Exhibit 99.2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS
(in millions, except per-share figures)
Q2 | Year-to-date | Q1 | ||||||||||||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||||||||||||
Net sales and revenues: | ||||||||||||||||||||
Forest Products | $ | 1,548 | $ | 1,192 | $ | 2,816 | $ | 2,295 | $ | 1,268 | ||||||||||
Real Estate | 257 | 199 | 408 | 371 | 151 | |||||||||||||||
Total net sales and revenues | 1,805 | 1,391 | 3,224 | 2,666 | 1,419 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Forest Products: | ||||||||||||||||||||
Costs of products sold | 1,175 | 1,050 | 2,183 | 2,028 | 1,008 | |||||||||||||||
Alternative fuel mixture credits | — | (107 | ) | — | (107 | ) | — | |||||||||||||
Depreciation, depletion and amortization | 115 | 125 | 231 | 247 | 116 | |||||||||||||||
Selling expenses | 36 | 33 | 70 | 76 | 34 | |||||||||||||||
General and administrative expenses | 80 | 83 | 162 | 179 | 82 | |||||||||||||||
Research and development expenses | 8 | 15 | 16 | 28 | 8 | |||||||||||||||
Charges for restructuring and closures | 2 | 46 | 2 | 128 | — | |||||||||||||||
Impairment of goodwill and other assets | — | 20 | 1 | 38 | 1 | |||||||||||||||
Other operating income, net | (8 | ) | (77 | ) | (79 | ) | (71 | ) | (71 | ) | ||||||||||
1,408 | 1,188 | 2,586 | 2,546 | 1,178 | ||||||||||||||||
Real Estate: | ||||||||||||||||||||
Costs and operating expenses | 189 | 164 | 310 | 315 | 121 | |||||||||||||||
Depreciation and amortization | 5 | 4 | �� | 8 | 8 | 3 | ||||||||||||||
Selling expenses | 19 | 20 | 34 | 42 | 15 | |||||||||||||||
General and administrative expenses | 17 | 17 | 33 | 45 | 16 | |||||||||||||||
Other operating costs, net | 2 | 7 | 3 | 7 | 1 | |||||||||||||||
Impairment of long-lived assets and other related charges | 1 | 53 | 2 | 95 | 1 | |||||||||||||||
233 | 265 | 390 | 512 | 157 | ||||||||||||||||
Total costs and expenses | 1,641 | 1,453 | 2,976 | 3,058 | 1,335 | |||||||||||||||
Operating income (loss) | 164 | (62 | ) | 248 | (392 | ) | 84 | |||||||||||||
Interest expense and other: | ||||||||||||||||||||
Forest Products: | ||||||||||||||||||||
Interest expense incurred | (105 | ) | (107 | ) | (211 | ) | (215 | ) | (106 | ) | ||||||||||
Less: interest capitalized | — | 2 | 1 | 4 | 1 | |||||||||||||||
Loss on early extinguishment of debt | (49 | ) | — | (49 | ) | — | — | |||||||||||||
Interest income and other | 12 | 13 | 21 | 27 | 9 | |||||||||||||||
Equity in income (loss) of equity affiliates | (3 | ) | — | (9 | ) | 3 | (6 | ) | ||||||||||||
Real Estate: | ||||||||||||||||||||
Interest expense incurred | (6 | ) | (7 | ) | (12 | ) | (14 | ) | (6 | ) | ||||||||||
Less: interest capitalized | 5 | 7 | 10 | 14 | 5 | |||||||||||||||
Interest income and other | — | 1 | 3 | 2 | 3 | |||||||||||||||
Equity in income of equity affiliates | 3 | 11 | 39 | 13 | 36 | |||||||||||||||
Impairments of investments and other related charges | — | (6 | ) | — | (32 | ) | — | |||||||||||||
Earnings (loss) before income taxes | 21 | (148 | ) | 41 | (590 | ) | 20 | |||||||||||||
Income tax benefit (provision) (1) | (7 | ) | 32 | (45 | ) | 208 | (38 | ) | ||||||||||||
Net earnings (loss) | 14 | (116 | ) | (4 | ) | (382 | ) | (18 | ) | |||||||||||
Less: (income) loss attributable to noncontrolling interests | — | 10 | (2 | ) | 12 | (2 | ) | |||||||||||||
Net earnings (loss) attributable to Weyerhaeuser common shareholders | $ | 14 | $ | (106 | ) | $ | (6 | ) | $ | (370 | ) | $ | (20 | ) | ||||||
Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders | $ | 0.07 | $ | (0.50 | ) | $ | (0.03 | ) | $ | (1.75 | ) | $ | (0.10 | ) | ||||||
Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders | $ | 0.07 | $ | (0.50 | ) | $ | (0.03 | ) | $ | (1.75 | ) | $ | (0.10 | ) | ||||||
