SEATTLE, Oct. 29, 2021 /PRNewswire/ -- Weyerhaeuser
Company (NYSE: WY) today reported third quarter net earnings
of $482 million, or 64 cents per diluted share, on net
sales of $2.3 billion. This compares
with net earnings of $283 million, or
38 cents per diluted share, on net sales of $2.1 billion for the same period last
year.
View our earnings release and financial statements in a
printer-friendly PDF.
Excluding an after-tax benefit of $32
million for special items related to a gain on the sale of
timberlands, the company reported third quarter net earnings of
$450 million, or 60 cents per diluted share. This compares with
net earnings before special items of $386
million for the same period last year and $1.0 billion for the second quarter of 2021.
Adjusted EBITDA for the third quarter of 2021 was $746 million compared with $745 million for the same period last year
and $1.6 billion for the second
quarter of 2021.
"In the third quarter, we delivered strong results across each
of our businesses despite weather-related operational disruptions,
continued supply chain challenges and the ongoing pandemic," said
Devin W. Stockfish, president and chief executive officer. "Our
teams did an exceptional job navigating these headwinds and I'm
extremely proud of their collective focus on operating safely,
strong execution and continuing to serve our customers. Year to
date, we have generated more than $3.4
billion of Adjusted EBITDA and $2.4
billion of Adjusted Funds Available for Distribution. We
expect this record cash flow generation to result in a significant
supplemental dividend payment to shareholders in the first quarter
of 2022. We are bullish on the underlying demand fundamentals for
U.S. housing and growth opportunities for our businesses and remain
intently focused on delivering superior shareholder value."
WEYERHAEUSER
FINANCIAL HIGHLIGHTS
|
|
2021
|
|
2021
|
|
2020
|
(millions, except
per share data)
|
|
Q2
|
|
Q3
|
|
Q3
|
Net sales
|
|
$3,144
|
|
$2,345
|
|
$2,110
|
Net
earnings
|
|
$1,028
|
|
$482
|
|
$283
|
Net earnings per
diluted share
|
|
$1.37
|
|
$0.64
|
|
$0.38
|
Weighted average
shares outstanding, diluted
|
|
752
|
|
751
|
|
748
|
Net earnings before
special items(1)(2)
|
|
$1,028
|
|
$450
|
|
$386
|
Net earnings per
diluted share before special items(1)
|
|
$1.37
|
|
$0.60
|
|
$0.52
|
Adjusted
EBITDA(1)
|
|
$1,573
|
|
$746
|
|
$745
|
Net cash from
operations
|
|
$1,308
|
|
$659
|
|
$608
|
Adjusted
FAD(3)
|
|
$1,236
|
|
$561
|
|
$543
|
|
|
(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)
|
Third quarter 2021
after-tax special items includes a $32 million gain on the sale of
timberlands. 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
|
|
2021
|
|
2021
|
|
|
(millions)
|
|
Q2
|
|
Q3
|
|
Change
|
Net sales
|
|
$541
|
|
$552
|
|
$11
|
Net contribution to
pretax earnings
|
|
$113
|
|
$133
|
|
$20
|
Pretax benefit for
special items
|
|
$—
|
|
($32)
|
|
($32)
|
Net contribution to
pretax earnings before special items
|
|
$113
|
|
$101
|
|
($12)
|
Adjusted
EBITDA
|
|
$180
|
|
$165
|
|
($15)
|
Q3 2021 Performance – In the West, fee harvest volumes
were modestly lower than the second quarter due to continued
salvage operations and harvest restrictions resulting from regional
wildfire activity. Per unit log and haul costs increased as Western
harvest activity shifted to higher elevation units. Export sales
realizations were moderately higher, driven by strong demand. In
the South, sales realizations for sawlogs and fiber logs improved
and fee harvest volumes increased slightly, but harvest activity
was affected by persistent wet conditions and weather events. Per
unit log and haul costs and forestry and road costs were slightly
higher.
Third quarter special items consist of a $32 million gain on the previously announced sale
of 145 thousand acres of timberlands in the North Cascades region
of Washington, which was completed
in July.
Q4 2021 Outlook – Weyerhaeuser expects fourth
quarter earnings and Adjusted EBITDA will be comparable to the
third quarter. In the West, the company expects moderately higher
fee harvest volumes and lower per unit log and haul costs, as
salvage-related harvest will decrease. Domestic sales realizations
are expected to be moderately lower compared to the third quarter.
In the South, the company expects slightly higher fee harvest
volumes due to improving weather conditions as well as slightly
higher sales realizations as mills rebuild from lower than normal
inventory levels. This is expected to be offset by slightly higher
per unit log and haul costs as well as moderately higher forestry
and road costs.
REAL ESTATE, ENERGY & NATURAL RESOURCES
FINANCIAL
HIGHLIGHTS
|
|
2021
|
|
2021
|
|
|
(millions)
|
|
Q2
|
|
Q3
|
|
Change
|
Net sales
|
|
$110
|
|
$69
|
|
($41)
|
Net contribution to
pretax earnings
|
|
$63
|
|
$45
|
|
($18)
|
Adjusted
EBITDA
|
|
$91
|
|
$60
|
|
($31)
|
Q3 2021 Performance – Earnings and Adjusted EBITDA
decreased from the second quarter due to lower real estate sales.
The number of real estate acres sold decreased due to the timing of
real estate transactions, partially offset by an increase in the
average price per acre due to the mix of properties sold.
Q4 2021 Outlook – Weyerhaeuser anticipates fourth quarter
earnings and Adjusted EBITDA will be significantly lower than the
third quarter due to the timing of transactions. The company still
expects full year 2021 Adjusted EBITDA will be approximately
$290 million, although basis as a
percentage of real estate sales is now expected to be 25 to 30
percent for the full year.
WOOD PRODUCTS
FINANCIAL
HIGHLIGHTS
|
|
2021
|
|
2021
|
|
|
(millions)
|
|
Q2
|
|
Q3
|
|
Change
|
Net sales
|
|
$2,629
|
|
$1,853
|
|
($776)
|
Net contribution to
pretax earnings
|
|
$1,338
|
|
$517
|
|
($821)
|
Adjusted
EBITDA
|
|
$1,386
|
|
$565
|
|
($821)
|
Q3 2021 Performance – Sales realizations for lumber and
oriented strand board decreased 52 percent and 24 percent,
respectively, compared with second quarter averages. Sales volumes
for lumber increased moderately due to improvement in home center
takeaway, partially offset by weather-related downtime. Oriented
strand board production and sales volumes were modestly higher due
to less downtime for planned maintenance. Sales realizations
improved significantly across most engineered wood products, and
the company continued to benefit from previously announced price
increases for solid section and I-joist products. Raw material
costs for Wood Products increased, primarily for oriented strand
board webstock, resin and veneer.
