Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 24, 2022 | |
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, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 735,917,000 | |
Entity Shell Company | false | |
Entity File Number | 1-4825 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-0470860 | |
Entity Address, Address Line One | 220 Occidental Avenue South | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98104-7800 | |
City Area Code | (206) | |
Local Phone Number | 539-3000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $1.25 per share | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales (Note 3) | $ 2,276 | $ 2,345 | $ 8,361 | $ 7,995 |
Costs of sales | 1,694 | 1,589 | 5,130 | 4,602 |
Gross margin | 582 | 756 | 3,231 | 3,393 |
Selling expenses | 24 | 24 | 70 | 68 |
General and administrative expenses | 100 | 98 | 294 | 283 |
Other operating costs (income), net (Note 13) | 1 | (15) | 19 | 8 |
Operating income | 457 | 649 | 2,848 | 3,034 |
Non-operating pension and other post-employment benefit costs (Note 6) | (12) | (5) | (38) | (14) |
Interest income and other | 9 | 1 | 9 | 4 |
Interest expense, net of capitalized interest | (67) | (79) | (204) | (236) |
Loss on debt extinguishment (Note 8) | 0 | 0 | (276) | 0 |
Earnings before income taxes | 387 | 566 | 2,339 | 2,788 |
Income taxes (Note 14) | (77) | (84) | (470) | (597) |
Net earnings | $ 310 | $ 482 | $ 1,869 | $ 2,191 |
Earnings per share, basic (Note 4) | $ 0.42 | $ 0.64 | $ 2.51 | $ 2.92 |
Earnings per share, diluted (Note 4) | $ 0.42 | $ 0.64 | $ 2.51 | $ 2.92 |
Weighted average shares outstanding (in thousands) (Note 4): | ||||
Basic | 740,058 | 750,105 | 743,990 | 749,657 |
Diluted | 740,975 | 751,443 | 745,081 | 750,999 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 310 | $ 482 | $ 1,869 | $ 2,191 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (53) | (25) | (62) | (1) |
Changes in unamortized actuarial loss, net of tax expense of $11, $10, $40 and $55 | 32 | 29 | 122 | 170 |
Changes in unamortized net prior service credit, net of tax expense of $0, $0, $1 and $0 | 1 | 1 | 1 | 2 |
Total other comprehensive income (loss) | (20) | 5 | 61 | 171 |
Total comprehensive income | $ 290 | $ 487 | $ 1,930 | $ 2,362 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Changes in unamortized actuarial loss, tax expense | $ 11 | $ 10 | $ 40 | $ 55 |
Changes in unamortized net prior service credit, tax expense | $ 0 | $ 0 | $ 1 | $ 0 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,920 | $ 1,879 |
Receivables, net | 425 | 507 |
Receivables for taxes | 15 | 24 |
Inventories (Note 5) | 542 | 520 |
Prepaid expenses and other current assets | 146 | 205 |
Total current assets | 3,048 | 3,135 |
Property and equipment, less accumulated depreciation of $3,680 and $3,592 | 1,997 | 2,057 |
Construction in progress | 245 | 175 |
Timber and timberlands at cost, less depletion | 11,681 | 11,510 |
Minerals and mineral rights, less depletion | 245 | 255 |
Deferred tax assets | 10 | 17 |
Other assets | 364 | 503 |
Total assets | 17,590 | 17,652 |
Current liabilities: | ||
Current maturities of long-term debt (Note 8) | 118 | 0 |
Accounts payable | 272 | 281 |
Accrued liabilities (Note 7) | 664 | 673 |
Total current liabilities | 1,054 | 954 |
Long-term debt, net (Note 8) | 4,935 | 5,099 |
Deferred tax liabilities | 89 | 46 |
Deferred pension and other post-employment benefits (Note 6) | 335 | 440 |
Other liabilities | 339 | 346 |
Total liabilities | 6,752 | 6,885 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 737,547 thousand shares at September 30, 2022 and 747,301 thousand shares at December 31, 2021 | 922 | 934 |
Other capital | 7,824 | 8,181 |
Retained earnings | 2,510 | 2,131 |
Accumulated other comprehensive loss (Note 11) | (418) | (479) |
Total equity | 10,838 | 10,767 |
Total liabilities and equity | $ 17,590 | $ 17,652 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 3,680 | $ 3,592 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, authorized | 1,360,000,000 | 1,360,000,000 |
Common shares, issued | 737,547,000 | 747,301,000 |
Common shares, outstanding | 737,547,000 | 747,301,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operations: | ||
Net earnings | $ 1,869 | $ 2,191 |
Noncash charges (credits) to earnings: | ||
Depreciation, depletion and amortization | 360 | 356 |
Basis of real estate sold | 77 | 62 |
Deferred income taxes, net | 17 | 16 |
Pension and other post-employment benefits (Note 6) | 65 | 46 |
Share-based compensation expense (Note 12) | 25 | 23 |
Gain on sale of timberlands (Note 16) | 0 | (32) |
Loss on debt extinguishment (Note 8) | 276 | 0 |
Change in: | ||
Receivables, net | 81 | (47) |
Receivables and payables for taxes | 15 | 93 |
Inventories | (30) | (55) |
Prepaid expenses and other current assets | (7) | (21) |
Accounts payable and accrued liabilities | (23) | 116 |
Pension and post-employment benefit contributions and payments | (19) | (56) |
Other | (41) | (27) |
Net cash from operations | 2,665 | 2,665 |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (207) | (184) |
Capital expenditures for timberlands reforestation | (38) | (39) |
Acquisition of timberlands (Note 16) | (286) | (149) |
Proceeds from sale of timberlands (Note 16) | 0 | 261 |
Other | 1 | 3 |
Net cash from investing activities | (530) | (108) |
Cash flows from financing activities: | ||
Cash dividends on common shares | (1,485) | (382) |
Net proceeds from issuance of long-term debt (Note 8) | 881 | 0 |
Payments on long-term debt (Note 8) | (1,203) | (225) |
Proceeds from exercise of stock options | 15 | 46 |
Repurchases of common shares (Note 4) | (402) | (26) |
Other | (20) | (19) |
Net cash from financing activities | (2,214) | (606) |
Net change in cash, cash equivalents and restricted cash | (79) | 1,951 |
Cash, cash equivalents and restricted cash at beginning of period | 1,999 | 495 |
