Weyerhaeuser (WY) 10-K 26 Feb 10 2009 FY Annual report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Share data in Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 30, 2007
Net sales and revenues	$5,528	$8,100	$10,933
Costs and expenses:
Costs and Expenses, Total	5,975	10,701	11,026
Operating loss	(447)	(2,601)	(93)
Interest expense and other:
Gain (loss) on early extinguishment of debt (Note 13)	(28)	32	(45)
Gain on Uruguay restructuring (Note 7)	0	250	0
Loss from continuing operations before income taxes	(842)	(2,809)	(478)
Income tax benefit (Note 21)	274	900	179
Loss from continuing operations	(568)	(1,909)	(299)
Discontinued operations, net of income taxes (Note 3)	0	667	1,038
Net earnings (loss)	(568)	(1,242)	739
Less: net loss attributable to noncontrolling interests	23	66	51
Net earnings (loss) attributable to Weyerhaeuser common shareholders	(545)	(1,176)	790
Basic and diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders (Note 4):
Continuing operations	-2.58	-8.72	-1.13
Discontinued operations	$0	3.15	4.73
Net earnings (loss) per share	-2.58	-5.57	3.6
Dividends paid per share	0.6	2.4	2.4
Weighted average shares outstanding (in thousands) (Note 4)
Basic	211,342	211,258	219,305
Diluted	211,342	211,258	219,305
Forest Products
Net sales and revenues	4,624	6,692	8,574
Costs and expenses:
Costs of products sold	3,937	5,540	7,064
Alternative fuel mixture credits	(344)	0	0
Depreciation and amortization	491	578	597
Selling expenses	147	227	273
General and administrative expenses	325	459	613
Research and development expenses	51	64	71
Charges for restructuring and closures (Note 18)	220	110	82
Impairment of goodwill and other assets (Note 18)	182	1,019	157
Other operating costs (income), net	(269)	11	(30)
Costs and Expenses, Total	4,740	8,008	8,827
Interest expense and other:
Interest expense incurred	(436)	(505)	(527)
Less: interest capitalized	6	59	118
Gain (loss) on early extinguishment of debt (Note 13)	(28)	32	(45)
Interest income and other	57	78	83
Gain on Uruguay restructuring (Note 7)	0	250	0
Equity in income (loss) of affiliates (Note 7)	(5)	15	(5)
Real Estate
Net sales and revenues	904	1,408	2,359
Costs and expenses:
Costs and operating expenses	756	1,449	1,746
Depreciation and amortization	17	18	23
Selling expenses	83	139	179
General and administrative expenses	80	106	99
Other operating costs (income), net	30	2	(4)
Impairment of long-lived assets and other related charges (Note 20)	269	979	156
Costs and Expenses, Total	1,235	2,693	2,199
Interest expense and other:
Interest expense incurred	(30)	(45)	(57)
Less: interest capitalized	26	45	57
Gain (loss) on early extinguishment of debt (Note 13)	0	0	0
Interest income and other	5	2	7
Gain on Uruguay restructuring (Note 7)	0	0	0
Equity in income (loss) of affiliates (Note 7)	17	21	50
Impairment of investments and other related charges (Note 20)	($7)	($160)	($66)

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Assets, Total	$15,250	$16,695
Commitments and contingencies (Note 15)
Liabilities, Total	11,196	11,848
Weyerhaeuser shareholders' interest (Notes 16 and 17):
Common shares: $1.25 par value; authorized 400,000,000 shares; issued and outstanding: 211,358,955 and 211,289,320 shares	264	264
Other capital	1,786	1,767
Retained earnings	2,658	3,278
Cumulative other comprehensive loss	(664)	(495)
Total Weyerhaeuser shareholders' interest	4,044	4,814
Noncontrolling interests	10	33
Total equity	4,054	4,847
Total liabilities and equity	15,250	16,695
Forest Products
Current assets:
Cash and cash equivalents	1,862	2,288
Short-term investments	49	138
Receivables, less allowances of $12 and $7	370	429
Receivables for taxes	602	73
Receivable from pension trust (Note 8)	146	200
Inventories (Note 5)	447	702
Prepaid expenses	82	101
Deferred tax assets (Note 21)	109	159
Total current assets	3,667	4,090
Property and equipment, less accumulated depreciation of $6,682 and $6,252 (Note 6)	3,611	3,869
Construction in progress	52	104
Timber and timberlands at cost, less depletion charged to disposals	4,010	4,205
Investments in and advances to equity affiliates (Note 7)	197	202
Goodwill (Note 18)	40	43
Deferred pension and other assets (Note 8)	756	651
Restricted assets held by special purpose entities (Note 9)	915	916
Assets, Total	13,248	14,080
Current liabilities:
Notes payable and commercial paper (Note 11)	4	1
Current maturities of long-term debt (Notes 13 and 14)	3	407
Accounts payable	317	381
Accrued liabilities (Note 12)	631	933
Total current liabilities	955	1,722
Long-term debt (Notes 13 and 14)	5,281	5,153
Deferred income taxes (Note 21)	1,538	1,805
Deferred pension, other postretirement benefits and other liabilities (Note 8)	2,000	1,618
Liabilities (nonrecourse to Weyerhaeuser) held by special-purpose entities (Note 9)	768	764
Commitments and contingencies (Note 15)
Liabilities, Total	10,542	11,062
Real Estate
Current assets:
Cash and cash equivalents	7	6
Receivables, less discounts and allowances of $2 and $4	32	74
Real estate in process of development and for sale (Note 10)	598	920
Land being processed for development	917	940
Investments in and advances to equity affiliates (Note 7)	17	30
Deferred tax assets (Note 21)	299	438
Other assets	126	167
Consolidated assets not owned (Note 9)	6	40
Assets, Total	2,002	2,615
Current liabilities:
Long-term debt (Notes 13 and 14)	402	456
Other liabilities	252	313
Consolidated liabilities not owned (Note 9)	0	17
Commitments and contingencies (Note 15)
Liabilities, Total	$654	$786

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Common shares, par value	1.25	1.25
Common shares, authorized	400,000,000	400,000,000
Common shares, issued	211,358,955	211,289,320
Common shares, outstanding	211,358,955	211,289,320
Forest Products
Receivables, allowances	$12	$7
Property and equipment, accumulated depreciation	6,682	6,252
Real Estate
Receivables, discounts and allowances	$2	$4

