- Generated full year net earnings of $839 million, or $1.15 per diluted share
- Achieved full year Adjusted EBITDA of $1.7 billion
- Returning $783 million in
total cash back to shareholders based on 2023 results, including
$125 million of share repurchase
completed in 2023
- Monetized company's first forest carbon credits
- Enhanced company's Southern Timberlands portfolio with the
completion of strategic transactions in the fourth quarter
SEATTLE, Jan. 25,
2024 /PRNewswire/ -- Weyerhaeuser Company (NYSE:
WY) today reported fourth quarter net earnings of $219
million, or 30 cents per diluted share, on net sales of
$1.8 billion. This compares with
net earnings of $11 million, or 2
cents per diluted share, on net sales of $1.8 billion for the same period last year and
net earnings of $239 million for
third quarter 2023. Excluding a total after-tax benefit of
$98 million for special items, the
company reported fourth quarter net earnings of $121 million, or 16 cents per diluted share.
This compares with net earnings before special items of
$171 million for the same period last
year. There were no special items in third quarter 2023. Adjusted
EBITDA for fourth quarter 2023 was $321
million, compared with $369
million for the same period last year and $509 million for third quarter 2023.
For full year 2023, Weyerhaeuser reported net earnings of
$839 million, or $1.15 per diluted share, on net sales of
$7.7 billion. This compares with net
earnings of $1.9 billion on net sales
of $10.2 billion for full year 2022.
Full year 2023 includes a total after-tax benefit of $90 million for special items. Excluding these
items, the company reported net earnings of $749 million, or $1.02 per diluted share. This compares with net
earnings before special items of $2.2
billion for full year 2022. Adjusted EBITDA for full year
2023 was $1.7 billion, compared with
$3.7 billion for full year 2022.
In December, Weyerhaeuser completed previously announced
transactions in its Southern Timberlands portfolio, including the
acquisition of mature and highly productive acreage in the
Carolinas and Mississippi that is
well-integrated with the company's existing operations, and the
divestiture of less strategic acreage in South Carolina.
This afternoon, the company declared a $0.14 per share supplemental dividend. On a
combined basis, including dividends and share repurchase, the
company is returning $783 million of
cash, or approximately 80 percent of 2023 Adjusted FAD, to
shareholders based on 2023 results.
"Our performance in 2023 reflects solid execution across all
businesses, notwithstanding challenging market conditions," said
Devin W. Stockfish, president and chief executive officer. "In
addition, our teams drove meaningful improvements across each of
the value levers of our investment thesis in 2023. Notably, we
optimized our timberlands holdings through strategic transactions
in the Carolinas and Mississippi,
captured additional operational excellence improvements, grew our
Natural Climate Solutions business and sold our first forest carbon
credits in the voluntary market. We also increased our base
dividend by 5.6 percent and repurchased $125
million of our shares. Entering 2024, we are encouraged by
resiliency in the housing market and maintain a favorable
longer-term outlook for the demand fundamentals that will drive
growth for our businesses. Our balance sheet is exceptionally
strong, and we remain focused on serving our customers and driving
long-term value for shareholders through our unrivaled portfolio,
industry-leading performance, strong ESG foundation and disciplined
capital allocation."
WEYERHAEUSER
FINANCIAL HIGHLIGHTS
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions, except
per share data)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net sales
|
|
$
|
2,022
|
|
|
$
|
1,774
|
|
|
$
|
1,823
|
|
|
$
|
7,674
|
|
|
$
|
10,184
|
|
Net earnings
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Net earnings per
diluted share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
1.15
|
|
|
$
|
2.53
|
|
Weighted average shares
outstanding, diluted
|
|
|
732
|
|
|
|
731
|
|
|
|
737
|
|
|
|
732
|
|
|
|
743
|
|
Net earnings before
special items(1)(2)
|
|
$
|
239
|
|
|
$
|
121
|
|
|
$
|
171
|
|
|
$
|
749
|
|
|
$
|
2,247
|
|
Net earnings per
diluted share before special items(1)
|
|
$
|
0.33
|
|
|
$
|
0.16
|
|
|
$
|
0.24
|
|
|
$
|
1.02
|
|
|
$
|
3.02
|
|
Adjusted
EBITDA(1)
|
|
$
|
509
|
|
|
$
|
321
|
|
|
$
|
369
|
|
|
$
|
1,694
|
|
|
$
|
3,654
|
|
Net cash from
operations
|
|
$
|
523
|
|
|
$
|
288
|
|
|
$
|
167
|
|
|
$
|
1,433
|
|
|
$
|
2,832
|
|
Adjusted
FAD(3)
|
|
$
|
424
|
|
|
$
|
92
|
|
|
$
|
(56)
|
|
|
$
|
986
|
|
|
$
|
2,327
|
|
|
|
(1)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Additionally, Adjusted EBITDA is a non-GAAP measure
that management uses to evaluate the performance of the company.
Adjusted EBITDA, as we define it, is operating income adjusted for
depreciation, depletion, amortization, basis of real estate sold
and special items. Net earnings before special items and Adjusted
EBITDA should not be considered in isolation from, and are not
intended to represent an alternative to, our GAAP results.
Reconciliations of net earnings before special items and Adjusted
EBITDA to GAAP earnings are included within this
release.
|
(2)
|
Fourth quarter 2023
after-tax special items include an $83 million gain on the sale of
timberlands, a $25 million legal benefit, a $10 million insurance
recovery and a $20 million legal expense. Special items for prior
periods presented are included in the reconciliation tables within
this release.
|
(3)
|
Adjusted Funds
Available for Distribution (Adjusted FAD) is a non-GAAP measure
that management uses to evaluate the company's liquidity. Adjusted
FAD, as we define it, is net cash from operations adjusted for
capital expenditures and significant non-recurring items. Adjusted
FAD measures cash generated during the period (net of capital
expenditures and significant non-recurring items) that is available
for dividends, repurchases of common shares, debt reduction,
acquisitions, and other discretionary and nondiscretionary capital
allocation activities. Adjusted FAD should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results. A reconciliation of Adjusted FAD to net cash from
operations is included within this release.
|
TIMBERLANDS
FINANCIAL
HIGHLIGHTS
|
|
2023
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
521
|
|
|
$
|
534
|
|
|
$
|
13
|
|
Net contribution to
pretax earnings
|
|
$
|
78
|
|
|
$
|
186
|
|
|
$
|
108
|
|
Pretax benefit for
special items
|
|
$
|
—
|
|
|
$
|
(109)
|
|
|
$
|
(109)
|
|
Net contribution to
pretax earnings before special items
|
|
$
|
78
|
|
|
$
|
77
|
|
|
$
|
(1)
|
|
Adjusted
EBITDA
|
|
$
|
143
|
|
|
$
|
143
|
|
|
$
|
—
|
|
Q4 2023 Performance – In the West, fee harvest
volumes were slightly lower than the third quarter. Domestic sales
volumes were lower and export volumes were significantly higher as
the company flexed volumes to China to capture higher margin opportunities.
Sales realizations were moderately higher, primarily due to the
increase in export sales volumes. Per unit log and haul costs were
moderately higher and forestry and road costs were seasonably
lower. In the South, fee harvest volumes, sales realizations, and
per unit log and haul costs were all comparable to the third
quarter. Forestry and road costs were seasonally lower.
Fourth quarter pretax special items include an $84 million gain on the previously announced sale
of timberlands in South Carolina
and a $25 million legal benefit.
Q1 2024 Outlook – Weyerhaeuser anticipates first
quarter earnings before special items and Adjusted EBITDA will be
comparable to the fourth quarter. In the West, the company expects
moderately higher fee harvest volumes and significantly lower per
unit log and haul costs. Sales realizations are expected to be
slightly lower due to mix. In the South, the company expects
moderately lower fee harvest volumes and comparable sales
realizations and per unit log and haul costs. Forestry and road
costs in the West and South are expected to be seasonally
lower.
REAL ESTATE, ENERGY & NATURAL RESOURCES
FINANCIAL
HIGHLIGHTS
|
|
2023
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
105
|
|
|
$
|
77
|
|
|
$
|
(28)
|
|
Net contribution to
pretax earnings
|
|
$
|
56
|
|
|
$
|
50
|
|
|
$
|
(6)
|
|
Adjusted
EBITDA
|
|
$
|
94
|
|
|
$
|
67
|
|
|
$
|
(27)
|
|
Q4 2023 Performance – Earnings and Adjusted EBITDA
decreased from the third quarter primarily due to lower real estate
sales. The number of acres sold decreased significantly due to the
timing of transactions. The average price per acre was higher and
the average basis as a percentage of sales was lower due to the mix
of properties sold.
Q1 2024 Outlook – Weyerhaeuser anticipates first
quarter earnings will be comparable to the fourth quarter and
Adjusted EBITDA will be approximately $15
million higher than the fourth quarter due to the timing and
mix of real estate sales. The company anticipates full year 2024
Adjusted EBITDA for the segment will be approximately $320 million.
