		$	1.25
Weighted average shares outstanding (in thousands):
Basic	756,815			757,829			754,986			748,694			755,409			754,556			753,085
Diluted	759,462			760,533			757,389			750,025			758,463			756,827			756,666
Common shares outstanding at end of period (in thousands)	756,700			757,646			749,199			746,391			755,223			746,391			755,223
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Non-operating pension and other postretirement benefit costs (credits)	24			13			17			218			16			272			62
Interest income and other	(12		)	(11		)	(13		)	(24		)	(10		)	(60		)	(40		)
Interest expense, net of capitalized interest	93			92			93			97			96			375			393
Income taxes	30			65			(15		)	(21		)	103			59			134
Operating income	404			476			337			177			476			1,394			1,131
Depreciation, depletion and amortization	120			119			122			125			127			486			521
Basis of real estate sold	12			22			46			44			33			124			81
Unallocated pension service costs	—			—			—			—			1			—			4
Special items included in operating income	8			20			—			—			(86		)	28			343
Adjusted EBITDA*	$	544		$	637		$	505		$	346		$	551		$	2,032		$	2,080
*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, unallocated pension service costs 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.

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Weyerhaeuser Company												Total Company Statistics
Q4.2018 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
	Q1			Q2		Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss)	$	269		$	317	$	255		$	(93	)	$	271		$	748		$	582
Plum Creek merger and integration-related costs	—			—		—			—			12			—			27
Restructuring, impairments and other charges	—			—		—			—			—			—			151
Gain on sale of timberlands and other nonstrategic assets	—			—		—			(10		)	(99		)	(10		)	(99		)
Environmental remediation charges (recoveries)	21			—		—			—			(26		)	21			(26		)
Product remediation charges (recoveries), net	(15		)	15		—			—			31			—			180
Countervailing and antidumping duties charges (credits)(1)	—			—		—			—			(7		)	—			5
Tax adjustments(2)	—			—		(41		)	21			52			(20		)	52
Pension settlement charge(3)	—			—		—			152			—			152			—
Net earnings before special items	$	275		$	332	$	214		$	70		$	234		$	891		$	872
	Q1			Q2		Q3			Q4						Year-to-Date
	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss) per diluted share	$	0.35		$	0.42	$	0.34		$	(0.12	)	$	0.36		$	0.99		$	0.77
Plum Creek merger and integration-related costs	—			—		—			—			0.02			—			0.03
Restructuring, impairments and other charges	—			—		—			—			—			—			0.21
Gain on sale of timberlands and other nonstrategic assets	—			—		—			(0.01		)	(0.14		)	(0.01		)	(0.14		)
Environmental remediation charges (recoveries)	0.03			—		—			—			(0.03		)	0.03			(0.03		)
Product remediation charges (recoveries), net	(0.02		)	0.02		—			—			0.04			—			0.23
Countervailing and antidumping duties charges (credits)(1)	—			—		—			—			(0.01		)	—			0.01
Tax adjustments(2)	—			—		(0.06		)	0.03			0.07			(0.03		)	0.07
Pension settlement charge(3)	—			—		—			0.20			—			0.20			—
Net earnings per diluted share before special items	$	0.36		$	0.44	$	0.28		$	0.10		$	0.31		$	1.18		$	1.15
(1) As of first quarter 2018, countervailing and antidumping duties are no longer reported as a special item.
(2) During third quarter 2018, we recorded a tax benefit related to our contribution to our U.S. qualified pension plan. During fourth quarter 2018 and 2017, we recorded tax adjustment charges of $21 million and $52 million, respectively.
(3) During fourth quarter 2018, we recorded a $200 million non-cash pre-tax settlement charge related to our U.S. qualified pension plan lump sum offer.
