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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	Apr. 21, 2017
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, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		751,932,664

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 1,693	$ 1,405
Costs of products sold	1,272	1,103
Gross margin	421	302
Selling expenses	22	23
General and administrative expenses	87	79
Research and development expenses	4	5
Charges for integration and restructuring, closures and asset impairments (Note 15)	13	111
Other operating costs (income), net (Note 16)	2	(55)
Operating income	293	139
Equity earnings from joint ventures (Note 7)	0	5
Non-operating pension and other postretirement benefit (costs) credits	(22)	14
Interest income and other	9	9
Interest expense, net of capitalized interest	(99)	(95)
Earnings from continuing operations before income taxes	181	72
Income taxes (Note 17)	(24)	(11)
Earnings from continuing operations	157	61
Earnings from discontinued operations, net of income taxes (Note 3)	0	20
Net earnings	157	81
Dividends on preference shares (Note 5)	0	11
Net earnings attributable to Weyerhaeuser common shareholders	$ 157	$ 70
Earnings per share attributable to Weyerhaeuser common shareholders, basic and diluted (Note 5):
Continuing operations	$ 0.21	$ 0.08
Discontinued operations	0.00	0.03
Net earnings per share	0.21	0.11
Dividends paid per share	$ 0.31	$ 0.31
Weighted average shares outstanding (in thousands) (Note 5):
Basic	750,665	632,004
Diluted	754,747	634,872

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net earnings	$ 157	$ 81
Other comprehensive income (loss):
Foreign currency translation adjustments	2	41
Actuarial gains, net of tax expense of $26 and $8	29	10
Prior service costs, net of tax expense of $0 and $1	(1)	(2)
Unrealized gains on available-for-sale securities	1	0
Total other comprehensive income	31	49
Total comprehensive income	$ 188	$ 130

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Tax expense (benefit) of actuarial gains (losses)	$ 26	$ 8
Tax expense (benefit) of prior service credits (costs)	$ 0	$ 1

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 455	$ 676
Receivables, less discounts and allowances of $2 and $1	472	390
Receivables for taxes	10	84
Inventories (Note 6)	386	358
Prepaid expenses and other current assets	142	114
Total current assets	1,465	1,622
Property and equipment, less accumulated depreciation of $3,346 and $3,306	1,544	1,562
Construction in progress	230	213
Timber and timberlands at cost, less depletion charged to disposals	14,218	14,299
Minerals and mineral rights, less depletion	317	319
Investments in and advances to joint ventures (Note 7)	56	56
Goodwill	40	40
Deferred tax assets	287	293
Other assets	229	224
Restricted financial investments held by variable interest entities	615	615
Total assets	19,001	19,243
Liabilities
Current maturities of long-term debt (Note 11)	343	281
Accounts payable	227	233
Accrued liabilities (Note 9)	452	692
Total current liabilities	1,022	1,206
Long-term debt (Note 11)	6,263	6,329
Long-term debt (nonrecourse to the company) held by variable interest entities	511	511
Deferred pension and other postretirement benefits (Note 8)	1,287	1,322
Deposit from contribution of timberlands to related party (Note 7)	422	426
Other liabilities	281	269
Total liabilities	9,786	10,063
Commitments and contingencies (Note 12)
Equity:
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 751,410,510 and 748,528,131 shares	939	936
Other capital	8,340	8,282
Retained earnings	1,364	1,421
Cumulative other comprehensive loss (Note 13)	(1,428)	(1,459)
Total equity	9,215	9,180
Total liabilities and equity	$ 19,001	$ 19,243

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Receivables, allowances	$ 2	$ 1
Property and equipment, accumulated depreciation	$ 3,346	$ 3,306
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	751,410,510	748,528,131
Common shares, outstanding	751,410,510	748,528,131

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operations:
Net earnings	$ 157	$ 81
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	133	142
Basis of real estate sold	14	17
Deferred income taxes, net	3	18
Gains on sales of non-strategic assets	(7)	(41)
Pension and other postretirement benefits (Note 8)	32	4
Share-based compensation expense	10	24
Equity (earnings) loss from joint ventures (Note 7)	0	(3)
Foreign exchange transaction (gains) losses (Note 16)	3	(13)
Change in:
Receivables less allowances	(70)	(47)
Receivable/payable for taxes	(36)	10
Inventories	(28)	(43)
Prepaid expenses	(9)	(1)
Accounts payable and accrued liabilities	(137)	(70)
Pension and postretirement contributions (Note 8)	(22)	(17)
Distributions received from joint ventures	0	5
Other	(8)	(19)
Net cash from operations	35	47
Cash flows from investing activities:
Capital expenditures for property and equipment	(52)	(57)
Capital expenditures for timberlands reforestation	(23)	(16)
Acquisition of timberlands	0	(6)
Proceeds from sale of non-strategic assets	8	70
Distributions received from joint ventures	0	24
Cash and cash equivalents acquired in Plum Creek merger (Note 4)	0	9
Other	(1)	0
Cash from (used in) investing activities	(68)	24
Cash flows from financing activities:
Cash dividends on common shares	(233)	(241)
Proceeds from issuance of long-term debt	0	1,098
Payments of debt	0	(720)
Repurchase of common stock (Note 5)	0	(798)
Proceeds from stock options exercised	55	4
Other	(10)	(11)
Cash used in financing activities	(188)	(668)
Net change in cash and cash equivalents	(221)	(597)
Cash and cash equivalents from continuing operations at beginning of period	676	1,011
Cash and cash equivalents from discontinued operations at beginning of period	0	1
Cash and cash equivalents at beginning of period		1,012
Cash and cash equivalents from continuing operations at end of period	455	411
Cash and cash equivalents from discontinued operations at end of period	0	4
Cash and cash equivalents at end of period		415
Cash paid (received) during the period for:
Interest, net of amount capitalized of $3 and $2	120	125
Income taxes	$ 59	$ (13)

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest, amount capitalized	$ 3	$ 2

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2017

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 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, 2016. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year.

RECLASSIFICATIONS

We have reclassified certain balances and results from the prior year to be consistent with our 2017 reporting. This makes year-to-year comparisons easier. Our reclassifications had no effect on consolidated net earnings or equity.

Our reclassifications present 1) our adoption of new accounting pronouncements and 2) the results of discontinued operations separately from results of continuing operations on our Consolidated Statement of Operations, Consolidated Balance Sheet and in the related footnotes. Note 3: Discontinued Operations provides information about our discontinued operations.

