Weyerhaeuser Reports 3rd Quarter Results
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FEDERAL WAY, Wash.--(BUSINESS WIRE)-- Weyerhaeuser Company (NYSE: WY) today reported break-even results for third quarter 2009 on net sales from continuing operations of $1.4 billion.
This compares with net earnings of $280 million, or $1.33 per share, on net sales from continuing operations of $2.1 billion for the same period last year.
SIGNIFICANT THIRD QUARTER 2009 AFTER-TAX ITEMS
After-Tax Gain Gain (Charge)
(Charge) per share
($ millions) (dollars)
Gain on sale of 140,000 acres of non-strategic $98 $0.46
timberlands
Alternative fuel mixture credits $74 $0.35
Corporate and Wood Products asset impairments ($62) ($0.29)
and restructuring charges
Real Estate asset impairments and ($33) ($0.16)
restructuring charges
Income tax adjustments ($21) ($0.10)
Excluding these items, the company reported a net loss of $56 million, or $0.26 per share, in the third quarter of 2009.
SIGNIFICANT THIRD QUARTER 2008 AFTER-TAX ITEMS
After-Tax Gain Gain (Charge)
(Charge) per share
($ millions) (dollars)
Sale of Containerboard, Packaging & Recycling $303 $1.44
operations
Sale of Australian operations $158 $0.75
Real estate-related charges ($144) ($0.69)
Wood Products asset impairments ($24) ($0.11)
Restructuring activities ($10) ($0.05)
Excluding these items, the company reported a net loss of $3 million, or $0.01 per share, in the third quarter of 2008.
"With three of our four business segments linked closely to U.S. housing starts, this recession continues to affect our financial performance," said Dan Fulton, president and chief executive officer. "Although we saw signs of improvement in the housing sector early in the third quarter, the market remains fragile. In response, we continue cutting costs and improving operations to weather the prolonged downturn and emerge a stronger company when the housing market eventually recovers."
SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS Millions (except per share data) 3Q 2009 3Q 2008 Change Net earnings $ -- $280 ($280) Earnings per share $ -- $1.33 ($1.33) Net sales from continuing operations $1,407 $2,107 ($700)
SEGMENT RESULTS FOR THIRD QUARTER Contributions (Charges) to Pre-Tax Earnings Millions 3Q 2009 3Q 2008 Change Timberlands $219 $107 $112 Wood Products ($97) ($146) $49 Cellulose Fibers $166 $78 $88 Real Estate ($64) ($316) $252
TIMBERLANDS
3Q 2009 2Q 2009 Change
Contribution to pre-tax earnings (millions) $219 $66 $153
3Q 2009 Performance - Excluding a pre-tax gain of $163 million from the sale of 140,000 acres of non-strategic timberlands in northwestern Oregon, the segment's third quarter results decreased $10 million.
Third quarter earnings from operations were lower primarily due to additional harvest deferrals and lower sales of non-strategic timberlands other than the transaction mentioned above. These reductions were partially offset by a sale of mineral royalties for approximately $6 million. Losses related to international operations were $4 million, compared to $7 million in second quarter.
4Q 2009 Outlook - Weyerhaeuser expects earnings to be lower than third quarter primarily due to additional harvest deferrals and seasonally higher silviculture costs. No significant non-strategic land sales are anticipated in the fourth quarter.
WOOD PRODUCTS
3Q 2009 2Q 2009 Change
Charge to pre-tax earnings (millions) ($97) ($162) $65
3Q 2009 Performance - Excluding the pre-tax items noted below, the segment's third quarter loss decreased $55 million.
- Third quarter 2009 included charges of $5 million for closures, restructuring and asset impairments.
- Second quarter 2009 included charges of $15 million primarily for closures, restructuring and asset impairments.
Performance improved due to higher lumber and oriented strand board sales prices, continued cost control measures and lower log costs. Volumes were down in all product lines except engineered wood products.
4Q 2009 Outlook - Weyerhaeuser expects a higher operating loss with seasonally lower volumes and reduced prices.
CELLULOSE FIBERS
3Q 2009 2Q 2009 Change
Contribution to pre-tax earnings (millions) $166 $100 $66
3Q 2009 Performance - Third quarter 2009 included a pre-tax gain of $122 million related to alternative fuel mixture credits, compared to $107 million in the second quarter. Excluding the credit, the segment's earnings improved $51 million in the third quarter.