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 30, 2007		Dec. 31, 2006
Cash flows from operations:
Net earnings (loss)	($568)		($1,242)		$739
Noncash charges (credits) to income:
Depreciation, depletion and amortization	508		659		974
Deferred income taxes, net (Note 21)	66		(1,005)		(237)
Pension and other postretirement benefits (Note 8)	(19)		(200)		18
Share-based compensation expense (Note 17)	26		47		41
Equity in income of affiliates and unconsolidated entities (Note 7)	(3)		(32)		(52)
Litigation charges	0		(13)		0
Charges for impairment of other assets (Notes 18 and 20)	458		2,164		384
Net gains on dispositions of assets and operations (Note 19)	(197)		(1,422)		(698)
(Gain) loss on early extinguishment of debt (Note 13)	28		(32)		45
Gain on Uruguay restructuring (Note 7)	0		(250)		0
Foreign exchange transaction (gains) losses (Note 19)	(41)		48		(45)
Decrease (increase) in working capital:
Receivables	(436)		48		(118)
Inventories, real estate and land	376		222		(53)
Prepaid expenses	23		65		10
Accounts payable and accrued liabilities	(349)		(258)		(261)
Deposits on land positions	13		(2)		(40)
Intercompany advances	0	[2],[3]	0	[2],[3]	0	[2],[3]
Other	(47)		(96)		(72)
Net cash from operations	(162)		(1,299)		635
Cash flows from investing activities:
Property and equipment	(187)		(390)		(680)
Timberlands reforestation	(36)		(53)		(44)
Acquisition of timberlands	(16)		(165)		(156)
Redemption of short-term investments	92		553		0
Investments in and advances to equity affiliates	(4)		(44)		4
Proceeds from sale of assets and operations	355		6,484		1,743
Uruguay restructuring (Note 7)	0		(23)		0
Purchase of short-term investments	0		(701)		0
Loan to pension trust (Note 8)	(85)		(200)		0
Repayment of pension loan (Note 8)	139		0		0
Intercompany dividends	0	[3]	0	[3]	0	[3]
Intercompany advances	0	[3]	0	[3]	0	[3]
Other	5		(2)		(51)
Cash from investing activities	263		5,459		816
Cash flows from financing activities:
Issuance of debt	491		0		451
Notes, commercial paper borrowings and revolving credit facilities, net	0		(373)		302
Cash dividends	(127)		(507)		(531)
Change in book overdrafts	(30)		(79)		(89)
Payments on debt	(854)		(972)		(1,616)
Exercises of stock options	0		4		321
Repurchases of common stock (Note 16)	(2)		0		(473)
Intercompany dividends	0	[3]	0	[3]	0	[3]
Intercompany advances	0	[3]	0	[3]	0	[3]
Other	(4)		(53)		55
Cash from financing activities	(526)		(1,980)		(1,580)
Net change in cash and cash equivalents	(425)		2,180		(129)
Cash and cash equivalents at beginning of year	2,294	[1]	114	[1]	243	[1]		[1]
Cash and cash equivalents at end of year	1,869	[1]	2,294	[1]	114	[1]	243	[1]
Cash paid (received) during the year for:
Interest, net of amount capitalized	432		457		463
Income taxes	42	[2]	1,174	[2]	193	[2]
Forest Products
Cash flows from operations:
Net earnings (loss)	(364)		(330)		663
Noncash charges (credits) to income:
Depreciation, depletion and amortization	491		641		951
Deferred income taxes, net (Note 21)	(73)		(733)		(185)
Pension and other postretirement benefits (Note 8)	(19)		(195)		14
Share-based compensation expense (Note 17)	23		43		37
Equity in income of affiliates and unconsolidated entities (Note 7)	5		(11)		(2)
Litigation charges	0		(13)		0
Charges for impairment of other assets (Notes 18 and 20)	182		1,025		162
Net gains on dispositions of assets and operations (Note 19)	(187)		(1,422)		(698)
(Gain) loss on early extinguishment of debt (Note 13)	28		(32)		45
Gain on Uruguay restructuring (Note 7)	0		(250)		0
Foreign exchange transaction (gains) losses (Note 19)	(41)		48		(45)
Decrease (increase) in working capital:
Receivables	(466)		80		(182)
Inventories, real estate and land	251		(10)		64
Prepaid expenses	21		70		1
Accounts payable and accrued liabilities	(292)		(269)		(126)
Deposits on land positions	0		0		0
Intercompany advances	0	[2],[3]	0	[2],[3]	0	[2],[3]
Other	(49)		(88)		(19)
Net cash from operations	(490)		(1,446)		680
Cash flows from investing activities:
Property and equipment	(179)		(372)		(662)
Timberlands reforestation	(36)		(53)		(44)
Acquisition of timberlands	(16)		(165)		(156)
Redemption of short-term investments	92		553		0
Investments in and advances to equity affiliates	0		14		0
Proceeds from sale of assets and operations	344		6,484		1,743
Uruguay restructuring (Note 7)	0		(23)		0
Purchase of short-term investments	0		(701)		0
Loan to pension trust (Note 8)	(85)		(200)		0
Repayment of pension loan (Note 8)	139		0		0
Intercompany dividends	250	[3]	0	[3]	0	[3]
Intercompany advances	28	[3]	(306)	[3]	100	[3]
Other	3		(2)		(12)
Cash from investing activities	540		5,229		969
Cash flows from financing activities:
Issuance of debt	491		0		451
Notes, commercial paper borrowings and revolving credit facilities, net	0		(203)		132
Cash dividends	(127)		(507)		(531)
Change in book overdrafts	(34)		(53)		(110)
Payments on debt	(802)		(826)		(1,613)
Exercises of stock options	0		4		321
Repurchases of common stock (Note 16)	(2)		0		(473)
Intercompany dividends	0	[3]	0	[3]	0	[3]
Intercompany advances	0	[3]	0	[3]	0	[3]
Other	(2)		(3)		44
Cash from financing activities	(476)		(1,588)		(1,779)
Net change in cash and cash equivalents	(426)		2,195		(130)
Cash and cash equivalents at beginning of year	2,288	[1]	93	[1]	223	[1]		[1]
Cash and cash equivalents at end of year	1,862	[1]	2,288	[1]	93	[1]	223	[1]
Cash paid (received) during the year for:
Interest, net of amount capitalized	429		457		463
Income taxes	268	[2]	1,149	[2]	(232)	[2]
Real Estate
Cash flows from operations:
Net earnings (loss)	(204)		(912)		76
Noncash charges (credits) to income:
Depreciation, depletion and amortization	17		18		23
Deferred income taxes, net (Note 21)	139		(272)		(52)
Pension and other postretirement benefits (Note 8)	0		(5)		4
Share-based compensation expense (Note 17)	3		4		4
Equity in income of affiliates and unconsolidated entities (Note 7)	(8)		(21)		(50)
Litigation charges	0		0		0
Charges for impairment of other assets (Notes 18 and 20)	276		1,139		222
Net gains on dispositions of assets and operations (Note 19)	(10)		0		0
(Gain) loss on early extinguishment of debt (Note 13)	0		0		0
Gain on Uruguay restructuring (Note 7)	0		0		0
Foreign exchange transaction (gains) losses (Note 19)	0		0		0
Decrease (increase) in working capital:
Receivables	30		(32)		64
Inventories, real estate and land	125		232		(117)
Prepaid expenses	2		(5)		9
Accounts payable and accrued liabilities	(57)		11		(135)
Deposits on land positions	13		(2)		(40)
Intercompany advances	(36)	[2],[3]	(377)	[2],[3]	(176)	[2],[3]
Other	2		(8)		(53)
Net cash from operations	292		(230)		(221)
Cash flows from investing activities:
Property and equipment	(8)		(18)		(18)
Timberlands reforestation	0		0		0
Acquisition of timberlands	0		0		0
Redemption of short-term investments	0		0		0
Investments in and advances to equity affiliates	(4)		(58)		4
Proceeds from sale of assets and operations	11		0		0
Uruguay restructuring (Note 7)	0		0		0
Purchase of short-term investments	0		0		0
Loan to pension trust (Note 8)	0		0		0
Repayment of pension loan (Note 8)	0		0		0
Intercompany dividends	0	[3]	0	[3]	0	[3]
Intercompany advances	0	[3]	0	[3]	0	[3]
Other	2		0		(39)
Cash from investing activities	1		(76)		(53)
Cash flows from financing activities:
Issuance of debt	0		0		0
Notes, commercial paper borrowings and revolving credit facilities, net	0		(170)		170
Cash dividends	0		0		0
Change in book overdrafts	4		(26)		21
Payments on debt	(52)		(146)		(3)
Exercises of stock options	0		0		0
Repurchases of common stock (Note 16)	0		0		0
Intercompany dividends	(250)	[3]	0	[3]	0	[3]
Intercompany advances	8	[3]	683	[3]	76	[3]
Other	(2)		(50)		11
Cash from financing activities	(292)		291		275
Net change in cash and cash equivalents	1		(15)		1
Cash and cash equivalents at beginning of year	6	[1]	21	[1]	20	[1]		[1]
Cash and cash equivalents at end of year	7	[1]	6	[1]	21	[1]	20	[1]
Cash paid (received) during the year for:
Interest, net of amount capitalized	3		0		0
Income taxes	($226)	[2]	$25	[2]	$425	[2]
[1]Includes cash and cash equivalents of discontinued operations.
[2]Income taxes paid or received by Forest Products and Real Estate include intercompany payments related to income taxes. These intercompany transactions flow through the intercompany advances lines in the statement of cash flows in either operating or investing as discussed in footnote (1) above, and may differ in timing from income tax payments to or receipts from the taxing authorities. Actual income taxes paid to (received from) the taxing authorities are reflected by consolidated cash paid (received) for taxes.
[3]Intercompany dividends, loans and advances represent payments and receipts between Forest Products and Real Estate and are classified as operating, investing or financing based on the perspective of each entity and the characteristics of the underlying cash flows. These amounts are eliminated and do not appear in the consolidated cash flows above.