Dividends paid per share | $ | 0.05 | $ | 0.25 | $ | 0.10 | $ | 0.50 | $ | 0.05 | ||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||
Basic | 211,600 | 211,356 | 211,521 | 211,328 | 211,440 | |||||||||||||||
Diluted | 212,103 | 211,356 | 211,521 | 211,328 | 211,440 | |||||||||||||||
Common shares outstanding at end of period (in thousands) | 211,609 | 211,357 | 211,609 | 211,357 | 211,557 |
(1) | First quarter 2010 includes $31 million in tax charges related to the elimination of the ability to claim a tax deduction for prescription drug benefits provided to retirees and reimbursed under the Medicare Part D subsidy beginning in 2013 and state tax rate changes. |
PRELIMINARY RESULTS - SUBJECT TO AUDIT
1
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
NET SALES AND REVENUES
(in millions)
Q2 | Year-to-date | Q1 | |||||||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | |||||||||||
Timberlands: | |||||||||||||||
Logs: | |||||||||||||||
West | $ | 125 | $ | 87 | $ | 207 | $ | 169 | $ | 82 | |||||
South | 37 | 43 | 64 | 76 | 27 | ||||||||||
Canada | — | — | 9 | 2 | 9 | ||||||||||
Total logs | 162 | 130 | 280 | 247 | 118 | ||||||||||
Pay as cut timber sales | 9 | 7 | 17 | 14 | 8 | ||||||||||
Timberlands exchanges and non-strategic dispositions(1) | 13 | 40 | 48 | 44 | 35 | ||||||||||
Higher and better use land sales(1) | 7 | 4 | 12 | 5 | 5 | ||||||||||
Minerals, oil and gas | 16 | 14 | 31 | 28 | 15 | ||||||||||
Products from international operations(2) | 17 | 10 | 32 | 17 | 15 | ||||||||||
Other products | 1 | 3 | 7 | 10 | 6 | ||||||||||
225 | 208 | 427 | 365 | 202 | |||||||||||
Wood Products: | |||||||||||||||
Structural lumber | 308 | 216 | 549 | 428 | 241 | ||||||||||
Engineered solid section | 79 | 62 | 145 | 117 | 66 | ||||||||||
Engineered I-Joists | 49 | 43 | 97 | 76 | 48 | ||||||||||
Oriented strand board | 116 | 58 | 182 | 113 | 66 | ||||||||||
Softwood plywood | 23 | 14 | 39 | 28 | 16 | ||||||||||
Hardwood lumber | 64 | 56 | 118 | 107 | 54 | ||||||||||
Other products produced | 38 | 39 | 73 | 82 | 35 | ||||||||||
Other products purchased for resale | 112 | 106 | 190 | 185 | 78 | ||||||||||
789 | 594 | 1,393 | 1,136 | 604 | |||||||||||
Cellulose Fibers: | |||||||||||||||
Pulp | 354 | 255 | 675 | 536 | 321 | ||||||||||
Liquid packaging board | 90 | 77 | 161 | 143 | 71 | ||||||||||
Other products | 24 | 17 | 42 | 34 | 18 | ||||||||||
468 | 349 | 878 | 713 | 410 | |||||||||||
Real Estate: | |||||||||||||||
Single family housing | 233 | 180 | 376 | 342 | 143 | ||||||||||
Land | 23 | 18 | 30 | 27 | 7 | ||||||||||
Other | 1 | 1 | 2 | 2 | 1 | ||||||||||
257 | 199 | 408 | 371 | 151 | |||||||||||
Corporate and Other | 66 | 41 | 118 | 81 | 52 | ||||||||||
$ | 1,805 | $ | 1,391 | $ | 3,224 | $ | 2,666 | $ | 1,419 | ||||||
(1) | Higher and better use timberlands and non-strategic dispositions are sold through Forest Products subsidiaries. |
(2) | Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America. |
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
NET CONTRIBUTION TO PRE-TAX EARNINGS
(in millions)
Q2 | Year-to-date | Q1 | ||||||||||||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||||||||||||
Timberlands | $ | 70 | $ | 66 | $ | 151 | $ | 106 | $ | 81 | ||||||||||
Wood Products | (3 | ) | (162 | ) | (22 | ) | (428 | ) | (19 | ) | ||||||||||
Cellulose Fibers | 74 | 100 | 93 | 131 | 19 | |||||||||||||||
Real Estate | 27 | (50 | ) | 58 | (146 | ) | 31 | |||||||||||||
Corporate and Other | 8 | 13 | 20 | (30 | ) | 12 | ||||||||||||||
$ | 176 | $ | (33 | ) | $ | 300 | $ | (367 | ) | $ | 124 | |||||||||
PRELIMINARY RESULTS - SUBJECT TO AUDIT