Fewer annual maintenance outages and completion of the boiler repair at Columbus, Mississippi early in the third quarter resulted in lower maintenance costs and improved productivity. Higher average price realizations and volumes for pulp along with lower raw material costs contributed to the improvement.
4Q 2009 Outlook - Excluding the effect of alternative fuel mixture credits, Weyerhaeuser expects earnings from operations for fourth quarter to be comparable to third quarter. Improved pulp price realizations are expected to be offset by increased annual maintenance and fiber costs.
REAL ESTATE
3Q 2009 2Q 2009 Change
Charge to pre-tax earnings (millions) ($64) ($50) ($14)
3Q 2009 Performance - Excluding the pre-tax items noted below, the segment's third quarter loss decreased $5 million.
- Asset impairments, restructuring and investment-related charges were $55 million in the third quarter compared to $52 million in the second quarter.
- Second quarter included a gain of $9 million from the sale of partnership interests and $7 million from the sale of land and lots.
Homebuilding operations closed 506 single-family homes, a 9 percent increase from the second quarter. However, the average price of homes closed was down 6 percent from the previous quarter, primarily due to mix. The number of homes in the backlog increased 10 percent over the last quarter to 997 units.
4Q 2009 Outlook - Weyerhaeuser expects slightly improved results from homebuilding operations in the fourth quarter due to seasonally increased volumes.
CORPORATE AND OTHER
Third quarter results for the Corporate and Other segment include the following pre-tax items:
- Corporate restructuring charges include a $60 million noncash pension charge triggered by the amount of distributions paid during 2009 to former salaried employees.
- The company recognized charges of $35 million related to other corporate restructuring activities, primarily for the impairment of corporate-region assets.
ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.wy.com.
EARNINGS CALL INFORMATION
Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 30 to discuss third quarter results.
To access the conference call from within North America, dial 1-877-941-8632 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-480-629-9821. Replays will be available for one week at 1-800-406-7325 (access code - 4167921) from within North America and at 1-303-590-3030 (access code - 4167921) from outside North America.
The call is being webcast through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com by clicking on the "Q3 2009 Earnings Conference Call" link.
The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected site, StreetEvents (http://www.streetevents.com).
FORWARD-LOOKING STATEMENTS
This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.
Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as "expects," "may," "will," "believes," "should," "approximately," "anticipates," "estimates," and "plans." In addition, these words may use the positive or negative or other variations of those terms.
This release contains forward-looking statements regarding the company's expectations during the fourth quarter of 2009, including fee timber harvest levels and operating costs in the Timberlands segment, sales of non-strategic timberlands, demand and pricing for our products in the Wood Products segment, increased expenses for annual planned maintenance and raw material costs in the Cellulose Fiber segment, average pulp price realizations, home sale closings and prices, cost control measures, and earnings and performance of our business segments.
Major risks, uncertainties and assumptions that affect the company's businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:
- the effect of general economic conditions, including the level of interest rates, availability of financing for home mortgages, strength of the U.S. dollar, employment rates and housing starts;
- market demand for the company's products, which is related to the strength of the various U.S. business segments and economic conditions;
- raw material prices;
- energy prices;
- transportation costs;
- the successful execution of internal performance plans, including restructurings and cost reduction initiatives;
- changes in the Company's business support functions and support costs;
- performance of the company's manufacturing operations, including maintenance requirements and operating efficiencies;
- changes in legislation or tax rules;
- the level of competition from domestic and foreign producers;
- the effect of forestry, land use, environmental and other governmental regulations;
- legal proceedings;
- the effect of weather;
- the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;
- changes in accounting principles;
- performance of pension fund investments and related derivatives;
- the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; and
- other factors described under "Risk Factors" in the Company's annual report on Form 10-K.
The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, China and Korea. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.