Q4 2021 Outlook – Weyerhaeuser anticipates fourth
quarter earnings and Adjusted EBITDA will be higher than the third
quarter, excluding the effect of changes in average sales
realizations for lumber and oriented strand board. The company
expects higher sales volumes, primarily for oriented strand board,
as well as improved manufacturing costs due to lower planned
maintenance downtime. Raw material costs are expected to be lower,
primarily for oriented strand board webstock.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest private owners
of timberlands, began operations in 1900. We own or control
approximately 11 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 2020, we generated $7.5
billion in net sales and employed approximately 9,400 people
who serve customers worldwide. We are listed on the Dow Jones
Sustainability North America Index. 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 October 29,
2021 to discuss third quarter results.
To access the live webcast and presentation online, go to the
Investor Relations section on www.weyerhaeuser.com on October 29, 2021.
To join the conference call from within North America, dial 877-407-0792 (access code:
13714049) at least 15 minutes prior to the call. Those calling from
outside North America should dial
201-689-8263 (access code: 13714049). Replays will be available for
two weeks at 844-512-2921 (access code: 13714049) from within
North America, and at 412-317-6671
(access code: 13714049) 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: fourth quarter earnings
and Adjusted EBITDA for each of our businesses and full-year
Adjusted EBITDA for our Real Estate, Energy & Natural Resources
business; log sales realizations; forestry and road costs; log and
haul costs; fee harvest volumes, including salvage-related harvest
activity; basis as a percentage of real estate sales; raw materials
costs for our Wood Products business; the amount of manufacturing
downtime due to scheduled maintenance; average sales realizations
for our lumber and oriented strand board products; sales volumes
for oriented strand board and sales realizations for our lumber and
oriented strand board product lines. 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 such
as "anticipate," "expect," "planned," "will," and similar words and
expressions. They may use the positive, negative or another
variation of those and similar words. 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 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,
including but not limited to any related regulatory restrictions or
requirements, 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;
- 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 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 2020 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.
For more information contact:
Analysts - Andy
Taylor | 206-539-3907
Media - Nancy Thompson
| 919-861-0342
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 quarter ended
June 30, 2021:
(millions)
|
|
Timberlands
|
|
Real Estate
& ENR
|
|
Wood
Products
|
|
Unallocated
Items
|
|
Total
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
$1,028
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
78
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
324
|
Net contribution
(charge) to earnings
|
|
$113
|
|
$63
|
|
$1,338
|
|
$(84)
|
|
$1,430
|
Non-operating pension
and other post-employment benefit costs
|
|
—
|
|
—
|
|
—
|
|
1
|
|
1
|
Interest income and
other
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(2)
|
Operating income
(loss)
|
|
113
|
|
63
|
|
1,338
|
|
(85)
|
|
1,429
|
Depreciation,
depletion and amortization
|
|
67
|
|
4
|
|
48
|
|
1
|
|
120
|
Basis of real estate
sold
|
|
—
|
|
24
|
|
—
|
|
—
|
|
24
|
Adjusted
EBITDA
|
|
$180
|
|
$91
|
|
$1,386
|
|
$(84)
|
|
$1,573
|
The table below reconciles Adjusted EBITDA for the quarter ended
September 30, 2021:
(millions)
|
|
Timberlands
|
|
Real Estate
& ENR
|
|
Wood
Products
|
|
Unallocated
Items
|
|
Total
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
$482
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
79
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
84
|
Net contribution
(charge) to earnings
|
|
$133
|
|
$45
|
|
$517
|
|
$(50)
|
|
$645
|
Non-operating pension
and other post-employment benefit costs
|
|
—
|
|
—
|
|
—
|
|
5
|
|
5
|
Interest income and
other
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
Operating income
(loss)
|
|
133
|
|
45
|
|
517
|
|
(46)
|
|
649
|
Depreciation,
depletion and amortization
|
|
64
|
|
4
|
|
48
|
|
2
|
|
118
|
Basis of real estate
sold
|
|
—
|
|
11
|
|
—
|
|
—
|
|
11
|
Special items included
in operating income (loss)(1)
|
|
(32)
|
|
—
|
|
—
|
|
—
|
|
(32)
|
Adjusted
EBITDA
|
|
$165
|
|
$60
|
|
$565
|
|
$(44)
|
|
$746
|
|
|
(1)
|
Operating income
(loss) includes a pretax special item consisting of a $32 million
gain on the sale of timberlands.
|
The table below reconciles Adjusted EBITDA for the quarter ended
September 30, 2020:
(millions)
|
|
Timberlands
|
|
Real Estate
& ENR
|
|
Wood
Products
|
|
Unallocated
Items
|
|
Total
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
$283
|
Interest expense, net
of capitalized interest(1)
|
|
|
|
|
|
|
|
|
|
111
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
109
|
Net contribution
(charge) to earnings
|
|
$(11)
|
|
$17
|
|
$566
|
|
$(69)
|
|
$503
|
Non-operating pension
and other post-employment benefit costs
|
|
—
|
|
—
|
|
—
|
|
9
|
|
9
|
Interest income and
other
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(2)
|
Operating income
(loss)
|
|
(11)
|
|
17
|
|
566
|
|
(62)
|
|
510
|
Depreciation,
depletion and amortization
|
|
61
|
|
3
|
|
49
|
|
2
|
|
115
|
Basis of real estate
sold
|
|
—
|
|
40
|
|
—
|
|
—
|
|
40
|
Special items included
in operating income (loss)(2)
|
|
80
|
|
—
|
|
—
|
|
—
|
|
80
|
Adjusted
EBITDA
|
|
$130
|
|
$60
|
|
$615
|
|
$(60)
|
|
$745
|
|
|
(1)
|
Interest expense, net
of capitalized interest includes a pretax special item consisting
of a $23 million charge related to the early extinguishment of $325
million of 3.25 percent notes due March 2023.
|
(2)
|
Operating income
(loss) includes a pretax special item consisting of an $80 million
timber casualty loss.
|
The table below reconciles Adjusted EBITDA for the year-to-date
period ended September 30, 2021:
(millions)
|
|
Timberlands
|
|
Real Estate
& ENR
|
|
Wood
Products
|
|
Unallocated
Items
|
|
Total
|
Adjusted EBITDA by
Segment:
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
|
|
$2,191
|
Interest expense, net
of capitalized interest
|
|
|
|
|
|
|
|
|
|
236
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
597
|
Net contribution
(charge) to earnings
|
|
$354
|
|
$174
|
|
$2,695
|
|
$(199)
|
|
$3,024
|
Non-operating pension
and other post-employment benefit costs
|
|
—
|
|
—
|
|
—
|
|
14
|
|
14
|
Interest income and
other
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
(4)
|
Operating income
(loss)
|
|
354
|
|
174
|
|
2,695
|
|
(189)
|
|
3,034
|
Depreciation,
depletion and amortization
|
|
195
|
|
11
|
|
145
|
|
5
|
|
356
|
Basis of real estate
sold
|
|
—
|
|
62
|
|
—
|
|
—
|
|
62
|
Special items included
in operating income (loss)(1)
|
|
(32)
|
|
—
|
|
—
|
|
—
|
|
(32)
|
Adjusted
EBITDA
|
|
$517
|
|
$247
|
|
$2,840
|
|
$(184)
|
|
$3,420
|
|
|
(1)
|
Operating income
(loss) includes a pretax special item consisting of a $32 million
gain on the sale of
timberlands.