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions								Total
Balance at beginning of year at Dec. 31, 2006	$295	$135	$3,812	$4,755	$88		$116
Issued for exercise of stock options	7		314
Consolidated net earnings (loss)				790			(51)	739
Retraction or redemption of exchangeable shares			25
Annual changes-net of tax:
Foreign currency translation adjustments					214
Changes in unamortized net pension and other postretirement benefit gain (loss) (Note 8)					644
Changes in unamortized prior service credit (Note 8)					25
Cash flow hedge fair value adjustments					16
Cash flow hedges:
Unrealized gains (losses) on available-for-sale securities					0
Contributions							26
Retraction or redemption of exchangeable shares	1	(26)
Dividends on common shares				(531)
Distributions							(16)
Shares tendered (Note 3)	(32)		(2,160)
New consolidations, de-consolidations and other transactions							115
Repurchase of common shares	(9)		(464)
Share-based compensation			37
Tax benefits on exercise of stock options			48
Other transactions, net			(3)
Balance at end of year at Dec. 30, 2007	262	109	1,609	5,014	987	7,981	190	8,171
Issued for exercise of stock options	0		4
Consolidated net earnings (loss)				(1,176)			(66)	(1,242)
Retraction or redemption of exchangeable shares			107
Annual changes-net of tax:
Foreign currency translation adjustments					(229)
Changes in unamortized net pension and other postretirement benefit gain (loss) (Note 8)					(1,438)
Changes in unamortized prior service credit (Note 8)					182
Cash flow hedge fair value adjustments					6
Cash flow hedges:
Unrealized gains (losses) on available-for-sale securities					(3)
Contributions							17
Retraction or redemption of exchangeable shares	2	(109)
Dividends on common shares				(560)
Distributions							(67)
Shares tendered (Note 3)	0		0
New consolidations, de-consolidations and other transactions							(41)
Repurchase of common shares	0		0
Share-based compensation			51
Tax benefits on exercise of stock options			0
Other transactions, net			(4)
Balance at end of year at Dec. 31, 2008	264	0	1,767	3,278	(495)	4,814	33	4,847
Issued for exercise of stock options	0		0
Consolidated net earnings (loss)				(545)			(23)	(568)
Retraction or redemption of exchangeable shares			0
Annual changes-net of tax:
Foreign currency translation adjustments					91
Changes in unamortized net pension and other postretirement benefit gain (loss) (Note 8)					(298)
Changes in unamortized prior service credit (Note 8)					37
Cash flow hedge fair value adjustments					(1)
Cash flow hedges:
Unrealized gains (losses) on available-for-sale securities					2
Contributions							2
Retraction or redemption of exchangeable shares	0	0
Dividends on common shares				(75)
Distributions							(2)
Shares tendered (Note 3)	0		0
New consolidations, de-consolidations and other transactions							0
Repurchase of common shares	0		(2)
Share-based compensation			23
Tax benefits on exercise of stock options			0
Other transactions, net			(2)
Balance at end of year at Dec. 31, 2009	$264	$0	$1,786	$2,658	($664)	$4,044	$10	$4,054

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (Comprehensive income (loss), USD $)
In Millions	Total
Changes in unamortized net pension and other postretirement benefit gain (loss), tax expense (benefit)	$438
Changes in unamortized prior service credit, tax expense	25
Net derivative gains, tax expense	26
Reclassification of gains, tax expense	16
Changes in unamortized net pension and other postretirement benefit gain (loss), tax expense (benefit)	(851)
Changes in unamortized prior service credit, tax expense	106
Net derivative gains, tax expense	9
Reclassification of gains, tax expense	5
Changes in unamortized net pension and other postretirement benefit gain (loss), tax expense (benefit)	(154)
Changes in unamortized prior service credit, tax expense	3
Net derivative gains, tax expense	0
Reclassification of gains, tax expense	$1

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies describe: how we report our results, changes in how we report our results and how we account for various items. HOW WE REPORT OUR RESULTS We report our results using: consolidated financial statements; our business segments; foreign currency translation; estimates; and a fiscal year that ended December31, 2009. CONSOLIDATED FINANCIAL STATEMENTS Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including: majority-owned domestic and foreign subsidiaries and variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated. We account for investments in and advances to unconsolidated equity affiliates using the equity method, with taxes provided on undistributed earnings. This means that we record earnings and accrue taxes in the period that the earnings are recorded by our unconsolidated equity affiliates. We report our financial results and condition in two groups: Forest Productsour forest products-based operations, principally the growing and harvesting of timber, the manufacture, distribution and sale of forest products and corporate governance activities; and Real Estateour real estate development and construction operations. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to Weyerhaeuser, we and our and refer to the consolidated company, including both Forest Products and Real Estate. OUR BUSINESS SEGMENTS We are principally engaged in: growing and harvesting timber; manufacturing, distributing and selling forest products; and developing real estate and constructing homes. Our business segments are organized based primarily on products and services. Our Business Segments and Products SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, minerals, oil and gas and international wood products Wood Products Softwood lumber, engineered lumber, structural panels, hardwood lumber and building materials distribution Cellulose Fibers Pulp and liquid packaging board Real Estate Real estate development, construction and sales Corporate and Other Governance, corporate support activities and transportation Fine Paper (divested in 2007) Business, printing, publishing and converting paper products Containerboard, Packaging and Recycling (sold in 2008) Containerboard, packaging and recycling We also transfer raw materials, semifinished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves: allocating joint conversion and common facility costs according to usage by our business segment product lines and pricing products transferred between our business segmen

BUSINESS SEGMENTS

BUSINESS SEGMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
BUSINESS SEGMENTS	NOTE 2: BUSINESS SEGMENTS Our business segments and how we account for those segments are discussed in Note 1: Summary of Significant Accounting Policies. This note provides key financial data by business segment. DISCONTINUED OPERATIONS We have disposed of various businesses and operations that are included in the segment results below. See Note 3: Discontinued Operations for detailed information regarding our discontinued operations and the segments affected. KEY FINANCIAL DATA BY BUSINESS SEGMENT Management evaluates segment performance based on the contributions to earnings of the respective segments. The following changes were made during 2008 and 2007: During 2008: We reclassified Weyerhaeusers international operations outside of North America from the Corporate and Other segment to the Timberlands segment. We changed our process of allocating pension and postretirement costs (credits) to the operating segments. During 2007, we completed the Domtar Transaction, which affected several of the companys segments. See Note 3: Discontinued Operations for more information. There were no changes made in 2009 that affect the comparability of the segment results. International Operations Effective July 2008, there were changes in senior management responsibility for Weyerhaeusers international operations outside of North America, which consist primarily of timberlands and related converting operations in South America. As a result, these operations, which previously were reported as part of the Corporate and Other segment, are now reported as part of the Timberlands segment. Results of international operations that have been disposed of and results of the companys investment in Uruguay prior to its restructuring in second quarter 2008 continue to be reported in the Corporate and Other segment including the 2008 gain on restructuring. Segment results for prior periods have been recast to present information consistent with the current presentation. Allocation of Pension and Postretirement Credits (Costs) Effective with third quarter 2008, certain postretirement credits (costs) are no longer allocated to the Forest Products segments. These credits (costs) are reported in the Corporate and Other segment with the exception of our Real Estate segment and certain union-negotiated postretirement benefits that are reflected in the Cellulose Fibers segment. Postretirement credits (costs) due to curtailments, settlements or special termination benefits continue to be reported in the appropriate business segment. See Note 8: Pension and Other Postretirement Benefit Plans for more detailed information. Domtar Transaction In first quarter 2007, we divested our Fine Paper business and related assets through completion of the Domtar Transaction. The majority of the operations that were divested as a result of the Domtar Transaction are included in the Fine Paper segment. The additional related assets are included in the following segments: Cellulose Fibers which includes the Kamloops, British Columbia, cellulose fiber operations and also includes sales of cellulose fiber produced in four mills with

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS
	12 Months Ended Dec. 31, 2009 USD / shares
DISCONTINUED OPERATIONS	NOTE 3: DISCONTINUED OPERATIONS We have made certain reclassifications in our consolidated financial statements to reflect discontinued operations. OPERATIONS INCLUDED IN DISCONTINUED OPERATIONS Discontinued Operations Operations Disposition Business segment where activities were included Pretaxgainon sale and the segment that recorded the gain Containerboard, Packaging and Recycling business Sold2008 third quarter Containerboard, Packaging and Recycling $1.2billion gain in Corporate and Other Australian operations Sold 2008 third quarter Corporate and Other $218million gain in Corporate and Other Fine Paper business and related assets (Domtar Transaction) Divested2007 first quarter Fine Paper, Cellulose Fibers, Wood Products and Timberlands $606million gain in Corporate and Other DISCONTINUED OPERATIONS DIVESTED Containerboard, Packaging and Recycling Business On August4, 2008, we sold our Containerboard, Packaging and Recycling business to International Paper Company. Operating assets included in the transaction were: nine containerboard mills with total capacity of 6.3million tons, 72 packaging locations with total capacity of 99.4billion square feet, 10 specialty packaging plants, four kraft bag and sack locations with a total capacity of 199,000 tons and 19 recycling facilities. The Containerboard, Packaging and Recycling assets were classified as assets held for sale, and depreciation of the assets was suspended as of March15, 2008, the date the purchase and sale agreement was signed. We received $6.1 billion in proceeds from the sale and we used $2.1 billion of these proceeds to pay down outstanding debt during the second half of 2008. We recorded a $1.2 billion pretax gain in our Corporate and Other segment and recorded tax expense of $887 million, resulting in a net gain of $288 million. The effective tax rate on the transaction is higher than our overall effective tax rate primarily due to the write-off of approximately $1.25 billion of goodwill in connection with the sale. Goodwill is not deductible for income tax purposes, and no tax benefit has been recorded on the write-off of goodwill. Australian Operations In July 2008, we sold the manufacturing operations and the distribution business of our Weyerhaeuser Australia Group and our 50 percent interest in the Green Triangle Forest Products timberlands business in two separate transactions. The assets we sold were: Pine Solutions Australia sales and distribution operations; Weyerhaeuser Australia two sawmills and associated operations; and Green Triangle Forest Products two sawmills, a pine molding operation, an export chip business and timberlands operations including approximately 20,000 hectares (approximately 50,000 acres) of plantation pine forest. The Australian assets were classified as assets held for sale and depreciation of the assets was suspended as of June19, 2008, the date the transactions were approved by our board of directors. We classified the $342 million aggregate cash proceeds from these tra

