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Weyerhaeuser Reports 2nd Quarter Loss

FEDERAL WAY, Wash.--(BUSINESS WIRE)--Jul. 31, 2009-- Weyerhaeuser Company (NYSE: WY) today reported a net loss of $106 million for the second quarter, or $0.50 per share, on net sales from continuing operations of $1.4 billion.

This compares with a net loss of $96 million, or $0.45 per share, on net sales from continuing operations of $2.2 billion for the same period last year.

SIGNIFICANT SECOND QUARTER 2009 AFTER-TAX ITEMS

         
After-Tax Gain Gain (Charge)
(Charge) per share
($ millions) (dollars)
Alternative fuel mixture credits $72 $0.34
Impairments and reserves for Real Estate assets ($36 ) ($0.17 )
Corporate restructuring and asset impairments ($30 ) ($0.14 )
Closures, restructuring and asset impairments, primarily for Wood Products

($14

)

($0.07

)

Litigation and insurance settlements $14 $0.07
Gain on sale of closed facilities $13 $0.06

Excluding these items, the company reported a net loss of $125 million, or $0.59 per share, in the second quarter of 2009.

SIGNIFICANT SECOND QUARTER 2008 AFTER-TAX ITEMS

         
After-Tax Gain Gain (Charge)
(Charge) per share
($ millions) (dollars)
Real estate impairments, reserves and land-related charges ($206 ) ($0.98 )
Ownership restructuring of Uruguay assets $101 $0.48
Changes to post-retirement benefits $32 $0.15
Restructuring charges, primarily corporate staff ($24 ) ($0.11 )
Closures and asset impairments, primarily for Wood Products ($20 ) ($0.09 )
Release of tax liabilities $14 $0.07

Excluding these items, the company earned $7 million, or $0.03 per share, in the second quarter of 2008.

“Although we’ve begun to experience some recovery in housing sales and starts, it is not yet clear that this improvement is driven by sustainable shifts in market fundamentals, and therefore our timberlands, wood products and real estate businesses continue to operate in an environment of uncertainty,” said Dan Fulton, president and chief executive officer. “We continue to reduce costs to make our businesses more competitive, and we continue to adjust our harvest and production levels to meet market demand.”

SUMMARY OF SECOND QUARTER FINANCIAL HIGHLIGHTS

     
Millions (except per share data) 2Q 2009 2Q 2008 Change
Net loss ($106) ($96) ($10)
Loss per share ($0.50) ($0.45) ($0.05)
Net sales from continuing operations $1,391 $2,174 ($783)
 
 

SEGMENT RESULTS FOR SECOND QUARTER

Contributions (Charges) to Pre-Tax Earnings

     
Millions 2Q 2009 2Q 2008 Change
Timberlands $66 $103 ($37)
Wood Products ($162) ($164) $2
Cellulose Fibers $100 $42 $58
Real Estate ($50) ($337) $287
 
 

TIMBERLANDS

     
2Q 2009 1Q 2009 Change
Contribution to pre-tax earnings (millions) $66 $40 $26

2Q 2009 Performance – Excluding a second quarter restructuring charge of $5 million, the segment’s earnings increased $31 million.

Second quarter earnings from operations improved due to increased sales of non-strategic lands, seasonally higher volumes, and lower operating and SG&A costs. Domestic and export log prices declined during the quarter. Losses related to international operations were $7 million, unchanged from first quarter.

3Q 2009 Outlook – Excluding the impact of non-strategic land sales, Weyerhaeuser expects third quarter earnings from the segment to be lower than second quarter due to additional harvest deferrals and lower log sales realizations.

WOOD PRODUCTS

     
2Q 2009 1Q 2009 Change
Charge to pre-tax earnings (millions) ($162) ($266) $104

2Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s second quarter losses decreased $29 million.

  • Second quarter 2009 included charges of $15 million primarily for closures, restructuring and asset impairments.
  • First quarter 2009 included charges of $71 million for closures, restructuring and asset impairments, and $19 million for an agreement in principle to settle alder litigation.

Continued cost control measures, lower log costs and slightly improved softwood lumber prices more than offset lower engineered wood products prices.

3Q 2009 Outlook – Weyerhaeuser expects a smaller loss from operations for the segment in third quarter due to improved operating efficiencies, cost control initiatives, and modest improvements in softwood lumber and oriented strand board prices. We will continue to take additional downtime to balance supply with demand.