|
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:
|
|
2021
|
|
2021
|
|
2020
|
(millions)
|
|
Q2
|
|
Q3
|
|
Q3
|
Net
earnings
|
|
$1,028
|
|
$482
|
|
$283
|
Early extinguishment
of debt charge
|
|
—
|
|
—
|
|
23
|
Gain on sale of
timberlands
|
|
—
|
|
(32)
|
|
—
|
Timber casualty
loss
|
|
—
|
|
—
|
|
80
|
Net earnings
before special items
|
|
$1,028
|
|
$450
|
|
$386
|
The table below reconciles net earnings per diluted share before
special items to net earnings per diluted share:
|
|
2021
|
|
2021
|
|
2020
|
|
|
Q2
|
|
Q3
|
|
Q3
|
Net earnings per
diluted share
|
|
$1.37
|
|
$0.64
|
|
$0.38
|
Early extinguishment
of debt charge
|
|
—
|
|
—
|
|
0.03
|
Gain on sale of
timberlands
|
|
—
|
|
(0.04)
|
|
—
|
Timber casualty
loss
|
|
—
|
|
—
|
|
0.11
|
Net earnings per
diluted share before special items
|
|
$1.37
|
|
$0.60
|
|
$0.52
|
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:
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
(millions)
|
|
Q2
|
|
Q3
|
|
Q3
|
|
Q3
YTD
|
Net cash from
operations
|
|
$1,308
|
|
$659
|
|
$608
|
|
$2,665
|
Capital
expenditures
|
|
(72)
|
|
(98)
|
|
(65)
|
|
(223)
|
Adjustments to
FAD
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted
FAD
|
|
$1,236
|
|
$561
|
|
$543
|
|
$2,442
|
Exhibit
99.2
|
Weyerhaeuser
Company
Q3.2021 Analyst
Package
Preliminary results (unaudited)
|
|
Consolidated
Statement of Operations
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
in
millions
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Net
sales
|
|
$
|
2,506
|
|
|
$
|
3,144
|
|
|
$
|
2,345
|
|
|
$
|
2,110
|
|
|
$
|
7,995
|
|
|
$
|
5,469
|
|
Costs of
sales
|
|
|
1,430
|
|
|
|
1,583
|
|
|
|
1,589
|
|
|
|
1,390
|
|
|
|
4,602
|
|
|
|
4,055
|
|
Gross
margin
|
|
|
1,076
|
|
|
|
1,561
|
|
|
|
756
|
|
|
|
720
|
|
|
|
3,393
|
|
|
|
1,414
|
|
Selling
expenses
|
|
|
20
|
|
|
|
24
|
|
|
|
24
|
|
|
|
22
|
|
|
|
68
|
|
|
|
62
|
|
General and
administrative expenses
|
|
|
90
|
|
|
|
95
|
|
|
|
98
|
|
|
|
96
|
|
|
|
283
|
|
|
|
254
|
|
Other operating costs
(income), net
|
|
|
10
|
|
|
|
13
|
|
|
|
(15)
|
|
|
|
92
|
|
|
|
8
|
|
|
|
105
|
|
Operating
income
|
|
|
956
|
|
|
|
1,429
|
|
|
|
649
|
|
|
|
510
|
|
|
|
3,034
|
|
|
|
993
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(8)
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(9)
|
|
|
|
(14)
|
|
|
|
(28)
|
|
Interest income and
other
|
|
|
1
|
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
4
|
|
|
|
5
|
|
Interest expense, net
of capitalized interest
|
|
|
(79)
|
|
|
|
(78)
|
|
|
|
(79)
|
|
|
|
(111)
|
|
|
|
(236)
|
|
|
|
(299)
|
|
Earnings before
income taxes
|
|
|
870
|
|
|
|
1,352
|
|
|
|
566
|
|
|
|
392
|
|
|
|
2,788
|
|
|
|
671
|
|
Income
taxes
|
|
|
(189)
|
|
|
|
(324)
|
|
|
|
(84)
|
|
|
|
(109)
|
|
|
|
(597)
|
|
|
|
(166)
|
|
Net
earnings
|
|
$
|
681
|
|
|
$
|
1,028
|
|
|
$
|
482
|
|
|
$
|
283
|
|
|
$
|
2,191
|
|
|
$
|
505
|
|
|
|
|
Per Share
Information
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Earnings per share,
basic and diluted
|
|
$
|
0.91
|
|
|
$
|
1.37
|
|
|
$
|
0.64
|
|
|
$
|
0.38
|
|
|
$
|
2.92
|
|
|
$
|
0.68
|
|
Dividends paid per
common share
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
—
|
|
|
$
|
0.51
|
|
|
$
|
0.34
|
|
Weighted average
shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
748,718
|
|
|
|
750,127
|
|
|
|
750,105
|
|
|
|
746,996
|
|
|
|
749,657
|
|
|
|
746,809
|
|
Diluted
|
|
|
750,024
|
|
|
|
751,508
|
|
|
|
751,443
|
|
|
|
748,450
|
|
|
|
750,999
|
|
|
|
747,530
|
|
Common shares
outstanding at end of period (in thousands)
|
|
|
748,751
|
|
|
|
749,782
|
|
|
|
749,037
|
|
|
|
746,398
|
|
|
|
749,037
|
|
|
|
746,398
|
|
|
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and Amortization
(Adjusted EBITDA)
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
in
millions
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Net
earnings
|
|
$
|
681
|
|
|
$
|
1,028
|
|
|
$
|
482
|
|
|
$
|
283
|
|
|
$
|
2,191
|
|
|
$
|
505
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
8
|
|
|
|
1
|
|
|
|
5
|
|
|
|
9
|
|
|
|
14
|
|
|
|
28
|
|
Interest income and
other
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
(5)
|
|
Interest expense, net
of capitalized interest
|
|
|
79
|
|
|
|
78
|
|
|
|
79
|
|
|
|
111
|
|
|
|
236
|
|
|
|
299
|
|
Income
taxes
|
|
|
189
|
|
|
|
324
|
|
|
|
84
|
|
|
|
109
|
|
|
|
597
|
|
|
|
166
|
|
Operating
income
|
|
|
956
|
|
|
|
1,429
|
|
|
|
649
|
|
|
|
510
|
|
|
|
3,034
|
|
|
|
993
|
|
Depreciation,
depletion and amortization
|
|
|
118
|
|
|
|
120
|
|
|
|
118
|
|
|
|
115
|
|
|
|
356
|
|
|
|
355
|
|
Basis of real estate
sold
|
|
|
27
|
|
|
|
24
|
|
|
|
11
|
|
|
|
40
|
|
|
|
62
|
|
|
|
136
|
|
Special items
included in operating income
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
80
|
|
|
|
(32)
|
|
|
|
60
|
|
Adjusted
EBITDA(1)
|
|
$
|
1,101
|
|
|
$
|
1,573
|
|
|
$
|
746
|
|
|
$
|
745
|
|
|
$
|
3,420
|
|
|
$
|
1,544
|
|
|
|
(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.
