Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | WEYERHAEUSER COMPANY | |
Trading Symbol | WY | |
Entity Central Index Key | 0000106535 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 730,001,000 | |
Entity Shell Company | false | |
Entity File Number | 1-4825 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-0470860 | |
Entity Address, Address Line One | 220 Occidental Avenue South | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98104-7800 | |
City Area Code | (206) | |
Local Phone Number | 539-3000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $1.25 per share | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales (Note 3) | $ 2,022 | $ 2,276 | $ 5,900 | $ 8,361 |
Costs of sales | 1,520 | 1,694 | 4,560 | 5,130 |
Gross margin | 502 | 582 | 1,340 | 3,231 |
Selling expenses | 22 | 24 | 66 | 70 |
General and administrative expenses | 107 | 100 | 316 | 294 |
Other operating costs, net (Note 13) | 20 | 1 | 50 | 19 |
Operating income | 353 | 457 | 908 | 2,848 |
Non-operating pension and other post-employment benefit costs (Note 6) | (12) | (12) | (33) | (38) |
Interest income and other | 24 | 9 | 54 | 9 |
Interest expense, net of capitalized interest | (72) | (67) | (208) | (204) |
Loss on debt extinguishment (Note 8) | 0 | 0 | 0 | (276) |
Earnings before income taxes | 293 | 387 | 721 | 2,339 |
Income taxes (Note 14) | (54) | (77) | (101) | (470) |
Net earnings | $ 239 | $ 310 | $ 620 | $ 1,869 |
Earnings per share, basic (Note 4) | $ 0.33 | $ 0.42 | $ 0.85 | $ 2.51 |
Earnings per share, diluted (Note 4) | $ 0.33 | $ 0.42 | $ 0.85 | $ 2.51 |
Weighted average shares outstanding (in thousands) (Note 4): | ||||
Basic | 731,046 | 740,058 | 732,069 | 743,990 |
Diluted | 731,742 | 740,975 | 732,542 | 745,081 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 239 | $ 310 | $ 620 | $ 1,869 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (7) | (53) | 0 | (62) |
Changes in unamortized actuarial loss, net of tax expense of $3, $11, $7 and $40 | 9 | 32 | 23 | 122 |
Changes in unamortized net prior service credit, net of tax benefit (expense) of $0, $0, $1 and ($1) | 0 | 1 | 1 | 1 |
Total other comprehensive income (loss) | 2 | (20) | 24 | 61 |
Total comprehensive income | $ 241 | $ 290 | $ 644 | $ 1,930 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Changes in unamortized actuarial loss, tax expense | $ 3 | $ 11 | $ 7 | $ 40 |
Changes in unamortized net prior service credit, tax benefit (expense) | $ 0 | $ 0 | $ 1 | $ (1) |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,173,000,000 | $ 1,581,000,000 |
Short-term investments (Note 9) | 668,000,000 | 0 |
Receivables, net | 443,000,000 | 357,000,000 |
Receivables for taxes | 18,000,000 | 42,000,000 |
Inventories (Note 5) | 528,000,000 | 550,000,000 |
Prepaid expenses and other current assets | 186,000,000 | 216,000,000 |
Total current assets | 3,016,000,000 | 2,746,000,000 |
Property and equipment, less accumulated depreciation of $3,854 and $3,710 | 2,106,000,000 | 2,171,000,000 |
Construction in progress | 311,000,000 | 222,000,000 |
Timber and timberlands at cost, less depletion | 11,521,000,000 | 11,604,000,000 |
Minerals and mineral rights, less depletion | 203,000,000 | 214,000,000 |
Deferred tax assets | 8,000,000 | 8,000,000 |
Other assets | 385,000,000 | 375,000,000 |
Total assets | 17,550,000,000 | 17,340,000,000 |
Current liabilities: | ||
Current maturities of long-term debt (Note 8) | 861,000,000 | 982,000,000 |
Accounts payable | 288,000,000 | 247,000,000 |
Accrued liabilities (Note 7) | 537,000,000 | 511,000,000 |
Total current liabilities | 1,686,000,000 | 1,740,000,000 |
Long-term debt, net (Note 8) | 4,818,000,000 | 4,071,000,000 |
Deferred tax liabilities | 113,000,000 | 96,000,000 |
Deferred pension and other post-employment benefits (Note 6) | 349,000,000 | 344,000,000 |
Other liabilities | 356,000,000 | 340,000,000 |
Total liabilities | 7,322,000,000 | 6,591,000,000 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 730,128 thousand shares at September 30, 2023 and 732,794 thousand shares at December 31, 2022 | 913,000,000 | 916,000,000 |
Other capital | 7,609,000,000 | 7,691,000,000 |
Retained earnings | 1,929,000,000 | 2,389,000,000 |
Accumulated other comprehensive loss (Note 11) | (223,000,000) | (247,000,000) |
Total equity | 10,228,000,000 | 10,749,000,000 |
Total liabilities and equity | $ 17,550,000,000 | $ 17,340,000,000 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 3,854 | $ 3,710 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, authorized | 1,360,000,000 | 1,360,000,000 |
Common shares, issued | 730,128,000 | 732,794,000 |
Common shares, outstanding | 730,128,000 | 732,794,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operations: | ||
Net earnings | $ 620 | $ 1,869 |
Noncash charges (credits) to earnings: | ||
Depreciation, depletion and amortization | 374 | 360 |
Basis of real estate sold | 80 | 77 |
Pension and other post-employment benefits (Note 6) | 50 | 65 |
Share-based compensation expense (Note 12) | 26 | 25 |
Loss on debt extinguishment (Note 8) | 0 | 276 |
Other | (4) | 17 |
Change in: | ||
Receivables, net | (77) | 81 |
Receivables and payables for taxes | 51 | 15 |
Inventories | 23 | (30) |
Prepaid expenses and other current assets | (5) | (7) |
Accounts payable and accrued liabilities | 43 | (23) |
Pension and post-employment benefit contributions and payments | (16) | (19) |
Other | (20) | (41) |
Net cash from operations | 1,145 | 2,665 |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (209) | (207) |
Capital expenditures for timberlands reforestation | (42) | (38) |
Acquisition of timberlands (Note 15) | (70) | (286) |
Purchase of short-term investments | (664) | 0 |
Other | 3 | 1 |
Net cash from investing activities | (982) | (530) |
Cash flows from financing activities: | ||
Cash dividends on common shares | (1,076) | (1,485) |
Net proceeds from issuance of long-term debt (Note 8) | 743 | 881 |
Payments on long-term debt (Note 8) | (118) | (1,203) |
Repurchases of common shares (Note 4) | (109) | (402) |
Other | (11) | (5) |
Net cash from financing activities | (571) | (2,214) |
Net change in cash, cash equivalents and restricted cash | (408) | (79) |
