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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 23, 2018
Document Information [Line Items]
Entity Registrant Name	WEYERHAEUSER CO
Trading Symbol	WY
Entity Central Index Key	0000106535
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		757,013,955

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales (Note 3)	$ 1,865	$ 1,693
Costs of products sold	1,348	1,272
Gross margin	517	421
Selling expenses	23	22
General and administrative expenses	78	87
Research and development expenses	2	4
Charges for integration and restructuring, closures and asset impairments (Note 15)	2	13
Charges (recoveries) for product remediation (Note 16)	(20)	0
Other operating costs (income), net (Note 17)	28	2
Operating income	404	293
Non-operating pension and other postretirement benefit costs	(24)	(22)
Interest income and other	12	9
Interest expense, net of capitalized interest	(93)	(99)
Earnings before income taxes	299	181
Income taxes (Note 18)	(30)	(24)
Net earnings	$ 269	$ 157
Earnings per share, basic and diluted (Note 5)	$ 0.35	$ 0.21
Dividends paid per share	$ 0.32	$ 0.31
Weighted average shares outstanding (in thousands) (Note 5):
Basic	756,815	750,665
Diluted	759,462	754,747

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net earnings	$ 269	$ 157
Other comprehensive income (loss):
Foreign currency translation adjustments	(15)	2
Changes in unamortized net pension and other postretirement benefit gain, net of tax expense of $22 and $26	54	29
Changes in unamortized prior service cost, net of tax benefit of $3 and $0	(1)	(1)
Changes in unrealized gains on available-for-sale securities (Note 1)	0	1
Total other comprehensive income	38	31
Total comprehensive income	$ 307	$ 188

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Tax expense (benefit) of actuarial gains (losses)	$ 19	$ 26
Tax expense (benefit) of prior service credits (costs)	$ 0	$ 0

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 598	$ 824
Receivables, less discounts and allowances of $1 and $1	481	396
Receivables for taxes	24	14
Inventories (Note 6)	445	383
Prepaid expenses and other current assets	118	98
Current restricted financial investments held by variable interest entities (Note 7)	253	0
Total current assets	1,919	1,715
Property and equipment, less accumulated depreciation of $3,354 and $3,338	1,573	1,618
Construction in progress	275	225
Timber and timberlands at cost, less depletion	12,888	12,954
Minerals and mineral rights, less depletion	306	308
Goodwill	40	40
Deferred tax assets	244	268
Other assets	278	316
Restricted financial investments held by variable interest entities (Note 7)	362	615
Total assets	17,885	18,059
Liabilities
Current maturities of long-term debt (Note 10)	0	62
Current debt (nonrecourse to the company) held by variable interest entities (Note 7)	209	209
Accounts payable	245	249
Accrued liabilities (Note 9)	457	645
Total current liabilities	911	1,165
Long-term debt (Note 10)	5,928	5,930
Long-term debt (nonrecourse to the company) held by variable interest entities (Note 7)	302	302
Deferred pension and other postretirement benefits (Note 8)	1,454	1,487
Other liabilities	299	276
Total liabilities	8,894	9,160
Commitments and contingencies (Note 12)
Equity:
Common shares: $1.25 par value; authorized 1,360,000 shares; issued and outstanding: 756,699,978 and 755,222,727 shares	946	944
Other capital	8,466	8,439
Retained earnings	1,365	1,078
Accumulated other comprehensive loss (Note 13)	(1,786)	(1,562)
Total equity	8,991	8,899
Total liabilities and equity	$ 17,885	$ 18,059

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Receivables, allowances	$ 1	$ 1
Property and equipment, accumulated depreciation	$ 3,354	$ 3,338
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	756,699,978	755,222,727
Common shares, outstanding	756,699,978	755,222,727

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operations:
Net earnings	$ 269	$ 157
Noncash charges to earnings:
Depreciation, depletion and amortization	120	133
Basis of real estate sold	12	14
Deferred income taxes, net	10	3
Pension and other postretirement benefits (Note 8)	34	32
Share-based compensation expense	9	10
Foreign exchange transaction losses (Note 17)	2	3
Change in:
Receivables less allowances	(83)	(70)
Receivable/payable for taxes	5	(36)
Inventories	(66)	(28)
Prepaid expenses	(5)	(9)
Accounts payable and accrued liabilities	(173)	(137)
Pension and postretirement benefit contributions and payments	(16)	(22)
Other	18	(15)
Net cash from operations	136	35
Cash flows from investing activities:
Capital expenditures for property and equipment	(61)	(52)
Capital expenditures for timberlands reforestation	(20)	(23)
Proceeds from sale of nonstrategic assets	2	8
Other	3	(1)
Net cash used in investing activities	(76)	(68)
Cash flows from financing activities:
Cash dividends on common shares	(242)	(233)
Payments of long-term debt (Note 10)	(62)	0
Proceeds from exercise of stock options	25	55
Other	(7)	(10)
Net cash used in financing activities	(286)	(188)
Net change in cash and cash equivalents	(226)	(221)
Cash and cash equivalents at beginning of period	824	676
Cash and cash equivalents at end of period	598	455
Cash paid during the period for:
Interest, net of amount capitalized of $3 and $3	105	120
Income taxes	$ 17	$ 59

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest, amount capitalized	$ 3	$ 3

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

We are a corporation that has elected to be taxed as a real estate investment trust (REIT). We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber. As a REIT, we generally are not subject to federal corporate level income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our taxable REIT subsidiaries (TRSs), which includes our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments.

Our consolidated financial statements provide an overall view of our results of operations and financial condition. They include our accounts and the accounts of entities we control, including:


•	majority-owned domestic and foreign subsidiaries and


•	variable interest entities in which we are the primary beneficiary.

They do not include our intercompany transactions and accounts, which are eliminated.

We account for investments in and advances to unconsolidated equity affiliates using the equity method, with taxes provided on undistributed earnings. This means that we record earnings and accrue taxes in the period earnings are recognized by our unconsolidated equity affiliates.

Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company.

The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2017. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year.

NEW ACCOUNTING PRONOUNCEMENTS

Leases

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which requires lessees to recognize assets and liabilities for the rights and obligations created by those leases and requires leases to be recognized on the balance sheet. The new guidance is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. We expect to adopt on January 1, 2019. We are still evaluating certain aspects of the revised guidance and subsequent revisions either made or being contemplated by the FASB, including application of the available practical expedients. We expect the adoption to result in the recognition of the present value of the future commitments on operating leases on our Consolidated Balance Sheet.