|
Total Company
Statistics
|
Weyerhaeuser
Company Q3.2021 Analyst
Package Preliminary results (unaudited)
|
|
Special Items
Included in Net Earnings (Income Tax Affected)
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
in
millions
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Net
earnings
|
|
$
|
681
|
|
|
$
|
1,028
|
|
|
$
|
482
|
|
|
$
|
283
|
|
|
$
|
2,191
|
|
|
$
|
505
|
|
Early extinguishment
of debt charges(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23
|
|
|
|
—
|
|
|
|
34
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12)
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6)
|
|
Timber casualty
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
80
|
|
|
|
—
|
|
|
|
80
|
|
Net earnings
before special items(2)
|
|
$
|
681
|
|
|
$
|
1,028
|
|
|
$
|
450
|
|
|
$
|
386
|
|
|
$
|
2,159
|
|
|
$
|
601
|
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Net earnings per
diluted share
|
|
$
|
0.91
|
|
|
$
|
1.37
|
|
|
$
|
0.64
|
|
|
$
|
0.38
|
|
|
$
|
2.92
|
|
|
$
|
0.68
|
|
Early extinguishment
of debt charges(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
|
—
|
|
|
|
0.05
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.04)
|
|
|
|
—
|
|
|
|
(0.04)
|
|
|
|
—
|
|
Legal
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
Product remediation
recovery
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Timber casualty
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.11
|
|
|
|
—
|
|
|
|
0.11
|
|
Net earnings per
diluted share before special items(2)
|
|
$
|
0.91
|
|
|
$
|
1.37
|
|
|
$
|
0.60
|
|
|
$
|
0.52
|
|
|
$
|
2.88
|
|
|
$
|
0.81
|
|
|
|
(1)
|
We recorded pretax
charges of $11 million ($11 million after-tax) and $23 million ($23
million after-tax) related to the early extinguishment of debt in
second quarter 2020 and third quarter 2020, respectively. These
charges were included in Interest expense, net of capitalized
interest in the Consolidated Statement of Operations.
|
(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
|
|
|
Year-to-Date
|
|
in
millions
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Pension and
post-employment costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension and
post-employment service costs
|
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
32
|
|
|
$
|
27
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
8
|
|
|
|
1
|
|
|
|
5
|
|
|
|
9
|
|
|
|
14
|
|
|
|
28
|
|
Total company
pension and post-employment costs
|
|
$
|
19
|
|
|
$
|
11
|
|
|
$
|
16
|
|
|
$
|
18
|
|
|
$
|
46
|
|
|
$
|
55
|
|
|
Weyerhaeuser
Company Q3.2021 Analyst Package Preliminary
results (unaudited)
|
|
Consolidated
Balance Sheet
|
|
in
millions
|
|
March
31,
2021
|
|
|
June
30,
2021
|
|
|
September
30,
2021
|
|
|
December
31,
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,016
|
|
|
$
|
1,777
|
|
|
$
|
2,326
|
|
|
$
|
495
|
|
Receivables,
net
|
|
|
589
|
|
|
|
702
|
|
|
|
497
|
|
|
|
450
|
|
Receivables for
taxes
|
|
|
7
|
|
|
|
7
|
|
|
|
72
|
|
|
|
82
|
|
Inventories
|
|
|
505
|
|
|
|
499
|
|
|
|
499
|
|
|
|
443
|
|
Assets held for
sale
|
|
|
—
|
|
|
|
229
|
|
|
|
—
|
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
|
|
141
|
|
|
|
141
|
|
|
|
146
|
|
|
|
139
|
|
Total current
assets
|
|
|
2,258
|
|
|
|
3,355
|
|
|
|
3,540
|
|
|
|
1,609
|
|
Property and
equipment, net
|
|
|
1,971
|
|
|
|
1,965
|
|
|
|
1,924
|
|
|
|
2,013
|
|
Construction in
progress
|
|
|
91
|
|
|
|
102
|
|
|
|
169
|
|
|
|
73
|
|
Timber and timberlands
at cost, less depletion
|
|
|
11,776
|
|
|
|
11,643
|
|
|
|
11,606
|
|
|
|
11,827
|
|
Minerals and mineral
rights, less depletion
|
|
|
265
|
|
|
|
262
|
|
|
|
258
|
|
|
|
268
|
|
Deferred tax
assets
|
|
|
106
|
|
|
|
71
|
|
|
|
52
|
|
|
|
120
|
|
Other
assets
|
|
|
407
|
|
|
|
432
|
|
|
|
543
|
|
|
|
401
|
|
Total
assets
|
|
$
|
16,874
|
|
|
$
|
17,830
|
|
|
$
|
18,092
|
|
|
$
|
16,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
|
150
|
|
|
$
|
150
|
|
|
$
|
150
|
|
|
$
|
150
|
|
Accounts
payable
|
|
|
236
|
|
|
|
253
|
|
|
|
264
|
|
|
|
204
|
|
Accrued
liabilities
|
|
|
549
|
|
|
|
775
|
|
|
|
1,110
|
|
|
|
596
|
|
Total current
liabilities
|
|
|
935
|
|
|
|
1,178
|
|
|
|
1,524
|
|
|
|
950
|
|
Long-term debt,
net
|
|
|
5,325
|
|
|
|
5,100
|
|
|
|
5,100
|
|
|
|
5,325
|
|
Deferred tax
liabilities
|
|
|
26
|
|
|
|
42
|
|
|
|
28
|
|
|
|
24
|
|
Deferred pension and
other post-employment benefits
|
|
|
893
|
|
|
|
747
|
|
|
|
711
|
|
|
|
911
|
|
Other
liabilities
|
|
|
367
|
|
|
|
363
|
|
|
|
360
|
|
|
|
370
|
|
Total
liabilities
|
|
|
7,546
|
|
|
|
7,430
|
|
|
|
7,723
|
|
|
|
7,580
|
|
Total
equity
|
|
|
9,328
|
|
|
|
10,400
|
|
|
|
10,369
|
|
|
|
8,731
|
|
Total liabilities
and equity
|
|
$
|
16,874
|
|
|
$
|
17,830
|
|
|
$
|
18,092
|
|
|
$
|
16,311
|
|
Weyerhaeuser
Company Q3.2021 Analyst Package Preliminary
results (unaudited)
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Year-to-Date
|
|
in
millions
|
|
March 31,
2021
|
|
|
June 30,
2021
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
|
Sept
30,
2021
|
|
|
Sept
30,
2020
|
|
Cash flows from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
$
|
681
|
|
|
$
|
1,028
|
|
|
$
|
482
|
|
|
$
|
283
|
|
|
$
|
2,191
|
|
|
$
|
505
|
|
Noncash charges
(credits) to earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
118
|
|
|
|
120
|
|
|
|
118
|
|
|
|
115
|
|
|
|
356
|
|
|
|
355
|
|
Basis of real estate
sold
|
|
|
27
|
|
|
|
24
|
|
|
|
11
|
|
|
|
40
|
|
|
|
62
|
|
|
|
136
|
|
Deferred income taxes,
net
|
|
|
8
|
|
|
|
11
|
|
|
|
(3)
|
|
|
|
22
|
|
|
|
16
