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AS OF DECEMBER 31, 2015 (DOLLAR AMOUNTS IN MILLIONS)

1% INCREASE

1% DECREASE

Effect on total service and interest cost components

less than $1

less than $(1)

Effect on accumulated postretirement benefit obligation

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DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions	Dec. 31, 2015	Jan. 29, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	WY
Entity Registrant Name	WEYERHAEUSER CO
Entity Central Index Key	0000106535
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		510,492,965
Entity Public Float			$ 16.0

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net sales	$ 7,082	$ 7,403	$ 7,254
Costs of products sold	5,694	5,763	5,716
Gross margin	1,388	1,640	1,538
Selling expenses	113	112	125
General and administrative expenses	289	338	404
Research and development expenses	24	27	33
Charges for restructuring, closures and impairments (Note 18)	25	44	377
Other operating costs (income), net (Note 19)	18	(201)	(35)
Operating income	919	1,320	634
Earnings (loss) from equity affiliates	(105)	(1)	1
Interest income and other	36	38	54
Interest expense, net of capitalized interest	(347)	(344)	(369)
Earnings from continuing operations before income taxes	503	1,013	320
Income taxes (Note 20)	3	(185)	171
Earnings from continuing operations	506	828	491
Earnings from discontinued operations, net of income taxes (Note 3)	0	998	72
Net earnings	506	1,826	563
Net earnings attributable to Weyerhaeuser	506	1,826	563
Dividends on preference shares	(44)	(44)	(23)
Net earnings attributable to Weyerhaeuser common shareholders	$ 462	$ 1,782	$ 540
Basic earnings per share attributable to Weyerhaeuser common shareholders (Note 5):
Continuing operations	$ 0.89	$ 1.41	$ 0.82
Discontinued operations	0.00	1.79	0.13
Net earnings per share	0.89	3.20	0.95
Diluted earnings per share attributable to Weyerhaeuser common shareholders (Note 5):
Continuing operations	0.89	1.40	0.82
Discontinued operations	0.00	1.78	0.13
Net earnings per share	0.89	3.18	0.95
Dividends paid per common share	$ 1.20	$ 1.02	$ 0.81
Weighted average shares outstanding (in thousands) (Note 5):
Basic	516,371	556,705	566,329
Diluted	519,618	560,899	571,239

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Comprehensive income:
Net earnings	$ 506	$ 1,826	$ 563
Other comprehensive income (loss):
Foreign currency translation adjustments	(97)	(50)	(59)
Changes in unamortized net pension and other postretirement benefit gain (loss), net of tax expense (benefit) of $131 in 2015, ($323) in 2014, and $480 in 2013	282	(554)	902
Changes in unamortized prior service credit (cost), net of tax expense (benefit) of ($1) in 2015, ($64) in 2014 and $23 in 2013	(4)	(103)	27
Unrealized gains on available-for-sale securities	0	0	2
Total comprehensive income attributable to Weyerhaeuser shareholders	$ 687	$ 1,119	$ 1,435

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in unamortized net pension and other postretirement benefit gain (loss), tax expense (benefit)	$ 131	$ (323)	$ 480
Changes in unamortized prior service credit (loss), tax expense (benefit)	$ (1)	$ (64)	$ 23

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 1,012	$ 1,580
Receivables, less discounts and allowances of $3 and $3	487	525
Receivables for taxes	30	25
Inventories (Note 6)	568	595
Prepaid expenses	77	80
Total current assets	2,174	2,805
Property and equipment, less accumulated depreciation of $6,294 and $6,324 (Note 7)	2,586	2,623
Construction in progress	195	131
Timber and timberlands at cost, less depletion charged to disposals	6,480	6,530
Investments in and advances to equity affiliates (Note 8)	74	188
Goodwill	40	40
Deferred tax assets (Note 20)	4	44
Other assets	318	289
Restricted financial investments held by variable interest entities (Note 10)	615	615
Total assets	12,486	13,265
LIABILITIES AND EQUITY
Accounts payable	326	331
Accrued liabilities (Note 11)	549	587
Total current liabilities	875	918
Long-term debt (Notes 13 and 14)	4,891	4,891
Long-term debt (nonrecourse to the company) held by variable interest entities (Note 10)	511	511
Deferred income taxes (Note 20)	86	14
Deferred pension and other postretirement benefits (Note 9)	987	1,319
Other liabilities	267	308
Total liabilities	7,617	7,961
Weyerhaeuser shareholders’ interest (Notes 16 and 17):
Mandatory convertible preference shares, series A: $1.00 par value; $50.00 liquidation; authorized 40,000,000 shares; issued and outstanding: 13,799,711 and 13,800,000 shares (Note 4)	14	14
Common shares: $1.25 par value; authorized 1,360,000,000 shares; issued and outstanding: 510,483,285 and 524,474,315 shares (Note 4)	638	656
Other capital (Note 4)	4,080	4,519
Retained earnings	1,349	1,508
Cumulative other comprehensive loss	(1,212)	(1,393)
Total equity	4,869	5,304
Total liabilities and equity	$ 12,486	$ 13,265

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Receivables, discounts and allowances	$ 3	$ 3
Property and equipment, accumulated depreciation	$ 6,294	$ 6,324
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	510,483,285	524,474,315
Common shares, outstanding	510,483,285	524,474,315
6.375 percent Mandatory Convertible Preference Shares, Series A
Preference shares, par value	$ 1.00	$ 1.00
Preference shares, liquidation	$ 50.00	$ 50.00
Preference shares, authorized	40,000,000	40,000,000
Preference shares, issued	13,799,711	13,800,000
Preference shares, outstanding	13,799,711	13,800,000

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Cash flows from operations:

Net earnings

$ 506

$ 1,826

$ 563

Noncash charges (credits) to income:

Depreciation, depletion and amortization

479

500

472

Deferred income taxes, net (Note 20)

205

(29)

Pension and other postretirement benefits (Note 9)

(152)

101

Share-based compensation expense (Note 17)

Charges for impairment of assets (Note 18)

372

(Earnings) loss from equity affiliates

105

(1)

Net gains on dispositions of assets and operations(1) (Note 3)

^[1]

(38)

(1,050)

(58)

Foreign exchange transaction losses (Note 19)

Change in, net of acquisition:

Receivables less allowances

(27)

Receivable for taxes

(5)

(6)

Inventories

(66)

(13)

Real estate and land

(133)

(166)

Prepaid expenses

(26)

Accounts payable and accrued liabilities

(35)

(98)

(51)

Deposits on land positions and other assets

(18)

Pension and postretirement contributions / benefit payments

(83)

(101)

(137)

Other

(30)

(50)

(21)

Net cash from operations

1,064

1,088

1,004

Cash flows from investing activities:

Property and equipment

(443)

(354)

(261)

Timberlands reforestation

(40)

(41)

(32)

Acquisition of timberlands

(36)

Acquisition of Longview Timber LLC, net of cash acquired (Note 4)

(1,581)

Net proceeds from Real Estate Divestiture, net of cash divested (Note 3)

707

Proceeds from sale of assets and operations

Net proceeds of investments held by special purpose entities (Note 10)

Other

Cash from investing activities

(487)

361

(1,829)

Cash flows from financing activities:

Net proceeds from issuance of common shares (Note 4)

897

Net proceeds from issuance of preference shares (Note 4)

669

Net proceeds from issuance of debt (Note 13)

1,044

Net proceeds from issuance of Weyerhaeuser Real Estate Company (WRECO) debt (Note 3)

887

Deposit of WRECO debt proceeds into escrow (Note 3)

(887)

Cash dividends on common shares

(619)

(563)

(458)

Cash dividends on preference shares

(44)

(23)

Change in book overdrafts

(17)

Payments on debt (Note 13)

(1,567)

Exercises of stock options

119

162

Repurchase of common stock (Note 16)

(518)

(203)

Other

Cash from financing activities

(1,145)

(704)

762

Net change in cash and cash equivalents

(568)

745

(63)

Cash and cash equivalents at beginning of year

1,580

835

898

Cash and cash equivalents at end of year

1,012

1,580

835

Cash paid (received) during the year for:

Interest, net of amounts capitalized of $7 in 2015, $13 in 2014 and $21 in 2013

347

319

366

Income taxes

(37)

Noncash investing and financing activity:

Acquisition of Longview Timber LLC, debt assumed (Note 4)

1,070

Common shares tendered in WRECO divestiture (Note 3)

$ 0

$ 1,954

$ 0

[1]	(1) Includes gain on timberland exchanges.

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest, amounts capitalized	$ 7	$ 13	$ 21

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Mandatory convertible preference shares, series A:	Common shares:	Other capital:	Retained earnings:	Cumulative other comprehensive loss:	Total Weyerhaeuser shareholders’ interest:	Noncontrolling interests:
Balance at beginning of year at Dec. 31, 2012		$ 0	$ 678	$ 4,731	$ 219	$ (1,558)		$ 43
New issuance		14	42	1,509
Shares tendered (Note 3)			0	0
Exercise of stock options			9	152
Repurchase of common shares			0	0
Share-based compensation				42
Other transactions, net				10
Net earnings attributable to Weyerhaeuser	$ 563				563
Dividends on common shares (Note 16)					(465)
Cash dividends on preference shares (Note 16)					(23)
Foreign currency translation adjustments	(59)					(59)
Changes in unamortized net pension and other postretirement benefit loss (Note 9)	902					902
Changes in unamortized prior service credit (cost) (Note 9)	27					27
Unrealized gains on available-for-sale securities	2					2
New consolidations, de-consolidations and other transactions								(6)
Balance at end of year at Dec. 31, 2013	6,832	14	729	6,444	294	(686)	$ 6,795	37
New issuance		0	0	0
Shares tendered (Note 3)			(73)	(1,881)
Exercise of stock options			7	112
Repurchase of common shares			(7)	(196)
Share-based compensation				35
Other transactions, net				5
Net earnings attributable to Weyerhaeuser	1,826				1,826
Dividends on common shares (Note 16)					(568)
Cash dividends on preference shares (Note 16)					(44)
Foreign currency translation adjustments	(50)					(50)
Changes in unamortized net pension and other postretirement benefit loss (Note 9)	(554)					(554)
Changes in unamortized prior service credit (cost) (Note 9)	(103)					(103)
Unrealized gains on available-for-sale securities	0					0
New consolidations, de-consolidations and other transactions								(37)
Balance at end of year at Dec. 31, 2014	5,304	14	656	4,519	1,508	(1,393)	5,304	0
New issuance		0	0	0
Shares tendered (Note 3)			0	0
Exercise of stock options			2	32
Repurchase of common shares			(20)	(498)
Share-based compensation				32
Other transactions, net				(5)
Net earnings attributable to Weyerhaeuser	506				506
Dividends on common shares (Note 16)					(621)
Cash dividends on preference shares (Note 16)					(44)
Foreign currency translation adjustments	(97)					(97)
Changes in unamortized net pension and other postretirement benefit loss (Note 9)	282					282
Changes in unamortized prior service credit (cost) (Note 9)	(4)					(4)
Unrealized gains on available-for-sale securities	0					0
New consolidations, de-consolidations and other transactions								0
Balance at end of year at Dec. 31, 2015	$ 4,869	$ 14	$ 638	$ 4,080	$ 1,349	$ (1,212)	$ 4,869	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies describe:


•	our election to be taxed as a real estate investment trust,


•	how we report our results,


•	changes in how we report our results and


•	how we account for various items.

OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT)

Starting with our 2010 fiscal year, we elected to be taxed as a REIT. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts. REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. A significant portion of our timberland segment earnings receives this favorable tax treatment. We are no longer subject to corporate taxes on built-in-gains (the excess of fair market value over tax basis at January 1, 2010) due to a change in tax law in the fourth quarter 2015, which statutorily shortened the built-in-gains tax period from 10 years to 5 years following the REIT conversion. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiary (TRS), which includes our manufacturing businesses and the portion of our Timberlands segment income included in the TRS.

HOW WE REPORT OUR RESULTS

Our report includes:


•	consolidated financial statements,


•	our business segments,


•	foreign currency translation,


•	estimates, and


•	fair value measurements.

CONSOLIDATED FINANCIAL STATEMENTS

Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that 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, and noncontrolling interests are presented as a separate component of equity.

We account for investments in and advances to unconsolidated equity affiliates using the equity method. We record our share of equity in net earnings of equity affiliates within "Earnings (loss) from equity affiliates" in our Consolidated Statement of Operations in the period in which the earnings are recorded by our equity affiliates.

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

OUR BUSINESS SEGMENTS

We are principally engaged in:


•	growing and harvesting timber; and


•	manufacturing, distributing and selling products made from trees.

Our business segments are organized based primarily on products and services.

Our Business Segments and Products



SEGMENT	PRODUCTS AND SERVICES
Timberlands	Logs, timber, minerals, oil and gas and international wood products
Wood Products	Softwood lumber, engineered wood products, structural panels and building materials distribution
Cellulose Fibers	Pulp, liquid packaging board and an equity interest in a newsprint joint venture

We also transfer raw materials, semifinished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves:


•	pricing products transferred between our business segments at current market values and


•	allocating joint conversion and common facility costs according to usage by our business segment product lines.

Gains or charges not related to or allocated to an individual operating segment are held in Unallocated Items. This includes a portion of items such as: share-based compensation; pension and postretirement costs; foreign exchange transaction gains and losses associated with financing; and the elimination of intersegment profit in inventory and the LIFO reserve.

FOREIGN CURRENCY TRANSLATION

Local currencies are the functional currencies for most of our operations outside the U.S. We translate foreign currencies into U.S. dollars in two ways:


•	assets and liabilities — at the exchange rates in effect as of our balance sheet date; and


•	revenues and expenses — at average monthly exchange rates throughout the year.

ESTIMATES

We prepare our financial statements according to U.S. generally accepted accounting principles (U.S. GAAP). This requires us to make estimates and assumptions during our reporting periods and at the date of our financial statements. The estimates and assumptions affect our:


•	reported amounts of assets, liabilities and equity;


•	disclosure of contingent assets and liabilities; and


•	reported amounts of revenues and expenses.

While we do our best in preparing these estimates, actual results can and do differ from those estimates and assumptions.

FAIR VALUE MEASUREMENTS

We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including:


•	long-lived assets (asset groups) measured at fair value for an impairment assessment,


•	reporting units measured at fair value in the first step of a goodwill impairment test,


•	nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment assessment,


•	assets acquired and liabilities assumed in a business acquisition and


•	asset retirement obligations initially measured at fair value.

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions.

The fair value hierarchy consists of the following three levels:


•	Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities.


•	Level 2 — Inputs are:

– quoted prices for similar assets or liabilities in an active market;

– quoted prices for identical or similar assets or liabilities in markets that are not active; or

– inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.


•	Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

CHANGES IN HOW WE REPORT OUR RESULTS

Changes in how we report our results come from:


•	accounting changes made upon our adoption of new accounting guidance and


•	our reclassification of certain balances and results from prior years to make them consistent with our current reporting.

RECLASSIFICATIONS

We have reclassified certain balances and results from the prior years to be consistent with our 2015 reporting. This makes year-to-year comparisons easier. Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders’ interest. Our reclassifications present the results of operations discontinued in 2014 separately on our Consolidated Statement of Operations and in the related footnotes. Note 3: Discontinued Operations provides more 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, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 for an additional year. We plan to adopt the standard on January 1, 2018 and may use either the retrospective or cumulative effect transition method. We are evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor determined the effect of the standard on our ongoing financial reporting.

In April 2015, FASB issued ASU 2015-03, which amends the presentation of debt issuance costs on the consolidated balance sheet. Under the new guidance, debt issuance costs are presented as a direct deduction from the carrying amount of the debt liability rather than as an asset. The new guidance is effective retrospectively for fiscal periods starting after December 15, 2015 and early adoption is permitted. We expect to adopt ASU 2015-03 on January 1, 2016 and have determined that its adoption will not have a material impact on our consolidated financial statements and related disclosures at that time.

In May 2015, FASB issued ASU 2015-07, which clarifies the presentation within the fair value hierarchy of certain investments held within our pension plan. The new guidance is effective retrospectively for fiscal periods starting after December 15, 2015 and early adoption is permitted. We expect to adopt ASU 2015-07 on January 1, 2016. This new guidance eliminates the requirement to categorize certain pension investments in the fair value hierarchy. Upon adoption these investments will be presented separately from the fair value hierarchy and reconciled to total investments in our consolidated financial statements and related 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 expect to adopt ASU 2015-11 on January 1, 2017 and are evaluating the impact on our consolidated financial statements and related disclosures.

In September 2015, FASB issued ASU 2015-16, which requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update also requires the acquirer to record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects that result from the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date, and to disclose the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The new guidance is effective prospectively for fiscal periods starting after December 15, 2015 and early adoption is permitted. We expect to adopt ASU 2015-16 on January 1, 2016 and have determined that its adoption will not have a material impact on our consolidated financial statements and related disclosures at that time.

In November 2015, FASB issued ASU 2015-17, which simplifies the presentation of deferred income taxes by no longer requiring deferred tax assets and liabilities to be classified as current or noncurrent, instead requiring that all deferred tax assets and liabilities be classified as noncurrent. The new guidance is effective for annual periods starting after December 15, 2017 and early adoption is permitted. We elected to adopt ASU 2015-17 effective October 1, 2015 and have reclassified deferred tax assets and liabilities accordingly in our consolidated balance sheet and in related disclosures for all periods presented.

HOW WE ACCOUNT FOR VARIOUS ITEMS

This section provides information about how we account for certain key items related to:


•	capital investments,


•	financing our business and


•	operations.

ITEMS RELATED TO CAPITAL INVESTMENTS

Key items related to accounting for capital investments pertain to property and equipment, timber and timberlands, impairment of long-lived assets and goodwill.

Property and Equipment

We maintain property accounts on an individual asset basis. Here is how we handle major items:


•	Improvements to and replacements of major units of property are capitalized.


•	Maintenance, repairs and minor replacements are expensed.


•	Depreciation is calculated using a straight-line method at rates based on estimated service lives.


•	Logging roads are generally amortized — as timber is harvested — at rates based on the volume of timber estimated to be removed.


•	Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings.

Timber and Timberlands

We carry timber and timberlands at cost less depletion charged to disposals. Depletion refers to the carrying value of timber that is harvested, lost as a result of casualty, or sold.

Key activities affecting how we account for timber and timberlands include:


•	reforestation,


•	depletion and


•	forest management in Canada.

Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation. We transfer reforestation to a merchantable timber classification when the timber is considered harvestable. That generally occurs after:


•	15 years in the South and


•	30 years in the West.

Generally, we expense costs after the first planting as they are incurred or over the period of expected benefit. These costs include:


•	fertilization,


•	vegetation and insect control,


•	pruning and precommercial thinning,


•	property taxes and


•	interest.

Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts.

Depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider:


•	regulatory and environmental constraints,


•	our management strategies,


•	inventory data improvements,


•	growth rate revisions and recalibrations and


•	known dispositions and inoperable acres.

We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in the cost of products sold.

Forest management in Canada. We managed timberlands under long-term licenses in various Canadian provinces that are:


•	granted by the provincial governments;


•	granted for initial periods of 15 to 25 years; and


•	renewable provided we meet reforestation, operating and management guidelines.

Calculation of the fees we pay on the timber we harvest:


•	varies from province to province,


•	is tied to product market pricing and


•	depends upon the allocation of land management responsibilities in the license.

Impairment of Long-Lived Assets

We review long-lived assets — including certain identifiable intangibles — for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Impaired assets held for use are written down to fair value. Impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on:


•	appraisals,


•	market pricing of comparable assets,


•	discounted value of estimated cash flows from the asset and


•	replacement values of comparable assets.

Goodwill

Goodwill is the purchase price minus the fair value of net assets acquired when we buy another entity. We assess goodwill for impairment:


•	using a fair-value-based approach and


•	at least annually — at the beginning of the fourth quarter.

In 2015 the fair value of the reporting unit with goodwill substantially exceeded its carrying value.

ITEMS RELATED TO FINANCING OUR BUSINESS

Key items related to financing our business include financial instruments, cash and cash equivalents, accounts payable and concentration of risk.

Financial Instruments

We estimate the fair value of financial instruments where appropriate. The assumptions we use — including the discount rate and estimates of cash flows — can significantly affect our fair-value amounts. Our fair values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions.

Cash and Cash Equivalents

Cash equivalents are investments with original maturities of 90 days or less. We state cash equivalents at cost, which approximates market.

Accounts Payable

Our banking system replenishes our major bank accounts daily as checks we have issued are presented for payment. As a result, we have negative book cash balances due to outstanding checks that have not yet been paid by the bank. These negative balances are included in accounts payable on our Consolidated Balance Sheet. Changes in these negative cash balances are reported as financing activities in our Consolidated Statement of Cash Flows. We had no negative book cash balances as of December 31, 2015 and December 31, 2014.

Concentration of Risk

We disclose customers that represent a concentration of credit risk. As of December 31, 2015, no customer accounted for 10 percent or more of our net sales or accounts receivable balances.

ITEMS RELATED TO OPERATIONS

Key items related to operations include revenue recognition, inventories, shipping and handling costs, income taxes, share-based compensation, pension and other postretirement plans, and environmental remediation.

Revenue Recognition

Operations generally recognize revenue upon shipment to customers. For certain export sales, revenue is recognized when title transfers at the foreign port.

For timberland sales, we recognize revenue when title and possession have been transferred to the buyer and all other criteria for sale and profit recognition have been satisfied.

Inventories

We state inventories at the lower of cost or market. Cost includes labor, materials and production overhead. LIFO — the last-in, first-out method — applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the FIFO — the first-in, first-out method — or moving average cost methods that have continued under those methods. The FIFO or moving average cost methods applies to the balance of our domestic raw material and product inventories as well as for all material and supply inventories and all foreign inventories.

Shipping and Handling Costs

We classify shipping and handling costs in the costs of products sold in our Consolidated Statement of Operations.

Income Taxes

We account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions the company has taken on previously filed tax returns are not sustained. In accordance with the company’s accounting policy, accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense.

We recognize deferred tax assets and liabilities to reflect:


•	future tax consequences due to differences between the carrying amounts for financial purposes and the tax bases of certain items and


•	operating loss and tax credit carryforwards.

To measure deferred tax assets and liabilities, we:


•	determine when the differences between the carrying amounts and tax bases of affected items are expected to be recovered or resolved and


•	use enacted tax rates expected to apply to taxable income in those years.

Share-Based Compensation

We generally measure the fair value of share-based awards on the dates they are granted or modified. These measurements establish the cost of the share-based awards for accounting purposes. We then recognize the cost of share-based awards in our Consolidated Statement of Operations over each employee’s required service period. Note 17: Share-Based Compensation provides more information about our share-based compensation.

Pension and Other Postretirement Benefit Plans

We recognize the overfunded or underfunded status of our defined benefit pension and other postretirement plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur.

Actuarial valuations determine the amount of the pension and other postretirement benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:


•	cost of benefits provided in exchange for employees’ services rendered during the year;


•	interest cost of the obligations;


•	expected long-term return on fund assets;


•	gains or losses on plan settlements and curtailments;


•	amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants affected by the plan amendment are inactive; and

•

amortization of cumulative unrecognized net actuarial gains and losses — generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year — over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive.

Pension plans. We have pension plans covering most of our employees. Determination of benefits differs for salaried, hourly and union employees:


•	Salaried employee benefits are based on each employee’s highest monthly earnings for five consecutive years during the final 10 years before retirement.


•	Hourly and union employee benefits generally are stated amounts for each year of service.


•	Union employee benefits are set through collective-bargaining agreements.

We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:


•	U.S. pension plans — according to the Employee Retirement Income Security Act of 1974; and


•	Canadian pension plans — according to the applicable provincial pension act and the Income Tax Act.

Postretirement benefits other than pensions. We provide certain postretirement health care and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 9: Pension and Other Postretirement Benefit Plans provides additional information about changes made in our postretirement benefit plans during 2015 and 2014.

Environmental Remediation

We accrue losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded.

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2015

BUSINESS SEGMENTS

Our business segments and how we account for those segments are discussed in Note 1: Summary of Significant Accounting Policies. This note provides key financial data by business segment.

DISCONTINUED OPERATIONS

In 2014 we disposed of Weyerhaeuser Real Estate Company (WRECO) that is excluded from the segment results below. See Note 3: Discontinued Operations for information regarding our discontinued operations and the segments affected.

KEY FINANCIAL DATA BY BUSINESS SEGMENT

Sales and Contribution (Charge) to Earnings



DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS		WOOD PRODUCTS		CELLULOSE FIBERS		UNALLOCATED ITEMS⁽¹⁾ AND INTERSEGMENT ELIMINATIONS			CONSOLIDATED
Sales to unaffiliated customers
2015	$	1,350	$	3,872	$	1,860	$	—		$	7,082
2014	$	1,497	$	3,970	$	1,936	$	—		$	7,403
2013	$	1,343	$	4,009	$	1,902	$	—		$	7,254
Intersegment sales
2015	$	830	$	82	$	—	$	(912	)	$	—
2014	$	867	$	80	$	—	$	(947	)	$	—
2013	$	799	$	71	$	—	$	(870	)	$	—
Contribution (charge) to earnings from continuing operations
2015	$	549	$	258	$	119	$	(76	)	$	850
2014	$	613	$	327	$	291	$	126		$	1,357
2013	$	470	$	441	$	200	$	(422	)	$	689
(1) 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, and the elimination of intersegment profit in inventory and the LIFO reserve.

Management evaluates segment performance based on the contributions to earnings of the respective segments. An analysis and reconciliation of our business segment information to the consolidated financial statements follows:

Reconciliation of Contribution to Earnings to Net Earnings Attributable to Weyerhaeuser



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Net contribution to earnings from continuing operations	$	850		$	1,357		$	689
Net contribution to earnings from discontinued operations	—			1,017			116
Total contribution to earnings	850			2,374			805
Interest expense, net of capitalized interest (continuing and discontinued operations)	(347		)	(347		)	(371		)
Income before income taxes (continuing and discontinued operations)	503			2,027			434
Income taxes (continuing and discontinued operations)	3			(201		)	129
Net earnings attributable to Weyerhaeuser	$	506		$	1,826		$	563

Additional Financial Information



DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS		WOOD PRODUCTS		CELLULOSE FIBERS			UNALLOCATED ITEMS			CONSOLIDATED
Depreciation, depletion and amortization
2015	$	209	$	106	$	154		$	10		$	479
2014	$	207	$	119	$	155		$	12		$	493
2013	$	166	$	123	$	156		$	13		$	458
Net pension and postretirement cost (credit)⁽¹⁾
2015	$	9	$	27	$	17		$	(11	)	$	42
2014	$	10	$	24	$	11		$	(45	)	$	—
2013	$	10	$	28	$	18		$	40		$	96
Charges for restructuring, closures and impairments⁽²⁾
2015	$	—	$	10	$	—		$	15		$	25
2014	$	1	$	2	$	—		$	41		$	44
2013	$	2	$	13	$	—		$	362		$	377
Earnings (loss) from equity affiliates
2015	$	—	$	—	$	(105	)	$	—		$	(105	)
2014	$	—	$	—	$	(1	)	$	—		$	(1	)
2013	$	—	$	—	$	3		$	(2	)	$	1
Capital expenditures
2015	$	75	$	287	$	118		$	3		$	483
2014	$	74	$	190	$	123		$	4		$	391
2013	$	73	$	113	$	92		$	5		$	283
Investments in and advances to equity affiliates and unconsolidated entities
2015	$	—	$	—	$	74		$	—		$	74
2014	$	—	$	—	$	188		$	—		$	188
2013	$	—	$	—	$	190		$	—		$	190
Total assets⁽³⁾
2015	$	7,260	$	1,541	$	1,984		$	1,701		$	12,486
2014	$	7,327	$	1,430	$	2,214		$	2,294		$	13,265
2013	$	7,578	$	1,326	$	2,299		$	3,169		$	14,372
(1) Net pension and postretirement cost (credit) excludes special items, as well as the recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures. See Note 9: Pension and Other Postretirement Benefit Plans for more information. (2) See Note 18: Charges for Restructuring, Closures and Asset Impairments for more information (3) Unallocated Items total assets includes assets of discontinued operations in 2013.

STRATEGIC EVALUATION OF CELLULOSE FIBERS

On November 8, 2015 Weyerhaeuser announced that the board of directors authorized the exploration of strategic alternatives for its Cellulose Fibers business segment. At this time there can be no assurance that the board's evaluation process will result in any transaction or that any transaction, if pursued, will be consummated.

- 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.

+ References

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+ Details

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

DISCONTINUED OPERATIONS

We have made certain reclassifications in our consolidated financial statements to reflect discontinued operations related to WRECO which was previously reported under the Real Estate segment and Unallocated Items.

OPERATIONS INCLUDED IN DISCONTINUED OPERATIONS

Divestiture of WRECO

On July 7, 2014, we completed the following set of transactions resulting in our homebuilding and real estate development business becoming wholly-owned by TRI Pointe Homes, Inc. (TRI Pointe):


•	the distribution of shares of WRECO to our shareholders in exchange for 59 million shares of our common stock; and


•	the merger of WRECO into a special purpose subsidiary of TRI Pointe, with WRECO surviving the merger and becoming a wholly-owned subsidiary of TRI Pointe.

Collectively, these transactions are referred to as the “Real Estate Divestiture”.