NEW ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, a comprehensive new revenue recognition model that requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, which deferred the effective date for an additional year. In March 2016, FASB issued ASU 2016-08, which does not change the core principle of the guidance; however, it does clarify the implementation guidance on principal versus agent considerations. In April 2016, FASB issued ASU 2016-10, which clarifies two aspects of ASU 2014-09: identifying performance obligations and the licensing implementation guidance. In May 2016, FASB issued ASU 2016-12, which amends ASU 2014-09 to provide improvements and practical expedients to the new revenue recognition model. In December 2016, the FASB issued ASU 2016-20, which amends ASU 2014-09 for technical corrections and to correct for unintended application of the guidance. Finally, in February 2017, FASB issued ASU 2017-05, which clarifies the scope of ASC 610-20 and impacts accounting for partial sales of nonfinancial assets.

The company expects to adopt and implement the new revenue recognition guidance effective January 1, 2018. The new standard is required to be applied retrospectively to each prior reporting period presented (full retrospective transition method) or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application (cumulative effect method). We expect to adopt using the cumulative effect method. We expect that the adoption of the new revenue recognition guidance will not materially impact our operating results, balance sheet, cash flows or financial reporting aside from adding expanded disclosures.

In July 2015, FASB issued ASU 2015-11, which simplifies the measurement of inventories valued under most methods, including our inventories valued under FIFO – the first-in, first-out – and moving average cost methods. Inventories valued under LIFO – the last-in, first-out method – are excluded. Under this new guidance, inventories valued under these methods would be valued at the lower of cost or net realizable value, with net realizable value defined as the estimated selling price less reasonable costs to sell the inventory. The new guidance is effective prospectively for fiscal periods starting after December 15, 2016, and early adoption is permitted. We adopted on January 1, 2017, and determined this pronouncement does not have a material impact on our consolidated financial statements and related disclosures.

In February 2016, FASB issued ASU 2016-02, which requires lessees to recognize assets and liabilities for the rights and obligations created by those leases and requires both capital and operating 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, and are evaluating the impact on our consolidated financial statements and related disclosures.

In October 2016, FASB issued ASU 2016-16, which requires immediate recognition of the income tax consequences upon intra-entity transfers of assets other than inventory. The new guidance is effective for annual periods beginning after December 15, 2017, and early adoption is permitted. We adopted this accounting standard on January 1, 2017. As a result of this adoption, our opening balance sheet was adjusted through retained earnings to include a deferred tax asset of $22 million for prior period intra-entity transfers. Adoption of this standard did not have a material impact on our Consolidated Statement of Cash Flows or Consolidated Statement of Operations.

In March 2017, FASB issued ASU 2017-07, which requires that an employer report the service cost component of pension and other postretirement benefit costs in the Consolidated Statement of Operations in the same line item or items as other compensation costs arising from services rendered by the pertinent employees. This requirement is consistent with how we have historically presented our pension service costs. The other requirement of this ASU is to present the remaining components of pension and other postretirement benefit costs (i.e., interest, expected return on plan assets, amortization of actuarial gains or losses, and amortization of prior service credits or costs) in the Consolidated Statement of Operations separately from the service cost component and outside a subtotal of income from operations. The new guidance is effective for annual periods beginning after December 15, 2017, and early adoption is permitted. We have adopted this accounting standard as of January 1, 2017. As a result, we have reclassified amounts related to other components of pension and other post retirement benefit costs from their prior financial statements captions ("Costs of products sold," "General and administrative expenses," and "Other operating costs (income), net") into a new financial statement caption titled "Non-operating pension and other postretirement benefit (costs) credits" in our Consolidated Statement of Operations. The adoption of this ASU does not impact "Net earnings," nor does it impact our Consolidated Balance Sheet.

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2017

BUSINESS SEGMENTS

Reportable business segments are determined based on the company’s management approach. The management approach, as defined by FASB ASC 280, “Segment Reporting,” 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 (as defined and described in Note 7: Related Parties); and


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

Discontinued operations as presented herein consist of the operations of our former Cellulose Fibers segment. All periods presented have been revised to separate the results of discontinued operations from the results of our continuing operations. Refer to Note 3: Discontinued Operations for more information regarding our discontinued operations.

On October 12, 2016, we announced the exploration of strategic alternatives for our timberlands and manufacturing operations in Uruguay. We intend to consider a broad range of alternatives, including continuing to hold and operate the business, or a sale. The related assets and liabilities of our Uruguay operations have not met the criteria for classification as "held for sale" and are not included in our results of discontinued operations.

An analysis and reconciliation of our business segment information to the respective information in the Consolidated Statements of Operations is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Sales to unaffiliated customers:
Timberlands	$	486		$	387
Real Estate & ENR	53			39
Wood Products	1,154			979
	1,693			1,405
Intersegment sales:
Timberlands	202			222
Wood Products	—			22
	202			244
Total sales	1,895			1,649
Intersegment eliminations	(202		)	(244		)
Total	$	1,693		$	1,405
Net contribution to earnings:
Timberlands	$	148		$	129
Real Estate & ENR⁽¹⁾	26			15
Wood Products	172			87
	346			231
Unallocated items⁽²⁾	(66		)	(64		)
Net contribution to earnings	280			167
Interest expense, net of capitalized interest	(99		)	(95		)
Earnings from continuing operations before income taxes	181			72
Income taxes	(24		)	(11		)
Earnings from continuing operations	157			61
Earnings from discontinued operations, net of income taxes	—			20
Net earnings	157			81
Dividends on preference shares	—			(11		)
Net earnings attributable to Weyerhaeuser common shareholders	$	157		$	70


(1)	The Real Estate & ENR segment includes the equity earnings from, investments in and advances to our Real Estate Development Ventures (as defined and described in Note 7: Related Parties), 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, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing, the elimination of intersegment profit in inventory and the LIFO reserve. As a result of reclassifying our former Cellulose Fibers segment as discontinued operations, Unallocated items also includes retained indirect corporate overhead costs previously allocated to the former segment. Additionally, amounts shown for 2016 include equity earnings from our former Timberland Venture. As of August 31, 2016, the Timberland Venture became a fully consolidated, wholly-owned subsidiary and therefore eliminated our equity method investment at that time.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

DISCONTINUED OPERATIONS (Notes)

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

During 2016, we entered into three separate transactions to sell our Cellulose Fibers business. As a result of these transactions, the company recognized a pretax gain on disposition of $789 million and total cash proceeds of $2.5 billion in the second half of 2016. These transactions consisted of:


•	sale of our Cellulose Fibers liquid packaging board business to Nippon Paper Industries Co., Ltd, which closed on August 31, 2016;


•	sale of our Cellulose Fibers printing papers joint venture to One Rock Capital Partners, LLC, which closed on November 1, 2016; and


•	sale of our Cellulose Fibers pulp business to International Paper, which closed on December 1, 2016.