Cash, cash equivalents and restricted cash at end of period | 1,920 | 2,446 |
Cash paid (received) during the period for: | ||
Interest, net of amount capitalized of $5 and $3 | 211 | 237 |
Income taxes, net of refunds | $ 446 | $ 494 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Cash Flows [Abstract] | ||
Interest, amount capitalized | $ 5 | $ 3 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common shares: | Other capital: | Retained earnings (accumulated deficit): | Accumulated other comprehensive loss: |
Balance at beginning of period at Dec. 31, 2020 | $ 934 | $ 8,208 | $ 411 | $ (822) | |
Issued for exercise of stock options and vested units | 3 | 44 | |||
Repurchases of common shares (Note 4) | (1) | (25) | |||
Share-based compensation | 23 | ||||
Other transactions, net | (8) | ||||
Net earnings | $ 2,191 | 2,191 | |||
Dividends on common shares | (760) | ||||
Other comprehensive income (loss) | $ 171 | 171 | |||
Dividends paid per common share | $ 0.51 | ||||
Balance at end of period at Sep. 30, 2021 | $ 10,369 | 936 | 8,242 | 1,842 | (651) |
Balance at beginning of period at Jun. 30, 2021 | 937 | 8,258 | 1,861 | (656) | |
Issued for exercise of stock options and vested units | 0 | 1 | |||
Repurchases of common shares (Note 4) | (1) | (25) | |||
Share-based compensation | 8 | ||||
Other transactions, net | 0 | ||||
Net earnings | 482 | 482 | |||
Dividends on common shares | (501) | ||||
Other comprehensive income (loss) | $ 5 | 5 | |||
Dividends paid per common share | $ 0.17 | ||||
Balance at end of period at Sep. 30, 2021 | $ 10,369 | 936 | 8,242 | 1,842 | (651) |
Balance at beginning of period at Dec. 31, 2021 | 10,767 | 934 | 8,181 | 2,131 | (479) |
Issued for exercise of stock options and vested units | 2 | 14 | |||
Repurchases of common shares (Note 4) | (14) | (390) | |||
Share-based compensation | 25 | ||||
Other transactions, net | (6) | ||||
Net earnings | 1,869 | 1,869 | |||
Dividends on common shares | (1,490) | ||||
Other comprehensive income (loss) | $ 61 | 61 | |||
Dividends paid per common share | $ 1.99 | ||||
Balance at end of period at Sep. 30, 2022 | $ 10,838 | 922 | 7,824 | 2,510 | (418) |
Balance at beginning of period at Jun. 30, 2022 | 927 | 7,954 | 2,333 | (398) | |
Issued for exercise of stock options and vested units | 0 | 1 | |||
Repurchases of common shares (Note 4) | (5) | (140) | |||
Share-based compensation | 8 | ||||
Other transactions, net | 1 | ||||
Net earnings | 310 | 310 | |||
Dividends on common shares | (133) | ||||
Other comprehensive income (loss) | $ (20) | (20) | |||
Dividends paid per common share | $ 0.18 | ||||
Balance at end of period at Sep. 30, 2022 | $ 10,838 | $ 922 | $ 7,824 | $ 2,510 | $ (418) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2022 | |
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. 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, 2021. 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, 2022 | |
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 the value of surface and subsurface assets through leases and royalties. Our business segments are categorized based primarily on products and services which include: ● Timberlands – Logs, timber, recreational leases and other products; ● Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas, and wind and solar resources) and ● Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution. A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Sales to unaffiliated customers: Timberlands $ 441 $ 423 $ 1,421 $ 1,207 Real Estate & ENR 68 69 313 285 Wood Products 1,767 1,853 6,627 6,503 2,276 2,345 8,361 7,995 Intersegment sales: Timberlands 133 129 450 399 Total sales 2,409 2,474 8,811 8,394 Intersegment eliminations (133 ) (129 ) (450 ) (399 ) Total $ 2,276 $ 2,345 $ 8,361 $ 7,995 Net contribution (charge) to earnings: Timberlands $ 107 $ 133 $ 442 $ 354 Real Estate & ENR 48 45 194 174 Wood Products 344 517 2,389 2,695 499 695 3,025 3,223 Unallocated items (1) (45 ) (50 ) (206 ) (199 ) Net contribution to earnings 454 645 2,819 3,024 Interest expense, net of capitalized interest (67 ) (79 ) (204 ) (236 ) Loss on debt extinguishment — — (276 ) — Earnings before income taxes 387 566 2,339 2,788 Income taxes (77 ) (84 ) (470 ) (597 ) Net earnings $ 310 $ 482 $ 1,869 $ 2,191 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 97 $ 76 $ 313 $ 235 Export grade sales 127 150 478 414 Subtotal West 224 226 791 649 South 166 153 480 429 North 15 13 40 38 Subtotal delivered logs sales 405 392 1,311 1,116 Stumpage and pay-as-cut timber 10 9 30 22 Recreational and other lease revenue 18 16 51 48 Other (1) 8 6 29 21 Net sales attributable to Timberlands segment 441 423 1,421 1,207 Real Estate & ENR segment Real estate 30 45 217 212 Energy and natural resources 38 24 96 73 Net sales attributable to Real Estate & ENR segment 68 69 313 285 Wood Products segment Structural lumber 676 681 2,880 3,020 Oriented strand board 287 470 1,348 1,513 Engineered solid section 233 183 676 491 Engineered I-joists 166 128 471 315 Softwood plywood 47 45 158 170 Medium density fiberboard 50 52 151 143 Complementary building products 222 211 676 595 Other (2) 86 83 267 256 Net sales attributable to Wood Products segment 1,767 1,853 6,627 6,503 Total net sales $ 2,276 $ 2,345 $ 8,361 $ 7,995 ( 1 ) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. ( 2 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SHAR