WOOD PRODUCTS
FINANCIAL
HIGHLIGHTS
|
|
2023
|
|
|
2023
|
|
|
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Change
|
|
Net sales
|
|
$
|
1,537
|
|
|
$
|
1,302
|
|
|
$
|
(235)
|
|
Net contribution to
pretax earnings
|
|
$
|
277
|
|
|
$
|
119
|
|
|
$
|
(158)
|
|
Pretax benefit for
special items
|
|
$
|
—
|
|
|
$
|
(14)
|
|
|
$
|
(14)
|
|
Net contribution to
pretax earnings before special items
|
|
$
|
277
|
|
|
$
|
105
|
|
|
$
|
(172)
|
|
Adjusted
EBITDA
|
|
$
|
328
|
|
|
$
|
159
|
|
|
$
|
(169)
|
|
Q4 2023 Performance – Sales realizations for lumber
and oriented strand board decreased 14 percent and 17 percent,
respectively, compared with third quarter averages. Sales volumes
for lumber were moderately lower and unit manufacturing costs were
moderately higher due to a decrease in production levels, partially
driven by holiday downtime taken at the company's Pacific Northwest
mills. Log costs were comparable. For oriented strand board, sales
volumes and fiber costs were comparable, while unit manufacturing
costs were moderately lower. Sales realizations were slightly lower
for most engineered wood products, while raw material costs were
slightly higher. Sales volumes were lower and unit manufacturing
costs were slightly lower. Distribution results were lower due to a
decrease in commodity realizations and seasonally lower sales
volumes.
Fourth quarter pretax special items include a $14 million insurance recovery.
Q1 2024 Outlook – Weyerhaeuser anticipates first
quarter earnings before special items and Adjusted EBITDA will be
slightly higher than the fourth quarter, excluding the effect of
changes in average sales realizations for lumber and oriented
strand board. For lumber, the company expects higher sales volumes,
slightly lower log costs, and moderately lower unit manufacturing
costs. For oriented strand board, the company anticipates
moderately higher sales volumes, slightly higher fiber costs and
slightly lower unit manufacturing costs. For engineered wood
products, the company expects moderately higher sales volumes,
primarily for solid section products, slightly lower sales
realizations for most products, and slightly lower raw material
costs. For distribution, the company anticipates higher results
compared to the fourth quarter.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners
of timberlands, began operations in 1900. We own or control
approximately 10.5 million acres of timberlands in the U.S. and
manage additional timberlands under long-term licenses in
Canada. We manage these
timberlands on a sustainable basis in compliance with
internationally recognized forestry standards. We are also one of
the largest manufacturers of wood products in North America. Our company is a real estate
investment trust. In 2023, we generated $7.7
billion in net sales and employed approximately 9,300 people
who serve customers worldwide. Our common stock trades on the New
York Stock Exchange under the symbol WY. Learn more at
www.weyerhaeuser.com.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10
a.m. Eastern) on January 26,
2024 to discuss fourth quarter results.
To access the live webcast and presentation online, go to the
Investor Relations section
on www.weyerhaeuser.com on January
26, 2024.
To join the conference call from within North America, dial 1-877-407-0792 (access
code: 13742026) at least 15 minutes prior to the call. Those
calling from outside North America
should dial 201-689-8263 (access code: 13742026). Replays will be
available for two weeks at 1-844-512-2921 (access code: 13742026)
from within North America, and at
1-412-317-6671 (access code: 13742026) from outside North America.
FORWARD-LOOKING STATEMENTS
This news release contains statements concerning the company's
future results and performance that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, with respect to our outlook
and expectations concerning the following: long-term demand drivers
and fundamentals and future operating performance and delivery of
long-term shareholder value and returns; earnings and Adjusted
EBITDA for the company and for each of our businesses; fee harvest
volumes, sales realizations, log and haul costs and forestry and
road costs for our Timberlands business; sales volumes, log costs
and unit manufacturing costs for our lumber business; sales
volumes, fiber costs and unit manufacturing costs for our oriented
strand board business; sales volumes, sales realizations and raw
material costs for our engineered wood products business and
distribution results. Forward-looking statements can be identified
by the fact that they do not relate strictly to historical or
current facts. They often involve use of words and expressions such
as "anticipate," "expect," "maintain," "planned," "will," and
similar words and expressions. They may use the positive, negative
or another variation of those and similar words and expressions.
These forward-looking statements are based on our current
expectations and assumptions and are not guarantees of future
events or performance. The realization of our expectations and the
accuracy of our assumptions are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to:
- the effect of general economic conditions, including employment
rates, interest rate levels, inflation, housing starts, general
availability and cost of financing for home mortgages and the
relative strength of the U.S. dollar;
- the effect of COVID-19 and other viral or disease outbreaks and
their potential effects on our business, results of operations,
cash flows, financial condition and future prospects;
- market demand for the company's products, including market
demand for our timberland properties with higher and better uses,
which is related to, among other factors, the strength of the
various U.S. business segments and U.S. and international economic
conditions;
- changes in currency exchange rates, particularly the relative
value of the U.S. dollar to the Japanese yen, the Chinese yuan, and
the Canadian dollar, and the relative value of the euro to the
yen;
- restrictions on international trade and tariffs imposed on
imports or exports;
- the availability and cost of shipping and transportation;
- economic activity in Asia,
especially Japan and China;
- performance of our manufacturing operations, including
maintenance and capital requirements;
- potential disruptions in our manufacturing operations;
- the level of competition from domestic and foreign
producers;
- the successful execution of our internal plans and strategic
initiatives, including restructuring and cost reduction
initiatives;
- our ability to hire and retain capable employees;
- the successful and timely execution and integration of our
strategic acquisitions, including our ability to realize expected
benefits and synergies, and the successful and timely execution of
our strategic divestitures, each of which is subject to a number of
risks and conditions beyond our control including, but not limited
to, timing and required regulatory approvals or the occurrence of
any event, change or other circumstances that could give rise to a
termination of any acquisition or divestiture transaction under the
terms of the governing transaction agreements;
- raw material availability and prices;
- the effect of weather;
- changes in global or regional climate conditions and
governmental response to such changes;
- the risk of loss from fires, floods, windstorms, hurricanes,
pest infestation and other natural disasters;
- energy prices;
- transportation and labor availability and costs;
- federal tax policies;
- the effect of forestry, land use, environmental and other
governmental regulations;
- legal proceedings;
- performance of pension fund investments and related
derivatives;
- the effect of timing of employee retirements as it relates to
the cost of pension benefits and changes in the market price of our
common stock on charges for share-based compensation;
- the accuracy of our estimates of costs and expenses related to
contingent liabilities and the accuracy of our estimates of charges
related to casualty losses;
- changes in accounting principles and
- other risks and uncertainties identified in our 2022 Annual
Report on Form 10-K, as well as those set forth from time to time
in our other public statements, reports, registration statements,
prospectuses, information statements and other filings with the
SEC.
It is not possible to predict or identify all risks and
uncertainties that might affect the accuracy of our forward-looking
statements and, consequently, our descriptions of such risks and
uncertainties should not be considered exhaustive. There is no
guarantee that any of the events anticipated by these
forward-looking statements will occur, and if any of the events do
occur, there is no guarantee what effect they will have on the
company's business, results of operations, cash flows, financial
condition and future prospects.
Forward-looking statements speak only as of the date they are
made, and we undertake no obligation to publicly update or revise
any forward-looking statements, whether because of new information,
future events, or otherwise.
RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS
We reconcile Adjusted EBITDA to net earnings for the
consolidated company and to operating income (loss) for the
business segments, as those are the most directly comparable U.S.
GAAP measures for each.
