Weyerhaeuser (WY) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 21, 2019
Cover [Abstract]
Entity Registrant Name	WEYERHAEUSER COMPANY
Trading Symbol	WY
Entity Central Index Key	0000106535
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		745,142,402
Entity Shell Company	false
Entity File Number	1-4825
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-0470860
Entity Address, Address Line One	220 Occidental Avenue South
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104-7800
City Area Code	(206)
Local Phone Number	539-3000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $1.25 per share
Security Exchange Name	NYSE

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales (Note 3)	$ 1,671	$ 1,910	$ 5,006	$ 5,840
Costs of sales	1,399	1,452	4,111	4,247
Gross margin	272	458	895	1,593
Selling expenses	20	20	62	66
General and administrative expenses	85	78	254	236
Research and development expenses	1	2	4	6
Product remediation recoveries, net (Note 15)	(68)	0	(68)	0
Other operating costs, net (Note 17)	32	21	81	68
Operating income	202	337	562	1,217
Non-operating pension and other postretirement benefit costs	(15)	(17)	(495)	(54)
Interest income and other	6	13	22	36
Interest expense, net of capitalized interest	(91)	(93)	(289)	(278)
Earnings (loss) before income taxes	102	240	(200)	921
Income taxes (Note 18)	(3)	15	138	(80)
Net earnings (loss)	$ 99	$ 255	$ (62)	$ 841
Earnings (loss) per share, basic and diluted (Note 4)	$ 0.13	$ 0.34	$ (0.08)	$ 1.11
Weighted average shares outstanding (in thousands) (Note 4):
Basic	745,626	754,986	745,901	756,531
Diluted	746,514	757,389	745,901	759,116

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net earnings (loss)	$ 99	$ 255	$ (62)	$ 841
Other comprehensive income (loss):
Foreign currency translation adjustments	(6)	15	19	(16)
Changes in unamortized actuarial loss, net of tax expense of $8, $12, $128, and $94	25	38	398	291
Changes in unamortized net prior service credit, net of tax benefit of $0, $0, $0 and $1	0	(2)	(1)	(3)
Total other comprehensive income	19	51	416	272
Total comprehensive income	$ 118	$ 306	$ 354	$ 1,113

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Changes in unamortized actuarial loss, tax expense (benefit)	$ 8	$ 12	$ 128	$ 94
Changes in unamortized net prior service credit, tax expense (benefit)	$ 0	$ 0	$ 0	$ 1

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 153	$ 334
Receivables, less discounts and allowances of $1 and $1	368	337
Receivables for taxes	149	137
Inventories (Note 5)	393	389
Assets held for sale (Note 16)	251	0
Prepaid expenses and other current assets	141	152
Current restricted financial investments held by variable interest entities (Note 6)	362	253
Total current assets	1,817	1,602
Property and equipment, less accumulated depreciation of $3,471 and $3,376	1,860	1,857
Construction in progress	187	136
Timber and timberlands at cost, less depletion	12,192	12,671
Minerals and mineral rights, less depletion	284	294
Deferred tax assets	31	15
Other assets	461	312
Restricted financial investments held by variable interest entities (Note 6)	0	362
Total assets	16,832	17,249
Current liabilities:
Current maturities of long-term debt (Note 9)	0	500
Current debt (nonrecourse to the company) held by variable interest entities (Note 6)	0	302
Borrowings on line of credit (Note 9)	440	425
Accounts payable	242	222
Accrued liabilities (Note 8)	487	490
Total current liabilities	1,169	1,939
Long-term debt, net (Note 9)	6,150	5,419
Deferred tax liabilities	25	43
Deferred pension and other postretirement benefits (Note 7)	506	527
Other liabilities	383	275
Total liabilities	8,233	8,203
Commitments and contingencies (Note 11)
Equity:
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 745,071 thousand shares at September 30, 2019 and 746,391 thousand shares at December 31, 2018	931	933
Other capital	8,140	8,172
Retained earnings	264	1,093
Accumulated other comprehensive loss (Note 12)	(736)	(1,152)
Total equity	8,599	9,046
Total liabilities and equity	$ 16,832	$ 17,249

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Receivables, allowances	$ 1	$ 1
Property and equipment, accumulated depreciation	$ 3,471	$ 3,376
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	745,071,000	746,391,000
Common shares, outstanding	745,071,000	746,391,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operations:
Net earnings (loss)	$ (62)	$ 841
Noncash charges (credits) to earnings (loss):
Depreciation, depletion and amortization	382	361
Basis of real estate sold	105	80
Deferred income taxes, net	(164)	111
Pension and other postretirement benefits (Note 7)	519	82
Share-based compensation expense	23	31
Change in:
Receivables, less allowances	(47)	(55)
Receivables and payables for taxes	(18)	(109)
Inventories	(2)	(9)
Prepaid expenses and other current assets	5	(7)
Accounts payable and accrued liabilities	(13)	(133)
Pension and postretirement benefit contributions and payments	(36)	(355)
Other	(18)	(18)
Net cash from operations	674	820
Cash flows from investing activities:
Capital expenditures for property and equipment	(199)	(238)
Capital expenditures for timberlands reforestation	(42)	(45)
Proceeds from note receivable held by variable interest entities (Note 6)	253	0
Other	20	19
Net cash from investing activities	32	(264)
Cash flows from financing activities:
Cash dividends on common shares	(760)	(741)
Net proceeds from issuance of long-term debt (Note 9)	739	0
Payments on long-term debt (Note 9)	(512)	(62)
Proceeds from borrowings on line of credit (Note 9)	875	0
Payments on line of credit (Note 9)	(860)	0
Payments on debt held by variable interest entities (Note 6)	(302)	0
Proceeds from exercise of stock options	8	52
Repurchases of common shares (Note 4)	(60)	(273)
Other	(15)	(8)
Net cash from financing activities	(887)	(1,032)
Net change in cash and cash equivalents	(181)	(476)
Cash and cash equivalents at beginning of period	334	824
Cash and cash equivalents at end of period	153	348
Cash paid during the period for:
Interest, net of amount capitalized of $4 and $8	310	285
Income taxes	$ 46	$ 80

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement Of Cash Flows [Abstract]
Interest, amount capitalized	$ 4	$ 8