During June 2014, our wholly-owned subsidiary, WRECO, issued $900 million of unsecured and unsubordinated senior debt obligations. The net proceeds after deducting the discount, underwriting fees and issuance costs were $870 million. At the close of the Real Estate Divestiture in July 2014, WRECO used $744 million of the debt proceeds to repay intercompany debt and interest to Weyerhaeuser Company. The newly issued debt, remaining proceeds and other WRECO assets and liabilities, including $5 million cash on hand, were acquired by TRI Pointe when WRECO became a wholly-owned subsidiary of TRI Pointe at the closing of the transaction. Additionally, $32 million related to the adjustment amount payable pursuant to the terms of the transaction agreement was paid to TRI Pointe. Our net cash proceeds in connection with the Real Estate Divestiture totaled $707 million.

Prior to the distribution of WRECO shares to our shareholders, WRECO was a wholly-owned subsidiary. Concurrent with the distribution to shareholders, WRECO ceased being a subsidiary.

The following table presents the components of the net gain on divestiture:



DOLLAR AMOUNTS IN MILLIONS
	2014
Proceeds:
Common shares tendered (58,813,151 shares at $33.22 per share)	$	1,954
Cash	707
	2,661
Less:
Net book value of contributed assets	(1,671		)
Transaction costs, net of reimbursement	(18		)
	(1,689		)
Gain on WRECO divestiture	$	972

The net gain on the Real Estate Divestiture of $972 million is not taxable and was recognized in 2014 in discontinued operations.

NET EARNINGS FROM DISCONTINUED OPERATIONS

Sales and Net Earnings from Discontinued Operations




	2014⁽¹⁾			2013
Net sales from discontinued operations	$	573		$	1,275
Income from discontinued operations	42			114
Income taxes	(16		)	(42		)
Net income from operations	26			72
Net gain on divestiture	972			—
Net earnings from discontinued operations	998			72
(1) Discontinued operations in 2014 covered only 188 days.

Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments.

CARRYING VALUE OF ASSETS AND LIABILITES OF DISCONTINUED OPERATIONS

The following table shows carrying values for assets and liabilities classified as discontinued operations as of December 31, 2013.

Carrying Value of Assets and Liabilities of Discontinued Operations



DOLLAR AMOUNTS IN MILLIONS
	December 31, 2013
Assets
Cash and cash equivalents	$	5
Receivables, less discounts and allowances	51
Prepaid expenses	11
Total current assets	67
Property and equipment, net	15
Real estate in process of development and for sale	851
Land being processed for development	596
Investments in and advances to equity affiliates	21
Deferred tax assets	136
Other assets	96
Total noncurrent assets	1,715
Total assets	$	1,782
Liabilities
Accounts payable	$	41
Accrued liabilities	113
Total current liabilities	154
Long-term debt (nonrecourse to the company) held by variable interest entities	5
Other liabilities	27
Total noncurrent liabilities	32
Total liabilities	$	186
Noncontrolling interests	$	34

- 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

ACQUISITIONS

12 Months Ended

Dec. 31, 2015

Business Acquisition [Line Items]

LONGVIEW TIMBER PURCHASE

ACQUISITIONS

PENDING MERGER WITH PLUM CREEK

On November 6, 2015 Weyerhaeuser Company and Plum Creek Timber, Inc., entered into an Agreement and Plan of Merger (“Merger Agreement”) pursuant to which Plum Creek will merge with and into Weyerhaeuser Company with Weyerhaeuser continuing as the surviving corporation. Under the terms of the Merger Agreement, Plum Creek shareholders will receive 1.60 shares of Weyerhaeuser common shares for each share of Plum Creek common stock at the closing date. Plum Creek is a REIT that owns and manages timberlands in the United States. In addition Plum Creek produces wood products, develops opportunities for mineral and other natural resource extraction, and develops and sells real estate properties.

Because the exchange ratio was fixed at the time of the merger agreement and the market value of our common stock will continue to fluctuate, the total value of the consideration exchanged will not be determinable until the closing date. The number of shares to be issued with respect to Plum Creek stock awards will not be determinable until the closing of the transaction. We have estimated the total consideration expected to be issued to Plum Creek shareholders in the merger to be 278 million shares of our common stock based on the 1.60 exchange ratio and the number of shares of Plum Creek common stock issued and outstanding as of November 30, 2015.

The merger agreement has been approved by both companies' board of directors. The closing of the merger is subject to approval by the shareholders of Plum Creek, the approval by our shareholders of the issuance of Weyerhaeuser Company common stock to Plum Creek's shareholders, receipt of certain regulatory approvals and other conditions specified in the merger agreement. The merger is expected to close in the first quarter of 2016.

LONGVIEW TIMBER PURCHASE

On July 23, 2013, we purchased 100 percent of the equity interests in Longview Timber LLC (Longview Timber) for $1.58 billion cash and assumed debt of $1.07 billion, for an aggregate purchase price of $2.65 billion. Longview Timber was a privately-held Delaware limited liability company engaged in the ownership and management of approximately 645,000 acres of timberlands in Oregon and Washington. We believe Longview Timber has productive lands with favorable age class distribution that will provide us with optionality for harvest. Earnings, assets and liabilities from this business are reported as part of the Timberlands segment beginning in third quarter 2013.

Summarized Unaudited Pro Forma Information that Presents Combined Amounts as if this Acquisition Occurred at the Beginning of 2012



DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
	2013
Net sales	$	7,371
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders	$	485
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic	$	0.84
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, diluted	$	0.83

Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed as of the Acquisition Date



DOLLAR AMOUNTS IN MILLIONS
	July 23, 2013		Measurement Period Adjustments		December 31, 2013
Current assets	$	46	$	—	$	46
Property and equipment	39		1		40
Timber and timberlands	2,654		2		2,656
Other assets	2		—		2
Total assets acquired	2,741		3		2,744
Current liabilities	10		—		10
Long-term debt	1,122		—		1,122
Other liabilities	5		3		8
Total liabilities assumed	1,137		3		1,140
Net assets acquired	$	1,604	$	—	$	1,604

The initial allocations of purchase price were recorded at the estimated fair value of assets acquired and liabilities assumed based upon the best information available to management. The purchase price allocation was finalized in the fourth quarter 2013. The measurement period adjustments reflect additional information obtained to record the fair value of certain assets acquired and liabilities assumed based on facts and circumstances existing as of the acquisition date.

In order to finance our purchase of Longview Timber, we issued the following:


•	29 million common shares on June 24, 2013, at the price of $27.75 per share for net proceeds of $781 million;


•	4.4 million common shares on July 8, 2013, at the price of $27.75 per share for net proceeds of $116 million, in connection with the exercise of an overallotment option; and


•	13.8 million of our 6.375 percent Mandatory Convertible Preference Shares, Series A, par value $1.00 and liquidation preference of $50.00 per share on June 24, 2013, for net proceeds of $669 million. See Note 16: Shareholders' Interest for more information.

For issuances of shares, excess of par value is recorded in "Other capital" in our Consolidated Balance Sheet.

Proceeds were used to finance the acquisition and pay related fees and expenses. We paid $11 million in fees related to a bridge loan in 2013. As of the close of the Longview Timber purchase, we did not draw from the loan and these fees were expensed in 2013, which is recorded in "Interest expense" in our Consolidated Statement of Operations.

We obtained additional debt financing in 2013 which was used to repay all of the assumed debt in 2013. See Note 13: Long-term Debt.

- 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

12 Months Ended

Dec. 31, 2015

NET EARNINGS PER SHARE

Our basic earnings per share attributable to Weyerhaeuser common shareholders for the last three years were:


•	$0.89 in 2015,


•	$3.20 in 2014 and


•	$0.95 in 2013.

Our diluted earnings per share attributable to Weyerhaeuser common shareholders for the last three years were:


•	$0.89 in 2015,


•	$3.18 in 2014 and


•	$0.95 in 2013.

This note discloses:


•	how we calculate basic and diluted net earnings per share and


•	shares excluded from dilutive effect.

HOW WE CALCULATE BASIC AND DILUTED NET EARNINGS PER SHARE

"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.

Dilutive potential common shares may include:


•	outstanding stock options,


•	restricted stock units,


•	performance share units and


•	preference shares.

We use the treasury stock method to calculate the 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 use the if-converted method to calculate the effect of our outstanding preference shares. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be antidilutive. Preference shares are antidilutive whenever the amount of the dividend declared in or accumulated for the current period per common share obtainable on conversion exceeds diluted earnings per share exclusive of the preference shares.

Preference shares are evaluated for participation on a quarterly basis to determine whether two-class presentation is required. Preference shares are considered to be participating as of the financial reporting period end to the extent they would participate in dividends paid to common shareholders. Preference shares are not considered participating for the years ended December 31, 2015 and 2014. Under the provisions of the two-class method, basic and diluted earnings per share would be presented for both preference and common shareholders.

SHARES EXCLUDED FROM DILUTIVE EFFECT

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.

We issued 13.8 million 6.375 percent Mandatory Convertible Preference Shares, Series A on June 24, 2013. We do not include these shares in our calculation of diluted earnings per share because they are antidilutive. See Note 4: Acquisitions.

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



Shares in thousands	2015	2014	2013
Stock options	5,016	—	4,618
Performance share units	155	—	—
Preference Shares	25,307	24,988	24,865

INVENTORIES

12 Months Ended

Dec. 31, 2015

INVENTORIES

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

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
LIFO inventories:
Logs and chips	$	15	$	9
Lumber, plywood and panels	48		55
Pulp and paperboard	111		122
Other products	11		11
FIFO or moving average cost inventories:
Logs and chips	38		38
Lumber, plywood, panels and engineered wood products	75		80
Pulp and paperboard	32		35
Other products	90		96
Materials and supplies	148		149
Total	$	568	$	595

If we used FIFO for all inventories, our stated inventories would have been $124 million and $120 million higher as of December 31, 2015 and December 31, 2014, respectively.

HOW WE ACCOUNT FOR OUR INVENTORIES

The Inventories section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment includes land, buildings and improvements, machinery and equipment, roads and other items.

Carrying Value of Property and Equipment and Estimated Service Lives



DOLLAR AMOUNTS IN MILLIONS
	RANGE OF LIVES	DECEMBER 31, 2015			DECEMBER 31, 2014
Property and equipment, at cost:
Land	N/A	$	121		$	127
Buildings and improvements	10–40	1,208			1,220
Machinery and equipment	2–25	6,675			6,706
Roads	10–20	624			609
Other	3–10	252			285
Total cost		8,880			8,947
Allowance for depreciation and amortization		(6,294		)	(6,324		)
Property and equipment, net		$	2,586		$	2,623

SERVICE LIVES AND DEPRECIATION

Buildings and improvements for property and equipment have estimated lives that are generally at either the high end or low end of the range from 10 years to 40 years, depending on the type and performance of construction.

The maximum service lives for machinery and equipment varies among our operations:


•	Timberlands — 15 years;


•	Wood products manufacturing facilities — 20 years; and


•	Pulp mills — 25 years.

Depreciation expense, excluding discontinued operations, was:


•	$314 million in 2015,


•	$332 million in 2014 and


•	$332 million in 2013.

EQUITY AFFILIATES

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

EQUITY AFFILIATES

We have investments in unconsolidated equity affiliates over which we have significant influence that we account for using the equity method with taxes provided on undistributed earnings. We record our share of net earnings within "Earnings (loss) from equity affiliates" in our Consolidated Statement of Operations in the period in which earnings are recorded by the affiliates.

Details About Our Equity Affiliates

As of December 31, 2015, we hold a 50 percent ownership interest in North Pacific Paper Corporation (NORPAC). NORPAC owns and operates a newsprint manufacturing facility in Longview, Washington. Our share of the net earnings of NORPAC is reported in our Cellulose Fibers segment.

In the fourth quarter of 2015, it was determined that the joint venture’s book value of certain long-lived assets was not recoverable and an impairment charge was recorded to measure these assets at fair value. The fair value of the asset group was estimated based on a combination of income and market approaches using significant unobservable inputs. Key assumptions include (a) the timing and amounts of future cash flows related to the asset group’s operations, (b) discount rates applicable to the future cash flows ranging from 10.5 percent to 14 percent and (c) earnings multiples of other entities’ asset groups deemed to be similar to the asset group. Weyerhaeuser’s earnings include an $84 million charge for our share of this asset impairment. Weyerhaeuser also recorded a related additional tax benefit of $28 million in its provision for income taxes as a result of the reduction of deferred tax liabilities associated with the reduction in the book basis of the investment in this equity affiliate. As such, the net charge to Weyerhaeuser related to this item was $56 million in the fourth quarter of 2015.

During 2014, Catchlight Energy was dissolved. We received no proceeds from the dissolution.

During 2013, we sold part of our investment in Liaison Technologies Inc. and recognized a $10 million pretax gain, which is recorded in "Interest income and other" on our Consolidated Statement of Operations and within Unallocated Items. Our remaining investment is accounted for under the cost method.

Unconsolidated Financial Information of Equity Affiliates

Aggregated assets, liabilities and operating results of the entities that we accounted for as equity affiliates are provided below.

Assets and Liabilities of Equity Affiliates



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Current assets	$	89	$	123
Noncurrent assets	$	101	$	413
Current liabilities	$	25	$	30
Noncurrent liabilities	$	6	$	109

Operating Results of Equity Affiliates



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Net sales	$	462		$	501		$	534
Operating income (loss)	$	(311	)	$	(2	)	$	3
Net income (loss)	$	(197	)	$	—		$	3

Doing Business with Affiliates

We provide goods and services to NORPAC, including raw materials and support services. The amounts paid to Weyerhaeuser by NORPAC for goods and services were:


•	$197 million in 2015,


•	$195 million in 2014 and


•	$203 million in 2013.

In addition, we manage cash for NORPAC under a services agreement. Weyerhaeuser holds the cash and records a payable balance to NORPAC, which is included in accounts payable in the accompanying Consolidated Balance Sheet. We had the following payable balances to NORPAC:


•	$46 million at December 31, 2015; and


•	$75 million at December 31, 2014.

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

12 Months Ended

Dec. 31, 2015

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

We sponsor several retirement programs for our employees.

This note provides details about:


•	types of plans we sponsor,


•	significant transactions and events affecting plans we sponsor,


•	funded status of plans we sponsor,


•	pension assets,


•	activity of plans we sponsor and


•	actuarial assumptions.

TYPES OF PLANS WE SPONSOR

The plans we sponsor in the U.S. and Canada differ according to each country’s requirements.

In the U.S., our pension plans are:


•	qualified — plans that qualify under the Internal Revenue Code; and


•	nonqualified — plans for select employees that provide additional benefits not qualified under the Internal Revenue Code.

In Canada, our pension plans are:


•	registered — plans that are registered under the Income Tax Act and applicable provincial pension acts; and


•	nonregistered — plans for select employees that provide additional benefits that may not be registered under the Income Tax Act or provincial pension acts.

We also offer retiree medical and life insurance plans in the U.S. and Canada. These plans are referred to as other postretirement benefit plans in the following disclosures.

Employee Eligibility and Accounting

The Pension and Other Postretirement Benefit Plans section of Note 1: Summary of Significant Accounting Policies provides information about employee eligibility for pension plans and postretirement health care and life insurance benefits, as well as how we account for the plans and benefits. See "Effects of Significant Transactions and Events" below for changes to eligibility in the pension and other postretirement benefit plans.

Measurement Date

We measure the fair value of pension plan assets and pension and other postretirement benefit obligations as of the end of our fiscal year. The fair value of pension plan assets are estimated at the end of the year and are revised in the first half of the following year when the information needed to finalize fair values is received. Additionally, we receive updated census data that is used to estimate our projected benefit obligation. As a result of the Real Estate Divestiture as well as our selling, general and administrative cost reduction initiative, we remeasured our U.S. qualified pension plan during third quarter 2014. There were no significant events that triggered a special remeasurement in 2015 or 2013.

EFFECTS OF SIGNIFICANT TRANSACTIONS AND EVENTS

The information that is provided in this note is affected by the following transactions and events.

Amendments of Pension and Other Postretirement Benefit Plans for Salaried Employees

Pension Benefit Plan Amendments

During fourth quarter 2013, we ratified an amendment to the Weyerhaeuser Pension Plan that closes the plan to newly hired and rehired salaried or non union employees effective January 1, 2014. Certain union employee groups adopted similar amendments effective at other dates. Beginning at the effective date, new hires and rehires into groups affected by these amendments will receive a company contribution for retirement in their 401(k) plan. The change was announced in December 2013.

During fourth quarter 2013, we ratified amendments to the Weyerhaeuser Company Limited Retirement Plan for Non-Union Employees and the Retirement Plan for Non-Union Employees of Weyerhaeuser Company Limited at Grand Prairie, Alberta and Grande Cache, Alberta that (1) closes these plans to new hires and rehires effective January 1, 2014 and (2) changes the early retirement reduction for current employees enrolled in these plans, effective for future years of service beginning January 1, 2016. These changes were announced to participants in December 2013.

There were no material pension benefit plan amendments in 2014 or 2015.

Postretirement Medical and Life Insurance Benefit Plan Amendments

During fourth quarter 2014, the decision was ratified to reinstate or modify available options for U.S. and Canadian postretirement benefits for certain retirees. As a result, our postretirement obligation increased by $45 million.

During fourth quarter 2013, the decision was ratified to eliminate Company funding of the Post-Medicare Health Reimbursement Account (HRA) for certain salaried retirees after 2014. This change was communicated to affected retirees during January 2014. As a result, we recognized a pretax gain of $151 million in 2014 from this plan amendment.

There were no material postretirement medical or life insurance benefit plan amendments in 2015.

Midyear Remeasurement of Assets and Liabilities

Our pension plans are typically remeasured as of fiscal year-end unless a significant event occurs that requires remeasurement. As a result of the Real Estate Divestiture as well as our selling, general and administrative cost reduction initiative, we remeasured our U.S. qualified pension plan during third quarter 2014. There were no midyear remeasurements during 2015.

The net effect of the 2014 remeasurement was as follows:

•

We recognized a $9 million charge in third quarter 2014 for curtailments and special termination benefits. Of this amount, $6 million is included in the net gain on the Real Estate Divestiture and is presented in "Earnings from discontinued operations, net of income taxes" in our Consolidated Statement of Operations. The remaining $3 million is included in "Charges for restructuring, closures and impairments" in our Consolidated Statement of Operations.

•

The funded status of our U.S. qualified pension plan was reduced by $291 million primarily as a result of a decline in the discount rate used to calculate the projected benefit obligation and also due to asset performance and curtailment and special terminations. The discount rate used to remeasure the pension plans’ liabilities was changed from a rate of 4.9 percent at December 31, 2013 to rates reflective of current bond rates on the remeasurement date. A discount rate of 4.4 percent was used as of July 7, 2014. There was no change to the expected rate of return assumption.


•	Deferred tax liabilities decreased $108 million.


•	Total equity decreased $183 million for changes in "Cumulative other comprehensive loss", reflecting the net effect of the items discussed above. Amounts deferred in cumulative other comprehensive loss will be amortized into net periodic pension cost (credits) in future periods.

FUNDED STATUS OF PLANS WE SPONSOR

The funded status of the plans we sponsor is determined by comparing the projected benefit obligation with the fair value of plan assets at the end of the year.

Changes in Projected Benefit Obligations of Our Pension and Other Postretirement Benefit Plans



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Reconciliation of projected benefit obligation:
Projected benefit obligation beginning of year	$	6,698		$	5,834		$	303		$	321
Service cost	57			53			—			1
Interest cost	265			271			9			10
Plan participants’ contributions	—			—			9			13
Actuarial (gains) losses	(309		)	1,006			(34		)	4
Foreign currency translation	(159		)	(87		)	(15		)	(7		)
Benefits paid (includes lump sum settlements)	(342		)	(391		)	(32		)	(44		)
Plan amendments and other	(1		)	1			—			2
Special/contractual termination benefits	—			7			—			—
Plan transfer/Acquisitions	2			4			—			3
Projected benefit obligation at end of year	$	6,211		$	6,698		$	240		$	303

Changes in Fair Value of Plan Assets



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Fair value of plan assets at beginning of year (estimated)	$	5,643		$	5,614		$	—		$	—
Adjustment for final fair value of plan assets	57			53			—			—
Actual return on plan assets	226			368			—			—
Foreign currency translation	(155		)	(75		)	—			—
Employer contributions and benefit payments	60			70			23			31
Plan participants’ contributions	—			—			9			13
Plan transfer/Acquisitions	2			4			—			—
Benefits paid (includes lump sum settlements)	(342		)	(391		)	(32		)	(44		)
Fair value of plan assets at end of year (estimated)	$	5,491		$	5,643		$	—		$	—

Funded Status of Our Pension and Other Postretirement Benefit Plans



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Noncurrent assets	$	70		$	8		$	—		$	—
Current liabilities	(21		)	(21		)	(22		)	(26		)
Noncurrent liabilities	(769		)	(1,042		)	(218		)	(277		)
Funded status	$	(720	)	$	(1,055	)	$	(240	)	$	(303	)

Changes in actuarial assumptions decreased liabilities by $343 million as of the end of 2015 and had a positive effect on the funded status of the pension and postretirement plans. The primary drivers were the adoption of updated mortality tables for the U.S. pension and postretirement plans and changes in discount rates. The Company elected to implement the longevity assumption published by the Society of Actuaries in October 2015, effective December 31, 2015. Discount rates increased from 4.10 percent at the end of 2014 to 4.50 percent at the end of 2015 for the U.S. pension plans, and increased from 3.60 percent at the end of 2014 to 4.00 percent at the end of 2015 for U.S. postretirement. The discount rates increased from 3.90 percent at the end of 2014 to 4.00 percent at the end of 2015 for the Canadian pension plans, and increased from 3.80 percent at the end of 2014 to 3.90 percent at the end of 2015 for Canadian postretirement.

Our qualified and registered pension plans and a portion of our nonregistered pension plans are funded. We contribute to these plans according to established funding standards. The nonqualified pension plan, a portion of the nonregistered pension plans, and the other postretirement benefit plans are unfunded. For the unfunded plans, we pay benefits to retirees from our general assets as they come due.

The values reported for our pension plan assets at the end of 2015 and 2014 were estimated. Additional information regarding the year-end values generally becomes available to us during the first half of the following year. We increased the fair value of plan assets by $57 million to reflect final valuations as of December 31, 2014.

During 2015, we contributed $33 million for our Canadian registered plans, we made contributions and benefit payments of $3 million for our Canadian nonregistered pension plans and made benefit payments of $24 million for our nonqualified pension plans.

The asset or liability on our Consolidated Balance Sheet representing the funded status of the plans is different from the cumulative income or expense that we have recorded related to these plans. These differences are actuarial gains and losses and prior service costs and credits that are deferred and will be amortized into our periodic benefit costs in future periods. These unamortized amounts are recorded in "Cumulative Other Comprehensive Loss", which is a component of total equity on our Consolidated Balance Sheet. The Cumulative Other Comprehensive Income (Loss) section of Note 16: Shareholder's Interest details changes in the amounts included in cumulative other comprehensive income (loss) by component.

Accumulated Benefit Obligations Greater Than Plan Assets

As of December 31, 2015, pension plans with accumulated benefit obligations greater than plan assets had:


•	$5.5 billion in projected benefit obligations,


•	$5.4 billion in accumulated benefit obligations and


•	assets with a fair value of $4.7 billion.

As of December 31, 2014, pension plans with accumulated benefit obligations greater than plan assets had:


•	$6.6 billion in projected benefit obligations,


•	$6.5 billion in accumulated benefit obligations and


•	assets with a fair value of $5.6 billion.

The accumulated benefit obligation for all of our defined benefit pension plans was:


•	$6.1 billion at December 31, 2015; and


•	$6.5 billion at December 31, 2014.

PENSION ASSETS

Our Investment Policies and Strategies

Our investment policies and strategies guide and direct how we manage funds for the benefit plans we sponsor. These funds include our:


•	U.S. Pension Trust — funds our U.S. qualified pension plans;


•	Canadian Pension Trust — funds our Canadian registered pension plans; and


•	Retirement Compensation Arrangements — fund a portion of our Canadian nonregistered pension plans.

U.S. and Canadian Pension Trusts

Our U.S. pension trust holds the funds for our U.S. qualified pension plans, while our Canadian pension trust holds the funds for our Canadian registered pension plans.

Our strategy within the trusts is to invest:


•	directly in a diversified mix of nontraditional investments; and


•	indirectly through derivatives to promote effective use of capital, increase returns and manage associated risk.

Consistent with past practice and in accordance with investment guidelines established by the company’s investment committee, the investment managers of the company’s pension plan asset portfolios utilize a diversified set of investment strategies.

Our direct investments include:


•	cash and short-term investments,


•	hedge funds,


•	private equity,


•	real estate fund investments and


•	common and preferred stocks.

Our indirect investments include:


•	equity index derivatives,


•	fixed income derivatives and


•	swaps and other derivative instruments.

The overall return for our pension trusts includes:


•	returns earned on our direct investments and


•	returns earned on the derivatives we use.

Cash and short-term investments generally consist of highly liquid money market and government securities and are primarily held to fund benefit payments, capital calls and margin requirements.

Hedge fund investments generally consist of privately-offered managed pools primarily structured as limited liability entities, with the general members or partners of such limited liability entities serving as portfolio manager and thus being responsible for the fund’s underlying investment decisions. Generally, these funds have varying degrees of liquidity and redemption provisions. Underlying investments within these funds may include long and short public and private equities, corporate, mortgage and sovereign debt, options, swaps, forwards and other derivative positions. These funds may also use varying degrees of leverage.

Private equity investments consist of investments in private equity, mezzanine, distressed, co-investments and other structures. Private equity funds generally participate in buyouts and venture capital of limited liability entities through unlisted equity and debt instruments. These funds may also employ borrowing at the underlying entity level. Mezzanine and distressed funds generally follow strategies of investing in the debt of public or private companies with additional participation through warrants or other equity type options.

Real estate fund investments in real property may be initiated through private transactions between principals or public market vehicles such as real estate investment trusts and are generally held in limited liability entities.

Common and preferred stocks are equity instruments that generally have resulted from transactions related to private equity investment holdings.

Swaps and other derivative instruments generally are comprised of swaps, futures, forwards or options. In accordance with our investment risk and return objectives, some of these instruments are utilized to achieve target equity and bond asset exposure or to reduce exposure to certain market risks or to help manage the liquidity of our investments. The resulting asset mix achieved is intended to allow the assets to perform comparably with established benchmarks. Others, mainly total return swaps with limited exchange of principal, are designed to gain exposure to the return characteristics of specific financial strategies.

All swap, forward and option contracts are executed in a diversified manner through a number of financial institutions and in accordance with our investment guidelines.

Retirement Compensation Arrangements

Retirement Compensation Arrangements fund a portion of our Canadian nonregistered pension plans.

Under Retirement Compensation Arrangements, our contributions are split:


•	50 percent to our investments in a portfolio of equities; and


•	50 percent to a noninterest-bearing refundable tax account held by the Canada Revenue Agency — as required by Canadian tax rules.

The Canadian tax rules requirement means that — on average, over time — approximately 50 percent of our Canadian nonregistered pension plans’ assets do not earn returns.

Managing Risk

Investments and contracts, in general, are subject to risk, including market price, liquidity, currency, interest rate and credit risks. We have established governance practices to manage certain risks. The following provides an overview of these risks and describes actions we take to mitigate the potential adverse effects of these risks on the performance of our pension plan assets. Generally, we manage these risks through:


•	selection and diversification of managers and strategies,


•	use of limited-liability vehicles,


•	diversification and


•	constraining risk profiles to predefined limits on the percentage of pension trust assets that can be invested in certain categories.

Market price risk is the risk that the future value of a financial instrument will fluctuate as a result of changes in its market price, whether caused by factors specific to the individual investment, its issuer, or any other market factor that may affect its price. We attempt to mitigate market price risk on the company’s pension plan asset portfolios by investing in a diversified set of assets whose returns exhibit low correlation to those of traditional asset classes and each other. In addition, we and our investment advisers monitor the investments on a regular basis to ensure the decision to invest in particular assets continues to be suitable, including performing ongoing qualitative and quantitative assessments and comprehensive investment and operational due diligence. Special attention is paid to organizational changes made by the underlying fund managers and to changes in policy relative to their investment objectives, valuation, hedging strategy, degree of diversification, leverage, alignment of fund principles and investors, risk governance and costs.

Liquidity risk is the risk that the pension trusts will encounter difficulty in meeting obligations associated with their financial liabilities. Our financial obligations as they relate to the pension plans generally consist of distributions and redemptions payable to pension plan participants, payments to counterparties and fees to service providers. As established, pension plan assets primarily consist of investments in limited liability pools for which there is no active secondary market. As a result, the investments may be illiquid. Further, hedge funds are subject to potential restrictions that may affect the timing of the realization of pending redemptions. Private equity funds, including those private equity funds that invest in real estate assets, are subject to distribution and funding schedules that are set by the private equity funds’ respective managers and market activity, and the period over which the funds are expected to liquidate is uncertain and dependent upon realization of the respective funds' underlying investments which will vary over time. To mitigate liquidity risk on the company’s pension plan asset portfolios, private equity portfolios has been diversified across different vintage years and strategies and hedge fund portfolios have been diversified across investment fund managers, strategies and funds that possess varying liquidity provisions. By doing so, the company seeks to maintain a liquidity profile wherin the potential liquidity offered by the pension plan assets is diversified over time. For instance, under normal operating conditions, the frequency by which investments in hedge funds may be redeemed ranges from daily to every three years with notice periods as few as five days to as much as a year. This liquidity profile, however, can be impacted by existing terms that permit redemption restrictions and decisions by underlying fund managers to create illiquid side pockets, adopt a fund liquidation strategy or suspend redemptions altogether. In addition, the investment committee regularly reviews cash flows of the pension trusts and sets appropriate guidelines to address liquidity needs.

Currency risk arises from holding pension plan assets denominated in a currency other than the currency in which its liabilities are settled. Such risk is managed generally through notional contracts designed to hedge the net exposure to non-functional currencies.