2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS
(in millions)
Year-to-date | ||||||||||||||||||
Q2 2010 | Q2 2009 | Q2 2010 | Q2 2009 | Q1 2010 | ||||||||||||||
Wood Products includes: | ||||||||||||||||||
Charges for restructuring and closures | $ | — | $ | — | $ | — | $ | (63 | ) | $ | — | |||||||
Goodwill impairments | — | — | — | (3 | ) | — | ||||||||||||
Other asset impairments | — | (16 | ) | — | (21 | ) | — | |||||||||||
Reserve for litigation | — | — | — | (19 | ) | — | ||||||||||||
Gain on sale of operations | — | — | 4 | — | 4 | |||||||||||||
Gain on sale of property | 8 | 1 | 48 | 1 | 40 | |||||||||||||
Year-to-date | ||||||||||||||||||
Q2 2010 | Q2 2009 | Q2 2010 | Q2 2009 | Q1 2010 | ||||||||||||||
Cellulose Fibers includes: | ||||||||||||||||||
Charges for restructuring and closures | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | |||||||
Alternative fuel mixture credits | — | 107 | — | 107 | — | |||||||||||||
Year-to-date | ||||||||||||||||||
Q2 2010 | Q2 2009 | Q2 2010 | Q2 2009 | Q1 2010 | ||||||||||||||
Real Estate includes: | ||||||||||||||||||
Charges for restructuring and closures | $ | — | $ | (2 | ) | $ | — | $ | (6 | ) | $ | — | ||||||
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders | — | (50 | ) | — | (116 | ) | — | |||||||||||
Impairment of assets and other related charges - attributable to noncontrolling interests | — | (9 | ) | — | (11 | ) | — | |||||||||||
Sale of partnership interests | — | 9 | 33 | 9 | 33 | |||||||||||||
Net gain on land and lot sales | 13 | 7 | 16 | 13 | 3 | |||||||||||||
Year-to-date | ||||||||||||||||||
Q2 2010 | Q2 2009 | Q2 2010 | Q2 2009 | Q1 2010 | ||||||||||||||
Corporate and Other includes: | ||||||||||||||||||
Charges for restructuring and closures | $ | — | $ | (41 | ) | $ | — | $ | (59 | ) | $ | — | ||||||
Asset impairments | — | (4 | ) | — | (14 | ) | — | |||||||||||
Net foreign exchange gains (losses) | (8 | ) | 21 | 2 | 16 | 10 | ||||||||||||
Pension and postretirement credits(1) | 22 | 37 | 38 | 61 | 16 |
(1) | Excludes pension and postretirement included in charges for restructuring and closures. |
PRELIMINARY RESULTS - SUBJECT TO AUDIT
3
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
THIRD PARTY SALES VOLUMES
Q2 | Year-to-date | Q1 | ||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||
Timberlands (thousands): | ||||||||||
Logs - cubic meters: | ||||||||||
West | 1,276 | 1,283 | 2,251 | 2,373 | 975 | |||||
South | 827 | 1,062 | 1,461 | 1,831 | 634 | |||||
Canada | 15 | 3 | 274 | 67 | 259 | |||||
International | 68 | 73 | 146 | 150 | 78 | |||||
Wood Products (millions): | ||||||||||
Structural lumber - board feet | 884 | 885 | 1,645 | 1,766 | 761 | |||||
Engineered solid section - cubic feet | 4 | 4 | 8 | 7 | 4 | |||||
Engineered I-Joists - lineal feet | 41 | 36 | 85 | 62 | 44 | |||||
Oriented strand board - square feet (3/8”) | 437 | 374 | 771 | 721 | 334 | |||||
Softwood plywood - square feet (3/8”) | 75 | 55 | 135 | 106 | 60 | |||||
Hardwood lumber - board feet | 76 | 69 | 143 | 127 | 67 | |||||
Cellulose Fibers (thousands): | ||||||||||
Pulp - air-dry metric tons | 413 | 395 | 835 | 804 | 422 | |||||
Liquid packaging board - tons | 83 | 77 | 150 | 141 | 67 | |||||
Real Estate: | ||||||||||
Single-family homes sold | 491 | 790 | 1,111 | 1,245 | 620 | |||||
Single-family homes closed | 625 | 464 | 1,018 | 893 | 393 | |||||
Single-family homes sold but not closed at end of period (backlog) | 743 | 910 | 743 | 910 | 877 | |||||
WEYERHAEUSER COMPANY | ||||||||||
STATISTICAL INFORMATION (unaudited) | ||||||||||
TOTAL PRODUCTION VOLUMES | ||||||||||
Q2 | Year-to-date | Q1 | ||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||