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Statement - USD ($) $ in Millions	Total	Common shares:	Other capital:	Retained earnings:	Accumulated other comprehensive loss:
Balance at beginning of period at Dec. 31, 2017		$ 944	$ 8,439	$ 1,078	$ (1,562)
Issued for exercised stock options and vested restricted stock units		4	49
Repurchases of common shares (Note 4)		(12)	(279)
Shared-based compensation			31
Other transactions, net			(6)
Net earnings (loss)	$ 841			841
Dividends on common shares				(741)
Adjustments related to accounting pronouncements				261	(262)
Other comprehensive income	272				272
Balance at end of period at Sep. 30, 2018	$ 9,057	936	8,234	1,439	(1,552)
Dividends paid per common share	$ 0.98
Balance at beginning of period at Jun. 30, 2018		947	8,496	1,441	(1,603)
Issued for exercised stock options and vested restricted stock units		1	3
Repurchases of common shares (Note 4)		(12)	(279)
Shared-based compensation			13
Other transactions, net			1
Net earnings (loss)	$ 255			255
Dividends on common shares				(256)
Adjustments related to accounting pronouncements				(1)	0
Other comprehensive income	51				51
Balance at end of period at Sep. 30, 2018	$ 9,057	936	8,234	1,439	(1,552)
Dividends paid per common share	$ 0.34
Balance at beginning of period at Dec. 31, 2018	$ 9,046	933	8,172	1,093	(1,152)
Issued for exercised stock options and vested restricted stock units		1	7
Repurchases of common shares (Note 4)		(3)	(57)
Shared-based compensation			23
Other transactions, net			(5)
Net earnings (loss)	(62)			(62)
Dividends on common shares				(760)
Adjustments related to accounting pronouncements				(7)	0
Other comprehensive income	416				416
Balance at end of period at Sep. 30, 2019	$ 8,599	931	8,140	264	(736)
Dividends paid per common share	$ 1.02
Balance at beginning of period at Jun. 30, 2019		931	8,130	418	(755)
Issued for exercised stock options and vested restricted stock units		0	3
Repurchases of common shares (Note 4)		0	0
Shared-based compensation			7
Other transactions, net			0
Net earnings (loss)	$ 99			99
Dividends on common shares				(253)
Adjustments related to accounting pronouncements				0	0
Other comprehensive income	19				19
Balance at end of period at Sep. 30, 2019	$ 8,599	$ 931	$ 8,140	$ 264	$ (736)
Dividends paid per common share	$ 0.34

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including: ● majority-owned domestic and foreign subsidiaries and ● variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company. The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2018. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 2: BUSINESS SEGMENTS We are principally engaged in growing and harvesting timber; manufacturing, distributing, and selling products made from trees; maximizing the value of every acre we own through the sale of higher and better use (HBU) properties; and monetizing reserves of minerals, oil, gas, and other natural resources on our timberlands. Our business segments are categorized based primarily on products and services which include: ● Timberlands – logs, timber and leased recreational access; ● Real Estate & ENR – sales of HBU properties, rights to explore for and extract hard minerals, construction materials, oil and gas production, wind and solar; and ● Wood Products – softwood lumber, engineered wood products, structural panels, medium density fiberboard and building materials distribution. A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Sales to unaffiliated customers: Timberlands (1) $ 398 $ 459 $ 1,230 $ 1,425 Real Estate & ENR 69 96 268 205 Wood Products (1) 1,204 1,355 3,508 4,210 1,671 1,910 5,006 5,840 Intersegment sales: Timberlands (1) 125 128 381 409 Total sales 1,796 2,038 5,387 6,249 Intersegment eliminations (1) (125 ) (128 ) (381 ) (409 ) Total $ 1,671 $ 1,910 $ 5,006 $ 5,840 Net contribution to earnings: Timberlands $ 72 $ 126 $ 294 $ 476 Real Estate & ENR 32 36 122 83 Wood Products 143 213 293 812 247 375 709 1,371 Unallocated items (2) (54 ) (42 ) (620 ) (172 ) Net contribution to earnings 193 333 89 1,199 Interest expense, net of capitalized interest (91 ) (93 ) (289 ) (278 ) Earnings (loss) before income taxes 102 240 (200 ) 921 Income taxes (3 ) 15 138 (80 ) Net earnings (loss) $ 99 $ 255 $ (62 ) $ 841 (1) In January 2019, we changed the way we report our Canadian Forestlands operations, which are primarily operated to supply Weyerhaeuser’s Canadian Wood Products manufacturing facilities. As a result, we no longer report related intersegment sales in the Timberlands segment and we now record the minimal associated third-party log sales in the Wood Products segment. These collective transactions did not contribute any earnings to the Timberlands segment. We have conformed prior year presentations with the current year. (2) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and postretirement costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
REVENUE RECOGNITION	NOTE 3: REVENUE RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Net sales to unaffiliated customers: Timberlands Segment Delivered logs (1) West Domestic sales $ 86 $ 125 $ 291 $ 398 Export grade sales 86 113 280 368 Subtotal West 172 238 571 766 South 168 157 483 472 North 24 25 70 70 Subtotal delivered logs sales 364 420 1,124 1,308 Stumpage and pay-as-cut timber 10 13 29 39 Recreational and other lease revenue 15 16 45 44 Other (2) 9 10 32 34 Net sales attributable to Timberlands segment 398 459 1,230 1,425 Real Estate & ENR Segment Real estate 45 76 200 148 Energy and natural resources 24 20 68 57 Net sales attributable to Real Estate & ENR segment 69 96 268 205 Wood Products Segment Structural lumber 487 581 1,426 1,831 Oriented strand board 159 215 475 724 Engineered solid section 138 132 388 400 Engineered I-joists 90 91 246 261 Softwood plywood 42 53 130 158 Medium density fiberboard 44 48 127 138 Complementary building products 162 152 466 449 Other (3) 82 83 250 249 Net sales attributable to Wood Products segment 1,204 1,355 3,508 4,210 Total net sales $ 1,671 $ 1,910 $ 5,006 $ 5,840 (1) In January 2019, we changed the way we report our Canadian Forestlands operations. We no longer report intersegment sales related to these operations in the Timberlands segment and now record the minimal associated third-party log sales within the Wood Products segment. Refer to Note 2: Business Segments for additional details. (2) Other Timberlands sales include seeds and seedlings from our nursery operations and chips. (3) Other Wood Products sales include chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.