Interest rate risk is the risk that a change in interest rates will adversely affect the fair value of fixed income securities. The pension trust’s primary exposure to interest rate risk is indirect and through their investments in limited liability pools. Such indirect exposure is managed by the respective fund managers in conjunction with their investment level decisions and predefined investment mandates.

Credit risk relates to the extent to which failures by counterparties to discharge their obligations could reduce the amount of future cash flows on hand at the balance sheet date. The pension trusts’ exposure to counterparty credit risk is reflected in settlement receivables from derivative contracts within the pension plan assets. In evaluating credit risk, we will often be dependent upon information provided by the counterparty or a rating agency, which may be inaccurate. We decrease exposure to credit risk by only dealing with highly-rated financial counterparties, and as of year-end, our counterparties each had a credit rating of at least A from Standard and Poor’s.

We further manage this risk through:


•	diversification of counterparties,


•	predefined settlement and margining provisions and


•	documented agreements.

We expect that none of our counterparties will fail to meet its obligations. Also, no principal is at risk as a result of these types of investments. Only the amount of unsettled net receivables is at risk.

We are also exposed to credit risk indirectly through counterparty relationships struck by the underlying managers of investments in limited liability pools. This indirect exposure is mitigated through a due diligence process, which focuses on monitoring each investment fund to ensure the decision to invest in or maintain exposure to a fund continues to be suitable for the pension plans’ asset portfolios.

While we do not target specific direct investment or derivative allocations, we have established guidelines on the percentage of pension trust assets that can be invested in certain categories to provide diversification by investment type fund and investment managers, as well as to manage overall liquidity.

Assets within our qualified and registered pension plans in our U.S. and Canadian pension trusts were invested as follows:



	December 31, 2015		December 31, 2014
Fixed income	13.1	%	12.2	%
Hedge funds	62.7		60.6
Private equity and related funds	23.0		25.3
Real estate and related funds	1.2		1.4
Common and preferred stock and equity index instruments	0.1		0.7
Accrued liabilities	(0.1	)	(0.2	)
Total	100.0	%	100.0	%

Assets within our nonregistered plans that we are allowed to manage were invested as follows:



	December 31, 2015		December 31, 2014
Cash and cash equivalents	55.9	%	52.8	%
Equities	44.1		47.2
Total	100.0	%	100.0	%

Valuation of Our Plan Assets

The pension assets are stated at fair value based upon the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. We do not value pension investments based upon a forced or distressed sale scenario. Instead, we consider both observable and unobservable inputs that reflect assumptions applied by market participants when setting the exit price of an asset or liability in an orderly transaction within the principal market of that asset or liability.

We value the pension plan assets based upon the observability of exit pricing inputs and classify pension plan assets based upon the lowest level input that is significant to the fair value measurement of the pension plan assets in their entirety. The fair value hierarchy we follow is outlined below;

Level 1: Inputs are unadjusted quoted prices for identical assets and liabilities traded in an active market.

Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date.

Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The pension assets are comprised of cash and short-term investments, derivative contracts, common and preferred stock and fund units. The fund units are typically limited liability interests in hedge funds, private equity funds, real estate funds and cash funds. Each of these assets participates in its own unique principal market.

Cash and short-term investments, when held directly, are valued at cost.

Common and preferred stocks are valued at exit prices quoted in the public markets.

Derivative contracts held by our pension trusts are not publicly traded and each derivative contract is specifically negotiated with a unique financial counterparty and references either illiquid fund units or a unique number of synthetic units of a publicly reported market index. The derivative contracts are valued based upon valuation statements received from the financial counterparties.

Fund units are valued based upon the net asset values of the funds which we believe represent the per-unit prices at which new investors are permitted to invest and the prices at which existing investors are permitted to exit. To the degree net asset values as of the end of the year have not been received, we use the most recently reported net asset values and adjust for market events and cash flows that have occurred between the interim date and the end of the year to estimate the fair values as of the end of the year.

Assets that do not have readily available quoted prices in an active market require a higher degree of judgment to value and have a higher degree of risk that the value that could have been realized upon sale as of the valuation date could be different from the reported value than assets with observable pricing inputs. It is possible that the full extent of market price, liquidity, currency, interest rate, or credit risks may not be fully factored into the fair values of our pension plan assets that use significant unobservable inputs. Approximately $4.7 billion, or 86.0 percent, of our pension plan assets were classified as Level 3 assets as of December 31, 2015.

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. When the difference is significant, we revise the year-end estimated fair value of pension plan assets to incorporate year-end net asset values received after we have filed our annual report on Form 10-K. We increased the fair value of pension assets in the second quarter of 2015 by $57 million, or 1.0 percent.

The net pension plan assets, when categorized in accordance with this fair value hierarchy, are as follows:



DOLLAR AMOUNTS IN MILLIONS
2015	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	668	$	46		$	—	714
Hedge funds	87		(37		)	3,388		3,438
Private equity and related funds	—		—			1,267		1,267
Real estate and related funds	—		—			67		67
Common and preferred stock and equity index instruments	—		3			—		3
Total pension trust investments	$	755	$	12		$	4,722	$	5,489
Accrued liabilities, net								(8		)
Pension trust net assets								5,481
Canadian nonregistered plan assets:
Cash	$	6	$	—		$	—	6
Investments	4		—			—		4
Total Canadian nonregistered plan assets	$	10	$	—		$	—	$	10
Total plan assets								$	5,491



DOLLAR AMOUNTS IN MILLIONS
2014	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	646	$	36		$	3	685
Hedge funds	103		(22		)	3,333		3,414
Private equity and related funds	—		3			1,422		1,425
Real estate and related funds	—		—			82		82
Common and preferred stock and equity index instruments	25		12			—		37
Total pension trust investments	$	774	$	29		$	4,840	$	5,643
Accrued liabilities, net								(13		)
Pension trust net investments								5,630
Canadian nonregistered plan assets:
Cash	$	7	$	—		$	—	7
Investments	6		—			—		6
Total Canadian nonregistered plan assets	$	13	$	—		$	—	$	13
Total plan assets								$	5,643

A reconciliation of the beginning and ending balances of the pension plan assets measured at fair value using significant unobservable inputs (Level 3) is presented below:



DOLLAR AMOUNTS IN MILLIONS
	INVESTMENTS
	Hedge funds			Private equity and related funds			Real estate and related funds			Fixed Income			Total
Balance as of December 31, 2013	$	3,225		$	1,606		$	101		$	3		$	4,935
Net realized gains (losses)	186			128			8			—			322
Net change in unrealized appreciation (depreciation)	76			(130		)	(4		)	—			(58		)
Purchases	541			177			5			—			723
Sales	(540		)	(359		)	(28		)	—			(927		)
Issuances	52			—			—			—			52
Settlements	(132		)	—			—			—			(132		)
Transfers, Out⁽¹⁾	(75		)	—			—			—			(75		)
Balance as of December 31, 2014	$	3,333		$	1,422		$	82		$	3		$	4,840
Net realized gains (losses)	143			100			9			1			253
Net change in unrealized appreciation (depreciation)	47			(117		)	(11		)	—			(81		)
Purchases	441			141			6			—			588
Sales	(539		)	(279		)	(19		)	(4		)	(841		)
Issuances	47			—			—			—			47
Settlements	(84		)	—			—			—			(84		)
Transfers, Out⁽¹⁾	—			—			—			—			—
Balance as of December 31, 2015	$	3,388		$	1,267		$	67		$	—		$	4,722
(1) One hedge fund completed an initial public offering during 2014; as such the security was transferred from Level 3 to Level 1 in 2014.

This table shows the fair value of the derivatives held by our pension trusts — which fund our qualified and registered plans — at the end of the last two years.



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Equity index instruments	$	13		$	13
Forward contracts	(51		)	(32		)
Swaps	492			436
Total	$	454		$	417

This table shows the aggregate notional amount of the derivatives held by our pension trusts — which fund our qualified and registered plans — at the end of the last two years.



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Equity index instruments	$	500	$	361
Forward contracts	523		535
Swaps	2,058		1,824
Total	$	3,081	$	2,720

ACTIVITY OF PLANS WE SPONSOR

Net Periodic Benefit Cost (Credit)



DOLLAR AMOUNTS IN MILLIONS
	PENSION									OTHER POSTRETIREMENT BENEFITS
	2015			2014			2013			2015			2014			2013
Net periodic benefit cost (credit):
Service cost⁽¹⁾	$	57		$	53		$	64		$	—		$	1		$	1
Interest cost	265			271			244			9			10			12
Expected return on plan assets	(476		)	(467		)	(439		)	—			—			—
Amortization of actuarial loss	182			125			221			10			12			14
Amortization of prior service cost (credit)⁽²⁾	4			5			7			(9		)	(161		)	(23		)
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures⁽¹⁾	—			9			—			—			—			—
Other	—			—			—			—			(4		)	—
Net periodic benefit cost (credit)	$	32		$	(4	)	$	97		$	10		$	(142	)	$	4
(1) Service cost includes $2 million in 2014 and $4 million in 2013 for employees that were part of the Real Estate Divestiture. These charges are included in our results of discontinued operations. Curtailment and special termination benefits are related to involuntary terminations, due to restructuring activities, as well as the Real Estate Divestiture. (2) During fourth quarter 2013, the decision was ratified to eliminate Company funding of the Post-Medicare Health Reimbursement Account (HRA) for certain salaried retirees after 2014. This change was communicated to affected retirees during January 2014. As a result, we recognized a pretax gain of $151 million in 2014 from this plan amendment.

Estimated Amortization from Cumulative Other Comprehensive Loss in 2016

Amortization of the net actuarial loss and prior service cost (credit) of our pension and postretirement benefit plans will affect our other comprehensive income in 2016. The net effect of the estimated amortization will be an increase in net periodic benefit costs or a decrease in net periodic benefit credits in 2016.



DOLLAR AMOUNTS IN MILLIONS
	PENSION		OTHER POSTRETIREMENT BENEFITS			TOTAL
Net actuarial loss	$	152	$	9		$	161
Prior service cost (credit)	4		(8		)	(4		)
Net effect cost	$	156	$	1		$	157

Expected Pension Funding

Established funding standards govern the funding requirements for our qualified and registered pension plans. We fund the benefit payments of our nonqualified and nonregistered plans as benefit payments come due.

During 2016, based on estimated year-end asset values and projections of plan liabilities, we expect to:


•	be required to contribute approximately $16 million for our Canadian registered plan;


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


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

We do not anticipate a contribution being required for our U.S. qualified pension plan for 2016.

Expected Postretirement Benefit Funding

Our retiree medical and life insurance plans are unfunded. Benefits for these plans are paid from our general assets as they come due. We expect to make benefit payments of $22 million for our U.S. and Canadian other postretirement benefit plans in 2016, including $7 million expected to be required to cover benefit payments under collectively bargained contractual obligations.

Estimated Projected Benefit Payments for the Next 10 Years



DOLLAR AMOUNTS IN MILLIONS
	PENSION		OTHER POSTRETIREMENT BENEFITS
2016	$	334	$	22
2017	$	340	$	21
2018	$	347	$	20
2019	$	354	$	19
2020	$	360	$	19
2021-2025	$	1,858	$	81

ACTUARIAL ASSUMPTIONS

We use actuarial assumptions to estimate our benefit obligations and our net periodic benefit costs.

Rates We Use in Estimating Our Benefit Obligations

We use assumptions to estimate our benefit obligations that include:


•	discount rates in the U.S. and Canada, including discount rates used to value lump sum distributions;


•	rates of compensation increases for our salaried and hourly employees in the U.S. and Canada; and


•	estimated percentages of eligible retirees who will elect lump sum payments of benefits.

Discount Rates and Rates of Compensation Increase Used in Estimating Our Pension and Other Postretirement Benefit Obligation



	PENSION				OTHER POSTRETIREMENT BENEFITS
	DECEMBER 31, 2015		DECEMBER 31, 2014		DECEMBER 31, 2015		DECEMBER 31, 2014
Discount rates:
United States	4.50	%	4.10	%	4.00	%	3.60	%
Canada	4.00	%	3.90	%	3.90	%	3.80	%
Lump sum distributions (US salaried and nonqualified plans only)⁽¹⁾	PPA Table		PPA Table		N/A		N/A
Rate of compensation increase:
Salaried:
United States	Determined by participant age, ranging from 2.00% to 13.00%		2.50% for 2014, 2015 and 3.50% thereafter		N/A		N/A
Canada	2.50% for 2015 and 3.50% thereafter		2.50% for 2014, 2015 and 3.50% thereafter		N/A		N/A
Hourly:
United States	Determined by participant age, ranging from 2.30% to 13.00%		3.00	%	N/A		N/A
Canada	3.25	%	3.25	%	N/A		N/A
Election of lump sum or installment distributions (US salaried and nonqualified plans only)	60.00	%	60.00	%	N/A		N/A
(1) The PPA Phased Table: Interest and mortality assumptions as mandated by Pension Protection Act of 2006 including the phase out of the prior interest rate basis in 2013.

Estimating Our Net Periodic Benefit Costs

The assumptions we use to estimate our net periodic benefit costs include:


•	discount rates in the U.S. and Canada, including discount rates used to value lump sum distributions;


•	expected returns on our plan assets;


•	rates of compensation increases for our salaried and hourly employees in the U.S. and Canada; and


•	estimated percentages of eligible retirees who will elect lump sum payments of benefits.

This table shows the discount rates, expected returns on our plan assets and rates of compensation increases we used the last three years to estimate our net periodic benefit costs.

Rates Used to Estimate Our Net Periodic Benefit Costs



	PENSION			OTHER POSTRETIREMENT BENEFITS
	2015	2014	2013	2015	2014	2013
Discount rates:
United States	4.10%	4.90% for the first half of 2014 and 4.40% for the second half of 2014	3.70%	3.60%	4.00%	3.00%
Salaried – lump sum distributions (U.S. salaried and nonqualified plan only)⁽¹⁾	PPA Table	PPA Table	PPA phased Table	N/A	N/A	N/A
Canada	3.90%	4.70%	4.10%	3.80%	4.60%	4.00%
Expected return on plan assets:
Qualified/registered plans	9.00%	9.00%	9.00%
Nonregistered plans (Canada only)	3.50%	3.50%	3.50%
Rate of compensation increase:
Salaried:
United States	2.50% for 2015 and 3.50% thereafter	2.50% for 2014 and 3.50% thereafter	2.50% for 2013 and 3.50% thereafter	N/A	N/A	N/A
Canada	2.50% for 2015 and 3.50% thereafter	2.50% for 2014 and 3.50% thereafter	2.50% for 2013 and 3.50% thereafter	N/A	N/A	N/A
Hourly:
United States	3.00%	3.00%	3.00%	N/A	N/A	N/A
Canada	3.25%	3.25%	3.25%	N/A	N/A	N/A
Election of lump sum distributions (U.S. salaried and nonqualified plans only)	60.00%	60.00%	56.00%	N/A	N/A	N/A
(1) PPA Phased Table: Interest and mortality assumptions as mandated by Pension Protection Act of 2006 including the phase out of the prior interest rate basis in 2013.

Expected Return on Plan Assets

We estimate the expected long-term return on assets for our:


•	qualified and registered pension plans and


•	nonregistered plans.

Qualified and Registered Pension Plans. Our expected long-term rate of return for plan assets as of December 31, 2015, is comprised of:


•	a 7.2 percent assumed return from direct investments and


•	a 1.7 percent assumed return from derivatives.

Determining our expected return:


•	requires a high degree of judgment,


•	uses our historical fund returns as a base and


•	places added weight on more recent pension plan asset performance.

Over the 31 years it has been in place, our U.S. pension trust investment strategy has achieved a 14.2 percent net compound annual return rate. The past 5 years, our net compounded annual return was 8.0 percent.

Nonregistered plans. Canadian tax rules require that 50 percent of the assets for nonregistered plans go to a noninterest-bearing refundable tax account. As a result, the return we earn investing the other 50 percent is spread over 100 percent of the assets.

Our expected long-term annual rate of return on the equity portion of this portfolio — the portion we are allowed to invest and manage — is 7 percent. We base that expected rate of return on:


•	historical experience and


•	future return expectations.

Our expected overall annual return on assets that fund our nonregistered plans is 3.5 percent.

Actual Returns on Assets Held by Our Pension Trusts

Based on valuations received as of year-end, our total actual return on assets held by our pension trusts was a gain of approximately $226 million in 2015. These trusts fund our qualified, registered and a portion of our nonregistered pension plans.



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Direct investments	$	175	$	258	$	568
Derivatives	51		110		240
Total	$	226	$	368	$	808

HEALTH CARE COSTS

Rising costs of health care affect the costs of our other postretirement plans.

Health Care Cost Trend Rates

We use assumptions about health care cost trend rates to estimate the cost of benefits we provide. In 2015, the assumed weighted health care cost trend rate was:


•	6.3 percent in the U.S. and


•	5.6 percent in Canada.

This table shows the assumptions we use in estimating the annual cost increase for health care benefits we provide.

Assumptions We Use in Estimating Health Care Benefit Costs



	2015				2014
	U.S.		CANADA		U.S.		CANADA
Weighted health care cost trend rate assumed for next year	7.20% for Pre Medicare and 4.50% for HRA		5.00	%	6.30	%	5.60	%
Rate to which cost trend rate is assumed to decline (ultimate trend rate)	4.50	%	4.30	%	4.50	%	4.30	%
Year that the rate reaches the ultimate trend rate	2036		2028		2029		2028

The assumed health care cost trend rate can significantly influence projected postretirement benefit plan payments. Some of the benefits are defined dollar amounts and are unaffected by changes in health care costs. To determine the health care cost trend rate, we look at historical market experience, current environment and future expectations. The following table demonstrates the effect a 1 percent change in assumed health care cost trend rates would have with all other assumptions remaining constant.

Effect of a 1 Percent Change in Health Care Costs

UNION-ADMINISTERED MULTIEMPLOYER BENEFIT PLANS

We contribute to multiemployer defined benefit plans under the terms of collective-bargaining agreements that cover some of our union-represented employees.

The U.S. plans are established to provide retirement income for eligible employees who meet certain age and service requirements at retirement. The benefits are generally based on:


•	a percentage of the employer contributions paid into the plan on the eligible employee's behalf or


•	a formula considering an eligible employee's service, the total contributions paid on their behalf plus a benefit based on the value of an eligible employee's account.

The Canadian plan is a negotiated cost defined benefit plan. The plan is established to provide retirement income for members based on their number of years of service in the industry, and the benefit rate that applied to that service.

The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:


•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.


•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.


•	If we choose to stop participating in some of the multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

As of December 31, 2015, these plans covered approximately 1,200 of our employees.

Our contributions were:


•	$4 million in 2015,


•	$4 million in 2014 and


•	$4 million in 2013.

There have been no significant changes that affect the comparability of the 2015, 2014 and 2013 contributions. None of our contributions exceeded more than 5 percent of any plan's total contributions during 2015, 2014 or 2013.

DEFINED CONTRIBUTION PLANS

We sponsor various defined contribution plans for our U.S. and Canadian salaried and hourly employees. Our contributions to these plans were:


•	$21 million in 2015,


•	$20 million in 2014 and


•	$20 million in 2013.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2015

VARIABLE INTEREST ENTITIES [Abstract]

VARIABLE INTEREST ENTITIES

This note provides details about special-purpose entities (SPEs).

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 SPEs involved in these transactions. We have an equity interest in the monetization SPEs, but no ownership interest in the buyer-sponsored SPEs. The following disclosures refer to assets of buyer-sponsored SPEs and liabilities of monetization SPEs. However, because these SPEs are distinct legal entities:


•	Assets of the SPEs are not available to satisfy our liabilities or obligations.


•	Liabilities of the SPEs are not our liabilities or obligations.

In 2013, we repaid a $162 million note and received $184 million related to one of our timber monetization SPEs undertaken in 2003. Net proceeds were $22 million.

Our Consolidated Statement of Operations includes:


•	Interest expense on SPE notes of:

– $29 million in 2015,

– $29 million in 2014 and

– $29 million in 2013.


•	Interest income on SPE investments of:

– $34 million in 2015,

– $34 million in 2014 and

– $34 million in 2013.

Sales proceeds paid to buyer-sponsored SPEs were invested in restricted financial investments with a balance of $615 million as of both December 31, 2015, and December 31, 2014. The weighted average interest rate was 5.5 percent during 2015 and 2014. Maturities of the financial investments at the end of 2015 were:


•	$253 million in 2019 and


•	$362 million in 2020.

The long-term notes of our monetization SPEs were $511 million as of both December 31, 2015, and December 31, 2014. The weighted average interest rate was 5.6 percent during 2015 and 2014. Maturities of the notes at the end of 2015 were:


•	$209 million in 2019 and


•	$302 million in 2020.

Financial investments consist of bank guarantees backed by bank notes for three of the SPE transactions. Interest earned from each financial investment is used to pay interest accrued on the corresponding SPE’s note. Any shortfall between interest earned and interest accrued reduces our equity in the monetization SPEs.

Upon dissolution of the SPEs and payment of all obligations of the entities, we would receive any net equity remaining in the monetization SPEs and would be required to report deferred tax gains on our income tax return. In the event that proceeds from the financial investments are insufficient to settle all of the liabilities of the SPEs, we are not obligated to contribute any funds to any of the SPEs. As of December 31, 2015, our net equity in the three SPEs was approximately $105 million and the deferred tax liability was estimated to be approximately $180 million.

ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2015

ACCRUED LIABILITIES

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Wages, salaries and severance pay	$	150	$	161
Pension and postretirement	44		47
Vacation pay	46		47
Taxes – Social Security and real and personal property	24		24
Interest	104		105
Customer rebates and volume discounts	46		46
Deferred income	52		75
Other	83		82
Total	$	549	$	587

LINES OF CREDIT

12 Months Ended

Dec. 31, 2015

Line of Credit Facility [Line Items]

LINES OF CREDIT

This note provides details about our:


•	lines of credit and


•	other letters of credit and surety bonds.

OUR LINES OF CREDIT

During September 2013, we entered into a new $1 billion 5-year senior unsecured revolving credit facility that expires in September 2018. This replaces a $1 billion revolving credit facility that was set to expire June 2015. As of June 16, 2014, WRECO terminated its participation as a borrower in the facility. There were no changes to our lines of credit during 2015.

Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. As of December 31, 2015, there were no borrowings outstanding under the facility and we were in compliance with the credit facility covenants.

OTHER LETTERS OF CREDIT AND SURETY BONDS

The amounts of other letters of credit and surety bonds we have entered into as of the end of our last two years are included in the following table:

Our compensating balance requirements for our letters of credit were $17 million as of December 31, 2015.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2015

Long-term Debt, by Current and Noncurrent [Abstract]

LONG-TERM DEBT

This note provides details about:


•	long-term debt and the portion due within one year and


•	long-term debt maturities.

Our long-term debt includes notes, debentures, revenue bonds and other borrowings. The following table lists our long-term debt, which includes Weyerhaeuser Company debt, by types and interest rates at the end of our last two years and includes the current portion.

Long-Term Debt by Types and Interest Rates (Includes Current Portion)



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
6.95% debentures due 2017	$	281		$	281
7.00% debentures due 2018	62			62
7.375% notes due 2019	500			500
Variable rate term loan credit facility matures 2020	550			550
9.00% debentures due 2021	150			150
7.125% debentures due 2023	191			191
4.625% notes due 2023	500			500
8.50% debentures due 2025	300			300
7.95% debentures due 2025	136			136
7.70% debentures due 2026	150			150
7.35% debentures due 2026	62			62
7.85% debentures due 2026	100			100
6.95% debentures due 2027	300			300
7.375% debentures due 2032	1,250			1,250
6.875% debentures due 2033	275			275
Industrial revenue bonds, rates from 6.7% to 6.8%, due 2022	88			88
Other	1			1
	4,896			4,896
Less unamortized discounts	(5		)	(5		)
Total	$	4,891		$	4,891
Portion due within one year	$	—		$	—

In order to repay the debt that we assumed in the acquisition of Longview Timber, in 2013 we issued $500 million of 4.625 percent notes due September 15, 2023. The net proceeds after deducting the discount, underwriting fees and issuance costs were $495 million. We also entered into a $550 million 7-year senior unsecured term loan credit facility maturing in September 2020 and borrowed $550 million. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks.

On October 15, 2013, we repaid the $1,118 million carrying value of the debt that we assumed in the acquisition of Longview Timber and related fees, expenses and premiums using the proceeds from the notes issued and the borrowings from our term loan credit facility borrowed in 2013. A pretax charge of $25 million was included in our net interest expense in 2013, for early retirement premiums, unamortized debt issuance costs and other miscellaneous charges in connection with the early extinguishment of debt. See Note 4: Acquisitions for more information.

Amounts of Long-Term Debt Due Annually for the Next Five Years and the Total Amount Due After 2020



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
Long-term debt maturities:
2016	$	—
2017	$	281
2018	$	62
2019	$	500
2020	$	550
Thereafter	$	3,503

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

FAIR VALUE OF FINANCIAL INSTRUMENTS

This note provides information about the fair value of our:


•	debt and


•	other financial instruments.

FAIR VALUE OF DEBT

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



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015				DECEMBER 31, 2014
	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities)	$	4,891	$	5,620	$	4,891	$	5,922

To estimate the fair value of 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.

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, 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,


•	carrying short-term investments at expected net realizable value 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

12 Months Ended

Dec. 31, 2015

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES

This note provides details about our:


•	legal proceedings,


•	environmental matters and


•	commitments and other 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.

ENVIRONMENTAL MATTERS

Our environmental matters include:


•	site remediation and


•	asset retirement obligations.

Site Remediation

Under the Comprehensive Environmental Response, Compensation and Liability Act — 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 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. In 2015 we received invitations from the Environmental Protection Agency (the “EPA”) to negotiate an administrative order on consent for a contaminant removal action for a portion of the site. Two other parties received the same invitations. All parties are in contact with the EPA as to the work required and the terms of any consent order. According to the EPA, this Superfund site encompasses 77 miles of the Kalamazoo River from a location east of the city of Kalamazoo to the river mouth at Lake Michigan. The EPA’s 2015 invitations concern a stretch of the river approximately 1.7 miles long that the EPA refers to as the Otsego Township Dam Area. Several other companies also operated upstream pulp mills. At this time we are unable to estimate the timing and extent of future cash flows related to our involvement in this site remediation.

Our established reserves. We have established reserves for estimated remediation costs on the active Superfund sites and other sites for which we are responsible. These reserves are recorded in "Accrued liabilities" and "Other liabilities" in our Consolidated Balance Sheet.

Changes in the Reserve for Environmental Remediation



DOLLAR AMOUNTS IN MILLIONS
Reserve balance as of December 31, 2014	$	29
Reserve charges and adjustments, net	15
Payments	(7		)
Reserve balance as of December 31, 2015	$	37
Total active sites as of December 31, 2015	38

We change our accrual to reflect:


•	new information on any site concerning implementation of remediation alternatives,


•	updates on prior cost estimates and new sites and


•	costs incurred to remediate sites.

Estimates. We believe it is reasonably possible, based on currently available information and analysis, that remediation costs for all identified sites may exceed our existing reserves by up to $116 million.

This estimate, in which those additional costs may be incurred over several years, is the upper end of the range of reasonably possible additional costs. The estimate:


•	is much less certain than the estimates on which our accruals currently are based, and


•	uses assumptions that are less favorable to us among the range of reasonably possible outcomes.

In estimating our current accruals and the possible range of additional future costs, we:


•	assumed we will not bear the entire cost of remediation of every site,


•	took into account the ability of other potentially responsible parties to participate, and


•	considered each party’s financial condition and probable contribution on a per-site basis.

We have not recorded any amounts for potential recoveries from insurance carriers.

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. Some of our sites have asbestos containing materials. We have met our current legal obligation to identify and manage these materials. In situations where we cannot reasonably determine when asbestos containing materials might be removed from the sites, we have not recorded an accrual because the fair value of the obligation cannot be reasonably estimated. These obligations are recorded in "Accrued liabilities" and "Other liabilities" in our Consolidated Balance Sheet.

Changes in the Reserve for Asset Retirement Obligations



DOLLAR AMOUNTS IN MILLIONS
Reserve balance as of December 31, 2014	$	40
Reserve charges and adjustments, net	10
Payments	(11		)
Other adjustments⁽¹⁾	(5		)
Reserve balance as of December 31, 2015	34
(1) Primarily related to a foreign currency remeasurement gain for our Canadian reforestation obligation.

COMMITMENTS AND OTHER CONTINGENCIES

Our commitments and contingencies include:


•	guarantees of debt and performance,


•	purchase obligations for goods and services and


•	operating leases.

Guarantees

We have guaranteed the performance of the buyer/lessee of a timberlands lease we sold in 2005. Future payments on the lease — which expires in 2023 — are $15 million.

Purchase Obligations

Our purchase obligations as of December 31, 2015 were:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
2016	$	84
2017	$	33
2018	$	8
2019	$	2
2020	$	2
Thereafter	$	17

Purchase obligations for goods or services are agreements that:


•	are enforceable and legally binding,


•	specify all significant terms and


•	cannot be canceled without penalty.

The terms include:


•	fixed or minimum quantities to be purchased,


•	fixed, minimum or variable price provisions, and


•	an approximate timing for the transaction.

Our purchase obligations include items such as:


•	stumpage and log purchases,


•	energy and


•	other service and supply contracts.

Operating Leases

Our rent expense was:



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Rent expense	$	31	$	32	$	38

We have operating leases for:


•	various equipment, including logging equipment, lift trucks, automobiles and office equipment; and


•	office and wholesale space.