Reclassification of Certain Amounts from Accumulated Other Comprehensive Loss

In February 2018, the FASB issued ASU 2018-02, which allows for the reclassification of certain income tax effects related to the Tax Cuts and Jobs Act (the "Tax Act") between “Accumulated other comprehensive loss” and “Retained earnings.” This ASU provides that adjustments to deferred tax liabilities and assets related to a change in tax laws be included in “Income from continuing operations”, even in situations where the related items were originally recognized in “Other comprehensive income.” The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. Adoption of this ASU is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the tax laws was recognized. We adopted this ASU during first quarter 2018 using the period of adoption method, which resulted in a reclassification of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet due to changes in federal statutory and effective state rates. In general, tax effects unrelated to the Tax Cuts and Jobs Act are released from accumulated other comprehensive loss using the portfolio approach.

In January 2016, the FASB issued ASU No. 2016-01, which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. We adopted ASU 2016-01 in first quarter 2018, which resulted in a reclassification of accumulated unrealized gains on available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet.

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2018

BUSINESS SEGMENTS

Reportable business segments are determined based on the company’s "management approach," as defined by FASB ASC 280, “Segment Reporting.” The management approach is based on the way the chief operating decision maker organizes the segments within a company for making decisions about resources to be allocated and assessing their performance.

We are principally engaged in growing and harvesting timber; manufacturing, distributing, and selling products made from trees; maximizing the value of every acre we own through the sale of higher and better use (HBU) properties; and monetizing reserves of minerals, oil, gas, coal, and other natural resources on our timberlands. The following is a brief description of each of our reportable business segments and activities:


•	Timberlands – which includes logs, timber and leased recreational access;


•	Real Estate & ENR – which includes sales of timberlands; rights to explore for and extract hard minerals, oil and gas production and coal; and equity interests in our Real Estate Development Ventures; and


•	Wood Products – which includes softwood lumber, engineered wood products, structural panels, medium density fiberboard and building materials distribution.

A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Sales to unaffiliated customers (Note 3):
Timberlands	$	505		$	486
Real Estate & ENR	51			53
Wood Products	1,309			1,154
	1,865			1,693
Intersegment sales:
Timberlands	228			202

Total sales	2,093			1,895
Intersegment eliminations	(228		)	(202		)
Total	$	1,865		$	1,693
Net contribution to earnings:
Timberlands	$	189		$	148
Real Estate & ENR⁽¹⁾	25			26
Wood Products	270			172
	484			346
Unallocated items⁽²⁾	(92		)	(66		)
Net contribution to earnings	392			280
Interest expense, net of capitalized interest	(93		)	(99		)
Earnings before income taxes	299			181
Income taxes	(30		)	(24		)
Net earnings	$	269		$	157


(1)	The Real Estate & ENR segment includes the equity earnings from investments in and advances to our Real Estate Development Ventures, which are accounted for under the equity method.


(2)	Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include a portion of items such as: share-based compensation expenses, pension and postretirement costs, foreign exchange transaction gains and losses and the elimination of intersegment profit in inventory and LIFO.

OPERATIONS DIVESTED OPERATIONS DIVESTED

3 Months Ended

Mar. 31, 2018

OPERATIONS DIVESTED

On October 12, 2016, we announced the exploration of strategic alternatives for our Uruguay timberlands and manufacturing operations, which was part of our Timberlands business segment. On June 2, 2017, the Weyerhaeuser Board of Directors approved an equity purchase agreement with a consortium led by BTG Pactual's Timberland Investment Group (TIG), including other long-term investors, pursuant to which the Company agreed to sell, in exchange for $403 million in cash, all of its equity interest in the subsidiaries that collectively owned and operated its Uruguayan timberlands and manufacturing operations.

On September 1, 2017, we completed the sale of our Uruguay timberlands and manufacturing operations for approximately $403 million of cash proceeds. Due to the $147 million impairment of our Uruguayan operations recorded during second quarter 2017, no material gain or loss was recorded as a result of this sale.

The sale of our Uruguayan operations was not considered a strategic shift that had or will have a major effect on our operations or financial results, and therefore did not meet the requirements for presentation as discontinued operations.

REVENUE (Notes)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

A majority of our revenue is derived from sales of delivered logs and manufactured wood products. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which we adopted on January 1, 2018, using the cumulative effect method. The adoption of the new revenue recognition guidance did not materially impact our Consolidated Statement of Operations, Consolidated Balance Sheet, or Consolidated Statement of Cash Flows.

PERFORMANCE OBLIGATIONS

A performance obligation, as defined in ASC Topic 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period, in which the performance obligation is satisfied.

Performance obligations associated with delivered log sales are typically satisfied when the logs are delivered to our customers’ mills or delivered to an ocean vessel in the case of export sales. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped. Customers are generally invoiced shortly after logs are delivered or after wood products are shipped, with payment generally due within a month or less of the invoice date. ASC Topic 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient.

Performance obligations associated with real estate sales are generally met when placed into escrow and all conditions of closing have been satisfied.

CONTRACT ESTIMATES

Substantially all of the company’s performance obligations are satisfied as of a point in time. Therefore, there is little judgment in determining when control transfers for our business segments as described above.

The transaction price for log sales generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is generally the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates.

There are no significant contract estimates related to the real estate business.

CONTRACT BALANCES

In general, customers are billed and a receivable is recorded as we ship and/or deliver wood products and logs. We generally receive payment shortly after products have been received by our customers. Contract asset and liability balances are immaterial.

For real estate sales, the company receives the entire consideration in cash at closing.

MAJOR PRODUCTS

A reconciliation of revenue recognized by our major products:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018		MARCH 2017
Net sales:
Timberlands Segment
Delivered logs⁽¹⁾:
West
Domestic sales	$	137	$	119
Export sales	129		106
Subtotal West	266		225
South	157		148
North	25		27
Other	14		20
Subtotal delivered logs sales	462		420
Stumpage and pay-as-cut timber	15		12
Recreational and other lease revenue	14		14
Other⁽²⁾	14		40
Net sales attributable to Timberlands segment	505		486
Real Estate & ENR Segment
Real estate	34		37
Energy and natural resources	17		16
Net sales attributable to Real Estate & ENR segment	51		53
Wood Products Segment
Structural lumber	569		478
Engineered solid section	129		117
Engineered I-joists	78		73
Oriented strand board	232		203
Softwood plywood	50		44
Medium density fiberboard	43		47
Complementary building products	137		122
Other	71		70
Net sales attributable to Wood Products segment	1,309		1,154
Total net sales	$	1,865	$	1,693

(1)

The West region includes Washington and Oregon. The South region includes Virginia, North Carolina, South Carolina, Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, Texas and Oklahoma. The North region includes West Virginia, Maine, New Hampshire, Vermont, Michigan, Wisconsin and Montana. Other includes our Canadian operations and managed Twin Creeks Venture. Our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017.


(2)	Other Timberlands sales include sales of seeds and seedlings, chips, as well as sales from our former Uruguayan operations (sold during third quarter 2017). Our former Uruguayan operations included logs, plywood and hardwood lumber harvested or produced. Refer to Note 4: Operations Divested for further information.

NET EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

NET EARNINGS PER SHARE

Our basic and diluted earnings per share were:


•	$0.35 during first quarter 2018 and


•	$0.21 during first quarter 2017.

Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares:



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2018	MARCH 2017
Weighted average common shares outstanding – basic	756,815	750,665
Dilutive potential common shares:
Stock options	1,682	2,981
Restricted stock units	569	547
Performance share units	396	554
Total effect of outstanding dilutive potential common shares	2,647	4,082
Weighted average common shares outstanding – dilutive	759,462	754,747

We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied.

Potential Shares Not Included in the Computation of Diluted Earnings per Share

The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods.



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2018	MARCH 2017
Stock options	1,301	1,432
Performance share units	744	568

INVENTORIES

3 Months Ended

Mar. 31, 2018

INVENTORIES

Inventories include raw materials, work-in-process, finished goods, and materials and supplies.



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2018		DECEMBER 31, 2017
LIFO inventories:
Logs	$	19	$	17
Lumber, plywood, panels and fiberboard	76		66
Other products	16		10
FIFO or moving average cost inventories:
Logs	64		38
Lumber, plywood, panels, fiberboard and engineered wood products	109		91
Other products	77		77
Materials and supplies	84		84
Total	$	445	$	383

LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The FIFO – the first-in, first-out method – or moving average cost methods apply to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories. If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $70 million as of March 31, 2018, and $70 million as of December 31, 2017.

SPECIAL-PURPOSE ENTITIES SPECIAL-PURPOSE ENTITIES

3 Months Ended

Mar. 31, 2018

SPECIAL PURPOSE ENTITIES

From 2002 through 2004, we sold certain nonstrategic timberlands in five separate transactions. We are the primary beneficiary and consolidate the assets and liabilities of certain monetization and buyer-sponsored Special-purpose entities (SPEs) involved in these transactions. We have an equity interest in the monetization SPEs, but no ownership interest in the buyer-sponsored SPEs. The long-term notes of our monetization SPEs and the financial investments of our buyer-sponsored SPEs include $209 million and $253 million scheduled to mature in fourth quarter 2018 and first quarter 2019, respectively. We have classified the long-term notes scheduled to mature in fourth quarter 2018 as current liabilities and the financial investments scheduled to mature in first quarter 2019 as current receivables on our Consolidated Balance Sheet.

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2018

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The components of net periodic benefit costs are:



	PENSION
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Service cost	$	10		$	10
Interest cost	60			66
Expected return on plan assets	(100		)	(102		)
Amortization of actuarial loss	61			55
Amortization of prior service cost	1			1
Total net periodic benefit cost - pension	$	32		$	30



	OTHER POSTRETIREMENT BENEFITS
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Interest cost	$	2		$	2
Amortization of actuarial loss	2			2
Amortization of prior service credit	(2		)	(2		)
Total net periodic benefit cost - other postretirement benefits	$	2		$	2

For the periods presented, Service cost is included in "Cost of products sold," "Selling expenses," and "General and administrative expenses" and the remaining other items are included in "Non-operating pension and other postretirement benefit costs." Refer to the Consolidated Statement of Operations.

FAIR VALUE OF PENSION PLAN ASSETS AND OBLIGATIONS

We estimate the fair value of pension plan assets based upon the information available during the year-end reporting process. In some cases, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets to incorporate year-end net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. We expect to complete the valuation of our pension plan assets during the second quarter 2018.

EXPECTED CONTRIBUTIONS AND BENEFIT PAYMENTS

In 2018 we expect to:


•	be required to contribute approximately $23 million for our Canadian registered plan;


•	be required to contribute or make benefit payments for our Canadian nonregistered plans of $4 million;


•	make benefit payments of $19 million for our U.S. nonqualified pension plans; and


•	make benefit payments of $19 million for our U.S. and Canadian other postretirement plans.

We do not anticipate being required to make a contribution to our U.S. qualified pension plans in 2018.

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2018

ACCRUED LIABILITIES

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2018		DECEMBER 31, 2017
Accrued income taxes	$	—	$	19
Customer rebates and volume discounts	32		48
Deferred income	31		48
Interest	84		111
Pension and other postretirement benefits	40		40
Product remediation accrual(Note 16)	43		98
Taxes – Social Security and real and personal property	27		24
Vacation pay	35		33
Wages, salaries and severance pay	86		150
Other	79		74
Total	$	457	$	645

LONG-TERM DEBT AND LINES OF CREDIT LONG-TERM DEBT AND LINES OF CREDIT

3 Months Ended

Mar. 31, 2018

LONG-TERM DEBT AND LINES OF CREDIT

During first quarter 2018, we paid our $62 million 7.00 percent debenture at maturity.

During March 2017, we entered into a new $1.5 billion five-year senior unsecured revolving credit facility that expires in March 2022. This replaced a $1.0 billion senior unsecured revolving credit facility that was set to expire September 2018. The entire amount is available to Weyerhaeuser Company. Interest on borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. As of March 31, 2018, there were no borrowings outstanding.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2018

FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]

FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values and carrying values of our long-term debt consisted of the following:



	MARCH 31, 2018				DECEMBER 31, 2017
DOLLAR AMOUNTS IN MILLIONS	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities)⁽¹⁾:
Fixed rate	$	5,704	$	6,568	$	5,768	$	6,823
Variable rate	224		225		224		225
Total debt	$	5,928	$	6,793	$	5,992	$	7,048

(1) Excludes nonrecourse debt held by our Variable Interest Entities (VIEs).

To estimate the fair value of fixed rate long-term debt, we used the following valuation approaches:


•	market approach – based on quoted market prices we received for the same types and issues of our debt; or


•	income approach – based on the discounted value of the future cash flows using market yields for the same type and comparable issues of debt.

We believe that our variable rate long-term debt instruments have net carrying values that approximate their fair values with only insignificant differences.

The inputs to these valuations are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date.

FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS

We believe that our other financial instruments, including cash and cash equivalents, short-term investments, mutual fund investments held in grantor trusts, receivables, and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2018

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES

LEGAL PROCEEDINGS

We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Balance Sheet, Consolidated Statement of Operations, or Consolidated Statement of Cash Flows. See Note 18: Income Taxes for a discussion of a tax proceeding involving Plum Creek's 2008 U.S. federal income tax return.

ENVIRONMENTAL MATTERS

Site Remediation

Under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the Superfund – and similar state laws, we:


•	are a party to various proceedings related to the cleanup of hazardous waste sites and


•	have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated.

We have received notification from the Environmental Protection Agency (the EPA) and have acknowledged that we are a potentially responsible party in a portion of the Kalamazoo River Superfund site in southwest Michigan. Our involvement in the remediation site is based on our former ownership of the Plainwell, Michigan mill located within the remediation site. Several other companies also have been deemed potentially responsible parties as past or present owners or operators of facilities within the site, or as arrangers under CERCLA.