NET EARNINGS PER SHARE AND SHAR

NET EARNINGS PER SHARE AND SHARE REPURCHASES	9 Months Ended
	Sep. 30, 2019
Earnings Per Share Basic And Diluted [Abstract]
NET EARNINGS PER SHARE AND SHARE REPURCHASES	NOTE 4: NET EARNINGS (LOSS) PER SHARE AND SHARE REPURCHASES Our basic and diluted earnings (loss) per share were: ● $0.13 during third quarter 2019 and $(0.08) during year-to-date 2019; ● $0.34 during third quarter 2018 and $1.11 during year-to-date 2018. Basic earnings per share is n et earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is n et earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Weighted average common shares outstanding – basic 745,626 754,986 745,901 756,531 Dilutive potential common shares: Stock options 396 1,370 — 1,560 Restricted stock units 357 629 — 570 Performance share units 135 404 — 455 Total effect of outstanding dilutive potential common shares 888 2,403 — 2,585 Weighted average common shares outstanding – dilutive 746,514 757,389 745,901 759,116 We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied. Potential Shares Not Included in the Computation of Diluted Earnings per Share The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Stock options 2,384 1,166 2,755 1,166 Restricted stock units — — 358 — Performance share units 959 830 1,054 830 Share Repurchase Program On February 7, 2019, our board of directors approved and announced a new share repurchase program (the 2019 Repurchase Program) under which we are authorized to repurchase up to $500 million of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in November 2015. During first quarter 2019, we repurchased over 2.3 million common shares for approximately $60 million under the 2019 Repurchase Program. We did not repurchase additional shares during second quarter or third quarter 2019. As of September 30, 2019, we had remaining authorization of approximately $440 million for future share repurchases. All common share purchases under the share repurchase program are expected to be made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were no unsettled repurchases as of September 30, 2019 or December 31, 2018.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5: INVENTORIES Inventories include raw materials, work-in-process, finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 DECEMBER 31, 2018 LIFO inventories: Logs $ 21 $ 11 Lumber, plywood, panels and fiberboard 73 75 Other products 14 10 FIFO or moving average cost inventories: Logs 20 35 Lumber, plywood, panels, fiberboard and engineered wood products 86 86 Other products 83 83 Materials and supplies 96 89 Total $ 393 $ 389 LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The FIFO – the first-in, first-out method – or moving average cost methods apply to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories. If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $78 million as of September 30, 2019 and $79 million as of December 31, 2018.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 6: VARIABLE INTEREST ENTITIES From 2002 through 2004, we sold certain nonstrategic timberlands. As a result of these sales, buyer-sponsored and monetization variable interest entities, or special purpose entities (SPEs), were formed. We are the primary beneficiary and consolidate the assets and liabilities of the SPEs involved in these transactions. The assets of the buyer-sponsored SPEs are financial investments which consist of bank guarantees. These bank guarantees are in turn backed by bank notes, which are the liabilities of the monetization SPEs. Interest earned from the financial investments within the buyer-sponsored SPEs is used to pay interest accrued on the corresponding monetization SPE’s note. During third quarter 2019, we paid $302 million related to liabilities from our monetized SPEs at maturity. During first quarter 2019, we received $253 million in proceeds related to our buyer-sponsored SPEs at maturity. During fourth quarter 2018, we paid $209 million related to liabilities from our monetized SPEs at maturity. The financial investment related to our remaining buyer-sponsored SPE is $362 million, which is scheduled to mature in first quarter 2020. We have classified this in current assets on our Consolidated Balance Sheet .

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	9 Months Ended
	Sep. 30, 2019
Pension And Other Postretirement Benefit Expense [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	NOTE 7: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Service cost $ 8 $ 10 $ 24 $ 28 Interest cost 39 58 122 177 Expected return on plan assets (54 ) (100 ) (170 ) (300 ) Amortization of actuarial loss 27 56 85 169 Amortization of prior service cost 1 1 3 3 Settlement charge — — 449 — Total net periodic benefit cost - pension $ 21 $ 25 $ 513 $ 77 OTHER POSTRETIREMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Interest cost $ 2 $ 2 $ 5 $ 5 Amortization of actuarial loss 1 2 5 6 Amortization of prior service credit (1 ) (2 ) (4 ) (6 ) Total net periodic benefit cost - other postretirement benefits $ 2 $ 2 $ 6 $ 5 For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other postretirement benefit costs” in our Consolidated Statement of Operations . Actions to Reduce Pension Plan Obligations As part of our continued efforts to reduce pension plan obligations, we transferred approximately $1.5 billion of U.S. qualified pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract in January 2019. In connection with this transaction, we recorded a noncash pretax preliminary settlement charge of $455 million during first quarter 2019, accelerating the recognition of previously unrecognized losses in “Accumulated other comprehensive loss”, that would have otherwise been recorded in subsequent periods. In second quarter 2019, we finalized the prior year-end fair value of pension plan assets and obligations, which reduced the settlement charge by $6 million for a final settlement charge of $449 million. Refer to “Fair Value of Pension Plan Assets and Obligations” below. The settlement triggered a remeasurement of plan assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the U.S. qualified pension plan as of January 31, 2019 and to calculate the related net periodic benefit cost for the remainder of 2019 to 4.30 percent from 4.40 percent as of December 31, 2018. All other assumptions remain unchanged. The net effect of the remeasurement was a $24 million reduction in funded status, primarily driven by the decrease in discount rate. This change in funded status was reflected in our first quarter 2019 Consolidated Balance Sheet . Fair Value of Pension Plan Assets and Obligations We estimate the fair value of pension plan assets based upon the information available during the year-end reporting process. In some cases, primarily with regard to private equity funds, the information available consists of net asset values as of an interim date in addition to cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets to incorporate year-end net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. During second quarter 2019, we recorded an increase to the beginning of year fair value of the pension assets of $16 million, or less than 1 percent. We also updated our census data that is used to estimate our beginning of the year projected benefit obligation for our pension plans, which resulted in a projected benefit obligation decrease of $6 million, or less than 1 percent. The net effect of these updates was a $22 million improvement in funded status as of December 31, 2018. This change in funded status was reflected in our second quarter 2019 Consolidated Balance Sheet . Expected Funding and Benefit Payments We do not anticipate being required to make a contribution to our U.S. qualified pension plan for 2019. For all other U.S. and Canadian pension and postretirement plans we expect to contribute or make benefit payments of approximately $40 million in 2019.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities Current [Abstract]
ACCRUED LIABILITIES	NOTE 8: ACCRUED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 DECEMBER 31, 2018 Compensation and employee benefit costs $ 161 $ 192 Current portion of lease liabilities ( Note 14 ) 34 — Customer rebates, volume discounts and deferred income 113 99 Interest 73 109 Taxes payable 37 30 Other 69 60 Total $ 487 $ 490

LONG-TERM DEBT AND LINE OF CRED

LONG-TERM DEBT AND LINE OF CREDIT	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT AND LINE OF CREDIT	NOTE 9: In February 2019, we issued $750 million of 4.00 percent notes due in November 2029. The net proceeds after deducting the discount, underwriting fees and issuance costs were $739 million. In March 2019, a portion of the net proceeds was used to redeem our $500 million 7.38 percent note due in October 2019. A pretax charge of $12 million was included in "Interest expense, net of capitalized interest" in the Consolidated Statement of Operations in first quarter 2019, for make-whole premiums, unamortized debt issuance costs and unamortized debt discounts in connection with the early extinguishment of the $500 million note. As of September 30, 2019 and December 31, 2018, we had $440 million and $425 million, respectively, of outstanding borrowings on our $1.5 billion five-year senior unsecured revolving credit facility. This credit facility expires in March 2022.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 10: FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: SEPTEMBER 30, 2019 DECEMBER 31, 2018 DOLLAR AMOUNTS IN MILLIONS CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit (1) Fixed rate $ 5,925 $ 7,041 $ 5,694 $ 6,345 Variable rate 665 665 650 650 Total debt $ 6,590 $ 7,706 $ 6,344 $ 6,995 (1) Prior year balances exclude nonrecourse debt held by our Variable Interest Entities (VIEs). Refer to Note 6: Variable Interest Entities for further information on our VIEs and the related nonrecourse debt, which matured in third quarter 2019. To estimate the fair value of fixed rate long-term debt we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our variable rate long-term debt and line of credit instruments have net carrying values that approximate their fair values with only insignificant differences. 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. F air V alue of O ther F inancial I nstruments We believe that our other financial instruments, including cash and cash equivalents, short-term investments, mutual fund investments held in grantor trusts, receivables, and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts.