Cash, cash equivalents and restricted cash at beginning of period | 1,581 | 1,999 |
Cash, cash equivalents and restricted cash at end of period | 1,173 | 1,920 |
Cash paid during the period for: | ||
Interest, net of amount capitalized of $3 and $3 | 190 | 211 |
Income taxes, net of refunds | $ 40 | $ 446 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Interest, amount capitalized | $ 5 | $ 5 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common shares: | Other capital: | Retained earnings: | Accumulated other comprehensive loss: |
Balance at beginning of period at Dec. 31, 2021 | $ 934 | $ 8,181 | $ 2,131 | $ (479) | |
Issued for exercise of stock options and vested units | 2 | 14 | |||
Repurchases of common shares (Note 4) | (14) | (390) | |||
Share-based compensation | 25 | ||||
Other transactions, net | (6) | ||||
Net earnings | $ 1,869 | 1,869 | |||
Dividends on common shares | (1,490) | ||||
Other comprehensive income (loss) | $ 61 | 61 | |||
Dividends paid per common share | $ 1.99 | ||||
Balance at end of period at Sep. 30, 2022 | $ 10,838 | 922 | 7,824 | 2,510 | (418) |
Balance at beginning of period at Jun. 30, 2022 | 927 | 7,954 | 2,333 | (398) | |
Issued for exercise of stock options and vested units | 0 | 1 | |||
Repurchases of common shares (Note 4) | (5) | (140) | |||
Share-based compensation | 8 | ||||
Other transactions, net | 1 | ||||
Net earnings | 310 | 310 | |||
Dividends on common shares | (133) | ||||
Other comprehensive income (loss) | $ (20) | (20) | |||
Dividends paid per common share | $ 0.18 | ||||
Balance at end of period at Sep. 30, 2022 | $ 10,838 | 922 | 7,824 | 2,510 | (418) |
Balance at beginning of period at Dec. 31, 2022 | 10,749 | 916 | 7,691 | 2,389 | (247) |
Issued for exercise of stock options and vested units | 2 | 3 | |||
Repurchases of common shares (Note 4) | (5) | (105) | |||
Share-based compensation | 26 | ||||
Other transactions, net | (6) | ||||
Net earnings | 620 | 620 | |||
Dividends on common shares | (1,080) | ||||
Other comprehensive income (loss) | $ 24 | 24 | |||
Dividends paid per common share | $ 1.47 | ||||
Balance at end of period at Sep. 30, 2023 | $ 10,228 | 913 | 7,609 | 1,929 | (223) |
Balance at beginning of period at Jun. 30, 2023 | 914 | 7,624 | 1,828 | (225) | |
Issued for exercise of stock options and vested units | 0 | 1 | |||
Repurchases of common shares (Note 4) | (1) | (24) | |||
Share-based compensation | 9 | ||||
Other transactions, net | (1) | ||||
Net earnings | 239 | 239 | |||
Dividends on common shares | (138) | ||||
Other comprehensive income (loss) | $ 2 | 2 | |||
Dividends paid per common share | $ 0.19 | ||||
Balance at end of period at Sep. 30, 2023 | $ 10,228 | $ 913 | $ 7,609 | $ 1,929 | $ (223) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 239 | $ 310 | $ 620 | $ 1,869 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Arrangements During third quarter 2023, two of the company’s “officers” (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) adopted trading plans intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) of the Exchange Act. (1) Devin W. Stockfish , president and chief executive officer, adopted a plan on August 3, 2023 with respect to the exercise of up to 161,500 stock options in the aggregate, 14,412 of which expire February 12, 2024, 17,468 of which expire April 9, 2024, 39,458 of which expire February 12, 2025 and 90,162 of which expire February 9, 2026. Specifically, the plan provides for: (i) the exercise of 90,162 stock options at a designated strike price and the sale of all of the underlying shares of common stock in a “cashless” exercise transaction and (ii) the exercise of the remaining stock options at designated strike prices and the sale of an indeterminate number of the underlying shares to cover applicable exercise prices and withholding taxes for such exercises in “cashless” exercise transactions, with the remaining shares to be held by Mr. Stockfish. Mr. Stockfish’s plan expires when all of the shares are sold or on November 12, 2024, whichever occurs first. (2) Keith J. O’Rear , senior vice president , Wood Products, adopted a plan on August 3, 2023 to sell an aggregate of 40,876 shares of common stock. Mr. O’Rear’s plan expires when all of the shares are sold or on October 30, 2024, whichever occurs firs t. |
Keith J. O'Rear [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | true |
Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | true |
Rule 10b5-1 Trading Plan [Member] | Keith J. O'Rear [Member] | |
Trading Arrangements, by Individual | |
Name | Keith J. O’Rear |
Title | senior vice president |
Adoption Date | August 3, 2023 |
Aggregate Available | 40,876 |
Rule 10b5-1 Trading Plan [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Name | Devin W. Stockfish |
Title | president |
Adoption Date | August 3, 2023 |
Aggregate Available | 161,500 |
Rule 10b5-1 Trading Plan Expiring on February 12, 2024 [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 14,412 |
Rule 10b5-1 Trading Plan Expiring on April 9, 2024 [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 17,468 |
Rule 10b5-1 Trading Plan Expiring on February 12, 2025 [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 39,458 |
Rule 10b5-1 Trading Plan Expiring on February 9, 2026 [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 90,162 |
