Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 22, 2024 | |
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 | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 729,017,000 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net sales (Note 3) | $ 1,796 | $ 1,881 |
Costs of sales | 1,441 | 1,512 |
Gross margin | 355 | 369 |
Selling expenses | 22 | 22 |
General and administrative expenses | 120 | 101 |
Other operating costs, net (Note 13) | 17 | 10 |
Operating income | 196 | 236 |
Non-operating pension and other post-employment benefit costs (Note 6) | (11) | (9) |
Interest income and other | 16 | 12 |
Interest expense, net of capitalized interest | (67) | (66) |
Earnings before income taxes | 134 | 173 |
Income taxes (Note 14) | (20) | (22) |
Net earnings | $ 114 | $ 151 |
Earnings per share, basic (Note 4) | $ 0.16 | $ 0.21 |
Earnings per share, diluted (Note 4) | $ 0.16 | $ 0.21 |
Weighted average shares outstanding (in thousands) (Note 4): | ||
Basic | 730,043 | 733,163 |
Diluted | 730,558 | 733,546 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 114 | $ 151 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (9) | 0 |
Changes in unamortized actuarial loss, net of tax expense of $4 and $2 | 8 | 7 |
Total other comprehensive (loss) income | (1) | 7 |
Total comprehensive income | $ 113 | $ 158 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in unamortized actuarial loss, tax expense | $ 4 | $ 2 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 871 | $ 1,164 |
Receivables, net | 405 | 354 |
Receivables for taxes | 13 | 10 |
Inventories (Note 5) | 630 | 566 |
Prepaid expenses and other current assets | 192 | 219 |
Total current assets | 2,111 | 2,313 |
Property and equipment, less accumulated depreciation of $3,935 and $3,901 | 2,283 | 2,269 |
Construction in progress | 243 | 270 |
Timber and timberlands at cost, less depletion | 11,481 | 11,528 |
Minerals and mineral rights, less depletion | 198 | 200 |
Deferred tax assets | 14 | 15 |
Other assets | 426 | 388 |
Total assets | 16,756 | 16,983 |
Current liabilities: | ||
Current maturities of long-term debt | 210 | 0 |
Accounts payable | 310 | 287 |
Accrued liabilities (Note 7) | 424 | 501 |
Total current liabilities | 944 | 788 |
Long-term debt, net | 4,861 | 5,069 |
Deferred tax liabilities | 84 | 81 |
Deferred pension and other post-employment benefits (Note 6) | 460 | 461 |
Other liabilities | 353 | 348 |
Total liabilities | 6,702 | 6,747 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 729,141 thousand shares at March 31, 2024 and 729,753 thousand shares at December 31, 2023 | 912 | 912 |
Other capital | 7,566 | 7,608 |
Retained earnings | 1,870 | 2,009 |
Accumulated other comprehensive loss (Note 11) | (294) | (293) |
Total equity | 10,054 | 10,236 |
Total liabilities and equity | $ 16,756 | $ 16,983 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 3,935 | $ 3,901 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, authorized | 1,360,000,000 | 1,360,000,000 |
Common shares, issued | 729,141,000 | 729,753,000 |
Common shares, outstanding | 729,141,000 | 729,753,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operations: | ||
Net earnings | $ 114 | $ 151 |
Noncash charges (credits) to earnings: | ||
Depreciation, depletion and amortization | 125 | 126 |
Basis of real estate sold | 31 | 33 |
Pension and other post-employment benefits (Note 6) | 16 | 15 |
Share-based compensation expense (Note 12) | 10 | 8 |
Other | 1 | 3 |
Change in: | ||
Receivables, net | (53) | (83) |
Receivables and payables for taxes | (3) | 14 |
Inventories | (68) | (36) |
Prepaid expenses and other current assets | 17 | (9) |
Accounts payable and accrued liabilities | (51) | (87) |
Pension and post-employment benefit contributions and payments | (4) | (6) |
Other | (11) | (3) |
Net cash from operations | 124 | 126 |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (57) | (50) |
Capital expenditures for timberlands reforestation | (22) | (21) |
Other | 2 | 2 |
Net cash from investing activities | (77) | (69) |
Cash flows from financing activities: | ||
Cash dividends on common shares | (248) | (799) |
Repurchases of common shares (Note 4) | (50) | (34) |
Other | (10) | (8) |
Net cash from financing activities | (308) | (841) |
Net change in cash, cash equivalents and restricted cash | (261) | (784) |
Cash, cash equivalents and restricted cash at beginning of period | 1,164 | 1,581 |
Cash, cash equivalents and restricted cash at end of period | 903 | 797 |
Cash paid during the period for: | ||
Interest, net of amount capitalized of $2 and $1 | 57 | 57 |