LEGAL PROCEEDINGS, COMMITMENTS

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	NOTE 11: LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Balance Sheet , Consolidated Statement of Operations , or Consolidated Statement of Cash Flows . Environmental Matters Site Remediation Under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the Superfund – and similar state laws, we: ● are a party to various proceedings related to the cleanup of hazardous waste sites and ● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. As of September 30, 2019, our total accrual for future estimated remediation costs on the active Superfund sites and other sites for which we are potentially responsible was approximately $62 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . Asset Retirement Obligations We have obligations associated with the future retirement of tangible long-lived assets consisting primarily of reforestation obligations related to forest management licenses in Canada and obligations to close and cap landfills. As of September 30, 2019, our accrued balance for these obligations was $29 million. These obligations are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . Other Matters Some of our sites have materials containing asbestos. We have met our current legal obligation to identify and manage these materials. In situations where we cannot reasonably determine when materials containing asbestos might be removed from the sites, we have not recorded an accrual because the fair value of the obligation cannot be reasonably estimated.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 12: ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 PENSION (1) Balance at beginning of period $ (972 ) $ (1,803 ) $ (1,343 ) $ (1,810 ) Other comprehensive income (loss) before reclassifications 4 (7 ) (10 ) 159 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 21 41 406 128 Total other comprehensive income 25 34 396 287 Reclassification of certain effects due to tax law changes (3) — — — $ (246 ) Balance at end of period $ (947 ) $ (1,769 ) $ (947 ) $ (1,769 ) OTHER POSTRETIREMENT BENEFITS (1) Balance at beginning of period $ (18 ) $ (33 ) $ (19 ) $ (25 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) — 2 1 1 Total other comprehensive income — 2 1 1 Reclassification of certain effects due to tax law changes (3) — — — $ (7 ) Balance at end of period $ (18 ) $ (31 ) $ (18 ) $ (31 ) TRANSLATION ADJUSTMENTS AND OTHER Balance at beginning of period $ 235 $ 233 $ 210 $ 273 Translation adjustments (6 ) 15 19 (16 ) Total other comprehensive income (loss) (6 ) 15 19 (16 ) Reclassification of accumulated unrealized gains on available-for-sale securities (4) — — — (9 ) Balance at end of period $ 229 $ 248 $ 229 $ 248 Accumulated other comprehensive loss, end of period $ (736 ) $ (1,552 ) $ (736 ) $ (1,552 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 7: Pension and Other Postretirement Benefit Plans . (3) We reclassified certain tax effects from tax law changes of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02 which we adopted in 2018. (4) We reclassified accumulated unrealized gains on available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2016-01 which we adopted in 2018.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
Share Based Compensation [Abstract]
SHARE-BASED COMPENSATION	NOTE 13: SHARE-BASED COMPENSATION Share-based compensation activity during year-to-date 2019 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted Stock Units (RSUs) 952 630 Performance Share Units (PSUs) 421 153 A total of 1.0 million shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises. Restricted Stock Units The weighted average fair value of the RSUs granted in 2019 was $25.75. The vesting provisions for RSUs granted in 2019 were consistent with prior year grants. Performance Share Units The weighted average grant date fair value of PSUs granted in 2019 was $29.66. The final number of shares granted in 2019 will range from 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against the S&P 500 as well as an industry peer group. These measures are consistent with those utilized in prior year grants. The vesting provisions for PSUs granted in 2019 were consistent with prior year grants. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2019 PERFORMANCE SHARE UNITS Performance period 1/1/2019 – 12/31/2021 Valuation date average stock price (1) $25.83 Expected dividends 5.25% Risk-free rate 2.43% – 2.55% Expected volatility 22.50% – 27.40% (1) Calculated as an average of the high and low prices on grant date.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	NOTE 14: We account for leases in accordance with ASC Topic 842, Leases Consolidated Balance Sheet on January 1, 2019. The majority of our operating leases are related to our office and warehouse space, and the majority of our financing leases are related to vehicles and forklifts. Our leases have remaining lease terms of approximately 1 year to 25 years. Options to renew, extend or terminate a lease are reflected in our lease terms when we believe it is reasonably certain we will exercise that option. When our leases do not provide an implicit or an explicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. Lease Expense QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2019 Operating lease costs $ 5 $ 15 Financing lease costs (1) 4 12 Total lease costs $ 9 $ 27 Supplemental Cash Flow Information YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 15 Financing cash flows for financing leases (1) $ 11 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 5 Financing leases $ 5 (1) Interest expense related to financing leases was immaterial during third quarter 2019 and year-to-date 2019. Supplemental Balance Sheet Information Related to Leases DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 LEASES BALANCE SHEET CLASSIFICATION Assets Operating lease right-of-use assets Other assets $ 123 Financing lease right-of-use assets Property and equipment, less accumulated depreciation 31 Total leased assets $ 154 Liabilities Current: Operating lease liabilities Accrued liabilities $ 20 Financing lease liabilities Accrued liabilities 14 Noncurrent: Operating lease liabilities Other liabilities 106 Financing lease liabilities Other liabilities 22 Total lease liabilities $ 162 Weighted Average Remaining Lease Term as of September 30, 2019 Operating leases 11 years Financing leases 3 years Weighted Average Discount Rate as of September 30, 2019 Operating leases 4.2 % Financing leases 3.1 % Maturities of Lease Liabilities as of September 30, 2019 DOLLAR AMOUNTS IN MILLIONS OPERATING LEASES FINANCING LEASES 2019 $ 5 $ 4 2020 20 13 2021 18 9 2022 17 7 2023 16 4 Thereafter 81 — Total lease payments 157 37 Less: interest (31 ) (1 ) Total present value of lease liabilities $ 126 $ 36 Operating Lease Commitments as of December 31, 2018 DOLLAR AMOUNTS IN MILLIONS 2019 $ 35 2020 29 2021 26 2022 24 2023 18 Thereafter 78

PRODUCT REMEDIATION RECOVERIES,

PRODUCT REMEDIATION RECOVERIES, NET	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
PRODUCT REMEDIATION RECOVERIES, NET	NOTE 15: PRODUCT REMEDIATION RECOVERIES, NET In July 2017, we announced we were implementing a solution to address concerns regarding our TJI® Joists coated with our former Flak Jacket® Protection product. This issue was isolated to Flak Jacket product manufactured after December 1, 2016 and did not affect any of our other products. In third quarter 201 9 , we received and recorded an insurance recover y of $ 68 million related to prior remediation efforts . The recover y is attributable to our Wood Products segment and w as recorded in " Product remediation recoveries , net" on the Consolidated Statement of Operations .

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
ASSETS HELD FOR SALE	NOTE 16: ASSETS HELD FOR SALE On September 16, 2019, we announced an agreement to sell 555,000 acres of Michigan timberlands to Lyme Great Lakes Holding LLC, an affiliate of The Lyme Timber Company LP, for $300 million in cash. This transaction relates to the Timberlands segment and is subject to customary closing conditions, and is expected to close in fourth quarter 2019. The sale of our Michigan timberlands is not considered a strategic shift that has, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations in accordance with generally accepted accounting principles. However, the related assets have met the relevant criteria to be classified as held for sale in the current period Consolidated Balance Sheet .