The results of operations for our pulp and liquid packaging board businesses, along with our interest in our printing papers joint venture, were reclassified to discontinued operations during our 2016 reporting year. These results have been summarized in "Earnings from discontinued operations, net of income taxes" on our Consolidated Statement of Operations for each period presented. We did not reclassify our Consolidated Statement of Cash Flows to reflect discontinued operations.

The following table presents net earnings from discontinued operations. As all discontinued operations were sold in 2016, no assets or liabilities remain as of March 31, 2017 or December 31, 2016.



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2016
Total net sales	$	430
Costs of products sold	386
Gross margin	44
Selling expenses	4
General and administrative expenses	9
Research and development expenses	1
Charges for integration and restructuring, closures and asset impairments⁽¹⁾	6
Other operating income, net	(9		)
Operating income	33
Equity loss from joint venture	(2		)
Interest expense, net of capitalized interest	(2		)
Earnings from discontinued operations before income taxes	29
Income taxes	(9		)
Net earnings from discontinued operations	$	20


(1)	Charges for integration and restructuring, closures and asset impairments consist of costs related to our strategic evaluation of the Cellulose Fibers businesses and transaction-related costs.

Cash flows from discontinued operations for the three months ended March 31, 2016 are as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2016
Net cash provided by (used in) operating activities	$	66
Net cash provided by (used in) investing activities	$	(22	)

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

MERGER WITH PLUM CREEK (Notes)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

MERGER WITH PLUM CREEK

On February 19, 2016, we merged with Plum Creek Timber Company, Inc. (Plum Creek). Plum Creek was a REIT that primarily owned and managed timberlands in the United States. Plum Creek also produced wood products, developed opportunities for mineral and other natural resource extraction, and sold real estate properties.

The acquisition of total assets of $10.0 billion was a noncash investing and financing activity comprised of $6.4 billion in equity consideration transferred and $3.6 billion of liabilities assumed.

Summarized unaudited pro forma information that presents combined amounts as if this merger occurred at the beginning of 2016 is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES	MARCH 2016
Net sales	$	1,561
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders	$	144
Earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic and diluted	$	0.18

Pro forma net earnings attributable to Weyerhaeuser common shareholders exclude $131 million non-recurring merger-related costs (net of tax) incurred in the quarter ended March 31, 2016. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

NET EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE AND SHARE REPURCHASES

NET EARNINGS PER SHARE

Our basic and diluted earnings per share attributable to Weyerhaeuser shareholders were:


•	$0.21 during first quarter 2017 and


•	$0.11 during first quarter 2016.

Basic earnings per share is net earnings available to common shareholders 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 available to common shareholders 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 2017	MARCH 2016
Weighted average number of outstanding common shares – basic	750,665	632,004
Dilutive potential common shares:
Stock options	2,981	2,060
Restricted stock units	547	409
Performance share units	554	399
Total effect of outstanding dilutive potential common shares	4,082	2,868
Weighted average number of outstanding common shares – dilutive	754,747	634,872

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.

We issued 13.8 million 6.375 percent Mandatory Convertible Preference Shares, Series A on June 24, 2013, the majority of which remained outstanding through June 30, 2016. Preference Shares outstanding during the quarter ended March 31, 2016, were considered antidilutive and were not considered participating. On July 1, 2016, all outstanding 6.375 percent Mandatory Convertible Preference Shares, Series A (Preference Shares) converted into Weyerhaeuser common shares at a rate of 1.6929 Weyerhaeuser common shares per Preference Share. There were no preference shares outstanding as of March 31, 2017.

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 2017	MARCH 2016
Stock options	1,432	6,215
Performance share units	568	534
Preference shares	—	25,307

STOCK REPURCHASE PROGRAM

The 2016 Share Repurchase Authorization was approved in November 2015 by our Board of Directors and authorized management to repurchase up to $2.5 billion of outstanding shares. During first quarter 2017, we did not repurchase any shares. As of March 31, 2017, we had remaining authorization of $500 million for future stock repurchases.

INVENTORIES

3 Months Ended

Mar. 31, 2017

INVENTORIES

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



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2017		DECEMBER 31, 2016
LIFO Inventories:
Logs	$	12	$	18
Lumber, plywood and panels	60		51
Other products	24		20
FIFO or moving average cost inventories:
Logs	41		21
Lumber, plywood, panels and engineered wood products	76		71
Other products	85		92
Materials and supplies	88		85
Total	$	386	$	358

LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. domestic locations. The FIFO – the first-in, first-out method – or moving average cost methods apply to the balance of our domestic raw material and product inventories as well as for 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 $71 million as of March 31, 2017, and December 31, 2016.

RELATED PARTIES (Notes)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

RELATED PARTIES

This note provides details about our transactions with related parties. Our related parties consist of:


•	our Real Estate Development Ventures, which are accounted for using the equity method and


•	our Twin Creeks Venture.

Real Estate Development Ventures

WestRock-Charleston Land Partners, LLC (WR-CLP) is a limited liability company which holds residential and commercial real estate development properties, currently under development (Class A Properties) and higher-value timber and development lands (Class B Properties) (referred to collectively as the Real Estate Development Ventures). Our share of the equity earnings are included in the net contribution to earnings of our Real Estate & ENR segment.

The carrying amount of our investment in WR-CLP is $56 million at March 31, 2017 and December 31, 2016. We record our share of net earnings within "Equity earnings from joint ventures" in our Consolidated Statement of Operations in the period which earnings are recorded by the affiliates. We did not have any equity earnings from joint ventures during first quarter 2017.

Twin Creeks Venture

On April 1, 2016, we contributed approximately 260,000 acres of our southern timberlands with an agreed-upon value of approximately $560 million to Twin Creeks Timber, LLC (Twin Creeks Venture), in exchange for cash of approximately $440 million and a 21 percent ownership interest.

In conjunction with contributing to the venture, we entered into a separate agreement to manage the timberlands owned by the Twin Creeks Venture, including harvesting activities, marketing and log sales activities, and replanting and silviculture activities. This management agreement guarantees the Twin Creeks Venture an annual return equal to 3 percent of the contributed value of the managed timberlands in the form of minimum quarterly payments from Weyerhaeuser. We are also required to annually distribute 75 percent of any profits earned by us in excess of the minimum quarterly payments. The management agreement is cancellable at any time by Twin Creeks Timber, LLC, and otherwise will expire on April 1, 2019.