Rule10 B51 Trading Plan Cashless Exercise at Designated Strike Price [Member] | Devin W. Stockfish [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 90,162 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1: BASIS O F PRESENTATION Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company. The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2022 . Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | NOTE 2: BUSIN ESS SEGMENTS We are principally engaged in growing and harvesting timber; manufacturing, distributing and selling products made from trees; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; and monetizing the value of surface and subsurface assets through leases and royalties. Our business segments are organized based primarily on products and services which include: ● Timberlands – Logs, timber, recreational leases and other products; ● Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, and wind and solar); and ● Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution. A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Sales to unaffiliated customers: Timberlands $ 380 $ 441 $ 1,259 $ 1,421 Real Estate & ENR 105 68 286 313 Wood Products 1,537 1,767 4,355 6,627 2,022 2,276 5,900 8,361 Intersegment sales: Timberlands 141 133 433 450 Total sales 2,163 2,409 6,333 8,811 Intersegment eliminations ( 141 ) ( 133 ) ( 433 ) ( 450 ) Total $ 2,022 $ 2,276 $ 5,900 $ 8,361 Net contribution (charge) to earnings: Timberlands $ 78 $ 107 $ 302 $ 442 Real Estate & ENR 56 48 161 194 Wood Products 277 344 590 2,389 411 499 1,053 3,025 Unallocated items (1) ( 46 ) ( 45 ) ( 124 ) ( 206 ) Net contribution to earnings 365 454 929 2,819 Interest expense, net of capitalized interest ( 72 ) ( 67 ) ( 208 ) ( 204 ) Loss on debt extinguishment — — — ( 276 ) Earnings before income taxes 293 387 721 2,339 Income taxes ( 54 ) ( 77 ) ( 101 ) ( 470 ) Net earnings $ 239 $ 310 $ 620 $ 1,869 (1) 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. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 3: REVENU E RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 96 $ 97 $ 290 $ 313 Export grade sales 80 127 321 478 Subtotal West 176 224 611 791 South 155 166 485 480 North 11 15 35 40 Subtotal delivered logs sales 342 405 1,131 1,311 Stumpage and pay-as-cut timber 12 10 43 30 Recreational and other lease revenue 19 18 54 51 Other (1) 7 8 31 29 Net sales attributable to Timberlands segment 380 441 1,259 1,421 Real Estate & ENR segment Real estate 79 30 198 217 Energy and natural resources 26 38 88 96 Net sales attributable to Real Estate & ENR segment 105 68 286 313 Wood Products segment Structural lumber 570 676 1,658 2,880 Oriented strand board 284 287 707 1,348 Engineered solid section 216 233 600 676 Engineered I-joists 122 166 335 471 Softwood plywood 42 47 127 158 Medium density fiberboard 40 50 120 151 Complementary building products 184 222 551 676 Other (2) 79 86 257 267 Net sales attributable to Wood Products segment 1,537 1,767 4,355 6,627 Total net sales $ 2,022 $ 2,276 $ 5,900 $ 8,361 (1) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. (2) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SHAR
NET EARNINGS PER SHARE AND SHARE REPURCHASES | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER SHARE AND SHARE REPURCHASES | NOTE 4: NET EARNINGS PER SHARE AND SHARE REPURCHASES Our basic and diluted earnings per share were: ● $ 0.33 during third quarter 2023 and $ 0.85 during year-to-date 2023; ● $ 0.42 during third quarter 2022 and $ 2.51 du ring year-to-date 2022. Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Weighted average common shares outstanding – basic 731,046 740,058 732,069 743,990 Dilutive potential common shares: Stock options 154 192 134 294 Restricted stock units 304 420 117 417 Performance share units 238 305 222 380 Total effect of outstanding dilutive potential common shares 696 917 473 1,091 Weighted average common shares outstanding – dilutive 731,742 740,975 732,542 745,081 We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Potential Shares Not Included in the Computation of Diluted Earnings per Share The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Stock options 609 620 609 620 Performance share units 612 623 612 623 Share Repurchase Program On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $ 1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program). We repurchased 757,510 common shares for approximately $ 25 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2023 and 3,562,944 common shares for approximately $ 110 million under the 2021 Repurchase Program during year-to-date 2023. As of September 30, 2023, we had remaining authorization of $ 267 million for future share repurchases. During year-to-date 2022 , we repurchased 11,217,300 common shares for approximately $ 404 million (including transaction fees) under the 2021 Repurchase Program. All common stock repurchases under the 2021 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were 32,757 unsettled shares (approximately $ 1 million) as of September 30, 2023, and 223,548 unsettled shares (approximately $ 7 million) as of December 31, 2022. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 5: IN VENTORIES Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, LIFO inventories: Logs $ 28 $ 32 Lumber, plywood, panels and fiberboard 80 61 Other products 16 9 Moving average cost or FIFO inventories: Logs 31 56 Lumber, plywood, panels, fiberboard and engineered wood products 98 122 Other products 129 140 Materials and supplies 146 130 Total $ 528 $ 550 LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The moving average cost method or FIFO – the first-in, first-out method – applies to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories. |
PENSION AND OTHER POST-EMPLOYME
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | NOTE 6: PENSION AND OTHER PO ST-EMPLOYMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Service cost $ 6 $ 9 $ 17 $ 27 Interest cost 30 27 89 80 Expected return on plan assets ( 30 ) ( 40 ) ( 90 ) ( 120 ) Amortization of actuarial loss 10 23 29 70 Amortization of prior service cost — 1 1 2 Total net periodic benefit cost – pension $ 16 $ 20 $ 46 $ 59 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Interest cost $ 2 $ — $ 4 $ 2 Amortization of actuarial loss — 1 1 4 Amortization of prior service credit — — ( 1 ) — Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 $ 4 $ 6 For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations . Fair Value of Pension Plan Assets and Obligations In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets in second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. No adjustments to the fair value of assets or projected benefit obligations were necessary during second quarter 2023. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
ACCRUED LIABILITIES | NOTE 7: ACCRU ED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Compensation and employee benefit costs $ 173 $ 201 Current portion of lease liabilities 21 22 Customer rebates, volume discounts and deferred income 135 132 Interest 84 69 Taxes payable 66 23 Other 58 64 Total $ 537 $ 511 |