Timberlands (thousands): | ||||||||||
Fee depletion - cubic meters: | ||||||||||
West | 1,404 | 1,910 | 2,835 | 3,588 | 1,431 | |||||
South | 1,881 | 2,495 | 4,021 | 4,875 | 2,140 | |||||
International | 89 | 142 | 181 | 249 | 92 | |||||
Wood Products (millions): | ||||||||||
Structural lumber - board feet | 846 | 792 | 1,647 | 1,653 | 801 | |||||
Engineered solid section - cubic feet | 4 | 3 | 8 | 5 | 4 | |||||
Engineered I-Joists - lineal feet | 41 | 24 | 82 | 44 | 41 | |||||
Oriented strand board - square feet (3/8”) | 468 | 369 | 846 | 704 | 378 | |||||
Softwood plywood - square feet (3/8”) | 64 | 37 | 112 | 65 | 48 | |||||
Hardwood lumber - board feet | 61 | 48 | 120 | 103 | 59 | |||||
Cellulose Fibers (thousands): | ||||||||||
Pulp - air-dry metric tons | 414 | 368 | 851 | 783 | 437 | |||||
Liquid packaging board - tons | 81 | 77 | 150 | 142 | 69 |
PRELIMINARY RESULTS - SUBJECT TO AUDIT
4
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
June 30, 2010 | March 31, 2010 | Dec. 31, 2009 | |||||||
Assets | |||||||||
Forest Products | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 1,839 | $ | 2,143 | $ | 1,862 | |||
Short-term investments | 3 | 1 | 49 | ||||||
Receivables, less allowances | 481 | 462 | 370 | ||||||
Receivables for taxes | 51 | 34 | 602 | ||||||
Receivable from pension trust | — | 96 | 146 | ||||||
Inventories | 472 | 515 | 447 | ||||||
Prepaid expenses | 91 | 93 | 82 | ||||||
Deferred tax assets | 136 | 136 | 109 | ||||||
Total current assets | 3,073 | 3,480 | 3,667 | ||||||
Property and equipment, net | 3,423 | 3,539 | 3,611 | ||||||
Construction in progress | 77 | 69 | 52 | ||||||
Timber and timberlands at cost, less depletion charged to disposals | 4,022 | 4,016 | 4,010 | ||||||
Investments in and advances to equity affiliates | 192 | 192 | 197 | ||||||
Goodwill | 40 | 40 | 40 | ||||||
Deferred pension and other assets | 948 | 904 | 756 | ||||||
Restricted assets held by special purpose entities | 915 | 914 | 915 | ||||||
12,690 | 13,154 | 13,248 | |||||||
Real Estate | |||||||||
Cash and cash equivalents | 7 | 17 | 7 | ||||||
Receivables, less allowances | 42 | 34 | 32 | ||||||
Inventory | 1,552 | 1,553 | 1,515 | ||||||
Investments in and advances to equity affiliates | 18 | 18 | 17 | ||||||
Deferred tax assets | 270 | 271 | 299 | ||||||
Other assets | 123 | 122 | 126 | ||||||
Consolidated assets not owned | 6 | 6 | 6 | ||||||
2,018 | 2,021 | 2,002 | |||||||
Total assets | $ | 14,708 | $ | 15,175 | $ | 15,250 | |||
Liabilities | |||||||||
Forest Products | |||||||||
Current liabilities: | |||||||||
Notes payable and commercial paper | $ | 1 | $ | 1 | $ | 4 | |||
Current maturities of long-term debt | 3 | 3 | 3 | ||||||
Accounts payable | 322 | 329 | 317 | ||||||
Accrued liabilities | 663 | 603 | 631 | ||||||
Total current liabilities | 989 | 936 | 955 | ||||||
Long-term debt | 4,734 | 5,281 | 5,281 | ||||||
Deferred income taxes | 1,642 | 1,578 | 1,538 | ||||||
Deferred pension, other postretirement benefits and other liabilities | 1,854 | 1,942 | 2,000 | ||||||
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities | 770 | 767 | 768 | ||||||
9,989 | 10,504 | 10,542 | |||||||
Real Estate | |||||||||
Long-term debt | 390 | 390 | 402 | ||||||
Other liabilities | 218 | 224 | 252 | ||||||
608 | 614 | 654 | |||||||
Total liabilities | 10,597 | 11,118 | 11,196 | ||||||
Equity | |||||||||
Weyerhaeuser shareholders’ interest | 4,100 | 4,046 | 4,044 | ||||||
Noncontrolling interest | 11 | 11 | 10 | ||||||
Total equity | 4,111 | 4,057 | 4,054 | ||||||
Total liabilities and equity | $ | 14,708 | $ | 15,175 | $ | 15,250 | |||
PRELIMINARY RESULTS - SUBJECT TO AUDIT
5
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