|
|
|
|
20
|
|
Pension and other
post-employment benefits
|
|
|
19
|
|
|
|
11
|
|
|
|
16
|
|
|
|
18
|
|
|
|
46
|
|
|
|
55
|
|
Share-based
compensation expense
|
|
|
7
|
|
|
|
8
|
|
|
|
8
|
|
|
|
7
|
|
|
|
23
|
|
|
|
22
|
|
Timber casualty
loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
80
|
|
|
|
—
|
|
|
|
80
|
|
Gain on sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
—
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(139)
|
|
|
|
(113)
|
|
|
|
205
|
|
|
|
(80)
|
|
|
|
(47)
|
|
|
|
(192)
|
|
Receivables and
payables for taxes
|
|
|
120
|
|
|
|
116
|
|
|
|
(143)
|
|
|
|
42
|
|
|
|
93
|
|
|
|
103
|
|
Inventories
|
|
|
(60)
|
|
|
|
9
|
|
|
|
(4)
|
|
|
|
—
|
|
|
|
(55)
|
|
|
|
2
|
|
Prepaid expenses and
other current assets
|
|
|
(2)
|
|
|
|
1
|
|
|
|
(20)
|
|
|
|
—
|
|
|
|
(21)
|
|
|
|
5
|
|
Accounts payable and
accrued liabilities
|
|
|
(60)
|
|
|
|
125
|
|
|
|
51
|
|
|
|
64
|
|
|
|
116
|
|
|
|
3
|
|
Pension and
post-employment benefit contributions and payments
|
|
|
(8)
|
|
|
|
(25)
|
|
|
|
(23)
|
|
|
|
(5)
|
|
|
|
(56)
|
|
|
|
(21)
|
|
Other
|
|
|
(13)
|
|
|
|
(7)
|
|
|
|
(7)
|
|
|
|
22
|
|
|
|
(27)
|
|
|
|
12
|
|
Net cash from
operations
|
|
$
|
698
|
|
|
$
|
1,308
|
|
|
$
|
659
|
|
|
$
|
608
|
|
|
$
|
2,665
|
|
|
$
|
1,085
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
for property and equipment
|
|
$
|
(31)
|
|
|
$
|
(62)
|
|
|
$
|
(91)
|
|
|
$
|
(56)
|
|
|
$
|
(184)
|
|
|
$
|
(158)
|
|
Capital expenditures
for timberlands reforestation
|
|
|
(22)
|
|
|
|
(10)
|
|
|
|
(7)
|
|
|
|
(9)
|
|
|
|
(39)
|
|
|
|
(41)
|
|
Acquisition of Alabama
timberlands
|
|
|
—
|
|
|
|
(149)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(149)
|
|
|
|
—
|
|
Proceeds from note
receivable held by variable interest entities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
362
|
|
Proceeds from sale of
timberlands
|
|
|
—
|
|
|
|
—
|
|
|
|
261
|
|
|
|
—
|
|
|
|
261
|
|
|
|
145
|
|
Other
|
|
|
—
|
|
|
|
1
|
|
|
|
2
|
|
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
Net cash from
investing activities
|
|
$
|
(53)
|
|
|
$
|
(220)
|
|
|
$
|
165
|
|
|
$
|
(65)
|
|
|
$
|
(108)
|
|
|
$
|
311
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends on
common shares
|
|
$
|
(127)
|
|
|
$
|
(128)
|
|
|
$
|
(127)
|
|
|
$
|
—
|
|
|
$
|
(382)
|
|
|
$
|
(254)
|
|
Net proceeds from
issuance of long-term debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
732
|
|
Payments on long-term
debt
|
|
|
—
|
|
|
|
(225)
|
|
|
|
—
|
|
|
|
(348)
|
|
|
|
(225)
|
|
|
|
(936)
|
|
Proceeds from
borrowings on line of credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
550
|
|
Payments on line of
credit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(780)
|
|
Proceeds from exercise
of stock options
|
|
|
17
|
|
|
|
28
|
|
|
|
1
|
|
|
|
3
|
|
|
|
46
|
|
|
|
9
|
|
Repurchases of common
shares
|
|
|
—
|
|
|
|
—
|
|
|
|
(26)
|
|
|
|
—
|
|
|
|
(26)
|
|
|
|
—
|
|
Other
|
|
|
(14)
|
|
|
|
(2)
|
|
|
|
(3)
|
|
|
|
(1)
|
|
|
|
(19)
|
|
|
|
(16)
|
|
Net cash from
financing activities
|
|
$
|
(124)
|
|
|
$
|
(327)
|
|
|
$
|
(155)
|
|
|
$
|
(346)
|
|
|
$
|
(606)
|
|
|
$
|
(695)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
|
$
|
521
|
|
|
$
|
761
|
|
|
$
|
669
|
|
|
$
|
197
|
|
|
$
|
1,951
|
|
|
$
|
701
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
|
495
|
|
|
|
1,016
|
|
|
|
1,777
|
|
|
|
643
|
|
|
|
495
|
|
|
|
139
|
|
Cash, cash
equivalents and restricted cash at end of period
|
|
$
|
1,016
|
|
|
$
|
1,777
|
|
|
$
|
2,446
|
|
|
$
|
840
|
|
|
$
|
2,446
|
|
|
$
|
840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid (received)
during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
75
|
|
|
$
|
79
|
|
|
$
|
83
|
|
|
$
|
100
|
|
|
$
|
237
|
|
|
$
|
278
|
|
Income taxes, net of
refunds
|
|
$
|
66
|
|
|
$
|
197
|
|
|
$
|
231
|
|
|
$
|
45
|
|
|
$
|
494
|
|
|
$
|
46
|
|
Timberlands
Segment
|
Weyerhaeuser
Company Q3.2021 Analyst
Package Preliminary results (unaudited)
|
|
Segment Statement
of Operations
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Sales to unaffiliated
customers
|
|
$
|
379
|
|
|
$
|
405
|
|
|
$
|
423
|
|
|
$
|
345
|
|
|
$
|
1,207
|
|
|
$
|
1,085
|
|
Intersegment
sales
|
|
|
134
|
|
|
|
136
|
|
|
|
129
|
|
|
|
107
|
|
|
|
399
|
|
|
|
350
|
|
Total net
sales
|
|
|
513
|
|
|
|
541
|
|
|
|
552
|
|
|
|
452
|
|
|
|
1,606
|
|
|
|
1,435
|
|
Costs of
sales
|
|
|
383
|
|
|
|
407
|
|
|
|
428
|
|
|
|
358
|
|
|
|
1,218
|
|
|
|
1,116
|
|
Gross
margin
|
|
|
130
|
|
|
|
134
|
|
|
|
124
|
|
|
|
94
|
|
|
|
388
|
|
|
|
319
|
|
Selling
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
General and
administrative expenses
|
|
|
23
|
|
|
|
23
|
|
|
|
23
|
|
|
|
24
|
|
|
|
69
|
|
|
|
70
|
|
Other operating costs
(income), net
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(33)
|
|
|
|
81
|
|
|
|
(36)
|
|
|
|
79
|
|
Operating income
(loss) and Net contribution (charge) to earnings
|
|
$
|
108
|
|
|
$
|
113
|
|
|
$
|
133
|
|
|
$
|
(11)
|
|
|
$
|
354
|
|
|
$
|
169
|
|
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Operating income
(loss)
|
|
$
|
108
|
|
|
$
|
113
|
|
|
$
|
133
|
|
|
$
|
(11)
|
|
|
$
|
354
|
|
|
$
|
169
|
|
Depreciation,
depletion and amortization
|
|
|
64
|
|
|
|
67
|
|
|
|
64
|
|
|
|
61
|
|
|
|
195
|
|
|
|
194
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
(32)
|
|
|
|
80
|
|
|
|
(32)
|
|
|
|
80
|
|
Adjusted
EBITDA(1)
|
|
$
|
172
|
|
|
$
|
180
|
|
|
$
|
165
|
|
|
$
|
130
|
|
|
$
|
517
|
|
|
$
|
443
|
|
|
(1) See
definition of Adjusted EBITDA (a non-GAAP measure) on page
1.