LONG-TERM DEBT AND LINE OF CRED
LONG-TERM DEBT AND LINE OF CREDIT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND LINE OF CREDIT | NOTE 8: LONG-TERM DEBT AND LINE OF CREDIT In July 2023, we repaid $ 118 million of our 7.125 percent notes at maturity. In May 2023, we completed an offering of debt securities by issuing $ 750 million of 4.750 percent notes due in May 2026 . The net proceeds after deducting the discount, underwriting fees and issuance costs were $ 743 million. Of these total net proceeds, $ 664 million was invested in short-term investments classified as held-to-maturity securities. In March 2022, we completed a series of transactions that lowered our weighted average interest rate and extended our weighted average maturity by issuing $ 900 million in notes and using the net proceeds plus cash on hand to close cash tender offers for $ 931 million of principal in higher interest rate notes. We issued $ 450 million of 3.375 percent notes due in March 2033 and $ 450 million of 4.000 percent notes due in March 2052 . The net proceeds after deducting the discount, underwriting fees and issuance costs were $ 444 million and $ 437 million, respectively. The net proceeds were used to retire $ 592 million of our 7.375 percent notes due in March 2032 , $ 161 million of our 8.500 percent notes due in January 2025 , $ 73 million of our 7.125 percent notes due in July 2023 , $ 65 million of our 7.950 percent notes due in March 2025 , and $ 40 million of our 7.850 percent notes due in July 2026 . We paid holders an aggregate $ 1.2 billion in cash reflecting principal, premium to par and tender premium. A net pretax charge of $ 276 million ($ 207 million after-tax) was included in the Consolidated Statement of Operations in first quarter 2022 for premiums to retire $ 931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement. In March 2023, we entered into a new $ 1.5 billion five-year senior unsecured revolving credit facility, which expires in March 2028 and replaced the existing facility which was set to expire in January 2025. Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a sprea d. We had no ou tstanding borrowings on our credit facility as of September 30, 2023 and December 31, 2022 . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 9: FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value and carrying value of our long-term debt consisted of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Long-term fixed rate debt (including current maturities): Carrying value $ 5,679 $ 5,053 Fair value (level 2) $ 5,434 $ 4,918 To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our line of credit has a net carrying value that approximates its fair value within an insignificant difference. The inputs to the valuations of our long-term debt are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. Fair Value of Other Financial Instruments We believe that our other financial instruments, including cash and cash equivalents, short-term investments, receivables and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts. As of September 30, 2023, we had $ 668 million in short-term investments classified as held-to-maturity debt securities, which consist of a mixture of term deposits and Treasury bills. We did no t have any short-term investments classified as held-to-maturity debt securities as of December 31, 2022. These short-term investments mature within one year and are recorded in "Short-term investments" on our Consolidated Balance Sheet . We record held-to-maturity debt securities at amortized cost, which approximates fair value. |
LEGAL PROCEEDINGS, COMMITMENTS
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | NOTE 10: LEGAL PROCEEDINGS, C OMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Statement of Operations , Consolidated Balance Sheet or Consolidated Statement of Cash Flows . Environmental Matters Site Remediation Under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the “Superfund” – and similar state laws, we: ● are a party to various proceedings related to the cleanup of hazardous waste sites and ● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. As of September 30, 2023, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 75 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 11: ACCUMULATED OT HER COMPREHENSIVE LOSS Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Pension (1) Balance at beginning of period $ ( 444 ) $ ( 632 ) $ ( 458 ) $ ( 720 ) Other comprehensive income (loss) before reclassifications — 14 ( 1 ) 65 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 9 19 24 56 Total other comprehensive income 9 33 23 121 Balance at end of period $ ( 435 ) $ ( 599 ) $ ( 435 ) $ ( 599 ) Other post-employment benefits (1) Balance at beginning of period $ 21 $ — $ 20 $ ( 2 ) Other comprehensive loss before reclassifications ( 1 ) ( 1 ) — ( 1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 1 1 3 Total other comprehensive income — — 1 2 Balance at end of period $ 21 $ — $ 21 $ — Translation adjustments and other Balance at beginning of period $ 198 $ 234 $ 191 $ 243 Translation adjustments ( 7 ) ( 53 ) — ( 62 ) Total other comprehensive loss ( 7 ) ( 53 ) — ( 62 ) Balance at end of period 191 181 191 181 Accumulated other comprehensive loss, end of period $ ( 223 ) $ ( 418 ) $ ( 223 ) $ ( 418 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 6: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 12: SHARE-B ASED COMPENSATION Share-based compensation activity during year-to-date 2023 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 844 771 Performance share units (PSUs) 392 228 A total of 897 thousand shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises. Restricted Stock Units The weighted average fair value of the RSUs granted in 2023 was $ 33.76 . The vesting provisions for RSUs granted in 2023 were consistent with prior year grants. Performance Share Units The weighted average grant date fair value of PSUs granted in 2023 was $ 37.58 . The final number of shares granted in 2023 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. PSUs granted in 2023 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2023 PERFORMANCE SHARE UNITS Performance period 2/09/2023 – 12/31/2025 Valuation date average stock price (1) $ 33.96 Expected dividends 2.25 % Risk-free rate 4.21 % – 4.66 % Expected volatility 29.26 % – 40.19 % (1) Calculated as an average of the high and low prices on grant date. |