OTHER OPERATING COSTS, NET

OTHER OPERATING COSTS, NET	9 Months Ended
	Sep. 30, 2019
Other Income [Abstract]
OTHER OPERATING COSTS, NET	NOTE 17: Other operating costs, net: ● includes both recurring and occasional income and expense items and ● can fluctuate from year to year. Items Included in Other Operating Costs, Net QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Foreign exchange losses, net $ 1 $ 2 $ 2 $ 2 Litigation expense, net 25 10 59 23 Other, net 6 9 20 43 Total other operating costs, net $ 32 $ 21 $ 81 $ 68

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 18: INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our wholly-owned Taxable REIT Subsidiaries (TRSs), which includes our Wood Products segment earnings and portions of our Timberlands and Real Estate & ENR segments' earnings. The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that may occur during the quarter. Our 2019 estimated annual effective tax rate for our TRSs, excluding discrete items, is a 32.9 percent benefit. The estimated annual effective tax rate is a benefit due to a projected pretax loss at our TRSs and varies from the U.S. federal statutory tax rate of 21 percent, primarily due to state income tax benefits related to unitary state filings. Significant discrete items excluded from the calculation of our effective tax rate include: ● $109 million tax benefit related to the tax effects of the noncash pretax settlement charge recorded in connection with our U.S. pension plan. Refer to Note 7: Pension and Other Postretirement Benefit Plans ● $17 million tax expense related to the tax effects of an insurance recovery received in connection with prior product remediation efforts. Refer to Note 15: Product Remediation Recoveries, Net

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidation	Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including: ● majority-owned domestic and foreign subsidiaries and ● variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company.
Earnings Per Share	We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied.
Fair Value of Financial Instruments	To estimate the fair value of fixed rate long-term debt we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our variable rate long-term debt and line of credit instruments have net carrying values that approximate their fair values with only insignificant differences. 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.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Business Segment Information	A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Sales to unaffiliated customers: Timberlands (1) $ 398 $ 459 $ 1,230 $ 1,425 Real Estate & ENR 69 96 268 205 Wood Products (1) 1,204 1,355 3,508 4,210 1,671 1,910 5,006 5,840 Intersegment sales: Timberlands (1) 125 128 381 409 Total sales 1,796 2,038 5,387 6,249 Intersegment eliminations (1) (125 ) (128 ) (381 ) (409 ) Total $ 1,671 $ 1,910 $ 5,006 $ 5,840 Net contribution to earnings: Timberlands $ 72 $ 126 $ 294 $ 476 Real Estate & ENR 32 36 122 83 Wood Products 143 213 293 812 247 375 709 1,371 Unallocated items (2) (54 ) (42 ) (620 ) (172 ) Net contribution to earnings 193 333 89 1,199 Interest expense, net of capitalized interest (91 ) (93 ) (289 ) (278 ) Earnings (loss) before income taxes 102 240 (200 ) 921 Income taxes (3 ) 15 138 (80 ) Net earnings (loss) $ 99 $ 255 $ (62 ) $ 841 (1) In January 2019, we changed the way we report our Canadian Forestlands operations, which are primarily operated to supply Weyerhaeuser’s Canadian Wood Products manufacturing facilities. As a result, we no longer report related intersegment sales in the Timberlands segment and we now record the minimal associated third-party log sales in the Wood Products segment. These collective transactions did not contribute any earnings to the Timberlands segment. We have conformed prior year presentations with the current year. (2) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and postretirement costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue by Major Products	A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Net sales to unaffiliated customers: Timberlands Segment Delivered logs (1) West Domestic sales $ 86 $ 125 $ 291 $ 398 Export grade sales 86 113 280 368 Subtotal West 172 238 571 766 South 168 157 483 472 North 24 25 70 70 Subtotal delivered logs sales 364 420 1,124 1,308 Stumpage and pay-as-cut timber 10 13 29 39 Recreational and other lease revenue 15 16 45 44 Other (2) 9 10 32 34 Net sales attributable to Timberlands segment 398 459 1,230 1,425 Real Estate & ENR Segment Real estate 45 76 200 148 Energy and natural resources 24 20 68 57 Net sales attributable to Real Estate & ENR segment 69 96 268 205 Wood Products Segment Structural lumber 487 581 1,426 1,831 Oriented strand board 159 215 475 724 Engineered solid section 138 132 388 400 Engineered I-joists 90 91 246 261 Softwood plywood 42 53 130 158 Medium density fiberboard 44 48 127 138 Complementary building products 162 152 466 449 Other (3) 82 83 250 249 Net sales attributable to Wood Products segment 1,204 1,355 3,508 4,210 Total net sales $ 1,671 $ 1,910 $ 5,006 $ 5,840 (1) In January 2019, we changed the way we report our Canadian Forestlands operations. We no longer report intersegment sales related to these operations in the Timberlands segment and now record the minimal associated third-party log sales within the Wood Products segment. Refer to Note 2: Business Segments for additional details. (2) Other Timberlands sales include seeds and seedlings from our nursery operations and chips. (3) Other Wood Products sales include chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations.

NET EARNINGS PER SHARE AND SH_2

NET EARNINGS PER SHARE AND SHARE REPURCHASES (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share Basic And Diluted [Abstract]
Dilutive Potential Common Shares	Diluted earnings per share is n et earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Weighted average common shares outstanding – basic 745,626 754,986 745,901 756,531 Dilutive potential common shares: Stock options 396 1,370 — 1,560 Restricted stock units 357 629 — 570 Performance share units 135 404 — 455 Total effect of outstanding dilutive potential common shares 888 2,403 — 2,585 Weighted average common shares outstanding – dilutive 746,514 757,389 745,901 759,116
Potential Shares Not Included in the Computation of Diluted Earnings (Loss) per Share	The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Stock options 2,384 1,166 2,755 1,166 Restricted stock units — — 358 — Performance share units 959 830 1,054 830

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories include raw materials, work-in-process, finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 DECEMBER 31, 2018 LIFO inventories: Logs $ 21 $ 11 Lumber, plywood, panels and fiberboard 73 75 Other products 14 10 FIFO or moving average cost inventories: Logs 20 35 Lumber, plywood, panels, fiberboard and engineered wood products 86 86 Other products 83 83 Materials and supplies 96 89 Total $ 393 $ 389

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2019
Pension And Other Postretirement Benefit Expense [Abstract]
Components of Net Periodic Benefit Costs	The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Service cost $ 8 $ 10 $ 24 $ 28 Interest cost 39 58 122 177 Expected return on plan assets (54 ) (100 ) (170 ) (300 ) Amortization of actuarial loss 27 56 85 169 Amortization of prior service cost 1 1 3 3 Settlement charge — — 449 — Total net periodic benefit cost - pension $ 21 $ 25 $ 513 $ 77 OTHER POSTRETIREMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Interest cost $ 2 $ 2 $ 5 $ 5 Amortization of actuarial loss 1 2 5 6 Amortization of prior service credit (1 ) (2 ) (4 ) (6 ) Total net periodic benefit cost - other postretirement benefits $ 2 $ 2 $ 6 $ 5