STATEMENT OF CASH FLOWS
SELECTED INFORMATION
(in millions)
Q2 | Year-to-date | Q1 | ||||||||||||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||||||||||||
Net cash from operations | $ | 243 | $ | 126 | $ | 433 | $ | (310 | ) | $ | 190 | |||||||||
Cash paid for property and equipment(1) | (32 | ) | (32 | ) | (77 | ) | (85 | ) | (45 | ) | ||||||||||
Cash paid for timberlands reforestation(1) | (7 | ) | (7 | ) | (20 | ) | (22 | ) | (13 | ) | ||||||||||
Acquisition of timberlands | (11 | ) | — | (20 | ) | (7 | ) | (9 | ) | |||||||||||
Payments on debt | (597 | ) | (18 | ) | (614 | ) | (19 | ) | (17 | ) | ||||||||||
Proceeds from the sale of assets and operations | 15 | 29 | 130 | 37 | 115 | |||||||||||||||
Cash paid for dividends | (10 | ) | (53 | ) | (21 | ) | (106 | ) | (11 | ) | ||||||||||
Repayments from (loan to) pension trust | 96 | — | 146 | (85 | ) | 50 | ||||||||||||||
(1) Capital spending is for Forest Products only and excludes Real Estate.
Forest Products Working Capital by Business Segment
|
| |||||||||||||||||||
June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||||||||||||||
Timberlands | $ | 39 | $ | 36 | $ | 24 | ||||||||||||||
Wood Products | 308 | 279 | 360 | |||||||||||||||||
Cellulose Fibers | 268 | 284 | 244 | |||||||||||||||||
Corporate and Other (1) | 1,469 | 1,539 | 1,916 | |||||||||||||||||
$ | 2,084 | $ | 2,138 | $ | 2,544 | |||||||||||||||
(1) Corporate and Other segment holds payroll and other liabilities related to the segments and income taxes receivable related to Real Estate.
Forest Products Capital Expenditures by Business Segment
|
| |||||||||||||||||||
Q2 | Year-to-date | Q1 | ||||||||||||||||||
June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | March 31, 2010 | ||||||||||||||||
Timberlands | $ | 15 | $ | 21 | $ | 35 | $ | 49 | $ | 20 | ||||||||||
Wood Products | 5 | 4 | 7 | 29 | 2 | |||||||||||||||
Cellulose Fibers | 19 | 10 | 58 | 18 | 39 | |||||||||||||||
Corporate and Other | — | 4 | 1 | 11 | 1 | |||||||||||||||
$ | 39 | $ | 39 | $ | 101 | $ | 107 | $ | 62 | |||||||||||
PRELIMINARY RESULTS - SUBJECT TO AUDIT
6
WEYERHAEUSER COMPANY | ||
STATISTICAL INFORMATION (unaudited) | APPENDIX | |
STATEMENT OF OPERATIONS BY BUSINESS SEGMENT | ||
(Dollar amounts in millions) |
Q2.2010 | ||||||||||||||||||||||||||||||||
Timberlands | Wood Products | Cellulose Fibers | Corporate and Other | Eliminations | Total Forest Products | Real Estate | Total | |||||||||||||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 225 | $ | 789 | $ | 468 | $ | 66 | $ | — | $ | 1,548 | $ | 257 | $ | 1,805 | ||||||||||||||||
Intersegment sales | 123 | 20 | — | 5 | (148 | ) | — | — | — | |||||||||||||||||||||||
Net sales and revenues | 348 | 809 | 468 | 71 | (148 | ) | 1,548 | 257 | 1,805 | |||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold | 238 | 698 | 339 | 48 | (148 | ) | 1,175 | 189 | 1,364 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 22 | 45 | 36 | 12 | — | 115 | 5 | 120 | ||||||||||||||||||||||||
Selling expenses | 2 | 30 | 3 | 1 | — | 36 | 19 | 55 | ||||||||||||||||||||||||
General and administrative expenses | 21 | 42 | 17 | — | — | 80 | 17 | 97 | ||||||||||||||||||||||||
Research and development expenses | 5 | 2 | 2 | (1 | ) | — | 8 | — | 8 | |||||||||||||||||||||||
Charges for restructuring and closures | — | 1 | — | 1 | — | 2 | — | 2 | ||||||||||||||||||||||||
Impairment of goodwill and other assets | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Other operating costs (income), net | (9 | ) | (5 | ) | (5 | ) | 11 | — | (8 | ) | 2 | (6 | ) | |||||||||||||||||||
Total costs and expenses | 279 | 813 | 392 | 72 | (148 | ) | 1,408 | 233 | 1,641 | |||||||||||||||||||||||