OTHER OPERATING COSTS , NET
OTHER OPERATING COSTS , NET | 9 Months Ended |
Sep. 30, 2023 | |
Component of Operating Income [Abstract] | |
OTHER OPERATING COSTS, NET | NOTE 13: OTHER OPERAT ING COSTS, NET Other operating costs, net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Environmental remediation charges $ 1 $ — $ 14 $ 1 Foreign exchange losses (gains), net 1 ( 8 ) ( 1 ) ( 12 ) Litigation expense, net 9 2 11 10 Research and development expenses 2 1 5 4 Other, net 7 6 21 16 Total other operating costs, net $ 20 $ 1 $ 50 $ 19 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14: INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our wholly-owned Taxable REIT Subsidiaries (TRSs), which includes our Wood Products segment earnings and portions of our Timberlands and Real Estate & ENR segments' earnings. The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurred during the year. Our 2023 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 pe rcent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings. |
TIMBERLAND ACQUISITIONS
TIMBERLAND ACQUISITIONS | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
TIMBERLAND ACQUISITIONS | NOTE 15: TIMBERLAND ACQUISITIONS On July 19, 2023, we completed the purchase of 22 thousand acres of Mississippi timberlands for ap proximately $ 60 million. We recorded $ 59 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million o f related assets in "Property and equipment, net" on our Consolidated Balance Sheet . On May 18, 2022, we completed the purchase of 81 thousand acres of North and South Carolina timberlands for approximately $ 265 million. We recorded $ 263 million of timberland assets in “Timber and timberlands at cost, less depletion” and $ 2 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company. |
Earnings Per Share | We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. |
Fair Value of Financial Instruments | To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our line of credit has a net carrying value that approximates its fair value within an insignificant difference. The inputs to the valuations of our long-term debt are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Business Segment Information in Consolidated Statement of Operations | A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Sales to unaffiliated customers: Timberlands $ 380 $ 441 $ 1,259 $ 1,421 Real Estate & ENR 105 68 286 313 Wood Products 1,537 1,767 4,355 6,627 2,022 2,276 5,900 8,361 Intersegment sales: Timberlands 141 133 433 450 Total sales 2,163 2,409 6,333 8,811 Intersegment eliminations ( 141 ) ( 133 ) ( 433 ) ( 450 ) Total $ 2,022 $ 2,276 $ 5,900 $ 8,361 Net contribution (charge) to earnings: Timberlands $ 78 $ 107 $ 302 $ 442 Real Estate & ENR 56 48 161 194 Wood Products 277 344 590 2,389 411 499 1,053 3,025 Unallocated items (1) ( 46 ) ( 45 ) ( 124 ) ( 206 ) Net contribution to earnings 365 454 929 2,819 Interest expense, net of capitalized interest ( 72 ) ( 67 ) ( 208 ) ( 204 ) Loss on debt extinguishment — — — ( 276 ) Earnings before income taxes 293 387 721 2,339 Income taxes ( 54 ) ( 77 ) ( 101 ) ( 470 ) Net earnings $ 239 $ 310 $ 620 $ 1,869 (1) 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. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Major Products | A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 96 $ 97 $ 290 $ 313 Export grade sales 80 127 321 478 Subtotal West 176 224 611 791 South 155 166 485 480 North 11 15 35 40 Subtotal delivered logs sales 342 405 1,131 1,311 Stumpage and pay-as-cut timber 12 10 43 30 Recreational and other lease revenue 19 18 54 51 Other (1) 7 8 31 29 Net sales attributable to Timberlands segment 380 441 1,259 1,421 Real Estate & ENR segment Real estate 79 30 198 217 Energy and natural resources 26 38 88 96 Net sales attributable to Real Estate & ENR segment 105 68 286 313 Wood Products segment Structural lumber 570 676 1,658 2,880 Oriented strand board 284 287 707 1,348 Engineered solid section 216 233 600 676 Engineered I-joists 122 166 335 471 Softwood plywood 42 47 127 158 Medium density fiberboard 40 50 120 151 Complementary building products 184 222 551 676 Other (2) 79 86 257 267 Net sales attributable to Wood Products segment 1,537 1,767 4,355 6,627 Total net sales $ 2,022 $ 2,276 $ 5,900 $ 8,361 (1) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. (2) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SH_2
NET EARNINGS PER SHARE AND SHARE REPURCHASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Dilutive Potential Common Shares | Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Weighted average common shares outstanding – basic 731,046 740,058 732,069 743,990 Dilutive potential common shares: Stock options 154 192 134 294 Restricted stock units 304 420 117 417 Performance share units 238 305 222 380 Total effect of outstanding dilutive potential common shares 696 917 473 1,091 Weighted average common shares outstanding – dilutive 731,742 740,975 732,542 745,081 |
Potential Shares Not Included in the Computation of Diluted Earnings per Share | The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Stock options 609 620 609 620 Performance share units 612 623 612 623 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, LIFO inventories: Logs $ 28 $ 32 Lumber, plywood, panels and fiberboard 80 61 Other products 16 9 Moving average cost or FIFO inventories: Logs 31 56 Lumber, plywood, panels, fiberboard and engineered wood products 98 122 Other products 129 140 Materials and supplies 146 130 Total $ 528 $ 550 |
PENSION AND OTHER POST-EMPLOY_2