The table below reconciles Adjusted EBITDA for the year ended
December 31, 2023:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
839
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
280
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98
|
|
Net contribution
(charge) to earnings
|
|
$
|
488
|
|
|
$
|
211
|
|
|
$
|
709
|
|
|
$
|
(191)
|
|
|
$
|
1,217
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
45
|
|
|
|
45
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(76)
|
|
|
|
(76)
|
|
Operating income
(loss)
|
|
|
488
|
|
|
|
211
|
|
|
|
709
|
|
|
|
(222)
|
|
|
|
1,186
|
|
Depreciation,
depletion and amortization
|
|
|
267
|
|
|
|
16
|
|
|
|
210
|
|
|
|
7
|
|
|
|
500
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
93
|
|
|
|
—
|
|
|
|
—
|
|
|
|
93
|
|
Special items included
in operating income (loss)(1)(2)(3)
|
|
|
(109)
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
38
|
|
|
|
(85)
|
|
Adjusted
EBITDA
|
|
$
|
646
|
|
|
$
|
320
|
|
|
$
|
905
|
|
|
$
|
(177)
|
|
|
$
|
1,694
|
|
|
|
(1)
|
Operating income (loss)
for Timberlands includes pretax special items consisting of an $84
million gain on the sale of timberlands and a $25 million legal
benefit.
|
(2)
|
Operating income (loss)
for Wood Products includes a pretax special item consisting of a
$14 million insurance recovery.
|
(3)
|
Operating income (loss)
for Unallocated Items includes pretax special items consisting of
an $11 million noncash environmental remediation charge and $27
million of legal expense.
|
The table below reconciles Adjusted EBITDA for the year ended
December 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,880
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270
|
|
Loss on debt
extinguishment(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425
|
|
Net contribution
(charge) to earnings
|
|
$
|
528
|
|
|
$
|
218
|
|
|
$
|
2,536
|
|
|
$
|
(431)
|
|
|
$
|
2,851
|
|
Non-operating pension
and other post-employment benefit costs(2)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
254
|
|
|
|
254
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
(25)
|
|
Operating income
(loss)
|
|
|
528
|
|
|
|
218
|
|
|
|
2,536
|
|
|
|
(202)
|
|
|
|
3,080
|
|
Depreciation,
depletion and amortization
|
|
|
256
|
|
|
|
17
|
|
|
|
201
|
|
|
|
6
|
|
|
|
480
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
84
|
|
|
|
—
|
|
|
|
—
|
|
|
|
84
|
|
Special items included
in operating income (loss)(3)
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA
|
|
$
|
784
|
|
|
$
|
329
|
|
|
$
|
2,737
|
|
|
$
|
(196)
|
|
|
$
|
3,654
|
|
|
|
(1)
|
Loss on debt
extinguishment is a pretax special item related to the early
extinguishment of $931 million of debt.
|
(2)
|
Non-operating pension
and other post-employment benefit costs includes a pretax special
item consisting of a $205 million noncash settlement charge related
to the transfer of pension plan assets and liabilities to an
insurance company through the purchase of a group annuity
contract.
|
(3)
|
Operating income (loss)
for Real Estate & ENR includes a pretax special item consisting
of a $10 million noncash impairment charge related to the planned
divestiture of legacy coal assets.
|
The table below reconciles Adjusted EBITDA for the quarter ended
December 31, 2023:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
219
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Net contribution
(charge) to earnings
|
|
$
|
186
|
|
|
$
|
50
|
|
|
$
|
119
|
|
|
$
|
(67)
|
|
|
$
|
288
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
12
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22)
|
|
|
|
(22)
|
|
Operating income
(loss)
|
|
|
186
|
|
|
|
50
|
|
|
|
119
|
|
|
|
(77)
|
|
|
|
278
|
|
Depreciation,
depletion and amortization
|
|
|
66
|
|
|
|
4
|
|
|
|
54
|
|
|
|
2
|
|
|
|
126
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
13
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13
|
|
Special items included
in operating income (loss)(1)(2)(3)
|
|
|
(109)
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
27
|
|
|
|
(96)
|
|
Adjusted
EBITDA
|
|
$
|
143
|
|
|
$
|
67
|
|
|
$
|
159
|
|
|
$
|
(48)
|
|
|
$
|
321
|
|
|
|
(1)
|
Operating income (loss)
for Timberlands includes pretax special items consisting of an $84
million gain on the sale of timberlands and a $25 million legal
benefit.
|
(2)
|
Operating income (loss)
for Wood Products includes a pretax special item consisting of a
$14 million insurance recovery.
|
(3)
|
Operating income (loss)
for Unallocated includes a pretax special item consisting of $27
million of legal expense.
|
The table below reconciles Adjusted EBITDA for the quarter ended
September 30, 2023:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
239
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54
|
|
Net contribution
(charge) to earnings
|
|
$
|
78
|
|
|
$
|
56
|
|
|
$
|
277
|
|
|
$
|
(46)
|
|
|
$
|
365
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
12
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(24)
|
|
|
|
(24)
|
|
Operating income
(loss)
|
|
|
78
|
|
|
|
56
|
|
|
|
277
|
|
|
|
(58)
|
|
|
|
353
|
|
Depreciation,
depletion and amortization
|
|
|
65
|
|
|
|
4
|
|
|
|
51
|
|
|
|
2
|
|
|
|
122
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
34
|
|
|
|
—
|
|
|
|
—
|
|
|
|
34
|
|
Adjusted
EBITDA
|
|
$
|
143
|
|
|
$
|
94
|
|
|
$
|
328
|
|
|
$
|
(56)
|
|
|
$
|
509
|
|
The table below reconciles Adjusted EBITDA for the quarter ended
December 31, 2022:
(millions)
|
|
Timberlands
|
|
|
Real Estate
& ENR
|
|
|
Wood
Products
|
|
|
Unallocated
Items
|
|
|
Total
|
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11
|
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45)
|
|
Net contribution
(charge) to earnings
|
|
$
|
86
|
|
|
$
|
24
|
|
|
$
|
147
|
|
|
$
|
(225)
|
|
|
$
|
32
|
|
Non-operating pension
and other post-employment benefit costs(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
216
|
|
|
|
216
|
|
Interest income and
other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(16)
|
|
|
|
(16)
|
|
Operating income
(loss)
|
|
|
86
|
|
|
|
24
|
|
|
|
147
|
|
|
|
(25)
|
|
|
|
232
|
|
Depreciation,
depletion and amortization
|
|
|
64
|
|
|
|
5
|
|
|
|
50
|
|
|
|
1
|
|
|
|
120
|
|
Basis of real estate
sold
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
Special items included
in operating income (loss)(2)
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA
|
|
$
|
150
|
|
|
$
|
46
|
|
|
$
|
197
|
|
|
$
|
(24)
|
|
|
$
|
369
|
|
|
|
(1)
|
Non-operating pension
and other post-employment benefit costs includes a pretax special
item consisting of a $205 million noncash settlement charge related
to the transfer of pension plan assets and liabilities to an
insurance company through the purchase of a group annuity
contract.
|
(2)
|
Operating income (loss)
for Real Estate & ENR includes a pretax special item consisting
of a $10 million noncash impairment charge related to the planned
divestiture of legacy coal assets.
|
RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET
EARNINGS
We reconcile net earnings before special items to net earnings
and net earnings per diluted share before special items to net
earnings per diluted share, as those are the most directly
comparable U.S. GAAP measures. We believe the measures provide
meaningful supplemental information for investors about our
operating performance, better facilitate period to period
comparisons and are widely used by analysts, lenders, rating
agencies and other interested parties.
The table below reconciles net earnings before special items to
net earnings:
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net
earnings
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Environmental
remediation charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
(83)
|
|
|
|
—
|
|
|
|
(83)
|
|
|
|
—
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
(10)
|
|
|
|
—
|
|
|
|
(10)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
Legal
expense
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
|
|
152
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
Net earnings before
special items
|
|
$
|
239
|
|
|
$
|
121
|
|
|
$
|
171
|
|
|
$
|
749
|
|
|
$
|
2,247
|
|
The table below reconciles net earnings per diluted share before
special items to net earnings per diluted share:
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net earnings per
diluted share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
1.15
|
|
|
$
|
2.53
|
|
Environmental
remediation charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
(0.12)
|
|
|
|
—
|
|
|
|
(0.12)
|
|
|
|
—
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
Legal
expense
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
0.21
|
|
|
|
—
|
|
|
|
0.20
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
Net earnings per
diluted share before special items
|
|
$
|
0.33
|
|
|
$
|
0.16
|
|
|
$
|
0.24
|
|
|
$
|
1.02
|
|
|
$
|
3.02
|
|
RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM
OPERATIONS
We reconcile Adjusted FAD to net cash from operations, as that
is the most directly comparable U.S. GAAP measure. We believe the
measure provides meaningful supplemental information for investors
about our liquidity.