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities Current [Abstract]
Accrued Liabilities	Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 DECEMBER 31, 2018 Compensation and employee benefit costs $ 161 $ 192 Current portion of lease liabilities ( Note 14 ) 34 — Customer rebates, volume discounts and deferred income 113 99 Interest 73 109 Taxes payable 37 30 Other 69 60 Total $ 487 $ 490

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Estimated Fair Values and Carrying Values of Long-Term Debt and Line of Credit	The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: SEPTEMBER 30, 2019 DECEMBER 31, 2018 DOLLAR AMOUNTS IN MILLIONS CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit (1) Fixed rate $ 5,925 $ 7,041 $ 5,694 $ 6,345 Variable rate 665 665 650 650 Total debt $ 6,590 $ 7,706 $ 6,344 $ 6,995 (1) Prior year balances exclude nonrecourse debt held by our Variable Interest Entities (VIEs). Refer to Note 6: Variable Interest Entities for further information on our VIEs and the related nonrecourse debt, which matured in third quarter 2019.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Items Included in Accumulated Other Comprehensive Loss	Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 PENSION (1) Balance at beginning of period $ (972 ) $ (1,803 ) $ (1,343 ) $ (1,810 ) Other comprehensive income (loss) before reclassifications 4 (7 ) (10 ) 159 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 21 41 406 128 Total other comprehensive income 25 34 396 287 Reclassification of certain effects due to tax law changes (3) — — — $ (246 ) Balance at end of period $ (947 ) $ (1,769 ) $ (947 ) $ (1,769 ) OTHER POSTRETIREMENT BENEFITS (1) Balance at beginning of period $ (18 ) $ (33 ) $ (19 ) $ (25 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) — 2 1 1 Total other comprehensive income — 2 1 1 Reclassification of certain effects due to tax law changes (3) — — — $ (7 ) Balance at end of period $ (18 ) $ (31 ) $ (18 ) $ (31 ) TRANSLATION ADJUSTMENTS AND OTHER Balance at beginning of period $ 235 $ 233 $ 210 $ 273 Translation adjustments (6 ) 15 19 (16 ) Total other comprehensive income (loss) (6 ) 15 19 (16 ) Reclassification of accumulated unrealized gains on available-for-sale securities (4) — — — (9 ) Balance at end of period $ 229 $ 248 $ 229 $ 248 Accumulated other comprehensive loss, end of period $ (736 ) $ (1,552 ) $ (736 ) $ (1,552 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 7: Pension and Other Postretirement Benefit Plans . (3) We reclassified certain tax effects from tax law changes of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02 which we adopted in 2018. (4) We reclassified accumulated unrealized gains on available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2016-01 which we adopted in 2018.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
Share Based Compensation [Abstract]
Schedule of Share-Based Compensation Activity	Share-based compensation activity during year-to-date 2019 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted Stock Units (RSUs) 952 630 Performance Share Units (PSUs) 421 153
Weighted Average Assumptions Used In Estimating Value Of Performance Share Units Granted	Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2019 PERFORMANCE SHARE UNITS Performance period 1/1/2019 – 12/31/2021 Valuation date average stock price (1) $25.83 Expected dividends 5.25% Risk-free rate 2.43% – 2.55% Expected volatility 22.50% – 27.40% (1) Calculated as an average of the high and low prices on grant date.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Expense	Lease Expense QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2019 Operating lease costs $ 5 $ 15 Financing lease costs (1) 4 12 Total lease costs $ 9 $ 27
Supplemental Cash Flow Information	Supplemental Cash Flow Information YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 15 Financing cash flows for financing leases (1) $ 11 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 5 Financing leases $ 5 (1) Interest expense related to financing leases was immaterial during third quarter 2019 and year-to-date 2019.
Supplemental Balance Sheet Information Related to Leases	Supplemental Balance Sheet Information Related to Leases DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2019 LEASES BALANCE SHEET CLASSIFICATION Assets Operating lease right-of-use assets Other assets $ 123 Financing lease right-of-use assets Property and equipment, less accumulated depreciation 31 Total leased assets $ 154 Liabilities Current: Operating lease liabilities Accrued liabilities $ 20 Financing lease liabilities Accrued liabilities 14 Noncurrent: Operating lease liabilities Other liabilities 106 Financing lease liabilities Other liabilities 22 Total lease liabilities $ 162
Weighted Average Remaining Lease Term	Weighted Average Remaining Lease Term as of September 30, 2019 Operating leases 11 years Financing leases 3 years Weighted Average Discount Rate as of September 30, 2019 Operating leases 4.2 % Financing leases 3.1 %
Schedule of Maturities of Operating and Finance Leases Liabilities	Maturities of Lease Liabilities as of September 30, 2019 DOLLAR AMOUNTS IN MILLIONS OPERATING LEASES FINANCING LEASES 2019 $ 5 $ 4 2020 20 13 2021 18 9 2022 17 7 2023 16 4 Thereafter 81 — Total lease payments 157 37 Less: interest (31 ) (1 ) Total present value of lease liabilities $ 126 $ 36
Schedule of Operating Lease Commitments	Operating Lease Commitments as of December 31, 2018 DOLLAR AMOUNTS IN MILLIONS 2019 $ 35 2020 29 2021 26 2022 24 2023 18 Thereafter 78

OTHER OPERATING COSTS, NET (Tab

OTHER OPERATING COSTS, NET (Tables)	9 Months Ended
	Sep. 30, 2019
Other Income [Abstract]
Items Included in Other Operating Costs (Income), Net	Items Included in Other Operating Costs, Net QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2019 SEPTEMBER 2018 SEPTEMBER 2019 SEPTEMBER 2018 Foreign exchange losses, net $ 1 $ 2 $ 2 $ 2 Litigation expense, net 25 10 59 23 Other, net 6 9 20 43 Total other operating costs, net $ 32 $ 21 $ 81 $ 68

BUSINESS SEGMENTS Reconciliatio

BUSINESS SEGMENTS Reconciliation of Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	$ 1,671	$ 1,910	$ 5,006	$ 5,840
Net contribution to earnings	193	333	89	1,199
Interest expense, net of capitalized interest	(91)	(93)	(289)	(278)
Earnings (loss) before income taxes	102	240	(200)	921
Income taxes	(3)	15	138	(80)
Net earnings (loss)	99	255	(62)	841
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	(125)	(128)	(381)	(409)
Operating segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,796	2,038	5,387	6,249
Net contribution to earnings	247	375	709	1,371
Unallocated items
Segment Reporting, Revenue Reconciling Item
Net contribution to earnings	(54)	(42)	(620)	(172)
Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	398	459	1,230	1,425
Net contribution to earnings	72	126	294	476
Timberlands | Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	125	128	381	409
Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	69	96	268	205
Net contribution to earnings	32	36	122	83
Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,204	1,355	3,508	4,210
Net contribution to earnings	$ 143	$ 213	$ 293	$ 812