Changes in our "Deposit from contribution of timberlands to related party" balance during first quarter 2017 were as follows:



DOLLAR AMOUNTS IN MILLIONS
Balance at December 31, 2016	$	426
Lease payments to Twin Creeks Venture	(5		)
Distributions from Twin Creeks Venture	1
Balance at March 31, 2017	$	422

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2017

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The components of net periodic benefit costs (credits) are:



	PENSION
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Service cost⁽¹⁾	$	10		$	13
Interest cost	66			68
Expected return on plan assets	(102		)	(123		)
Amortization of actuarial loss	55			38
Amortization of prior service cost	1			1
Accelerated pension costs included in Plum Creek merger-related costs (Note 15)	—			5
Total net periodic benefit cost - pension	$	30		$	2


(1)	Service cost includes $4 million for the quarter ended March 31, 2016, for employees that were part of our Cellulose Fibers divestitures. These charges are included in our results of discontinued operations.



	OTHER POSTRETIREMENT BENEFITS
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
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

On January 1, 2017, we adopted ASU 2017-07, which affects where components of pension and other postretirement costs are presented on the Consolidated Statement of Operations. Refer to Note 1: Basis of Presentation for further information.

FAIR VALUE OF PENSION PLAN ASSETS AND OBLIGATION

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 second quarter 2017. The final adjustments could affect net pension periodic benefit cost.

EXPECTED CONTRIBUTIONS AND BENEFIT PAYMENTS

In 2017 we expect to:


•	be required to contribute approximately $19 million for our Canadian registered plan;


•	be required to contribute or make benefit payments for our Canadian nonregistered plans of $3 million;


•	make benefit payments of $26 million for our U.S. nonqualified pension plans; and


•	make benefit payments of $21 million for our U.S. and Canadian other postretirement plans.

We do not anticipate making a contribution to our U.S. qualified pension plans for 2017.

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2017

ACCRUED LIABILITIES

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2017		DECEMBER 31, 2016
Wages, salaries and severance pay	$	97	$	178
Pension and other postretirement benefits	48		49
Vacation pay	36		33
Taxes – Social Security and real and personal property	25		20
Interest	89		120
Customer rebates and volume discounts	25		39
Deferred income	30		40
Accrued income taxes	31		139
Other	71		74
Total	$	452	$	692

LINES OF CREDIT LINES OF CREDIT	3 Months Ended
LINES OF CREDIT LINES OF CREDIT	Mar. 31, 2017
Debt Disclosure [Abstract]
LINES OF CREDIT	LINES OF CREDIT During March 2017, we entered into a new $1.5 billion five-year senior unsecured revolving credit facility that expires in March 2022. This replaces a $1 billion senior unsecured revolving credit facility that was set to expire September 2018. The entire amount is available to Weyerhaeuser Company. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. There were no borrowings or repayments under our available credit facilities in first quarter 2017.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2017

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, 2017				DECEMBER 31, 2016
DOLLAR AMOUNTS IN MILLIONS	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities):
Fixed rate	$	6,057	$	7,017	$	6,061	$	6,925
Variable rate	549		550		549		550
Total Debt	$	6,606	$	7,567	$	6,610	$	7,475

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, 2017

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 long-term consolidated financial position, results of operations or cash flows. See Note 17: Income Taxes for a discussion of a tax proceeding involving Plum Creek REIT'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 operated upstream pulp mills within the remediation site. We are currently cooperating with the 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; however, we may incur additional costs, as yet not specified, in connection with remediation tasks resulting from other areas of the site. 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 the site. The trial has been concluded but a decision on cost contribution and allocation has not yet been rendered by the Court.

As of March 31, 2017, our total accrual for future estimated remediation costs on the active Superfund sites and other sites for which we are responsible was approximately $48 million. These reserves are recorded in "Accrued liabilities" (current) and "Other liabilities" (noncurrent) on our Consolidated Balance Sheet.

Asset Retirement Obligations

We have obligations associated with the 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, 2017, our accrued balance for these obligations was $31 million. These obligations are recorded in "Accrued liabilities" (current) and "Other liabilities" (noncurrent) on our Consolidated Balance Sheet. The accruals have not changed materially since the end of 2016.

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.

CUMULATIVE OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2017

CUMULATIVE OTHER COMPREHENSIVE INCOME (LOSS)

Changes in amounts included in our cumulative other comprehensive income (loss) by component are:



			PENSION						OTHER POSTRETIREMENT BENEFITS
DOLLAR AMOUNTS IN MILLIONS	Foreign currency translation adjustments		Actuarial losses			Prior service costs			Actuarial losses			Prior service credits			Unrealized gains on available-for-sale securities		Total
Beginning balance as of December 31, 2016	$	232	$	(1,651	)	$	(9	)	$	(67	)	$	29		$	7	$	(1,459	)
Other comprehensive income (loss) before reclassifications	2		(2		)	—			—			—			1		1
Income taxes	—		(6		)	—			—			—			—		(6		)
Net other comprehensive income (loss) before reclassifications	2		(8		)	—			—			—			1		(5		)
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—		55			1			2			(2		)	—		56
Income taxes	—		(19		)	(1		)	(1		)	1			—		(20		)
Net amounts reclassified from cumulative other comprehensive income (loss)	—		36			—			1			(1		)	—		36
Total other comprehensive income (loss)	2		28			—			1			(1		)	1		31
Ending balance as of March 31, 2017	$	234	$	(1,623	)	$	(9	)	$	(66	)	$	28		$	8	$	(1,428	)
(1) Actuarial losses and prior service credits (cost) are components of net periodic benefit costs (credits). See Note 8: Pension and Other Postretirement Benefit Plans.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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+ Details

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2017

SHARE-BASED COMPENSATION

Share-based compensation activity in first quarter 2017 included the following:



SHARES IN THOUSANDS	Granted	Vested
Restricted Stock Units (RSUs)	763	662
Performance Share Units (PSUs)	348	142

A total of 2.9 million shares of common stock were issued as a result of RSU vesting, PSU vesting and stock option exercises.

RESTRICTED STOCK UNITS

The weighted average fair value of the RSUs granted in 2017 was $32.79. The vesting provisions for RSUs granted in 2017 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 forfeits 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 forfeit 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 2017 was $37.93.

The final number of shares granted in 2017 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 2017 were as follows:


•	vest 100 percent on the third anniversary of the grant date as long as 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 forfeits 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 forfeit 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 2017



	Performance Share Units
Performance period	1/1/2017 - 12/31/2019
Valuation date average stock price ⁽¹⁾	$	32.79
Expected dividends	3.74					%
Risk-free rate	0.68		%	–	1.55	%
Expected volatility	22.71		%	–	24.07	%

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

STOCK OPTIONS

We did not grant any stock options in first quarter 2017 and do not expect any grants to occur during the remainder of 2017.