Income taxes, net of refunds | $ 23 | $ 6 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Interest, amount capitalized | $ 2 | $ 1 |
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, 2022 | $ 916 | $ 7,691 | $ 2,389 | $ (247) | |
Issued for exercise of stock options and vested units | 1 | 2 | |||
Repurchases of common shares (Note 4) | (1) | (34) | |||
Share-based compensation | 8 | ||||
Other transactions, net | (5) | ||||
Net earnings | $ 151 | 151 | |||
Dividends on common shares | (802) | ||||
Other comprehensive (loss) income | $ 7 | 7 | |||
Dividends paid per common share | $ 1.09 | ||||
Balance at end of period at Mar. 31, 2023 | $ 10,076 | 916 | 7,662 | 1,738 | (240) |
Balance at beginning of period at Dec. 31, 2023 | 10,236 | 912 | 7,608 | 2,009 | (293) |
Issued for exercise of stock options and vested units | 2 | 2 | |||
Repurchases of common shares (Note 4) | (2) | (47) | |||
Share-based compensation | 10 | ||||
Other transactions, net | (7) | ||||
Net earnings | 114 | 114 | |||
Dividends on common shares | (253) | ||||
Other comprehensive (loss) income | $ (1) | (1) | |||
Dividends paid per common share | $ 0.34 | ||||
Balance at end of period at Mar. 31, 2024 | $ 10,054 | $ 912 | $ 7,566 | $ 1,870 | $ (294) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 114 | $ 151 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Arrangements During first quarter 2024, one 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 a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Russell S. Hagen , senior vice president and chief development officer, adopted a plan on March 8, 2024 to sell an aggregate 40,065 shares of common stock. Mr. Hagen's plan expires when all of the shares are sold or on June 10, 2025, whichever occurs first. |
Russell S. Hagen [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | true |
Rule 10b5-1 Trading Plan [Member] | Russell S. Hagen [Member] | |
Trading Arrangements, by Individual | |
Name | Russell S. Hagen |
Title | senior vice president |
Adoption Date | March 8, 2024 |
Aggregate Available | 40,065 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
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,” “the company,” “we” 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, 2023 . 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | NOTE 2: BUSIN ESS SEGMENTS We are principally engaged in growing and harvesting timber; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; monetizing the value of surface and subsurface assets through leases and royalties; and manufacturing, distributing and selling products made from trees. 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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Sales to unaffiliated customers: Timberlands $ 387 $ 462 Real Estate & ENR 107 101 Wood Products 1,302 1,318 1,796 1,881 Intersegment sales: Timberlands 134 142 Total sales 1,930 2,023 Intersegment eliminations ( 134 ) ( 142 ) Total $ 1,796 $ 1,881 Net contribution (charge) to earnings: Timberlands $ 80 $ 120 Real Estate & ENR 60 53 Wood Products 128 95 268 268 Unallocated items (1) ( 67 ) ( 29 ) Net contribution to earnings 201 239 Interest expense, net of capitalized interest ( 67 ) ( 66 ) Earnings before income taxes 134 173 Income taxes ( 20 ) ( 22 ) Net earnings $ 114 $ 151 (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 | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 3: REVENU E RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 94 $ 93 Export grade sales 82 136 Subtotal West 176 229 South 151 168 North 13 17 Subtotal delivered logs sales 340 414 Stumpage and pay-as-cut timber 11 16 Recreational and other lease revenue 19 18 Other (1) 17 14 Net sales attributable to Timberlands segment 387 462 Real Estate & ENR segment Real estate 83 72 Energy and natural resources 24 29 Net sales attributable to Real Estate & ENR segment 107 101 Wood Products segment Structural lumber 464 515 Oriented strand board 255 208 Engineered solid section 177 169 Engineered I-joists 99 87 Softwood plywood 41 41 Medium density fiberboard 39 38 Complementary building products 141 163 Other (2) 86 97 Net sales attributable to Wood Products segment 1,302 1,318 Total net sales $ 1,796 $ 1,881 (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 | 3 Months Ended |
Mar. 31, 2024 | |