We are currently cooperating with other parties to jointly implement an administrative order issued by the EPA on April 14, 2016, with respect to a portion of the site comprising a stretch of the river approximately 1.7 miles long referred to as the Otsego Township Dam Area. We do not expect to incur material losses related to the implementation of this administrative order.

In 2010, the company, along with others, was named as a defendant by Georgia-Pacific Consumer Products LP, Fort James Corporation and Georgia-Pacific LLC in an action seeking contribution under CERCLA for remediation costs relating to a certain area within the site. On March 29, 2018, the U.S. District Court issued an opinion and order assigning the company responsibility for five percent of approximately $50 million in past costs incurred by the plaintiffs. The remaining ninety-five percent of this pool of past costs incurred was allocated to the plaintiffs and other defendants.

The opinion and order does not establish allocation for future remediation costs, and accordingly, we may incur additional costs in connection with future remediation tasks for other areas of the site. In connection with the opinion and order, we have updated our assessment of the company’s reasonably possible estimated liability associated with the site and have recorded a pretax charge of $28 million in the first quarter as "Other operating costs, net" on the Consolidated Statement of Operations.

As of March 31, 2018, our total accrual for future estimated remediation costs on the active Superfund sites and other sites for which we are potentially responsible was approximately $72 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet.

Asset Retirement Obligations

We have obligations associated with the future retirement of tangible long-lived assets consisting primarily of reforestation obligations related to forest management licenses in Canada and obligations to close and cap landfills. As of March 31, 2018, our accrued balance for these obligations was $34 million. These obligations are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet. The accruals have not changed materially since the end of 2017.

Some of our sites have materials containing asbestos. We have met our current legal obligation to identify and manage these materials. In situations where we cannot reasonably determine when materials containing asbestos might be removed from the sites, we have not recorded an accrual because the fair value of the obligation cannot be reasonably estimated.

PRODUCT REMEDIATION

In July 2017, the company announced it was implementing a solution to address concerns regarding our TJI® Joists with Flak Jacket® Protection product. The company has determined that an odor in certain newly constructed homes is related to a recent formula change to the Flak Jacket coating that included a formaldehyde-based resin. This issue is isolated to Flak Jacket product manufactured after December 1, 2016, and does not affect any of the company’s other products. We recorded pretax charges of $290 million to accrue for remediation costs in the year-to-date period ended December 31, 2017. We received insurance recoveries of $20 million during the quarter ended March 31, 2018. Refer to Note 16: Charges (Recoveries) for Product Remediation for further information.

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2018

ACCUMULATED OTHER COMPREHENSIVE LOSS

OTHER COMPREHENSIVE LOSS

Changes in amounts included in our accumulated other comprehensive loss by component are:



				PENSION						OTHER POSTRETIREMENT BENEFITS
DOLLAR AMOUNTS IN MILLIONS	Foreign currency translation adjustments			Actuarial loss			Prior service cost			Actuarial loss			Prior service credit			Unrealized gains on available-for-sale securities			Total
Beginning balance as of December 31, 2017	$	264		$	(1,802	)	$	(8	)	$	(48	)	$	23		$	9		$	(1,562	)
Other comprehensive income (loss) before reclassifications	(15		)	10			—			—			—			—			(5		)
Income taxes	—			(2		)	—			—			—			—			(2		)
Net other comprehensive income (loss) before reclassifications	(15		)	8			—			—			—			—			(7		)
Amounts reclassified from accumulated other comprehensive loss⁽¹⁾	—			61			1			2			(2		)	—			62
Income taxes	—			(16		)	—			(1		)	—			—			(17		)
Net amounts reclassified from accumulated other comprehensive loss to earnings	—			45			1			1			(2		)	—			45
Total other comprehensive income (loss)	(15		)	53			1			1			(2		)	—			38
Reclassification of certain tax affects due to tax law changes⁽²⁾	—			(245		)	(1		)	(12		)	5			—			(253		)
Reclassification of accumulated unrealized gains on available-for-sale securities⁽³⁾	—			—			—			—			—			(9		)	(9		)
Net amounts reclassified from accumulated other comprehensive loss to retained earnings	—			(245		)	(1		)	(12		)	5			(9		)	(262		)
Ending balance as of March 31, 2018	$	249		$	(1,994	)	$	(8	)	$	(59	)	$	26		$	—		$	(1,786	)


(1)	Amortization of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 8: Pension and Other Postretirement Benefit Plans.


(2)	We reclassified certain tax affects from tax law changes of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02. See Note 1: Basis of Presentation.


(3)	We reclassified accumulated unrealized gains from available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2016-01. See Note 1: Basis of Presentation.

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

SHARE-BASED COMPENSATION

Share-based compensation activity in first quarter 2018 included the following:



SHARES IN THOUSANDS	Granted	Vested
Restricted Stock Units (RSUs)	673	576
Performance Share Units (PSUs)	344	110

A total of 1.5 million shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises.

RESTRICTED STOCK UNITS

The weighted average fair value of the RSUs granted in 2018 was $34.14. The vesting provisions for RSUs granted in 2018 were as follows:


•	vest ratably over four years;


•	immediately vest in the event of death while employed or disability;


•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one-year anniversary of the grant;


•	continue vesting for one year in the event of involuntary termination when the retirement criteria has not been met; and


•	will be entirely forfeited upon termination of employment in all other situations including early retirement prior to age 62.

PERFORMANCE SHARE UNITS

The weighted average grant date fair value of PSUs granted in 2018 was $35.49.

The final number of shares granted in 2018 will range from 0 percent to 150 percent of each grant's target, depending upon actual company performance.

The ultimate number of PSUs earned is based on two measures:


•	our relative total shareholder return (TSR) ranking measured against the S&P 500 over a three year period and


•	our relative TSR ranking measured against an industry peer group of companies over a three year period.

The vesting provisions for PSUs granted in 2018 were as follows:


•	vest 100 percent on the third anniversary of the grant date if the individual remains employed by the company;


•	fully vest in the event the participant dies or becomes disabled while employed;


•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one year anniversary of the grant;


•	continue vesting for one year in the event of involuntary termination when the retirement criteria has not been met and the employee has met the second anniversary of the grant date; and


•	will be entirely forfeited upon termination of employment in all other situations including early retirement prior to age 62.

Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2018



	Performance Share Units
Performance period	1/1/2018		–	12/31/2020
Valuation date average stock price⁽¹⁾				$34.14
Expected dividends				3.81%
Risk-free rate	1.75	%	–	2.34%
Expected volatility	17.30	%	–	21.52%

(1) Calculated as an average of the high and low prices on grant date.

VALUE MANAGEMENT AWARDS

Value Management Awards (VMAs) are relative performance equity incentive awards granted to certain former employees of Plum Creek and assumed by the company in connection with the Plum Creek merger. In accordance with the terms of the merger, all VMAs outstanding on December 31, 2017, vested at “target” level performance of $100 per unit and were paid out in full in first quarter of 2018.