NET EARNINGS PER SHARE AND SHARE REPURCHASES | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER SHARE AND SHARE REPURCHASES | NOTE 4: NET EARNINGS PER SHARE AND SHARE REPURCHASES Our basic and diluted earnings per share were: ● $0.42 during third quarter 2022 and $2.51 during year-to-date 2022; ● $0.64 during third quarter 2021 and $2.92 during year-to-date 2021. Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Weighted average common shares outstanding – basic 740,058 750,105 743,990 749,657 Dilutive potential common shares: Stock options 192 293 294 318 Restricted stock units 420 730 417 709 Performance share units 305 315 380 315 Total effect of outstanding dilutive potential common shares 917 1,338 1,091 1,342 Weighted average common shares outstanding – dilutive 740,975 751,443 745,081 750,999 We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Potential Shares Not Included in the Computation of Diluted Earnings per Share The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Stock options 620 789 620 789 Performance share units 623 1,067 623 1,067 Share Repurchase Program On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program). We repurchased 4,234,838 common shares for approximately $145 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2022 and 11,217,300 common shares for approximately $404 million (including transaction fees) under the 2021 Repurchase Program during year-to-date 2022. As of September 30, 2022, we had remaining authorization of $523 million for future share repurchases. During year-to-date 2021, we repurchased 780,228 common shares for approximately $26 million (including transaction fees) under the 2019 Repurchase Program. All common stock repurchases under the 2019 Repurchase Program and 2021 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were 64,135 unsettled shares (approximately $2 million) as of September 30, 2022 and no unsettled shares as of December 31, 2021. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 5: INVENTORIES Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 LIFO inventories: Logs $ 24 $ 26 Lumber, plywood, panels and fiberboard 60 61 Other products 14 17 Moving average cost or FIFO inventories: Logs 52 65 Lumber, plywood, panels, fiberboard and engineered wood products 116 106 Other products 147 131 Materials and supplies 129 114 Total $ 542 $ 520 LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The moving average cost method or FIFO – the first-in, first-out method – applies to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories. |
PENSION AND OTHER POST-EMPLOYME
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2022 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | NOTE 6: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Service cost $ 9 $ 11 $ 27 $ 32 Interest cost 27 24 80 73 Expected return on plan assets (40 ) (51 ) (120 ) (153 ) Amortization of actuarial loss 23 29 70 86 Amortization of prior service cost 1 1 2 2 Total net periodic benefit cost – pension $ 20 $ 14 $ 59 $ 40 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Interest cost $ — $ — $ 2 $ 2 Amortization of actuarial loss 1 2 4 4 Amortization of prior service credit — — — — Total net periodic benefit cost – other post-employment benefits $ 1 $ 2 $ 6 $ 6 For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations . Fair Value of Pension Plan Assets and Obligations In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets in the second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. During second quarter 2022, we recorded an increase to the beginning of the year fair value of the pension assets of $54 million, or 2 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 $13 million, or less than 1 percent. The net effect of these updates was a $67 million improvement in funded status. This change in funded status was reflected on our Consolidated Balance Sheet as of June 30, 2022. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities Current [Abstract] | |
ACCRUED LIABILITIES | NOTE 7: ACCRUED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Compensation and employee benefit costs $ 213 $ 225 Current portion of lease liabilities 22 24 Customer rebates, volume discounts and deferred income 165 164 Interest 72 83 Taxes payable 125 106 Other 67 71 Total $ 664 $ 673 |
LONG-TERM DEBT AND LINE OF CRED
LONG-TERM DEBT AND LINE OF CREDIT | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND LINE OF CREDIT | NOTE 8: In March 2022, we completed a series of transactions that lowered our weighted average interest rate and extended our weighted average maturity by issuing $900 million in notes and using the net proceeds plus cash on hand to close cash tender offers for $931 million of principal in higher interest rate notes. We issued $450 million of 3.375 percent notes due in March 2033 and $450 million of 4.000 percent notes due in March 2052. The net proceeds after deducting the discount, underwriting fees and issuance costs were $444 million and $437 million, respectively. The net proceeds were used to retire $592 million of our 7.375 percent notes due in March 2032, $161 million of our 8.500 percent notes due in January 2025, $73 million of our 7.125 percent notes due in July 2023, $65 million of our 7.950 percent notes due in March 2025, and $40 million of our 7.850 percent notes due in July 2026 Consolidated Statement of Operations in first quarter 2022 for premiums to retire $931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement. In May 2021, we repaid our $225 million variable-rate term loan that was scheduled to mature in July 2026. In January 2020, we refinanced and extended our $1.5 billion five-year |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 9: FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value and carrying value of our long-term debt consisted of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Long-term fixed rate debt (including current maturities): Carrying value $ 5,053 $ 5,099 Fair value (level 2) $ 4,846 $ 6,221 To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our line of credit has a net carrying value that approximates its fair value within an insignificant difference. The inputs to the valuations of our long-term debt are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. Fair Value of Other Financial Instruments We believe that our other financial instruments, including cash and cash equivalents, short-term investments, receivables and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts. |