REVENUE RECOGNITION Revenue by

REVENUE RECOGNITION Revenue by Major Products (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from External Customer
Net sales	$ 1,671	$ 1,910	$ 5,006	$ 5,840
Timberlands
Revenue from External Customer
Net sales	398	459	1,230	1,425
Timberlands | Delivered logs
Revenue from External Customer
Net sales	364	420	1,124	1,308
Timberlands | Stumpage and pay-as-cut timber
Revenue from External Customer
Net sales	10	13	29	39
Timberlands | Recreational and other lease revenue
Revenue from External Customer
Net sales	15	16	45	44
Timberlands | Other
Revenue from External Customer
Net sales	9	10	32	34
Timberlands | West | Delivered logs
Revenue from External Customer
Net sales	172	238	571	766
Timberlands | South | Delivered logs
Revenue from External Customer
Net sales	168	157	483	472
Timberlands | North | Delivered logs
Revenue from External Customer
Net sales	24	25	70	70
Timberlands | Domestic grade sales | West | Delivered logs
Revenue from External Customer
Net sales	86	125	291	398
Timberlands | Export grade sales | West | Delivered logs
Revenue from External Customer
Net sales	86	113	280	368
Real Estate & ENR
Revenue from External Customer
Net sales	69	96	268	205
Real Estate & ENR | Real Estate
Revenue from External Customer
Net sales	45	76	200	148
Real Estate & ENR | Energy and natural resources
Revenue from External Customer
Net sales	24	20	68	57
Wood Products
Revenue from External Customer
Net sales	1,204	1,355	3,508	4,210
Wood Products | Structural lumber
Revenue from External Customer
Net sales	487	581	1,426	1,831
Wood Products | Oriented strand board
Revenue from External Customer
Net sales	159	215	475	724
Wood Products | Engineered solid section
Revenue from External Customer
Net sales	138	132	388	400
Wood Products | Engineered I-joists
Revenue from External Customer
Net sales	90	91	246	261
Wood Products | Softwood plywood
Revenue from External Customer
Net sales	42	53	130	158
Wood Products | Medium density fiberboard
Revenue from External Customer
Net sales	44	48	127	138
Wood Products | Complementary building products
Revenue from External Customer
Net sales	162	152	466	449
Wood Products | Other
Revenue from External Customer
Net sales	$ 82	$ 83	$ 250	$ 249

NET EARNINGS PER SHARE AND SH_3

NET EARNINGS PER SHARE AND SHARE REPURCHASES Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Feb. 07, 2019	Dec. 31, 2018
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Earnings (loss) per share, basic and diluted	$ 0.13			$ 0.34	$ (0.08)	$ 1.11
Stock repurchase program, authorized amount							$ 500
Shares repurchased during period	0	0	2,300,000
Payments for repurchase of common stock (including unsettled repurchases)					$ 60
Stock repurchase program, remaining authorized repurchase amount	$ 440				440
Unsettled share repurchases	$ 0				$ 0			$ 0

NET EARNINGS PER SHARE AND SH_4

NET EARNINGS PER SHARE AND SHARE REPURCHASES Dilutive Potential Common Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic	745,626	754,986	745,901	756,531
Dilutive potential common shares	888	2,403	0	2,585
Diluted	746,514	757,389	745,901	759,116
Stock options
Dilutive potential common shares	396	1,370	0	1,560
Restricted stock units
Dilutive potential common shares	357	629	0	570
Performance share units
Dilutive potential common shares	135	404	0	455

NET EARNINGS PER SHARE AND SH_5

NET EARNINGS PER SHARE AND SHARE REPURCHASES Potential Shares Not Included in the Computation of Diluted Earnings (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential shares not included in the computation of diluted earnings (loss) per share	2,384	1,166	2,755	1,166
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential shares not included in the computation of diluted earnings (loss) per share	0	0	358	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential shares not included in the computation of diluted earnings (loss) per share	959	830	1,054	830

INVENTORIES Inventories (Detail

INVENTORIES Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory [Line Items]
Total	$ 393	$ 389
Logs
Inventory [Line Items]
LIFO inventories	21	11
FIFO or moving average cost inventories	20	35
Lumber, plywood, panels and fiberboard
Inventory [Line Items]
LIFO inventories	73	75
Lumber, plywood, panels, fiberboard and engineered wood products
Inventory [Line Items]
FIFO or moving average cost inventories	86	86
Other products
Inventory [Line Items]
LIFO inventories	14	10
FIFO or moving average cost inventories	83	83
Materials and supplies
Inventory [Line Items]
FIFO or moving average cost inventories	$ 96	$ 89

INVENTORIES Additional informat

INVENTORIES Additional information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Increase in inventory amount if FIFO would have been used	$ 78	$ 79

VARIABLE INTEREST ENTITIES Addi

VARIABLE INTEREST ENTITIES Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
SPE Transaction
Payments related to SPE liabilities	$ 302		$ 209
Proceeds from note receivable held by variable interest entities		$ 253
Current restricted financial investments held by variable interest entities	362		$ 253
Buyer Sponsored SPEs
SPE Transaction
Current restricted financial investments held by variable interest entities	$ 362
Investment maturity date	Mar. 31, 2020

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Components of Net Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8		$ 10	$ 24	$ 28
Interest cost	39		58	122	177
Expected return on plan assets	(54)		(100)	(170)	(300)
Amortization of actuarial loss	27		56	85	169
Amortization of prior service cost (credit)	1		1	3	3
Settlement charge	0	$ (6)	0	449	0
Total net periodic benefit cost	21		25	513	77
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2		2	5	5
Amortization of actuarial loss	1		2	5	6
Amortization of prior service cost (credit)	(1)		(2)	(4)	(6)
Total net periodic benefit cost	$ 2		$ 2	$ 6	$ 5

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Additional Information (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net effect of remeasurement reduction in funded status					$ 24
Defined Benefit Plan, Plan Assets, Period Increase (Decrease)		$ 16
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease)		$ 6
Defined Benefit Plan Funded Status Period Increase (Decrease)							$ 22
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 40				$ 40
Maximum
Defined Benefit Plan Disclosure [Line Items]
Increase in fair value of pension assets, percentage		1.00%
Increase/decrease in pension projected benefit obligation, percentage		1.00%
U.S. Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan							$ 1,500
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate					4.30%		4.40%
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Payment for Settlement		$ 449	$ 455
Reduction in settlement charge	$ 0	$ 6		$ 0	$ (449)	$ 0

ACCRUED LIABILITIES Accrued Lia

ACCRUED LIABILITIES Accrued Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accrued Liabilities Current [Abstract]
Compensation and employee benefit costs	$ 161	$ 192
Current portion of lease liabilities	34	0
Customer rebates, volume discounts and deferred income	113	99
Interest	73	109
Taxes payable	37	30
Other	69	60
Total	$ 487	$ 490

LONG-TERM DEBT AND LINE OF CR_2

LONG-TERM DEBT AND LINE OF CREDIT Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Pretax charge related to early extinguishment of debt	$ 12
Revolving line of credit, outstanding balance	440	$ 425
Line of credit, maximum borrowing capacity	$ 1,500
Line of credit expiration date	Mar. 31, 2022
4.00 percent due 2029
Debt Instrument [Line Items]
Debt issued	$ 750
Debt instrument, interest rate, stated percentage	4.00%
Proceeds from debt, net of issuance costs	$ 739
7.38 percent due 2019
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.38%
Repayments of debt	$ 500