|
|
|
Segment Special
Items Included in Net Contribution (Charge) to Earnings
(Pretax)
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Gain on sale of
timberlands
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
Timber casualty
loss
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(80)
|
|
|
$
|
—
|
|
|
$
|
(80)
|
|
|
|
Selected Segment
Items
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Total decrease
(increase) in working capital(2)
|
|
$
|
(13)
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
43
|
|
|
$
|
(10)
|
|
|
$
|
38
|
|
Cash spent for
capital expenditures(3)
|
|
$
|
(28)
|
|
|
$
|
(21)
|
|
|
$
|
(27)
|
|
|
$
|
(24)
|
|
|
$
|
(76)
|
|
|
$
|
(75)
|
|
|
(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)
|
|
|
|
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Third Party
|
|
Delivered
logs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
West
|
$
|
201
|
|
|
$
|
222
|
|
|
$
|
226
|
|
|
$
|
163
|
|
|
$
|
649
|
|
|
$
|
519
|
|
(millions)
|
|
South
|
|
131
|
|
|
|
145
|
|
|
|
153
|
|
|
|
141
|
|
|
|
429
|
|
|
|
436
|
|
|
|
North
|
|
16
|
|
|
|
9
|
|
|
|
13
|
|
|
|
13
|
|
|
|
38
|
|
|
|
37
|
|
|
|
Total delivered
logs
|
|
348
|
|
|
|
376
|
|
|
|
392
|
|
|
|
317
|
|
|
|
1,116
|
|
|
|
992
|
|
|
|
Stumpage and
pay-as-cut timber
|
|
6
|
|
|
|
7
|
|
|
|
9
|
|
|
|
5
|
|
|
|
22
|
|
|
|
15
|
|
|
|
Recreational and
other lease revenue
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
|
|
48
|
|
|
|
47
|
|
|
|
Other
revenue
|
|
9
|
|
|
|
6
|
|
|
|
6
|
|
|
|
7
|
|
|
|
21
|
|
|
|
31
|
|
|
|
Total
|
$
|
379
|
|
|
$
|
405
|
|
|
$
|
423
|
|
|
$
|
345
|
|
|
$
|
1,207
|
|
|
$
|
1,085
|
|
Delivered
Logs
|
|
West
|
$
|
130.69
|
|
|
$
|
137.80
|
|
|
$
|
145.64
|
|
|
$
|
109.01
|
|
|
$
|
138.06
|
|
|
$
|
106.16
|
|
Third Party
Sales
|
|
South
|
$
|
34.50
|
|
|
$
|
35.11
|
|
|
$
|
35.56
|
|
|
$
|
33.68
|
|
|
$
|
35.08
|
|
|
$
|
33.88
|
|
Realizations (per
ton)
|
|
North
|
$
|
62.83
|
|
|
$
|
74.88
|
|
|
$
|
64.93
|
|
|
$
|
57.19
|
|
|
$
|
65.97
|
|
|
$
|
59.15
|
|
Delivered
Logs
|
|
West
|
|
1,539
|
|
|
|
1,608
|
|
|
|
1,555
|
|
|
|
1,489
|
|
|
|
4,702
|
|
|
|
4,887
|
|
Third Party
Sales
|
|
South
|
|
3,782
|
|
|
|
4,150
|
|
|
|
4,304
|
|
|
|
4,185
|
|
|
|
12,236
|
|
|
|
12,857
|
|
Volumes (tons,
thousands)
|
|
North
|
|
261
|
|
|
|
115
|
|
|
|
195
|
|
|
|
234
|
|
|
|
571
|
|
|
|
631
|
|
Fee Harvest
Volumes
|
|
West
|
|
2,101
|
|
|
|
2,099
|
|
|
|
1,930
|
|
|
|
1,911
|
|
|
|
6,130
|
|
|
|
6,457
|
|
(tons,
thousands)
|
|
South
|
|
5,376
|
|
|
|
5,856
|
|
|
|
5,912
|
|
|
|
5,596
|
|
|
|
17,144
|
|
|
|
17,640
|
|
|
|
North
|
|
337
|
|
|
|
199
|
|
|
|
264
|
|
|
|
321
|
|
|
|
800
|
|
|
|
901
|
|
|
|
(4)
|
Western logs are
primarily transacted in MBF but are converted to ton equivalents
for external reporting purposes.