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS

3 Months Ended

Mar. 31, 2018

Restructuring Cost and Reserve [Line Items]

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018		MARCH 2017
Integration and restructuring charges related to our merger with Plum Creek	$	—	$	12
Charges related to closures and other restructuring activities	1		1
Impairments of long-lived assets	1		—
Total charges for integration and restructuring, closures and asset impairments	$	2	$	13

CHARGES (RECOVERIES) FOR PRODUCT REMEDIATION (Notes)

3 Months Ended

Mar. 31, 2018

CHARGES (RECOVERIES) FOR PRODUCT REMEDIATION

In July 2017, we announced we were implementing a solution to address concerns regarding our TJI® Joists with Flak Jacket® Protection product. This issue was isolated to Flak Jacket product manufactured after December 1, 2016, and does not affect any of our other products. We estimate that approximately 2,400 homes were affected.

We recorded pretax charges of $290 million in the year-to-date period ended December 31, 2017, to accrue for expected costs associated with the remediation. During first quarter 2018, we received and recorded insurance recoveries of $20 million. The charges and recoveries are attributable to our Wood Products segment and were recorded in "Charges (recoveries) for product remediation," on the Consolidated Statement of Operations.

As of March 31, 2018, $247 million has been paid out in relation to our remediation efforts. The remaining accrual of $43 million is recorded in "Accrued liabilities" on the Consolidated Balance Sheet. The company ultimately expects a significant portion of the total expense will be covered by insurance. As of March 31, 2018, $20 million has been received and recorded for insurance recoveries.

- Definition

Tabular disclosure of exposure to material amount of loss arising from allegations of damages pertaining to and arising from one or more of the entity's products.

+ References + Details

OTHER OPERATING COSTS, NET

3 Months Ended

Mar. 31, 2018

OTHER OPERATING COSTS, NET

Other operating costs, net:


•	includes both recurring and occasional income and expense items and


•	can fluctuate from year to year.

ITEMS INCLUDED IN OTHER OPERATING COSTS, NET



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Gain on disposition of nonstrategic assets	$	(2	)	$	(7	)
Foreign exchange losses, net	2			3
Litigation expense, net	5			3
Other, net⁽¹⁾	23			3
Total other operating costs, net	$	28		$	2

(1) "Other, net" includes environmental remediation charges. See Note 12: Legal Proceedings, Commitments, and Contingencies for more information.

INCOME TAXES

3 Months Ended

Mar. 31, 2018

INCOME TAXES

As a REIT, we generally are not subject to federal corporate level income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our wholly-owned TRSs, which includes our Wood Products segment and portions of our Timberlands and Real Estate & ENR segments' earnings.

The quarterly provision for income taxes is based on the current estimate of the annual effective tax rate. Our 2018 estimated annual effective tax rate for our TRSs is approximately 24 percent, which is higher than the U.S. domestic statutory federal tax rate primarily due to higher foreign tax rates applicable to foreign earnings and state income taxes.

TAX LEGISLATION

On December 22, 2017, H.R. 1, commonly known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act contains significant changes to corporate taxation, including the reduction of the corporate tax rate from 35 percent to 21 percent. As a result of the reduction in the corporate tax rate, we revalued our deferred tax assets and liabilities and recorded a tax expense of $74 million during 2017, which reduced our net deferred tax asset. The deemed repatriation on deferred foreign income provisions does not impact our operations due to the fact that we have no foreign undistributed earnings.

The impact of the Tax Act provisions effective in 2018 is a reduction to our overall estimated annual effective tax rate primarily due to the reduced corporate tax rate.

During first quarter 2018, we adopted ASU 2018-02 which allows for the reclassification of certain income tax effects related to the Tax Act between accumulated other comprehensive income and retained earnings. Refer to Note 1: Basis of Presentation for further details on this ASU and the related impact on our financial statements.

ONGOING IRS MATTER

In connection with the merger with Plum Creek, we acquired equity interests in Southern Diversified Timber, LLC, a timberland joint venture (Timberland Venture) with an affiliate of Campbell Global LLC (TCG Member). On August 31, 2016, the Timberland Venture redeemed TCG Member's interest and became a fully consolidated, wholly-owned subsidiary of Weyerhaeuser.

We received a Notice of Final Partnership Administrative Adjustment (FPAA), dated July 20, 2016, from the Internal Revenue Service (IRS) in regard to Plum Creek's 2008 U.S. federal income tax treatment of the transaction forming the Timberland Venture. The IRS is asserting that the transfer of the timberlands to the Timberland Venture was a taxable transaction to Plum Creek at the time of the transfer rather than a nontaxable capital contribution. We have filed a petition in the U.S. Tax Court and will vigorously contest this adjustment.

In the event that we are unsuccessful in this tax litigation, we could be required to recognize and distribute gain to shareholders of approximately $600 million and pay built-in gains tax of approximately $100 million. We would also be required to pay interest on both of those amounts, which would be substantial. As much as 80 percent of any such gain distribution could be made with our common stock, and shareholders would be subject to tax on the distribution at the applicable capital gains tax rate. Alternatively, we could elect to retain the gain and pay corporate-level tax to minimize interest costs to the company.

Although the outcome of this process cannot be predicted with certainty, we are confident in our position based on U.S. tax law and believe we will be successful in defending it. Accordingly, no reserve has been recorded related to this matter.

BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2018

Consolidation, Policy

Our consolidated financial statements provide an overall view of our results of operations and financial condition. They include our accounts and the accounts of entities we control, including:


•	majority-owned domestic and foreign subsidiaries and


•	variable interest entities in which we are the primary beneficiary.

They do not include our intercompany transactions and accounts, which are eliminated.

New Accounting Pronouncements, Policy

NEW ACCOUNTING PRONOUNCEMENTS

Leases

Reclassification of Certain Amounts from Accumulated Other Comprehensive Loss

Revenue Recognition, Policy

PERFORMANCE OBLIGATIONS

Performance obligations associated with real estate sales are generally met when placed into escrow and all conditions of closing have been satisfied.

CONTRACT ESTIMATES

There are no significant contract estimates related to the real estate business.

CONTRACT BALANCES

Earnings Per Share, Policy

Fair Value of Financial Instruments, Policy

To estimate the fair value of fixed rate long-term debt, we used the following valuation approaches:


•	market approach – based on quoted market prices we received for the same types and issues of our debt; or


•	income approach – based on the discounted value of the future cash flows using market yields for the same type and comparable issues of debt.

We believe that our variable rate long-term debt instruments have net carrying values that approximate their fair values with only insignificant differences.

BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2018

A reconciliation of Revenue from Segments to Consolidated

A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Sales to unaffiliated customers (Note 3):
Timberlands	$	505		$	486
Real Estate & ENR	51			53
Wood Products	1,309			1,154
	1,865			1,693
Intersegment sales:
Timberlands	228			202

Total sales	2,093			1,895
Intersegment eliminations	(228		)	(202		)
Total	$	1,865		$	1,693
Net contribution to earnings:
Timberlands	$	189		$	148
Real Estate & ENR⁽¹⁾	25			26
Wood Products	270			172
	484			346
Unallocated items⁽²⁾	(92		)	(66		)
Net contribution to earnings	392			280
Interest expense, net of capitalized interest	(93		)	(99		)
Earnings before income taxes	299			181
Income taxes	(30		)	(24		)
Net earnings	$	269		$	157


(1)	The Real Estate & ENR segment includes the equity earnings from investments in and advances to our Real Estate Development Ventures, which are accounted for under the equity method.


(2)	Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include a portion of items such as: share-based compensation expenses, pension and postretirement costs, foreign exchange transaction gains and losses and the elimination of intersegment profit in inventory and LIFO.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from External Customer [Line Items]

Revenue by Major Products

MAJOR PRODUCTS

A reconciliation of revenue recognized by our major products:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018		MARCH 2017
Net sales:
Timberlands Segment
Delivered logs⁽¹⁾:
West
Domestic sales	$	137	$	119
Export sales	129		106
Subtotal West	266		225
South	157		148
North	25		27
Other	14		20
Subtotal delivered logs sales	462		420
Stumpage and pay-as-cut timber	15		12
Recreational and other lease revenue	14		14
Other⁽²⁾	14		40
Net sales attributable to Timberlands segment	505		486
Real Estate & ENR Segment
Real estate	34		37
Energy and natural resources	17		16
Net sales attributable to Real Estate & ENR segment	51		53
Wood Products Segment
Structural lumber	569		478
Engineered solid section	129		117
Engineered I-joists	78		73
Oriented strand board	232		203
Softwood plywood	50		44
Medium density fiberboard	43		47
Complementary building products	137		122
Other	71		70
Net sales attributable to Wood Products segment	1,309		1,154
Total net sales	$	1,865	$	1,693

(1)


(2)	Other Timberlands sales include sales of seeds and seedlings, chips, as well as sales from our former Uruguayan operations (sold during third quarter 2017). Our former Uruguayan operations included logs, plywood and hardwood lumber harvested or produced. Refer to Note 4: Operations Divested for further information.

NET EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2018

Dilutive Potential Common Shares

Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares:



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2018	MARCH 2017
Weighted average common shares outstanding – basic	756,815	750,665
Dilutive potential common shares:
Stock options	1,682	2,981
Restricted stock units	569	547
Performance share units	396	554
Total effect of outstanding dilutive potential common shares	2,647	4,082
Weighted average common shares outstanding – dilutive	759,462	754,747

Potential Shares Not Included in the Computation of Diluted Earnings per Share



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2018	MARCH 2017
Stock options	1,301	1,432
Performance share units	744	568

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2018

Inventories

Inventories include raw materials, work-in-process, finished goods, and materials and supplies.



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2018		DECEMBER 31, 2017
LIFO inventories:
Logs	$	19	$	17
Lumber, plywood, panels and fiberboard	76		66
Other products	16		10
FIFO or moving average cost inventories:
Logs	64		38
Lumber, plywood, panels, fiberboard and engineered wood products	109		91
Other products	77		77
Materials and supplies	84		84
Total	$	445	$	383

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2018

Components of Net Periodic Benefit Costs

The components of net periodic benefit costs are:



	PENSION
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Service cost	$	10		$	10
Interest cost	60			66
Expected return on plan assets	(100		)	(102		)
Amortization of actuarial loss	61			55
Amortization of prior service cost	1			1
Total net periodic benefit cost - pension	$	32		$	30



	OTHER POSTRETIREMENT BENEFITS
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Interest cost	$	2		$	2
Amortization of actuarial loss	2			2
Amortization of prior service credit	(2		)	(2		)
Total net periodic benefit cost - other postretirement benefits	$	2		$	2

ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2018

Accrued Liabilities

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2018		DECEMBER 31, 2017
Accrued income taxes	$	—	$	19
Customer rebates and volume discounts	32		48
Deferred income	31		48
Interest	84		111
Pension and other postretirement benefits	40		40
Product remediation accrual(Note 16)	43		98
Taxes – Social Security and real and personal property	27		24
Vacation pay	35		33
Wages, salaries and severance pay	86		150
Other	79		74
Total	$	457	$	645

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Estimated Fair Values and Carrying Values of Long-Term Debt

The estimated fair values and carrying values of our long-term debt consisted of the following:



	MARCH 31, 2018				DECEMBER 31, 2017
DOLLAR AMOUNTS IN MILLIONS	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities)⁽¹⁾:
Fixed rate	$	5,704	$	6,568	$	5,768	$	6,823
Variable rate	224		225		224		225
Total debt	$	5,928	$	6,793	$	5,992	$	7,048

ACCUMLATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2018

Items included in accumulated other comprehensive loss

Changes in amounts included in our accumulated other comprehensive loss by component are:



				PENSION						OTHER POSTRETIREMENT BENEFITS
DOLLAR AMOUNTS IN MILLIONS	Foreign currency translation adjustments			Actuarial loss			Prior service cost			Actuarial loss			Prior service credit			Unrealized gains on available-for-sale securities			Total
Beginning balance as of December 31, 2017	$	264		$	(1,802	)	$	(8	)	$	(48	)	$	23		$	9		$	(1,562	)
Other comprehensive income (loss) before reclassifications	(15		)	10			—			—			—			—			(5		)
Income taxes	—			(2		)	—			—			—			—			(2		)
Net other comprehensive income (loss) before reclassifications	(15		)	8			—			—			—			—			(7		)
Amounts reclassified from accumulated other comprehensive loss⁽¹⁾	—			61			1			2			(2		)	—			62
Income taxes	—			(16		)	—			(1		)	—			—			(17		)
Net amounts reclassified from accumulated other comprehensive loss to earnings	—			45			1			1			(2		)	—			45
Total other comprehensive income (loss)	(15		)	53			1			1			(2		)	—			38
Reclassification of certain tax affects due to tax law changes⁽²⁾	—			(245		)	(1		)	(12		)	5			—			(253		)
Reclassification of accumulated unrealized gains on available-for-sale securities⁽³⁾	—			—			—			—			—			(9		)	(9		)
Net amounts reclassified from accumulated other comprehensive loss to retained earnings	—			(245		)	(1		)	(12		)	5			(9		)	(262		)
Ending balance as of March 31, 2018	$	249		$	(1,994	)	$	(8	)	$	(59	)	$	26		$	—		$	(1,786	)


(1)	Amortization of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 8: Pension and Other Postretirement Benefit Plans.


(2)	We reclassified certain tax affects from tax law changes of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02. See Note 1: Basis of Presentation.


(3)	We reclassified accumulated unrealized gains from available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2016-01. See Note 1: Basis of Presentation.