Commitments

Our operating lease commitments as of December 31, 2015 were:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
2016	$	27
2017	$	26
2018	$	21
2019	$	17
2020	$	14
Thereafter	$	105

SHAREHOLDERS' INTEREST

12 Months Ended

Dec. 31, 2015

SHAREHOLDERS' INTEREST

SHAREHOLDERS’ INTEREST

This note provides details about:


•	preferred and preference shares,


•	common shares,


•	share-repurchase programs and


•	cumulative other comprehensive income (loss).

PREFERRED AND PREFERENCE SHARES

We had no preferred shares outstanding at the end of 2015 or 2014. However, we have authorization to issue 7 million preferred shares with a par value of $1 per share.

As part of our purchase of Longview Timber, we issued 13.8 million of our 6.375 percent Mandatory Convertible Preference Shares, Series A, par value $1.00 and liquidation preference of $50.00 per share on June 24, 2013, for net proceeds of $669 million, which remained outstanding at year-end 2015. Dividends will be payable on a cumulative basis when, as and if declared by our board of directors, at an annual rate of 6.375 percent on the liquidation preference. We may pay declared dividends in cash or, subject to certain limitations, in common shares or by delivery of any combination of cash and common shares on January 1, April 1, July 1 and October 1 of each year, commencing on October 1, 2013, through, and including, July 1, 2016. These shares will automatically convert on July 1, 2016 into between 1.5283 and 1.8339 of our common shares, subject to anti-dilution adjustments. At any time prior to that date, holders may elect to convert each share into common shares at the minimum conversion rate of 1.5283 common shares, subject to anti-dilution adjustments. In April 2015, 289 preference shares were converted into 436 common shares. See Note 4: Acquisitions for more information.

We may issue preferred or preference shares at one time or through a series of offerings. The shares may have varying rights and preferences that can include:


•	dividend rates,


•	redemption rights,


•	conversion terms,


•	sinking-fund provisions,


•	values in liquidation and


•	voting rights.

When issued, outstanding preferred and preference shares rank senior to outstanding common shares. That means preferred and preference shares would receive dividends and assets available on liquidation before any payments are made to common shares.

COMMON SHARES

The number of common shares we have outstanding changes when:


•	new shares are issued,


•	stock options are exercised,


•	restricted stock units or performance share units vest,


•	stock-equivalent units are paid out,


•	shares are tendered,


•	shares are repurchased or


•	shares are canceled.

Reconciliation of Our Common Share Activity



IN THOUSANDS
	2015		2014		2013
Outstanding at beginning of year	524,474		583,548		542,393
New issuance (Note 4)	—		—		33,350
Shares tendered (Note 3)	—		(58,813	)	—
Stock options exercised	1,592		5,134		7,209
Issued for restricted stock units	365		451		462
Issued for performance shares	242		217		134
Repurchased	(16,190	)	(6,063	)	—
Outstanding at end of year	510,483		524,474		583,548

OUR SHARE REPURCHASE PROGRAMS

On August 13, 2014, our board of directors approved a stock repurchase program under which we were authorized to repurchase up to $700 million of outstanding shares (the 2014 Repurchase Program). The 2014 Repurchase Program replaced the prior 2011 stock repurchase program. During 2014, we repurchased 6,062,993 shares of common stock for $203 million under the 2014 Repurchase Program. During 2015 we completed the 2014 Repurchase Program by repurchasing 15,471,962 shares of common stock for $497 million. All common stock purchases under the stock repurchase program were made in open-market transactions.

On August 27, 2015 our board of directors approved a new share repurchase program of up to $500 million on outstanding shares (the 2015 Repurchase Program), commencing upon completion of the 2014 Repurchase Program. During 2015, we repurchased 717,464 shares of common stock for $22 million under the 2015 Repurchase Program. As of December 31, 2015 we had remaining authorization of $478 million for future stock repurchases. All common stock purchases under the stock repurchase program were made in open-market transactions. We had 510,483,285 shares of common stock outstanding as of December 31, 2015.

On November 8, 2015 Weyerhaeuser announced it intends to execute a $2.5 billion share repurchase shortly after closing the merger with Plum Creek. As of December 31, 2015 no portion of this intended repurchase has been completed. The remaining $478 million authorized for the 2015 Repurchase Program is expected to be used in the intended post-merger repurchase.

CUMULATIVE OTHER COMPREHENSIVE INCOME (LOSS)

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



DOLLAR AMOUNTS IN MILLIONS
				PENSION						OTHER POSTRETIREMENT BENEFITS
	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 January 1, 2014	$	354		$	(1,066	)	$	(19	)	$	(111	)	$	150		$	6	$	(686	)
Other comprehensive income (loss) before reclassifications	(50		)	(1,008		)	1			(6		)	(12		)	—		(1,075		)
Income taxes	—			369			—			1			7			—		377
Net other comprehensive income (loss) before reclassifications	(50		)	(639		)	1			(5		)	(5		)	—		(698		)
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—			125			5			12			(161		)	—		(19		)
Income taxes	—			(43		)	(2		)	(4		)	59			—		10
Net amounts reclassified from cumulative other comprehensive income (loss)	—			82			3			8			(102		)	—		(9		)
Total other comprehensive income (loss)	(50		)	(557		)	4			3			(107		)	—		(707		)
Beginning balance as of January 1, 2015	304			(1,623		)	(15		)	(108		)	43			6		(1,393		)
Other comprehensive income (loss) before reclassifications	(97		)	184			2			37			(2		)	—		124
Income taxes	—			(52		)	—			(12		)	—			—		(64		)
Net other comprehensive income (loss) before reclassifications	(97		)	132			2			25			(2		)	—		60
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—			182			4			10			(9		)	—		187
Income taxes	—			(63		)	(2		)	(4		)	3			—		(66		)
Net amounts reclassified from cumulative other comprehensive income (loss)	—			119			2			6			(6		)	—		121
Total other comprehensive income (loss)	(97		)	251			4			31			(8		)	—		181
Ending balance as of December 31, 2015	$	207		$	(1,372	)	$	(11	)	$	(77	)	$	35		$	6	$	(1,212	)
(1) Actuarial losses and prior service credits (costs) are included in the computation of net periodic benefit costs (credits). See Note: 9 Pension and Other Postretirement Benefit Plans.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2015

SHARE-BASED COMPENSATION

Share-based compensation expense was:


•	$31 million in 2015,


•	$40 million in 2014 and


•	$42 million in 2013.

The amounts above contain awards to employees that were part of the Real Estate Divestiture and are included in our results of discontinued operations. These amounts are:


•	$3 million in 2014 and


•	$5 million in 2013.

This note provides details about:


•	our Long-Term Incentive Compensation Plan (2013 Plan),


•	how we account for share-based awards,


•	tax benefits of share-based awards,


•	types of share-based compensation and


•	unrecognized share-based compensation.

OUR LONG-TERM INCENTIVE COMPENSATION PLAN

Our long-term incentive plans provide for share-based awards that include:


•	stock options,


•	stock appreciation rights,


•	restricted stock,


•	restricted stock units,


•	performance shares and


•	performance share units.

We may issue future grants of up to 17,317,903 shares under the 2013 Plan. We also have the right to reissue forfeited and expired grants.

For stock options and stock appreciation rights:


•	An individual participant may receive a grant of up to 2 million shares in any one calendar year.


•	The exercise price is required to be the market price on the date of the grant.

For restricted stock, restricted stock units, performance shares, performance share units or other equity grants:


•	An individual participant may receive a grant of up to 1 million shares annually.


•	No participant may be granted awards that exceed $10 million earned in a 12 month period.

The Compensation Committee of our board of directors (the Committee) annually establishes an overall pool of stock awards available for grants based on performance.

For stock-settled awards, we:


•	issue new stock into the marketplace and


•	generally do not repurchase shares in connection with issuing new awards.

Our common shares would increase by approximately 32 million shares if all share-based awards were exercised or vested. These include:


•	all options, restricted stock units, and performance share units outstanding at December 31, 2015 under the 2013 Plan and 2004 Plan; and


•	all remaining options, restricted stock units, and performance share units that could be granted under the 2013 Plan.

HOW WE ACCOUNT FOR SHARE-BASED AWARDS

We:


•	use a fair-value-based measurement for share-based awards, and


•	recognize the cost of share-based awards in our consolidated financial statements.

We recognize the cost of share-based awards in our Consolidated Statement of Operations over the required service period — generally the period from the date of the grant to the date when it is vested. Special situations include:


•	Awards that vest upon retirement — the required service period ends on the date an employee is eligible for retirement, including early retirement.


•	Awards that continue to vest following job elimination or the sale of a business — the required service period ends on the date the employment from the company is terminated.

In these special situations, compensation expense from share-based awards is recognized over a period that is shorter than the stated vesting period.

TAX BENEFITS OF SHARE-BASED AWARDS

Our total income tax benefit from share-based awards — as recognized in our Consolidated Statement of Operations — for the last three years was:


•	$8 million in 2015,


•	$11 million in 2014, and


•	$10 million in 2013.

The amounts above contain income tax benefit from share-based awards to employees that were part of the Real Estate Divestiture and are included in our results of discontinued operations. These amounts are:


•	$1 million in 2014 and


•	$2 million in 2013.

Tax benefits for share-based awards are accrued as stock compensation expense is recognized in the Consolidated Statement of Operations. Tax benefits on share-based awards are realized when:


•	restricted shares and restricted share units vest,


•	performance shares and performance share units vest,


•	stock options are exercised and


•	stock appreciation rights are exercised.

When actual tax benefits realized exceed the tax benefits accrued for share-based awards, we realize an excess tax benefit. We report the excess tax benefit as financing cash inflows rather than operating cash inflows. We had excess tax benefits of:


•	$4 million in 2015,


•	$10 million in 2014 and


•	$13 million in 2013.

The amounts above contain excess tax benefits from share-based awards to employees that were part of the Real Estate Divestiture and are included in our results of discontinued operations. These amounts are:


•	$2 million in 2014 and


•	$2 million in 2013.

TYPES OF SHARE-BASED COMPENSATION

Our share-based compensation is in the form of:


•	stock options,


•	restricted stock units,


•	performance share units,


•	stock appreciation rights and


•	deferred compensation stock equivalent units.

STOCK OPTIONS

Stock options entitle award recipients to purchase shares of our common stock at a fixed exercise price. We grant stock options with an exercise price equal to the market price of our stock on the date of the grant.

The Details

Our stock options generally:


•	vest over four years of continuous service and


•	must be exercised within 10 years of the grant-date.

The vesting and post-termination vesting terms for stock options granted in 2015, 2014 and 2013 were as follows:


•	vest ratably over four years;


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


•	stop vesting for all other situations including early retirement prior to age 62.

Our Accounting

We use a Black-Scholes option valuation model to estimate the fair value of every stock option award on its grant-date.

In our estimates, we use:


•	historical data — for option exercise time and employee terminations;


•	a Monte-Carlo simulation — for how long we expect granted options to be outstanding; and


•	the U.S. Treasury yield curve — for the risk-free rate. We use a yield curve over a period matching the expected term of the grant.

The expected volatility in our valuation model is based on:


•	implied volatilities from traded options on our stock,


•	historical volatility of our stock and


•	other factors.

Weighted Average Assumptions Used in Estimating Value of Stock Options Granted



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Expected volatility	25.92		%	31.71		%	38.00		%
Expected dividends	3.28		%	2.92		%	2.23		%
Expected term (in years)	4.77			4.97			4.97
Risk-free rate	1.54		%	1.57		%	0.92		%
Weighted average grant-date fair value	$	5.85		$	6.62		$	8.40

Share-based compensation expense for stock options is generally recognized over the vesting period. There are exceptions for stock options awarded to employees who:


•	are eligible for retirement;


•	will become eligible for retirement during the vesting period; or


•	whose employment is terminated during the vesting period due to job elimination or the sale of a business.

In these cases, we record the share-based compensation expense over a required service period that is less than the stated vesting period.

Activity

The following table shows our option unit activity for 2015.



	OPTIONS (IN THOUSANDS)	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE (IN MILLIONS)
Outstanding at December 31, 2014	12,285	$	24.19
Granted	2,123	$	35.40
Exercised	(1,376)	$	24.46
Forfeited or expired	(269)	$	31.34
Outstanding at December 31, 2015⁽¹⁾	12,763	$	25.88	5.20	$	65
Exercisable at December 31, 2015	8,442	$	22.78	3.62	$	62
(1) As of December 31, 2015, there were approximately 1,034 thousand stock options that had met the requisite service period and will be released as identified in the grant terms.

The total intrinsic value of stock options exercised was:


•	$13 million in 2015,


•	$55 million in 2014 and


•	$61 million in 2013.

The total grant-date fair value of stock options vested was:


•	$14 million in 2015,


•	$16 million in 2014 and


•	$14 million in 2013.

RESTRICTED STOCK UNITS

Through the Plan, we award restricted stock units — grants that entitle the holder to shares of our stock as the award vests.

The Details

Our restricted stock units granted in 2015, 2014 and 2013 generally:


•	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 has not been met; and


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

Our Accounting

The fair value of our restricted stock units is the market price of our stock on the grant-date of the awards.

We generally record share-based compensation expense for restricted stock units over the four-year vesting period. Generally for restricted stock units that continue to vest following the termination of employment, we record the share-based compensation expense over a required service period that is less than the stated vesting period.

Activity

The following table shows our restricted stock unit activity for 2015.



	STOCK UNITS (IN THOUSANDS)	WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Nonvested at December 31, 2014	1,227	$	28.06
Granted	433	$	35.41
Vested	(489)	$	26.70
Forfeited	(67)	$	31.11
Nonvested at December 31, 2015⁽¹⁾	1,104	$	31.37
(1) As of December 31, 2015, there were approximately 232 thousand restricted stock units that had met the requisite service period and will be released as identified in the grant terms.

The weighted average grant-date fair value for restricted stock units was:


•	$30.14 in 2014 and


•	$30.54 in 2013.

The total grant-date fair value of restricted stock units vested was:


•	$14 million in 2015,


•	$16 million in 2014 and


•	$14 million in 2013.

Nonvested restricted stock units accrue dividends that are paid out when restricted stock units vest. Any restricted stock units forfeited will not receive dividends.

As restricted stock units vest, a portion of the shares awarded is withheld to cover employee taxes. As a result, the number of stock units vested and the number of common shares issued will differ.

PERFORMANCE SHARE UNITS

Through the Plan, we award performance share units — grants that entitle the holder to shares of our stock as the award vests.

The Details

The final number of shares awarded will range from 0 percent to 150 percent of each grant’s target, depending upon actual company performance.

For shares granted in 2015 the ultimate number of performance share units 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 performance share units granted in 2015 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 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 forfeited upon termination of employment in all other situations including early retirement prior to age 62.

For shares granted in 2014 and 2013 the ultimate number of performance share units earned is based on two measures:


•	Weyerhaeuser’s cash flow during the first year determined the initial number of units earned and


•	Weyerhaeuser’s relative total shareholder return (TSR) ranking in the S&P 500 during the first two years is used to adjust the initial number of units earned up or down by 20 percent.

At the end of the two-year performance period and over a further two-year vesting period, performance share units would be paid in shares of our stock. Performance share units granted and that are earned vest as follows:


•	vest 50 percent, 25 percent and 25 percent on the second, third and fourth anniversaries of the grant-date, respectively, 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 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 has not been met; and


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

Our Accounting

Since the award contains a market condition, the effect of the market condition is reflected in the grant-date fair value which is estimated using a Monte Carlo simulation model. This model estimates the TSR ranking of the company over the performance period. Compensation expense is based on the estimated probable number of earned awards and recognized over the vesting period on an accelerated basis. Generally, compensation expense would be reversed if the performance condition is not met unless the requisite service period has been achieved.

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



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Performance period	1/1/2015 – 12/31/2017			1/1/2014 – 12/31/2015			1/1/2013 – 12/31/2014
Valuation date closing stock price	$	35.41		$	30.16		$	30.48
Expected dividends	3.26		%	2.91		%	2.23		%
Risk-free rate	0.05% - 1.07%			0.03% - 0.79%			0.09% - 0.46%
Volatility	16.33% - 20.89%			20.74% - 23.53%			22.09% - 29.57%
Weighted average grant-date fair value	$	34.75		$	30.62		$	31.59

Activity

The following table shows our performance share unit activity for 2015.



	GRANTS (IN THOUSANDS)		WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Nonvested at December 31, 2014	890		$	29.46
Granted at target	239		$	34.75
Vested	(395	)	$	29.08
Forfeited	(23	)	$	31.34
Performance adjustment	(31	)	$	30.62
Nonvested at December 31, 2015⁽¹⁾	680		$	31.42
(1) As of December 31, 2015, there were approximately 134 thousand performance share units that had met the requisite service period and will be released as identified in the grant terms.

The total grant-date fair value of performance share units vested was:


•	$9 million in 2015


•	$7 million in 2014


•	$5 million in 2013

For 2014 grants, the company exceeded the cash flow target, resulting in an initial number of shares earned equal to 114 percent of target. Because the company's two-year TSR ranking was between the 25^th and 50^th percentile, the initial number of performance shares granted decreased 11 percent.

For 2013 grants, the company exceeded the cash flow target, resulting in an initial number of shares earned equal to 150 percent of target. Because the company's two-year TSR ranking was between the 25^th and 50^th percentile, the initial number of performance shares granted decreased 15 percent.

As performance share units vest, a portion of the shares awarded is withheld to cover participant taxes. As a result, the number of stock units vested and the number of common shares issued will differ.

STOCK APPRECIATION RIGHTS

Through the Plan, we grant cash-settled stock appreciation rights as part of certain compensation awards.

The Details

Stock appreciation rights are similar to stock options. Employees benefit when the market price of our stock is higher on the exercise date than it was on the date the stock appreciation rights were granted. The differences are that the employee:


•	receives the benefit as a cash award and


•	does not purchase the underlying stock.

The vesting conditions and exceptions are the same as for 10-year stock options. Details are in the Stock Options section earlier in this note.

Stock appreciation rights are generally issued to employees outside of the U.S.

Our Accounting

We use a Black-Scholes option-valuation model to estimate the fair value of a stock appreciation right on its grant-date and every subsequent reporting date that the right is outstanding. Stock appreciation rights are liability-classified awards and the fair value is remeasured at every reporting date.

The process used to develop our valuation assumptions is the same as for the 10-year stock options we grant. Details are in the Stock Options section earlier in this note.

Weighted Average Assumptions Used to Re-measure Value of Stock Appreciation Rights at Year-End



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Expected volatility	22.10		%	18.20		%	24.02		%
Expected dividends	4.20		%	3.21		%	2.81		%
Expected term (in years)	1.94			1.32			1.16
Risk-free rate	0.99		%	0.45		%	0.19		%
Weighted average fair value	$	6.96		$	12.70		$	8.68

Activity

The following table shows our stock appreciation rights activity for 2015.



	RIGHTS (IN THOUSANDS)		WEIGHTED AVERAGE EXERCISE PRICE		AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE (IN MILLIONS)
Outstanding at December 31, 2014	417		$	22.85
Granted	58		$	35.40
Exercised	(79	)	$	23.91
Forfeited or expired	(14	)	$	31.01
Outstanding at December 31, 2015	382		$	24.25	4.34	$	14
Exercisable at December 31, 2015	289		$	21.63	2.98	$	11

The total liabilities paid for stock appreciation rights was:


•	$1 million in 2015,


•	$2 million in 2014 and


•	$4 million in 2013.

UNRECOGNIZED SHARE-BASED COMPENSATION

As of December 31, 2015, our unrecognized share-based compensation cost for all types of share-based awards included $40 million related to non-vested equity-classified share-based compensation arrangements — expected to be recognized over a weighted average period of approximately 2.3 years.

DEFERRED COMPENSATION STOCK EQUIVALENT UNITS

Certain employees and our board of directors may defer compensation into stock-equivalent units.

The Details

The plan works differently for employees and directors.

Eligible employees:


•	may choose to defer all or part of their bonus into stock-equivalent units;


•	may choose to defer part of their salary, except for executive officers; and


•	receive a 15 percent premium if the deferral is for at least five years.

Our directors:


•	receive a portion of their annual retainer fee in the form of restricted stock units, which vest over one year and may be deferred into stock-equivalent units;


•	may choose to defer some or all of the remainder of their annual retainer fee into stock-equivalent units; and


•	do not receive a premium for their deferrals.

Employees and directors also choose when the deferrals will be paid out although no deferrals may be paid until after the separation from service of the employee or director.

Our Accounting

We settle all deferred compensation accounts in cash for our employees. Our directors receive shares of common stock as payment for stock-equivalent units. In addition, we credit all stock-equivalent accounts with dividend equivalents. The number of common shares to be issued in the future to directors is 651,729.

Stock-equivalent units are:


•	liability-classified awards and


•	re-measured to fair value at every reporting date.

The fair value of a stock-equivalent unit is equal to the market price of our stock.

Activity

The number of stock-equivalent units outstanding in our deferred compensation accounts was:


•	1,003,053 as of December 31, 2015;


•	944,966 as of December 31, 2014; and


•	915,160 as of December 31, 2013.

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS

12 Months Ended

Dec. 31, 2015

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS

Items Included in Our Restructuring, Closure and Asset Impairment Charges



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Restructuring and closure charges:
Termination benefits	$	4	$	27	$	1
Pension and postretirement charges	—		3		—
Other restructuring and closure costs	6		12		4
Charges for restructuring and closures	10		42		5
Impairment of long-lived assets	15		2		372
Total charges for restructuring, closures and impairments	$	25	$	44	$	377

RESTRUCTURING AND CLOSURES

During 2015, our restructuring and closure charges were primarily related to the closure of four distribution centers for our Wood Products business. During 2014, our restructuring and closure charges were primarily related to our selling, general and administrative cost reduction initiative to support achieving our competitive performance goals. During 2013, our restructuring and closure charges were primarily related to various Wood Products operations we closed or curtailed and restructuring our corporate staff functions to support achieving our competitive performance goals.

Other restructuring and closure costs include lease termination charges, dismantling and demolition of plant and equipment, gain or loss on disposition of assets, environmental cleanup costs and incremental costs to wind down operating facilities.

ACCRUED TERMINATION BENEFITS

Changes in accrued severance related to restructuring during 2015 were as follows:



DOLLAR AMOUNTS IN MILLIONS
Accrued severance as of December 31, 2014	$	10
Charges	4
Payments	(9		)
Accrued severance as of December 31, 2015	$	5

ASSET IMPAIRMENTS

The Impairment of Long-Lived Assets and Goodwill sections of Note 1: Summary of Significant Accounting Policies provide details about how we account for these impairments. Additional information can also be found in our Critical Accounting Policies.

Long-Lived Assets

Our long-lived asset impairments were primarily related to the following:


•	2015 — We recognized an impairment charge of $13 million related to a nonstrategic asset held in Unallocated Items. The fair value of the asset was determined using significant unobservable inputs (Level 3) based on a discounted cash flow model. The asset was subsequently sold for no gain during 2015.


•	2013 — charges include:

– $356 million impairment of the Coyote Springs Property. Under the terms of the TRI Pointe transaction, certain assets and liabilities of WRECO and its subsidiaries were excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to the Coyote Springs Property. During fourth quarter 2013, following the announcement of the TRI Pointe transaction, WRECO and Weyerhaeuser began exploring strategic alternatives for the Coyote Springs Property and determined that Weyerhaeuser’s strategy for development of the Coyote Springs Property will likely differ from WRECO’s current development plan. WRECO’s development plan was long-term in nature with development and net cash flows covering at least 15-20 years. The undiscounted cash flows for the Coyote Springs Property under the WRECO development plan remained above the carrying value of the property. Weyerhaeuser Company’s strategy was to cease holding the Coyote Springs Property for development, and we initiated activities to market the assets to potential third-party buyers. The undiscounted cash flows under the Weyerhaeuser Company asset sale strategy were below the carrying value of the property. Consequently, we recorded a noncash charge of $356 million in fourth quarter 2013 for the impairment of the Coyote Springs Property in Unallocated Items. The fair value of the property was primarily based on an independent appraisal that was determined using both other observable inputs (Level 2) related to other market transactions and significant unobservable inputs (Level 3) such as the timing and amounts of future cash flows related to the development of the property, timing and amounts of proceeds from acreage sales, access to water for use on the property and discount rates applicable to the future cash flows.

– $9 million related to the decision to permanently close our Colbert, Georgia engineered wood products facility in our Wood Products segment that was previously indefinitely closed. The fair value of the facility was determined using significant unobservable inputs (Level 3) based on liquidation values.

OTHER OPERATING COSTS (INCOME), NET

12 Months Ended

Dec. 31, 2015

OTHER OPERATING INCOME, NET

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.

Various Income and Expense Items Included in Other Operating Costs (Income), Net



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Gain on postretirement plan amendment (Note 9)	$	—		$	(151	)	$	—
Gain on disposition of nonstrategic assets	(12		)	(27		)	(19		)
Foreign exchange losses, net	47			27			7
Land management income	(37		)	(34		)	(28		)
Litigation expense, net	23			9			16
Plum Creek merger-related costs	14			—			—
Other, net	(17		)	(25		)	(11		)
Total	$	18		$	(201	)	$	(35	)

Gain on disposition of nonstrategic assets in 2014 included a $22 million pretax gain on the sale of a landfill in Washington State.

Foreign exchange losses result from changes in exchange rates primarily related to our U.S. dollar denominated debt that is held by our Canadian subsidiary.

Land management income includes income from recreational activities, land permits, grazing rights, firewood sales and other miscellaneous income related to land management activities.

INCOME TAXES

12 Months Ended

Dec. 31, 2015

INCOME TAXES

This note provides details about our income taxes applicable to continuing operations:


•	earnings before income taxes,


•	provision for income taxes,


•	effective income tax rate,


•	deferred tax assets and liabilities and


•	unrecognized tax benefits.

Income taxes related to discontinued operations are discussed in Note 3: Discontinued Operations.

EARNINGS BEFORE INCOME TAXES

Domestic and Foreign Earnings From Continuing Operations Before Income Taxes



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Domestic earnings	$	421	$	970	$	198
Foreign earnings	82		43		122
Total	$	503	$	1,013	$	320

PROVISION FOR INCOME TAXES

Provision (Benefit) for Income Taxes From Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Current:
Federal	$	3		$	(26	)	$	(80	)
State	(1		)	12			(18		)
Foreign	(5		)	3			(21		)
	(3		)	(11		)	(119		)
Deferred:
Federal	(30		)	178			(79		)
State	2			6			6
Foreign	28			12			21
	—			196			(52		)
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)

EFFECTIVE INCOME TAX RATE

Effective Income Tax Rate Applicable to Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
U.S. federal statutory income tax	$	176		$	354		$	112
State income taxes, net of federal tax benefit	1			14			7
REIT income not subject to federal income tax	(158		)	(161		)	(101		)
REIT benefit from change to tax law	(13		)	—			—
Foreign taxes	—			(2		)	(8		)
Provision for unrecognized tax benefits	(7		)	(4		)	(193		)
Repatriation of Canadian earnings	—			—			21
Domestic production activities deduction	—			—			(13		)
Other, net	(2		)	(16		)	4
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)
Effective income tax rate	(0.5		)%	18.3		%	(53.4		)%

DEFERRED TAX ASSETS AND LIABILITIES

Deferred tax assets and liabilities reflect temporary differences between pretax book income and taxable income. Deferred tax assets represent tax benefits that have already been recorded for book purposes but will be recorded for tax purposes in the future. Deferred tax liabilities represent income that has been recorded for book purposes but will be reported as taxable income in the future.

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Net noncurrent deferred tax asset	4			44
Net noncurrent deferred tax liability	(86		)	(14		)
Net deferred tax asset (liability)	$	(82	)	$	30

Items Included in Our Deferred Income Tax Assets (Liabilities)



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Postretirement benefits	$	80		$	101
Pension	260			369
State tax credits	56			56
Net operating loss carryforwards	59			86
Cellulosic biofuel producers credit	78			100
Other	203			223
Gross deferred tax assets	736			935
Valuation allowance	(72		)	(72		)
Net deferred tax assets	664			863
Property, plant and equipment	(496		)	(523		)
Timber installment notes	(180		)	(180		)
Other	(70		)	(130		)
Deferred tax liabilities	(746		)	(833		)
Net deferred tax asset (liability)	$	(82	)	$	30

OTHER INFORMATION ABOUT OUR DEFERRED INCOME TAX ASSETS (LIABILITIES)

Other information about our deferred income tax assets (liabilities) include:


•	net operating loss and credit carryforwards,


•	valuation allowances and


•	reinvestment of undistributed earnings.

Net Operating Loss and Credit Carryforwards

Our gross federal, state and foreign net operating loss carryforwards as of the end of 2015 totaled $903 million as follows:


•	U.S. REIT - $433 million, which expire from 2030 through 2035,


•	U.S. TRS - $29 million, which expires in 2035,


•	State - $299 million, which expire from 2024 through 2035; and


•	Foreign - $142 million, which expire from 2016 through 2032.

Our gross federal, state and foreign credit carryforwards as of the end of 2015 totaled $188 million as follows:


•	U.S. TRS - $93 million, which expire from 2019 through 2035,


•	State - $43 million, which expire from 2016 through 2029, and $46 million, which do not expire; and


•	Foreign - $6 million, which expire from 2016 through 2032.

Valuation Allowances

With the exception of the valuation allowance discussed below, we believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets.

Our valuation allowance on our deferred tax assets was $72 million as of the end of 2015, primarily related to foreign and state net operating losses and state and provincial credits.

Reinvestment of Undistributed Earnings

The balance of our foreign undistributed earnings was approximately $34 million at the end of 2015, all of which is permanently reinvested; therefore, it is not subject to U.S. income tax. Generally, such earnings become subject to U.S. tax upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in our foreign subsidiaries.

HOW WE ACCOUNT FOR INCOME TAXES

The Income Taxes section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our income taxes.