CELLULOSE FIBERS

     
2Q 2009 1Q 2009 Change
Contribution to pre-tax earnings (millions) $100 $31 $69

2Q 2009 Performance – Second quarter results include a pre-tax gain of $107 million related to alternative fuel mixture credits. Excluding the credit, the segment’s earnings declined $38 million in the second quarter.

An extensive boiler repair at Columbus, Mississippi and annual maintenance outages significantly lowered earnings in the second quarter. Lower average price realizations for pulp and liquid packaging were partially offset by reductions in fiber, energy, chemical and freight costs.

3Q 2009 Outlook – Weyerhaeuser expects earnings from operations for third quarter to be higher than second quarter primarily due to less maintenance downtime and continued cost control.

REAL ESTATE

     
2Q 2009 1Q 2009 Change
Charge to pre-tax earnings (millions) ($50) ($96) $46

2Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s loss improved $16 million in second quarter.

  • Asset impairments, restructuring and investment-related charges were $52 million in the second quarter compared to $72 million in the first quarter.
  • Second quarter included a gain of $9 million from the sale of partnership interests and $7 million from the sale of land and lots. First quarter included a gain of $6 million from a land condemnation.

Homebuilding operations closed 464 single-family units, an 8 percent increase from first quarter. The average price of home sales closed was slightly higher than the previous quarter, primarily due to mix. The backlog of homes sold, but not closed, increased to slightly more than five months.

3Q 2009 Outlook – Weyerhaeuser expects a higher loss from homebuilding operations in the third quarter. Home sale closings are expected to be comparable to second quarter levels, with a change in mix resulting in lower average sales prices.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 31 to discuss second quarter results.

To access the conference call from within North America, dial 1-800-240-2134 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-303-262-2194. Replays will be available for one week at 1-800-405-2236 (access code – 11125016#) from within North America and at 1-303-590-3000 (access code – 11125016#) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q2 2009 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected site, StreetEvents (http://www.streetevents.com).

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. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company’s plans, strategies and intentions. They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,” and “plans.” In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company’s expectations during the third quarter of 2009, including fee timber harvest levels in the Timberlands segment, sales of non-strategic timberlands, the effect of operating efficiencies and cost control measures on operating losses in the Wood Products segment, demand and pricing for our wood products, decreased expenses for annual planned maintenance and operations in the Cellulose Fiber segment, average pulp price realizations, home sale closings and prices, and earnings and performance of our business segments.

Major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:

  • the effect of general economic conditions, including the level of interest rates, availability of financing for home mortgages, strength of the U.S. dollar, employment rates and housing starts;
  • market demand for the company’s products, which is related to the strength of the various U.S. business segments and economic conditions;
  • the successful execution of internal performance plans, including restructurings and cost reduction initiatives;
  • changes in the Company’s business support functions and support costs;
  • performance of the company’s manufacturing operations, including maintenance requirements and operating efficiencies;
  • changes in legislation or tax rules;
  • raw material prices;
  • energy prices;
  • transportation costs;
  • the level of competition from domestic and foreign producers;
  • the effect of forestry, land use, environmental and other governmental regulations;
  • legal proceedings;
  • the effect of weather;
  • the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
  • changes in accounting principles;
  • performance of pension fund investments and related derivatives;
  • the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; and
  • other factors described under “Risk Factors” in the Company’s annual report on Form 10-K.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS            
  (in millions) Q2 Year-to-date Q1
  June 30,   June 29, June 30,   June 29, March 31,
2009   2008 2009   2008 2009
Net sales and revenues:
Forest Products $ 1,192 $ 1,820 $ 2,295 $ 3,491 $ 1,103
Real Estate   199       354     371       725     172  
Total net sales and revenues   1,391       2,174     2,666       4,216     1,275  
 
Costs and expenses:
Forest Products:
Costs of products sold 1,050 1,518 2,028 2,917 978
Alternative fuel mixture credits (107 ) - (107 ) - -
Depreciation, depletion and amortization 125 146 247 291 122
Selling expenses 33 57 76 116 43
General and administrative expenses 83 125 179 273 96
Research and development expenses 15 18 28 35 13
Charges for restructuring and closures 46 44 128 77 82
Impairment of goodwill and other assets 20 51 38 82 18
Other operating costs (income), net   (77 )     (40 )   (71 )     (1 )   6  
  1,188       1,919     2,546       3,790     1,358  
Real Estate:
Costs and operating expenses 164 313 315 636 151
Depreciation and amortization 4 5 8 9 4
Selling expenses 20 37 42 73 22
General and administrative expenses 17 27 45 56 28
Other operating costs (income), net 7 (3 ) 7 (3 ) -
Impairment of long-lived assets and other related charges   53       280     95       317     42  
  265       659     512       1,088     247  
Total costs and expenses   1,453       2,578     3,058       4,878     1,605  
 