NET EARNINGS

NET EARNINGS (LOSS) PER SHARE
	12 Months Ended Dec. 31, 2009 USD / shares
NET EARNINGS (LOSS) PER SHARE	NOTE 4: NET EARNINGS (LOSS) PER SHARE Our basic and diluted earnings (loss) per share attributable to Weyerhaeuser shareholders for the last three years were: $(2.58) in 2009, $(5.57) in 2008 and $3.60 in 2007. This note provides details about: how we calculate basic and diluted net earnings per share and our shares with an anti-dilutive effect. HOW WE CALCULATE BASIC AND DILUTED NET EARNINGS PER SHARE Basic earnings per share is net earnings divided by the weighted average number of our outstanding common and exchangeable shares. As of year-end 2008, we no longer have exchangeable shares outstanding. More information about this can be found in Note 16: Shareholders Interest. Diluted earnings per share is net earnings divided by the sum of the: weighted average number of our outstanding common and exchangeable shares and effect of our outstanding dilutive potential common shares. Dilutive potential common shares may include: outstanding stock options, restricted stock units or performance share units. We use the treasury stock method to calculate the effect of our outstanding dilutive potential common shares. SHARES EXCLUDED FROM DILUTIVE EFFECT No dilutive potential shares were included in the computation of diluted earnings (loss) per share for 2009, 2008 and 2007 due to the net loss from continuing operations. However, some or all of these shares may be included in future periods. Potential Shares Not Included in the Computation of Diluted Earnings per Share 2009 2008 2007 Options 11,720,674 10,312,819 9,023,639 Restricted stock units 705,866 713,563 544,552 Performance share units 218,594 496,343 589,029 SHARE REPURCHASE PROGRAM In December 2008, we announced a stock repurchase program under which we are authorized to repurchase up to $250 million of outstanding common shares. Through December31, 2009, we had repurchased a total of 66,691 shares of common stock for approximately $2 million under the program. These repurchases took place during first quarter 2009 and all common stock purchases under the program were made in open-market transactions.

INVENTORIES

INVENTORIES
	12 Months Ended Dec. 31, 2009 USD / shares
INVENTORIES	NOTE 5: INVENTORIES Forest Products inventories include raw materials, work-in-process and finished goods. Weyerhaeuser Inventories as of the End of Our Last Two Years DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Logs and chips $ 33 $ 63 Lumber, plywood, panels and engineered lumber 120 260 Pulp and paperboard 80 126 Other products 79 103 Materials and supplies 135 150 Total $ 447 $ 702 HOW WE ACCOUNT FOR OUR INVENTORIES The Inventories section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT
	12 Months Ended Dec. 31, 2009 USD / shares
PROPERTY AND EQUIPMENT	NOTE 6: PROPERTY AND EQUIPMENT Forest Products property and equipment includes land, buildings and improvements, machinery and equipment, rail and truck roads and other items. Carrying Value of Forest Products Property and Equipment and Estimated Service Lives DOLLAR AMOUNTS IN MILLIONS RANGEOFLIVES DECEMBER31, 2009 DECEMBER31, 2008 Property and equipment, at cost: Land N/A $ 182 $ 177 Buildings and improve- ments 1040 1,677 1,643 Machinery and equipment 225 7,553 7,358 Rail and truck roads 1020 547 562 Other 310 334 381 Total cost 10,293 10,121 Allowance for depreciation and amortization (6,682 ) (6,252 ) Property and equipment, net $ 3,611 $ 3,869 SERVICE LIVES AND DEPRECIATION Specific notes about estimated service lives for Forest Products property and equipment: Buildings and improvements have estimated lives that are generally at either the high end or low end of the range from 10 years to 40 years, depending on the type and performance of construction. Assets we purchase in business combinations have estimated lives that are the remaining useful lives of the assets as of the date we acquired them, which is typically shorter than assets we construct or buy new. The maximum service lives for Forest Products machinery and equipment varies among our operations: Timberlands 15 years; Wood products manufacturing facilities 20 years; and Primary pulp mills 25 years. Forest Products depreciation expense, including discontinued operations, was: $425 million in 2009, $541 million in 2008 and $859 million in 2007.

EQUITY AFFILIATES

EQUITY AFFILIATES
	12 Months Ended Dec. 31, 2009 USD / shares
EQUITY AFFILIATES	NOTE 7: EQUITY AFFILIATES We have investments in unconsolidated equity affiliates over which we have significant influence that we account for using the equity method with taxes provided on undistributed earnings. We record earnings and accrue taxes in the period that the earnings are recorded by the affiliates. This note provides information about our: Forest Products equity affiliates and Real Estate unconsolidated entities. FOREST PRODUCTS EQUITY AFFILIATES Following is a list of Forest Products equity affiliates as of December31, 2009: Details About Our Equity Affiliates AFFILIATE WHAT IT DOES OUR OWNERSHIP North Pacific Paper Corporation (NORPAC) Owns and operates a newsprint manufacturing facility in Longview, Washington 50percent Optiframe Software LLC Develops whole-house design and optimization software for the building industry 50 percent Catchlight Energy Researching and developing technology for converting cellulose-based biomass into economical, low-carbon biofuels 50 percent Liaison Technologies Inc. Provides integration and data management services across a wide variety of industries worldwide 16 percent Uruguay In April 2008, we completed the process of restructuring our ownership interests in Uruguay and partitioned the timberland and other assets formerly owned through a joint venture. As part of the partitioning, we contributed $23 million, net of cash acquired, to obtain full ownership of a plywood mill formerly owned through the joint venture. These assets and the results of their operations were consolidated in the accompanying financial statements as of April 2008. An estimated noncash restructuring gain of $101 million was recorded in our Corporate and Other segment during second quarter 2008. An additional $149 million gain was recorded in fourth quarter 2008 when the valuation of the partitioned assets was finalized. There was no tax provision on the gain primarily due to a forestry exemption from income taxes in Uruguay, and the fact that the assets are considered indefinitely invested. Australia In July 2008, the manufacturing operations held within our RII Weyerhaeuser World Timberfund L.P. joint venture were sold. We received a cash distribution of $36 million and recorded a pretax gain of $6 million on this sale. Also in July, we sold our interest in the joint venture. We received net cash proceeds of $77 million and recorded a pretax gain on the sale of $78 million. These results are included in discontinued operations in the Consolidated Statement of Operations. New Zealand In October 2007, we sold our interest in Nelson Forests Joint Venture (Nelson Forests JV) and the related management company which was our wholly-owned subsidiary. We received net cash proceeds of approximately $161 million. We recorded a pretax gain on the sale of Nelson Forests JV and its management company of approximately $10 million in fourth quarter 2007, which is included in other operating costs, net, in the Consolidated Statement of Operations. Unconsolidated Financial Information of Forest Products Equity Affiliates Aggregated asse