|
Real Estate,
Energy & Natural Resources Segment
|
Weyerhaeuser
Company Q3.2021 Analyst Package Preliminary
results (unaudited)
|
|
Segment Statement
of Operations
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Net
sales
|
|
$
|
106
|
|
|
$
|
110
|
|
|
$
|
69
|
|
|
$
|
69
|
|
|
$
|
285
|
|
|
$
|
246
|
|
Costs of
sales
|
|
|
34
|
|
|
|
41
|
|
|
|
18
|
|
|
|
46
|
|
|
|
93
|
|
|
|
156
|
|
Gross
margin
|
|
|
72
|
|
|
|
69
|
|
|
|
51
|
|
|
|
23
|
|
|
|
192
|
|
|
|
90
|
|
General and
administrative expenses
|
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
|
18
|
|
|
|
18
|
|
Operating income
and Net contribution to earnings
|
|
$
|
66
|
|
|
$
|
63
|
|
|
$
|
45
|
|
|
$
|
17
|
|
|
$
|
174
|
|
|
$
|
72
|
|
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Operating
income
|
|
$
|
66
|
|
|
$
|
63
|
|
|
$
|
45
|
|
|
$
|
17
|
|
|
$
|
174
|
|
|
$
|
72
|
|
Depreciation,
depletion and amortization
|
|
|
3
|
|
|
|
4
|
|
|
|
4
|
|
|
|
3
|
|
|
|
11
|
|
|
|
10
|
|
Basis of real estate
sold
|
|
|
27
|
|
|
|
24
|
|
|
|
11
|
|
|
|
40
|
|
|
|
62
|
|
|
|
136
|
|
Adjusted
EBITDA(1)
|
|
$
|
96
|
|
|
$
|
91
|
|
|
$
|
60
|
|
|
$
|
60
|
|
|
$
|
247
|
|
|
$
|
218
|
|
|
(1) See
definition of Adjusted EBITDA (a non-GAAP measure) on page
1.
|
|
|
Selected Segment
Items
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Cash spent for
capital expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Statistics
|
|
|
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Net Sales
|
Real
Estate
|
|
$
|
84
|
|
|
$
|
83
|
|
|
$
|
45
|
|
|
$
|
49
|
|
|
$
|
212
|
|
|
$
|
192
|
|
(millions)
|
Energy and Natural
Resources
|
|
|
22
|
|
|
|
27
|
|
|
|
24
|
|
|
|
20
|
|
|
|
73
|
|
|
|
54
|
|
|
Total
|
|
$
|
106
|
|
|
$
|
110
|
|
|
$
|
69
|
|
|
$
|
69
|
|
|
$
|
285
|
|
|
$
|
246
|
|
Acres Sold
|
Real
Estate
|
|
|
19,455
|
|
|
|
18,415
|
|
|
|
11,037
|
|
|
|
34,917
|
|
|
|
48,907
|
|
|
|
111,228
|
|
Price per
Acre
|
Real
Estate
|
|
$
|
3,803
|
|
|
$
|
3,227
|
|
|
$
|
4,005
|
|
|
$
|
1,381
|
|
|
$
|
3,632
|
|
|
$
|
1,662
|
|
Basis as a Percent
of
Real Estate Net
Sales
|
Real
Estate
|
|
|
32
|
%
|
|
|
29
|
%
|
|
|
24
|
%
|
|
|
82
|
%
|
|
|
29
|
%
|
|
|
71
|
%
|
Wood Products
Segment
|
Weyerhaeuser
Company Q3.2021 Analyst
Package Preliminary results (unaudited)
|
|
Segment Statement
of Operations
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Net
sales
|
|
$
|
2,021
|
|
|
$
|
2,629
|
|
|
$
|
1,853
|
|
|
$
|
1,696
|
|
|
$
|
6,503
|
|
|
$
|
4,138
|
|
Costs of
sales
|
|
|
1,124
|
|
|
|
1,229
|
|
|
|
1,270
|
|
|
|
1,075
|
|
|
|
3,623
|
|
|
|
3,112
|
|
Gross
margin
|
|
|
897
|
|
|
|
1,400
|
|
|
|
583
|
|
|
|
621
|
|
|
|
2,880
|
|
|
|
1,026
|
|
Selling
expenses
|
|
|
19
|
|
|
|
21
|
|
|
|
21
|
|
|
|
18
|
|
|
|
61
|
|
|
|
57
|
|
General and
administrative expenses
|
|
|
35
|
|
|
|
35
|
|
|
|
34
|
|
|
|
33
|
|
|
|
104
|
|
|
|
102
|
|
Other operating
costs, net
|
|
|
3
|
|
|
|
6
|
|
|
|
11
|
|
|
|
4
|
|
|
|
20
|
|
|
|
8
|
|
Operating income
and Net contribution to earnings
|
|
$
|
840
|
|
|
$
|
1,338
|
|
|
$
|
517
|
|
|
$
|
566
|
|
|
$
|
2,695
|
|
|
$
|
859
|
|
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Operating
income
|
|
$
|
840
|
|
|
$
|
1,338
|
|
|
$
|
517
|
|
|
$
|
566
|
|
|
$
|
2,695
|
|
|
$
|
859
|
|
Depreciation,
depletion and amortization
|
|
|
49
|
|
|
|
48
|
|
|
|
48
|
|
|
|
49
|
|
|
|
145
|
|
|
|
146
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8)
|
|
Adjusted
EBITDA(1)
|
|
$
|
889
|
|
|
$
|
1,386
|
|
|
$
|
565
|
|
|
$
|
615
|
|
|
$
|
2,840
|
|
|
$
|
997
|
|
|
(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
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Product remediation
recovery
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Segment
Items
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Total decrease
(increase) in working capital(2)
|
|
$
|
(212)
|
|
|
$
|
(49)
|
|
|
$
|
249
|
|
|
$
|
(68)
|
|
|
$
|
(12)
|
|
|
$
|
(198)
|
|
Cash spent for
capital expenditures
|
|
$
|
(25)
|
|
|
$
|
(51)
|
|
|
$
|
(70)
|
|
|
$
|
(41)
|
|
|
$
|
(146)
|
|
|
$
|
(124)
|
|
|
(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
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Structural Lumber
|
Third party net
sales
|
|
$
|
990
|
|
|
$
|
1,349
|
|
|
$
|
681
|
|
|
$
|
819
|
|
|
$
|
3,020
|
|
|
$
|
1,865
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
864
|
|
|
$
|
1,077
|
|
|
$
|
516
|
|
|
$
|
674
|
|
|
$
|
812
|
|
|
$
|
509
|
|
in board
feet)
|
Third party sales
volumes(3)
|
|
|
1,145
|
|
|
|
1,252
|
|
|
|
1,320
|
|
|
|
1,216
|
|
|
|
3,717
|
|
|
|
3,663
|
|
|
Production
volumes
|
|
|
1,211
|
|
|
|
1,234
|
|
|
|
1,222
|
|
|
|
1,170
|
|
|
|
3,667
|
|
|
|
3,487
|
|
Oriented
Strand
|
Third party net
sales
|
|
$
|
438
|
|
|
$
|
605
|
|
|
$
|
470
|
|
|
$
|
290
|
|
|
$
|
1,513
|
|
|
$
|
659
|
|
Board
|
Third party sales
realizations
|
|
$
|
614
|
|
|
$
|
911
|
|