UNRECOGNIZED TAX BENEFITS

Unrecognized tax benefits represent potential future obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. The total amount of unrecognized tax benefits as of December 31, 2015 and 2014, are $6 million and $11 million, respectively, which does not include related interest of $1 million and $3 million, respectively. These amounts represent the gross amount of exposure in individual jurisdictions and do not reflect any additional benefits expected to be realized if such positions were not sustained, such as the federal deduction that could be realized if an unrecognized state deduction was not sustained.

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Balance at beginning of year	$	11		$	26
Settlements	(4		)	—
Lapse of statute	(1		)	(15		)
Balance at end of year	$	6		$	11

The net liability recorded in our Consolidated Balance Sheet related to unrecognized tax benefits was $4 million as of December 31, 2015, which includes interest of $1 million and is net of $3 million in credits and loss carryovers available to offset the liability. The net liability as of December 31, 2014, was $4 million, which includes interest of $3 million and is net of $6 million in payments made in advance of settlements and $4 million in credits and loss carryovers available to offset the liability.

The net liability recorded for tax positions across all jurisdictions that, if sustained, would affect our effective tax rate was $5 million as of December 31, 2015, and $12 million as of December 31, 2014, which includes interest of $1 million and $3 million, respectively.

In accordance with our accounting policy, we accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense.

As of December 31, 2015, no U.S. federal income tax returns are under examination, with years 2012 forward open to examination. We are undergoing examinations in state jurisdictions for tax years 2011 through 2013, with tax years 2009 forward open to examination. We are also undergoing and are open to examinations in foreign jurisdictions for tax years 2010 forward. We expect that the outcome of any examination will not have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit settlements are subject to significant uncertainty.

In the next 12 months, we estimate a decrease of $1 million in unrecognized tax benefits due to the lapse of applicable statutes of limitation.

GEOGRAPHIC AREAS

12 Months Ended

Dec. 31, 2015

Revenues from External Customers and Long-Lived Assets [Line Items]

GEOGRAPHIC AREAS

This note provides selected key financial data according to the geographical locations of our customers. The selected key financial data includes:


•	sales to unaffiliated customers,


•	export sales from the U.S., and


•	long-lived assets.

SALES

Our sales to unaffiliated customers outside the U.S. are primarily to customers in Canada, China, Japan and Europe. Our export sales include:


•	pulp, liquid packaging board, logs, lumber and wood chips to Japan;


•	pulp, logs and lumber to other Pacific Rim countries; and


•	pulp and plywood to Europe.

Sales by Geographic Area



FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2014 (DOLLAR AMOUNTS IN MILLIONS)
	2015		2014		2013
Sales to unaffiliated customers:
U.S.	$	4,819	$	4,889	$	4,761
Japan	612		682		758
China	397		477		453
Canada	353		424		418
Europe	308		328		298
South America	82		87		80
Other foreign countries	511		516		486
Total	$	7,082	$	7,403	$	7,254
Export sales from the U.S.:
Japan	$	558	$	620	$	676
China	333		416		411
Other	828		856		804
Total	$	1,719	$	1,892	$	1,891

LONG-LIVED ASSETS

Our long-lived assets — used in the generation of revenues in the different geographical areas — are nearly all in the U.S. and Canada. Our long-lived assets include:


•	goodwill,


•	timber and timberlands and


•	property and equipment, including construction in progress.

Long-Lived Assets by Geographic Area



DOLLAR AMOUNTS IN MILLIONS
	December 31, 2015		December 31, 2014		December 31, 2013
Long-lived assets:
U.S.⁽¹⁾	$	8,187	$	8,069	$	8,116
Canada	460		579		652
Other foreign countries	654		676		670
Total	$	9,301	$	9,324	$	9,438
(1) Includes assets of discontinued operations in 2013.

SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited)

Quarterly financial data provides a review of our results and performance throughout the year. Our earnings per share for the full year do not always equal the sum of the four quarterly earnings-per share amounts because of common share activity during the year.

Key Quarterly Financial Data for the Last Two Years



DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES
	First Quarter		Second Quarter		Third Quarter⁽¹⁾		Fourth Quarter		Full Year
2015:
Net sales	$	1,721	$	1,807	$	1,820	$	1,734	$	7,082
Operating income	$	200	$	243	$	259	$	217	$	919
Earnings from continuing operations before income taxes	$	120	$	157	$	175	$	51	$	503
Net earnings	$	101	$	144	$	191	$	70	$	506
Net earnings attributable to Weyerhaeuser common shareholders	$	90	$	133	$	180	$	59	$	462
Basic net earnings per share attributable to Weyerhaeuser common shareholders	$	0.17	$	0.26	$	0.35	$	0.11	$	0.89
Diluted net earnings per share attributable to Weyerhaeuser common shareholders	$	0.17	$	0.26	$	0.35	$	0.11	$	0.89
Dividends paid per share	$	0.29	$	0.29	$	0.31	$	0.31	$	1.20
Market prices - high/low	$37.04 - $32.74		$33.19 - $31.06		$32.34 - $26.76		$32.72 - $26.73		$37.04 - $26.73
2014:
Net sales	$	1,736	$	1,964	$	1,915	$	1,788	$	7,403
Operating income	$	308	$	400	$	318	$	294	$	1,320
Earnings from continuing operations before income taxes	$	234	$	328	$	237	$	214	$	1,013
Net earnings	$	194	$	291	$	1,164	$	177	$	1,826
Net earnings attributable to Weyerhaeuser common shareholders	$	183	$	280	$	1,153	$	166	$	1,782
Basic net earnings per share attributable to Weyerhaeuser common shareholders	$	0.31	$	0.48	$	2.17	$	0.32	$	3.20
Diluted net earnings per share attributable to Weyerhaeuser common shareholders	$	0.31	$	0.47	$	2.15	$	0.31	$	3.18
Dividends paid per share	$	0.22	$	0.22	$	0.29	$	0.29	$	1.02
Market prices - high/low	$31.59 - $28.63		$33.26 - $27.48		$34.60 - $31.09		$36.88 - $31.61		$36.88 - $27.48
(1) Third Quarter 2014 includes a $972 million net gain on the Real Estate Divestiture recognized in 2014. See Note 3: Discontinued Operations for more information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Real Estate Investment Trust Election (REIT)

OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT)

Consolidated Financial Statements

CONSOLIDATED FINANCIAL STATEMENTS

Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that 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, and noncontrolling interests are presented as a separate component of equity.

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

Our Business Segments

OUR BUSINESS SEGMENTS

We are principally engaged in:


•	growing and harvesting timber; and


•	manufacturing, distributing and selling products made from trees.

Our business segments are organized based primarily on products and services.

Our Business Segments and Products



SEGMENT	PRODUCTS AND SERVICES
Timberlands	Logs, timber, minerals, oil and gas and international wood products
Wood Products	Softwood lumber, engineered wood products, structural panels and building materials distribution
Cellulose Fibers	Pulp, liquid packaging board and an equity interest in a newsprint joint venture

We also transfer raw materials, semifinished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves:


•	pricing products transferred between our business segments at current market values and


•	allocating joint conversion and common facility costs according to usage by our business segment product lines.

Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

Local currencies are the functional currencies for most of our operations outside the U.S. We translate foreign currencies into U.S. dollars in two ways:


•	assets and liabilities — at the exchange rates in effect as of our balance sheet date; and


•	revenues and expenses — at average monthly exchange rates throughout the year.

Estimates

ESTIMATES


•	reported amounts of assets, liabilities and equity;


•	disclosure of contingent assets and liabilities; and


•	reported amounts of revenues and expenses.

While we do our best in preparing these estimates, actual results can and do differ from those estimates and assumptions.

Fair Value Measurements

FAIR VALUE MEASUREMENTS

We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including:


•	long-lived assets (asset groups) measured at fair value for an impairment assessment,


•	reporting units measured at fair value in the first step of a goodwill impairment test,


•	nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment assessment,


•	assets acquired and liabilities assumed in a business acquisition and


•	asset retirement obligations initially measured at fair value.

The fair value hierarchy consists of the following three levels:


•	Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities.


•	Level 2 — Inputs are:

– quoted prices for similar assets or liabilities in an active market;

– quoted prices for identical or similar assets or liabilities in markets that are not active; or

– inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data.


•	Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

Reclassifications

RECLASSIFICATIONS

New Accounting Pronouncements

NEW ACCOUNTING PRONOUNCEMENTS

Property and Equipment

We maintain property accounts on an individual asset basis. Here is how we handle major items:


•	Improvements to and replacements of major units of property are capitalized.


•	Maintenance, repairs and minor replacements are expensed.


•	Depreciation is calculated using a straight-line method at rates based on estimated service lives.


•	Logging roads are generally amortized — as timber is harvested — at rates based on the volume of timber estimated to be removed.


•	Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings.

The maximum service lives for machinery and equipment varies among our operations:


•	Timberlands — 15 years;


•	Wood products manufacturing facilities — 20 years; and


•	Pulp mills — 25 years.

Timber and Timberlands

We carry timber and timberlands at cost less depletion charged to disposals. Depletion refers to the carrying value of timber that is harvested, lost as a result of casualty, or sold.

Key activities affecting how we account for timber and timberlands include:


•	reforestation,


•	depletion and


•	forest management in Canada.


•	15 years in the South and


•	30 years in the West.

Generally, we expense costs after the first planting as they are incurred or over the period of expected benefit. These costs include:


•	fertilization,


•	vegetation and insect control,


•	pruning and precommercial thinning,


•	property taxes and


•	interest.

Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts.


•	regulatory and environmental constraints,


•	our management strategies,


•	inventory data improvements,


•	growth rate revisions and recalibrations and


•	known dispositions and inoperable acres.

We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in the cost of products sold.

Forest management in Canada. We managed timberlands under long-term licenses in various Canadian provinces that are:


•	granted by the provincial governments;


•	granted for initial periods of 15 to 25 years; and


•	renewable provided we meet reforestation, operating and management guidelines.

Calculation of the fees we pay on the timber we harvest:


•	varies from province to province,


•	is tied to product market pricing and


•	depends upon the allocation of land management responsibilities in the license.

Impairment of Long-Lived Assets


•	appraisals,


•	market pricing of comparable assets,


•	discounted value of estimated cash flows from the asset and


•	replacement values of comparable assets.

Goodwill

Goodwill is the purchase price minus the fair value of net assets acquired when we buy another entity. We assess goodwill for impairment:


•	using a fair-value-based approach and


•	at least annually — at the beginning of the fourth quarter.

In 2015 the fair value of the reporting unit with goodwill substantially exceeded its carrying value.

Financial Instruments

To estimate the fair value of 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.

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.

Cash and Cash Equivalents and Accounts Payable

Cash and Cash Equivalents

Cash equivalents are investments with original maturities of 90 days or less. We state cash equivalents at cost, which approximates market.

Accounts Payable

Concentration of Risk

We disclose customers that represent a concentration of credit risk. As of December 31, 2015, no customer accounted for 10 percent or more of our net sales or accounts receivable balances.

Revenue Recognition

Operations generally recognize revenue upon shipment to customers. For certain export sales, revenue is recognized when title transfers at the foreign port.

For timberland sales, we recognize revenue when title and possession have been transferred to the buyer and all other criteria for sale and profit recognition have been satisfied.

Inventories

Shipping and Handling Costs

We classify shipping and handling costs in the costs of products sold in our Consolidated Statement of Operations.

Income Taxes

We recognize deferred tax assets and liabilities to reflect:


•	future tax consequences due to differences between the carrying amounts for financial purposes and the tax bases of certain items and


•	operating loss and tax credit carryforwards.

To measure deferred tax assets and liabilities, we:


•	determine when the differences between the carrying amounts and tax bases of affected items are expected to be recovered or resolved and


•	use enacted tax rates expected to apply to taxable income in those years.

Share-Based Compensation

HOW WE ACCOUNT FOR SHARE-BASED AWARDS

We:


•	use a fair-value-based measurement for share-based awards, and


•	recognize the cost of share-based awards in our consolidated financial statements.


•	Awards that vest upon retirement — the required service period ends on the date an employee is eligible for retirement, including early retirement.


•	Awards that continue to vest following job elimination or the sale of a business — the required service period ends on the date the employment from the company is terminated.

In these special situations, compensation expense from share-based awards is recognized over a period that is shorter than the stated vesting period.

Pension and Other Postretirement Benefit Plans

Actuarial valuations determine the amount of the pension and other postretirement benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:


•	cost of benefits provided in exchange for employees’ services rendered during the year;


•	interest cost of the obligations;


•	expected long-term return on fund assets;


•	gains or losses on plan settlements and curtailments;


•	amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants affected by the plan amendment are inactive; and

•

Pension plans. We have pension plans covering most of our employees. Determination of benefits differs for salaried, hourly and union employees:


•	Salaried employee benefits are based on each employee’s highest monthly earnings for five consecutive years during the final 10 years before retirement.


•	Hourly and union employee benefits generally are stated amounts for each year of service.


•	Union employee benefits are set through collective-bargaining agreements.

We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:


•	U.S. pension plans — according to the Employee Retirement Income Security Act of 1974; and


•	Canadian pension plans — according to the applicable provincial pension act and the Income Tax Act.

Environmental Remediation

This estimate, in which those additional costs may be incurred over several years, is the upper end of the range of reasonably possible additional costs. The estimate:


•	is much less certain than the estimates on which our accruals currently are based, and


•	uses assumptions that are less favorable to us among the range of reasonably possible outcomes.

In estimating our current accruals and the possible range of additional future costs, we:


•	assumed we will not bear the entire cost of remediation of every site,


•	took into account the ability of other potentially responsible parties to participate, and


•	considered each party’s financial condition and probable contribution on a per-site basis.

Earnings Per Share, Policy

"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.

Dilutive potential common shares may include:


•	outstanding stock options,


•	restricted stock units,


•	performance share units and


•	preference shares.

Pension and Other Postretirement Plans, Pensions, Policy

Valuation of Our Plan Assets

Level 1: Inputs are unadjusted quoted prices for identical assets and liabilities traded in an active market.

Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date.

Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

Cash and short-term investments, when held directly, are valued at cost.

Common and preferred stocks are valued at exit prices quoted in the public markets.

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Sales and Contribution (Charge) to Earnings



DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS		WOOD PRODUCTS		CELLULOSE FIBERS		UNALLOCATED ITEMS⁽¹⁾ AND INTERSEGMENT ELIMINATIONS			CONSOLIDATED
Sales to unaffiliated customers
2015	$	1,350	$	3,872	$	1,860	$	—		$	7,082
2014	$	1,497	$	3,970	$	1,936	$	—		$	7,403
2013	$	1,343	$	4,009	$	1,902	$	—		$	7,254
Intersegment sales
2015	$	830	$	82	$	—	$	(912	)	$	—
2014	$	867	$	80	$	—	$	(947	)	$	—
2013	$	799	$	71	$	—	$	(870	)	$	—
Contribution (charge) to earnings from continuing operations
2015	$	549	$	258	$	119	$	(76	)	$	850
2014	$	613	$	327	$	291	$	126		$	1,357
2013	$	470	$	441	$	200	$	(422	)	$	689
(1) 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, and the elimination of intersegment profit in inventory and the LIFO reserve.

Reconciliation of Contribution to Earnings to Net Earnings Attributable to Weyerhaeuser



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Net contribution to earnings from continuing operations	$	850		$	1,357		$	689
Net contribution to earnings from discontinued operations	—			1,017			116
Total contribution to earnings	850			2,374			805
Interest expense, net of capitalized interest (continuing and discontinued operations)	(347		)	(347		)	(371		)
Income before income taxes (continuing and discontinued operations)	503			2,027			434
Income taxes (continuing and discontinued operations)	3			(201		)	129
Net earnings attributable to Weyerhaeuser	$	506		$	1,826		$	563

Additional Financial Information



DOLLAR AMOUNTS IN MILLIONS
	TIMBERLANDS		WOOD PRODUCTS		CELLULOSE FIBERS			UNALLOCATED ITEMS			CONSOLIDATED
Depreciation, depletion and amortization
2015	$	209	$	106	$	154		$	10		$	479
2014	$	207	$	119	$	155		$	12		$	493
2013	$	166	$	123	$	156		$	13		$	458
Net pension and postretirement cost (credit)⁽¹⁾
2015	$	9	$	27	$	17		$	(11	)	$	42
2014	$	10	$	24	$	11		$	(45	)	$	—
2013	$	10	$	28	$	18		$	40		$	96
Charges for restructuring, closures and impairments⁽²⁾
2015	$	—	$	10	$	—		$	15		$	25
2014	$	1	$	2	$	—		$	41		$	44
2013	$	2	$	13	$	—		$	362		$	377
Earnings (loss) from equity affiliates
2015	$	—	$	—	$	(105	)	$	—		$	(105	)
2014	$	—	$	—	$	(1	)	$	—		$	(1	)
2013	$	—	$	—	$	3		$	(2	)	$	1
Capital expenditures
2015	$	75	$	287	$	118		$	3		$	483
2014	$	74	$	190	$	123		$	4		$	391
2013	$	73	$	113	$	92		$	5		$	283
Investments in and advances to equity affiliates and unconsolidated entities
2015	$	—	$	—	$	74		$	—		$	74
2014	$	—	$	—	$	188		$	—		$	188
2013	$	—	$	—	$	190		$	—		$	190
Total assets⁽³⁾
2015	$	7,260	$	1,541	$	1,984		$	1,701		$	12,486
2014	$	7,327	$	1,430	$	2,214		$	2,294		$	13,265
2013	$	7,578	$	1,326	$	2,299		$	3,169		$	14,372
(1) Net pension and postretirement cost (credit) excludes special items, as well as the recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures. See Note 9: Pension and Other Postretirement Benefit Plans for more information. (2) See Note 18: Charges for Restructuring, Closures and Asset Impairments for more information (3) Unallocated Items total assets includes assets of discontinued operations in 2013.

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Components of the net gain on divestiture

The following table presents the components of the net gain on divestiture:



DOLLAR AMOUNTS IN MILLIONS
	2014
Proceeds:
Common shares tendered (58,813,151 shares at $33.22 per share)	$	1,954
Cash	707
	2,661
Less:
Net book value of contributed assets	(1,671		)
Transaction costs, net of reimbursement	(18		)
	(1,689		)
Gain on WRECO divestiture	$	972

Sales and Net Earnings from Discontinued Operations




	2014⁽¹⁾			2013
Net sales from discontinued operations	$	573		$	1,275
Income from discontinued operations	42			114
Income taxes	(16		)	(42		)
Net income from operations	26			72
Net gain on divestiture	972			—
Net earnings from discontinued operations	998			72
(1) Discontinued operations in 2014 covered only 188 days.

Carrying Value of Assets and Liabilities of Discontinued Operations



DOLLAR AMOUNTS IN MILLIONS
	December 31, 2013
Assets
Cash and cash equivalents	$	5
Receivables, less discounts and allowances	51
Prepaid expenses	11
Total current assets	67
Property and equipment, net	15
Real estate in process of development and for sale	851
Land being processed for development	596
Investments in and advances to equity affiliates	21
Deferred tax assets	136
Other assets	96
Total noncurrent assets	1,715
Total assets	$	1,782
Liabilities
Accounts payable	$	41
Accrued liabilities	113
Total current liabilities	154
Long-term debt (nonrecourse to the company) held by variable interest entities	5
Other liabilities	27
Total noncurrent liabilities	32
Total liabilities	$	186
Noncontrolling interests	$	34

- 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
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-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
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-Topic 205
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-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

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-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

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-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

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-Publisher FASB
-Name Accounting Standards Codification
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-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Summarized Unaudited Pro Forma Information

Summarized Unaudited Pro Forma Information that Presents Combined Amounts as if this Acquisition Occurred at the Beginning of 2012



DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
	2013
Net sales	$	7,371
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders	$	485
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic	$	0.84
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, diluted	$	0.83

Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed

Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed as of the Acquisition Date



DOLLAR AMOUNTS IN MILLIONS
	July 23, 2013		Measurement Period Adjustments		December 31, 2013
Current assets	$	46	$	—	$	46
Property and equipment	39		1		40
Timber and timberlands	2,654		2		2,656
Other assets	2		—		2
Total assets acquired	2,741		3		2,744
Current liabilities	10		—		10
Long-term debt	1,122		—		1,122
Other liabilities	5		3		8
Total liabilities assumed	1,137		3		1,140
Net assets acquired	$	1,604	$	—	$	1,604

NET EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2015

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



Shares in thousands	2015	2014	2013
Stock options	5,016	—	4,618
Performance share units	155	—	—
Preference Shares	25,307	24,988	24,865

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2015

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
LIFO inventories:
Logs and chips	$	15	$	9
Lumber, plywood and panels	48		55
Pulp and paperboard	111		122
Other products	11		11
FIFO or moving average cost inventories:
Logs and chips	38		38
Lumber, plywood, panels and engineered wood products	75		80
Pulp and paperboard	32		35
Other products	90		96
Materials and supplies	148		149
Total	$	568	$	595

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Line Items]

Carrying Value of Property and Equipment and Estimated Service Lives



DOLLAR AMOUNTS IN MILLIONS
	RANGE OF LIVES	DECEMBER 31, 2015			DECEMBER 31, 2014
Property and equipment, at cost:
Land	N/A	$	121		$	127
Buildings and improvements	10–40	1,208			1,220
Machinery and equipment	2–25	6,675			6,706
Roads	10–20	624			609
Other	3–10	252			285
Total cost		8,880			8,947
Allowance for depreciation and amortization		(6,294		)	(6,324		)
Property and equipment, net		$	2,586		$	2,623

EQUITY AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Equity Method Investments [Line Items]

Assets and Liabilities of Equity Affiliates



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Current assets	$	89	$	123
Noncurrent assets	$	101	$	413
Current liabilities	$	25	$	30
Noncurrent liabilities	$	6	$	109

Operating Results of Equity Affiliates



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Net sales	$	462		$	501		$	534
Operating income (loss)	$	(311	)	$	(2	)	$	3
Net income (loss)	$	(197	)	$	—		$	3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Changes in Projected Benefit Obligations of Our Pension and Other Postretirement Benefit Plans



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Reconciliation of projected benefit obligation:
Projected benefit obligation beginning of year	$	6,698		$	5,834		$	303		$	321
Service cost	57			53			—			1
Interest cost	265			271			9			10
Plan participants’ contributions	—			—			9			13
Actuarial (gains) losses	(309		)	1,006			(34		)	4
Foreign currency translation	(159		)	(87		)	(15		)	(7		)
Benefits paid (includes lump sum settlements)	(342		)	(391		)	(32		)	(44		)
Plan amendments and other	(1		)	1			—			2
Special/contractual termination benefits	—			7			—			—
Plan transfer/Acquisitions	2			4			—			3
Projected benefit obligation at end of year	$	6,211		$	6,698		$	240		$	303

Changes in Fair Value of Plan Assets



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Fair value of plan assets at beginning of year (estimated)	$	5,643		$	5,614		$	—		$	—
Adjustment for final fair value of plan assets	57			53			—			—
Actual return on plan assets	226			368			—			—
Foreign currency translation	(155		)	(75		)	—			—
Employer contributions and benefit payments	60			70			23			31
Plan participants’ contributions	—			—			9			13
Plan transfer/Acquisitions	2			4			—			—
Benefits paid (includes lump sum settlements)	(342		)	(391		)	(32		)	(44		)
Fair value of plan assets at end of year (estimated)	$	5,491		$	5,643		$	—		$	—

Funded Status of Our Pension and Other Postretirement Benefit Plans



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2015			2014			2015			2014
Noncurrent assets	$	70		$	8		$	—		$	—
Current liabilities	(21		)	(21		)	(22		)	(26		)
Noncurrent liabilities	(769		)	(1,042		)	(218		)	(277		)
Funded status	$	(720	)	$	(1,055	)	$	(240	)	$	(303	)

Schedule of Allocation of Plan Assets

The net pension plan assets, when categorized in accordance with this fair value hierarchy, are as follows:



DOLLAR AMOUNTS IN MILLIONS
2015	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	668	$	46		$	—	714
Hedge funds	87		(37		)	3,388		3,438
Private equity and related funds	—		—			1,267		1,267
Real estate and related funds	—		—			67		67
Common and preferred stock and equity index instruments	—		3			—		3
Total pension trust investments	$	755	$	12		$	4,722	$	5,489
Accrued liabilities, net								(8		)
Pension trust net assets								5,481
Canadian nonregistered plan assets:
Cash	$	6	$	—		$	—	6
Investments	4		—			—		4
Total Canadian nonregistered plan assets	$	10	$	—		$	—	$	10
Total plan assets								$	5,491



DOLLAR AMOUNTS IN MILLIONS
2014	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	646	$	36		$	3	685
Hedge funds	103		(22		)	3,333		3,414
Private equity and related funds	—		3			1,422		1,425
Real estate and related funds	—		—			82		82
Common and preferred stock and equity index instruments	25		12			—		37
Total pension trust investments	$	774	$	29		$	4,840	$	5,643
Accrued liabilities, net								(13		)
Pension trust net investments								5,630
Canadian nonregistered plan assets:
Cash	$	7	$	—		$	—	7
Investments	6		—			—		6
Total Canadian nonregistered plan assets	$	13	$	—		$	—	$	13
Total plan assets								$	5,643

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

A reconciliation of the beginning and ending balances of the pension plan assets measured at fair value using significant unobservable inputs (Level 3) is presented below:



DOLLAR AMOUNTS IN MILLIONS
	INVESTMENTS
	Hedge funds			Private equity and related funds			Real estate and related funds			Fixed Income			Total
Balance as of December 31, 2013	$	3,225		$	1,606		$	101		$	3		$	4,935
Net realized gains (losses)	186			128			8			—			322
Net change in unrealized appreciation (depreciation)	76			(130		)	(4		)	—			(58		)
Purchases	541			177			5			—			723
Sales	(540		)	(359		)	(28		)	—			(927		)
Issuances	52			—			—			—			52
Settlements	(132		)	—			—			—			(132		)
Transfers, Out⁽¹⁾	(75		)	—			—			—			(75		)
Balance as of December 31, 2014	$	3,333		$	1,422		$	82		$	3		$	4,840
Net realized gains (losses)	143			100			9			1			253
Net change in unrealized appreciation (depreciation)	47			(117		)	(11		)	—			(81		)
Purchases	441			141			6			—			588
Sales	(539		)	(279		)	(19		)	(4		)	(841		)
Issuances	47			—			—			—			47
Settlements	(84		)	—			—			—			(84		)
Transfers, Out⁽¹⁾	—			—			—			—			—
Balance as of December 31, 2015	$	3,388		$	1,267		$	67		$	—		$	4,722
(1) One hedge fund completed an initial public offering during 2014; as such the security was transferred from Level 3 to Level 1 in 2014.

Net Periodic Benefit Cost (Credit)



DOLLAR AMOUNTS IN MILLIONS
	PENSION									OTHER POSTRETIREMENT BENEFITS
	2015			2014			2013			2015			2014			2013
Net periodic benefit cost (credit):
Service cost⁽¹⁾	$	57		$	53		$	64		$	—		$	1		$	1
Interest cost	265			271			244			9			10			12
Expected return on plan assets	(476		)	(467		)	(439		)	—			—			—
Amortization of actuarial loss	182			125			221			10			12			14
Amortization of prior service cost (credit)⁽²⁾	4			5			7			(9		)	(161		)	(23		)
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures⁽¹⁾	—			9			—			—			—			—
Other	—			—			—			—			(4		)	—
Net periodic benefit cost (credit)	$	32		$	(4	)	$	97		$	10		$	(142	)	$	4
(1) Service cost includes $2 million in 2014 and $4 million in 2013 for employees that were part of the Real Estate Divestiture. These charges are included in our results of discontinued operations. Curtailment and special termination benefits are related to involuntary terminations, due to restructuring activities, as well as the Real Estate Divestiture. (2) During fourth quarter 2013, the decision was ratified to eliminate Company funding of the Post-Medicare Health Reimbursement Account (HRA) for certain salaried retirees after 2014. This change was communicated to affected retirees during January 2014. As a result, we recognized a pretax gain of $151 million in 2014 from this plan amendment.

Estimated Amortization from Cumulative Other Comprehensive Loss in 2016



DOLLAR AMOUNTS IN MILLIONS
	PENSION		OTHER POSTRETIREMENT BENEFITS			TOTAL
Net actuarial loss	$	152	$	9		$	161
Prior service cost (credit)	4		(8		)	(4		)
Net effect cost	$	156	$	1		$	157

Estimated Projected Benefit Payments for the Next 10 Years



DOLLAR AMOUNTS IN MILLIONS
	PENSION		OTHER POSTRETIREMENT BENEFITS
2016	$	334	$	22
2017	$	340	$	21
2018	$	347	$	20
2019	$	354	$	19
2020	$	360	$	19
2021-2025	$	1,858	$	81

Discount Rates and Rates of Compensation Increase Used in Estimating Our Pension and Other Postretirement Benefit Obligation



	PENSION				OTHER POSTRETIREMENT BENEFITS
	DECEMBER 31, 2015		DECEMBER 31, 2014		DECEMBER 31, 2015		DECEMBER 31, 2014
Discount rates:
United States	4.50	%	4.10	%	4.00	%	3.60	%
Canada	4.00	%	3.90	%	3.90	%	3.80	%
Lump sum distributions (US salaried and nonqualified plans only)⁽¹⁾	PPA Table		PPA Table		N/A		N/A
Rate of compensation increase:
Salaried:
United States	Determined by participant age, ranging from 2.00% to 13.00%		2.50% for 2014, 2015 and 3.50% thereafter		N/A		N/A
Canada	2.50% for 2015 and 3.50% thereafter		2.50% for 2014, 2015 and 3.50% thereafter		N/A		N/A
Hourly:
United States	Determined by participant age, ranging from 2.30% to 13.00%		3.00	%	N/A		N/A
Canada	3.25	%	3.25	%	N/A		N/A
Election of lump sum or installment distributions (US salaried and nonqualified plans only)	60.00	%	60.00	%	N/A		N/A
(1) The PPA Phased Table: Interest and mortality assumptions as mandated by Pension Protection Act of 2006 including the phase out of the prior interest rate basis in 2013.