LEGAL PROCEEDINGS, COMMITMENTS
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | NOTE 10: 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 Statement of Operations , Consolidated Balance Sheet or Consolidated Statement of Cash Flows . Environmental Matters Site Remediation Under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the “Superfund” – and similar state laws, we: ● are a party to various proceedings related to the cleanup of hazardous waste sites and ● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. As of September 30, 2022, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $63 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 11: 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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Pension (1) Balance at beginning of period $ (632 ) $ (924 ) $ (720 ) $ (1,064 ) Other comprehensive income before reclassifications 14 6 65 102 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 19 23 56 67 Total other comprehensive income 33 29 121 169 Balance at end of period $ (599 ) $ (895 ) $ (599 ) $ (895 ) Other post-employment benefits (1) Balance at beginning of period $ — $ (10 ) $ (2 ) $ (12 ) Other comprehensive loss before reclassifications (1 ) (1 ) (1 ) (1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 2 3 4 Total other comprehensive income — 1 2 3 Balance at end of period $ — $ (9 ) $ — $ (9 ) Translation adjustments and other Balance at beginning of period $ 234 $ 278 $ 243 $ 254 Translation adjustments (53 ) (25 ) (62 ) (1 ) Total other comprehensive loss (53 ) (25 ) (62 ) (1 ) Balance at end of period 181 253 181 253 Accumulated other comprehensive loss, end of period $ (418 ) $ (651 ) $ (418 ) $ (651 ) (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 6: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2022 | |
Share Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 12: SHARE-BASED COMPENSATION Share-based compensation activity during year-to-date 2022 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 626 857 Performance share units (PSUs) 306 419 A total of 1.5 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 2022 was $41.94. The vesting provisions for RSUs granted in were Performance Share Units The weighted average grant date fair value of PSUs granted in 2022 was $49.77. The final number of shares granted in 2022 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. PSUs granted in 2022 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2022 PERFORMANCE SHARE UNITS Performance period 2/10/2022 – 12/31/2024 Valuation date average stock price (1) $42.16 Expected dividends 1.72% Risk-free rate 0.34% – 1.84% Expected volatility 26.27% – 41.01% (1) Calculated as an average of the high and low prices on grant date. |
OTHER OPERATING COSTS (INCOME),
OTHER OPERATING COSTS (INCOME), NET | 9 Months Ended |
Sep. 30, 2022 | |
Other Income [Abstract] | |
OTHER OPERATING COSTS (INCOME), NET | NOTE 13: OTHER OPERATING COSTS (INCOME), NET Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Foreign exchange gains, net $ (8 ) $ (5 ) $ (12 ) $ (2 ) Gain on sale of timberlands — (32 ) — (32 ) Litigation expense, net 2 5 10 11 Research and development expenses 1 1 4 3 Other, net 6 16 17 28 Total other operating costs (income), net $ 1 $ (15 ) $ 19 $ 8 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14: INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our wholly-owned Taxable REIT Subsidiaries (TRSs), which includes our Wood Products segment earnings and portions of our Timberlands and Real Estate & ENR segments' earnings. The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurred during the year. Our 2022 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings. |
RESTRICTED CASH
RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2022 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
RESTRICTED CASH | NOTE 15: RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 SEPTEMBER 30, 2021 DECEMBER 31, 2021 Cash and cash equivalents $ 1,920 $ 2,326 $ 1,879 Restricted cash included in other assets (1) — 120 120 Total cash, cash equivalents and restricted cash $ 1,920 $ 2,446 $ 1,999 (1) Amounts included in restricted cash as of September 30, 2021 and December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction. In first quarter 2022, the proceeds were released as a like-kind property was not identified. |
TIMBERLAND ACQUISITIONS AND DIV
TIMBERLAND ACQUISITIONS AND DIVESTITURES | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination And Asset Acquisition [Abstract] | |
TIMBERLAND ACQUISITIONS AND DIVESTITURES | NOTE 16: TIMBERLAND ACQUISITIONS AND DIVESTITURES Carolinas Acquisition On April 14, 2022, we announced an agreement to purchase 81 thousand acres of North and South Carolina timberlands for approximately $265 million. We completed the purchase on May 18, 2022 and recorded $263 million of timberland assets in “Timber and timberlands at cost, less depletion” and $2 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . Washington Divestiture On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our third quarter 2021 Consolidated Statement of Operations . This divestiture was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. Alabama Acquisition On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidation | Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company. |
Earnings Per Share | We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. |