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Share-based Compensation Activity

Share-based compensation activity in first quarter 2018 included the following:



SHARES IN THOUSANDS	Granted	Vested
Restricted Stock Units (RSUs)	673	576
Performance Share Units (PSUs)	344	110

Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted

Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2018



	Performance Share Units
Performance period	1/1/2018		–	12/31/2020
Valuation date average stock price⁽¹⁾				$34.14
Expected dividends				3.81%
Risk-free rate	1.75	%	–	2.34%
Expected volatility	17.30	%	–	21.52%

(1) Calculated as an average of the high and low prices on grant date.

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Restructuring Cost and Reserve [Line Items]

Items Included in Our Integration and Restructuring, Closure and Asset Impairment Charges



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018		MARCH 2017
Integration and restructuring charges related to our merger with Plum Creek	$	—	$	12
Charges related to closures and other restructuring activities	1		1
Impairments of long-lived assets	1		—
Total charges for integration and restructuring, closures and asset impairments	$	2	$	13

OTHER OPERATING COSTS, NET (Tables)

3 Months Ended

Mar. 31, 2018

Items Included in Other Operating Costs, Net

ITEMS INCLUDED IN OTHER OPERATING COSTS, NET



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2018			MARCH 2017
Gain on disposition of nonstrategic assets	$	(2	)	$	(7	)
Foreign exchange losses, net	2			3
Litigation expense, net	5			3
Other, net⁽¹⁾	23			3
Total other operating costs, net	$	28		$	2

BASIS OF PRESENTATION Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Reclassification of certain tax affects from tax law changes, 2018-02	$ 253
Reclassification of accumulated unrealized gains on available-for-sale securities, ASU 2016-01	9
Adjustments for New Accounting Principle, Early Adoption
Reclassification of certain tax affects from tax law changes, 2018-02	253
Reclassification of accumulated unrealized gains on available-for-sale securities, ASU 2016-01	$ 9

BUSINESS SEGMENTS Reconciliation from Segment Totals to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales to unaffiliated customers	$ 1,865	$ 1,693
Third party and intersegment revenue, net	2,093	1,895
Net contribution to earnings	392	280
Interest expense, net of capitalized interest	(93)	(99)
Earnings before income taxes	299	181
Income taxes	(30)	(24)
Net earnings	269	157
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Intersegment sales	(228)	(202)
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net contribution to earnings	484	346
Unallocated items
Segment Reporting, Revenue Reconciling Item [Line Items]
Net contribution to earnings	(92)	(66)
Timberlands
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales to unaffiliated customers	505	486
Intersegment sales	228	202
Net contribution to earnings	189	148
RE & ENR
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales to unaffiliated customers	51	53
Net contribution to earnings	25	26
Wood Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales to unaffiliated customers	1,309	1,154
Net contribution to earnings	$ 270	$ 172

OPERATIONS DIVESTED Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on divestiture of business		$ 0
Charges for impairment of assets	$ 1			$ 0
Uruguayan Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 403
Charges for impairment of assets			$ 147

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	$ 1,865	$ 1,693
Timberlands
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	505	486
Timberlands \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	462	420
Timberlands \| Stumpage and pay-as-cut timber
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	15	12
Timberlands \| Recreational and other lease revenue
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	14	14
Timberlands \| Other products
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	14	40
Timberlands \| West \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	266	225
Timberlands \| South \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	157	148
Timberlands \| North \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	25	27
Timberlands \| Other \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	14	20
Timberlands \| Domestic sales \| West \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	137	119
Timberlands \| Export sales \| West \| Delivered logs
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	129	106
RE & ENR
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	51	53
RE & ENR \| Real estate
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	34	37
RE & ENR \| Energy and natural resources
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	17	16
Wood Products
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	1,309	1,154
Wood Products \| Structural lumber
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	569	478
Wood Products \| Engineered solid section
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	129	117
Wood Products \| Engineered i-joists
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	78	73
Wood Products \| Oriented strand board
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	232	203
Wood Products \| Softwood plywood
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	50	44
Wood Products \| Medium density fiberboard
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	43	47
Wood Products \| Complementary building products
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	137	122
Wood Products \| Other products
Revenue from External Customer [Line Items]
Sales to unaffiliated customers	$ 71	$ 70

NET EARNINGS PER SHARE Dilutive Potential Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic	756,815	750,665
Dilutive potential common shares	2,647	4,082
Diluted	759,462	754,747
Stock options
Dilutive potential common shares	1,682	2,981
Restricted stock units
Dilutive potential common shares	569	547
Performance share units
Dilutive potential common shares	396	554

NET EARNINGS PER SHARE Potential Shares Not Included in the Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings per share	1,301	1,432
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings per share	744	568

NET EARNINGS PER SHARE Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings per share, basic and diluted	$ 0.35	$ 0.21

INVENTORIES Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory [Line Items]
Total	$ 445	$ 383
Logs
Inventory [Line Items]
LIFO inventories	19	17
FIFO or moving average cost inventories	64	38
Lumber, plywood, panels, and fiberboard
Inventory [Line Items]
LIFO inventories	76	66
Lumber, plywood, panels and engineered wood products
Inventory [Line Items]
FIFO or moving average cost inventories	109	91
Other products
Inventory [Line Items]
LIFO inventories	16	10
FIFO or moving average cost inventories	77	77
Materials and supplies
Inventory [Line Items]
FIFO or moving average cost inventories	$ 84	$ 84

INVENTORIES Additional information (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory [Line Items]
Increase in inventory amount if FIFO would have been used	$ 70	$ 70

SPECIAL-PURPOSE ENTITIES Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
SPE Transaction
SPE short-term notes	$ 209	$ 209
SPE restricted financial investments	253	$ 0
Buyer-sponsored SPEs
SPE Transaction
SPE restricted financial investments	$ 253
Investment maturity date	Mar. 31, 2019
Monetization SPEs
SPE Transaction
SPE short-term notes	$ 209
Debt instrument, maturity date	Dec. 31, 2018

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Components of Net Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10	$ 10
Interest cost	60	66
Expected return on plan assets	(100)	(102)
Amortization of actuarial loss	61	55
Amortization of prior service cost	1	1
Total net periodic benefit cost	32	30
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	2
Amortization of actuarial loss	2	2
Amortization of prior service cost	(2)	(2)
Total net periodic benefit cost	$ 2	$ 2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Additional Information (Details) $ in Millions	Mar. 31, 2018 USD ($)
U.S. and Canadian Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2018	$ 19
Registered Canadian Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2018	23
Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2018	4
U.S. Non-Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2018	19
U.S. Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2018	$ 0

ACCRUED LIABILITIES Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accrued income taxes	$ 0	$ (19)
Customer rebates and volume discounts	32	48
Deferred income	31	48
Interest	84	111
Pension and other postretirement benefits	40	40
Product remediation accrual (Note 16)	43	98
Taxes – Social Security and real and personal property	27	24
Vacation pay	35	33
Wages, salaries and severance pay	86	150
Other	79	74
Total	$ 457	$ 645