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	NOTE 8: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS We sponsor several retirement programs for our employees. This note provides details about: types of plans we sponsor, significant transactions and events affecting plans we sponsor, funded status of plans we sponsor, pension assets, activity of plans we sponsor and actuarial assumptions. TYPES OF PLANS WE SPONSOR The plans we sponsor in the U.S. and Canada differ according to each countrys requirements. In the U.S., our pension plans are: qualified plans that qualify under the Internal Revenue Code; and nonqualified plans for select employees that provide additional benefits not qualified under the Internal Revenue Code. In Canada, our pension plans are: registered plans that are registered under the Income Tax Act and applicable provincial pension acts; and nonregistered plans for select employees that provide additional benefits that may not be registered under the Income Tax Act or provincial pension acts. We also offer retiree medical and life insurance plans in the U.S. and Canada. These plans are referred to as other postretirement benefit plans in the following disclosures. Our qualified and registered pension plans and a portion of our nonregistered pension plans are funded. We contribute to these plans according to established funding standards. The nonqualified pension plan, a portion of the nonregistered pension plans, and the other postretirement benefit plans are unfunded. For the unfunded plans, we pay benefits to retirees from our general assets as they come due. Employee Eligibility and Accounting The Pension and Other Postretirement Benefit Plans section of Note 1: Summary of Significant Accounting Policies provides information about employee eligibility for pension plans and postretirement health care and life insurance benefits, as well as how we account for the plans and benefits. In 2009, we made changes to: (1)certain postretirement benefit plans in Canada, (2)postretirement life insurance benefits for certain U.S. retirees and (3)the U.S. pension plan for salaried employees. See Effects of Significant Transactions and Events below for changes to eligibility in the other postretirement benefit plans. Measurement Date We measure the fair value of pension plan assets and pension and other postretirement benefit obligations as of the end of our fiscal year. The fair value of pension plan assets are estimated at the end of the year and are revised in the first half of the following year when the information needed to finalize fair values is received. EFFECTS OF SIGNIFICANT TRANSACTIONS AND EVENTS The information that is provided in this footnote is affected by the following transactions and events that occurred in 2009 and 2008. Amendments of Pension and Other Postretirement Benefit Plans for Salaried Employees During third quarter 2009, amendments were approved for our postretirement medical and life insurance benefits for certain retirees and employees covered by plans in Canada. The changes to the Canadian plans included

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITIES
	12 Months Ended Dec. 31, 2009 USD / shares
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	NOTE 9: CONSOLIDATION OF VARIABLE INTEREST ENTITIES This note provides details about: Forest Products special-purpose entities (SPEs) and Real Estate variable interests. FOREST PRODUCTS SPECIAL-PURPOSE ENTITIES From 2002 through 2004, Forest Products sold certain nonstrategic timberlands in five separate transactions. We are the primary beneficiary and consolidate the assets and liabilities of certain monetization and buyer-sponsored SPEs involved in these transactions. We have an equity interest in the monetization SPEs, but no ownership interest in the buyer-sponsored SPEs. The following disclosures refer to assets of buyer-sponsored SPEs and liabilities of monetization SPEs. However, because these SPEs are distinct legal entities: Assets of the SPEs are not available to satisfy our liabilities or obligations. Liabilities of the SPEs are not our liabilities or obligations. Our Consolidated Statement of Operations includes: Interest expense on SPE debt of: $33 million in 2009, $39 million in 2008 and $44 million in 2007. Interest income on SPE investments of: $36 million in 2009, $48 million in 2008 and $55 million in 2007. Sales proceeds paid to buyer-sponsored SPEs were invested in restricted bank financial instruments with a balance of $909 million as of December31, 2009. The weighted average interest rate was 3.78 percent during 2009 and 4.38 percent during 2008. Maturities of the bank financial instruments at the end of 2009 were: $110 million in 2012, $184 million in 2013, $253 million in 2019 and $362 million in 2020. The long-term debt of our monetization SPEs was $761 million as of December31, 2009, and $758 million as of December31, 2008. The weighted average interest rate was 4.11 percent during 2009 and 4.73 percent during 2008. Maturities of the debt at the end of 2009 were: $94 million in 2012, $156 million in 2013, $209 million in 2019 and $302 million in 2020. Bank financial instruments consist of bank guarantees backed by bank notes for three of the SPE transactions and letters of credit backed by cash deposits for two of the SPE transactions. Interest earned from each bank financial instrument is used to pay interest accrued on the corresponding SPEs debt. Any shortfall between interest earned and interest accrued reduces our equity in the monetization SPEs. Upon dissolution of the SPEs and payment of all obligations of the entities, we would receive any net equity remaining in the monetization SPEs and would be required to report deferred tax gains on our income tax return. In the event that proceeds from the bank financial instruments are insufficient to settle all of the liabilities of the SPEs, we are not obligated to contribute any funds to any of the SPEs. As of December31, 2009, our net equity in the five SPEs was approximately $148 million and the deferred tax liability was estimated to be approximately $284 million. REAL ESTATE VARIABLE-INTEREST ENTITIES Our Real Estate

REAL ESTATE IN PROCESS OF DEVEL

REAL ESTATE IN PROCESS OF DEVELOPMENT AND FOR SALE
	12 Months Ended Dec. 31, 2009 USD / shares
REAL ESTATE IN PROCESS OF DEVELOPMENT AND FOR SALE	NOTE 10: REAL ESTATE IN PROCESS OF DEVELOPMENT AND FOR SALE Carrying Value of Our Real Estate in Process of Development and for Sale DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Dwelling units $ 174 $ 329 Residential lots 403 557 Commercial acreage and other inventories 21 34 Total $ 598 $ 920 HOW WE ACCOUNT FOR OUR REAL ESTATE IN PROCESS OF DEVELOPMENT AND FOR SALE Real estate and land under development is stated at cost unless events and circumstances trigger an impairment review. More information about real estate asset impairments can be found in Note 20: Real Estate and Investment Impairments and Charges.

SHORT-TERM BORROWINGS AND LINES

SHORT-TERM BORROWINGS AND LINES OF CREDIT
	12 Months Ended Dec. 31, 2009 USD / shares
SHORT-TERM BORROWINGS AND LINES OF CREDIT	NOTE 11: SHORT-TERM BORROWINGS AND LINES OF CREDIT This note provides details about our: short-term borrowings, lines of credit and other letters of credit and surety bonds. FOREST PRODUCTS SHORT-TERM BORROWINGS Forest Products short-term borrowings outstanding were: $4 million including no commercial paper borrowings as of December31, 2009; and $1 million including no commercial paper borrowings as of December31, 2008. Forest Products cancelled its commercial paper borrowing program in July 2009. REAL ESTATE SHORT-TERM BORROWINGS Real Estate had no short-term borrowings outstanding at the end of our last two years. Real Estate cancelled its commercial paper borrowing program in July 2009. OUR LINES OF CREDIT As of December31, 2009, we have two revolving credit facilities available to us. At the end of 2009, we had: $1.4 billion total committed bank revolving credit facilities, with $1.37 billion available to us for incremental borrowings. We entered into our current two lines of credit in December 2006 and amended them on September14, 2009. These are: a $400 million revolving credit facility that expires in March 2010 and a $1 billion revolving credit facility that expires in December 2011. Following the September14, 2009, amendment, conditions of the lines of credit include the following: The entire amount is available to Weyerhaeuser Company under both credit facilities. $200 million of the amount is available to Weyerhaeuser Real Estate Company (WRECO) under the $1 billion revolving credit facility. Neither Weyerhaeuser Company nor WRECO is a guarantor of the borrowing of the other. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. As of December31, 2009, there were no borrowings outstanding under the $400 million revolving credit facility and a $33 million letter of credit issued against the $1 billion revolving credit facility. As of December31, 2009, Weyerhaeuser Company and WRECO were in compliance with the credit facility covenants. OTHER LETTERS OF CREDIT AND SURETY BONDS The amount of other letters of credit and surety bonds we have entered into as of the end of our last two years are included in the following two tables. Forest Products DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Letters of credit $58 $26 Surety bonds $156 $109 Real Estate DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Letters of credit $18 $18 Surety bonds $374 $528 Our compensating balance requirements for the other letters of credit and surety bonds were not significant.