Operating income (loss) | 69 | (4 | ) | 76 | (1 | ) | — | 140 | 24 | 164 | ||||||||||||||||||||||
Interest income and other | 1 | 1 | — | 10 | — | 12 | — | 12 | ||||||||||||||||||||||||
Equity in income (loss) of equity affiliates | — | — | (2 | ) | (1 | ) | — | (3 | ) | 3 | — | |||||||||||||||||||||
Income attributable to noncontrolling interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net contribution to earnings | $ | 70 | $ | (3 | ) | $ | 74 | $ | 8 | $ | — | $ | 149 | $ | 27 | 176 | ||||||||||||||||
Interest expense, net of capitalized interest | (106 | ) | ||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (49 | ) | ||||||||||||||||||||||||||||||
Earnings before income taxes | 21 | |||||||||||||||||||||||||||||||
Income tax provision | (7 | ) | ||||||||||||||||||||||||||||||
Net earnings attributable to Weyerhaeuser common shareholders | $ | 14 | ||||||||||||||||||||||||||||||
Q2.2009 | ||||||||||||||||||||||||||||||||
Timberlands | Wood Products | Cellulose Fibers | Corporate and Other | Eliminations | Total Forest Products | Real Estate | Total | |||||||||||||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 208 | $ | 594 | $ | 349 | $ | 41 | $ | — | $ | 1,192 | $ | 199 | $ | 1,391 | ||||||||||||||||
Intersegment sales | 115 | 14 | — | 3 | (132 | ) | — | — | — | |||||||||||||||||||||||
Net sales and revenues | 323 | 608 | 349 | 44 | (132 | ) | 1,192 | 199 | 1,391 | |||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold | 212 | 630 | 307 | 33 | (132 | ) | 1,050 | 164 | 1,214 | |||||||||||||||||||||||
Alternative fuel mixture credits | — | — | (107 | ) | — | — | (107 | ) | — | (107 | ) | |||||||||||||||||||||
Depreciation, depletion and amortization | 26 | 51 | 35 | 13 | — | 125 | 4 | 129 | ||||||||||||||||||||||||
Selling expenses | 2 | 26 | 4 | 1 | — | 33 | 20 | 53 | ||||||||||||||||||||||||
General and administrative expenses | 14 | 39 | 13 | 17 | — | 83 | 17 | 100 | ||||||||||||||||||||||||
Research and development expenses | 2 | 6 | 1 | 6 | — | 15 | — | 15 | ||||||||||||||||||||||||
Charges for restructuring and closures | 5 | — | — | 41 | — | 46 | — | 46 | ||||||||||||||||||||||||
Impairment of goodwill and other assets | — | 16 | — | 4 | — | 20 | — | 20 | ||||||||||||||||||||||||
Real Estate impairments and other related charges | — | — | — | — | — | — | 53 | 53 | ||||||||||||||||||||||||
Other operating costs (income), net | (4 | ) | 3 | (1 | ) | (75 | ) | — | (77 | ) | 7 | (70 | ) | |||||||||||||||||||
Total costs and expenses | 257 | 771 | 252 | 40 | (132 | ) | 1,188 | 265 | 1,453 | |||||||||||||||||||||||
Operating income (loss) | 66 | (163 | ) | 97 | 4 | — | 4 | (66 | ) | (62 | ) | |||||||||||||||||||||
Interest income and other | — | 1 | 1 | 11 | — | 13 | 1 | 14 | ||||||||||||||||||||||||
Equity in income (loss) of equity affiliates | — | — | 2 | (2 | ) | — | — | 11 | 11 | |||||||||||||||||||||||
Investment impairments and other related charges | — | — | — | — | — | — | (6 | ) | (6 | ) | ||||||||||||||||||||||
Loss attributable to noncontrolling interests | — | — | — | — | — | — | 10 | 10 | ||||||||||||||||||||||||
Net contribution to earnings | $ | 66 | $ | (162 | ) | $ | 100 | $ | 13 | $ | — | $ | 17 | $ | (50 | ) | (33 | ) | ||||||||||||||
Interest expense, net of capitalized interest | (105 | ) | ||||||||||||||||||||||||||||||
Loss before income taxes | (138 | ) | ||||||||||||||||||||||||||||||
Income tax benefit | 32 | |||||||||||||||||||||||||||||||
Net loss attributable to Weyerhaeuser common shareholders | $ | (106 | ) | |||||||||||||||||||||||||||||
Q1.2010 | ||||||||||||||||||||||||||||||||