Fair Value of Financial Instruments | To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our line of credit has a net carrying value that approximates its fair value within an insignificant difference. The inputs to the valuations of our long-term debt are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation of Business Segment Information in Consolidated Statement of Operations | A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Sales to unaffiliated customers: Timberlands $ 441 $ 423 $ 1,421 $ 1,207 Real Estate & ENR 68 69 313 285 Wood Products 1,767 1,853 6,627 6,503 2,276 2,345 8,361 7,995 Intersegment sales: Timberlands 133 129 450 399 Total sales 2,409 2,474 8,811 8,394 Intersegment eliminations (133 ) (129 ) (450 ) (399 ) Total $ 2,276 $ 2,345 $ 8,361 $ 7,995 Net contribution (charge) to earnings: Timberlands $ 107 $ 133 $ 442 $ 354 Real Estate & ENR 48 45 194 174 Wood Products 344 517 2,389 2,695 499 695 3,025 3,223 Unallocated items (1) (45 ) (50 ) (206 ) (199 ) Net contribution to earnings 454 645 2,819 3,024 Interest expense, net of capitalized interest (67 ) (79 ) (204 ) (236 ) Loss on debt extinguishment — — (276 ) — Earnings before income taxes 387 566 2,339 2,788 Income taxes (77 ) (84 ) (470 ) (597 ) Net earnings $ 310 $ 482 $ 1,869 $ 2,191 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 97 $ 76 $ 313 $ 235 Export grade sales 127 150 478 414 Subtotal West 224 226 791 649 South 166 153 480 429 North 15 13 40 38 Subtotal delivered logs sales 405 392 1,311 1,116 Stumpage and pay-as-cut timber 10 9 30 22 Recreational and other lease revenue 18 16 51 48 Other (1) 8 6 29 21 Net sales attributable to Timberlands segment 441 423 1,421 1,207 Real Estate & ENR segment Real estate 30 45 217 212 Energy and natural resources 38 24 96 73 Net sales attributable to Real Estate & ENR segment 68 69 313 285 Wood Products segment Structural lumber 676 681 2,880 3,020 Oriented strand board 287 470 1,348 1,513 Engineered solid section 233 183 676 491 Engineered I-joists 166 128 471 315 Softwood plywood 47 45 158 170 Medium density fiberboard 50 52 151 143 Complementary building products 222 211 676 595 Other (2) 86 83 267 256 Net sales attributable to Wood Products segment 1,767 1,853 6,627 6,503 Total net sales $ 2,276 $ 2,345 $ 8,361 $ 7,995 ( 1 ) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. ( 2 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SH_2
NET EARNINGS PER SHARE AND SHARE REPURCHASES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Dilutive Potential Common Shares | Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Weighted average common shares outstanding – basic 740,058 750,105 743,990 749,657 Dilutive potential common shares: Stock options 192 293 294 318 Restricted stock units 420 730 417 709 Performance share units 305 315 380 315 Total effect of outstanding dilutive potential common shares 917 1,338 1,091 1,342 Weighted average common shares outstanding – dilutive 740,975 751,443 745,081 750,999 |
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Stock options 620 789 620 789 Performance share units 623 1,067 623 1,067 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 LIFO inventories: Logs $ 24 $ 26 Lumber, plywood, panels and fiberboard 60 61 Other products 14 17 Moving average cost or FIFO inventories: Logs 52 65 Lumber, plywood, panels, fiberboard and engineered wood products 116 106 Other products 147 131 Materials and supplies 129 114 Total $ 542 $ 520 |
PENSION AND OTHER POST-EMPLOY_2
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Service cost $ 9 $ 11 $ 27 $ 32 Interest cost 27 24 80 73 Expected return on plan assets (40 ) (51 ) (120 ) (153 ) Amortization of actuarial loss 23 29 70 86 Amortization of prior service cost 1 1 2 2 Total net periodic benefit cost – pension $ 20 $ 14 $ 59 $ 40 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Interest cost $ — $ — $ 2 $ 2 Amortization of actuarial loss 1 2 4 4 Amortization of prior service credit — — — — Total net periodic benefit cost – other post-employment benefits $ 1 $ 2 $ 6 $ 6 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Compensation and employee benefit costs $ 213 $ 225 Current portion of lease liabilities 22 24 Customer rebates, volume discounts and deferred income 165 164 Interest 72 83 Taxes payable 125 106 Other 67 71 Total $ 664 $ 673 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
Estimated Fair Values and Carrying Values of Long-Term Debt | The estimated fair value and carrying value of our long-term debt consisted of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Long-term fixed rate debt (including current maturities): Carrying value $ 5,053 $ 5,099 Fair value (level 2) $ 4,846 $ 6,221 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes in Amounts Included in Our Accumulated Other Comprehensive Loss | Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Pension (1) Balance at beginning of period $ (632 ) $ (924 ) $ (720 ) $ (1,064 ) Other comprehensive income before reclassifications 14 6 65 102 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 19 23 56 67 Total other comprehensive income 33 29 121 169 Balance at end of period $ (599 ) $ (895 ) $ (599 ) $ (895 ) Other post-employment benefits (1) Balance at beginning of period $ — $ (10 ) $ (2 ) $ (12 ) Other comprehensive loss before reclassifications (1 ) (1 ) (1 ) (1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 2 3 4 Total other comprehensive income — 1 2 3 Balance at end of period $ — $ (9 ) $ — $ (9 ) Translation adjustments and other Balance at beginning of period $ 234 $ 278 $ 243 $ 254 Translation adjustments (53 ) (25 ) (62 ) (1 ) Total other comprehensive loss (53 ) (25 ) (62 ) (1 ) Balance at end of period 181 253 181 253 Accumulated other comprehensive loss, end of period $ (418 ) $ (651 ) $ (418 ) $ (651 ) (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 6: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share Based Compensation [Abstract] | |