Operating loss (62 ) (404 ) (392 ) (662 ) (330 )
 
Forest Products:
Interest expense incurred (107 ) (126 ) (215 ) (258 ) (108 )
Less: interest capitalized 2 21 4 45 2
Interest income and other 13 16 27 29 14
Gain on Uruguay restructuring - 101 - 101 -
Equity in income (loss) of affiliates - 3 3 (2 ) 3
Real Estate:
Interest expense incurred (7 ) (14 ) (14 ) (26 ) (7 )
Less: interest capitalized 7 14 14 26 7
Interest income and other 1 (2 ) 2 (1 ) 1
Equity in income of unconsolidated entities 11 1 13 1 2
Impairment of investments and other related charges   (6 )     (84 )   (32 )     (107 )   (26 )
Loss from continuing operations before income taxes (148 ) (474 ) (590 ) (854 ) (442 )
Income taxes   32       214     208       353     176  
Loss from continuing operations (116 ) (260 ) (382 ) (501 ) (266 )
Discontinued operations, net of taxes (1)   -       111     -       198     -  
Net loss (116 ) (149 ) (382 ) (303 ) (266 )
Less: net loss attributable to noncontrolling interests   10       53     12       59     2  
Net loss attributable to Weyerhaeuser common shareholders $ (106 )   $ (96 ) $ (370 )   $ (244 ) $ (264 )
 
Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations $ (0.50 ) $ (0.98 ) $ (1.75 ) $ (2.10 ) $ (1.25 )
Discontinued operations   -       0.53     -       0.94     -  
Net loss per share $ (0.50 )   $ (0.45 ) $ (1.75 )   $ (1.16 ) $ (1.25 )
 
Dividends paid per share $ 0.25     $ 0.60   $ 0.50     $ 1.20   $ 0.25  
 
Weighted average shares outstanding (in thousands):
Basic 211,356 211,262 211,328 211,228 211,298
Diluted 211,356 211,262 211,328 211,228 211,298
Common shares outstanding at end of period (in thousands)   211,357       211,279     211,357       211,279     211,355  
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONSOLIDATED EARNINGS
  (in millions)
           
 
(1) Discontinued operations for 2008 include the net operating results of our Containerboard, Packaging and Recycling business and Australian operations.
 
Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments. Discontinued operations include an allocation of net pension and postretirement income or expense.
     
Summary results of discontinued operations: Q2 Year-to-date Q1
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Net sales $ -   $ 1,436 $ -   $ 2,787 $ -
 
Net earnings from operations (after-tax) $ -   $ 111 $ -   $ 198 $ -
Net earnings from discontinued operations $ -   $ 111 $ -   $ 198 $ -
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
NET SALES AND REVENUES:            
  (in millions) Q2 Year-to-date Q1
  June 30,   June 29, June 30,   June 29, March 31,
2009   2008 2009   2008 2009
Timberlands:
Logs:
West $ 87 $ 154 $ 169 $ 269 $ 82
South 43 16 76 31 33
Canada   -     2     2     15     2
Total Logs 130 172 247 315 117
Pay as cut timber sales 7 7 14 12 7

Timberlands sales and exchanges (1)

40 19 44 37 4

Higher and better use land sales (1)

4 1 5 8 1
Minerals, oil and gas 14 12 28 24 14
Products from international operations (2) 10 10 17 13 7
Other products   3     3     10     12     7
  208     224     365     421     157
Wood Products:
Softwood lumber 229 403 451 764 222
Engineered solid section 62 121 117 226 55
Engineered I-Joists 43 86 76 159 33
Oriented strand board 58 110 113 215 55
Plywood 22 59 46 116 24
Hardwood lumber 56 80 107 160 51
Other products produced 39 51 82 100 43
Other products purchased for resale   85     161     144     297     59
  594     1,071     1,136     2,037     542
Cellulose Fibers:
Pulp 255 355 536 700 281
Liquid packaging board 77 74 143 141 66
Other products   17     31     34     64     17
  349     460     713     905     364
Real Estate:
Single family housing 180 346 342 683 162
Land development 18 6 27 30 9
Other   1     2     2     12     1
  199     354     371     725     172
 