STOCK APPRECIATION RIGHTS

We did not grant any stock appreciation rights in first quarter 2017 and do not expect any grants to occur during the remainder of 2017.

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 will vest at “target” level performance of $100 per unit and will be paid in the first quarter of 2018. The VMAs are classified and accounted for as liabilities, as they will be settled in cash upon vesting. The expense recognized over the remaining performance period will equal the cash value of an award as of the last day of the performance period multiplied by the number of awards that are earned. Expense for VMAs will continue to be recognized over the remaining service period unless a qualifying termination occurs. A qualifying termination of any holder of a VMA award before December 31, 2017 will accelerate vesting and expense recognition in the period that the qualifying termination occurs.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS

3 Months Ended

Mar. 31, 2017

Restructuring Cost and Reserve [Line Items]

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017		MARCH 2016
Integration and restructuring charges related to our merger with Plum Creek:
Termination benefits	$	6	$	45
Acceleration of share-based compensation related to qualifying terminations	—		19
Acceleration of pension benefits related to qualifying terminations	—		5
Professional services	3		39
Other integration and restructuring costs	3		2
Total integration and restructuring charges related to our merger with Plum Creek	12		110
Charges related to closures and other restructuring activities:
Termination benefits	1		—
Other closures and restructuring costs	—		1
Total charges related to closures and other restructuring activities	1		1
Total charges for integration and restructuring, closures and impairments	$	13	$	111

During 2017, we incurred and accrued for termination benefits (primarily severance) and non-recurring professional services costs directly attributable to our merger with Plum Creek.

During 2016, we incurred and accrued for termination benefits (primarily severance), accelerated share-based payment costs, and accelerated pension benefits based upon actual and expected qualifying terminations of certain employees as a result of restructuring decisions made subsequent to the merger. We also incurred non-recurring professional services costs for investment banking, legal and consulting, and certain other fees directly attributable to our merger with Plum Creek.

Changes in accrued severance related to restructuring during the year-to-date period ended March 31, 2017, were as follows:



DOLLAR AMOUNTS IN MILLIONS
Accrued severance as of December 31, 2016	$	26
Charges	7
Payments	(14		)
Accrued severance as of March 31, 2017	$	19

Accrued severance is recorded within the "Wages, salaries and severance pay" component of "Accrued liabilities" on our Consolidated Balance Sheet as detailed in Note 9: Accrued Liabilities. The majority of the accrued severance balance as of March 31, 2017, is expected to be paid within one year.

OTHER OPERATING COSTS (INCOME), NET

3 Months Ended

Mar. 31, 2017

OTHER OPERATING COSTS (INCOME), NET

Other operating costs (income), net:


•	includes both recurring and occasional income and expense items and


•	can fluctuate from year to year.

ITEMS INCLUDED IN OTHER OPERATING COSTS (INCOME), NET



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Gain on disposition of nonstrategic assets	$	(7	)	$	(36	)
Foreign exchange losses (gains), net	3			(13		)
Litigation expense, net	3			3
Other, net	3			(9		)
Total other operating costs (income), net	$	2		$	(55	)

Gain on disposition of nonstrategic assets included a $36 million pretax gain recognized in first quarter 2016 on the sale of our Federal Way, Washington headquarters campus.

Foreign exchange losses (gains) result from changes in exchange rates, primarily related to our Canadian operations.

INCOME TAXES

3 Months Ended

Mar. 31, 2017

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 2017 estimated annual effective tax rate for our TRSs is approximately 31 percent, which is lower than the U.S. domestic statutory federal tax rate primarily due to lower foreign tax rates applicable to foreign earnings.

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 REIT’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 the company 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. We expect that as much as 80 percent of any such 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, 2017

Consolidation, Policy

Our consolidated financial statements provide an overall view of our results 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.

Reclassification, Policy

RECLASSIFICATIONS

New Accounting Pronouncements, Policy

NEW ACCOUNTING PRONOUNCEMENTS

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, 2017

Reconciliation of Revenue from Segments to Consolidated

An analysis and reconciliation of our business segment information to the respective information in the Consolidated Statements of Operations is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Sales to unaffiliated customers:
Timberlands	$	486		$	387
Real Estate & ENR	53			39
Wood Products	1,154			979
	1,693			1,405
Intersegment sales:
Timberlands	202			222
Wood Products	—			22
	202			244
Total sales	1,895			1,649
Intersegment eliminations	(202		)	(244		)
Total	$	1,693		$	1,405
Net contribution to earnings:
Timberlands	$	148		$	129
Real Estate & ENR⁽¹⁾	26			15
Wood Products	172			87
	346			231
Unallocated items⁽²⁾	(66		)	(64		)
Net contribution to earnings	280			167
Interest expense, net of capitalized interest	(99		)	(95		)
Earnings from continuing operations before income taxes	181			72
Income taxes	(24		)	(11		)
Earnings from continuing operations	157			61
Earnings from discontinued operations, net of income taxes	—			20
Net earnings	157			81
Dividends on preference shares	—			(11		)
Net earnings attributable to Weyerhaeuser common shareholders	$	157		$	70


(1)	The Real Estate & ENR segment includes the equity earnings from, investments in and advances to our Real Estate Development Ventures (as defined and described in Note 7: Related Parties), which are accounted for under the equity method.

(2)

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The following table presents net earnings from discontinued operations. As all discontinued operations were sold in 2016, no assets or liabilities remain as of March 31, 2017 or December 31, 2016.



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2016
Total net sales	$	430
Costs of products sold	386
Gross margin	44
Selling expenses	4
General and administrative expenses	9
Research and development expenses	1
Charges for integration and restructuring, closures and asset impairments⁽¹⁾	6
Other operating income, net	(9		)
Operating income	33
Equity loss from joint venture	(2		)
Interest expense, net of capitalized interest	(2		)
Earnings from discontinued operations before income taxes	29
Income taxes	(9		)
Net earnings from discontinued operations	$	20


(1)	Charges for integration and restructuring, closures and asset impairments consist of costs related to our strategic evaluation of the Cellulose Fibers businesses and transaction-related costs.