Schedule of Share-Based Compensation Activity | Share-based compensation activity during year-to-date 2022 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 626 857 Performance share units (PSUs) 306 419 |
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 2022 PERFORMANCE SHARE UNITS Performance period 2/10/2022 – 12/31/2024 Valuation date average stock price (1) $42.16 Expected dividends 1.72% Risk-free rate 0.34% – 1.84% Expected volatility 26.27% – 41.01% (1) Calculated as an average of the high and low prices on grant date. |
OTHER OPERATING COSTS (INCOME_2
OTHER OPERATING COSTS (INCOME), NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income [Abstract] | |
Income and Expense Items Included in Other Operating Costs (Income), Net | Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Foreign exchange gains, net $ (8 ) $ (5 ) $ (12 ) $ (2 ) Gain on sale of timberlands — (32 ) — (32 ) Litigation expense, net 2 5 10 11 Research and development expenses 1 1 4 3 Other, net 6 16 17 28 Total other operating costs (income), net $ 1 $ (15 ) $ 19 $ 8 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 SEPTEMBER 30, 2021 DECEMBER 31, 2021 Cash and cash equivalents $ 1,920 $ 2,326 $ 1,879 Restricted cash included in other assets (1) — 120 120 Total cash, cash equivalents and restricted cash $ 1,920 $ 2,446 $ 1,999 (1) Amounts included in restricted cash as of September 30, 2021 and December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction. In first quarter 2022, the proceeds were released as a like-kind property was not identified. |
BUSINESS SEGMENTS - Reconciliat
BUSINESS SEGMENTS - Reconciliation of Business Segment Information in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | $ 2,276 | $ 2,345 | $ 8,361 | $ 7,995 |
Net contribution (charge) to earnings | 454 | 645 | 2,819 | 3,024 |
Interest expense, net of capitalized interest | (67) | (79) | (204) | (236) |
Loss on debt extinguishment | 0 | 0 | (276) | 0 |
Earnings before income taxes | 387 | 566 | 2,339 | 2,788 |
Income taxes | (77) | (84) | (470) | (597) |
Net earnings | 310 | 482 | 1,869 | 2,191 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 2,409 | 2,474 | 8,811 | 8,394 |
Net contribution (charge) to earnings | 499 | 695 | 3,025 | 3,223 |
Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | (133) | (129) | (450) | (399) |
Unallocated items | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Net contribution (charge) to earnings | (45) | (50) | (206) | (199) |
Timberlands | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 441 | 423 | 1,421 | 1,207 |
Timberlands | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 441 | 423 | 1,421 | 1,207 |
Net contribution (charge) to earnings | 107 | 133 | 442 | 354 |
Timberlands | Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 133 | 129 | 450 | 399 |
Real Estate & ENR | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 68 | 69 | 313 | 285 |
Real Estate & ENR | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 68 | 69 | 313 | 285 |
Net contribution (charge) to earnings | 48 | 45 | 194 | 174 |
Wood Products | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,767 | 1,853 | 6,627 | 6,503 |
Wood Products | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,767 | 1,853 | 6,627 | 6,503 |
Net contribution (charge) to earnings | $ 344 | $ 517 | $ 2,389 | $ 2,695 |
REVENUE RECOGNITION - Revenue b
REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from External Customer | ||||
Net sales | $ 2,276 | $ 2,345 | $ 8,361 | $ 7,995 |
Timberlands | ||||
Revenue from External Customer | ||||
Net sales | 441 | 423 | 1,421 | 1,207 |
Timberlands | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 405 | 392 | 1,311 | 1,116 |
Timberlands | Stumpage and pay-as-cut timber | ||||
Revenue from External Customer | ||||
Net sales | 10 | 9 | 30 | 22 |
Timberlands | Recreational and other lease revenue | ||||
Revenue from External Customer | ||||
Net sales | 18 | 16 | 51 | 48 |
Timberlands | Other | ||||
Revenue from External Customer | ||||
Net sales | 8 | 6 | 29 | 21 |
Timberlands | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 224 | 226 | 791 | 649 |
Timberlands | South | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 166 | 153 | 480 | 429 |
Timberlands | North | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 15 | 13 | 40 | 38 |
Timberlands | Domestic grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 97 | 76 | 313 | 235 |
Timberlands | Export grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 127 | 150 | 478 | 414 |
Real Estate & ENR | ||||
Revenue from External Customer | ||||
Net sales | 68 | 69 | 313 | 285 |
Real Estate & ENR | Real Estate | ||||
Revenue from External Customer | ||||
Net sales | 30 | 45 | 217 | 212 |
Real Estate & ENR | Energy and natural resources | ||||
Revenue from External Customer | ||||
Net sales | 38 | 24 | 96 | 73 |
Wood Products | ||||
Revenue from External Customer | ||||
Net sales | 1,767 | 1,853 | 6,627 | 6,503 |
Wood Products | Structural lumber | ||||
Revenue from External Customer | ||||
Net sales | 676 | 681 | 2,880 | 3,020 |
Wood Products | Oriented strand board | ||||
Revenue from External Customer | ||||
Net sales | 287 | 470 | 1,348 | 1,513 |
Wood Products | Engineered solid section | ||||
Revenue from External Customer | ||||
Net sales | 233 | 183 | 676 | 491 |
Wood Products | Engineered I-joists | ||||
Revenue from External Customer | ||||
Net sales | 166 | 128 | 471 | 315 |
Wood Products | Softwood plywood | ||||
Revenue from External Customer | ||||
Net sales | 47 | 45 | 158 | 170 |
Wood Products | Medium density fiberboard | ||||
Revenue from External Customer | ||||
Net sales | 50 | 52 | 151 | 143 |
Wood Products | Complementary building products | ||||
Revenue from External Customer | ||||
Net sales | 222 | 211 | 676 | 595 |
Wood Products | Other | ||||
Revenue from External Customer | ||||
