Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 25, 2024

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)


Washington	1-4825	91-0470860

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

220 Occidental Avenue South

Seattle, Washington 98104-7800

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(206) 539-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock, par value $1.25 per share

    WY

    New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:


☐	Emerging growth company

☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

TABLE OF CONTENTS


	Item 2.02. Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
	SIGNATURES
	EXHIBIT 99.1
	EXHIBIT 99.2

Table of Contents

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On January 25, 2024, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 2023. Copies of the press release and the exhibit thereto are furnished as Exhibit 99.1 and Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following items are furnished as exhibits to this report.



		Exhibit No.	Description
		99.1	Press release of Weyerhaeuser Company issued January 25, 2024 reporting results of operations for the quarter ended December 31, 2023.
		99.2	Exhibit to press release of Weyerhaeuser Company issued January 25, 2024.
		104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


WEYERHAEUSER COMPANY


By:		/s/ David M. Wold
Name:		David M. Wold
Its:		Senior Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

Date: January 25, 2024

EXHIBIT 99.1


For more information contact:		Analysts – Andy Taylor (206) 539-3907
		Media – Nancy Thompson (919) 861-0342

Weyerhaeuser Reports Fourth Quarter, Full Year Results

•

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, January 25, 2024 – 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)

(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.

Page 1 of 8


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

Page 2 of 8

    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

Page 3 of 8

    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

Page 4 of 8


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.

Page 5 of 8


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	%

Page 6 of 8


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.

Page 7 of 8


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	)

Page 8 of 8

Document and Entity Information	Jan. 25, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 25, 2024
Entity Registrant Name	WEYERHAEUSER CO
Entity Central Index Key	0000106535
Entity Emerging Growth Company	false
Entity File Number	1-4825
Entity Incorporation State Country Code	WA
Entity Tax Identification Number	91-0470860
Entity Address, Address Line One	220 Occidental Avenue South
Entity Address, City Or Town	Seattle
Entity Address, State Or Province	WA
Entity Address, Postal Zip Code	98104-7800
City Area Code	206
Local Phone Number	539-3000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $1.25 per share
Trading Symbol	WY
Security Exchange Name	NYSE