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: ● $ 0.16 during first quarter 2024 and ● $ 0.21 during first quarter 2023. 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 SHARES IN THOUSANDS MARCH 2024 MARCH 2023 Weighted average common shares outstanding – basic 730,043 733,163 Dilutive potential common shares: Stock options 144 137 Restricted stock units 122 27 Performance share units 249 219 Total effect of outstanding dilutive potential common shares 515 383 Weighted average common shares outstanding – dilutive 730,558 733,546 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 SHARES IN THOUSANDS MARCH 2024 MARCH 2023 Stock options 609 610 Performance share units 814 860 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 1,472,369 common shares for approximately $ 49 million (including transaction fees) under the 2021 Repurchase Program during first quarter 2024. As of March 31, 2024, we had remaining authorization of $ 202 million for future share repurchases. During first quarter 2023 , we repurchased 1,115,560 common shares for approximately $ 35 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 no unsettled shares as of March 31, 2024 and 13,866 unsettled shares (approximately $ 1 million) as of December 31, 2023 . |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
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 MARCH 31, DECEMBER 31, LIFO inventories: Logs $ 25 $ 29 Lumber, plywood, oriented strand board and fiberboard 89 77 Other products 12 12 Moving average cost or FIFO inventories: Logs 72 49 Lumber, plywood, oriented strand board, fiberboard and engineered wood products 134 115 Other products 144 134 Materials and supplies 154 150 Total $ 630 $ 566 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Service cost $ 5 $ 6 Interest cost 29 30 Expected return on plan assets ( 31 ) ( 30 ) Amortization of actuarial loss 11 8 Total net periodic benefit cost – pension $ 14 $ 14 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Interest cost $ 1 $ 1 Amortization of actuarial loss 1 — Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 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 evaluate 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. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities, Current [Abstract] | |
ACCRUED LIABILITIES | NOTE 7: ACCRU ED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS MARCH 31, DECEMBER 31, Compensation and employee benefit costs $ 155 $ 173 Current portion of lease liabilities 21 19 Customer rebates, volume discounts and deferred income 83 124 Interest 66 63 Taxes payable 35 31 Other 64 91 Total $ 424 $ 501 |
LINE OF CREDIT
LINE OF CREDIT | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Debt, Other Disclosure [Abstract] | |
LINE OF CREDIT | NOTE 8: LINE OF CREDIT 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 outstanding borrowings on our credit facility as of March 31, 2024 and December 31, 2023 . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
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: MARCH 31, DECEMBER 31, DOLLAR AMOUNTS IN MILLIONS CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt (including current maturities) and line of credit: Fixed rate $ 4,822 $ 4,775 $ 4,820 $ 4,853 Variable rate 249 250 249 250 Total debt $ 5,071 $ 5,025 $ 5,069 $ 5,103 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 variable-rate long term debt and line of credit instruments have net carrying values that approximate their fair value with only insignificant differences. 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. |
LEGAL PROCEEDINGS, COMMITMENTS
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 76 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Pension (1) Balance at beginning of period $ ( 515 ) $ ( 458 ) Other comprehensive income before reclassifications 1 1 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 8 6 Total other comprehensive income 9 7 Balance at end of period $ ( 506 ) $ ( 451 ) Other post-employment benefits (1) Balance at beginning of period $ 24 $ 20 Other comprehensive loss before reclassifications ( 2 ) — Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 — Total other comprehensive loss ( 1 ) — Balance at end of period $ 23 $ 20 Translation adjustments and other Balance at beginning of period $ 198 $ 191 Translation adjustments ( 9 ) — Total other comprehensive loss ( 9 ) — Balance at end of period 189 191 Accumulated other comprehensive loss, end of period $ ( 294 ) $ ( 240 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See Note 6: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 12: SHARE-B ASED COMPENSATION Share-based compensation activity during first quarter 2024 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 847 649 Performance share units (PSUs) 412 317 A total of 714 thousand shares of common stock were issued as a result of RSU and PSU vestings. Restricted Stock Units The weighted average fair value of the RSUs granted in 2024, calculated as an average of the high and low prices on grant date, was $ 33.12 . The vesting provisions for RSUs granted in 2024 were consistent with prior year grants. Performance Share Units The weighted average grant date fair value of PSUs granted in 2024 was $ 37.90 . The final number of shares granted in 2024 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company total shareholder return (TSR) compared against the TSR of an industry peer group. TSR assumes full reinvestment of dividends. PSUs granted in 2024 will vest at a maximum of 100 percent of target value in the event of negative absolute company TSR. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2024 PERFORMANCE SHARE UNITS Performance period 2/09/2024 – 12/31/2026 Valuation date closing stock price $ 33.28 Risk-free rate 4.19 % – 4.27 % Expected volatility 21.50 % – 27.60 % |
OTHER OPERATING COSTS , NET
OTHER OPERATING COSTS , NET | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Environmental remediation charges $ 2 $ 1 Litigation expense, net 6 1 Research and development expenses 1 2 Other, net 8 6 Total other operating costs, net $ 17 $ 10 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
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 include our Wood Products segment and a portion of our Timberlands and Real Estate & ENR segments. 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 2024 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings. |
RESTRICTED CASH
RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2024 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
RESTRICTED CASH | NOTE 15: RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS MARCH 31, MARCH 31, Cash and cash equivalents $ 871 $ 797 Restricted cash included in other assets (1) 32 — Total cash, cash equivalents and restricted cash $ 903 $ 797 (1) Amounts included in restricted cash as of March 31, 2024 are comprised of proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands through a like-kind exchange transaction. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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,” “the company,” “we” 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. |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Sales to unaffiliated customers: Timberlands $ 387 $ 462 Real Estate & ENR 107 101 Wood Products 1,302 1,318 1,796 1,881 Intersegment sales: Timberlands 134 142 Total sales 1,930 2,023 Intersegment eliminations ( 134 ) ( 142 ) Total $ 1,796 $ 1,881 Net contribution (charge) to earnings: Timberlands $ 80 $ 120 Real Estate & ENR 60 53 Wood Products 128 95 268 268 Unallocated items (1) ( 67 ) ( 29 ) Net contribution to earnings 201 239 Interest expense, net of capitalized interest ( 67 ) ( 66 ) Earnings before income taxes 134 173 Income taxes ( 20 ) ( 22 ) Net earnings $ 114 $ 151 (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) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Major Products | A reconciliation of revenue recognized by our major products: QUARTER ENDED DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 94 $ 93 Export grade sales 82 136 Subtotal West 176 229 South 151 168 North 13 17 Subtotal delivered logs sales 340 414 Stumpage and pay-as-cut timber 11 16 Recreational and other lease revenue 19 18 Other (1) 17 14 Net sales attributable to Timberlands segment 387 462 Real Estate & ENR segment Real estate 83 72 Energy and natural resources 24 29 Net sales attributable to Real Estate & ENR segment 107 101 Wood Products segment Structural lumber 464 515 Oriented strand board 255 208 Engineered solid section 177 169 Engineered I-joists 99 87 Softwood plywood 41 41 Medium density fiberboard 39 38 Complementary building products 141 163 Other (2) 86 97 Net sales attributable to Wood Products segment 1,302 1,318 Total net sales $ 1,796 $ 1,881 (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) | 3 Months Ended |
Mar. 31, 2024 | |
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 SHARES IN THOUSANDS MARCH 2024 MARCH 2023 Weighted average common shares outstanding – basic 730,043 733,163 Dilutive potential common shares: Stock options 144 137 Restricted stock units 122 27 Performance share units 249 219 Total effect of outstanding dilutive potential common shares 515 383 Weighted average common shares outstanding – dilutive 730,558 733,546 |
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 SHARES IN THOUSANDS MARCH 2024 MARCH 2023 Stock options 609 610 Performance share units 814 860 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS MARCH 31, DECEMBER 31, LIFO inventories: Logs $ 25 $ 29 Lumber, plywood, oriented strand board and fiberboard 89 77 Other products 12 12 Moving average cost or FIFO inventories: Logs 72 49 Lumber, plywood, oriented strand board, fiberboard and engineered wood products 134 115 Other products 144 134 Materials and supplies 154 150 Total $ 630 $ 566 |