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Service cost $ 6 $ 9 $ 17 $ 27 Interest cost 30 27 89 80 Expected return on plan assets ( 30 ) ( 40 ) ( 90 ) ( 120 ) Amortization of actuarial loss 10 23 29 70 Amortization of prior service cost — 1 1 2 Total net periodic benefit cost – pension $ 16 $ 20 $ 46 $ 59 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Interest cost $ 2 $ — $ 4 $ 2 Amortization of actuarial loss — 1 1 4 Amortization of prior service credit — — ( 1 ) — Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 $ 4 $ 6 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Compensation and employee benefit costs $ 173 $ 201 Current portion of lease liabilities 21 22 Customer rebates, volume discounts and deferred income 135 132 Interest 84 69 Taxes payable 66 23 Other 58 64 Total $ 537 $ 511 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Estimated Fair Values and Carrying Values of Long-Term Debt | The estimated fair value and carrying value of our long-term debt consisted of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Long-term fixed rate debt (including current maturities): Carrying value $ 5,679 $ 5,053 Fair value (level 2) $ 5,434 $ 4,918 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Amounts Included in Our Accumulated Other Comprehensive Loss | Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Pension (1) Balance at beginning of period $ ( 444 ) $ ( 632 ) $ ( 458 ) $ ( 720 ) Other comprehensive income (loss) before reclassifications — 14 ( 1 ) 65 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 9 19 24 56 Total other comprehensive income 9 33 23 121 Balance at end of period $ ( 435 ) $ ( 599 ) $ ( 435 ) $ ( 599 ) Other post-employment benefits (1) Balance at beginning of period $ 21 $ — $ 20 $ ( 2 ) Other comprehensive loss before reclassifications ( 1 ) ( 1 ) — ( 1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 1 1 3 Total other comprehensive income — — 1 2 Balance at end of period $ 21 $ — $ 21 $ — Translation adjustments and other Balance at beginning of period $ 198 $ 234 $ 191 $ 243 Translation adjustments ( 7 ) ( 53 ) — ( 62 ) Total other comprehensive loss ( 7 ) ( 53 ) — ( 62 ) Balance at end of period 191 181 191 181 Accumulated other comprehensive loss, end of period $ ( 223 ) $ ( 418 ) $ ( 223 ) $ ( 418 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 6: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-Based Compensation Activity | Share-based compensation activity during year-to-date 2023 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 844 771 Performance share units (PSUs) 392 228 |
Weighted Average Assumptions Used in Estimating Value of Performance Share Units Granted | Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2023 PERFORMANCE SHARE UNITS Performance period 2/09/2023 – 12/31/2025 Valuation date average stock price (1) $ 33.96 Expected dividends 2.25 % Risk-free rate 4.21 % – 4.66 % Expected volatility 29.26 % – 40.19 % (1) Calculated as an average of the high and low prices on grant date. |
OTHER OPERATING COSTS, NET (Tab
OTHER OPERATING COSTS, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Component of Operating Income [Abstract] | |
Income and Expense Items Included in Other Operating Costs, Net | Other operating costs, net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2023 SEPTEMBER 2022 SEPTEMBER 2023 SEPTEMBER 2022 Environmental remediation charges $ 1 $ — $ 14 $ 1 Foreign exchange losses (gains), net 1 ( 8 ) ( 1 ) ( 12 ) Litigation expense, net 9 2 11 10 Research and development expenses 2 1 5 4 Other, net 7 6 21 16 Total other operating costs, net $ 20 $ 1 $ 50 $ 19 |
BUSINESS SEGMENTS - Reconciliat
BUSINESS SEGMENTS - Reconciliation of Business Segment Information in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | $ 2,022 | $ 2,276 | $ 5,900 | $ 8,361 |
Net contribution (charge) to earnings | 365 | 454 | 929 | 2,819 |
Interest expense, net of capitalized interest | (72) | (67) | (208) | (204) |
Loss on debt extinguishment | 0 | 0 | 0 | (276) |
Earnings before income taxes | 293 | 387 | 721 | 2,339 |
Income taxes | (54) | (77) | (101) | (470) |
Net earnings | 239 | 310 | 620 | 1,869 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 2,163 | 2,409 | 6,333 | 8,811 |
Net contribution (charge) to earnings | 411 | 499 | 1,053 | 3,025 |
Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | (141) | (133) | (433) | (450) |
Unallocated items | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Net contribution (charge) to earnings | (46) | (45) | (124) | (206) |
Timberlands | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 380 | 441 | 1,259 | 1,421 |
Timberlands | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 380 | 441 | 1,259 | 1,421 |
Net contribution (charge) to earnings | 78 | 107 | 302 | 442 |
Timberlands | Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 141 | 133 | 433 | 450 |
Real Estate & ENR | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 105 | 68 | 286 | 313 |
Real Estate & ENR | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 105 | 68 | 286 | 313 |
Net contribution (charge) to earnings | 56 | 48 | 161 | 194 |
Wood Products | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,537 | 1,767 | 4,355 | 6,627 |
Wood Products | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,537 | 1,767 | 4,355 | 6,627 |
Net contribution (charge) to earnings | $ 277 | $ 344 | $ 590 | $ 2,389 |
REVENUE RECOGNITION - Revenue b
REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from External Customer | ||||
Net sales | $ 2,022 | $ 2,276 | $ 5,900 | $ 8,361 |
Timberlands | ||||
Revenue from External Customer | ||||
Net sales | 380 | 441 | 1,259 | 1,421 |
Timberlands | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 342 | 405 | 1,131 | 1,311 |
Timberlands | Stumpage and pay-as-cut timber | ||||
Revenue from External Customer | ||||
Net sales | 12 | 10 | 43 | 30 |
Timberlands | Recreational and other lease revenue | ||||
Revenue from External Customer | ||||
Net sales | 19 | 18 | 54 | 51 |
Timberlands | Other | ||||
Revenue from External Customer | ||||
Net sales | 7 | 8 | 31 | 29 |
Timberlands | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 176 | 224 | 611 | 791 |
Timberlands | South | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 155 | 166 | 485 | 480 |
Timberlands | North | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 11 | 15 | 35 | 40 |
Timberlands | Domestic grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 96 | 97 | 290 | 313 |
Timberlands | Export grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 80 | 127 | 321 | 478 |
Real Estate & ENR | ||||
Revenue from External Customer | ||||