Selected Total Company Items
	Q1			Q2		Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Pension and postretirement costs:
Pension and postretirement service cost	$	10		$	8	$	10		$	9		$	9		$	37		$	35
Non-operating pension and other postretirement benefit costs	24			13		17			218			16			272			62
Total company pension and postretirement costs	$	34		$	21	$	27		$	227		$	25		$	309		$	97

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Weyerhaeuser Company
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		December 31, 2017
in millions
ASSETS
Current assets:
Cash and cash equivalents	$	598	$	901	$	348	$	334	$	824
Receivables, less discounts and allowances	481		491		444		337		396
Receivables for taxes	24		23		140		137		14
Inventories	445		414		389		389		383
Prepaid expenses and other current assets	118		146		140		152		98
Current restricted financial investments held by variable interest entities	253		253		253		253		—
Total current assets	1,919		2,228		1,714		1,602		1,715
Property and equipment, net	1,573		1,597		1,672		1,857		1,618
Construction in progress	275		282		255		136		225
Timber and timberlands at cost, less depletion	12,888		12,790		12,727		12,671		12,954
Minerals and mineral rights, less depletion	306		302		297		294		308
Deferred tax assets	244		168		71		15		268
Other assets	318		319		329		312		356
Restricted financial investments held by variable interest entities	362		362		362		362		615
Total assets	$	17,885	$	18,048	$	17,427	$	17,249	$	18,059
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	—	$	500	$	62
Current debt (nonrecourse to the company) held by variable interest entities	209		209		511		302		209
Borrowings on line of credit	—		—		—		425		—
Accounts payable	245		270		271		222		249
Accrued liabilities	457		543		491		490		645
Total current liabilities	911		1,022		1,273		1,939		1,165
Long-term debt	5,928		5,924		5,921		5,419		5,930
Long-term debt (nonrecourse to the company) held by variable interest entities	302		302		—		—		302
Deferred tax liabilities	—		—		—		43		—
Deferred pension and other postretirement benefits	1,454		1,224		885		527		1,487
Other liabilities	299		295		291		275		276
Total liabilities	8,894		8,767		8,370		8,203		9,160
Total equity	8,991		9,281		9,057		9,046		8,899
Total liabilities and equity	$	17,885	$	18,048	$	17,427	$	17,249	$	18,059

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Weyerhaeuser Company
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Cash flows from operations:
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Noncash charges (credits) to income:
Depreciation, depletion and amortization	120			119			122			125			127			486			521
Basis of real estate sold	12			22			46			44			33			124			81
Deferred income taxes, net	10			15			86			(39		)	35			72			44
Pension and other postretirement benefits	34			21			27			227			25			309			97
Share-based compensation expense	9			9			13			11			11			42			40
Charges for impairment of assets	1			—			—			—			1			1			154
Net gains on disposition of discontinued and other operations	—			—			—			—			—			—			(1		)
Net gains on sale of nonstrategic assets	(2		)	—			—			(14		)	(2		)	(16		)	(16		)
Net gains on sale of southern timberlands	—			—			—			—			(99		)	—			(99		)
Change in:
Receivables, less allowances	(83		)	(18		)	46			117			78			62			(35		)
Receivables and payables for taxes	5			10			(124		)	6			66			(103		)	(50		)
Inventories	(66		)	30			27			(5		)	(43		)	(14		)	(39		)
Prepaid expenses and other current assets	(5		)	4			(6		)	(11		)	(3		)	(18		)	(12		)
Accounts payable and accrued liabilities	(173		)	103			(63		)	(21		)	(78		)	(154		)	106
Pension and postretirement contributions and payments	(16		)	(16		)	(323		)	(26		)	(19		)	(381		)	(78		)
Other	21			(19		)	(19		)	(29		)	(49		)	(46		)	(94		)
Net cash from (used in) operations	$	136		$	597		$	87		$	292		$	354		$	1,112		$	1,201
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(61	)	$	(83	)	$	(94	)	$	(130	)	$	(145	)	$	(368	)	$	(358	)
Capital expenditures for timberlands reforestation	(20		)	(14		)	(11		)	(14		)	(15		)	(59		)	(61		)
Proceeds from disposition of discontinued and other operations	—			—			—			—			—			—			403
Proceeds from sale of nonstrategic assets	2			—			—			2			6			4			26
Proceeds from sale of southern timberlands	—			—			—			—			203			—			203
Proceeds from redemption of ownership in related party	—			—			—			—			108			—			108
Other	3			24			(10		)	(34		)	18			(17		)	46
Cash from (used in) investing activities	$	(76	)	$	(73	)	$	(115	)	$	(176	)	$	175		$	(440	)	$	367
Cash flows from financing activities:
Cash dividends on common shares	$	(242	)	$	(243	)	$	(256	)	$	(254	)	$	(242	)	$	(995	)	$	(941	)
Proceeds from issuance of long-term debt	—			—			—			—			—			—			225