The table below reconciles Adjusted FAD to net cash from
operations:
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
(millions)
|
|
Q3
|
|
|
Q4
|
|
|
Q4
|
|
|
Full
Year
|
|
|
Full
Year
|
|
Net cash from
operations
|
|
$
|
523
|
|
|
$
|
288
|
|
|
$
|
167
|
|
|
$
|
1,433
|
|
|
$
|
2,832
|
|
Capital
expenditures
|
|
|
(99)
|
|
|
|
(196)
|
|
|
|
(223)
|
|
|
|
(447)
|
|
|
|
(468)
|
|
Adjustments to
FAD(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(37)
|
|
Adjusted
FAD
|
|
$
|
424
|
|
|
$
|
92
|
|
|
$
|
(56)
|
|
|
$
|
986
|
|
|
$
|
2,327
|
|
|
|
(1)
|
Adjustments to FAD
include a $37 million product remediation insurance recovery
received in first quarter 2022.
|
Weyerhaeuser
Company
Exhibit
99.2
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
|
|
Consolidated
Statement of Operations
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Net
sales
|
|
$
|
1,881
|
|
|
$
|
1,997
|
|
|
$
|
2,022
|
|
|
$
|
1,774
|
|
|
$
|
1,823
|
|
|
$
|
7,674
|
|
|
$
|
10,184
|
|
Costs of
sales
|
|
|
1,512
|
|
|
|
1,528
|
|
|
|
1,520
|
|
|
|
1,432
|
|
|
|
1,434
|
|
|
|
5,992
|
|
|
|
6,564
|
|
Gross
margin
|
|
|
369
|
|
|
|
469
|
|
|
|
502
|
|
|
|
342
|
|
|
|
389
|
|
|
|
1,682
|
|
|
|
3,620
|
|
Selling
expenses
|
|
|
22
|
|
|
|
22
|
|
|
|
22
|
|
|
|
21
|
|
|
|
23
|
|
|
|
87
|
|
|
|
93
|
|
General and
administrative expenses
|
|
|
101
|
|
|
|
108
|
|
|
|
107
|
|
|
|
115
|
|
|
|
104
|
|
|
|
431
|
|
|
|
398
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
Other operating costs,
net
|
|
|
10
|
|
|
|
20
|
|
|
|
20
|
|
|
|
12
|
|
|
|
30
|
|
|
|
62
|
|
|
|
49
|
|
Operating
income
|
|
|
236
|
|
|
|
319
|
|
|
|
353
|
|
|
|
278
|
|
|
|
232
|
|
|
|
1,186
|
|
|
|
3,080
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(9)
|
|
|
|
(12)
|
|
|
|
(12)
|
|
|
|
(12)
|
|
|
|
(216)
|
|
|
|
(45)
|
|
|
|
(254)
|
|
Interest income and
other
|
|
|
12
|
|
|
|
18
|
|
|
|
24
|
|
|
|
22
|
|
|
|
16
|
|
|
|
76
|
|
|
|
25
|
|
Interest expense, net
of capitalized interest
|
|
|
(66)
|
|
|
|
(70)
|
|
|
|
(72)
|
|
|
|
(72)
|
|
|
|
(66)
|
|
|
|
(280)
|
|
|
|
(270)
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(276)
|
|
Earnings (loss) before
income taxes
|
|
|
173
|
|
|
|
255
|
|
|
|
293
|
|
|
|
216
|
|
|
|
(34)
|
|
|
|
937
|
|
|
|
2,305
|
|
Income taxes
|
|
|
(22)
|
|
|
|
(25)
|
|
|
|
(54)
|
|
|
|
3
|
|
|
|
45
|
|
|
|
(98)
|
|
|
|
(425)
|
|
Net
earnings
|
|
$
|
151
|
|
|
$
|
230
|
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Per Share
Information
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Earnings per share,
basic and diluted
|
|
$
|
0.21
|
|
|
$
|
0.31
|
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
1.15
|
|
|
$
|
2.53
|
|
Dividends paid per
common share
|
|
$
|
1.09
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
1.66
|
|
|
$
|
2.17
|
|
Weighted average shares
outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
733,163
|
|
|
|
732,021
|
|
|
|
731,046
|
|
|
|
730,422
|
|
|
|
735,715
|
|
|
|
731,654
|
|
|
|
741,904
|
|
Diluted
|
|
|
733,546
|
|
|
|
732,362
|
|
|
|
731,742
|
|
|
|
731,277
|
|
|
|
736,640
|
|
|
|
732,222
|
|
|
|
742,953
|
|
Common shares
outstanding at end of period
(in thousands)
|
|
|
732,507
|
|
|
|
730,850
|
|
|
|
730,128
|
|
|
|
729,753
|
|
|
|
732,794
|
|
|
|
729,753
|
|
|
|
732,794
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and Amortization
(Adjusted EBITDA)
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Net
earnings
|
|
$
|
151
|
|
|
$
|
230
|
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
9
|
|
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|
216
|
|
|
|
45
|
|
|
|
254
|
|
Interest income and
other
|
|
|
(12)
|
|
|
|
(18)
|
|
|
|
(24)
|
|
|
|
(22)
|
|
|
|
(16)
|
|
|
|
(76)
|
|
|
|
(25)
|
|
Interest expense, net
of capitalized interest
|
|
|
66
|
|
|
|
70
|
|
|
|
72
|
|
|
|
72
|
|
|
|
66
|
|
|
|
280
|
|
|
|
270
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
Income taxes
|
|
|
22
|
|
|
|
25
|
|
|
|
54
|
|
|
|
(3)
|
|
|
|
(45)
|
|
|
|
98
|
|
|
|
425
|
|
Operating
income
|
|
|
236
|
|
|
|
319
|
|
|
|
353
|
|
|
|
278
|
|
|
|
232
|
|
|
|
1,186
|
|
|
|
3,080
|
|
Depreciation, depletion
and amortization
|
|
|
126
|
|
|
|
126
|
|
|
|
122
|
|
|
|
126
|
|
|
|
120
|
|
|
|
500
|
|
|
|
480
|
|
Basis of real estate
sold
|
|
|
33
|
|
|
|
13
|
|
|
|
34
|
|
|
|
13
|
|
|
|
7
|
|
|
|
93
|
|
|
|
84
|
|
Special items included
in operating income
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
|
|
(96)
|
|
|
|
10
|
|
|
|
(85)
|
|
|
|
10
|
|
Adjusted
EBITDA(1)
|
|
$
|
395
|
|
|
$
|
469
|
|
|
$
|
509
|
|
|
$
|
321
|
|
|
$
|
369
|
|
|
$
|
1,694
|
|
|
$
|
3,654
|
|
|
|
(1)
|
Adjusted EBITDA is a
non-GAAP measure that management uses to evaluate the performance
of the company. Adjusted EBITDA, as we define it, is operating
income adjusted for depreciation, depletion, amortization, basis of
real estate sold and special items. Our definition of Adjusted
EBITDA may be different from similarly titled measures reported by
other companies. Adjusted EBITDA should not be considered in
isolation from, and is not intended to represent an alternative to,
our GAAP results.
|
Weyerhaeuser
Company
Total
Company Statistics
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
|
Special Items
Included in Net Earnings (Income Tax Affected)
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Net
earnings
|
|
$
|
151
|
|
|
$
|
230
|
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Environmental
remediation charge
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(83)
|
|
|
|
—
|
|
|
|
(83)
|
|
|
|
—
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(10)
|
|
|
|
—
|
|
|
|
(10)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
Legal
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
Loss on debt
extinguishment(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
207
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
152
|
|
|
|
—
|
|
|
|
152
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
Net earnings before
special items(2)
|
|
$
|
151
|
|
|
$
|
238
|
|
|
$
|
239
|
|
|
$
|
121
|
|
|
$
|
171
|
|
|
$
|
749
|
|
|
$
|
2,247
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Net earnings per
diluted share
|
|
$
|
0.21
|
|
|
$
|
0.31
|
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
1.15
|
|
|
$
|
2.53
|
|
Environmental
remediation charge
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.12)
|
|
|
|
—
|
|
|
|
(0.12)
|
|
|
|
—
|
|
Insurance
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
—
|
|
Legal
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
Loss on debt
extinguishment(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.28
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.21
|
|
|
|
—
|
|
|
|
0.20
|
|
Restructuring,
impairments and other charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
Net earnings per
diluted share before special items(2)
|
|
$
|
0.21
|
|
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
0.16
|
|
|
$
|
0.24
|
|
|
$
|
1.02
|
|
|
$
|
3.02
|
|
|
|
(1)
|
We recorded a total
pretax loss on debt extinguishment of $276 million ($207 million
after-tax) in first quarter 2022.
|
(2)
|
Net earnings before
special items is a non-GAAP measure that management believes
provides helpful context in understanding the company's earnings
performance. Net earnings before special items should not be
considered in isolation from, and is not intended to represent an
alternative to, our GAAP results.