Rates Used to Estimate Our Net Periodic Benefit Costs



	PENSION			OTHER POSTRETIREMENT BENEFITS
	2015	2014	2013	2015	2014	2013
Discount rates:
United States	4.10%	4.90% for the first half of 2014 and 4.40% for the second half of 2014	3.70%	3.60%	4.00%	3.00%
Salaried – lump sum distributions (U.S. salaried and nonqualified plan only)⁽¹⁾	PPA Table	PPA Table	PPA phased Table	N/A	N/A	N/A
Canada	3.90%	4.70%	4.10%	3.80%	4.60%	4.00%
Expected return on plan assets:
Qualified/registered plans	9.00%	9.00%	9.00%
Nonregistered plans (Canada only)	3.50%	3.50%	3.50%
Rate of compensation increase:
Salaried:
United States	2.50% for 2015 and 3.50% thereafter	2.50% for 2014 and 3.50% thereafter	2.50% for 2013 and 3.50% thereafter	N/A	N/A	N/A
Canada	2.50% for 2015 and 3.50% thereafter	2.50% for 2014 and 3.50% thereafter	2.50% for 2013 and 3.50% thereafter	N/A	N/A	N/A
Hourly:
United States	3.00%	3.00%	3.00%	N/A	N/A	N/A
Canada	3.25%	3.25%	3.25%	N/A	N/A	N/A
Election of lump sum distributions (U.S. salaried and nonqualified plans only)	60.00%	60.00%	56.00%	N/A	N/A	N/A
(1) PPA Phased Table: Interest and mortality assumptions as mandated by Pension Protection Act of 2006 including the phase out of the prior interest rate basis in 2013.

Actual Returns on Assets Held by Our Pension Trusts



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Direct investments	$	175	$	258	$	568
Derivatives	51		110		240
Total	$	226	$	368	$	808

Assumptions We Use in Estimating Health Care Benefit Costs



	2015				2014
	U.S.		CANADA		U.S.		CANADA
Weighted health care cost trend rate assumed for next year	7.20% for Pre Medicare and 4.50% for HRA		5.00	%	6.30	%	5.60	%
Rate to which cost trend rate is assumed to decline (ultimate trend rate)	4.50	%	4.30	%	4.50	%	4.30	%
Year that the rate reaches the ultimate trend rate	2036		2028		2029		2028

Effect of a1 Percent Change in Health Care Costs

Effect of a 1 Percent Change in Health Care Costs

Qualified and Registered Pension Plans

Schedule of Allocation of Plan Assets

Assets within our qualified and registered pension plans in our U.S. and Canadian pension trusts were invested as follows:



	December 31, 2015		December 31, 2014
Fixed income	13.1	%	12.2	%
Hedge funds	62.7		60.6
Private equity and related funds	23.0		25.3
Real estate and related funds	1.2		1.4
Common and preferred stock and equity index instruments	0.1		0.7
Accrued liabilities	(0.1	)	(0.2	)
Total	100.0	%	100.0	%

Non Registered Canadian Pension Plans

Schedule of Allocation of Plan Assets

Assets within our nonregistered plans that we are allowed to manage were invested as follows:



	December 31, 2015		December 31, 2014
Cash and cash equivalents	55.9	%	52.8	%
Equities	44.1		47.2
Total	100.0	%	100.0	%

Derivatives | Qualified and Registered Pension Plans

Schedule of Allocation of Plan Assets

This table shows the fair value of the derivatives held by our pension trusts — which fund our qualified and registered plans — at the end of the last two years.



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Equity index instruments	$	13		$	13
Forward contracts	(51		)	(32		)
Swaps	492			436
Total	$	454		$	417

Derivatives, Aggregate Notional Amount | Qualified and Registered Pension Plans

Schedule of Allocation of Plan Assets

This table shows the aggregate notional amount of the derivatives held by our pension trusts — which fund our qualified and registered plans — at the end of the last two years.



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Equity index instruments	$	500	$	361
Forward contracts	523		535
Swaps	2,058		1,824
Total	$	3,081	$	2,720

ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2015

Accrued Liabilities

Accrued liabilities were comprised of the following:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
Wages, salaries and severance pay	$	150	$	161
Pension and postretirement	44		47
Vacation pay	46		47
Taxes – Social Security and real and personal property	24		24
Interest	104		105
Customer rebates and volume discounts	46		46
Deferred income	52		75
Other	83		82
Total	$	549	$	587

LINES OF CREDIT (Tables)

12 Months Ended

Dec. 31, 2015

Other Letters of Credit and Surety Bonds

The amounts of other letters of credit and surety bonds we have entered into as of the end of our last two years are included in the following table:

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2015

Debt Instrument [Line Items]

Long-Term Debt by Types and Interest Rates (Includes Current Portion)



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
6.95% debentures due 2017	$	281		$	281
7.00% debentures due 2018	62			62
7.375% notes due 2019	500			500
Variable rate term loan credit facility matures 2020	550			550
9.00% debentures due 2021	150			150
7.125% debentures due 2023	191			191
4.625% notes due 2023	500			500
8.50% debentures due 2025	300			300
7.95% debentures due 2025	136			136
7.70% debentures due 2026	150			150
7.35% debentures due 2026	62			62
7.85% debentures due 2026	100			100
6.95% debentures due 2027	300			300
7.375% debentures due 2032	1,250			1,250
6.875% debentures due 2033	275			275
Industrial revenue bonds, rates from 6.7% to 6.8%, due 2022	88			88
Other	1			1
	4,896			4,896
Less unamortized discounts	(5		)	(5		)
Total	$	4,891		$	4,891
Portion due within one year	$	—		$	—

Amounts of Long-Term Debt Due Annually for the Next Five Years and the Total Amount Due After 2020



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
Long-term debt maturities:
2016	$	—
2017	$	281
2018	$	62
2019	$	500
2020	$	550
Thereafter	$	3,503

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Estimated fair values and carrying values of our long-term debt

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



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015				DECEMBER 31, 2014
	CARRYING VALUE		FAIR VALUE (LEVEL 2)		CARRYING VALUE		FAIR VALUE (LEVEL 2)
Long-term debt (including current maturities)	$	4,891	$	5,620	$	4,891	$	5,922

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2015

Loss Contingencies [Line Items]

Changes in the Reserve for Environmental Remediation



DOLLAR AMOUNTS IN MILLIONS
Reserve balance as of December 31, 2014	$	29
Reserve charges and adjustments, net	15
Payments	(7		)
Reserve balance as of December 31, 2015	$	37
Total active sites as of December 31, 2015	38

Changes in the Reserve for Asset Retirement Obligations



DOLLAR AMOUNTS IN MILLIONS
Reserve balance as of December 31, 2014	$	40
Reserve charges and adjustments, net	10
Payments	(11		)
Other adjustments⁽¹⁾	(5		)
Reserve balance as of December 31, 2015	34
(1) Primarily related to a foreign currency remeasurement gain for our Canadian reforestation obligation.

Our purchase obligations

Our purchase obligations as of December 31, 2015 were:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
2016	$	84
2017	$	33
2018	$	8
2019	$	2
2020	$	2
Thereafter	$	17

Our rent expense

Our rent expense was:



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Rent expense	$	31	$	32	$	38

Our operating lease commitments

Our operating lease commitments as of December 31, 2015 were:



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015
2016	$	27
2017	$	26
2018	$	21
2019	$	17
2020	$	14
Thereafter	$	105

SHAREHOLDERS' INTEREST (Tables)

12 Months Ended

Dec. 31, 2015

Reconciliation of Our Common Share Activity



IN THOUSANDS
	2015		2014		2013
Outstanding at beginning of year	524,474		583,548		542,393
New issuance (Note 4)	—		—		33,350
Shares tendered (Note 3)	—		(58,813	)	—
Stock options exercised	1,592		5,134		7,209
Issued for restricted stock units	365		451		462
Issued for performance shares	242		217		134
Repurchased	(16,190	)	(6,063	)	—
Outstanding at end of year	510,483		524,474		583,548

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

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



DOLLAR AMOUNTS IN MILLIONS
				PENSION						OTHER POSTRETIREMENT BENEFITS
	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 January 1, 2014	$	354		$	(1,066	)	$	(19	)	$	(111	)	$	150		$	6	$	(686	)
Other comprehensive income (loss) before reclassifications	(50		)	(1,008		)	1			(6		)	(12		)	—		(1,075		)
Income taxes	—			369			—			1			7			—		377
Net other comprehensive income (loss) before reclassifications	(50		)	(639		)	1			(5		)	(5		)	—		(698		)
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—			125			5			12			(161		)	—		(19		)
Income taxes	—			(43		)	(2		)	(4		)	59			—		10
Net amounts reclassified from cumulative other comprehensive income (loss)	—			82			3			8			(102		)	—		(9		)
Total other comprehensive income (loss)	(50		)	(557		)	4			3			(107		)	—		(707		)
Beginning balance as of January 1, 2015	304			(1,623		)	(15		)	(108		)	43			6		(1,393		)
Other comprehensive income (loss) before reclassifications	(97		)	184			2			37			(2		)	—		124
Income taxes	—			(52		)	—			(12		)	—			—		(64		)
Net other comprehensive income (loss) before reclassifications	(97		)	132			2			25			(2		)	—		60
Amounts reclassified from cumulative other comprehensive income (loss)⁽¹⁾	—			182			4			10			(9		)	—		187
Income taxes	—			(63		)	(2		)	(4		)	3			—		(66		)
Net amounts reclassified from cumulative other comprehensive income (loss)	—			119			2			6			(6		)	—		121
Total other comprehensive income (loss)	(97		)	251			4			31			(8		)	—		181
Ending balance as of December 31, 2015	$	207		$	(1,372	)	$	(11	)	$	(77	)	$	35		$	6	$	(1,212	)
(1) Actuarial losses and prior service credits (costs) are included in the computation of net periodic benefit costs (credits). See Note: 9 Pension and Other Postretirement Benefit Plans.

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

Weighted Average Assumptions Used in Estimating Value of Stock Options Granted



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Expected volatility	25.92		%	31.71		%	38.00		%
Expected dividends	3.28		%	2.92		%	2.23		%
Expected term (in years)	4.77			4.97			4.97
Risk-free rate	1.54		%	1.57		%	0.92		%
Weighted average grant-date fair value	$	5.85		$	6.62		$	8.40

Schedule of Stock Options Activity

Activity

The following table shows our option unit activity for 2015.



	OPTIONS (IN THOUSANDS)	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE (IN MILLIONS)
Outstanding at December 31, 2014	12,285	$	24.19
Granted	2,123	$	35.40
Exercised	(1,376)	$	24.46
Forfeited or expired	(269)	$	31.34
Outstanding at December 31, 2015⁽¹⁾	12,763	$	25.88	5.20	$	65
Exercisable at December 31, 2015	8,442	$	22.78	3.62	$	62
(1) As of December 31, 2015, there were approximately 1,034 thousand stock options that had met the requisite service period and will be released as identified in the grant terms.

Schedule of Restricted Stock Units Award Activity

Activity

The following table shows our restricted stock unit activity for 2015.



	STOCK UNITS (IN THOUSANDS)	WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Nonvested at December 31, 2014	1,227	$	28.06
Granted	433	$	35.41
Vested	(489)	$	26.70
Forfeited	(67)	$	31.11
Nonvested at December 31, 2015⁽¹⁾	1,104	$	31.37
(1) As of December 31, 2015, there were approximately 232 thousand restricted stock units that had met the requisite service period and will be released as identified in the grant terms.

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



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Performance period	1/1/2015 – 12/31/2017			1/1/2014 – 12/31/2015			1/1/2013 – 12/31/2014
Valuation date closing stock price	$	35.41		$	30.16		$	30.48
Expected dividends	3.26		%	2.91		%	2.23		%
Risk-free rate	0.05% - 1.07%			0.03% - 0.79%			0.09% - 0.46%
Volatility	16.33% - 20.89%			20.74% - 23.53%			22.09% - 29.57%
Weighted average grant-date fair value	$	34.75		$	30.62		$	31.59

Schedule of Performance Share Units Activity

Activity

The following table shows our performance share unit activity for 2015.



	GRANTS (IN THOUSANDS)		WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Nonvested at December 31, 2014	890		$	29.46
Granted at target	239		$	34.75
Vested	(395	)	$	29.08
Forfeited	(23	)	$	31.34
Performance adjustment	(31	)	$	30.62
Nonvested at December 31, 2015⁽¹⁾	680		$	31.42
(1) As of December 31, 2015, there were approximately 134 thousand performance share units that had met the requisite service period and will be released as identified in the grant terms.

Weighted Average Assumptions Used to Re-measure Value of Stock Appreciation Rights

Weighted Average Assumptions Used to Re-measure Value of Stock Appreciation Rights at Year-End



	2015 GRANTS			2014 GRANTS			2013 GRANTS
Expected volatility	22.10		%	18.20		%	24.02		%
Expected dividends	4.20		%	3.21		%	2.81		%
Expected term (in years)	1.94			1.32			1.16
Risk-free rate	0.99		%	0.45		%	0.19		%
Weighted average fair value	$	6.96		$	12.70		$	8.68

Schedule of Stock Appreciation Rights Activity

Activity

The following table shows our stock appreciation rights activity for 2015.



	RIGHTS (IN THOUSANDS)		WEIGHTED AVERAGE EXERCISE PRICE		AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)	AGGREGATE INTRINSIC VALUE (IN MILLIONS)
Outstanding at December 31, 2014	417		$	22.85
Granted	58		$	35.40
Exercised	(79	)	$	23.91
Forfeited or expired	(14	)	$	31.01
Outstanding at December 31, 2015	382		$	24.25	4.34	$	14
Exercisable at December 31, 2015	289		$	21.63	2.98	$	11

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Items Included in Our Restructuring, Closure and Asset Impairment Charges



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Restructuring and closure charges:
Termination benefits	$	4	$	27	$	1
Pension and postretirement charges	—		3		—
Other restructuring and closure costs	6		12		4
Charges for restructuring and closures	10		42		5
Impairment of long-lived assets	15		2		372
Total charges for restructuring, closures and impairments	$	25	$	44	$	377

Changes in accrued severance related to restructuring

Changes in accrued severance related to restructuring during 2015 were as follows:



DOLLAR AMOUNTS IN MILLIONS
Accrued severance as of December 31, 2014	$	10
Charges	4
Payments	(9		)
Accrued severance as of December 31, 2015	$	5

OTHER OPERATING COSTS (INCOME), NET (Tables)

12 Months Ended

Dec. 31, 2015

Various Income and Expense Items Included in Other Operating Costs (Income), Net



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Gain on postretirement plan amendment (Note 9)	$	—		$	(151	)	$	—
Gain on disposition of nonstrategic assets	(12		)	(27		)	(19		)
Foreign exchange losses, net	47			27			7
Land management income	(37		)	(34		)	(28		)
Litigation expense, net	23			9			16
Plum Creek merger-related costs	14			—			—
Other, net	(17		)	(25		)	(11		)
Total	$	18		$	(201	)	$	(35	)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Domestic and Foreign Earnings (Loss) From Continuing Operations Before Income Taxes

Domestic and Foreign Earnings From Continuing Operations Before Income Taxes



DOLLAR AMOUNTS IN MILLIONS
	2015		2014		2013
Domestic earnings	$	421	$	970	$	198
Foreign earnings	82		43		122
Total	$	503	$	1,013	$	320

Provision (Benefit) for Income Taxes From Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
Current:
Federal	$	3		$	(26	)	$	(80	)
State	(1		)	12			(18		)
Foreign	(5		)	3			(21		)
	(3		)	(11		)	(119		)
Deferred:
Federal	(30		)	178			(79		)
State	2			6			6
Foreign	28			12			21
	—			196			(52		)
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)

Effective Income Tax Rate Applicable to Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	2015			2014			2013
U.S. federal statutory income tax	$	176		$	354		$	112
State income taxes, net of federal tax benefit	1			14			7
REIT income not subject to federal income tax	(158		)	(161		)	(101		)
REIT benefit from change to tax law	(13		)	—			—
Foreign taxes	—			(2		)	(8		)
Provision for unrecognized tax benefits	(7		)	(4		)	(193		)
Repatriation of Canadian earnings	—			—			21
Domestic production activities deduction	—			—			(13		)
Other, net	(2		)	(16		)	4
Total income tax provision (benefit)	$	(3	)	$	185		$	(171	)
Effective income tax rate	(0.5		)%	18.3		%	(53.4		)%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Net noncurrent deferred tax asset	4			44
Net noncurrent deferred tax liability	(86		)	(14		)
Net deferred tax asset (liability)	$	(82	)	$	30

Items Included in Our Deferred Income Tax Assets (Liabilities)



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Postretirement benefits	$	80		$	101
Pension	260			369
State tax credits	56			56
Net operating loss carryforwards	59			86
Cellulosic biofuel producers credit	78			100
Other	203			223
Gross deferred tax assets	736			935
Valuation allowance	(72		)	(72		)
Net deferred tax assets	664			863
Property, plant and equipment	(496		)	(523		)
Timber installment notes	(180		)	(180		)
Other	(70		)	(130		)
Deferred tax liabilities	(746		)	(833		)
Net deferred tax asset (liability)	$	(82	)	$	30

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015			DECEMBER 31, 2014
Balance at beginning of year	$	11		$	26
Settlements	(4		)	—
Lapse of statute	(1		)	(15		)
Balance at end of year	$	6		$	11

GEOGRAPHIC AREAS (Tables)

12 Months Ended

Dec. 31, 2015

Revenues from External Customers and Long-Lived Assets [Line Items]

Sales by Geographic Area



FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2014 (DOLLAR AMOUNTS IN MILLIONS)
	2015		2014		2013
Sales to unaffiliated customers:
U.S.	$	4,819	$	4,889	$	4,761
Japan	612		682		758
China	397		477		453
Canada	353		424		418
Europe	308		328		298
South America	82		87		80
Other foreign countries	511		516		486
Total	$	7,082	$	7,403	$	7,254
Export sales from the U.S.:
Japan	$	558	$	620	$	676
China	333		416		411
Other	828		856		804
Total	$	1,719	$	1,892	$	1,891

Long-Lived Assets by Geographic Area



DOLLAR AMOUNTS IN MILLIONS
	December 31, 2015		December 31, 2014		December 31, 2013
Long-lived assets:
U.S.⁽¹⁾	$	8,187	$	8,069	$	8,116
Canada	460		579		652
Other foreign countries	654		676		670
Total	$	9,301	$	9,324	$	9,438
(1) Includes assets of discontinued operations in 2013.

SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited) (Table)

12 Months Ended

Dec. 31, 2015

Key Quarterly Financial Data for the Last Two Years



DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES
	First Quarter		Second Quarter		Third Quarter⁽¹⁾		Fourth Quarter		Full Year
2015:
Net sales	$	1,721	$	1,807	$	1,820	$	1,734	$	7,082
Operating income	$	200	$	243	$	259	$	217	$	919
Earnings from continuing operations before income taxes	$	120	$	157	$	175	$	51	$	503
Net earnings	$	101	$	144	$	191	$	70	$	506
Net earnings attributable to Weyerhaeuser common shareholders	$	90	$	133	$	180	$	59	$	462
Basic net earnings per share attributable to Weyerhaeuser common shareholders	$	0.17	$	0.26	$	0.35	$	0.11	$	0.89
Diluted net earnings per share attributable to Weyerhaeuser common shareholders	$	0.17	$	0.26	$	0.35	$	0.11	$	0.89
Dividends paid per share	$	0.29	$	0.29	$	0.31	$	0.31	$	1.20
Market prices - high/low	$37.04 - $32.74		$33.19 - $31.06		$32.34 - $26.76		$32.72 - $26.73		$37.04 - $26.73
2014:
Net sales	$	1,736	$	1,964	$	1,915	$	1,788	$	7,403
Operating income	$	308	$	400	$	318	$	294	$	1,320
Earnings from continuing operations before income taxes	$	234	$	328	$	237	$	214	$	1,013
Net earnings	$	194	$	291	$	1,164	$	177	$	1,826
Net earnings attributable to Weyerhaeuser common shareholders	$	183	$	280	$	1,153	$	166	$	1,782
Basic net earnings per share attributable to Weyerhaeuser common shareholders	$	0.31	$	0.48	$	2.17	$	0.32	$	3.20
Diluted net earnings per share attributable to Weyerhaeuser common shareholders	$	0.31	$	0.47	$	2.15	$	0.31	$	3.18
Dividends paid per share	$	0.22	$	0.22	$	0.29	$	0.29	$	1.02
Market prices - high/low	$31.59 - $28.63		$33.26 - $27.48		$34.60 - $31.09		$36.88 - $31.61		$36.88 - $27.48
(1) Third Quarter 2014 includes a $972 million net gain on the Real Estate Divestiture recognized in 2014. See Note 3: Discontinued Operations for more information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Negative book cash balances	$ 0	$ 0

BUSINESS SEGMENTS - Sales and Contribution (Charge) to Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 7,082	$ 7,403	$ 7,254
Contribution (charge) to earnings	850	2,374	805
Continuing operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Contribution (charge) to earnings	850	1,357	689
Operating segments \| Timberlands
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,350	1,497	1,343
Contribution (charge) to earnings	549	613	470
Operating segments \| Wood Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	3,872	3,970	4,009
Contribution (charge) to earnings	258	327	441
Operating segments \| Cellulose Fibers
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,860	1,936	1,902
Contribution (charge) to earnings	119	291	200
Operating intersegments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0	0	0
Operating intersegments \| Timberlands
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	830	867	799
Operating intersegments \| Wood Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	82	80	71
Operating intersegments \| Cellulose Fibers
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0	0	0
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	(912)	(947)	(870)
Unallocated Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0	0	0
Contribution (charge) to earnings	$ (76)	$ 126	$ (422)

BUSINESS SEGMENTS - Reconciliation of Contribution to Earnings to Net Earnings Attributable to Weyerhaeuser (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Contribution (Charge) to Earnings From Segment to Net Earnings [Line Items]
Contribution (charge) to earnings	$ 850	$ 2,374	$ 805
Interest expense, net of capitalized interest (continuing and discontinued operations)	347	347	371
Income before income taxes (continuing and discontinued operations)	503	2,027	434
Income taxes (continuing and discontinued operations)	3	(201)	129
Net earnings attributable to Weyerhaeuser	506	1,826	563
Continuing operations
Reconciliation of Contribution (Charge) to Earnings From Segment to Net Earnings [Line Items]
Contribution (charge) to earnings	850	1,357	689
Discontinued operations
Reconciliation of Contribution (Charge) to Earnings From Segment to Net Earnings [Line Items]
Contribution (charge) to earnings	$ 0	$ 1,017	$ 116

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

BUSINESS SEGMENTS - Additional Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	$ 479	$ 493	$ 458
Net pension and postretirement cost (credit)(1)	42	0	96
Charges for restructuring, closures and impairments(2)	25	44	377
Earnings (loss) from equity affiliates	(105)	(1)	1
Capital expenditures	483	391	283
Investments in and advances to equity affiliates and unconsolidated entities	74	188	190
Total assets(3)	12,486	13,265	14,372
Operating segments \| Timberlands
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	209	207	166
Net pension and postretirement cost (credit)(1)	9	10	10
Charges for restructuring, closures and impairments(2)	0	1	2
Earnings (loss) from equity affiliates	0	0	0
Capital expenditures	75	74	73
Investments in and advances to equity affiliates and unconsolidated entities	0	0	0
Total assets(3)	7,260	7,327	7,578
Operating segments \| Wood Products
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	106	119	123
Net pension and postretirement cost (credit)(1)	27	24	28
Charges for restructuring, closures and impairments(2)	10	2	13
Earnings (loss) from equity affiliates	0	0	0
Capital expenditures	287	190	113
Investments in and advances to equity affiliates and unconsolidated entities	0	0	0
Total assets(3)	1,541	1,430	1,326
Operating segments \| Cellulose Fibers
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	154	155	156
Net pension and postretirement cost (credit)(1)	17	11	18
Charges for restructuring, closures and impairments(2)	0	0	0
Earnings (loss) from equity affiliates	(105)	(1)	3
Capital expenditures	118	123	92
Investments in and advances to equity affiliates and unconsolidated entities	74	188	190
Total assets(3)	1,984	2,214	2,299
Unallocated Items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation, depletion and amortization	10	12	13
Net pension and postretirement cost (credit)(1)	(11)	(45)	40
Charges for restructuring, closures and impairments(2)	15	41	362
Earnings (loss) from equity affiliates	0	0	(2)
Capital expenditures	3	4	5
Investments in and advances to equity affiliates and unconsolidated entities	0	0	0
Total assets(3)	$ 1,701	$ 2,294	$ 3,169

DISCONTINUED OPERATIONS - Components of the net gain on divestiture (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common shares tendered (58,813,151 shares at $33.22 per share)		$ 0	$ 1,954	$ 0
Cash		$ 0	$ 707	$ 0
Common stock in exchange for the distribution of shares of Weyerhaeuser Real Estate Company (WRECO) to our shareholders	(59,000,000)	0	(58,813,151)	0
Share price of common shares tendered			$ 33.22
Real Estate Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common shares tendered (58,813,151 shares at $33.22 per share)			$ 1,954
Cash	$ 707		707
Proceeds			2,661
Net book value of contributed assets			1,671
Transaction costs, net of reimbursement			18
Net book value of contributed assets and transaction costs, net of reimbursement			$ 1,689

DISCONTINUED OPERATIONS - Sales and Net Earnings from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales from discontinued operations			$ 573	$ 1,275
Income from discontinued operations			42	114
Income taxes			(16)	(42)
Net income from operations			26	72
Gain on WRECO divestiture	$ 972		972	0
Net earnings from discontinued operations		$ 0	$ 998	$ 72

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721525-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721523-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

DISCONTINUED OPERATIONS - Carrying Value of Assets and Liabilities of Discontinued Operations (Details) $ in Millions	Dec. 31, 2013 USD ($)
Assets
Cash and cash equivalents	$ 5
Receivables, less discounts and allowances	51
Prepaid expenses	11
Total current assets	67
Property and equipment, net	15
Real estate in process of development and for sale	851
Land being processed for development	596
Investments in and advances to equity affiliates	21
Deferred tax assets	136
Other assets	96
Total noncurrent assets	1,715
Total assets	1,782
Liabilities
Accounts payable	41
Accrued liabilities	113
Total current liabilities	154
Long-term debt (nonrecourse to the company) held by variable interest entities	5
Other liabilities	27
Total noncurrent liabilities	32
Total liabilities	186
Noncontrolling interests	$ 34

DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock in exchange for the distribution of shares of Weyerhaeuser Real Estate Company (WRECO) to our shareholders	59,000,000	0	58,813,151	0
Cash		$ 0	$ 707	$ 0
Share price of common shares tendered			$ 33.22
Real Estate Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of disposition	Jul. 07, 2014
Unsecured and unsubordinated senior debt obligations issued by WRECO					$ 900
Net proceeds from issuance of debt	$ 870
Proceeds utilized by WRECO to repay intercompany debt and interest to Weyerhaeuser Company	744
Cash on hand	5
Adjustment amount payable pursuant to the terms of the transaction agreement	32
Cash	$ 707		$ 707

ACQUISITIONS - Summarized Unaudited Pro Forma Information (Details) - Longview Timber LLC [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares
Business Acquisition [Line Items]
Net sales \| $	$ 7,371
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders \| $	$ 485
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, basic \| $ / shares	$ 0.84
Net earnings from continuing operations per share attributable to Weyerhaeuser common shareholders, diluted \| $ / shares	$ 0.83

ACQUISITIONS Estimated Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 23, 2013
Business Acquisition [Line Items]
Timber and timberlands	$ 6,480	$ 6,530
Previously Reported \| Longview Timber LLC [Member]
Business Acquisition [Line Items]
Current assets				$ 46
Property and equipment				39
Timber and timberlands				2,654
Other assets				2
Total assets acquired				2,741
Current liabilities				10
Long-term debt				1,122
Other liabilities				5
Total liabilities assumed				1,137
Net assets acquired				$ 1,604
Measurement Period Adjustments \| Longview Timber LLC [Member]
Business Acquisition [Line Items]
Current assets			$ 0
Property and equipment			1
Timber and timberlands			2
Other assets			0
Total assets acquired			3
Current liabilities			0
Long-term debt			0
Other liabilities			3
Total liabilities assumed			3
Net assets acquired			0
Final \| Longview Timber LLC [Member]
Business Acquisition [Line Items]
Current assets			46
Property and equipment			40
Timber and timberlands			2,656
Other assets			2
Total assets acquired			2,744
Current liabilities			10
Long-term debt			1,122
Other liabilities			8
Total liabilities assumed			1,140
Net assets acquired			$ 1,604