Timberlands | Wood Products | Cellulose Fibers | Corporate and Other | Eliminations | Total Forest Products | Real Estate | Total | |||||||||||||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 202 | $ | 604 | $ | 410 | $ | 52 | $ | — | $ | 1,268 | $ | 151 | $ | 1,419 | ||||||||||||||||
Intersegment sales | 171 | 16 | — | 4 | (191 | ) | — | — | — | |||||||||||||||||||||||
Net sales and revenues | 373 | 620 | 410 | 56 | (191 | ) | 1,268 | 151 | 1,419 | |||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold | 254 | 572 | 331 | 42 | (191 | ) | 1,008 | 121 | 1,129 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 23 | 45 | 36 | 12 | — | 116 | 3 | 119 | ||||||||||||||||||||||||
Selling expenses | 2 | 28 | 3 | 1 | — | 34 | 15 | 49 | ||||||||||||||||||||||||
General and administrative expenses | 18 | 39 | 17 | 8 | — | 82 | 16 | 98 | ||||||||||||||||||||||||
Research and development expenses | 4 | 1 | 2 | 1 | — | 8 | — | 8 | ||||||||||||||||||||||||
Charges for restructuring and closures | 1 | — | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||
Impairment of goodwill and other assets | — | 1 | — | — | — | 1 | 1 | 2 | ||||||||||||||||||||||||
Other operating costs (income), net | (10 | ) | (46 | ) | (2 | ) | (13 | ) | — | (71 | ) | 1 | (70 | ) | ||||||||||||||||||
Total costs and expenses | 292 | 640 | 387 | 50 | (191 | ) | 1,178 | 157 | 1,335 | |||||||||||||||||||||||
Operating income (loss) | 81 | (20 | ) | 23 | 6 | — | 90 | (6 | ) | 84 | ||||||||||||||||||||||
Interest income and other | — | 1 | — | 8 | — | 9 | 3 | 12 | ||||||||||||||||||||||||
Equity in income (loss) of equity affiliates | — | — | (4 | ) | (2 | ) | — | (6 | ) | 36 | 30 | |||||||||||||||||||||
Income attributable to noncontrolling interests | — | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||
Net contribution to earnings | $ | 81 | $ | (19 | ) | $ | 19 | $ | 12 | $ | — | $ | 93 | $ | 31 | 124 | ||||||||||||||||
Interest expense, net of capitalized interest | (106 | ) | ||||||||||||||||||||||||||||||
Earnings before income taxes | 18 | |||||||||||||||||||||||||||||||
Income tax provision | (38 | ) | ||||||||||||||||||||||||||||||
Net loss attributable to Weyerhaeuser common shareholders | $ | (20 | ) | |||||||||||||||||||||||||||||
PRELIMINARY RESULTS - SUBJECT TO AUDIT
1
Q2.2010 Year-to-date | ||||||||||||||||||||||||||||||||
Timberlands | Wood Products | Cellulose Fibers | Corporate and Other | Eliminations | Total Forest Products | Real Estate | Total | |||||||||||||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 427 | $ | 1,393 | $ | 878 | $ | 118 | $ | — | $ | 2,816 | $ | 408 | $ | 3,224 | ||||||||||||||||
Intersegment sales | 294 | 36 | — | 9 | (339 | ) | — | — | — | |||||||||||||||||||||||
Net sales and revenues | 721 | 1,429 | 878 | 127 | (339 | ) | 2,816 | 408 | 3,224 | |||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold | 492 | 1,270 | 670 | 90 | (339 | ) | 2,183 | 310 | 2,493 | |||||||||||||||||||||||
Depreciation, depletion and amortization | 45 | 90 | 72 | 24 | — | 231 | 8 | 239 | ||||||||||||||||||||||||
Selling expenses | 4 | 58 | 6 | 2 | — | 70 | 34 | 104 | ||||||||||||||||||||||||
General and administrative expenses | 39 | 81 | 34 | 8 | — | 162 | 33 | 195 | ||||||||||||||||||||||||
Research and development expenses | 9 | 3 | 4 | — | — | 16 | — | 16 | ||||||||||||||||||||||||
Charges for restructuring and closures | 1 | 1 | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||
Impairment of goodwill and other assets | — | 1 | — | — | — | 1 | 2 | 3 | ||||||||||||||||||||||||
Other operating costs (income), net | (19 | ) | (51 | ) | (7 | ) | (2 | ) | — | (79 | ) | 3 | (76 | ) | ||||||||||||||||||
Total costs and expenses | 571 | 1,453 | 779 | 122 | (339 | ) | 2,586 | 390 | 2,976 | |||||||||||||||||||||||