|
Selected Total
Company Items
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Pension and
post-employment costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension and
post-employment service costs
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
9
|
|
|
$
|
23
|
|
|
$
|
36
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
9
|
|
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|
216
|
|
|
|
45
|
|
|
|
254
|
|
Total company
pension and post-employment costs
|
|
$
|
15
|
|
|
$
|
17
|
|
|
$
|
18
|
|
|
$
|
18
|
|
|
$
|
225
|
|
|
$
|
68
|
|
|
$
|
290
|
|
Weyerhaeuser
Company
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
Condensed
Consolidated Balance Sheet
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
September 30,
2023
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
797
|
|
|
$
|
1,095
|
|
|
$
|
1,173
|
|
|
$
|
1,164
|
|
|
$
|
1,581
|
|
Short-term
investments
|
|
|
—
|
|
|
|
665
|
|
|
|
668
|
|
|
|
—
|
|
|
|
—
|
|
Receivables,
net
|
|
|
440
|
|
|
|
462
|
|
|
|
443
|
|
|
|
354
|
|
|
|
357
|
|
Receivables for
taxes
|
|
|
28
|
|
|
|
18
|
|
|
|
18
|
|
|
|
10
|
|
|
|
42
|
|
Inventories
|
|
|
586
|
|
|
|
539
|
|
|
|
528
|
|
|
|
566
|
|
|
|
550
|
|
Prepaid expenses and
other current assets
|
|
|
202
|
|
|
|
188
|
|
|
|
186
|
|
|
|
219
|
|
|
|
216
|
|
Total current
assets
|
|
|
2,053
|
|
|
|
2,967
|
|
|
|
3,016
|
|
|
|
2,313
|
|
|
|
2,746
|
|
Property and
equipment, net
|
|
|
2,157
|
|
|
|
2,133
|
|
|
|
2,106
|
|
|
|
2,269
|
|
|
|
2,171
|
|
Construction in
progress
|
|
|
222
|
|
|
|
260
|
|
|
|
311
|
|
|
|
270
|
|
|
|
222
|
|
Timber and timberlands
at cost, less depletion
|
|
|
11,564
|
|
|
|
11,512
|
|
|
|
11,521
|
|
|
|
11,528
|
|
|
|
11,604
|
|
Minerals and mineral
rights, less depletion
|
|
|
211
|
|
|
|
207
|
|
|
|
203
|
|
|
|
200
|
|
|
|
214
|
|
Deferred tax
assets
|
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
|
15
|
|
|
|
8
|
|
Other
assets
|
|
|
365
|
|
|
|
383
|
|
|
|
385
|
|
|
|
388
|
|
|
|
375
|
|
Total
assets
|
|
$
|
16,580
|
|
|
$
|
17,470
|
|
|
$
|
17,550
|
|
|
$
|
16,983
|
|
|
$
|
17,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
|
981
|
|
|
$
|
980
|
|
|
$
|
861
|
|
|
$
|
—
|
|
|
$
|
982
|
|
Accounts
payable
|
|
|
266
|
|
|
|
254
|
|
|
|
288
|
|
|
|
287
|
|
|
|
247
|
|
Accrued
liabilities
|
|
|
403
|
|
|
|
473
|
|
|
|
537
|
|
|
|
501
|
|
|
|
511
|
|
Total current
liabilities
|
|
|
1,650
|
|
|
|
1,707
|
|
|
|
1,686
|
|
|
|
788
|
|
|
|
1,740
|
|
Long-term debt,
net
|
|
|
4,072
|
|
|
|
4,817
|
|
|
|
4,818
|
|
|
|
5,069
|
|
|
|
4,071
|
|
Deferred tax
liabilities
|
|
|
101
|
|
|
|
105
|
|
|
|
113
|
|
|
|
81
|
|
|
|
96
|
|
Deferred pension and
other post-employment benefits
|
|
|
346
|
|
|
|
348
|
|
|
|
349
|
|
|
|
461
|
|
|
|
344
|
|
Other
liabilities
|
|
|
335
|
|
|
|
352
|
|
|
|
356
|
|
|
|
348
|
|
|
|
340
|
|
Total
liabilities
|
|
|
6,504
|
|
|
|
7,329
|
|
|
|
7,322
|
|
|
|
6,747
|
|
|
|
6,591
|
|
Total
equity
|
|
|
10,076
|
|
|
|
10,141
|
|
|
|
10,228
|
|
|
|
10,236
|
|
|
|
10,749
|
|
Total liabilities
and equity
|
|
$
|
16,580
|
|
|
$
|
17,470
|
|
|
$
|
17,550
|
|
|
$
|
16,983
|
|
|
$
|
17,340
|
|
Weyerhaeuser
Company
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Year-to-Date
|
|
in millions
|
|
March 31,
2023
|
|
|
June 30,
2023
|
|
|
Sept 30,
2023
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
|
Dec 31,
2023
|
|
|
Dec 31,
2022
|
|
Cash flows from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$
|
151
|
|
|
$
|
230
|
|
|
$
|
239
|
|
|
$
|
219
|
|
|
$
|
11
|
|
|
$
|
839
|
|
|
$
|
1,880
|
|
Noncash charges
(credits) to earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
126
|
|
|
|
126
|
|
|
|
122
|
|
|
|
126
|
|
|
|
120
|
|
|
|
500
|
|
|
|
480
|
|
Basis of real estate
sold
|
|
|
33
|
|
|
|
13
|
|
|
|
34
|
|
|
|
13
|
|
|
|
7
|
|
|
|
93
|
|
|
|
84
|
|
Pension and other
post-employment benefits
|
|
|
15
|
|
|
|
17
|
|
|
|
18
|
|
|
|
18
|
|
|
|
225
|
|
|
|
68
|
|
|
|
290
|
|
Share-based
compensation expense
|
|
|
8
|
|
|
|
9
|
|
|
|
9
|
|
|
|
10
|
|
|
|
8
|
|
|
|
36
|
|
|
|
33
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
276
|
|
Net gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
Other
|
|
|
3
|
|
|
|
(1)
|
|
|
|
(6)
|
|
|
|
(2)
|
|
|
|
(47)
|
|
|
|
(6)
|
|
|
|
(30)
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(83)
|
|
|
|
(22)
|
|
|
|
28
|
|
|
|
81
|
|
|
|
68
|
|
|
|
4
|
|
|
|
149
|
|
Receivables and
payables for taxes
|
|
|
14
|
|
|
|
13
|
|
|
|
24
|
|
|
|
(10)
|
|
|
|
(116)
|
|
|
|
41
|
|
|
|
(101)
|
|
Inventories
|
|
|
(36)
|
|
|
|
50
|
|
|
|
9
|
|
|
|
(36)
|
|
|
|
(7)
|
|
|
|
(13)
|
|
|
|
(37)
|
|
Prepaid expenses and
other current assets
|
|
|
(9)
|
|
|
|
17
|
|
|
|
(13)
|
|
|
|
(8)
|
|
|
|
(5)
|
|
|
|
(13)
|
|
|
|
(12)
|
|
Accounts payable and
accrued liabilities
|
|
|
(87)
|
|
|
|
57
|
|
|
|
73
|
|
|
|
(8)
|
|
|
|
(88)
|
|
|
|
35
|
|
|
|
(111)
|
|
Pension and
post-employment benefit contributions and payments
|
|
|
(6)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
(5)
|
|
|
|
(20)
|
|
|
|
(24)
|
|
Other
|
|
|
(3)
|
|
|
|
(8)
|
|
|
|
(9)
|
|
|
|
(27)
|
|
|
|
(4)
|
|
|
|
(47)
|
|
|
|
(45)
|
|
Net cash from
operations
|
|
$
|
126
|
|
|
$
|
496
|
|
|
$
|
523
|
|
|
$
|
288
|
|
|
$
|
167
|
|
|
$
|
1,433
|
|
|
$
|
2,832
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
for property and equipment
|
|
$
|
(50)
|
|
|
$
|
(69)
|
|
|
$
|
(90)
|
|
|
$
|
(181)
|
|
|
$
|
(208)
|
|
|
$
|
(390)
|
|
|
$
|
(415)
|
|
Capital expenditures
for timberlands reforestation
|
|
|
(21)
|
|
|
|
(12)
|
|
|
|
(9)
|
|
|
|
(15)
|
|
|
|
(15)
|
|
|
|
(57)
|
|
|
|
(53)
|
|
Acquisition of
timberlands
|
|
|
—
|
|
|
|
(2)
|
|
|
|
(68)
|
|
|
|
(163)
|
|
|
|
(9)
|
|
|
|
(233)
|
|
|
|
(295)
|
|
Proceeds from sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
166
|
|
|
|
—
|
|
|
|
166
|
|
|
|
—
|
|
Purchase of short-term
investments
|
|
|
—
|
|
|
|
(664)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(664)
|
|
|
|
—
|
|
Maturities of
short-term investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
664
|
|
|
|
—
|
|
|
|
664
|
|
|
|
—
|
|
Other
|
|
|
2
|
|
|
|
(2)
|
|
|
|
3
|
|
|
|
3
|
|
|
|
3
|
|
|
|
6
|
|
|
|
4
|
|
Net cash from
investing activities
|
|
$
|
(69)
|
|
|
$
|
(749)
|
|
|
$
|
(164)
|
|
|
$
|
474
|
|
|
$
|
(229)
|
|
|
$
|
(508)
|
|
|
$
|
(759)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends on
common shares
|
|
$
|
(799)
|
|
|
$
|
(139)