Payments on long-term debt	(62		)	—			—			—			—			(62		)	(831		)
Proceeds from borrowing on line of credit	—			—			—			425			—			425			100
Payments on line of credit	—			—			—			—			—			—			(100		)
Payments on debt held by variable interest entities	—			—			—			(209		)	—			(209		)	—
Proceeds from exercise of stock options	25			23			4			—			39			52			128
Repurchase of common shares	—			—			(273		)	(93		)	—			(366		)	—
Other	(7		)	(1		)	—			1			1			(7		)	(1		)
Cash from (used in) financing activities	$	(286	)	$	(221	)	$	(525	)	$	(130	)	$	(202	)	$	(1,162	)	$	(1,420	)
Net change in cash and cash equivalents	$	(226	)	$	303		$	(553	)	$	(14	)	$	327		$	(490	)	$	148
Cash and cash equivalents at beginning of period	824			598			901			348			497			824			676
Cash and cash equivalents at end of period	$	598		$	901		$	348		$	334		$	824		$	334		$	824
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	105		$	67		$	113		$	73		$	66		$	358		$	381
Income taxes	$	17		$	41		$	22		$	15		$	40		$	95		$	169

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Weyerhaeuser Company														Timberlands Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Sales to unaffiliated customers		$	505		$	482		$	468		$	460		$	496		$	1,915		$	1,942
Intersegment sales		228			185			185			204			218			802			762
Total net sales		733			667			653			664			714			2,717			2,704
Costs of sales		526			485			505			536			531			2,052			2,043
Gross margin		207			182			148			128			183			665			661
Selling expenses		1			—			1			—			1			2			4
General and administrative expenses		23			25			23			25			19			96			90
Research and development expenses		2			1			2			1			2			6			12
Charges for integration and restructuring, closures and asset impairments		—			—			—			—			—			—			147
Other operating costs (income), net		(8		)	(5		)	(4		)	(5		)	(104		)	(22		)	(124		)
Operating income and Net contribution to earnings		$	189		$	161		$	126		$	107		$	265		$	583		$	532
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income		$	189		$	161		$	126		$	107		$	265		$	583		$	532
Depreciation, depletion and amortization		79			79			80			81			86			319			356
Special items		—			—			—			—			(99		)	—			48
Adjusted EBITDA*		$	268		$	240		$	206		$	188		$	252		$	902		$	936
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Restructuring, impairments and other charges		$	—		$	—		$	—		$	—		$	—		$	—		$	(147	)
Gain on sale of timberlands and other nonstrategic assets		$	—		$	—		$	—		$	—		$	99		$	—		$	99
Total		$	—		$	—		$	—		$	—		$	99		$	—		$	(48	)
Selected Segment Items
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Total decrease (increase) in working capital(1)		$	(40	)	$	70		$	(32	)	$	(7	)	$	(15	)	$	(9	)	$	5
Cash spent for capital expenditures		$	(28	)	$	(29	)	$	(25	)	$	(35	)	$	(36	)	$	(117	)	$	(115	)
(1) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
Segment Statistics(2)(3)
		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Third Party Net Sales (millions)	Delivered logs:
	West	$	266		$	262		$	238		$	221		$	242		$	987		$	915
	South	157			158			157			153			165			625			616
	North	25			20			25			29			27			99			95
	Other	14			7			9			11			11			41			59
	Total delivered logs	462			447			429			414			445			1,752			1,685
	Stumpage and pay-as-cut timber	15			11			13			20			21			59			73
	Products from international operations	—			—			—			—			—			—			63
	Recreational and other lease revenue	14			15			15			15			14			59			59
	Other revenue	14			9			11			11			16			45			62
	Total	$	505		$	482		$	468		$	460		$	496		$	1,915		$	1,942
Delivered Logs Third Party Sales Realizations (per ton)	West	$	131.59		$	132.24		$	125.67		$	112.58		$	121.41		$	125.59		$	111.58
	South	$	34.83		$	34.55		$	34.88		$	34.38		$	34.53		$	34.66		$	34.43
	North	$	60.79		$	64.92		$	60.97		$	57.27		$	60.77		$	60.55		$	60.38
Delivered Logs Third Party Sales Volumes (tons, thousands)	West	2,019			1,984			1,897			1,958			1,992			7,858			8,202
	South	4,510			4,560			4,521			4,417			4,790			18,008			17,895
	North	404			313			414			497			439			1,628			1,574
	Other	317			81			154			204			232			756			1,458
Fee Harvest Volumes (tons, thousands)	West	2,443			2,360			2,305			2,463			2,544			9,571			10,083
	South	6,751			6,630			6,478			6,849			7,350			26,708			27,149
	North	549			423			537			620			635			2,129			2,205
	Other	—			—			—			—			—			—			1,384
(2) The Western region includes Washington and Oregon. The Southern region includes Virginia, North Carolina, South Carolina, Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, Texas and Oklahoma. The Northern region includes West Virginia, Maine, New Hampshire, Vermont, Michigan, Wisconsin and Montana. Other includes our Canadian operations and formerly managed Twin Creeks operations (our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017).