|
$
|
691
|
|
|
$
|
395
|
|
|
$
|
735
|
|
|
$
|
293
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
714
|
|
|
|
663
|
|
|
|
681
|
|
|
|
736
|
|
|
|
2,058
|
|
|
|
2,253
|
|
in square feet
3/8")
|
Production
volumes
|
|
|
742
|
|
|
|
683
|
|
|
|
715
|
|
|
|
759
|
|
|
|
2,140
|
|
|
|
2,278
|
|
Engineered
Solid
|
Third party net
sales
|
|
$
|
142
|
|
|
$
|
166
|
|
|
$
|
183
|
|
|
$
|
135
|
|
|
$
|
491
|
|
|
$
|
373
|
|
Section
|
Third party sales
realizations
|
|
$
|
2,285
|
|
|
$
|
2,533
|
|
|
$
|
3,092
|
|
|
$
|
2,128
|
|
|
$
|
2,628
|
|
|
$
|
2,142
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
6.2
|
|
|
|
6.6
|
|
|
|
5.9
|
|
|
|
6.3
|
|
|
|
18.7
|
|
|
|
17.4
|
|
in cubic
feet)
|
Production
volumes
|
|
|
6.0
|
|
|
|
6.2
|
|
|
|
5.8
|
|
|
|
5.4
|
|
|
|
18.0
|
|
|
|
16.8
|
|
Engineered
|
Third party net
sales
|
|
$
|
83
|
|
|
$
|
104
|
|
|
$
|
128
|
|
|
$
|
83
|
|
|
$
|
315
|
|
|
$
|
231
|
|
I-joists
|
Third party sales
realizations
|
|
$
|
1,773
|
|
|
$
|
1,980
|
|
|
$
|
2,600
|
|
|
$
|
1,638
|
|
|
$
|
2,119
|
|
|
$
|
1,650
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
47
|
|
|
|
53
|
|
|
|
49
|
|
|
|
51
|
|
|
|
149
|
|
|
|
140
|
|
in lineal
feet)
|
Production
volumes
|
|
|
44
|
|
|
|
51
|
|
|
|
49
|
|
|
|
43
|
|
|
|
144
|
|
|
|
128
|
|
Softwood Plywood
|
Third party net
sales
|
|
$
|
56
|
|
|
$
|
69
|
|
|
$
|
45
|
|
|
$
|
55
|
|
|
$
|
170
|
|
|
$
|
128
|
|
(volumes
presented
|
Third party sales
realizations
|
|
$
|
594
|
|
|
$
|
902
|
|
|
$
|
653
|
|
|
$
|
507
|
|
|
$
|
710
|
|
|
$
|
405
|
|
in square feet
3/8")
|
Third party sales
volumes(3)
|
|
|
94
|
|
|
|
77
|
|
|
|
69
|
|
|
|
107
|
|
|
|
240
|
|
|
|
315
|
|
|
Production
volumes
|
|
|
80
|
|
|
|
62
|
|
|
|
61
|
|
|
|
94
|
|
|
|
203
|
|
|
|
267
|
|
Medium
Density
|
Third party net
sales
|
|
$
|
48
|
|
|
$
|
43
|
|
|
$
|
52
|
|
|
$
|
47
|
|
|
$
|
143
|
|
|
$
|
124
|
|
Fiberboard
|
Third party sales
realizations
|
|
$
|
842
|
|
|
$
|
869
|
|
|
$
|
943
|
|
|
$
|
864
|
|
|
$
|
885
|
|
|
$
|
845
|
|
(volumes
presented
|
Third party sales
volumes(3)
|
|
|
57
|
|
|
|
50
|
|
|
|
55
|
|
|
|
55
|
|
|
|
162
|
|
|
|
147
|
|
in square feet
3/4")
|
Production
volumes
|
|
|
56
|
|
|
|
52
|
|
|
|
55
|
|
|
|
57
|
|
|
|
163
|
|
|
|
148
|
|
|
|
(3)
|
Volumes include sales
of internally produced products and products purchased for resale
primarily through our distribution business.
|
Unallocated
Items
|
Weyerhaeuser
Company Q3.2021 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, interest income and other as
well as legacy obligations.
|
|
Net Charge to
Earnings
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Unallocated corporate
function and variable compensation expense
|
|
$
|
(25)
|
|
|
$
|
(36)
|
|
|
$
|
(33)
|
|
|
$
|
(36)
|
|
|
$
|
(94)
|
|
|
$
|
(78)
|
|
Liability classified
share-based compensation
|
|
|
(1)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(2)
|
|
|
|
1
|
|
Foreign exchange gain
(loss)
|
|
|
(2)
|
|
|
|
(1)
|
|
|
|
5
|
|
|
|
2
|
|
|
|
2
|
|
|
|
(3)
|
|
Elimination of
intersegment profit in inventory and LIFO
|
|
|
(17)
|
|
|
|
(28)
|
|
|
|
12
|
|
|
|
(9)
|
|
|
|
(33)
|
|
|
|
(4)
|
|
Other, net
|
|
|
(13)
|
|
|
|
(20)
|
|
|
|
(29)
|
|
|
|
(14)
|
|
|
|
(62)
|
|
|
|
(23)
|
|
Operating
loss
|
|
|
(58)
|
|
|
|
(85)
|
|
|
|
(46)
|
|
|
|
(62)
|
|
|
|
(189)
|
|
|
|
(107)
|
|
Non-operating pension
and other post-employment benefit costs
|
|
|
(8)
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(9)
|
|
|
|
(14)
|
|
|
|
(28)
|
|
Interest income and
other
|
|
|
1
|
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
4
|
|
|
|
5
|
|
Net charge to
earnings
|
|
$
|
(65)
|
|
|
$
|
(84)
|
|
|
$
|
(50)
|
|
|
$
|
(69)
|
|
|
$
|
(199)
|
|
|
$
|
(130)
|
|
|
|
Adjusted Earnings
before Interest, Tax, Depreciation, Depletion and
Amortization(1)
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Operating
loss
|
|
$
|
(58)
|
|
|
$
|
(85)
|
|
|
$
|
(46)
|
|
|
$
|
(62)
|
|
|
$
|
(189)
|
|
|
$
|
(107)
|
|
Depreciation,
depletion and amortization
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
|
5
|
|
|
|
5
|
|
Special
items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12)
|
|
Adjusted
EBITDA(1)
|
|
$
|
(56)
|
|
|
$
|
(84)
|
|
|
$
|
(44)
|
|
|
$
|
(60)
|
|
|
$
|
(184)
|
|
|
$
|
(114)
|
|
|
(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
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Legal
benefit
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Special items
included in operating loss and net charge to
earnings
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
|
Unallocated
Selected Items
|
|
|
in
millions
|
|
Q1.2021
|
|
|
Q2.2021
|
|
|
Q3.2021
|
|
|
Q3.2020
|
|
|
YTD.2021
|
|
|
YTD.2020
|
|
Cash spent for
capital expenditures
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
|
$
|
(1)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Weyerhaeuser Company