|
|
|
$
|
(138)
|
|
|
$
|
(140)
|
|
|
$
|
(132)
|
|
|
$
|
(1,216)
|
|
|
$
|
(1,617)
|
|
Net proceeds from
issuance of long-term debt
|
|
|
—
|
|
|
|
743
|
|
|
|
—
|
|
|
|
249
|
|
|
|
—
|
|
|
|
992
|
|
|
|
881
|
|
Payments on long-term
debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(118)
|
|
|
|
(860)
|
|
|
|
—
|
|
|
|
(978)
|
|
|
|
(1,203)
|
|
Repurchases of common
shares
|
|
|
(34)
|
|
|
|
(51)
|
|
|
|
(24)
|
|
|
|
(22)
|
|
|
|
(141)
|
|
|
|
(131)
|
|
|
|
(543)
|
|
Other
|
|
|
(8)
|
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
2
|
|
|
|
(4)
|
|
|
|
(9)
|
|
|
|
(9)
|
|
Net cash from
financing activities
|
|
$
|
(841)
|
|
|
$
|
551
|
|
|
$
|
(281)
|
|
|
$
|
(771)
|
|
|
$
|
(277)
|
|
|
$
|
(1,342)
|
|
|
$
|
(2,491)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
|
$
|
(784)
|
|
|
$
|
298
|
|
|
$
|
78
|
|
|
$
|
(9)
|
|
|
$
|
(339)
|
|
|
$
|
(417)
|
|
|
$
|
(418)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
1,581
|
|
|
|
797
|
|
|
|
1,095
|
|
|
|
1,173
|
|
|
|
1,920
|
|
|
|
1,581
|
|
|
|
1,999
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
797
|
|
|
$
|
1,095
|
|
|
$
|
1,173
|
|
|
$
|
1,164
|
|
|
$
|
1,581
|
|
|
$
|
1,164
|
|
|
$
|
1,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
57
|
|
|
$
|
70
|
|
|
$
|
63
|
|
|
$
|
93
|
|
|
$
|
72
|
|
|
$
|
283
|
|
|
$
|
283
|
|
Income taxes, net of
refunds
|
|
$
|
6
|
|
|
$
|
12
|
|
|
$
|
22
|
|
|
$
|
23
|
|
|
$
|
120
|
|
|
$
|
63
|
|
|
$
|
566
|
|
Weyerhaeuser
Company
Timberlands
Segment
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
|
Segment Statement of
Operations
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Sales to unaffiliated
customers
|
|
$
|
462
|
|
|
$
|
417
|
|
|
$
|
380
|
|
|
$
|
395
|
|
|
$
|
437
|
|
|
$
|
1,654
|
|
|
$
|
1,858
|
|
Intersegment
sales
|
|
|
142
|
|
|
|
150
|
|
|
|
141
|
|
|
|
139
|
|
|
|
111
|
|
|
|
572
|
|
|
|
561
|
|
Total net
sales
|
|
|
604
|
|
|
|
567
|
|
|
|
521
|
|
|
|
534
|
|
|
|
548
|
|
|
|
2,226
|
|
|
|
2,419
|
|
Costs of
sales
|
|
|
461
|
|
|
|
439
|
|
|
|
417
|
|
|
|
429
|
|
|
|
436
|
|
|
|
1,746
|
|
|
|
1,796
|
|
Gross
margin
|
|
|
143
|
|
|
|
128
|
|
|
|
104
|
|
|
|
105
|
|
|
|
112
|
|
|
|
480
|
|
|
|
623
|
|
Selling
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
General and
administrative expenses
|
|
|
25
|
|
|
|
24
|
|
|
|
25
|
|
|
|
26
|
|
|
|
25
|
|
|
|
100
|
|
|
|
98
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
|
|
(84)
|
|
|
|
—
|
|
Other operating
(income) costs, net
|
|
|
(2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(23)
|
|
|
|
1
|
|
|
|
(25)
|
|
|
|
(4)
|
|
Operating income and
Net contribution to earnings
|
|
$
|
120
|
|
|
$
|
104
|
|
|
$
|
78
|
|
|
$
|
186
|
|
|
$
|
86
|
|
|
$
|
488
|
|
|
$
|
528
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Operating
income
|
|
$
|
120
|
|
|
$
|
104
|
|
|
$
|
78
|
|
|
$
|
186
|
|
|
$
|
86
|
|
|
$
|
488
|
|
|
$
|
528
|
|
Depreciation, depletion
and amortization
|
|
|
68
|
|
|
|
68
|
|
|
|
65
|
|
|
|
66
|
|
|
|
64
|
|
|
|
267
|
|
|
|
256
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(109)
|
|
|
|
—
|
|
|
|
(109)
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
188
|
|
|
$
|
172
|
|
|
$
|
143
|
|
|
$
|
143
|
|
|
$
|
150
|
|
|
$
|
646
|
|
|
$
|
784
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Gain on sale of
timberlands
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(84)
|
|
|
$
|
—
|
|
|
$
|
(84)
|
|
|
$
|
—
|
|
Legal
benefit
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
—
|
|
|
$
|
(25)
|
|
|
$
|
—
|
|
Selected Segment
Items
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Total (increase)
decrease in working capital(2)
|
|
$
|
(24)
|
|
|
$
|
51
|
|
|
$
|
23
|
|
|
$
|
(45)
|
|
|
$
|
(28)
|
|
|
$
|
5
|
|
|
$
|
9
|
|
Cash spent for capital
expenditures(3)
|
|
$
|
(26)
|
|
|
$
|
(22)
|
|
|
$
|
(26)
|
|
|
$
|
(37)
|
|
|
$
|
(38)
|
|
|
$
|
(111)
|
|
|
$
|
(113)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and log inventory for the Timberlands and Real Estate
& ENR segments combined.
|
(3)
|
Does not include cash
spent for the acquisition of timberlands.
|
Segment
Statistics(4)
|
|
|
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Third Party
|
|
Delivered
logs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
West
|
$
|
229
|
|
|
$
|
206
|
|
|
$
|
176
|
|
|
$
|
183
|
|
|
$
|
213
|
|
|
$
|
794
|
|
|
$
|
1,004
|
|
(millions)
|
|
South
|
|
168
|
|
|
|
162
|
|
|
|
155
|
|
|
|
158
|
|
|
|
165
|
|
|
|
643
|
|
|
|
645
|
|
|
|
North
|
|
17
|
|
|
|
7
|
|
|
|
11
|
|
|
|
13
|
|
|
|
16
|
|
|
|
48
|
|
|
|
56
|
|
|
|
Total delivered
logs
|
|
414
|
|
|
|
375
|
|
|
|
342
|
|
|
|
354
|
|
|
|
394
|
|
|
|
1,485
|
|
|
|
1,705
|
|
|
|
Stumpage and pay-as-cut
timber
|
|
16
|
|
|
|
15
|
|
|
|
12
|
|
|
|
13
|
|
|
|
16
|
|
|
|
56
|
|
|
|
46
|
|
|
|
Recreational and other
lease revenue
|
|
18
|
|
|
|
17
|
|
|
|
19
|
|
|
|
20
|
|
|
|
17
|
|
|
|
74
|
|
|
|
68
|
|
|
|
Other
revenue
|
|
14
|
|
|
|
10
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
39
|
|
|
|
39
|
|
|
|
Total
|
$
|
462
|
|
|
$
|
417
|
|
|
$
|
380
|
|
|
$
|
395
|
|
|
$
|
437
|
|
|
$
|
1,654
|
|
|
$
|
1,858
|
|
Delivered
Logs
|
|
West
|
$
|
137.10
|
|
|
$
|
123.45
|
|
|
$
|
119.19
|
|
|
$
|
126.58
|
|
|
$
|
141.88
|
|
|
$
|
126.82
|
|
|
$
|
159.46
|
|
Third Party
Sales
|
|
South
|
$
|
38.23
|
|
|
$
|
37.49
|
|
|
$
|
36.92
|
|
|
$
|
37.15
|
|
|
$
|
38.67
|
|
|
$
|
37.46
|
|
|
$
|
38.23
|
|
Realizations (per
ton)
|
|
North
|
$
|
81.71
|
|
|
$
|
78.69
|
|
|
$
|
73.81
|
|
|
$
|
69.92
|
|
|
$
|
80.57
|
|
|
$
|
76.03
|
|
|
$
|
79.64
|
|
Delivered
Logs
|
|
West
|
|
1,674
|
|
|
|
1,661
|
|
|
|
1,479
|
|
|
|
1,445
|
|
|
|
1,503
|
|
|
|
6,259
|
|
|
|
6,296
|
|
Third Party
Sales
|
|
South
|
|
4,386
|
|
|
|
4,341
|
|
|
|
4,180
|
|
|
|
4,266
|
|
|
|
4,252
|
|
|
|
17,173
|
|
|
|
16,864
|
|
Volumes (tons,
thousands)
|
|
North
|
|
204
|
|
|
|
98
|
|
|
|
148
|
|
|
|
179
|
|
|
|
202
|
|
|
|
629
|
|
|
|
707
|
|
Fee Harvest
Volumes
|
|
West
|
|
2,245
|
|
|
|
2,292
|
|
|
|
2,137
|
|
|
|
2,079
|
|
|
|
1,773
|
|
|
|
8,753
|
|
|
|
7,858
|
|
(tons,
thousands)
|
|
South
|
|
6,432
|
|
|
|
6,430
|
|
|
|
6,146
|
|
|
|
6,169
|
|
|
|
6,216
|
|
|
|
25,177
|
|
|
|
24,329
|
|
|
|
North
|
|
285
|
|
|
|
175
|
|
|
|
223
|
|
|
|
259
|
|
|
|
271
|
|
|
|
942
|
|
|
|
974
|
|
|
|
(4)
|
Western logs are
primarily transacted in MBF but are converted to ton equivalents
for external reporting purposes.