Operating income (loss) | 150 | (24 | ) | 99 | 5 | — | 230 | 18 | 248 | |||||||||||||||||||||||
Interest income and other | 1 | 2 | — | 18 | — | 21 | 3 | 24 | ||||||||||||||||||||||||
Equity in income (loss) of equity affiliates | — | — | (6 | ) | (3 | ) | — | (9 | ) | 39 | 30 | |||||||||||||||||||||
Income attributable to noncontrolling interests | — | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||
Net contribution to earnings | $ | 151 | $ | (22 | ) | $ | 93 | $ | 20 | $ | — | $ | 242 | $ | 58 | 300 | ||||||||||||||||
Interest expense, net of capitalized interest | (212 | ) | ||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (49 | ) | ||||||||||||||||||||||||||||||
Earnings before income taxes | 39 | |||||||||||||||||||||||||||||||
Income tax provision | (45 | ) | ||||||||||||||||||||||||||||||
Net loss attributable to Weyerhaeuser common shareholders | $ | (6 | ) | |||||||||||||||||||||||||||||
Q2.2009 Year-to-date | ||||||||||||||||||||||||||||||||
Timberlands | Wood Products | Cellulose Fibers | Corporate and Other | Eliminations | Total Forest Products | Real Estate | Total | |||||||||||||||||||||||||
Trade sales and revenues (unaffiliated customers) | $ | 365 | $ | 1,136 | $ | 713 | $ | 81 | $ | — | $ | 2,295 | $ | 371 | $ | 2,666 | ||||||||||||||||
Intersegment sales | 286 | 33 | — | 5 | (324 | ) | — | — | — | |||||||||||||||||||||||
Net sales and revenues | 651 | 1,169 | 713 | 86 | (324 | ) | 2,295 | 371 | 2,666 | |||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Costs of products sold | 478 | 1,226 | 589 | 59 | (324 | ) | 2,028 | 315 | 2,343 | |||||||||||||||||||||||
Alternative fuel mixture credits | — | — | (107 | ) | — | — | (107 | ) | — | (107 | ) | |||||||||||||||||||||
Depreciation, depletion and amortization | 49 | 101 | 70 | 27 | — | 247 | 8 | 255 | ||||||||||||||||||||||||
Selling expenses | 4 | 62 | 8 | 2 | — | 76 | 42 | 118 | ||||||||||||||||||||||||
General and administrative expenses | 32 | 92 | 29 | 26 | — | 179 | 45 | 224 | ||||||||||||||||||||||||
Research and development expenses | 4 | 9 | 3 | 12 | — | 28 | — | 28 | ||||||||||||||||||||||||
Charges for restructuring and closures | 5 | 63 | 1 | 59 | — | 128 | — | 128 | ||||||||||||||||||||||||
Impairment of goodwill and other assets | — | 24 | — | 14 | — | 38 | — | 38 | ||||||||||||||||||||||||
Real Estate impairments and other related charges | — | — | — | — | — | — | 95 | 95 | ||||||||||||||||||||||||
Other operating costs (income), net | (26 | ) | 21 | (4 | ) | (62 | ) | — | (71 | ) | 7 | (64 | ) | |||||||||||||||||||
Total costs and expenses | 546 | 1,598 | 589 | 137 | (324 | ) | 2,546 | 512 | 3,058 | |||||||||||||||||||||||
Operating income (loss) | 105 | (429 | ) | 124 | (51 | ) | — | (251 | ) | (141 | ) | (392 | ) | |||||||||||||||||||
Interest income and other | 1 | 1 | 1 | 24 | — | 27 | 2 | 29 | ||||||||||||||||||||||||
Equity in income (loss) of equity affiliates | — | — | 6 | (3 | ) | — | 3 | 13 | 16 | |||||||||||||||||||||||
Investment impairments and other related charges | — | — | — | — | — | — | (32 | ) | (32 | ) | ||||||||||||||||||||||
Loss attributable to noncontrolling interests | — | — | — | — | — | — | 12 | 12 | ||||||||||||||||||||||||
Net contribution to earnings | $ | 106 | $ | (428 | ) | $ | 131 | $ | (30 | ) | $ | — | $ | (221 | ) | $ | (146 | ) | (367 | ) | ||||||||||||
Interest expense, net of capitalized interest | (211 | ) | ||||||||||||||||||||||||||||||
Loss before income taxes | (578 | ) | ||||||||||||||||||||||||||||||
Income tax benefit | 208 | |||||||||||||||||||||||||||||||
Net loss attributable to Weyerhaeuser common shareholders | $ | (370 | ) | |||||||||||||||||||||||||||||
PRELIMINARY RESULTS - SUBJECT TO AUDIT
2