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS Estimated Fair Values and Carrying Values of Long-Term Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	$ 6,590	$ 6,344
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	7,706	6,995
Fixed interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	5,925	5,694
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	7,041	6,345
Variable interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term debt (including current maturities) and line of credit, carrying value	665	650
Long-term debt (including current maturities) and line of credit, fair value (Level 2)	$ 665	$ 650

LEGAL PROCEEDINGS, COMMITMENT_2

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Additional Information (Details) $ in Millions	Sep. 30, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Accrued estimated remediation costs	$ 62
Asset retirement obligations	$ 29

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Items Included in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Beginning balance			$ (1,152)
Translation adjustments	$ (6)	$ 15	19	$ (16)
Total other comprehensive income	19	51	416	272
Reclassification of certain effects due to tax law changes				253
Reclassification of accumulated unrealized gains on available-for-sale securities				9
Ending balance	(736)	(1,552)	(736)	(1,552)
Pension
Beginning balance	(972)	(1,803)	(1,343)	(1,810)
Other comprehensive income (loss) before reclassifications	4	(7)	(10)	159
Amounts reclassified from accumulated other comprehensive loss to earnings	21	41	406	128
Total other comprehensive income	25	34	396	287
Reclassification of certain effects due to tax law changes	0	0	0	(246)
Ending balance	(947)	(1,769)	(947)	(1,769)
Other Postretirement Benefits
Beginning balance	(18)	(33)	(19)	(25)
Amounts reclassified from accumulated other comprehensive loss to earnings	0	2	1	1
Total other comprehensive income	0	2	1	1
Reclassification of certain effects due to tax law changes	0	0	0	(7)
Ending balance	(18)	(31)	(18)	(31)
Translation Adjustment And Other
Beginning balance	235	233	210	273
Translation adjustments	(6)	15	19	(16)
Total other comprehensive income	(6)	15	19	(16)
Reclassification of accumulated unrealized gains on available-for-sale securities	0	0	0	(9)
Ending balance	$ 229	$ 248	$ 229	$ 248

SHARE-BASED COMPENSATION Schedu

SHARE-BASED COMPENSATION Schedule of Share-Based Compensation Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2019shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	952
Vested	630
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	421
Vested	153

SHARE-BASED COMPENSATION Additi

SHARE-BASED COMPENSATION Additional Information (Details) shares in Millions	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued during period | shares	1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average fair value of units granted	$ 25.75
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average fair value of units granted	$ 29.66
Performance share units | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target	0.00%
Performance share units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target	150.00%

SHARE-BASED COMPENSATION Weight

SHARE-BASED COMPENSATION Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted (Details) - Performance share units	9 Months Ended
	Sep. 30, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Valuation date average stock price	$ 25.83
Expected dividends	5.25%
Risk-free rate minimum	2.43%
Risk-free rate maximum	2.55%
Expected volatility minimum	22.50%
Expected volatility maximum	27.40%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Jan. 1, 2019
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Dec. 31, 2021

LEASES Additional Information (

LEASES Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Total leased assets	$ 154	$ 165
Total lease liabilities	$ 162	172
Amount recorded to retained earnings related to new accounting pronouncement		$ 7
Minimum [Member]
Operating and finance leases remaining lease term	1 year
Maximum
Operating and finance leases remaining lease term	25 years

LEASES Summary of Lease Expense

LEASES Summary of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease costs	$ 5	$ 15
Financing lease costs	4	12
Total lease costs	$ 9	$ 27

LEASES Supplemental Cash Flow I

LEASES Supplemental Cash Flow Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 15
Financing cash flows for financing leases	11
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	5
Financing leases	$ 5

LEASES Supplemental Balance She

LEASES Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Assets
Operating lease right-of-use assets	$ 123
Financing lease right-of-use assets	31
Total leased assets	154	$ 165
Current:
Operating lease liabilities	20
Financing lease liabilities	14
Noncurrent:
Operating lease liabilities	106
Financing lease liabilities	22
Total lease liabilities	$ 162	$ 172

LEASES Lease Term and Discount

LEASES Lease Term and Discount Rate (Details)	Sep. 30, 2019
Weighted Average Remaining Lease Term (years)
Operating lease, weighted average remaining lease term	11 years
Finance lease, weighted average remaining lease term	3 years
Weighted Average Discount Rate
Operating lease, weighted average discount rate	4.20%
Finance lease, weighted average discount rate	3.10%

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2019USD ($)
Operating Lease
Operating lease liability payments remainder of fiscal year	$ 5
Operating lease liability payments remainder of 2020	20
Operating lease liability payments remainder of 2021	18
Operating lease liability payments remainder of 2022	17
Operating lease liability payments remainder of 2023	16
Operating lease liability payments remainder thereafter	81
Operating lease total payments due	157
Operating lease interest	(31)
Operating lease liability present value	126
Finance Leases
Finance lease liability payments remainder of fiscal year	4
Finance lease liability payments remainder due 2020	13
Finance lease liability payments remainder due 2021	9
Finance lease liability payments remainder due 2022	7
Finance lease liability payments remainder of 2023	4
Finance lease liability payments remainder thereafter	0
Finance lease total payments due	37
Finance lease interest	(1)
Finance lease liability present value	$ 36

LEASES Operating Lease Commitme

LEASES Operating Lease Commitments (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
Operating lease commitment due 2019	$ 35
Operating lease commitment due 2020	29
Operating lease commitment due 2021	26
Operating lease commitment due 2022	24
Operating lease commitment due 2023	18
Operating lease commitment due Thereafter	$ 78

PRODUCT REMEDIATION RECOVERIE_2

PRODUCT REMEDIATION RECOVERIES, NET Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)
Wood Products
Product Liability Contingency [Line Items]
Insurance recoveries	$ 68

ASSETS HELD FOR SALE Additional

ASSETS HELD FOR SALE Additional Information (Details) $ in Millions	Sep. 16, 2019USD ($)a	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Assets Held for Sale [Line Items]
Assets held for sale		$ 251	$ 0
Timberlands and other related assets
Assets Held for Sale [Line Items]
Assets held for sale		$ 251
Michigan | Lyme Great Lakes Holding LLC
Assets Held for Sale [Line Items]
Number of acers of timberlands agreed to be sold | a	555,000
Cash to be received from sale of timberlands	$ 300

OTHER OPERATING COSTS, NET Item

OTHER OPERATING COSTS, NET Items Included in Other Operating Costs (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income [Abstract]
Foreign exchange losses, net	$ 1	$ 2	$ 2	$ 2
Litigation expense, net	25	10	59	23
Other, net	6	9	20	43
Total other operating costs, net	$ 32	$ 21	$ 81	$ 68

INCOME TAXES Additional Informa

INCOME TAXES Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Estimated annual effective tax rate for our Taxable REIT Subsidiary	32.90%
U.S. federal statutory income tax rate	21.00%
Tax benefit related to pension settlement activity	$ 109
Tax expense related to insurance recovery received	$ 17