Net sales | 105 | 68 | 286 | 313 |
Real Estate & ENR | Real Estate | ||||
Revenue from External Customer | ||||
Net sales | 79 | 30 | 198 | 217 |
Real Estate & ENR | Energy and natural resources | ||||
Revenue from External Customer | ||||
Net sales | 26 | 38 | 88 | 96 |
Wood Products | ||||
Revenue from External Customer | ||||
Net sales | 1,537 | 1,767 | 4,355 | 6,627 |
Wood Products | Structural lumber | ||||
Revenue from External Customer | ||||
Net sales | 570 | 676 | 1,658 | 2,880 |
Wood Products | Oriented strand board | ||||
Revenue from External Customer | ||||
Net sales | 284 | 287 | 707 | 1,348 |
Wood Products | Engineered solid section | ||||
Revenue from External Customer | ||||
Net sales | 216 | 233 | 600 | 676 |
Wood Products | Engineered I-joists | ||||
Revenue from External Customer | ||||
Net sales | 122 | 166 | 335 | 471 |
Wood Products | Softwood plywood | ||||
Revenue from External Customer | ||||
Net sales | 42 | 47 | 127 | 158 |
Wood Products | Medium density fiberboard | ||||
Revenue from External Customer | ||||
Net sales | 40 | 50 | 120 | 151 |
Wood Products | Complementary building products | ||||
Revenue from External Customer | ||||
Net sales | 184 | 222 | 551 | 676 |
Wood Products | Other | ||||
Revenue from External Customer | ||||
Net sales | $ 79 | $ 86 | $ 257 | $ 267 |
NET EARNINGS PER SHARE AND SH_3
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 22, 2021 | |
Earnings Per Share Basic [Line Items] | ||||||
Earnings per share, basic | $ 0.33 | $ 0.42 | $ 0.85 | $ 2.51 | ||
Earnings per share, diluted | $ 0.33 | $ 0.42 | $ 0.85 | $ 2.51 | ||
Shares repurchased during period value | $ 109,000,000 | $ 402,000,000 | ||||
Share repurchase program unsettled shares | 32,757 | 32,757 | 223,548 | |||
Share repurchase program unsettled shares amount | $ 1,000,000 | $ 1,000,000 | $ 7,000,000 | |||
2021 Repurchase Program | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||||
Shares repurchased during period | 757,510 | 3,562,944 | 11,217,300 | |||
Shares repurchased during period value | $ 25,000,000 | $ 110,000,000 | $ 404,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 267,000,000 | $ 267,000,000 |
NET EARNINGS PER SHARE AND SH_4
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Dilutive Potential Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Basic | 731,046 | 740,058 | 732,069 | 743,990 |
Dilutive potential common shares | 696 | 917 | 473 | 1,091 |
Diluted | 731,742 | 740,975 | 732,542 | 745,081 |
Stock options | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 154 | 192 | 134 | 294 |
Restricted stock units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 304 | 420 | 117 | 417 |
Performance share units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 238 | 305 | 222 | 380 |
NET EARNINGS PER SHARE AND SH_5
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Potential Shares Not Included in the Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 609 | 620 | 609 | 620 |
Performance share units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 612 | 623 | 612 | 623 |
INVENTORIES - Inventories (Deta
INVENTORIES - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Total | $ 528 | $ 550 |
Logs | ||
Inventory [Line Items] | ||
LIFO inventories | 28 | 32 |
Moving average cost or FIFO inventories | 31 | 56 |
Lumber, plywood, panels and fiberboard | ||
Inventory [Line Items] | ||
LIFO inventories | 80 | 61 |
Lumber, plywood, panels, fiberboard and engineered wood products | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | 98 | 122 |
Other products | ||
Inventory [Line Items] | ||
LIFO inventories | 16 | 9 |
Moving average cost or FIFO inventories | 129 | 140 |
Materials and supplies | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | $ 146 | $ 130 |
PENSION AND OTHER POST-EMPLOY_3
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6 | $ 9 | $ 17 | $ 27 |
Interest cost | 30 | 27 | 89 | 80 |
Expected return on plan assets | (30) | (40) | (90) | (120) |
Amortization of actuarial loss | 10 | 23 | 29 | 70 |
Amortization of prior service cost (credit) | 0 | 1 | 1 | 2 |
Total net periodic benefit cost | 16 | 20 | 46 | 59 |
Other Post-Employment Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2 | 0 | 4 | 2 |
Amortization of actuarial loss | 0 | 1 | 1 | 4 |
Amortization of prior service cost (credit) | 0 | 0 | (1) | 0 |
Total net periodic benefit cost | $ 2 | $ 1 | $ 4 | $ 6 |
PENSION AND OTHER POST-EMPLOY_4
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Additional Information (Details) - Pension | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Adjustments to fair value of assets | $ 0 |
Adjustments to projected benefit obligations | $ 0 |
ACCRUED LIABILITIES - Accrued L
ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and employee benefit costs | $ 173 | $ 201 |
Current portion of lease liabilities | 21 | 22 |
Customer rebates, volume discounts and deferred income | 135 | 132 |
Interest | 84 | 69 |
Taxes payable | 66 | 23 |
Other | 58 | 64 |
Total | $ 537 | $ 511 |
LONG-TERM DEBT AND LINE OF CR_2
LONG-TERM DEBT AND LINE OF CREDIT - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jul. 31, 2023 | May 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||||
Debt issued | $ 900,000,000 | $ 900,000,000 | |||||
Short term investments | $ 664,000,000 | ||||||
Repayments of debt | 931,000,000 | ||||||
Pretax charge related to early debt repayment | 276,000,000 | ||||||
After tax charge related to early debt repayment | 207,000,000 | ||||||
Early debt repayment includes pretax charges | 1,200,000,000 | ||||||
Line of credit, amount outstanding | $ 0 | $ 0 | |||||
Senior Unsecured Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt, maturity date | 2028-03 | ||||||
Line of credit, maximum borrowing capacity | $ 1,500,000,000 | ||||||
Line of credit expiration period | 5 years | ||||||
4.750 Percent due in May 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Debt issued | $ 750,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 4.75% | ||||||
Debt, maturity date | 2026-05 | ||||||
Proceeds from debt, net of issuance costs | $ 743,000,000 | ||||||
3.375 percent due in March 2033 | |||||||
Debt Instrument [Line Items] | |||||||