Net sales | $ 86 | $ 83 | $ 267 | $ 256 |
NET EARNINGS PER SHARE AND SH_3
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 22, 2021 | |
Earnings Per Share Basic [Line Items] | ||||||
Earnings per share, basic | $ 0.42 | $ 0.64 | $ 2.51 | $ 2.92 | ||
Earnings per share, diluted | $ 0.42 | $ 0.64 | $ 2.51 | $ 2.92 | ||
Shares repurchased during period value | $ 402,000,000 | $ 26,000,000 | ||||
Share repurchase program unsettled shares | 64,135 | 64,135 | 0 | |||
Share repurchase program unsettled shares amount | $ 2,000,000 | $ 2,000,000 | ||||
2021 Repurchase Program | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||||
Shares repurchased during period | 4,234,838 | 11,217,300 | 780,228 | |||
Shares repurchased during period value | $ 145,000,000 | $ 404,000,000 | $ 26,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 523,000,000 | $ 523,000,000 |
NET EARNINGS PER SHARE AND SH_4
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Dilutive Potential Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Basic | 740,058 | 750,105 | 743,990 | 749,657 |
Dilutive potential common shares | 917 | 1,338 | 1,091 | 1,342 |
Diluted | 740,975 | 751,443 | 745,081 | 750,999 |
Stock options | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 192 | 293 | 294 | 318 |
Restricted stock units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 420 | 730 | 417 | 709 |
Performance share units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 305 | 315 | 380 | 315 |
NET EARNINGS PER SHARE AND SH_5
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Potential Shares Not Included in the Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 620 | 789 | 620 | 789 |
Performance share units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 623 | 1,067 | 623 | 1,067 |
INVENTORIES - Inventories (Deta
INVENTORIES - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Total | $ 542 | $ 520 |
Logs | ||
Inventory [Line Items] | ||
LIFO inventories | 24 | 26 |
Moving average cost or FIFO inventories | 52 | 65 |
Lumber, plywood, panels and fiberboard | ||
Inventory [Line Items] | ||
LIFO inventories | 60 | 61 |
Lumber, plywood, panels, fiberboard and engineered wood products | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | 116 | 106 |
Other products | ||
Inventory [Line Items] | ||
LIFO inventories | 14 | 17 |
Moving average cost or FIFO inventories | 147 | 131 |
Materials and supplies | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | $ 129 | $ 114 |
PENSION AND OTHER POST-EMPLOY_3
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 9 | $ 11 | $ 27 | $ 32 |
Interest cost | 27 | 24 | 80 | 73 |
Expected return on plan assets | (40) | (51) | (120) | (153) |
Amortization of actuarial loss | 23 | 29 | 70 | 86 |
Amortization of prior service cost (credit) | 1 | 1 | 2 | 2 |
Total net periodic benefit cost | 20 | 14 | 59 | 40 |
Other Post-Employment Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0 | 0 | 2 | 2 |
Amortization of actuarial loss | 1 | 2 | 4 | 4 |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Total net periodic benefit cost | $ 1 | $ 2 | $ 6 | $ 6 |
PENSION AND OTHER POST-EMPLOY_4
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Additional Information (Details) - Pension $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets | $ 54 |
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets, percentage | 2% |
Defined benefit plan, increase (decrease) in projected benefit obligation | $ (13) |
Defined benefit plan, improvement in funded status | $ 67 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, increase (decrease) in projected benefit obligation, percentage | 1% |
ACCRUED LIABILITIES - Accrued L
ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities Current [Abstract] | ||
Compensation and employee benefit costs | $ 213 | $ 225 |
Current portion of lease liabilities | 22 | 24 |
Customer rebates, volume discounts and deferred income | 165 | 164 |
Interest | 72 | 83 |
Taxes payable | 125 | 106 |
Other | 67 | 71 |
Total | $ 664 | $ 673 |
LONG-TERM DEBT AND LINE OF CR_2
LONG-TERM DEBT AND LINE OF CREDIT - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2022 | May 31, 2021 | Jan. 31, 2020 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Debt issued | $ 900,000,000 | $ 900,000,000 | ||||
Repayments of debt | 931,000,000 | |||||
Pretax charge related to early debt repayment | 276,000,000 | |||||
After tax charge related to early debt repayment | 207,000,000 | |||||
Early debt repayment includes pretax charges | 1,200,000,000 | |||||
Line of credit, amount outstanding | $ 0 | $ 0 | ||||
Senior Unsecured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | 2025-01 | |||||
Line of credit, maximum borrowing capacity | $ 1,500,000,000 | |||||
Line of credit expiration period | 5 years | |||||
3.375 percent due in March 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued | $ 450,000,000 | $ 450,000,000 | ||||
Debt instrument, interest rate, stated percentage | 3.375% | 3.375% | ||||
Debt, maturity date | 2033-03 | |||||
Proceeds from debt, net of issuance costs | $ 444,000,000 | |||||
4.000 percent due in March 2052 | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued | $ 450,000,000 | $ 450,000,000 | ||||
Debt instrument, interest rate, stated percentage | 4% | 4% | ||||
Debt, maturity date | 2052-03 | |||||
Proceeds from debt, net of issuance costs | $ 437,000,000 | |||||
7.375 percent due in March 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 7.375% | 7.375% | ||||
Debt, maturity date | 2032-03 | |||||
Repayments of debt | $ 592,000,000 | |||||
8.500 percent due in January 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||
Debt, maturity date | 2025-01 | |||||
Repayments of debt | $ 161,000,000 | |||||
7.125 percent due in July 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 7.125% | 7.125% | ||||
Debt, maturity date | 2023-07 | |||||