Schedule of Disposal Groups Including Discontinued Operations Cash Flows [Table Text Block]

Cash flows from discontinued operations for the three months ended March 31, 2016 are as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2016
Net cash provided by (used in) operating activities	$	66
Net cash provided by (used in) investing activities	$	(22	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

MERGER WITH PLUM CREEK (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Unaudited Pro Forma Information

Summarized unaudited pro forma information that presents combined amounts as if this merger occurred at the beginning of 2016 is as follows:



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES	MARCH 2016
Net sales	$	1,561
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders	$	144
Earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic and diluted	$	0.18

NET EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2017

Dilutive Potential Common Shares



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2017	MARCH 2016
Weighted average number of outstanding common shares – basic	750,665	632,004
Dilutive potential common shares:
Stock options	2,981	2,060
Restricted stock units	547	409
Performance share units	554	399
Total effect of outstanding dilutive potential common shares	4,082	2,868
Weighted average number of outstanding common shares – dilutive	754,747	634,872

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



	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2017	MARCH 2016
Stock options	1,432	6,215
Performance share units	568	534
Preference shares	—	25,307

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2017

Inventories

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



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2017		DECEMBER 31, 2016
LIFO Inventories:
Logs	$	12	$	18
Lumber, plywood and panels	60		51
Other products	24		20
FIFO or moving average cost inventories:
Logs	41		21
Lumber, plywood, panels and engineered wood products	76		71
Other products	85		92
Materials and supplies	88		85
Total	$	386	$	358

RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Changes in Deposit of Timberlands to Related Party

Changes in our "Deposit from contribution of timberlands to related party" balance during first quarter 2017 were as follows:



DOLLAR AMOUNTS IN MILLIONS
Balance at December 31, 2016	$	426
Lease payments to Twin Creeks Venture	(5		)
Distributions from Twin Creeks Venture	1
Balance at March 31, 2017	$	422

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2017

Components of Net Periodic Benefit Costs (Credits)

The components of net periodic benefit costs (credits) are:



	PENSION
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Service cost⁽¹⁾	$	10		$	13
Interest cost	66			68
Expected return on plan assets	(102		)	(123		)
Amortization of actuarial loss	55			38
Amortization of prior service cost	1			1
Accelerated pension costs included in Plum Creek merger-related costs (Note 15)	—			5
Total net periodic benefit cost - pension	$	30		$	2


(1)	Service cost includes $4 million for the quarter ended March 31, 2016, for employees that were part of our Cellulose Fibers divestitures. These charges are included in our results of discontinued operations.



	OTHER POSTRETIREMENT BENEFITS
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
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, 2017

Accrued Liabilities

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2017		DECEMBER 31, 2016
Wages, salaries and severance pay	$	97	$	178
Pension and other postretirement benefits	48		49
Vacation pay	36		33
Taxes – Social Security and real and personal property	25		20
Interest	89		120
Customer rebates and volume discounts	25		39
Deferred income	30		40
Accrued income taxes	31		139
Other	71		74
Total	$	452	$	692

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017				DECEMBER 31, 2016
DOLLAR AMOUNTS IN MILLIONS	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities):
Fixed rate	$	6,057	$	7,017	$	6,061	$	6,925
Variable rate	549		550		549		550
Total Debt	$	6,606	$	7,567	$	6,610	$	7,475

CUMULATIVE OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2017

Items included in cumulative other comprehensive income (loss)

Changes in amounts included in our cumulative other comprehensive income (loss) by component are:



			PENSION						OTHER POSTRETIREMENT BENEFITS
DOLLAR AMOUNTS IN MILLIONS	Foreign currency translation adjustments		Actuarial losses			Prior service costs			Actuarial losses			Prior service credits			Unrealized gains on available-for-sale securities		Total
Beginning balance as of December 31, 2016	$	232	$	(1,651	)	$	(9	)	$	(67	)	$	29		$	7	$	(1,459	)
Other comprehensive income (loss) before reclassifications	2		(2		)	—			—			—			1		1
Income taxes	—		(6		)	—			—			—			—		(6		)
Net other comprehensive income (loss) before reclassifications	2		(8		)	—			—			—			1		(5		)
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—		55			1			2			(2		)	—		56
Income taxes	—		(19		)	(1		)	(1		)	1			—		(20		)
Net amounts reclassified from cumulative other comprehensive income (loss)	—		36			—			1			(1		)	—		36
Total other comprehensive income (loss)	2		28			—			1			(1		)	1		31
Ending balance as of March 31, 2017	$	234	$	(1,623	)	$	(9	)	$	(66	)	$	28		$	8	$	(1,428	)
(1) Actuarial losses and prior service credits (cost) are components of net periodic benefit costs (credits). See Note 8: Pension and Other Postretirement Benefit Plans.

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Share-based Compensation Activity

Share-based compensation activity in first quarter 2017 included the following:



SHARES IN THOUSANDS	Granted	Vested
Restricted Stock Units (RSUs)	763	662
Performance Share Units (PSUs)	348	142

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 2017



	Performance Share Units
Performance period	1/1/2017 - 12/31/2019
Valuation date average stock price ⁽¹⁾	$	32.79
Expected dividends	3.74					%
Risk-free rate	0.68		%	–	1.55	%
Expected volatility	22.71		%	–	24.07	%

(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, 2017

Restructuring Cost and Reserve [Line Items]

Items Included in Our Restructuring, Closure and Asset Impairment Charges



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017		MARCH 2016
Integration and restructuring charges related to our merger with Plum Creek:
Termination benefits	$	6	$	45
Acceleration of share-based compensation related to qualifying terminations	—		19
Acceleration of pension benefits related to qualifying terminations	—		5
Professional services	3		39
Other integration and restructuring costs	3		2
Total integration and restructuring charges related to our merger with Plum Creek	12		110
Charges related to closures and other restructuring activities:
Termination benefits	1		—
Other closures and restructuring costs	—		1
Total charges related to closures and other restructuring activities	1		1
Total charges for integration and restructuring, closures and impairments	$	13	$	111

Changes in accrued severance related to restructuring

Changes in accrued severance related to restructuring during the year-to-date period ended March 31, 2017, were as follows:



DOLLAR AMOUNTS IN MILLIONS
Accrued severance as of December 31, 2016	$	26
Charges	7
Payments	(14		)
Accrued severance as of March 31, 2017	$	19

OTHER OPERATING COSTS (INCOME), NET (Tables)

3 Months Ended

Mar. 31, 2017

Items Included in Other Operating Costs (Income), Net

ITEMS INCLUDED IN OTHER OPERATING COSTS (INCOME), NET



	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2017			MARCH 2016
Gain on disposition of nonstrategic assets	$	(7	)	$	(36	)
Foreign exchange losses (gains), net	3			(13		)
Litigation expense, net	3			3
Other, net	3			(9		)
Total other operating costs (income), net	$	2		$	(55	)