|
Weyerhaeuser
Company
Real Estate, Energy & Natural Resources
Segment
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
Segment Statement of
Operations
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Net
sales
|
|
$
|
101
|
|
|
$
|
80
|
|
|
$
|
105
|
|
|
$
|
77
|
|
|
$
|
55
|
|
|
$
|
363
|
|
|
$
|
368
|
|
Costs of
sales
|
|
|
41
|
|
|
|
21
|
|
|
|
43
|
|
|
|
21
|
|
|
|
13
|
|
|
|
126
|
|
|
|
113
|
|
Gross
margin
|
|
|
60
|
|
|
|
59
|
|
|
|
62
|
|
|
|
56
|
|
|
|
42
|
|
|
|
237
|
|
|
|
255
|
|
General and
administrative expenses
|
|
|
7
|
|
|
|
7
|
|
|
|
6
|
|
|
|
6
|
|
|
|
8
|
|
|
|
26
|
|
|
|
27
|
|
Other operating costs,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
10
|
|
Operating income and
Net contribution to earnings
|
|
$
|
53
|
|
|
$
|
52
|
|
|
$
|
56
|
|
|
$
|
50
|
|
|
$
|
24
|
|
|
$
|
211
|
|
|
$
|
218
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Operating
income
|
|
$
|
53
|
|
|
$
|
52
|
|
|
$
|
56
|
|
|
$
|
50
|
|
|
$
|
24
|
|
|
$
|
211
|
|
|
$
|
218
|
|
Depreciation, depletion
and amortization
|
|
|
3
|
|
|
|
5
|
|
|
|
4
|
|
|
|
4
|
|
|
|
5
|
|
|
|
16
|
|
|
|
17
|
|
Basis of real estate
sold
|
|
|
33
|
|
|
|
13
|
|
|
|
34
|
|
|
|
13
|
|
|
|
7
|
|
|
|
93
|
|
|
|
84
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
10
|
|
Adjusted
EBITDA(1)
|
|
$
|
89
|
|
|
$
|
70
|
|
|
$
|
94
|
|
|
$
|
67
|
|
|
$
|
46
|
|
|
$
|
320
|
|
|
$
|
329
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Restructuring,
impairments and other charges
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
$
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Cash spent for capital
expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Statistics
|
|
|
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Net Sales
|
Real Estate
|
|
$
|
72
|
|
|
$
|
47
|
|
|
$
|
79
|
|
|
$
|
39
|
|
|
$
|
18
|
|
|
$
|
237
|
|
|
$
|
235
|
|
(millions)
|
Energy and Natural
Resources
|
|
|
29
|
|
|
|
33
|
|
|
|
26
|
|
|
|
38
|
|
|
|
37
|
|
|
|
126
|
|
|
|
133
|
|
|
Total
|
|
$
|
101
|
|
|
$
|
80
|
|
|
$
|
105
|
|
|
$
|
77
|
|
|
$
|
55
|
|
|
$
|
363
|
|
|
$
|
368
|
|
Acres Sold
|
Real Estate
|
|
|
20,753
|
|
|
|
9,281
|
|
|
|
25,721
|
|
|
|
7,187
|
|
|
|
2,745
|
|
|
|
62,942
|
|
|
|
58,791
|
|
Price per
Acre
|
Real Estate
|
|
$
|
3,241
|
|
|
$
|
4,790
|
|
|
$
|
3,033
|
|
|
$
|
4,202
|
|
|
$
|
5,550
|
|
|
$
|
3,494
|
|
|
$
|
3,714
|
|
Basis as a Percent
of
Real Estate Net Sales
|
Real Estate
|
|
|
46
|
%
|
|
|
28
|
%
|
|
|
43
|
%
|
|
|
33
|
%
|
|
|
39
|
%
|
|
|
39
|
%
|
|
|
36
|
%
|
Weyerhaeuser
Company
|
|
|
|
Wood Products
Segment
|
Q4.2023 Analyst
Package
Preliminary results
(unaudited)
|
Segment Statement of
Operations
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Net
sales
|
|
$
|
1,318
|
|
|
$
|
1,500
|
|
|
$
|
1,537
|
|
|
$
|
1,302
|
|
|
$
|
1,331
|
|
|
$
|
5,657
|
|
|
$
|
7,958
|
|
Costs of
sales
|
|
|
1,159
|
|
|
|
1,218
|
|
|
|
1,195
|
|
|
|
1,127
|
|
|
|
1,116
|
|
|
|
4,699
|
|
|
|
5,166
|
|
Gross
margin
|
|
|
159
|
|
|
|
282
|
|
|
|
342
|
|
|
|
175
|
|
|
|
215
|
|
|
|
958
|
|
|
|
2,792
|
|
Selling
expenses
|
|
|
22
|
|
|
|
21
|
|
|
|
20
|
|
|
|
21
|
|
|
|
22
|
|
|
|
84
|
|
|
|
86
|
|
General and
administrative expenses
|
|
|
36
|
|
|
|
37
|
|
|
|
38
|
|
|
|
38
|
|
|
|
36
|
|
|
|
149
|
|
|
|
142
|
|
Other operating costs
(income), net
|
|
|
6
|
|
|
|
6
|
|
|
|
7
|
|
|
|
(3)
|
|
|
|
10
|
|
|
|
16
|
|
|
|
28
|
|
Operating income and
Net contribution to earnings
|
|
$
|
95
|
|
|
$
|
218
|
|
|
$
|
277
|
|
|
$
|
119
|
|
|
$
|
147
|
|
|
$
|
709
|
|
|
$
|
2,536
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Operating
income
|
|
$
|
95
|
|
|
$
|
218
|
|
|
$
|
277
|
|
|
$
|
119
|
|
|
$
|
147
|
|
|
$
|
709
|
|
|
$
|
2,536
|
|
Depreciation, depletion
and amortization
|
|
|
53
|
|
|
|
52
|
|
|
|
51
|
|
|
|
54
|
|
|
|
50
|
|
|
|
210
|
|
|
|
201
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
148
|
|
|
$
|
270
|
|
|
$
|
328
|
|
|
$
|
159
|
|
|
$
|
197
|
|
|
$
|
905
|
|
|
$
|
2,737
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Segment Special
Items Included In Net Contribution to Earnings
(Pretax)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Insurance
recovery
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14)
|
|
|
$
|
—
|
|
|
$
|
(14)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Total (increase)
decrease in working capital(2)
|
|
$
|
(127)
|
|
|
$
|
40
|
|
|
$
|
52
|
|
|
$
|
61
|
|
|
$
|
20
|
|
|
$
|
26
|
|
|
$
|
(10)
|
|
Cash spent for capital
expenditures
|
|
$
|
(43)
|
|
|
$
|
(56)
|
|
|
$
|
(69)
|
|
|
$
|
(155)
|
|
|
$
|
(184)
|
|
|
$
|
(323)
|
|
|
$
|
(347)
|
|
|
|
(2)
|
Represents the change
in prepaid assets, accounts receivable, accounts payable, accrued
liabilities and inventory for the Wood Products segment.