PENSION AND OTHER POST-EMPLOY_2
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Service cost $ 5 $ 6 Interest cost 29 30 Expected return on plan assets ( 31 ) ( 30 ) Amortization of actuarial loss 11 8 Total net periodic benefit cost – pension $ 14 $ 14 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Interest cost $ 1 $ 1 Amortization of actuarial loss 1 — Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS MARCH 31, DECEMBER 31, Compensation and employee benefit costs $ 155 $ 173 Current portion of lease liabilities 21 19 Customer rebates, volume discounts and deferred income 83 124 Interest 66 63 Taxes payable 35 31 Other 64 91 Total $ 424 $ 501 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: MARCH 31, DECEMBER 31, DOLLAR AMOUNTS IN MILLIONS CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt (including current maturities) and line of credit: Fixed rate $ 4,822 $ 4,775 $ 4,820 $ 4,853 Variable rate 249 250 249 250 Total debt $ 5,071 $ 5,025 $ 5,069 $ 5,103 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Pension (1) Balance at beginning of period $ ( 515 ) $ ( 458 ) Other comprehensive income before reclassifications 1 1 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 8 6 Total other comprehensive income 9 7 Balance at end of period $ ( 506 ) $ ( 451 ) Other post-employment benefits (1) Balance at beginning of period $ 24 $ 20 Other comprehensive loss before reclassifications ( 2 ) — Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 — Total other comprehensive loss ( 1 ) — Balance at end of period $ 23 $ 20 Translation adjustments and other Balance at beginning of period $ 198 $ 191 Translation adjustments ( 9 ) — Total other comprehensive loss ( 9 ) — Balance at end of period 189 191 Accumulated other comprehensive loss, end of period $ ( 294 ) $ ( 240 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service cost 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) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-Based Compensation Activity | Share-based compensation activity during first quarter 2024 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 847 649 Performance share units (PSUs) 412 317 |
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 2024 PERFORMANCE SHARE UNITS Performance period 2/09/2024 – 12/31/2026 Valuation date closing stock price $ 33.28 Risk-free rate 4.19 % – 4.27 % Expected volatility 21.50 % – 27.60 % |
OTHER OPERATING COSTS, NET (Tab
OTHER OPERATING COSTS, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 DOLLAR AMOUNTS IN MILLIONS MARCH 2024 MARCH 2023 Environmental remediation charges $ 2 $ 1 Litigation expense, net 6 1 Research and development expenses 1 2 Other, net 8 6 Total other operating costs, net $ 17 $ 10 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS MARCH 31, MARCH 31, Cash and cash equivalents $ 871 $ 797 Restricted cash included in other assets (1) 32 — Total cash, cash equivalents and restricted cash $ 903 $ 797 (1) Amounts included in restricted cash as of March 31, 2024 are comprised of proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands through a like-kind exchange transaction. |
BUSINESS SEGMENTS - Reconciliat
BUSINESS SEGMENTS - Reconciliation of Business Segment Information in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | $ 1,796 | $ 1,881 |
Net contribution (charge) to earnings | 201 | 239 |
Interest expense, net of capitalized interest | (67) | (66) |
Earnings before income taxes | 134 | 173 |
Income taxes | (20) | (22) |
Net earnings | 114 | 151 |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 1,930 | 2,023 |
Net contribution (charge) to earnings | 268 | 268 |
Intersegment eliminations | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | (134) | (142) |
Unallocated items | ||
Segment Reporting, Revenue Reconciling Item | ||
Net contribution (charge) to earnings | (67) | (29) |
Timberlands | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 387 | 462 |
Timberlands | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 387 | 462 |
Net contribution (charge) to earnings | 80 | 120 |
Timberlands | Intersegment eliminations | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 134 | 142 |
Real Estate & ENR | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 107 | 101 |
Real Estate & ENR | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 107 | 101 |