ACCRUED LIABILITIES

ACCRUED LIABILITIES
	12 Months Ended Dec. 31, 2009 USD / shares
ACCRUED LIABILITIES	NOTE 12: ACCRUED LIABILITIES Forest Products accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Wages, salaries, severance and vacation pay $ 176 $ 282 Pension and postretirement 84 88 Income taxes 1 53 TaxesSocial Security and real and personal property 31 41 Interest 121 120 Dividends payable 53 Customer rebates and volume discounts 42 70 Deferred mineral income 31 34 Other 145 192 Total $ 631 $ 933

LONG-TERM DEBT

LONG-TERM DEBT
	12 Months Ended Dec. 31, 2009 USD / shares
LONG-TERM DEBT	NOTE 13: LONG-TERM DEBT Our total long-term debt was $5.7 billion as of December31, 2009. This note provides details about: Forest Products long-term debt and the portion due within one year, Real Estate long-term debt and the portion due within one year and long-term debt maturities. Our long-term debt includes notes, debentures, revenue bonds and other borrowings. The following table lists Forest Products long-term debt, which includes Weyerhaeuser Company debt, by types and interest rates at the end of our last two years and includes the current portion. Forest Products Long-Term Debt by Types and Interest Rates (Includes Current Portion) DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 5.25% notes repaid in 2009 $ $ 37 1.61% (variable) repaid in 2009 295 6.75% notes due 2012 1,066 1,433 7.50% debentures due 2013 156 156 7.25% debentures due 2013 129 129 6.95% debentures due 2017 281 281 7.00% debentures due 2018 62 62 7.375% notes due 2019 500 9.00% debentures due 2021 150 150 7.125% debentures due 2023 191 191 8.50% debentures due 2025 300 300 7.95% debentures due 2025 136 136 7.70% debentures due 2026 150 150 7.35% debentures due 2026 62 62 7.85% debentures due 2026 100 100 6.95% debentures due 2027 300 300 7.375% debentures due 2032 1,250 1,250 6.875% debentures due 2033 275 275 Industrial revenue bonds, rates from 6.7% to 6.8%, due 2022 88 88 Medium-term notes, rates from 6.5% to 7.3%, due 20102013 94 167 Other 1 2 5,291 5,564 Less unamortized discounts (7 ) (4 ) Total $ 5,284 $ 5,560 Portion due within one year $ 3 $ 407 In addition to repaying debt that was scheduled to mature during the years ended December31, 2009 and 2008 and December30, 2007 we repaid approximately $367 million, $500 million and $962 million respectively, in long-term debt in connection with debt tender offers. Weyerhaeuser recognized pretax charges in 2009 and 2007 of $28 million and $45 million, respectively, and pretax gains in 2008 of $32 million, which included early retirement premiums, unamortized debt issuance costs and other miscellaneous charges in connection with early extinguishment of debt. Real Estate Long-Term Debt by Types and Interest Rates (Includes Current Portion) DOLLAR AMOUNTS IN MILLIONS DECEMBER31, 2009 DECEMBER31, 2008 Notes payable, unsecured; weighted average interest rates are approximately 5.8% and 6.0%, due 2010-2027 $ 402 $ 455 Notes payable, secured; weighted average interest rate is approximately 8.5% due 2010-2035 1 Total $ 402 $ 456 Portion due within one year $ 40 $ 52 Amounts of Long-Term Debt Due Annually for the Next Five Years and the Total Amount Due After 2014 DOLLAR AMOUNTS IN MILLIONS DECEMBER

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 14: FAIR VALUE OF FINANCIAL INSTRUMENTS This note provides details about our: debt and other financial instruments. FAIR VALUE OF DEBT The fair value of our long-term debt was $5.7 billion as of December31, 2009. The estimated fair values and carrying values consisted of the following: Fair Value and Carrying Value of Our Long-Term Debt DOLLAR AMOUNTS IN MILLIONS DECEMBER 31, 2009 DECEMBER 31, 2008 CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Financial liabilities: Long-term debt (including current maturities) Forest Products $ 5,284 $ 5,256 $ 5,560 $ 4,605 Real Estate $ 402 $ 398 $ 456 $ 381 To estimate the fair value of long-term debt, we used the following valuation approaches: market approach based on quoted market prices we received for the same types and issues of our debt; or income approach based on the discounted value of the future cash flows using market yields for the same type and comparable issues of debt. The inputs to these valuations 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, 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, carrying short-term investments at expected net realizable value and the allowance for doubtful accounts. We also have long-term investments that are classified as available-for-sale securities. These securities carrying values approximate their fair values.

LEGAL PROCEEDINGS, COMMITMENTS

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	NOTE 15: LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES This note provides details about our: legal proceedings, environmental matters and commitments and other contingencies. LEGAL PROCEEDINGS We are party to legal matters generally incidental to our business. The ultimate outcome of any legal proceeding: is subject to a great many variables and cannot be predicted with any degree of certainty. However, whenever probable losses from litigation could reasonably be determined we believe that we have established adequate reserves. In addition, we believe the ultimate outcome of the legal proceedings: could have a material adverse effect on our results of operations, cash flows or financial position in any given quarter or year; but will not have a material adverse effect on our long-term results of operations, cash flows or financial position. ENVIRONMENTAL MATTERS The issues we have concerning environmental matters are: site remediation and asbestos removal. Site Remediation Under the Comprehensive Environmental Response Compensation and Liability Act commonly known as the Superfundand 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. Our established reserves. We have established reserves for estimated remediation costs on the active Superfund sites and other sites for which we are responsible. Changes in the Reserve for Environmental Remediation DOLLAR AMOUNTS IN MILLIONS Reserve balance as of December31, 2008 $ 37 Reserve charges and adjustments, net (1 ) Payments (5 ) Reserve balance as of December31, 2009 $ 31 Total active sites as of December31, 2009 55 The changes in our reserves for remediation costs reflect: new information on all sites concerning remediation alternatives, updates on prior cost estimates and new sites and costs incurred to remediate sites. Estimates. We believe it is reasonably possible based on currently available information and analysisthat remediation costs for all identified sites may exceed our reserves by up to $30 million. That estimate in which those additional costs may be incurred over several years is the upper end of the range of reasonably possible additional costs. The estimate: is much less certain than the estimates on which our accruals are currently based and uses assumptions that are less favorable to us among the range of reasonably possible outcomes. In estimating our current accruals and the possible range of additional future costs, we: assumed we will not bear the entire cost of remediation of every site, took into account the ability of other potentially responsible parties to participate and considered each partys financial condition and probable contribution on a pe

SHAREHOLDERS' INTEREST

SHAREHOLDERS' INTEREST
	12 Months Ended Dec. 31, 2009 USD / shares
SHAREHOLDERS' INTEREST	NOTE 16: SHAREHOLDERS INTEREST This note provides details about: preferred and preference shares, common shares, share-repurchase programs, exchangeable shares and cumulative other comprehensive loss. PREFERRED AND PREFERENCE SHARES We had no preferred or preference shares outstanding at year-end 2009 and 2008. However, we have authorization to issue: 7million preferred shares with a par value of $1 per share and 40million preference shares with a par value of $1 per share. We may issue preferred or preference shares at one time or through a series of offerings. The shares may have varying rights and preferences that can include: dividend rates, redemption rights, conversion terms, sinking-fund provisions, values in liquidation and voting rights. When issued, outstanding preferred and preference shares rank senior to outstanding common shares. That means preferred and preference shares would receive dividends and assets available on liquidation before any payments are made to common shares. COMMON SHARES We had 211million shares of common stock outstanding at year-end 2009. The number of common shares we have outstanding changes when: new shares are issued, exchangeable shares are retracted, stock options are exercised, restricted stock units vest, shares are tendered, shares are repurchased or shares are cancelled. Reconciliation of Our Common Share Activity IN THOUSANDS 2009 2008 2007 Outstanding at beginning of year 211,289 209,546 236,020 Retraction or redemption of exchangeable shares 1,585 388 Stock options exercised 1 68 5,577 Issued for restricted stock units 135 94 51 Tendered in Domtar Transaction (Note 3) (25,490 ) Repurchased (66 ) (7,000 ) Cancelled (4 ) Outstanding at end of year 211,359 211,289 209,546 OUR SHARE REPURCHASE PROGRAM In December 2008, we announced a stock-repurchase program under which we are authorized to repurchase up to $250 million of outstanding shares. As of December31, 2009, we had repurchased a total of 66,691 shares of common stock for approximately $2 million under the program. These repurchases took place during first quarter 2009 and all common stock purchases under the program were made in open-market transactions. There were no common share repurchases during 2008. During 2007, we completed a stock-repurchase program authorized by the board of directors in 2005. Under this program, in open-market transactions, we repurchased approximately 7million shares of our common stock for $473 million in 2007. EXCHANGEABLE SHARES There were no outstanding exchangeable shares as of year-end 2009 and 2008. During 2008, 1.6million exchangeable shares were redeemed or cancelled. Our Weyerhaeuser Company Limited subsidiary issued 13.6million exchangeable shares to common shareholders of MacMillan Bloedel in 1999 as