(3) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

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Weyerhaeuser Company				Real Estate, Energy and Natural Resources Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Net sales		$	51	$	58	$	96	$	102	$	100	$	307	$	281
Costs of sales		19		30		54		52		43		155		110
Gross margin		32		28		42		50		57		152		171
General and administrative expenses		7		6		6		7		6		26		26
Other operating costs (income), net		—		—		—		—		1		—		—
Operating income		25		22		36		43		50		126		145
Interest income and other		—		—		—		1		—		1		1
Net contribution to earnings		$	25	$	22	$	36	$	44	$	50	$	127	$	146
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Operating income		$	25	$	22	$	36	$	43	$	50	$	126	$	145
Depreciation, depletion and amortization		4		3		4		3		4		14		15
Basis of real estate sold		12		22		46		44		33		124		81
Adjusted EBITDA*		$	41	$	47	$	86	$	90	$	87	$	264	$	241
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Selected Segment Items
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Cash spent for capital expenditures		$	—	$	—	$	—	$	—	$	—	$	—	$	(2	)
Segment Statistics
		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Net Sales (millions)	Real Estate	$	34	$	38	$	76	$	81	$	80	$	229	$	208
	Energy and Natural Resources	17		20		20		21		20		78		73
	Total	$	51	$	58	$	96	$	102	$	100	$	307	$	281
Acres sold	Real Estate	21,771		16,290		61,681		31,833		38,226		131,575		97,235
Price per acre	Real Estate	$	1,539	$	2,258	$	1,209	$	2,479	$	2,076	$	1,701	$	2,079

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Weyerhaeuser Company														Wood Products Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Net sales		$	1,309		$	1,525		$	1,346		$	1,075		$	1,228		$	5,255		$	4,974
Costs of sales		1,005			1,119			1,071			991			947			4,186			3,880
Gross margin		304			406			275			84			281			1,069			1,094
Selling expenses		21			22			18			20			20			81			80
General and administrative expenses		34			31			32			33			32			130			126
Research and development expenses		—			1			—			1			—			2			2
Charges for integration and restructuring, closures and asset impairments		2			—			—			—			2			2			13
Charges (recoveries) for product remediation, net		(20		)	20			—			—			50			—			290
Other operating costs (income), net		(3		)	3			12			4			(3		)	16			14
Operating income and Net contribution to earnings		$	270		$	329		$	213		$	26		$	180		$	838		$	569
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income		$	270		$	329		$	213		$	26		$	180		$	838		$	569
Depreciation, depletion and amortization		36			36			37			40			37			149			145
Special items		(20		)	20			—			—			41			—			303
Adjusted EBITDA*		$	286		$	385		$	250		$	66		$	258		$	987		$	1,017
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Countervailing and antidumping duties (charges) credits(1)		$	—		$	—		$	—		$	—		$	9		$	—		$	(7	)
Restructuring, impairments and other charges		—			—			—			—			—			—			(6		)
Product remediation (charges) recoveries, net		20			(20		)	—			—			(50		)	—			(290		)
Total		$	20		$	(20	)	$	—		$	—		$	(41	)	$	—		$	(303	)
(1) As of first quarter 2018, countervailing and antidumping duties are no longer reported as a special item.