|
Segment
Statistics
|
|
in millions, except for
third party sales realizations
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Structural Lumber
|
Third party net
sales
|
|
$
|
515
|
|
|
$
|
573
|
|
|
$
|
570
|
|
|
$
|
465
|
|
|
$
|
494
|
|
|
$
|
2,123
|
|
|
$
|
3,374
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
450
|
|
|
$
|
479
|
|
|
$
|
481
|
|
|
$
|
413
|
|
|
$
|
495
|
|
|
$
|
457
|
|
|
$
|
724
|
|
in board
feet)
|
Third party sales
volumes(3)
|
|
|
1,144
|
|
|
|
1,196
|
|
|
|
1,184
|
|
|
|
1,125
|
|
|
|
996
|
|
|
|
4,649
|
|
|
|
4,658
|
|
|
Production
volumes
|
|
|
1,143
|
|
|
|
1,164
|
|
|
|
1,174
|
|
|
|
1,091
|
|
|
|
938
|
|
|
|
4,572
|
|
|
|
4,513
|
|
Oriented
Strand
|
Third party net
sales
|
|
$
|
208
|
|
|
$
|
215
|
|
|
$
|
284
|
|
|
$
|
237
|
|
|
$
|
230
|
|
|
$
|
944
|
|
|
$
|
1,578
|
|
Board
|
Third party sales
realizations
|
|
$
|
269
|
|
|
$
|
299
|
|
|
$
|
416
|
|
|
$
|
344
|
|
|
$
|
335
|
|
|
$
|
330
|
|
|
$
|
553
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
773
|
|
|
|
720
|
|
|
|
683
|
|
|
|
688
|
|
|
|
686
|
|
|
|
2,864
|
|
|
|
2,853
|
|
in square feet
3/8")
|
Production
volumes
|
|
|
761
|
|
|
|
727
|
|
|
|
724
|
|
|
|
721
|
|
|
|
729
|
|
|
|
2,933
|
|
|
|
2,961
|
|
Engineered
Solid
|
Third party net
sales
|
|
$
|
169
|
|
|
$
|
215
|
|
|
$
|
216
|
|
|
$
|
183
|
|
|
$
|
186
|
|
|
$
|
783
|
|
|
$
|
862
|
|
Section
|
Third party sales
realizations
|
|
$
|
3,643
|
|
|
$
|
3,571
|
|
|
$
|
3,458
|
|
|
$
|
3,385
|
|
|
$
|
3,743
|
|
|
$
|
3,509
|
|
|
$
|
3,751
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
4.7
|
|
|
|
6.0
|
|
|
|
6.2
|
|
|
|
5.4
|
|
|
|
5.0
|
|
|
|
22.3
|
|
|
|
23.0
|
|
in cubic
feet)
|
Production
volumes
|
|
|
4.6
|
|
|
|
5.9
|
|
|
|
5.6
|
|
|
|
5.8
|
|
|
|
5.5
|
|
|
|
21.9
|
|
|
|
23.6
|
|
Engineered
|
Third party net
sales
|
|
$
|
87
|
|
|
$
|
126
|
|
|
$
|
122
|
|
|
$
|
112
|
|
|
$
|
102
|
|
|
$
|
447
|
|
|
$
|
573
|
|
I-joists
|
Third party sales
realizations
|
|
$
|
3,171
|
|
|
$
|
2,901
|
|
|
$
|
2,862
|
|
|
$
|
2,766
|
|
|
$
|
3,537
|
|
|
$
|
2,902
|
|
|
$
|
3,350
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
27
|
|
|
|
44
|
|
|
|
42
|
|
|
|
41
|
|
|
|
29
|
|
|
|
154
|
|
|
|
171
|
|
in lineal
feet)
|
Production
volumes
|
|
|
25
|
|
|
|
38
|
|
|
|
42
|
|
|
|
42
|
|
|
|
31
|
|
|
|
147
|
|
|
|
172
|
|
Softwood Plywood
|
Third party net
sales
|
|
$
|
41
|
|
|
$
|
44
|
|
|
$
|
42
|
|
|
$
|
39
|
|
|
$
|
35
|
|
|
$
|
166
|
|
|
$
|
193
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
490
|
|
|
$
|
474
|
|
|
$
|
488
|
|
|
$
|
495
|
|
|
$
|
543
|
|
|
$
|
486
|
|
|
$
|
679
|
|
in square feet
3/8")
|
Third party sales
volumes(3)
|
|
|
83
|
|
|
|
94
|
|
|
|
86
|
|
|
|
79
|
|
|
|
66
|
|
|
|
342
|
|
|
|
285
|
|
|
Production
volumes
|
|
|
74
|
|
|
|
84
|
|
|
|
77
|
|
|
|
75
|
|
|
|
62
|
|
|
|
310
|
|
|
|
259
|
|
Medium
Density
|
Third party net
sales
|
|
$
|
38
|
|
|
$
|
42
|
|
|
$
|
40
|
|
|
$
|
35
|
|
|
$
|
41
|
|
|
$
|
155
|
|
|
$
|
192
|
|
Fiberboard
|
Third party sales
realizations
|
|
$
|
1,314
|
|
|
$
|
1,342
|
|
|
$
|
1,242
|
|
|
$
|
1,191
|
|
|
$
|
1,310
|
|
|
$
|
1,272
|
|
|
$
|
1,200
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
29
|
|
|
|
31
|
|
|
|
33
|
|
|
|
29
|
|
|
|
31
|
|
|
|
122
|
|
|
|
160
|
|
in square feet
3/4")
|
Production
volumes
|
|
|
34
|
|
|
|
33
|
|
|
|
34
|
|
|
|
31
|
|
|
|
31
|
|
|
|
132
|
|
|
|
161
|
|
|
|
(3)
|
Volumes include sales
of internally produced products and products purchased for resale
primarily through our distribution business.
|
Weyerhaeuser
Company
|
Unallocated
Items
|
Q4.2023 Analyst
Package
|
|
Preliminary results
(unaudited)
|
|
|
|
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
and interest income and other.
|
Net Charge to
Earnings
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Unallocated corporate
function and variable compensation expense
|
|
$
|
(27)
|
|
|
$
|
(32)
|
|
|
$
|
(33)
|
|
|
$
|
(35)
|
|
|
$
|
(36)
|
|
|
$
|
(127)
|
|
|
$
|
(139)
|
|
Liability classified
share-based compensation
|
|
|
—
|
|
|
|
(2)
|
|
|
|
2
|
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
4
|
|
Foreign exchange (loss)
gain
|
|
|
(1)
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2)
|
|
|
|
1
|
|
|
|
10
|
|
Elimination of
intersegment profit in inventory and LIFO
|
|
|
9
|
|
|
|
3
|
|
|
|
(4)
|
|
|
|
3
|
|
|
|
18
|
|
|
|
11
|
|
|
|
(21)
|
|
Other, net
|
|
|
(13)
|
|
|
|
(26)
|
|
|
|
(23)
|
|
|
|
(43)
|
|
|
|
(4)
|
|
|
|
(105)
|
|
|
|
(56)
|
|
Operating
loss
|
|
|
(32)
|
|
|
|
(55)
|
|
|
|
(58)
|
|
|
|
(77)
|
|
|
|
(25)
|
|
|
|
(222)
|
|
|
|
(202)
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(9)
|
|
|
|
(12)
|
|
|
|
(12)
|
|
|
|
(12)
|
|
|
|
(216)
|
|
|
|
(45)
|
|
|
|
(254)
|
|
Interest income and
other
|
|
|
12
|
|
|
|
18
|
|
|
|
24
|
|
|
|
22
|
|
|
|
16
|
|
|
|
76
|
|
|
|
25
|
|
Net charge to
earnings
|
|
$
|
(29)
|
|
|
$
|
(49)
|
|
|
$
|
(46)
|
|
|
$
|
(67)
|
|
|
$
|
(225)
|
|
|
$
|
(191)
|
|
|
$
|
(431)
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Operating
loss
|
|
$
|
(32)
|
|
|
$
|
(55)
|
|
|
$
|
(58)
|
|
|
$
|
(77)
|
|
|
$
|
(25)
|
|
|
$
|
(222)
|
|
|
$
|
(202)
|
|
Depreciation, depletion
and amortization
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
|
|
7
|
|
|
|
6
|
|
Special
items
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
|
|
38
|
|
|
|
—
|
|
Adjusted
EBITDA(1)
|
|
$
|
(30)
|
|
|
$
|
(43)
|
|
|
$
|
(56)
|
|
|
$
|
(48)
|
|
|
$
|
(24)
|
|
|
$
|
(177)
|
|
|
$
|
(196)
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA (a non-GAAP measure) on page 1.
|
Unallocated Special
Items Included in Net Charge to Earnings (Pretax)
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Environmental
remediation charge
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
Legal
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
Special items
included in operating loss
|
|
|
—
|
|
|
|
11
|
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
|
|
38
|
|
|
|
—
|
|
Pension settlement
charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
205
|
|
|
|
—
|
|
|
|
205
|
|
Special items
included in net charge to earnings
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
205
|
|
|
$
|
38
|
|
|
$
|
205
|
|
Unallocated Selected
Items
|
|
in millions
|
|
Q1.2023
|
|
|
Q2.2023
|
|
|
Q3.2023
|
|
|
Q4.2023
|
|
|
Q4.2022
|
|
|
YTD.2023
|
|
|
YTD.2022
|
|
Cash spent for capital
expenditures
|
|
$
|
(2)
|
|
|
$
|
(3)
|
|
|
$
|
(4)
|
|
|
$
|
(4)
|
|
|
$
|
(1)
|
|
|
$
|
(13)
|
|
|
$
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information contact:
Analysts – Andy
Taylor (206) 539-3907
Media –Nancy
Thompson (919) 861-0342
View original content to download
multimedia:https://www.prnewswire.com/news-releases/weyerhaeuser-reports-fourth-quarter-full-year-results-302045187.html
SOURCE Weyerhaeuser Company