BASIS OF PRESENTATION Additional Information (Details) $ in Millions	Jan. 01, 2017 USD ($)
ASU 2016-16
Deferred Tax Assets	$ 22

BUSINESS SEGMENTS Reconciliation from Segment Totals to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 1,693	$ 1,405
Intersegment sales	202	244
Third party and intersegment revenue, net	1,895	1,649
Net contribution to earnings	280	167
Interest expense, net of capitalized interest	(99)	(95)
Earnings from continuing operations before income taxes	181	72
Income taxes	(24)	(11)
Earnings from continuing operations	157	61
Earnings from discontinued operations, net of income taxes	0	20
Net earnings	157	81
Dividends on preference shares	0	(11)
Net earnings attributable to Weyerhaeuser common shareholders	157	70
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Intersegment sales	(202)	(244)
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net contribution to earnings	346	231
Unallocated items
Segment Reporting, Revenue Reconciling Item [Line Items]
Net contribution to earnings	(66)	(64)
Timberlands
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	486	387
Intersegment sales	202	222
Net contribution to earnings	148	129
RE & ENR
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	53	39
Net contribution to earnings	26	15
Wood Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,154	979
Intersegment sales	0	22
Net contribution to earnings	$ 172	$ 87

DISCONTINUED OPERATIONS Earnings from Discontinued Operations, Net of Tax (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total net sales	$ 430
Costs of products sold	386
Gross margin	44
Selling expenses	4
General and administrative expenses	9
Research and development expenses	1
Charges for integration and restructuring, closures and asset impairments(1)	6
Other operating income, net	(9)
Operating income	33
Equity loss from joint venture	(2)
Interest expense, net of capitalized interest	(2)
Earnings from discontinued operations before income taxes	29
Income taxes	(9)
Net earnings from discontinued operations	$ 20

DISCONTINUED OPERATIONS Cash Flows from Discontinued Operations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by (used in) operating activities	$ 66
Net cash provided by (used in) investing activities	$ (22)

DISCONTINUED OPERATIONS Additional Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets of discontinued operations	$ 0	$ 0
Total liabilities of discontinued operations	0	$ 0
Cellulose Fibers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on divestiture of business	789
Proceeds from divestiture of business	$ 2,500

MERGER WITH PLUM CREEK Unaudited Pro Forma Information (Details) - Plum Creek $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($) $ / shares
Business Acquisition [Line Items]
Net sales \| $	$ 1,561
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders \| $	$ 144
Earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic \| $ / shares	$ 0.18
Earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, diluted \| $ / shares	$ 0.18

MERGER WITH PLUM CREEK Additional Information (Details) - Plum Creek - USD ($) $ in Millions		3 Months Ended
	Feb. 19, 2016	Mar. 31, 2016
Business Acquisition [Line Items]
Total assets acquired	$ 10,000
Consideration transferred	6,400
Total liabilities assumed	$ 3,600
Non-recurring merger-related costs		$ 131

NET EARNINGS PER SHARE Dilutive Potential Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic	750,665	632,004
Dilutive potential common shares	4,082	2,868
Diluted	754,747	634,872
Stock options
Dilutive potential common shares	2,981	2,060
Restricted stock units
Dilutive potential common shares	547	409
Performance share units
Dilutive potential common shares	554	399

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, 2017	Mar. 31, 2016
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	1,432	6,215
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	568	534
Preference shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares not included in the computation of diluted earnings per share	0	25,307

NET EARNINGS PER SHARE Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2016 $ / shares	Jul. 01, 2016	Nov. 08, 2015 USD ($)	Jun. 24, 2013 shares
Earnings Per Share, Basic \| $ / shares	$ 0.21	$ 0.11
Earnings Per Share, Diluted \| $ / shares	$ 0.21	$ 0.11
Preference shares conversion ratio			1.6929
Stock repurchase program, authorized repurchase amount \| $				$ 2,500
Share repurchase program, shares repurchased \| shares	0
Stock repurchase program, remaining authorized repurchase amount \| $	$ 500
6.375 percent Mandatory Convertible Preference Shares, Series A
Preference shares, outstanding \| shares	0				13,800,000

INVENTORIES Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Total	$ 386	$ 358
Logs
Inventory [Line Items]
LIFO inventories	12	18
FIFO or moving average cost inventories	41	21
Lumber, plywood and panels
Inventory [Line Items]
LIFO inventories	60	51
Lumber, plywood, panels and engineered wood products
Inventory [Line Items]
FIFO or moving average cost inventories	76	71
Other products
Inventory [Line Items]
LIFO inventories	24	20
FIFO or moving average cost inventories	85	92
Materials and supplies
Inventory [Line Items]
FIFO or moving average cost inventories	$ 88	$ 85

INVENTORIES Additional information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Increase in inventory amount if FIFO would have been used	$ 71	$ 71

RELATED PARTIES Schedule of Changes in Deposit of Timberlands to Related Party (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Balance at December 31, 2016	$ 426
Balance at March 31, 2017	422
Twin Creeks Venture
Related Party Transaction [Line Items]
Balance at December 31, 2016	426
Lease payments to Twin Creeks Venture	(5)
Distributions from Twin Creeks Venture	1
Balance at March 31, 2017	$ 422

RELATED PARTIES Additional Information (Details)		3 Months Ended
RELATED PARTIES Additional Information (Details)	Apr. 01, 2016 USD ($) a	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to joint ventures		$ 56,000,000		$ 56,000,000
Equity earnings from joint ventures		0	$ 5,000,000
Real Estate Development Ventures
Schedule of Equity Method Investments [Line Items]
Investments in and advances to joint ventures		56,000,000		$ 56,000,000
Equity earnings from joint ventures		$ 0
Twin Creeks Venture
Schedule of Equity Method Investments [Line Items]
Contributed acres of timberlands to venture \| a	260,000
Agreed-upon value of acres contributed	$ 560,000,000
Proceeds from contribution of timberlands to related party	$ 440,000,000
Ownership interest		21.00%
Guaranteed annual return		3.00%
Percentage of profit in excess of guaranteed annual return		75.00%

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Components of Net Periodic Benefit Costs (Credits) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost(1)	$ 10	$ 13
Interest cost	66	68
Expected return on plan assets	(102)	(123)
Amortization of actuarial loss	55	38
Amortization of prior service cost (credit)	1	1
Accelerated pension costs included in Plum Creek merger-related costs (Note 15)	0	5
Total net periodic benefit cost (credit)	30	2
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2	2
Amortization of actuarial loss	2	2
Amortization of prior service cost (credit)	(2)	(2)
Total net periodic benefit cost (credit)	$ 2	2
Discontinued Operations [Member] \| Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost(1)		$ 4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Registered Canadian Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2017	$ 19
Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2017	3
U.S. Non-Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2017	26
U.S. and Canadian Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2017	21
U.S. Qualified Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2017	$ 0