Corporate and Other 41 126 81 243 40
 
Containerboard, Packaging and Recycling - 1,375 - 2,672 -
 
Less: sales of discontinued operations - (1,436 ) - (2,787 ) -
     
$ 1,391   $ 2,174   $ 2,666   $ 4,216   $ 1,275
 
(1) Higher and better use timberland and other non-strategic timberland are sold through Forest Products subsidiaries.
(2) Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS            
SELECTED INFORMATION (unaudited) Q2 Year-to-date Q1
  (in millions) June 30,   June 29, June 30,   June 29, March 31,
  2009   2008 2009   2008 2009
 
 
Net cash from operations $ 126 $ 190 $ (310 ) $ (92 ) $ (436 )
Cash paid for property and equipment (1) (32 ) (107 ) (85 ) (205 ) (53 )
Cash paid for timberlands reforestation (1) (7 ) (11 ) (22 ) (27 ) (15 )
Revolving credit facilities, notes and commercial paper borrowings, net - 257 - 830 -
Payments on debt (18 ) (103 ) (19 ) (107 ) (1 )
Proceeds from the sale of assets and operations 29 70 37 99 8
Cash paid for dividends (53 ) (126 ) (106 ) (253 ) (53 )
Loan to pension trust - - (85 ) - (85 )
Repurchases of common stock   -       -     (2 )     -     (2 )
 
(1) Capital spending is for Forest Products only and excludes Real Estate.
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
NET CONTRIBUTION TO PRE-TAX EARNINGS:
  (in millions)            
  Q2 Year-to-date Q1
June 30,   June 29, June 30,   June 29, March 31,
2009   2008 2009   2008 2009
Timberlands $ 66 $ 103 $ 106 $ 215 $ 40
Wood Products (162 ) (164 ) (428 ) (441 ) (266 )
Cellulose Fibers 100 42 131 98 31
Real Estate (50 ) (337 ) (146 ) (411 ) (96 )
Corporate and Other 13 111 (30 ) 70 (43 )
Containerboard, Packaging and Recycling   -       105     -       194     -  
$ (33 )   $ (140 ) $ (367 )   $ (275 ) $ (334 )
 
 
 
FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS
  (includes costs incurred within the company's discontinued operations)
(in millions)        
   
Timberlands includes:   Year-to-date  
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Closures and restructuring charges $ (5 )   $ -   $ (5 )   $ -   $ -  
 
Wood Products includes:   Year-to-date  
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Closures and restructuring charges $ - $ (9 ) $ (63 ) $ (41 ) $ (63 )
Goodwill impairments - - (3 ) (3 ) (3 )
Other asset impairments (16 ) (25 ) (21 ) (46 ) (5 )
Reserve for litigation - - (19 ) (18 ) (19 )
Gain on sale of property   1       -     1       -     -  
$ (15 )   $ (34 ) $ (105 )   $ (108 ) $ (90 )
 
Cellulose Fibers includes:   Year-to-date  
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Closures and restructuring charges $ - $ (1 ) $ (1 ) $ (1 ) $ (1 )
Alternative fuel mixture credits   107       -     107       -     -  
$ 107     $ (1 ) $ 106     $ (1 ) $ (1 )
 
Real Estate includes:   Year-to-date  
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Closures and restructuring charges $ (2 ) $ - $ (6 ) $ - $ (4 )
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders (50 ) (311 ) (116 ) (366 ) (66 )
Impairment of assets and other related charges- attributable to noncontrolling interest (9 ) (53 ) (11 ) (58 ) (2 )
Sale of partnership interest 9 - 9 - -
Net gain (loss) on land and lot sales   7       -     13       (2 )   6  
$ (45 )   $ (364 ) $ (111 )   $ (426 ) $ (66 )
 
Corporate and Other includes:   Year-to-date  
Q2 2009   Q2 2008 Q2 2009   Q2 2008 Q1 2009
Closures and restructuring charges $ (41 ) $ (35 ) $ (59 ) $ (35 ) $ (18 )
Other asset impairments (4 ) (23 ) (14 ) (28 ) (10 )
Litigation and insurance settlements 20 - 20 - -
Environmental reserve adjustment - - - (17 ) -
Gain on Uruguay restructure - 101 - 101 -
Gain on sale of closed facilities 18 - 18 - -
Share-based compensation (2 ) (2 ) (5 ) (17 ) (3 )
Net foreign exchange gains (losses) 21 4 16 (7 ) (5 )
Pension and postretirement credits (1)   37       23     61       55     24  
$ 49     $ 68   $ 37     $ 52   $ (12 )
 

(1)