Repayments of debt | $ 73,000,000 | |||||
7.950 percent due in March 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 7.95% | 7.95% | ||||
Debt, maturity date | 2025-03 | |||||
Repayments of debt | $ 65,000,000 | |||||
7.85 percent due in July 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 7.85% | 7.85% | ||||
Debt, maturity date | 2026-07 | |||||
Repayments of debt | $ 40,000,000 | |||||
Variable Rate Term Loan Mature in July 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, maturity date | 2026-07 | |||||
Repayments of debt | $ 225,000,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt (Details) - Fixed interest rate - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Long-term fixed rate debt (including current maturities), carrying value | $ 5,053 | $ 5,099 |
Long-term fixed rate debt (including current maturities), fair value (level 2) | $ 4,846 | $ 6,221 |
LEGAL PROCEEDINGS, COMMITMENT_2
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Accrued estimated remediation costs | $ 63 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Amounts Included in Our Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 10,767 | |||
Translation adjustments | $ (53) | $ (25) | (62) | $ (1) |
Total other comprehensive income (loss) | (20) | 5 | 61 | 171 |
Balance at end of period | 10,838 | 10,369 | 10,838 | 10,369 |
Pension | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (632) | (924) | (720) | (1,064) |
Other comprehensive income (loss) before reclassifications | 14 | 6 | 65 | 102 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 19 | 23 | 56 | 67 |
Total other comprehensive income (loss) | 33 | 29 | 121 | 169 |
Balance at end of period | (599) | (895) | (599) | (895) |
Other Post-Employment Benefits | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 0 | (10) | (2) | (12) |
Other comprehensive income (loss) before reclassifications | (1) | (1) | (1) | (1) |
Amounts reclassified from accumulated other comprehensive loss to earnings | 1 | 2 | 3 | 4 |
Total other comprehensive income (loss) | 0 | 1 | 2 | 3 |
Balance at end of period | 0 | (9) | 0 | (9) |
Translation Adjustments and Other | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 234 | 278 | 243 | 254 |
Translation adjustments | (53) | (25) | (62) | (1) |
Total other comprehensive income (loss) | (53) | (25) | (62) | (1) |
Balance at end of period | 181 | 253 | 181 | 253 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (398) | (656) | (479) | (822) |
Total other comprehensive income (loss) | (20) | 5 | 61 | 171 |
Balance at end of period | $ (418) | $ (651) | $ (418) | $ (651) |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2022 shares | |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 626 |
Vested | 857 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 306 |
Vested | 419 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Shares issued during period | shares | 1.5 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 41.94 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 49.77 |
Maximum percentage of target value | 100% |
Performance share units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 0% |
Performance share units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 150% |
SHARE-BASED COMPENSATION - Weig
SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted (Details) - Performance share units | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Valuation date average stock price | $ 42.16 |
Expected dividends | 1.72% |
Risk-free rate minimum | 0.34% |
Risk-free rate maximum | 1.84% |
Expected volatility minimum | 26.27% |
Expected volatility maximum | 41.01% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Feb. 10, 2022 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Dec. 31, 2024 |
OTHER OPERATING COSTS (INCOME_3
OTHER OPERATING COSTS (INCOME), NET - Income and Expense Items Included in Other Operating Costs Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income [Abstract] | ||||
Foreign exchange gains, net | $ (8) | $ (5) | $ (12) | $ (2) |
Gain on sale of timberlands (Note 16) | 0 | (32) | 0 | (32) |
Litigation expense, net | 2 | 5 | 10 | 11 |
Research and development expenses | 1 | 1 | 4 | 3 |
Other, net | 6 | 16 | 17 | 28 |
Total other operating costs (income), net | $ 1 | $ (15) | $ 19 | $ 8 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21% |
RESTRICTED CASH - Reconciliatio
RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 1,920 | $ 1,879 | $ 2,326 | |
Restricted cash included in other assets | $ 0 | $ 120 | 120 | |
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Total cash, cash equivalents and restricted cash | $ 1,920 | $ 1,999 | $ 2,446 | $ 495 |
TIMBERLAND ACQUISITIONS AND D_2
TIMBERLAND ACQUISITIONS AND DIVESTITURES - Additional Information (Details) a in Thousands, $ in Millions | Apr. 14, 2022 USD ($) a | Jul. 07, 2021 USD ($) | Apr. 30, 2021 a | Feb. 25, 2021 USD ($) a | May 18, 2022 USD ($) | Apr. 27, 2021 USD ($) |
North and South Carolina | ||||||
Business Acquisition [Line Items] | ||||||
Area of timberlands agreed to be purchased | a | 81 | |||||
Payments to acquire timberlands | $ 265 | |||||
Timberlands acquisition, timber and timberlands at cost, less depletion | $ 263 | |||||
Timberlands acquisition, property and equipment, net | $ 2 | |||||
Washington | ||||||
Business Acquisition [Line Items] | ||||||
Area of timberlands agreed to be sold | a | 145 | |||||
Proceeds from disposition of operations | $ 261 | |||||
Gain on sale of discontinued operations | $ 32 | |||||
ALABAMA | ||||||
Business Acquisition [Line Items] | ||||||
Area of timberlands agreed to be purchased | a | 69 | |||||
Payments to acquire timberlands | $ 149 | |||||
Timberlands acquisition, timber and timberlands at cost, less depletion | $ 148 | |||||
Timberlands acquisition, property and equipment, net | $ 1 |