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION
	12 Months Ended Dec. 31, 2009 USD / shares
SHARE-BASED COMPENSATION	NOTE 17: SHARE-BASED COMPENSATION Share-based compensation expense was: $26 million in 2009, $47 million in 2008 and $41 million in 2007. Share-based compensation for each of these years includes expense related to the following awards: 2009 equity-classified awards granted in 2006, 2007, 2008 and 2009 and all outstanding liability-classified awards; 2008 equity-classified awards granted in 2006, 2007 and 2008 and all outstanding liability-classified awards; and 2007 equity-classified awards granted in 2006 and 2007 and all outstanding liability-classified awards. This note provides details about: our Long-Term Incentive Compensation Plan, how we account for share-based awards, tax benefits of share-based awards, types of share-based compensation and unrecognized share-based compensation. OUR LONG-TERM INCENTIVE COMPENSATION PLAN Our Long-Term Incentive Compensation Plan (the Plan) provides for share-based awards that include: stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance share units. We may issue grants of up to 17million shares under the Plan. That is in addition to 1.9million shares subject to outstanding awards under prior plans. For stock options and stock appreciation rights: An individual participant may receive a grant of up to 500,000 shares in any one calendar year. The exercise price is required to be the market price on the date of the grant. For restricted stock, restricted stock units, performance shares, performance share units or other equity grants: An individual participant may receive a grant of up to 200,000 shares annually. The maximum aggregate number of shares that may be issued as grants is 3.4million shares. The compensation committee of our board of directors (the Committee) annually establishes an overall pool of stock awards available for grants based on performance. For stock-settled awards, we: issue new stock into the marketplace and generally do not repurchase shares in connection with issuing new awards. Our common shares would increase by approximately 19million shares if all share-based awards were exercised or vested. These include: all options, restricted stock units, and performance share units outstanding at December31, 2009 under the Plan; all options outstanding at December31, 2009 under earlier plans; and all remaining options, restricted stock units, and performance share units that could be granted under the Plan. HOW WE ACCOUNT FOR SHARE-BASED AWARDS We: use a fair-value-based measurement for share-based awards, and recognize the cost of share-based awards in our consolidated financial statements. We recognize the cost of share-based awards in our Consolidated Statement of Operations over the required service period generally the period from the date of the grant to the date when it is vest

CHARGES FOR FOREST PRODUCTS RES

CHARGES FOR FOREST PRODUCTS RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
CHARGES FOR FOREST PRODUCTS RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS	NOTE 18: CHARGES FOR FOREST PRODUCTS RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS Items Included in Our Restructuring, Closure and Asset Impairment Charges DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 Restructuring and closure charges: Termination benefits $ 91 $ 94 $ 81 Pension and postretirement charges 112 13 1 Other restructuring and closure costs 17 17 12 Reversal of restructuring and closure charges recorded in prior periods (7 ) (2 ) 220 117 92 Less: discontinued operations (7 ) (10 ) Charges for restructuring and closures $ 220 $ 110 $ 82 Asset Impairments: Long-lived assets attributable to Weyerhaeuser shareholders $ 157 $ 179 $ 115 Long-lived assets attributable to noncontrolling interests 5 Total long-lived assets 162 179 115 Goodwill 3 838 30 Other assets 17 8 17 182 1,025 162 Less discontinued operations (6 ) (5 ) Impairment of goodwill and other assets $ 182 $ 1,019 $ 157 RESTRUCTURING AND CLOSURES Our restructuring and closure charges were primarily related to the following: 2009 we closed or curtailed various Wood Products operations and restructured corporate staff functions to support achieving our competitive performance goals. 2008 we reduced the number of employees after the sale of our Containerboard, Packaging and Recycling business and to support achieving our competitive performance goals. In addition, we closed or curtailed various Wood Products operations. 2007 we restructured the administration facility in Kamloops, British Columbia, covering various business functions and restructured the Wood Products segment. Assessing Facilities for Closure, Curtailment or Sale We evaluate operating facilities for closure or sale when they are not a long-term strategic fit for us or cannot achieve top-quartile performance without significant capital investments. We also continually assess our customers needs and change our operating posture to efficiently and effectively meet those needs. In doing so, we consider changing market conditions or adjusting production levels at many of our operating facilities. Actions related to the following operations, coupled with corporate restructuring, resulted in the majority of closure and restructuring charges in 2009, 2008 and 2007: TYPE OF OPERATION LOCATION CURRENT STATUS Softwood lumber Aberdeen,WA Permanently closed Lebanon, OR Permanently closed Coburg, OR Permanently closed Carrot River, SK Permanently closed, subsequently sold Dallas, OR Permanently closed Green Mountain, WA Permanently closed Kamloops, BC Permanently closed Okanagan Falls, BC Permanently closed Pine Hill, AL Indefinitely closed Taylor,LA Permanently closed WrightCit

OTHER OPERATING COSTS

OTHER OPERATING COSTS (INCOME), NET
	12 Months Ended Dec. 31, 2009 USD / shares
OTHER OPERATING COSTS (INCOME), NET	NOTE 19: OTHER OPERATING COSTS (INCOME), NET These costs (income): exclude our Real Estate operations, include both recurring and occasional income and expense items and fluctuate from year to year. Various Income and Expense Items Included in Forest Products Other Operating Costs (Income), Net DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 Gain on the sale of non-strategic timberlands $ (163 ) $ $ Gain on the sale of Containerboard, Packaging and Recycling operations (Note 3) (1,175 ) Gain on sale of Australian operations (Note 3) (212 ) Gain on the Domtar Transaction (Note 3) (606 ) Gain from change in postretirement benefits (Note 8) (52 ) Gain on disposition of assets (22 ) (29 ) (92 ) Insurance settlement and casualty losses (11 ) 19 10 Foreign exchange (gains) losses, net (41 ) 48 (45 ) Land management income (20 ) (22 ) (13 ) IT contract termination and service provider transition fees 26 Litigation (reimbursements) expense, net 18 26 (8 ) Other, net (30 ) 3 2 (269 ) (1,394 ) (726 ) Less discontinued operations 1,405 696 Total $ (269 ) $ 11 $ (30 ) The $163 million pretax gain on sale of non-strategic timberlands resulted from the sale of 140,000 acres in northwestern Oregon in third quarter 2009. The total pretax gain on the 2008 sale of our Australian operations was $218 million; $212 million was recorded in other operating income, net and $6 million was recorded in equity in income of affiliates. The full $218 million is presented on the Consolidated Statement of Operations as earnings from discontinued operations, net of taxes. Foreign exchange (gains) losses result primarily from changes in exchange rates between the U.S. dollar and the Canadian dollar. Land management income includes income from recreational activities, land permits, grazing rights, firewood sales and other miscellaneous income related to land management activities.

REAL ESTATE AND INVESTMENT IMPA

REAL ESTATE AND INVESTMENT IMPAIRMENTS AND CHARGES
	12 Months Ended Dec. 31, 2009 USD / shares
REAL ESTATE AND INVESTMENT IMPAIRMENTS AND CHARGES	NOTE 20: REAL ESTATE AND INVESTMENT IMPAIRMENTS AND CHARGES We review homebuilding long-lived assets and investments within our Real Estate segment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets are stated at cost unless events or circumstances trigger an impairment review. If a triggering event occurs and the assets carrying amount is not recoverable, we record an impairment loss, which is the difference between the assets book value and fairvalue. The determination of fair value is based on appraisals and market pricing of comparable assets when that information is available, or the discounted value of estimated future net cash flows from these assets. During 2008 and 2009, unfavorable market conditions caused us to re-evaluate our strategy to develop certain projects, reduce sales prices, and increase customer incentives. The recoverability of our investments was reassessed, which triggered impairment charges. Asset impairments are recorded as adjustments to the cost basis of inventory and investments. The Impairment of Long-Lived Assets section of Note 1: Summary of Significant Accounting Policies provides details about how we account for impairments related to our real estate in process of development and for sale. Real Estate and Investment-Related Impairments and Charges DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 Impairments of long-lived assets and other related charges: Charges attributable to Weyerhaeuser shareholders: Real estate impairments and charges $ 206 $ 874 $ 128 Write-off of pre-acquisition costs and abandoned community costs 52 74 6 258 948 134 Charges attributable to noncontrolling interests 11 31 22 Total impairments of long-lived assets and other related charges 269 979 156 Impairments of investments and other related charges: Charges attributable to Weyerhaeuser shareholders 3 128 36 Charges attributable to noncontrolling interests 4 32 30 Total impairments of investments and other related charges 7 160 66 Total Real Estate impairments and other related charges $ 276 $ 1,139 $ 222 The write-off of pre-acquisition and abandoned community costs includes forfeited deposits on options to purchase land and capitalized engineering and related costs associated with the options. The charge for 2009 includes the write-off of 9 projects that were planned for development of approximately 5,000 residential lots. As of December31, 2009, we have option agreements on approximately 63,000 residential lots. In addition, abandoned community costs include the write-off of unamortized costs related to projects that have been closed prior to full build-out or related to model complex costs written off due to decisions to sell active communities in their current condition or to change home styles offered within a community. Impairments of i