ACCRUED LIABILITIES Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Wages, salaries and severance pay	$ 97	$ 178
Pension and other postretirement benefits	48	49
Vacation pay	36	33
Taxes – Social Security and real and personal property	25	20
Interest	89	120
Customer rebates and volume discounts	25	39
Deferred income	30	40
Accrued income taxes	31	139
Other	71	74
Total	$ 452	$ 692

LINES OF CREDIT Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Line of credit, maximum borrowing capacity	$ 1,500
Line of credit, expiration date	Mar. 31, 2022
Borrowings from lines of credit	$ 0
Repayments of lines of credit	0
Prior Credit Facility
Line of credit, maximum borrowing capacity	$ 1,000
Line of credit, expiration date	Sep. 30, 2018

FAIR VALUE OF FINANCIAL INSTRUMENTS Estimated Fair Values and Carrying Values of Long-Term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	$ 6,606	$ 6,610
Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	7,567	7,475
Fixed interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	6,057	6,061
Fixed interest rate \| Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	7,017	6,925
Variable interest rate
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, including current maturities	549	549
Variable interest rate \| Fair Value, Inputs, Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS [Line Items]
Long-term debt, fair value	$ 550	$ 550

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Additional Information (Details) $ in Millions	Mar. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Accrued estimated remediation costs	$ 48
Asset retirement obligations	$ 31

CUMULATIVE OTHER COMPREHENSIVE INCOME (LOSS) Items Included in Cumulative Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Beginning balance	$ (1,459)
Other comprehensive income (loss) before reclassifications	1
Income taxes	(6)
Net other comprehensive income (loss) before reclassifications	(5)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	56
Income taxes	(20)
Net amounts reclassified from cumulative other comprehensive income (loss)	36
Total other comprehensive income	31	$ 49
Ending balance	(1,428)
Foreign currency translation adjustments
Beginning balance	232
Other comprehensive income (loss) before reclassifications	2
Income taxes	0
Net other comprehensive income (loss) before reclassifications	2
Amounts reclassified from cumulative other comprehensive income (loss)(1)	0
Income taxes	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0
Total other comprehensive income	2
Ending balance	234
Actuarial losses \| Pension
Beginning balance	(1,651)
Other comprehensive income (loss) before reclassifications	(2)
Income taxes	(6)
Net other comprehensive income (loss) before reclassifications	(8)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	55
Income taxes	(19)
Net amounts reclassified from cumulative other comprehensive income (loss)	36
Total other comprehensive income	28
Ending balance	(1,623)
Actuarial losses \| Other Postretirement Benefits
Beginning balance	(67)
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from cumulative other comprehensive income (loss)(1)	2
Income taxes	(1)
Net amounts reclassified from cumulative other comprehensive income (loss)	1
Total other comprehensive income	1
Ending balance	(66)
Prior service costs \| Pension
Beginning balance	(9)
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from cumulative other comprehensive income (loss)(1)	1
Income taxes	(1)
Net amounts reclassified from cumulative other comprehensive income (loss)	0
Total other comprehensive income	0
Ending balance	(9)
Prior service costs \| Other Postretirement Benefits
Beginning balance	29
Other comprehensive income (loss) before reclassifications	0
Income taxes	0
Net other comprehensive income (loss) before reclassifications	0
Amounts reclassified from cumulative other comprehensive income (loss)(1)	(2)
Income taxes	1
Net amounts reclassified from cumulative other comprehensive income (loss)	(1)
Total other comprehensive income	(1)
Ending balance	28
Unrealized gains on available-for-sale securities
Beginning balance	7
Other comprehensive income (loss) before reclassifications	1
Income taxes	0
Net other comprehensive income (loss) before reclassifications	1
Amounts reclassified from cumulative other comprehensive income (loss)(1)	0
Income taxes	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0
Total other comprehensive income	1
Ending balance	$ 8

SHARE-BASED COMPENSATION Schedule of Share-Based Compensation Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2017 shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	763
Vested	662
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	348
Vested	142

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, 2017 $ / shares Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1/1/2017 - 12/31/2019
Valuation date average stock price (1) \| $ / shares	$ 32.79
Expected dividends	3.74%
Risk-free rate minimum	0.68%
Risk-free rate maximum	1.55%
Expected volatility minimum	22.71%
Expected volatility maximum	24.07%

SHARE-BASED COMPENSATION Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued as a result of vestings and exercises	2,900,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of units granted	$ 32.79
Granted	763,000
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of units granted	$ 37.93
Granted	348,000
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%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0
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, 2017	Mar. 31, 2016
Charges related to integration and restructuring
Termination benefits	$ 7
Total charges for integration and restructuring, closures and impairments	13	$ 111
Plum Creek
Charges related to integration and restructuring
Termination benefits	6	45
Acceleration of share-based compensation related to qualifying terminations	0	19
Acceleration of pension benefits related to qualifying terminations	0	5
Professional services	3	39
Other integration and restructuring costs	3	2
Total integration and restructuring charges related to our merger with Plum Creek	12	110
Other
Charges related to integration and restructuring
Termination benefits	1	0
Other closures and restructuring costs	0	1
Total charges for integration and restructuring, closures and impairments	$ 1	$ 1

CHARGES FOR INTEGRATION AND RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS Changes in accrued severance related to integration and restructuring (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Restructuring Cost and Reserve [Line Items]
Accrued severance as of December 31, 2016	$ 26
Charges	7
Payments	(14)
Accrued severance as of March 31, 2017	$ 19

OTHER OPERATING COSTS (INCOME), NET Items Included in Other Operating Costs (Income), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain on disposition of nonstrategic assets	$ (7)	$ (36)
Foreign exchange losses (gains), net	3	(13)
Litigation expense, net	3	3
Other expense, net	3
Other (income), net		(9)
Total other operating costs (income), net	$ 2	$ (55)

OTHER OPERATING COSTS (INCOME), NET Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain on disposition of nonstrategic assets	$ 7	$ 36

INCOME TAXES Additional Information (Detail) $ in Millions	3 Months Ended
INCOME TAXES Additional Information (Detail) $ in Millions	Mar. 31, 2017 USD ($) Rate
Estimated annual effective tax rate for our Taxable REIT Subsidiary \| Rate	31.00%
Gain from potential tax adjustment	$ 600
Tax liability from potential adjustment	$ 100
Maximum
Percentage of gain distributed in common stock	80.00%