Selected Segment Items
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Total decrease (increase) in working capital(2)		$	(226	)	$	3		$	71		$	83		$	(81	)	$	(69	)	$	60
Cash spent for capital expenditures		$	(52	)	$	(68	)	$	(79	)	$	(107	)	$	(123	)	$	(306	)	$	(299	)
(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		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Structural Lumber (board feet)	Third party net sales	$	569		$	681		$	581		$	427		$	517		$	2,258		$	2,058
	Third party sales realizations	$	498		$	541		$	491		$	388		$	466		$	482		$	442
	Third party sales volumes(3)	1,140			1,261			1,184			1,099			1,110			4,684			4,658
	Production volumes	1,160			1,180			1,106			1,095			1,118			4,541			4,509
Engineered Solid Section (cubic feet)	Third party net sales	$	129		$	139		$	132		$	121		$	122		$	521		$	500
	Third party sales realizations	$	2,088		$	2,156		$	2,208		$	2,139		$	2,076		$	2,148		$	1,995
	Third party sales volumes(3)	6.2			6.4			6.0			5.7			5.9			24.3			25.1
	Production volumes	6.3			6.4			6.3			5.3			5.8			24.3			25.1
Engineered I-joists (lineal feet)	Third party net sales	$	78		$	92		$	91		$	75		$	85		$	336		$	336
	Third party sales realizations	$	1,585		$	1,630		$	1,668		$	1,696		$	1,561		$	1,643		$	1,524
	Third party sales volumes(3)	49			57			54			44			54			204			220
	Production volumes	56			52			46			37			52			191			213
Oriented Strand Board (square feet 3/8")	Third party net sales	$	232		$	277		$	215		$	167		$	233		$	891		$	904
	Third party sales realizations	$	314		$	367		$	321		$	252		$	335		$	315		$	304
	Third party sales volumes(3)	739			754			669			665			697			2,827			2,971
	Production volumes	734			747			665			691			739			2,837			2,995
Softwood Plywood (square feet 3/8")	Third party net sales	$	50		$	55		$	53		$	42		$	40		$	200		$	176
	Third party sales realizations	$	438		$	461		$	439		$	396		$	417		$	435		$	389
	Third party sales volumes(3)	115			118			122			104			95			459			453
	Production volumes	97			105			106			96			86			404			370
Medium Density Fiberboard (square feet 3/4")	Third party net sales	$	43		$	47		$	48		$	39		$	37		$	177		$	183
	Third party sales realizations	$	839		$	839		$	828		$	835		$	829		$	835		$	822
	Third party sales volumes(3)	51			55			59			47			45			212			222
	Production volumes	50			57			61			52			50			220			232
(3) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

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Weyerhaeuser Company													Unallocated Items
Q4.2018 Analyst Package
Preliminary results (unaudited)
Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as share-based compensation expense, pension and postretirement costs, foreign exchange transaction gains and losses, interest income and other, and the elimination of intersegment profit in inventory and LIFO.
Contribution to Earnings
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Unallocated corporate function and variable compensation expenses	$	(18	)	$	(19	)	$	(19	)	$	(28	)	$	(18	)	$	(84	)	$	(73	)
Liability classified share-based compensation	—			(2		)	4			8			(2		)	10			(9		)
Foreign exchange gains (loss)	(2		)	2			(2		)	5			1			3			1
Elimination of intersegment profit in inventory and LIFO	(21		)	3			—			24			(14		)	6			(20		)
Charges for integration and restructuring, closures and asset impairments	—			—			—			—			(14		)	—			(34		)
Other	(39		)	(20		)	(21		)	(8		)	28			(88		)	20
Operating income (loss)	(80		)	(36		)	(38		)	1			(19		)	(153		)	(115		)
Non-operating pension and other postretirement benefit (costs) credits	(24		)	(13		)	(17		)	(218		)	(16		)	(272		)	(62		)
Interest income and other	12			11			13			23			10			59			39
Net contribution to earnings (loss)	$	(92	)	$	(38	)	$	(42	)	$	(194	)	$	(25	)	$	(366	)	$	(138	)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income (loss)	$	(80	)	$	(36	)	$	(38	)	$	1		$	(19	)	$	(153	)	$	(115	)
Depreciation, depletion and amortization	1			1			1			1			—			4			5
Unallocated pension service costs	—			—			—			—			1			—			4
Special items	28			—			—			—			(28		)	28			(8		)
Adjusted EBITDA*	$	(51	)	$	(35	)	$	(37	)	$	2		$	(46	)	$	(121	)	$	(114	)
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Plum Creek merger and integration-related costs	$	—		$	—		$	—		$	—		$	(14	)	$	—		$	(34	)
Environmental remediation insurance (charges) recoveries	(28		)	—			—			—			42			(28		)	42
Special items included in operating income (loss)	(28		)	—			—			—			28			(28		)	8
Pension settlement charge	—			—			—			(200		)	—			(200		)	—
Gain on sale of nonstrategic assets	—			—			—			13			—			13			—
Special items included in net contribution to earnings (loss)	$	(28	)	$	—		$	—		$	(187	)	$	28		$	(215	)	$	8
Unallocated Selected Items
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Cash spent for capital expenditures	$	(1	)	$	—		$	(1	)	$	(2	)	$	(1	)	$	(4	)	$	(3	)

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