INCOME TAXES

INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
INCOME TAXES	NOTE 21: INCOME TAXES This note provides details about our income taxes applicable to continuing operations: earnings (loss) before income taxes, provision for income taxes, effective income tax rate, deferred tax assets and liabilities and unrecognized tax benefits. Income taxes related to discontinued operations are discussed in Note 3: Discontinued Operations. LOSS BEFORE INCOME TAXES Our pretax loss from continuing operations in 2009 was $(842)million. Domestic and Foreign Loss From Continuing Operations Before Income Taxes DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 Domestic loss $ (673 ) $ (2,305 ) $ (147 ) Foreign loss (169 ) (504 ) (331 ) Total $ (842 ) $ (2,809 ) $ (478 ) PROVISION FOR INCOME TAXES Our provision for income taxes from continuing operations in 2009 was a benefit of $274 million. Provision for Income Taxes From Continuing Operations DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 Federal: Current $ (350 ) $ (475 ) $ (41 ) Deferred 133 (290 ) (16 ) (217 ) (765 ) (57 ) State: Current (2 ) (1 ) Deferred (22 ) (57 ) (19 ) (24 ) (57 ) (20 ) Foreign: Current 12 (50 ) (39 ) Deferred (45 ) (28 ) (63 ) (33 ) (78 ) (102 ) Total income tax benefit $ (274 ) $ (900 ) $ (179 ) EFFECTIVE INCOME TAX RATE The effective income tax rate applicable to continuing operations for 2009 was 32.5 percent. Effective Income Tax Rate Applicable to Continuing Operations DOLLAR AMOUNTS IN MILLIONS 2009 2008 2007 U.S. federal statutory income tax $ (295 ) $ (983 ) $ (167 ) State income taxes, net of federal tax benefit (25 ) (53 ) (19 ) Foreign taxes 23 14 11 Uruguay restructuring gains (86 ) Federal income tax credits (6 ) (10 ) (9 ) Taxes on qualified timber sales (57 ) Tax law changes (23 ) Medicare Part D subsidy 2 (3 ) (9 ) Provision for unrecognized tax benefits 18 (23 ) 15 Goodwill impairment 1 291 3 Noncontrolling interests 8 25 17 All other, net (15 ) 2 Total income tax benefit $ (274 ) $ (900 ) $ (179 ) Effective income tax rate 32.5 % 32.0 % 37.4 % In 2008, we restructured our ownership interests in Uruguay as discussed in Note 7: Equity Affiliates. The restructuring resulted in the recognition of a $250 million noncash gain for financial accounting purposes related to the partitioning of assets of a joint venture among joint venture partners. There is no tax provision on the gain, primarily due to a forestry exemption from income taxes

GEOGRAPHIC AREAS

GEOGRAPHIC AREAS
	12 Months Ended Dec. 31, 2009 USD / shares
GEOGRAPHIC AREAS	NOTE 22: GEOGRAPHIC AREAS This note provides selected key financial data according to the geographical locations of our customers. The selected key financial data includes: sales to and revenues from unaffiliated customers, export sales from the U.S., earnings from continuing operations before income taxes and long-lived assets. SALES AND REVENUES Our sales to and revenues from unaffiliated customers outside the U.S. are primarily to customers in Canada, China, Japan and Europe. Our export sales from the U.S. include: pulp, liquid packaging board, logs, lumber and wood chips to Japan; containerboard, pulp, logs, lumber and recycling material to other Pacific Rim countries; and pulp and hardwood lumber to Europe. Sales and Revenues by Geographic Area FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2009 (DOLLARAMOUNTSINMILLIONS) 2009 2008 2007 Sales to and revenues from unaffiliated customers: U.S. $ 3,961 $ 8,932 $ 13,755 Japan 485 619 600 Europe 277 408 521 China 209 268 303 Canada 209 288 604 South America 49 102 100 Other foreign countries 338 784 988 5,528 11,401 16,871 Less discontinued operations (3,301 ) (5,938 ) Total $ 5,528 $ 8,100 $ 10,933 Export sales from the U.S.: Japan $ 447 $ 534 $ 522 Other 800 1,132 1,498 1,247 1,666 2,020 Less discontinued operations (261 ) (423 ) Total $ 1,247 $ 1,405 $ 1,597 Discontinued operations primarily represent sales to the U.S. EARNINGS AND LONG-LIVED ASSETS Our long-lived assets used in the generation of revenues in the different geographical areas are nearly all in the U.S. and Canada. Our long-lived assets include: goodwill, timber and timberlands and property and equipment, including construction in progress. Earnings and Long-Lived Assets by Geographic Area FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2009 (DOLLARAMOUNTSINMILLIONS) 2009 2008 2007 Loss attributable to Weyerhaeuser common shareholders from continuing operations before income taxes: U.S. $ (656 ) $ (2,240 ) $ (94 ) Foreign countries (163 ) (503 ) (333 ) Total $ (819 ) $ (2,743 ) $ (427 ) Long-lived assets: U.S. $ 6,392 $ 6,853 $ 11,263 Canada 992 830 1,727 Other foreign countries 329 538 245 7,713 8,221 13,235 Less discontinued operations (4,074 ) Total $ 7,713 $ 8,221 $ 9,161

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
	12 Months Ended Dec. 31, 2009 USD / shares
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	NOTE 23: SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarterly financial data provides a review of our results and performance throughout the year. Our earnings (loss) per share for the full year do not always equal the sum of the four quarterly earnings-per share amounts because of common share activity during the year. Key Quarterly Financial Data for the Last Two Years DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES NetSalesand Revenues Operating Income(Loss) Earnings(Loss) FromContinuing OperationsBefore IncomeTaxes Net Earnings (Loss) NetEarnings(Loss) Attributable to Weyerhaeuser Common Shareholders BasicandDiluted NetEarnings (Loss) per ShareAttributable to Weyerhaeuser Common Shareholders Dividends Paid per Share Market Prices High/Low 2009: First quarter $ 1,275 $ (330 ) $ (442 ) $ (266 ) $ (264 ) $ (1.25 ) $ 0.25 $ 32.03$19.36 Second quarter $ 1,391 $ (62 ) $ (148 ) $ (116 ) $ (106 ) $ (0.50 ) $ 0.25 $ 37.64$27.90 Third quarter $ 1,407 $ 123 $ 30 $ (5 ) $ $ $ 0.05 $ 39.87$27.68 Fourth quarter $ 1,455 $ (178 ) $ (282 ) $ (181 ) $ (175 ) $ (0.83 ) $ 0.05 $ 44.15$34.88 Full year $ 5,528 $ (447 ) $ (842 ) $ (568 ) $ (545 ) $ (2.58 ) $ 0.60 $ 44.15$19.36 2008: First quarter $ 2,042 $ (258 ) $ (380 ) $ (154 ) $ (148 ) $ (0.70 ) $ 0.60 $ 73.74$58.99 Second quarter $ 2,174 $ (406 ) $ (474 ) $ (149 ) $ (96 ) $ (0.45 ) $ 0.60 $ 67.69$50.19 Third quarter $ 2,107 $ (356 ) $ (426 ) $ 275 $ 280 $ 1.33 $ 0.60 $ 62.73$47.27 Fourth quarter $ 1,777 $ (1,581 ) $ (1,529 ) $ (1,214 ) $ (1,212 ) $ (5.73 ) $ 0.60 $ 60.58$28.94 Full year $ 8,100 $ (2,601 ) $ (2,809 ) $ (1,242 ) $ (1,176 ) $ (5.57 ) $ 2.40 $ 73.74$28.94

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
	12 Months Ended Dec. 31, 2009 USD / shares
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the three years ended December31, 2009 DOLLAR AMOUNTS IN MILLIONS DESCRIPTION BALANCEAT BEGINNING OFPERIOD CHARGED TOINCOME (DEDUCTIONS) FROM/ ADDITIONSTO RESERVE BALANCEAT END OF PERIOD Forest Products Allowances deducted from related asset accounts: Doubtful accountsaccounts receivable 2009 $ 7 $ 11 $ (6 ) $ 12 2008 $ 3 $ 6 $ (2 ) $ 7 2007 $ 4 $ $ (1 ) $ 3 Real Estate Allowances deducted from related asset accounts: Receivables 2009 $ 4 $ $ (2 ) $ 2 2008 $ 2 $ 1 $ 1 $ 4 2007 $ 4 $ $ (2 ) $ 2 Investments in unconsolidated entities held as assets 2009 $ 16 $ $ $ 16 2008 $ $ $ 16 $ 16 2007 $ 11 $ $ (11 ) $

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 04, 2010	Jun. 30, 2009
Trading Symbol	WY
Entity Registrant Name	WEYERHAEUSER CO
Entity Central Index Key	0000106535
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		211,358,955
Entity Public Float			$6,289,093,380