LONG-TERM DEBT AND LINES OF CREDIT Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
line of credit expiration date	Mar. 31, 2022
Line of credit, maximum borrowing capacity	$ 1,500
Revolving line of credit, outstanding balance	$ 0
Prior Credit Facility
line of credit expiration date	Sep. 30, 2018
Line of credit, maximum borrowing capacity		$ 1,000
7.00 Debenture [Member]
Repayments of debt	$ 62

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS Estimated Fair Values and Carrying Values of Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	$ 5,928	$ 5,992
Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	6,793	7,048
Fixed interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	5,704	5,768
Fixed interest rate \| Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	6,568	6,823
Variable interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	224	224
Variable interest rate \| Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	$ 225	$ 225

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$ 28
Accrued estimated remediation costs	72
Asset retirement obligations	34
Insurance recoveries	20	$ 0
Wood Products
Commitments and Contingencies Disclosure [Line Items]
Charges for product remediation			$ 290
Insurance recoveries	$ 20

ACCUMLATED OTHER COMPREHENSIVE LOSS Items Included in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Beginning balance	$ (1,562)
Other comprehensive income (loss) before reclassifications	(5)
Income taxes	(2)
Net other comprehensive income (loss) before reclassifications	(7)
Amounts reclassified from accumulated other comprehensive loss(1)	62
Income taxes	(17)
Net amounts reclassified from accumulated other comprehensive loss to earnings	45
Total other comprehensive income	38	$ 31
Reclassification of certain tax affects due to tax law changes(2)	(253)
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	(9)
Reclassification from accumulated other comprehensive income (loss) to retained earnings	262
Ending balance	(1,786)
Foreign currency translation adjustments
Beginning balance	264
Other comprehensive income (loss) before reclassifications	(15)
Income taxes	0
Net other comprehensive income (loss) before reclassifications	(15)
Amounts reclassified from accumulated other comprehensive loss(1)	0
Income taxes	0
Net amounts reclassified from accumulated other comprehensive loss to earnings	0
Total other comprehensive income	(15)
Reclassification of certain tax affects due to tax law changes(2)	0
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	0
Reclassification from accumulated other comprehensive income (loss) to retained earnings	0
Ending balance	249
Actuarial losses \| Pension
Beginning balance	(1,802)
Other comprehensive income (loss) before reclassifications	10
Income taxes	(2)
Net other comprehensive income (loss) before reclassifications	8
Amounts reclassified from accumulated other comprehensive loss(1)	61
Income taxes	(16)
Net amounts reclassified from accumulated other comprehensive loss to earnings	45
Total other comprehensive income	53
Reclassification of certain tax affects due to tax law changes(2)	(245)
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	0
Reclassification from accumulated other comprehensive income (loss) to retained earnings	245
Ending balance	(1,994)
Actuarial losses \| Other Postretirement Benefits
Beginning balance	(48)
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss(1)	2
Income taxes	(1)
Net amounts reclassified from accumulated other comprehensive loss to earnings	1
Total other comprehensive income	1
Reclassification of certain tax affects due to tax law changes(2)	(12)
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	0
Reclassification from accumulated other comprehensive income (loss) to retained earnings	12
Ending balance	(59)
Prior service (costs) credits \| Pension
Beginning balance	(8)
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss(1)	1
Income taxes	0
Net amounts reclassified from accumulated other comprehensive loss to earnings	1
Total other comprehensive income	1
Reclassification of certain tax affects due to tax law changes(2)	(1)
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	0
Reclassification from accumulated other comprehensive income (loss) to retained earnings	1
Ending balance	(8)
Prior service (costs) credits \| Other Postretirement Benefits
Beginning balance	23
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss(1)	(2)
Income taxes	0
Net amounts reclassified from accumulated other comprehensive loss to earnings	(2)
Total other comprehensive income	(2)
Reclassification of certain tax affects due to tax law changes(2)	5
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	0
Reclassification from accumulated other comprehensive income (loss) to retained earnings	(5)
Ending balance	26
Unrealized gains on available-for-sale securities
Beginning balance	9
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss(1)	0
Income taxes	0
Net amounts reclassified from accumulated other comprehensive loss to earnings	0
Total other comprehensive income	0
Reclassification of certain tax affects due to tax law changes(2)	0
Reclassification of accumulated unrealized gains on available-for-sale securities(3)	(9)
Reclassification from accumulated other comprehensive income (loss) to retained earnings	9
Ending balance	$ 0

SHARE-BASED COMPENSATION Schedule of Share-Based Compensation Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018 shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	673
Vested	576
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	344
Vested	110

SHARE-BASED COMPENSATION Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted (Details) - Performance share units	3 Months Ended
	Mar. 31, 2018 $ / shares Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date average stock price (1) \| $ / shares	$ 34.14
Expected dividends	3.81%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1/1/2018
Risk-free rate minimum	1.75%
Expected volatility minimum	17.30%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	12/31/2020
Risk-free rate maximum	2.34%
Expected volatility maximum	21.52%

SHARE-BASED COMPENSATION Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	1,500,000.00
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of units granted	$ 34.14
Granted	673,000
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of units granted	$ 35.49
Granted	344,000
Performance share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final number of shares awarded of each grant's target	0.00%
Performance share units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Final number of shares awarded of each grant's target	150.00%
Value management awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level vesting rate		$ 100

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS Items Included in Our Integration and Restructuring, Closure and Asset Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Charges related to integration and restructuring
Impairments of long-lived assets	$ 1	$ 0
Total charges for integration and restructuring, closures and asset impairments	2	13
Plum Creek
Charges related to integration and restructuring
Integration and restructuring charges related to our merger with Plum Creek	0	12
Other
Charges related to integration and restructuring
Charges related to closures and other restructuring activities	$ 1	$ 1

CHARGES (RECOVERIES) FOR PRODUCT REMEDIATION (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Line Items]
Product remediation accrual	$ 43		$ 98
Insurance recoveries	20	$ 0
Wood Products
Commitments and Contingencies Disclosure [Line Items]
Charges for product remediation			$ 290
Charges for product remediation, payments	247
Product remediation accrual	43
Insurance recoveries	$ 20

OTHER OPERATING COSTS, NET Items Included in Other Operating Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain on disposition of nonstrategic assets	$ (2)	$ (7)
Foreign exchange losses, net	2	3
Litigation expense, net	5	3
Other, net(1)	23	3
Total other operating costs, net	$ 28	$ 2

INCOME TAXES Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
INCOME TAXES Additional Information (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Estimated annual effective tax rate for our Taxable REIT Subsidiary	24.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%
Tax affect of U.S. Corporate rate change		$ 74,000,000
Gain from potential tax adjustment	$ 600,000,000
Tax liability from potential adjustment	100,000,000
Estimated Litigation Liability	$ 0
Maximum
Percentage of gain distributed in common stock	80.00%