ACQUISITIONS - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Millions					3 Months Ended	12 Months Ended
	Nov. 30, 2015 shares	Nov. 06, 2015 $ / shares	Jul. 08, 2013 USD ($) $ / shares shares	Jun. 24, 2013 USD ($) $ / shares shares	Sep. 30, 2013 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) shares	Jul. 23, 2013 a Rate
Business Acquisition [Line Items]
Acquisition of Longview Timber LLC, net of cash acquired						$ 0	$ 0	$ 1,581
Acquisition of Longview Timber LLC, debt assumed						$ 0	$ 0	$ 1,070
New shares issued \| shares						0	0	33,350
Net proceeds from issuance of common shares						$ 0	$ 0	$ 897
Fees related to bridge loan								$ 11
Common shares:
Business Acquisition [Line Items]
New shares issued \| shares			4,400	29,000
Valuation date closing stock price \| $ / shares			$ 27.75	$ 27.75
Net proceeds from issuance of common shares			$ 116	$ 781
6.375 percent Mandatory Convertible Preference Shares, Series A
Business Acquisition [Line Items]
New shares issued \| shares				13,800
Preference shares, par value \| $ / shares				$ 1.00		$ 1.00	$ 1.00
Preference shares, liquidation preference \| $ / shares				$ 50.00		$ 50.00	$ 50.00
Net proceeds from issuance of preference shares				$ 669
Plum Creek Timber Company, Inc. [Member]
Business Acquisition [Line Items]
Equity shares issued or issuable conversion ratio \| $ / shares		$ 1.60
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	278,000
Longview Timber LLC [Member]
Business Acquisition [Line Items]
Acquisition of Longview Timber LLC, effective date of acquisition					Jul. 23, 2013
Acquisition of Longview Timber LLC, equity interests purchased \| Rate									100.00%
Acquisition of Longview Timber LLC, net of cash acquired					$ 1,580
Acquisition of Longview Timber LLC, debt assumed					1,070
Acquisition of Longview Timber LLC, aggregate purchase price					$ 2,650
Acquisition of Longview Timber LLC, timberlands acquired, acres \| a									645,000

NET EARNINGS PER SHARE - Potential Shares Not Included in the Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	5,016	0	4,618
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	155	0	0
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	25,307	24,988	24,865

NET EARNINGS PER SHARE - Additional Information (Details) - $ / shares shares in Thousands		3 Months Ended								12 Months Ended
	Jun. 24, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic earnings per share attributable to Weyerhaeuser common shareholders		$ 0.11	$ 0.35	$ 0.26	$ 0.17	$ 0.32	$ 2.17	$ 0.48	$ 0.31	$ 0.89	$ 3.20	$ 0.95
Diluted earnings per share attributable to Weyerhaeuser common shareholders		$ 0.11	$ 0.35	$ 0.26	$ 0.17	$ 0.31	$ 2.15	$ 0.47	$ 0.31	$ 0.89	$ 3.18	$ 0.95
New shares issued										0	0	33,350
6.375 percent Mandatory Convertible Preference Shares, Series A
New shares issued	13,800

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

INVENTORIES - Inventories as of the End of Our Last Two Years (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Total	$ 568	$ 595
Logs and chips
Inventory [Line Items]
LIFO inventories	15	9
FIFO or moving average cost inventories	38	38
Lumber, plywood and panels
Inventory [Line Items]
LIFO inventories	48	55
Lumber, plywood, panels and engineered wood products
Inventory [Line Items]
FIFO or moving average cost inventories	75	80
Pulp and paperboard
Inventory [Line Items]
LIFO inventories	111	122
FIFO or moving average cost inventories	32	35
Other products
Inventory [Line Items]
LIFO inventories	11	11
FIFO or moving average cost inventories	90	96
Materials and supplies
Inventory [Line Items]
FIFO or moving average cost inventories	$ 148	$ 149

INVENTORIES - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Increase in inventory amount if FIFO would have been used	$ 124	$ 120

PROPERTY AND EQUIPMENT - Carrying Value of Property and Equipment and Estimated Service Lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Land	$ 121	$ 127
Buildings and improvements	1,208	1,220
Machinery and equipment	6,675	6,706
Roads	624	609
Other	252	285
Total cost	8,880	8,947
Allowance for depreciation and amortization	(6,294)	(6,324)
Property and equipment, net	$ 2,586	$ 2,623
Minimum \| Buildings and Improvements
Property, Plant and Equipment [Line Items]
Estimated service lives	10 years
Minimum \| Machinery and Equipment
Property, Plant and Equipment [Line Items]
Estimated service lives	2 years
Minimum \| Roads
Property, Plant and Equipment [Line Items]
Estimated service lives	10 years
Minimum \| Other
Property, Plant and Equipment [Line Items]
Estimated service lives	3 years
Maximum \| Buildings and Improvements
Property, Plant and Equipment [Line Items]
Estimated service lives	40 years
Maximum \| Machinery and Equipment
Property, Plant and Equipment [Line Items]
Estimated service lives	25 years
Maximum \| Roads
Property, Plant and Equipment [Line Items]
Estimated service lives	20 years
Maximum \| Other
Property, Plant and Equipment [Line Items]
Estimated service lives	10 years

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation expense, excluding discontinued operations	$ 314	$ 332	$ 332
Buildings and Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated service lives	10 years
Buildings and Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated service lives	40 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated service lives	2 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated service lives	25 years
Timberlands \| Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated service lives	15 years
Wood products manufacturing facilities \| Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated service lives	20 years
Pulp mills \| Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated service lives	25 years

EQUITY AFFILIATES - Assets and Liabilities of Equity Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Current assets	$ 89	$ 123
Noncurrent assets	101	413
Current liabilities	25	30
Noncurrent liabilities	$ 6	$ 109

- Definition

The amount of current liabilities reported by an equity method investment of the entity.

+ References + Details

- Definition

The amount of noncurrent assets reported by an equity method investment of the entity.

+ References + Details

- Definition

The amount of noncurrent liabilities reported by an equity method investment of the entity.

+ References + Details

EQUITY AFFILIATES - Operating Results of Equity Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Net sales	$ 462	$ 501	$ 534
Operating income (loss)	(311)	(2)	3
Net income (loss)	$ (197)	$ 0	$ 3

- Definition

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

EQUITY AFFILIATES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Other than Temporary Impairment	$ 84,000,000
Equity method investment other than temporary impairment, tax benefit	28,000,000
Equity method investment other than temporary impairment, net of tax benefit	$ 56,000,000
North Pacific Paper Corporation (NORPAC)
Schedule of Equity Method Investments [Line Items]
Equity affiliate, ownership	50.00%	50.00%
Amounts paid to Weyerhaeuser by NORPAC for goods and services		$ 197,000,000	$ 195,000,000	$ 203,000,000
Payable balance to equity affiliate	$ 46,000,000	$ 46,000,000	75,000,000
Catchlight Energy
Schedule of Equity Method Investments [Line Items]
Equity affiliate, proceeds from dissolution			$ 0
Liaison Technologies Inc
Schedule of Equity Method Investments [Line Items]
Pretax gain on partial sale of equity affiliate investment				$ 10,000,000
Minimum \| North Pacific Paper Corporation (NORPAC)
Schedule of Equity Method Investments [Line Items]
Fair Value Inputs, Discount Rate	10.50%
Maximum \| North Pacific Paper Corporation (NORPAC)
Schedule of Equity Method Investments [Line Items]
Fair Value Inputs, Discount Rate	14.00%

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Changes in Projected Benefit Obligations of Our Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gains) losses	$ (343)
Pension
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, beginning	6,698	$ 5,834
Service cost	57	53	$ 64
Interest cost	265	271	244
Plan participants’ contributions	0	0
Actuarial (gains) losses	(309)	1,006
Foreign currency translation	(159)	(87)
Benefits paid (includes lump sum settlements)	(342)	(391)
Plan amendments and other	(1)	1
Special/contractual termination benefits	0	7
Plan transfer/Acquisitions	2	4
Projected benefit obligation, ending	6,211	6,698	5,834
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation, beginning	303	321
Service cost	0	1	1
Interest cost	9	10	12
Plan participants’ contributions	9	13
Actuarial (gains) losses	(34)	4
Foreign currency translation	(15)	(7)
Benefits paid (includes lump sum settlements)	(32)	(44)
Plan amendments and other	0	2
Special/contractual termination benefits	0	0
Plan transfer/Acquisitions	0	3
Projected benefit obligation, ending	$ 240	$ 303	$ 321

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Actual return on plan assets		$ 226	$ 368	$ 808
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning		5,643	5,614
Adjustment for final fair value of plan assets	$ 57	57	53
Actual return on plan assets		226	368
Foreign currency translation		(155)	(75)
Employer contributions and benefit payments		60	70
Plan participants’ contributions		0	0
Plan transfer/Acquisitions		2	4
Benefits paid (includes lump sum settlements)		(342)	(391)
Fair value of plan assets, ending		5,491	5,643	5,614
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning		0	0
Adjustment for final fair value of plan assets		0	0
Actual return on plan assets		0	0
Foreign currency translation		0	0
Employer contributions and benefit payments		23	31
Plan participants’ contributions		9	13
Plan transfer/Acquisitions		0	0
Benefits paid (includes lump sum settlements)		(32)	(44)
Fair value of plan assets, ending		$ 0	$ 0	$ 0

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Funded Status of Our Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	$ (44)	$ (47)
Pension
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	70	8
Current liabilities	(21)	(21)
Noncurrent liabilities	(769)	(1,042)
Funded status	(720)	(1,055)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(22)	(26)
Noncurrent liabilities	(218)	(277)
Funded status	$ (240)	$ (303)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Assets Within Our Qualified and Registered Pension Plans (Details) - Qualified and Registered Pension Plans	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	100.00%	100.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	13.10%	12.20%
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	62.70%	60.60%
Private equity and related funds
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	23.00%	25.30%
Real estate and related funds
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	1.20%	1.40%
Common and preferred stock and equity index instruments
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	0.10%	0.70%
Accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	(0.10%)	(0.20%)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Assets Within Our Nonregisted Pension Plans (Details) - Non Registered Canadian Pension Plans	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	55.90%	52.80%
Equities
Defined Benefit Plan Disclosure [Line Items]
Assets invested in pension plan, allocation percentage	44.10%	47.20%

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Reconciliation of Pension Plan Assets (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning	$ 4,840	$ 4,935
Net realized gains (losses)	253	322
Net change in unrealized appreciation (depreciation)	(81)	(58)
Purchases	588	723
Sales	(841)	(927)
Issuances	47	52
Settlements	(84)	(132)
Transfers, Out(1)	0	(75)
Fair value of plan assets, ending	4,722	4,840
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning	3,333	3,225
Net realized gains (losses)	143	186
Net change in unrealized appreciation (depreciation)	47	76
Purchases	441	541
Sales	(539)	(540)
Issuances	47	52
Settlements	(84)	(132)
Transfers, Out(1)	0	(75)
Fair value of plan assets, ending	3,388	3,333
Private equity and related funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning	1,422	1,606
Net realized gains (losses)	100	128
Net change in unrealized appreciation (depreciation)	(117)	(130)
Purchases	141	177
Sales	(279)	(359)
Issuances	0	0
Settlements	0	0
Transfers, Out(1)	0	0
Fair value of plan assets, ending	1,267	1,422
Real estate and related funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning	82	101
Net realized gains (losses)	9	8
Net change in unrealized appreciation (depreciation)	(11)	(4)
Purchases	6	5
Sales	(19)	(28)
Issuances	0	0
Settlements	0	0
Transfers, Out(1)	0	0
Fair value of plan assets, ending	67	82
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning	3	3
Net realized gains (losses)	1	0
Net change in unrealized appreciation (depreciation)	0	0
Purchases	0	0
Sales	(4)	0
Issuances	0	0
Settlements	0	0
Transfers, Out(1)	0	0
Fair value of plan assets, ending	$ 0	$ 3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Derivatives, Fair Value, Net	$ 454	$ 417
Equity index instruments
Defined Benefit Plan Disclosure [Line Items]
Derivatives, Fair Value, Net	13	13
Forward contracts
Defined Benefit Plan Disclosure [Line Items]
Derivatives, Fair Value, Net	(51)	(32)
Swaps
Defined Benefit Plan Disclosure [Line Items]
Derivatives, Fair Value, Net	$ 492	$ 436

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Aggregate Notional Amount of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Notional Amount of Derivatives	$ 3,081	$ 2,720
Equity index instruments
Defined Benefit Plan Disclosure [Line Items]
Notional Amount of Derivatives	500	361
Forward contracts
Defined Benefit Plan Disclosure [Line Items]
Notional Amount of Derivatives	523	535
Swaps
Defined Benefit Plan Disclosure [Line Items]
Notional Amount of Derivatives	$ 2,058	$ 1,824

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service cost (credit)(2)	$ 0	$ (151)	$ 0
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures(1)	0	3	0
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	57	53	64
Interest cost	265	271	244
Expected return on plan assets	(476)	(467)	(439)
Amortization of actuarial loss	182	125	221
Amortization of prior service cost (credit)(2)	4	5	7
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures(1)	0	9	0
Other	0	0	0
Net periodic benefit cost (credit)	32	(4)	97
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	1
Interest cost	9	10	12
Expected return on plan assets	0	0	0
Amortization of actuarial loss	10	12	14
Amortization of prior service cost (credit)(2)	(9)	(161)	(23)
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures(1)	0	0	0
Other	0	(4)	0
Net periodic benefit cost (credit)	$ 10	(142)	4
Gain on postretirement plan amendment \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service cost (credit)(2)		(151)
Real Estate Divestiture \| Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 2	$ 4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Estimated Amortization from Cumulative Other Comprehensive Loss in 2016 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 161
Prior service cost (credit)	(4)
Net effect cost	157
Pension
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	152
Prior service cost (credit)	4
Net effect cost	156
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	9
Prior service cost (credit)	(8)
Net effect cost	$ 1

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Estimated Projected Benefit Payments for the Next 10 Years (Details) $ in Millions	Dec. 31, 2015 USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments in 2016	$ 334
Expected Future Benefit Payments in 2017	340
Expected Future Benefit Payments in 2018	347
Expected Future Benefit Payments in 2019	354
Expected Future Benefit Payments in 2020	360
Expected Future Benefit Payments in 2021-2025	1,858
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments in 2016	22
Expected Future Benefit Payments in 2017	21
Expected Future Benefit Payments in 2018	20
Expected Future Benefit Payments in 2019	19
Expected Future Benefit Payments in 2020	19
Expected Future Benefit Payments in 2021-2025	$ 81

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Discount Rates and Rates of Compensation Increase Used in Estimating Our Pension and Other Postretirement Benefit Obligation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates	4.50%	4.10%
United States Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates	4.00%	3.60%
Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates	4.00%	3.90%
Canadian Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates	3.90%	3.80%
Pension
Defined Benefit Plan Disclosure [Line Items]
Election of lump sum or installment distributions (US salaried and nonqualified plans only)	60.00%	60.00%
Salaried \| United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase, current year	2.00%	2.50%
Rate of compensation increase, thereafter	13.00%	3.50%
Salaried \| Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase, current year	2.50%	2.50%
Rate of compensation increase, thereafter	3.50%	3.50%
Hourly \| United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase		3.00%
Hourly \| Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	3.25%	3.25%
Minimum \| Hourly \| United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	2.30%
Maximum \| Hourly \| United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	13.00%

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Rates Used to Estimate Our Net Periodic Benefit Costs (Details)	6 Months Ended		12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates	4.40%	4.90%	4.10%		3.70%
United States Pension Plans \| Salaried
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase, current year			2.50%	2.50%	2.50%
Rate of compensation increase, thereafter			3.50%	3.50%	3.50%
United States Pension Plans \| Hourly
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			3.00%	3.00%	3.00%
United States Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates			3.60%	4.00%	3.00%
Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates			3.90%	4.70%	4.10%
Canadian Pension Plans \| Salaried
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase, current year			2.50%	2.50%	2.50%
Rate of compensation increase, thereafter			3.50%	3.50%	3.50%
Canadian Pension Plans \| Hourly
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase			3.25%	3.25%	3.25%
Canadian Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates			3.80%	4.60%	4.00%
Qualified and Registered Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets			9.00%	9.00%	9.00%
Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets			3.50%	3.50%	3.50%
Pension
Defined Benefit Plan Disclosure [Line Items]
Election of lump sum distributions (U.S. salaried and nonqualified plans only)			60.00%	60.00%	56.00%

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Actual Returns on Assets Held by Our Pension Trusts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Actual return on plan assets	$ 226	$ 368	$ 808
Direct investments
Defined Benefit Plan Disclosure [Line Items]
Actual return on plan assets	175	258	568
Derivatives
Defined Benefit Plan Disclosure [Line Items]
Actual return on plan assets	$ 51	$ 110	$ 240

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Assumptions We Use in Estimating Health Care Benefit Costs (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
U.S.
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year		6.30%
Rate to which cost trend rate is assumed to decline (ultimate trend rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2036	2029
U.S. \| Pre Medicare [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year	7.20%
U.S. \| Health Reimbursement Account [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year	4.50%
Canada
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year	5.00%	5.60%
Rate to which cost trend rate is assumed to decline (ultimate trend rate)	4.30%	4.30%
Year that the rate reaches the ultimate trend rate	2028	2028

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Effect of a 1 Percent Change in Health Care Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Effect on total service and interest cost components on 1 percent increase in health care costs (less than)	$ 1
Effect on total service and interest cost components on 1 percent decrease in health care costs (less than)	(1)
Effect on accumulated postretirement benefit obligation on 1 percent increase in health care costs	10
Effect on accumulated postretirement benefit obligation on 1 percent decrease in health care costs	$ (8)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 07, 2014
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actuarial Gain (Loss)					$ 343
Types Of Plans We Sponsor					<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The plans we sponsor in the U.S. and Canada differ according to each country’s requirements.</font></div><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">In the U.S., our pension plans are:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">qualified — plans that qualify under the Internal Revenue Code; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">nonqualified — plans for select employees that provide additional benefits not qualified under the Internal Revenue Code.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">In Canada, our pension plans are:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">registered — plans that are registered under the Income Tax Act and applicable provincial pension acts; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">nonregistered — plans for select employees that provide additional benefits that may not be registered under the Income Tax Act or provincial pension acts.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">We also offer retiree medical and life insurance plans in the U.S. and Canada. These plans are referred to as other postretirement benefit plans in the following disclosures.</font></div></div>
Postretirement obligation increase		$ 45
Amortization of prior service cost (credit)(2)					$ 0	$ (151)	$ 0
Charge for curtailments and special termination benefits					0	(3)	0
Total equity decreased for changes in cumulative other comprehensive loss					60	(698)
Pension plans with accumulated benefit obligations greater than plan assets, projected benefit obligations		6,600			5,500	6,600
Pension plans with accumulated benefit obligations greater than plan assets, accumulated benefit obligations		6,500			5,400	6,500
Pension plans with accumulated benefit obligations greater than plan assets, fair value of assets		5,600			4,700	5,600
Accumulated benefit obligation for all defined benefit pension plans		6,500			$ 6,100	6,500
Retirement Compensation Arrangements					<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Retirement Compensation Arrangements fund a portion of our Canadian nonregistered pension plans.</font></div><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Under Retirement Compensation Arrangements, our contributions are split:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">50 percent to our investments in a portfolio of equities; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">50 percent to a noninterest-bearing refundable tax account held by the Canada Revenue Agency — as required by Canadian tax rules.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The Canadian tax rules requirement means that — on average, over time — approximately 50 percent of our Canadian nonregistered pension plans’ assets do not earn returns.</font></div></div>
Actual return on plan assets					$ 226	368	808
Number of employees covered under union-administered multiemployer pension plans					1,200
Multiemployer benefit plans contributions					$ 4	4	4
Employer contributions to defined contribution plans					21	20	$ 20
Qualified and Registered Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		5,630			$ 5,481	$ 5,630
Expected return on plan assets					9.00%	9.00%	9.00%
Actual return on plan assets					$ 226
Pension
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actuarial Gain (Loss)					309	$ (1,006)
Benefit Plan Amendment				<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">During fourth quarter 2013, we ratified an amendment to the Weyerhaeuser Pension Plan that closes the plan to newly hired and rehired salaried or non union employees effective January 1, 2014. Certain union employee groups adopted similar amendments effective at other dates. Beginning at the effective date, new hires and rehires into groups affected by these amendments will receive a company contribution for retirement in their 401(k) plan. The change was announced in December 2013.</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">During fourth quarter 2013, we ratified amendments to the Weyerhaeuser Company Limited Retirement Plan for Non-Union Employees and the Retirement Plan for Non-Union Employees of Weyerhaeuser Company Limited at Grand Prairie, Alberta and Grande Cache, Alberta that (1) closes these plans to new hires and rehires effective January 1, 2014 and (2) changes the early retirement reduction for current employees enrolled in these plans, effective for future years of service beginning January 1, 2016. These changes were announced to participants in December 2013.</font></div></div>
Amortization of prior service cost (credit)(2)					4	5	$ 7
Charge for curtailments and special termination benefits					0	(9)	0
Increase in fair value of pension assets	$ 57				57	53
Employer contributions and benefit payments					60	70
Fair value of plan assets		$ 5,643		$ 5,614	5,491	5,643	5,614
Percentage increase in fair value of pension assets	1.00%
Actual return on plan assets					226	$ 368
Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					33
Expected contribution to benefit plans during 2016					$ 16
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates		4.10%			4.50%	4.10%
Annual rate of return on assets over 31 years					14.20%
Annual rate of return on assets over the past 5 years					8.00%
Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates		3.90%			4.00%	3.90%
Canadian Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates		3.80%			3.90%	3.80%
United States Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rates		3.60%			4.00%	3.60%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actuarial Gain (Loss)					$ 34	$ (4)
Benefit Plan Amendment		<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">During fourth quarter 2014, the decision was ratified to reinstate or modify available options for U.S. and Canadian postretirement benefits for certain retirees. As a result, our postretirement obligation increased by </font><font style="font-family:Arial;font-size:8pt;">$45 million</font><font style="font-family:Arial;font-size:8pt;">.</font></div></div>		<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">During fourth quarter 2013, the decision was ratified to eliminate Company funding of the Post-Medicare Health Reimbursement Account (HRA) for certain salaried retirees after 2014. This change was communicated to affected retirees during January 2014. As a result, we recognized a pretax gain of </font><font style="font-family:Arial;font-size:8pt;">$151 million</font><font style="font-family:Arial;font-size:8pt;"> in 2014 from this plan amendment.</font></div></div>
Amortization of prior service cost (credit)(2)					(9)	(161)	(23)
Charge for curtailments and special termination benefits					0	0	0
Increase in fair value of pension assets					0	0
Employer contributions and benefit payments					23	31
Fair value of plan assets		$ 0		$ 0	0	0	$ 0
Expected contribution to benefit plans during 2016					22
Actual return on plan assets					0	0
Non-Qualified U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					24
Expected contribution to benefit plans during 2016					19
Qualified U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Charge for curtailments and special termination benefits			$ (9)
Funded status of our plan reduced			(291)
Discount rates				4.90%			4.90%	4.40%
Deferred tax liabilities decrease			(108)
Total equity decreased for changes in cumulative other comprehensive loss			(183)
Expected contribution to benefit plans during 2016					0
Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions and benefit payments					3
Fair value of plan assets		13			10	$ 13
Expected contribution to benefit plans during 2016					$ 3
Expected Return on Plan Assets					<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;"></font><font style="font-family:Arial;font-size:8pt;">Canadian tax rules require that 50 percent of the assets for nonregistered plans go to a noninterest-bearing refundable tax account. As a result, the return we earn investing the other 50 percent is spread over 100 percent of the assets.</font></div></div>
Expected return on plan assets					3.50%	3.50%	3.50%
Canada
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year					5.00%	5.60%
U.S.
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year						6.30%
U.S. \| Qualified and Registered Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected Return on Plan Assets					<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Our expected long-term rate of return for plan assets as of </font><font style="font-family:Arial;font-size:8pt;">December 31, 2015</font><font style="font-family:Arial;font-size:8pt;">, is comprised of: </font><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;"> </font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">a </font><font style="font-family:Arial;font-size:8pt;">7.2 percent</font><font style="font-family:Arial;font-size:8pt;"> assumed return from direct investments and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">a </font><font style="font-family:Arial;font-size:8pt;">1.7 percent</font><font style="font-family:Arial;font-size:8pt;"> assumed return from derivatives.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Determining our expected return:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">requires a high degree of judgment,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">uses our historical fund returns as a base and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">places added weight on more recent pension plan asset performance.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Over the 31 years it has been in place, our U.S. pension trust investment strategy has achieved a </font><font style="font-family:Arial;font-size:8pt;">14.2 percent</font><font style="font-family:Arial;font-size:8pt;"> net compound annual return rate. The past 5 years, our net compounded annual return was </font><font style="font-family:Arial;font-size:8pt;">8.0 percent</font><font style="font-family:Arial;font-size:8pt;">.</font></div></div>
U.S. \| Pre Medicare [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted health care cost trend rate assumed for next year					7.20%
Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		4,840		$ 4,935	$ 4,722	$ 4,840	$ 4,935
Fair Value, Inputs, Level 3 \| Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets					$ 4,700
Fair value of plan assets, percent					86.00%
Fair Value, Inputs, Level 3 \| Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0			$ 0	0
Investments \| Qualified and Registered Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets					7.20%
Derivatives \| Qualified and Registered Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets					1.70%
Investments we are allowed to invest \| Non Registered Canadian Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets					7.00%
Collective Bargaining Arrangement \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to benefit plans during 2016					$ 7
Real Estate Divestiture \| Qualified U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Charge for curtailments and special termination benefits			(6)
Charges for restructuring, closures and impairments \| Qualified U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Charge for curtailments and special termination benefits			$ (3)
Gain on postretirement plan amendment \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Amortization of prior service cost (credit)(2)						$ (151)

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Proceeds of investments (payments of liabilities) held by special purpose entities	$ 0	$ 0	$ 22
Interest expense	347	344	369
Net deferred tax liability	82
Special Purpose Entities
Variable Interest Entity [Line Items]
Proceeds of investments (payments of liabilities) held by special purpose entities			22
Interest expense	29	29	29
Interest income	$ 34	34	34
Number of qualifying special purpose entities	3
Net equity in SPEs	$ 105
Net deferred tax liability	180
Buyer-sponsored SPEs
Variable Interest Entity [Line Items]
Proceeds of investments (payments of liabilities) held by special purpose entities			184
Restricted financial investments	$ 615	$ 615
Weighted average interest rate	5.50%	5.50%
Buyer-sponsored SPEs \| Restricted bank financial instruments due in 2019
Variable Interest Entity [Line Items]
Restricted financial investments	$ 253
Investment, maturity date	Dec. 31, 2019
Buyer-sponsored SPEs \| Restricted bank financial instruments due in 2020
Variable Interest Entity [Line Items]
Restricted financial investments	$ 362
Investment, maturity date	Dec. 31, 2020
Monetization SPEs
Variable Interest Entity [Line Items]
Proceeds of investments (payments of liabilities) held by special purpose entities			$ (162)
Weighted average interest rate	5.60%	5.60%
Long-term notes	$ 511	$ 511
Monetization SPEs \| Long-term debt due in 2019
Variable Interest Entity [Line Items]
Long-term notes	$ 209
Debt, maturity date	Dec. 31, 2019
Monetization SPEs \| Long-term debt due in 2020
Variable Interest Entity [Line Items]
Long-term notes	$ 302
Debt, maturity date	Dec. 31, 2020

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Wages, salaries and severance pay	$ 150	$ 161
Pension and postretirement	44	47
Vacation pay	46	47
Taxes – Social Security and real and personal property	24	24
Interest	104	105
Customer rebates and volume discounts	46	46
Deferred income	52	75
Other	83	82
Total	$ 549	$ 587

LINES OF CREDIT - Other Letters of Credit and Surety Bonds (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Letters of credit	$ 47	$ 44
Surety bonds	$ 113	$ 231

LINES OF CREDIT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015
Line of Credit Facility [Line Items]
Line of credit, amount outstanding		$ 0
Compensating balance requirments for our letters of credit		$ 17
Revolving credit facility, new
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000
Line of credit, expiration date	Sep. 30, 2018
Revolving credit facility, old
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000
Line of credit, expiration date	Jun. 30, 2015

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions 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

LONG-TERM DEBT - Long-Term Debt by Types and Interest Rates (Includes Current Portion) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Long-term debt	$ 0
Other	1	$ 1
Long-term debt, before unamortized discounts	4,896	4,896
Less unamortized discounts	(5)	(5)
Total	4,891	4,891
Portion due within one year	0	0
6.95% debentures due 2017
Debt Instrument [Line Items]
Long-term debt	$ 281	281
Debt, interest rate	6.95%
Debt, maturity date	Dec. 31, 2017
7.00% debentures due 2018
Debt Instrument [Line Items]
Long-term debt	$ 62	62
Debt, interest rate	7.00%
Debt, maturity date	Dec. 31, 2018
7.375% notes due 2019
Debt Instrument [Line Items]
Long-term debt	$ 500	500
Debt, interest rate	7.375%
Debt, maturity date	Dec. 31, 2019
Variable rate term loan credit facility matures 2020
Debt Instrument [Line Items]
Long-term debt	$ 550		$ 550
Debt, maturity date	Dec. 31, 2020
9.00% debentures due 2021
Debt Instrument [Line Items]
Long-term debt	$ 150	150
Debt, interest rate	9.00%
Debt, maturity date	Dec. 31, 2021
7.125% debentures due 2023
Debt Instrument [Line Items]
Long-term debt	$ 191	191
Debt, interest rate	7.125%
Debt, maturity date	Dec. 31, 2023
4.625% notes due 2023
Debt Instrument [Line Items]
Long-term debt	$ 500		$ 500
Debt, interest rate	4.625%
Debt, maturity date	Dec. 31, 2023
8.50% debentures due 2025
Debt Instrument [Line Items]
Long-term debt	$ 300	300
Debt, interest rate	8.50%
Debt, maturity date	Dec. 31, 2025
7.95% debentures due 2025
Debt Instrument [Line Items]
Long-term debt	$ 136	136
Debt, interest rate	7.95%
Debt, maturity date	Dec. 31, 2025
7.70% debentures due 2026
Debt Instrument [Line Items]
Long-term debt	$ 150	150
Debt, interest rate	7.70%
Debt, maturity date	Dec. 31, 2026
7.35% debentures due 2026
Debt Instrument [Line Items]
Long-term debt	$ 62	62
Debt, interest rate	7.35%
Debt, maturity date	Dec. 31, 2026
7.85% debentures due 2026
Debt Instrument [Line Items]
Long-term debt	$ 100	100
Debt, interest rate	7.85%
Debt, maturity date	Dec. 31, 2026
6.95% debentures due 2027
Debt Instrument [Line Items]
Long-term debt	$ 300	300
Debt, interest rate	6.95%
Debt, maturity date	Dec. 31, 2027
7.375% debentures due 2032
Debt Instrument [Line Items]
Long-term debt	$ 1,250	1,250
Debt, interest rate	7.375%
Debt, maturity date	Dec. 31, 2032
6.875% debentures due 2033
Debt Instrument [Line Items]
Long-term debt	$ 275	275
Debt, interest rate	6.875%
Debt, maturity date	Dec. 31, 2033
Industrial revenue bonds, rates from 6.7% to 6.8%, due 2022
Debt Instrument [Line Items]
Long-term debt	$ 88	$ 88
Debt, interest rate minimum	6.70%
Debt, interest rate maximum	6.80%
Debt, maturity date	Dec. 31, 2022