Net contribution (charge) to earnings | 60 | 53 |
Wood Products | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 1,302 | 1,318 |
Wood Products | Operating Segments | ||
Segment Reporting, Revenue Reconciling Item | ||
Sales to unaffiliated customers | 1,302 | 1,318 |
Net contribution (charge) to earnings | $ 128 | $ 95 |
REVENUE RECOGNITION - Revenue b
REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from External Customer | ||
Net sales | $ 1,796 | $ 1,881 |
Timberlands | ||
Revenue from External Customer | ||
Net sales | 387 | 462 |
Timberlands | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 340 | 414 |
Timberlands | Stumpage and pay-as-cut timber | ||
Revenue from External Customer | ||
Net sales | 11 | 16 |
Timberlands | Recreational and other lease revenue | ||
Revenue from External Customer | ||
Net sales | 19 | 18 |
Timberlands | Other | ||
Revenue from External Customer | ||
Net sales | 17 | 14 |
Timberlands | West | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 176 | 229 |
Timberlands | South | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 151 | 168 |
Timberlands | North | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 13 | 17 |
Timberlands | Domestic grade sales | West | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 94 | 93 |
Timberlands | Export grade sales | West | Delivered logs | ||
Revenue from External Customer | ||
Net sales | 82 | 136 |
Real Estate & ENR | ||
Revenue from External Customer | ||
Net sales | 107 | 101 |
Real Estate & ENR | Real Estate | ||
Revenue from External Customer | ||
Net sales | 83 | 72 |
Real Estate & ENR | Energy and natural resources | ||
Revenue from External Customer | ||
Net sales | 24 | 29 |
Wood Products | ||
Revenue from External Customer | ||
Net sales | 1,302 | 1,318 |
Wood Products | Structural lumber | ||
Revenue from External Customer | ||
Net sales | 464 | 515 |
Wood Products | Oriented strand board | ||
Revenue from External Customer | ||
Net sales | 255 | 208 |
Wood Products | Engineered solid section | ||
Revenue from External Customer | ||
Net sales | 177 | 169 |
Wood Products | Engineered I-joists | ||
Revenue from External Customer | ||
Net sales | 99 | 87 |
Wood Products | Softwood plywood | ||
Revenue from External Customer | ||
Net sales | 41 | 41 |
Wood Products | Medium density fiberboard | ||
Revenue from External Customer | ||
Net sales | 39 | 38 |
Wood Products | Complementary building products | ||
Revenue from External Customer | ||
Net sales | 141 | 163 |
Wood Products | Other | ||
Revenue from External Customer | ||
Net sales | $ 86 | $ 97 |
NET EARNINGS PER SHARE AND SH_3
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 22, 2021 | |
Earnings Per Share Basic [Line Items] | ||||
Earnings per share, basic | $ 0.16 | $ 0.21 | ||
Earnings per share, diluted | $ 0.16 | $ 0.21 | ||
Shares repurchased during period value | $ 50,000,000 | $ 34,000,000 | ||
Unsettled share repurchases, shares | 0 | 13,866 | ||
Unsettled share repurchase value | $ 1,000,000 | |||
2021 Repurchase Program | ||||
Earnings Per Share Basic [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||
Shares repurchased during period | 1,472,369 | 1,115,560 | ||
Shares repurchased during period value | $ 49,000,000 | $ 35,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 202,000,000 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Basic And Diluted [Line Items] | ||
Basic | 730,043 | 733,163 |
Dilutive potential common shares | 515 | 383 |
Diluted | 730,558 | 733,546 |
Stock options | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Dilutive potential common shares | 144 | 137 |
Restricted stock units | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Dilutive potential common shares | 122 | 27 |
Performance share units | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Dilutive potential common shares | 249 | 219 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | 610 |
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 | 814 | 860 |
INVENTORIES - Inventories (Deta
INVENTORIES - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Total | $ 630 | $ 566 |
Logs | ||
Inventory [Line Items] | ||
LIFO inventories | 25 | 29 |
Moving average cost or FIFO inventories | 72 | 49 |
Lumber, plywood, oriented strand board and fiberboard | ||
Inventory [Line Items] | ||
LIFO inventories | 89 | 77 |
Lumber, plywood, oriented strand board, fiberboard and engineered wood products | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | 134 | 115 |
Other products | ||
Inventory [Line Items] | ||
LIFO inventories | 12 | 12 |
Moving average cost or FIFO inventories | 144 | 134 |