Excludes pension and postretirement charges included in restructuring and closures
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
THIRD PARTY SALES VOLUMES:            
  (in millions) Q2 Year-to-date Q1
  June 30,   June 29, June 30,   June 29, March 31,
2009   2008 2009   2008 2009
Timberlands (thousands):
Logs - cubic meters:
West 1,283 1,954 2,373 3,431 1,090
South 1,062 421 1,831 814 769
Canada 3 76 67 415 64
International 73 98 150 128 77
 
Wood Products (millions):
Softwood lumber - board feet 896 1,252 1,786 2,509 890
Engineered solid section - cubic feet 4 6 7 12 3
Engineered I-Joists - lineal feet 36 70 62 126 26
Oriented strand board - square feet (3/8") 374 637 721 1,308 347
Plywood - square feet (3/8") 71 160 138 314 67
Hardwood lumber - board feet 69 88 127 175 58
 
Cellulose Fibers (thousands):
Pulp - air-dry metric tons 395 447 804 889 409
Liquid packaging board - tons 77 78 141 149 64
 
Real Estate:
Single-family homes sold 790 748 1,245 1,674 455
Single-family homes closed 464 869 893 1,713 429
Single-family homes sold but not closed at end of period 910   1,185 910   1,185 607
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
TOTAL PRODUCTION VOLUMES:            
  (in millions) Q2 Year-to-date Q1
  June 30,   June 29, June 30,   June 29, March 31,
2009   2008 2009   2008 2009
Timberlands (thousands):
Fee depletion - cubic meters:
West 1,910 2,921 3,588 5,599 1,678
South 2,495 3,239 4,875 6,484 2,380
 
Wood Products (millions):
Softwood lumber - board feet 792 1,180 1,653 2,367 861
Engineered solid section - cubic feet 3 6 5 12 2
Engineered I-Joists - lineal feet 24 61 44 119 20
Oriented strand board - square feet (3/8") 369 670 704 1,367 335
Plywood - square feet (3/8") 37 95 65 169 28
Hardwood lumber - board feet 48 67 103 138 55
 
Cellulose Fibers (thousands):
Pulp - air-dry metric tons 368 417 783 872 415
Liquid packaging board - tons 77   77 142   141 65
 
 
 
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
  (in millions)
                 
June 30, March 31, Dec. 31,

Assets

2009 2009 2008
 
Forest Products
Current assets:
Cash and cash equivalents $ 1,745 $ 1,653 $ 2,288
Short-term investments 60 92 138
Receivables, less allowances 402 384 429
Receivables for taxes 336 273 73
Receivable from pension trust 285 285 200
Inventories 530 664 702
Prepaid expenses 92 98 101
Deferred tax assets   151   150   159
Total current assets 3,601 3,599 4,090
Property and equipment, net 3,747 3,783 3,869
Construction in progress 108 95 104
Timber and timberlands at cost, less depletion charged to disposals 4,173 4,201 4,205
Investments in and advances to equity affiliates 200 205 202
Goodwill 40 40 43
Deferred pension and other assets 600 564 651
Restricted assets held by special purpose entities   916   914   916
  13,385   13,401   14,080
Real Estate
Cash and cash equivalents 1 3 6
Receivables, less allowances 46 51 74
Real estate in process of development and for sale 631 695 751
Land being processed for development 1,146 1,156 1,121
Investments in unconsolidated entities 16 21 30
Deferred tax assets 419 439 438
Other assets 180 183 195
Consolidated assets not owned   18   32   56
  2,457   2,580   2,671
Total assets $ 15,842 $ 15,981 $ 16,751
 

Liabilities

 
Forest Products
Current liabilities:
Notes payable and commercial paper $ 1 $ 1 $ 1
Current maturities of long-term debt 388 406 407
Accounts payable 314 285 381
Accrued liabilities   816   781   985
Total current liabilities 1,519 1,473 1,774
Long-term debt 5,153 5,153 5,153
Deferred income taxes 1,677 1,723 1,805
Deferred pension, other postretirement benefits and other liabilities 1,699 1,667 1,566
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities   766   763   764
  10,814   10,779   11,062
Real Estate
Long-term debt 456 456 456
Other liabilities 294 317 353
Consolidated liabilities not owned   1   35   33
  751   808   842
 
Total liabilities 11,565 11,587 11,904
 

Equity

     
Equity   4,277   4,394   4,847
Total liabilities and equity $ 15,842 $ 15,981 $ 16,751

Source: Weyerhaeuser Company

Weyerhaeuser Company
Media
Bruce Amundson, 253-924-3047
Analysts
Kathryn McAuley, 253-924-2058