Debt issued | $ 450,000,000 | $ 450,000,000 | |||||
Debt instrument, interest rate, stated percentage | 3.375% | 3.375% | |||||
Debt, maturity date | 2033-03 | ||||||
Proceeds from debt, net of issuance costs | $ 444,000,000 | ||||||
4.000 percent due in March 2052 | |||||||
Debt Instrument [Line Items] | |||||||
Debt issued | $ 450,000,000 | $ 450,000,000 | |||||
Debt instrument, interest rate, stated percentage | 4% | 4% | |||||
Debt, maturity date | 2052-03 | ||||||
Proceeds from debt, net of issuance costs | $ 437,000,000 | ||||||
7.375 percent due in March 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 7.375% | 7.375% | |||||
Debt, maturity date | 2032-03 | ||||||
Repayments of debt | $ 592,000,000 | ||||||
8.500 percent due in January 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||||
Debt, maturity date | 2025-01 | ||||||
Repayments of debt | $ 161,000,000 | ||||||
7.125 percent due in July 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 7.125% | 7.125% | 7.125% | ||||
Debt, maturity date | 2023-07 | ||||||
Repayments of debt | $ 118,000,000 | $ 73,000,000 | |||||
7.950 percent due in March 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 7.95% | 7.95% | |||||
Debt, maturity date | 2025-03 | ||||||
Repayments of debt | $ 65,000,000 | ||||||
7.85 percent due in July 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 7.85% | 7.85% | |||||
Debt, maturity date | 2026-07 | ||||||
Repayments of debt | $ 40,000,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt (Details) - Fixed interest rate - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Long-term fixed rate debt (including current maturities), carrying value | $ 5,679 | $ 5,053 |
Long-term fixed rate debt (including current maturities), fair value (level 2) | $ 5,434 | $ 4,918 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments (Note 9) | $ 668,000,000 | $ 0 |
Short-term investments maturity period | 1 year | |
Term Deposits and Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments (Note 9) | $ 668,000,000 |
LEGAL PROCEEDINGS, COMMITMENT_2
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Accrued estimated remediation costs | $ 75 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Amounts Included in Our Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 10,749 | |||
Translation adjustments | $ (7) | $ (53) | 0 | $ (62) |
Total other comprehensive income (loss) | 2 | (20) | 24 | 61 |
Balance at end of period | 10,228 | 10,838 | 10,228 | 10,838 |
Pension | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (444) | (632) | (458) | (720) |
Other comprehensive income (loss) before reclassifications | 0 | 14 | (1) | 65 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 9 | 19 | 24 | 56 |
Total other comprehensive income (loss) | 9 | 33 | 23 | 121 |
Balance at end of period | (435) | (599) | (435) | (599) |
Other Post-Employment Benefits | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 21 | 0 | 20 | (2) |
Other comprehensive income (loss) before reclassifications | (1) | (1) | 0 | (1) |
Amounts reclassified from accumulated other comprehensive loss to earnings | 1 | 1 | 1 | 3 |
Total other comprehensive income (loss) | 0 | 0 | 1 | 2 |
Balance at end of period | 21 | 0 | 21 | 0 |
Translation Adjustments and Other | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 198 | 234 | 191 | 243 |
Translation adjustments | (7) | (53) | 0 | (62) |
Total other comprehensive income (loss) | (7) | (53) | 0 | (62) |
Balance at end of period | 191 | 181 | 191 | 181 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (225) | (398) | (247) | (479) |
Total other comprehensive income (loss) | 2 | (20) | 24 | 61 |
Balance at end of period | $ (223) | $ (418) | $ (223) | $ (418) |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 shares | |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 844 |
Vested | 771 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 392 |
Vested | 228 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Shares issued during period | shares | 897 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 33.76 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 37.58 |
Maximum percentage of target value | 100% |
Performance share units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 0% |
Performance share units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 150% |
SHARE-BASED COMPENSATION - Weig
SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted (Details) - Performance share units | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Valuation date average stock price | $ 33.96 |
Expected dividends | 2.25% |
Risk-free rate minimum | 4.21% |
Risk-free rate maximum | 4.66% |
Expected volatility minimum | 29.26% |
Expected volatility maximum | 40.19% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Feb. 09, 2023 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Dec. 31, 2025 |
OTHER OPERATING COSTS, NET - In
OTHER OPERATING COSTS, NET - Income and Expense Items Included in Other Operating Costs , Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Component of Operating Income [Abstract] | ||||
Environmental remediation charges | $ 1 | $ 0 | $ 14 | $ 1 |
Foreign exchange losses (gains), net | 1 | (8) | (1) | (12) |
Litigation expense, net | 9 | 2 | 11 | 10 |
Research and development expenses | 2 | 1 | 5 | 4 |
other, net | 7 | 6 | 21 | 16 |
Total other operating costs, net | $ 20 | $ 1 | $ 50 | $ 19 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21% |
TIMBERLAND ACQUISITIONS - Addit
TIMBERLAND ACQUISITIONS - Additional Information (Details) a in Thousands, $ in Millions | Jul. 19, 2023 USD ($) a | May 18, 2022 USD ($) a |
North And South Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Area of timberlands purchased | a | 81 | |
Payments to acquire timberlands | $ 265 | |
Timberlands acquisition, timber and timberlands at cost, less depletion | 263 | |
Timberlands acquisition, property and equipment, net | $ 2 | |
Mississippi [Member] | ||
Business Acquisition [Line Items] | ||
Area of timberlands purchased | a | 22 | |
Payments to acquire timberlands | $ 60 | |
Timberlands acquisition, timber and timberlands at cost, less depletion | 59 | |
Timberlands acquisition, property and equipment, net | $ 1 |