LONG-TERM DEBT - Amounts of Long-Term Debt Due Annually for the Next Five Years and the Total Amount Due After 2020 (Details) $ in Millions	Dec. 31, 2015 USD ($)
Long-term debt maturities
2016	$ 0
2017	281
2018	62
2019	500
2020	550
Thereafter	$ 3,503

LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt		$ 0
4.625% notes due 2023
Debt Instrument [Line Items]
Long-term debt	$ 500	$ 500
Net proceeds from issuance of debt	495
Debt, interest rate		4.625%
Variable rate term loan credit facility matures 2020
Debt Instrument [Line Items]
Long-term debt	550	$ 550
Proceeds from long-term debt	550
Longview Timber assumed debt
Debt Instrument [Line Items]
Early repayment of long-term debt	1,118
Pretax charges in connection with early extinguishment of debt	$ 25

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated fair values and carrying values of our long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 4,891	$ 4,891
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 5,620	$ 5,922

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Changes in the Reserve for Environmental Remediation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Environmental Exit Cost [Line Items]
Reserve balance as of December 31, 2014	$ 29
Reserve charges and adjustments, net	15
Payments	(7)
Reserve balance as of December 31, 2015	$ 37
Total active sites as of December 31, 2015	38

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Changes in the Reserve for Asset Retirement Obligations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Loss Contingencies [Line Items]
Reserve balance as of December 31, 2014	$ 40
Reserve charges and adjustments, net	10
Payments	(11)
Other adjustments(1)	(5)
Reserve balance as of December 31, 2015	$ 34

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Our purchase obligations (Details) $ in Millions	Dec. 31, 2015 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase obligation in 2016	$ 84
Purchase obligation in 2017	33
Purchase obligation in 2018	8
Purchase obligation in 2019	2
Purchase obligation in 2020	2
Purchase obligation Thereafter	$ 17

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Our rent expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leased Assets [Line Items]
Rent expense	$ 31	$ 32	$ 38

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Our operating lease commitments (Details) $ in Millions	Dec. 31, 2015 USD ($)
Operating Leased Assets [Line Items]
Operating lease commitment due 2016	$ 27
Operating lease commitment due 2017	26
Operating lease commitment due 2018	21
Operating lease commitment due 2019	17
Operating lease commitment due 2020	14
Operating lease commitment due Thereafter	$ 105

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Loss Contingencies [Line Items]
Remediation costs for all identified sites may exceed reserves	$ 116
Timberlands lease
Loss Contingencies [Line Items]
Lease expiration date	Dec. 31, 2023
Guaranteed future payments on lease	$ 15

SHAREHOLDERS' INTEREST - Reconciliation of Our Common Share Activity (Details) - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Outstanding at beginning of year		524,474,315	583,548,000	542,393,000
New issuance (Note 4)		0	0	33,350,000
Shares tendered (Note 3)	(59,000,000)	0	(58,813,151)	0
Issued for restricted stock units		365,000	451,000	462,000
Repurchased		(16,190,000)	(6,063,000)	0
Outstanding at end of year		510,483,285	524,474,315	583,548,000
Stock options exercised
Class of Stock [Line Items]
Shares issued		1,592,000	5,134,000	7,209,000
Issued for performance shares
Class of Stock [Line Items]
Shares issued		242,000	217,000	134,000

SHAREHOLDERS' INTEREST - Changes in amounts included in our cumulative other comprehensive income (loss) by component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Beginning balance	$ (1,393)	$ (686)
Other comprehensive income (loss) before reclassifications	124	(1,075)
Income taxes	(64)	377
Net other comprehensive income (loss) before reclassifications	60	(698)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	187	(19)
Income taxes	(66)	10
Net amounts reclassified from cumulative other comprehensive income (loss)	121	(9)
Total other comprehensive income (loss)	181	(707)
Ending balance	(1,212)	(1,393)
Foreign currency translation adjustments
Beginning balance	304	354
Other comprehensive income (loss) before reclassifications	(97)	(50)
Income taxes	0	0
Net other comprehensive income (loss) before reclassifications	(97)	(50)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	0	0
Income taxes	0	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0	0
Total other comprehensive income (loss)	(97)	(50)
Ending balance	207	304
Unrealized gains on available-for-sale securities
Beginning balance	6	6
Other comprehensive income (loss) before reclassifications	0	0
Income taxes	0	0
Net other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from cumulative other comprehensive income (loss)(1)	0	0
Income taxes	0	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0	0
Total other comprehensive income (loss)	0	0
Ending balance	6	6
Pension \| Actuarial losses
Beginning balance	(1,623)	(1,066)
Other comprehensive income (loss) before reclassifications	184	(1,008)
Income taxes	(52)	369
Net other comprehensive income (loss) before reclassifications	132	(639)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	182	125
Income taxes	(63)	(43)
Net amounts reclassified from cumulative other comprehensive income (loss)	119	82
Total other comprehensive income (loss)	251	(557)
Ending balance	(1,372)	(1,623)
Pension \| Prior service credits (costs)
Beginning balance	(15)	(19)
Other comprehensive income (loss) before reclassifications	2	1
Income taxes	0	0
Net other comprehensive income (loss) before reclassifications	2	1
Amounts reclassified from cumulative other comprehensive income (loss)(1)	4	5
Income taxes	(2)	(2)
Net amounts reclassified from cumulative other comprehensive income (loss)	2	3
Total other comprehensive income (loss)	4	4
Ending balance	(11)	(15)
Other Postretirement Benefits \| Actuarial losses
Beginning balance	(108)	(111)
Other comprehensive income (loss) before reclassifications	37	(6)
Income taxes	(12)	1
Net other comprehensive income (loss) before reclassifications	25	(5)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	10	12
Income taxes	(4)	(4)
Net amounts reclassified from cumulative other comprehensive income (loss)	6	8
Total other comprehensive income (loss)	31	3
Ending balance	(77)	(108)
Other Postretirement Benefits \| Prior service credits (costs)
Beginning balance	43	150
Other comprehensive income (loss) before reclassifications	(2)	(12)
Income taxes	0	7
Net other comprehensive income (loss) before reclassifications	(2)	(5)
Amounts reclassified from cumulative other comprehensive income (loss)(1)	(9)	(161)
Income taxes	3	59
Net amounts reclassified from cumulative other comprehensive income (loss)	(6)	(102)
Total other comprehensive income (loss)	(8)	(107)
Ending balance	$ 35	$ 43

SHAREHOLDERS' INTEREST - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Jul. 08, 2013	Jun. 24, 2013	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 08, 2015	Aug. 27, 2015	Aug. 13, 2014
Class of Stock [Line Items]
New shares issued				0	0	33,350,000
Stock repurchase program, shares repurchased				16,190,000	6,063,000	0
Stock repurchase program, repurchase of common stock, cash settlement				$ 518	$ 203	$ 0
Stock repurchase program 2014
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount									$ 700
Stock repurchase program, shares repurchased				15,471,962	6,062,993
Stock repurchase program, shares repurchased value				$ 497	$ 203
Stock repurchase program August 2015
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount								$ 500
Stock repurchase program, shares repurchased				717,464
Stock repurchase program, shares repurchased value				$ 22
Stock repurchase program, remaining authorized repurchase amount				$ 478
Stock repurchase program November 2015
Class of Stock [Line Items]
Stock repurchase program, authorized repurchase amount							$ 2,500
Stock repurchase program, shares repurchased				0
Preferred shares
Class of Stock [Line Items]
Preferred shares, outstanding				0	0
Preferred shares, authorized				7,000,000
Preferred shares, par value				$ 1
6.375 percent Mandatory Convertible Preference Shares, Series A
Class of Stock [Line Items]
Preferred shares, outstanding				13,799,711	13,800,000
Preferred shares, authorized				40,000,000	40,000,000
Preferred shares, par value		$ 1.00		$ 1.00	$ 1.00
New shares issued		13,800,000
Preference shares, liquidation preference		$ 50.00		$ 50.00	$ 50.00
Net proceeds from issuance of preference shares		$ 669
Preference shares, dividend rate		6.375%
Conversion of Stock, Shares Converted			289
Common shares:
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities			436
New shares issued	4,400,000	29,000,000
Minimum \| 6.375 percent Mandatory Convertible Preference Shares, Series A
Class of Stock [Line Items]
Preference shares, shares that will be issued upon conversion				1.5283
Maximum \| 6.375 percent Mandatory Convertible Preference Shares, Series A
Class of Stock [Line Items]
Preference shares, shares that will be issued upon conversion				1.8339

SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Stock Options Granted (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	25.92%	31.71%	38.00%
Expected dividends	3.28%	2.92%	2.23%
Expected term (in years)	4 years 9 months 7 days	4 years 11 months 19 days	4 years 11 months 19 days
Risk-free rate	1.54%	1.57%	0.92%
Weighted average grant-date fair value	$ 5.85	$ 6.62	$ 8.40

SHARE-BASED COMPENSATION - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Options
Balance, beginning of year	12,285,000
Granted	2,123,000
Exercised	(1,376,000)
Forfeited or expired	(269,000)
Balance, end of year	12,763,000	12,285,000
Exercisable, end of year	8,442,000
Number of options outstanding that have met the requisite service period and will be released as identifed in the grant terms	1,034,000
Weighted Average Exercise Price
Balance, beginning of year	$ 24.19
Granted	35.40
Exercised	24.46
Forfeited or expired	31.34
Balance, end of year	25.88	$ 24.19
Exercisable, end of year	$ 22.78
Weighted Average Remaining Contractual Term
Balance, end of year	5 years 2 months 12 days
Exercisable, end of year	3 years 7 months 13 days
Aggregate Intrinsic Value
Balance, end of year	$ 65
Exercisable, end of year	$ 62
Real Estate Divestiture
Options
Forfeited or expired		(1,601,000)

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units Award Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Units
Balance, beginning of year	1,227,000
Granted	433,000
Vested	(489,000)
Forfeited	(67,000)
Balance, end of year	1,104,000	1,227,000
Nonvested restricted stock units that have met the requisite service period and will be released as identified in the grant terms	232,000
Weighted Average Grant Date Fair Value
Balance, beginning of year	$ 28.06
Granted	35.41	$ 30.14	$ 30.54
Vested	26.70
Forfeited	31.11
Balance, end of year	$ 31.37	$ 28.06
Real Estate Divestiture
Stock Units
Forfeited		(280,000)

SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Performance Share Units (Details) - Performance share units - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1/1/2015 – 12/31/2017	1/1/2014 – 12/31/2015	1/1/2013 – 12/31/2014
Valuation date closing stock price	$ 35.41	$ 30.16	$ 30.48
Expected dividends	3.26%	2.91%	2.23%
Risk-free rate minimum	0.05%	0.03%	0.09%
Risk-free rate maximum	1.07%	0.79%	0.46%
Volatility minimum	16.33%	20.74%	22.09%
Volatility maximum	20.89%	23.53%	29.57%
Weighted average grant-date fair value	$ 34.75	$ 30.62	$ 31.59

SHARE-BASED COMPENSATION - Schedule of Performance Share Units Activity (Details) - Performance share units - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Units
Balance, beginning of year	890,000
Granted	239,000
Vested	(395,000)
Forfeited	(23,000)
Performance adjustment	(31,000)
Balance, end of year	680,000	890,000
Nonvested performance share units that have met the requisite service period and will be released as identified in the grant terms	134,000
Weighted Average Grant Date Fair Value
Balance, beginning of year	$ 29.46
Granted	34.75	$ 30.62	$ 31.59
Vested	29.08
Forfeited	31.34
Performance adjustment	30.62
Balance, end of year	$ 31.42	$ 29.46
Real Estate Divestiture
Stock Units
Forfeited		(44,000)

SHARE-BASED COMPENSATION - Weighted Average Assumptions Used to Re-measure the Value of Stock Appreciation Rights (Details) - Stock appreciation rights - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	22.10%	18.20%	24.02%
Expected dividends	4.20%	3.21%	2.81%
Expected term (in years)	1 year 11 months 9 days	1 year 3 months 26 days	1 year 1 month 28 days
Risk-free rate	0.99%	0.45%	0.19%
Weighted average fair value	$ 6.96	$ 12.70	$ 8.68

SHARE-BASED COMPENSATION - Schedule of Stock Appreciation Rights Activity (Details) - Stock appreciation rights $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Rights
Balance, beginning of year \| shares	417
Granted \| shares	58
Exercised \| shares	(79)
Forfeited or expired \| shares	(14)
Balance, end of year \| shares	382
Exercisable, end of year \| shares	289
Weighted Average Exercise Price
Balance, beginning of year \| $ / shares	$ 22.85
Granted \| $ / shares	35.40
Exercised \| $ / shares	23.91
Forfeited or expired \| $ / shares	31.01
Balance, end of year \| $ / shares	24.25
Exercisable, end of year \| $ / shares	$ 21.63
Average Remaining Contractual Term
Balance, end of year	4 years 4 months 2 days
Exercisable, end of year	2 years 11 months 23 days
Aggregate Intrinsic Value
Balance, end of year \| $	$ 14
Exercisable, end of year \| $	$ 11

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation expense	$ 31	$ 40	$ 42
Number of shares available for future grants under the Plan	17,317,903
Number of shares of stock options and stock appreciation rights an individual may receive in one year	2,000,000
Number of shares of restricted stock, restricted stock units, performance shares, performance share units or other equity grants an individual may receive in one year	1,000,000
Value of awards no participant may be granted in a 12 month period	$ 10
Increase in common share if all share-based awards were exercised or vested	32,000,000
Total income tax benefit from share-based awards	$ 8	11	10
Realized excess tax benefits	4	10	13
Total intrinsic value of stock options exercised	13	55	61
Total grant-date fair value of stock options vested	$ 14	$ 16	$ 14
Detail of deferred compensation stock equivalent units	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Certain employees and our board of directors may defer compensation into stock-equivalent units.</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-style:normal;font-weight:bold;text-decoration:none;">The Details</font></div><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The plan works differently for employees and directors.</font></div><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Eligible employees:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">may choose to defer all or part of their bonus into stock-equivalent units;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">may choose to defer part of their salary, except for executive officers; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">receive a 15 percent premium if the deferral is for at least five years.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Our directors:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">receive a portion of their annual retainer fee in the form of restricted stock units, which vest over one year and may be deferred into stock-equivalent units;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">may choose to defer some or all of the remainder of their annual retainer fee into stock-equivalent units; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">do not receive a premium for their deferrals.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Employees and directors also choose when the deferrals will be paid out although no deferrals may be paid until after the separation from service of the employee or director.</font></div></div>
Number of common shares to be issued for directors who elected common share payments subsequent to year-end	651,729
Number of stock-equivalent units outstanding in deferred compensation accounts	1,003,053	944,966	915,160
Stock options
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Terms of award	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Our stock options generally:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest over four years of continuous service and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">must be exercised within 10 years of the grant-date.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The vesting and post-termination vesting terms for stock options granted in </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:Arial;font-size:8pt;">, </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:Arial;font-size:8pt;"> and </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:Arial;font-size:8pt;"> were as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest ratably over four years;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest or continue to vest in the event of death while employed or disability; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">continue to vest for one year in the event of involuntary termination when the retirement criteria has not been met; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">stop vesting for all other situations including early retirement prior to age 62.</font></div></td></tr></table></div>
Restricted stock units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Terms of award	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Our restricted stock units granted in </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:Arial;font-size:8pt;">, </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:Arial;font-size:8pt;"> and </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:Arial;font-size:8pt;"> generally:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest ratably over four years; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">immediately vest in the event of death while employed or disability;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">continue vesting for one year in the event of involuntary termination when the retirement has not been met; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.</font></div></td></tr></table></div>
Weighted average grant-date fair value	$ 35.41	$ 30.14	$ 30.54
Total grant-date fair value vested	$ 14	$ 16	$ 14
Performance share units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Terms of award	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The final number of shares awarded will range from </font><font style="font-family:Arial;font-size:8pt;">0 percent</font><font style="font-family:Arial;font-size:8pt;"> to </font><font style="font-family:Arial;font-size:8pt;">150 percent</font><font style="font-family:Arial;font-size:8pt;"> of each grant’s target, depending upon actual company performance.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">For shares granted in </font><font style="font-family:Arial;font-size:8pt;">2015</font><font style="font-family:Arial;font-size:8pt;"> the ultimate number of performance share units earned is based on two measures:</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">our relative total shareholder return (TSR) ranking measured against the S&P 500 over a three year period and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">our relative TSR ranking measured against an industry peer group of companies over a three year period.</font></div></td></tr></table><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The vesting provisions for performance share units granted in </font><font style="font-family:Arial;font-size:8pt;">2015</font><font style="font-family:Arial;font-size:8pt;"> were as follows:</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest 100 percent on the third anniversary of the grant date as long as the individual remains employed by the company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">fully vest in the event the participant dies or becomes disabled while employed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.</font></div></td></tr></table><div style="line-height:120%;padding-top:12px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">For shares granted in 2014 and 2013 the ultimate number of performance share units earned is based on two measures:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Weyerhaeuser’s cash flow during the first year determined the initial number of units earned and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Weyerhaeuser’s relative total shareholder return (TSR) ranking in the S&P 500 during the first two years is used to adjust the initial number of units earned up or down by </font><font style="font-family:Arial;font-size:8pt;">20 percent</font><font style="font-family:Arial;font-size:8pt;">.</font></div></td></tr></table><div style="line-height:120%;padding-top:8px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">At the end of the two-year performance period and over a further two-year vesting period, performance share units would be paid in shares of our stock. Performance share units granted and that are earned vest as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">vest 50 percent, 25 percent and 25 percent on the second, third and fourth anniversaries of the grant-date, respectively, as long as the individual remains employed by the company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">fully vest in the event the participant dies or becomes disabled while employed;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">continue vesting for one year in the event of involuntary termination when the retirement has not been met; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.</font></div></td></tr></table></div>
Weighted average grant-date fair value	$ 34.75	$ 30.62	$ 31.59
Total grant-date fair value vested	$ 9	$ 7	$ 5
Performance share units \| Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Final number of shares awarded of each grant's target	0.00%
Performance share units \| Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Final number of shares awarded of each grant's target	150.00%
Total shareholder return ranking in the S&P 500 during the first two years is used to adjust the initial number of units earned up or down	20.00%
Stock appreciation rights
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Terms of award	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:2px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Stock appreciation rights are similar to stock options. Employees benefit when the market price of our stock is higher on the exercise date than it was on the date the stock appreciation rights were granted. The differences are that the employee:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:6px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">receives the benefit as a cash award and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;color:#39754e;font-weight:bold;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">does not purchase the underlying stock.</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">The vesting conditions and exceptions are the same as for 10-year stock options. Details are in the Stock Options section earlier in this note.</font></div><div style="line-height:120%;padding-top:6px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Stock appreciation rights are generally issued to employees outside of the U.S.</font></div></div>
Total liabilities paid	$ 1	$ 2	$ 4
Equity-classified share-based compensation arrangements
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized share-based compensation cost	$ 40
Unrecognized share-based compensation costs, weighted average period for recognition	2 years 3 months 18 days
2014 grants \| Performance share units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Final number of shares awarded of each grant's target		114.00%
2013 grants \| Performance share units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Final number of shares awarded of each grant's target			150.00%
Total shareholder return ranking in the S&P 500 during the first two years is used to adjust the initial number of units earned up or down		11.00%	15.00%
Real Estate Divestiture
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation expense		$ 3	$ 5
Total income tax benefit from share-based awards		1	2
Realized excess tax benefits		$ 2	$ 2

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS - Items Included in Our Restructuring, Closure and Asset Impairment Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring and closure charges:
Termination benefits	$ 4	$ 27	$ 1
Pension and postretirement charges	0	3	0
Other restructuring and closure costs	6	12	4
Charges for restructuring and closures	10	42	5
Impairment of long-lived assets	15	2	372
Total charges for restructuring, closures and impairments	$ 25	$ 44	$ 377

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS - Changes in accrued severance related to restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Costs and Asset Impairment Charges [Abstract]
Accrued severance as of December 31, 2014	$ 10
Charges	4	$ 27	$ 1
Payments	(9)
Accrued severance as of December 31, 2015	$ 5	$ 10

CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Impairment of long-lived assets		$ 15	$ 2	$ 372
Fair Value, Inputs, Level 3 \| Wood Products
Impairment of long-lived assets				$ 9
Unallocated Items \| Fair Value, Inputs, Level 2 and 3 \| Coyote Springs Property
Non-cash impairment charge	$ 356
Unallocated Items \| Fair Value, Inputs, Level 3 \| Nonstrategic asset [Member]
Impairment of long-lived assets		$ 13

OTHER OPERATING COSTS (INCOME), NET - Various Income and Expense Items Included in Other Operating Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain on postretirement plan amendment (Note 9)	$ 0	$ (151)	$ 0
Gain on disposition of nonstrategic assets	(12)	(27)	(19)
Foreign exchange losses, net	47	27	7
Land management income	(37)	(34)	(28)
Litigation expense, net	23	9	16
Other, net	(17)	(25)	(11)
Total	18	(201)	(35)
Plum Creek Timber Company, Inc. [Member]
Plum Creek merger-related costs	$ 14	$ 0	$ 0

OTHER OPERATING COSTS (INCOME), NET - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain on disposition of non-strategic assets	$ 12	$ 27	$ 19
Landfill in Washington State
Gain on disposition of non-strategic assets		$ 22

INCOME TAXES - Domestic and Foreign Earnings (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Domestic earnings									$ 421	$ 970	$ 198
Foreign earnings									82	43	122
Earnings from continuing operations before income taxes	$ 51	$ 175	$ 157	$ 120	$ 214	$ 237	$ 328	$ 234	$ 503	$ 1,013	$ 320

INCOME TAXES - Provision (Benefit) for Income Taxes From Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 3	$ (26)	$ (80)
State	(1)	12	(18)
Foreign	(5)	3	(21)
Total	(3)	(11)	(119)
Deferred:
Federal	(30)	178	(79)
State	2	6	6
Foreign	28	12	21
Total	0	196	(52)
Total income tax provision (benefit)	$ (3)	$ 185	$ (171)

INCOME TAXES - Effective Income Tax Rate Applicable to Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
U.S. federal statutory income tax	$ 176	$ 354	$ 112
State income taxes, net of federal tax benefit	1	14	7
REIT income not subject to federal income tax	(158)	(161)	(101)
REIT benefit from change to tax law	(13)	0	0
Foreign taxes	0	(2)	(8)
Provision for unrecognized tax benefits	(7)	(4)	(193)
Repatriation of Canadian earnings	0	0	21
Domestic production activities deduction	0	0	(13)
Other, net	(2)	(16)	4
Total income tax provision (benefit)	$ (3)	$ 185	$ (171)
Effective income tax rate	(0.50%)	18.30%	(53.40%)

INCOME TAXES - Balance Sheet Classification of Deferred Income Tax Assets (Liabilities) Related to Continuing Operations (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Net noncurrent deferred tax asset	$ 4	$ 44
Net noncurrent deferred tax liability	(86)	(14)
Net deferred tax asset (liability)	$ (82)
Net deferred tax asset (liability)		$ 30

INCOME TAXES - Items Included in Our Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Postretirement benefits	$ 80	$ 101
Pension	260	369
State tax credits	56	56
Net operating loss carryforwards	59	86
Cellulosic biofuel producers credit	78	100
Other	203	223
Gross deferred tax assets	736	935
Valuation allowance	(72)	(72)
Net deferred tax assets	664	863
Property, plant and equipment	(496)	(523)
Timber installment notes	(180)	(180)
Other	(70)	(130)
Deferred tax liabilities	(746)	(833)
Net deferred tax asset (liability)	$ (82)
Net deferred tax asset (liability)		$ 30

INCOME TAXES - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Balance at beginning of year	$ 11	$ 26
Settlements	(4)	0
Lapse of statute	(1)	(15)
Balance at end of year	$ 6	$ 11

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation allowance	$ (72)	$ (72)
Foreign undistributed earnings	34
Unrecognized tax benefits	6	11	$ 26
Unrecognized tax benefits, interest	1	3
Unrecognized tax benefits, payment made in advance of settlements		6
Credits and loss carryovers	3	4
Unrecognized tax benefits, net	4	4
Unrecognized tax benefits that would affect our effective tax rate	5	$ 12
Unrecognized tax benefits, decrease estimate due to resolution of examinations	1
U.S. TRS
Net operating loss carryforwards	$ 29
Net operating loss carryforwards, expiration dates	Dec. 31, 2035
Credit carryforwards	$ 93
U.S. TRS \| Minimum
Credit carryforwards, expiration dates	Dec. 31, 2019
U.S. TRS \| Maximum
Credit carryforwards, expiration dates	Dec. 31, 2035
Foreign
Net operating loss carryforwards	$ 142
Credit carryforwards	$ 6
Foreign \| Minimum
Net operating loss carryforwards, expiration dates	Dec. 31, 2016
Credit carryforwards, expiration dates	Dec. 31, 2016
Foreign \| Maximum
Net operating loss carryforwards, expiration dates	Dec. 31, 2032
Credit carryforwards, expiration dates	Dec. 31, 2032
State
Net operating loss carryforwards	$ 299
Credit carryforwards	$ 43
State \| Minimum
Net operating loss carryforwards, expiration dates	Dec. 31, 2024
Credit carryforwards, expiration dates	Dec. 31, 2016
State \| Maximum
Net operating loss carryforwards, expiration dates	Dec. 31, 2035
Credit carryforwards, expiration dates	Dec. 31, 2029
Federal, state and foreign
Net operating loss carryforwards	$ 903
Credit carryforwards	188
U.S. REIT
Net operating loss carryforwards	$ 433
U.S. REIT \| Minimum
Net operating loss carryforwards, expiration dates	Dec. 31, 2030
U.S. REIT \| Maximum
Net operating loss carryforwards, expiration dates	Dec. 31, 2035
Without expiration \| State
Credit carryforwards	$ 46

GEOGRAPHIC AREAS - Sales by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,734	$ 1,820	$ 1,807	$ 1,721	$ 1,788	$ 1,915	$ 1,964	$ 1,736	$ 7,082	$ 7,403	$ 7,254
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									4,819	4,889	4,761
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									612	682	758
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									397	477	453
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									353	424	418
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									308	328	298
South America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									82	87	80
Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									511	516	486
Export sales from the U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									1,719	1,892	1,891
Export sales from the U.S. \| Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									558	620	676
Export sales from the U.S. \| China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									333	416	411
Export sales from the U.S. \| Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 828	$ 856	$ 804

GEOGRAPHIC AREAS - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 9,301	$ 9,324	$ 9,438
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	8,187	8,069	8,116
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	460	579	652
Other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 654	$ 676	$ 670

SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited) - Key Quarterly Financial Data for the Last Two Years (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net sales	$ 1,734	$ 1,820	$ 1,807	$ 1,721	$ 1,788	$ 1,915	$ 1,964	$ 1,736		$ 7,082	$ 7,403	$ 7,254
Operating income	217	259	243	200	294	318	400	308		919	1,320	634
Earnings from continuing operations before income taxes	51	175	157	120	214	237	328	234		503	1,013	320
Net earnings	70	191	144	101	177	1,164	291	194		506	1,826	563
Net earnings attributable to Weyerhaeuser common shareholders	$ 59	$ 180	$ 133	$ 90	$ 166	$ 1,153	$ 280	$ 183		$ 462	$ 1,782	$ 540
Basic net earnings per share attributable to Weyerhaeuser common shareholders	$ 0.11	$ 0.35	$ 0.26	$ 0.17	$ 0.32	$ 2.17	$ 0.48	$ 0.31		$ 0.89	$ 3.20	$ 0.95
Diluted net earnings per share attributable to Weyerhaeuser common shareholders	0.11	0.35	0.26	0.17	0.31	2.15	0.47	0.31		0.89	3.18	0.95
Dividends paid per share	0.31	0.31	0.29	0.29	0.29	$ 0.29	0.22	0.22		1.20	$ 1.02	$ 0.81
Gain on WRECO divestiture						$ 972					$ 972	$ 0
Maximum
Market prices - high/low	32.72	32.34	33.19	37.04	36.88	$ 34.60	33.26	31.59		37.04	$ 36.88
Minimum
Market prices - high/low	$ 26.73	$ 26.76	$ 31.06	$ 32.74	$ 31.61	$ 31.09	$ 27.48	$ 28.63		$ 26.73	$ 27.48
Unallocated Items \| Coyote Springs Property \| Fair Value, Inputs, Level 2 and 3
Non-cash impairment charge									$ 356