Weyerhaeuser (WY) 10-Q2003 Q1 Quarterly report

Filed: 14 May 03, 12:00am

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New words: absence, administration, advertising, Alabama, alternative, analyze, award, awarded, benchmark, body, carrier, Coast, coated, comparison, comply, comprised, consideration, counsel, coverage, deal, deem, default, depending, deposit, detailed, divestiture, dividing, Division, driven, East, efficiency, energy, excessive, family, feet, flat, freight, gas, Geneva, geographic, groundwood, grown, guaranteed, Hancock, hearing, home, implied, incentive, inherently, insignificant, Interpretation, issuance, Jasmine, jointly, length, likelihood, marine, maximum, Millport, monetize, monopolizing, mortality, Mountain, notwithstanding, obligor, OCC, outperform, pertaining, pesticide, portfolio, premium, prescribed, principle, priority, prohibiting, prove, qualitative, quantitative, read, recommendation, recommended, recourse, released, relevant, replanting, residual, restraining, role, scientific, seedling, seller, shifting, shut, silviculture, size, square, strategy, subordinated, substantially, suffered, sufficient, supply, Taggart, terminology, thousand, ton, transportation, true, underway, unpredictable, unprocessed, upper, valuation, withdrew, write

Removed: achieve, acquiring, amortization, amortized, antidumping, applicable, approach, assessment, assist, Australia, banking, bargained, bond, borrowed, calculated, calculation, canceled, carried, casualty, ceased, Cedar, Charlotte, check, CHI, Chicago, collected, collectively, commodity, compensating, consecutive, consummated, contract, contractual, conversion, core, costed, counterparty, daily, Dec, decline, decreased, deliver, denominated, depletable, depreciable, depreciated, derivative, designated, desired, disposed, diversification, document, eligible, enacted, enhance, entitled, ERISA, European, exchanged, excluded, existed, expensed, expiration, exposed, exposure, extensive, extinguishment, extraordinary, fail, FASB, fee, FIFO, fit, fixed, floating, forestland, forma, formally, functional, funding, generate, goal, grocery, growth, hedge, hedged, high, hourly, identifiable, immaterial, impact, imposition, index, Ineffective, initiative, institution, intangible, integrated, Intersegment, investigation, investing, Joist, July, labor, larger, leading, leased, life, LIFO, liquidated, liquidation, logging, long, longer, lost, maintained, mark, marked, maturity, measure, measuring, meet, merger, Mexican, Mexico, minimum, mix, modest, monthly, moving, netting, nonperformance, nonrecurring, Norwegian, notional, objective, occurring, offer, OSB, outplacement, outsource, outsourcer, outsourcing, overhead, overlay, paperboard, par, past, pay, personnel, petition, planning, plant, port, practicable, preceding, preliminarily, preparation, presently, pretax, prevailing, pro, producer, profit, profitability, program, publication, receivable, reference, regional, registered, relieve, relocation, remain, removed, renewable, replacement, representing, retail, retention, retire, retired, retiree, retroactive, revenue, Rim, River, secondary, Security, Senior, service, settle, settled, shareholder, sheet, shipment, short, shorter, solid, standing, stated, streamline, Submission, surrendered, swap, tender, tendered, terminate, terminated, test, threat, title, Transfer, transition, transitional, translated, translation, treatment, truck, turnover, unaffiliated, undiscounted, unlimited, unrealized, unused, usage, utilization, variability, vast, vote, wastepaper, wholly, worldwide

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EXHIBIT 12

Weyerhaeuser Company and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(Dollar amounts in thousands)


				Thirteen weeks ended

				March 30,			March 31,
				2003			2002

Available earnings:
	Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle			$	153,324		$	228,543
	Add interest portion of rental expense				14,455			11,615

Available earnings before cumulative effect of a change in accounting principle				$	167,779		$	240,158

Fixed charges:
	Interest expense incurred:
		Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries		$	205,133		$	137,636
		Weyerhaeuser Real Estate Company and other related subsidiaries			13,482			13,732

			Subtotal		218,615			151,368
		Less intercompany interest			63			(507	)

	Total interest expense incurred				218,678			150,861

	Amortization of debt expense				3,262			40,706

	Rental expense:
		Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries			40,469			32,332
		Weyerhaeuser Real Estate Company and other related subsidiaries			2,895			2,514

					43,364			34,846

	Interest portion of rental expense				14,455			11,615

Total fixed charges				$	236,395		$	203,182

Ratio of earnings to fixed charges					0.71	¹		1.18

¹ Fixed charges exceeded available earnings of Weyerhaeuser Company and subsidiaries before the cumulative effect of a change in accounting principle by approximately $69 million for the thirteen weeks ended March 30, 2003.

Weyerhaeuser Company with its Weyerhaeuser Real Estate Company and Other Related Subsidiaries
Accounted for on the Equity Method, but Excluding the Undistributed Earnings of Those Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(Dollar amounts in thousands)


				Thirteen weeks ended

				March 30,			March 31,
				2003			2002

Available earnings:
	Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in accounting principle			$	138,512		$	220,108
	Add interest portion of rental expense				13,490			10,777

					152,002			230,885

	Deduct undistributed earnings of equity affiliates				(1,508	)		(2,767	)

	Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries:
		Deduct pretax earnings			(95,390	)		(90,947	)
		Add back dividends paid to Weyerhaeuser			—			—

			Undistributed earnings		(95,390	)		(90,947	)

Available earnings before cumulative effect of a change in accounting principle				$	55,104		$	137,171

Fixed charges:
	Interest expense incurred			$	205,133		$	137,636
	Amortization of debt expense				3,262			40,706
	Interest portion of rental expense				13,490			10,777

Total fixed charges				$	221,885		$	189,119

Ratio of earnings to fixed charges					0.25	²		0.73	²

² Fixed charges exceeded available earnings before the cumulative effect of a change in accounting principle of Weyerhaeuser Company with its Weyerhaeuser Real Estate Company and other related subsidiaries accounted for on the equity method, but excluding the undistributed earnings of those subsidiaries by approximately $167 million for the thirteen weeks ended March 30, 2003, and approximately $52 million for the thirteen weeks ended March 31, 2002.