Materials and supplies | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | $ 154 | $ 150 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 5 | $ 6 |
Interest cost | 29 | 30 |
Expected return on plan assets | (31) | (30) |
Amortization of actuarial loss | 11 | 8 |
Total net periodic benefit cost | 14 | 14 |
Other Post-Employment Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 1 | 1 |
Amortization of actuarial loss | 1 | 0 |
Total net periodic benefit cost | $ 2 | $ 1 |
ACCRUED LIABILITIES - Accrued L
ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and employee benefit costs | $ 155 | $ 173 |
Current portion of lease liabilities | 21 | 19 |
Customer rebates, volume discounts and deferred income | 83 | 124 |
Interest | 66 | 63 |
Taxes payable | 35 | 31 |
Other | 64 | 91 |
Total | $ 424 | $ 501 |
LINE OF CREDIT - Additional Inf
LINE OF CREDIT - Additional Information (Details) - USD ($) | 1 Months Ended | |||
Mar. 31, 2023 | Jan. 31, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | ||||
Line of credit, amount outstanding | $ 0 | $ 0 | ||
Senior Unsecured Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Debt, maturity date | 2028-03 | 2025-01 | ||
Line of credit, maximum borrowing capacity | $ 1,500,000,000 | |||
Line of credit expiration period | 5 years |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
CARRYING VALUE | $ 5,071 | $ 5,069 |
FAIR VALUE (LEVEL 2) | 5,025 | 5,103 |
Fixed rate | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
CARRYING VALUE | 4,822 | 4,820 |
FAIR VALUE (LEVEL 2) | 4,775 | 4,853 |
Variable rate | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
CARRYING VALUE | 249 | 249 |
FAIR VALUE (LEVEL 2) | $ 250 | $ 250 |
LEGAL PROCEEDINGS, COMMITMENT_2
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Accrued estimated remediation costs | $ 76 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | $ 10,236 | |
Translation adjustments | (9) | $ 0 |
Total other comprehensive (loss) income | (1) | 7 |
Balance at end of period | 10,054 | 10,076 |
Pension | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (515) | (458) |
Other comprehensive (loss) income before reclassifications | 1 | 1 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 8 | 6 |
Total other comprehensive (loss) income | 9 | 7 |
Balance at end of period | (506) | (451) |
Other Post-Employment Benefits | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 24 | 20 |
Other comprehensive (loss) income before reclassifications | (2) | 0 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 1 | 0 |
Total other comprehensive (loss) income | (1) | 0 |
Balance at end of period | 23 | 20 |
Translation Adjustments and Other | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 198 | 191 |
Translation adjustments | (9) | 0 |
Total other comprehensive (loss) income | (9) | 0 |
Balance at end of period | 189 | 191 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (293) | (247) |
Total other comprehensive (loss) income | (1) | 7 |
Balance at end of period | $ (294) | $ (240) |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 shares | |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 847 |
Vested | 649 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 412 |
Vested | 317 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Shares issued during period | shares | 714 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 33.12 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 37.9 |
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 - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Feb. 09, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Valuation date closing stock price | $ 33.28 | |
Risk-free rate minimum | 4.19% | |
Risk-free rate maximum | 4.27% | |
Expected volatility minimum | 21.50% | |
Expected volatility maximum | 27.60% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Performance period | Feb. 09, 2024 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Performance period | Dec. 31, 2026 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Component of Operating Income [Abstract] | ||
Environmental remediation charges | $ 2 | $ 1 |
Litigation expense, net | 6 | 1 |
Research and development expenses | 1 | 2 |
Other, net | 8 | 6 |
Total other operating costs, net | $ 17 | $ 10 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21% |
RESTRICTED CASH - Reconciliatio
RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 871 | $ 1,164 | $ 797 | |
Restricted cash included in other assets | $ 32 | $ 0 | ||
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Total cash, cash equivalents and restricted cash | $ 903 | $ 1,164 | $ 797 | $ 1,581 |