WEYERHAEUSER
COMPANY
STATISTICAL
INFORMATION
(unaudited)
CONSOLIDATED
EARNINGS
(in millions,
except per-share Q3 Year-to-date Q2
figures)
Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Net sales and
revenues:
Forest Products $ 1,211 $ 1,778 $ 3,506 $ 5,269 $ 1,192
Real Estate 196 329 567 1,054 199
Total net sales 1,407 2,107 4,073 6,323 1,391
and revenues
Costs and
expenses:
Forest
Products:
Costs of 973 1,413 3,001 4,330 1,050
products sold
Alternative
fuel mixture (122 ) - (229 ) - (107 )
credits
Depreciation,
depletion and 123 147 370 438 125
amortization
Selling 33 57 109 173 33
expenses
General and
administrative 79 109 258 382 83
expenses
Research and
development 10 14 38 49 15
expenses
Charges for
restructuring 67 10 195 87 46
and closures
Impairment of
goodwill and 36 65 74 147 20
other assets
Other
operating (184 ) (7 ) (255 ) (8 ) (77 )
income, net
(1)
1,015 1,808 3,561 5,598 1,188
Real Estate:
Costs and
operating 172 365 487 1,001 164
expenses
Depreciation
and 3 5 11 14 4
amortization
Selling 19 32 61 105 20
expenses
General and
administrative 16 26 61 82 17
expenses
Other
operating 13 (3 ) 20 (4 ) 7
costs
(income), net
Impairment of
long-lived
assets and 46 230 141 547 53
other related
charges
269 655 781 1,745 265
Total costs and 1,284 2,463 4,342 7,343 1,453
expenses
Operating income 123 (356 ) (269 ) (1,020 ) (62 )
(loss)
Forest
Products:
Interest
expense (107 ) (126 ) (322 ) (384 ) (107 )
incurred
Less: interest 1 11 5 56 2
capitalized
Interest
income and 15 29 42 58 13
other
Gain on
Uruguay - - - 101 -
restructuring
Equity in
income (loss) (4 ) 10 (1 ) 8 -
of affiliates
Real Estate:
Interest
expense (8 ) (10 ) (22 ) (36 ) (7 )
incurred
Less: interest 6 10 20 36 7
capitalized
Interest
income and 3 1 5 2 1
other
Equity in
income of 1 15 14 16 11
unconsolidated
entities
Impairments of
investments
and other - (10 ) (32 ) (117 ) (6 )
related
charges
Earnings (loss)
from continuing
operations 30 (426 ) (560 ) (1,280 ) (148 )
before income
taxes
Income tax
benefit (35 ) 221 173 574 32
(provision)(2)
Earnings (loss)
from continuing (5 ) (205 ) (387 ) (706 ) (116 )
operations
Discontinued
operations, net - 480 - 678 -
of taxes(3)
Net earnings (5 ) 275 (387 ) (28 ) (116 )
(loss)
Less: net loss
attributable to 5 5 17 64 10
noncontrolling
interests
Net earnings
(loss)
attributable to $ - $ 280 $ (370 ) $ 36 $ (106 )
Weyerhaeuser
common
shareholders
Basic and
diluted net
earnings (loss)
per share
attributable to
Weyerhaeuser
common
shareholders:
Continuing $ - $ (0.94 ) $ (1.75 ) $ (3.04 ) $ (0.50 )
operations
Discontinued - 2.27 - 3.21 -
operations
Net earnings
(loss) per $ - $ 1.33 $ (1.75 ) $ 0.17 $ (0.50 )
share
Dividends paid $ 0.05 $ 0.60 $ 0.55 $ 1.80 $ 0.25
per share
Weighted average
shares
outstanding (in
thousands):
Basic 211,357 211,284 211,337 211,247 211,356
Diluted 211,357 211,284 211,337 211,247 211,356
Common shares
outstanding at 211,357 211,289 211,357 211,289 211,357
end of period
(in thousands)
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
(unaudited)
FOOTNOTES TO CONSOLIDATED
EARNINGS
(in millions)
(1) Other operating income, net for third quarter and year-to-date 2009 include
$163 million gain on sale of 140,000 acres of non-strategic timberlands.
(a) Third quarter and year-to-date 2009 include $21 million in net tax
(2) charges related to the true-up of previous tax liabilities, state tax law
and rate changes and interest on unrecognized tax benefits.
(b) Year-to-date 2008 includes $14 million for tax benefits related to the
release of FIN 48 tax liabilities.
(3) Discontinued operations for 2008 include the net operating results of our
Containerboard, Packaging and Recycling business and Australian operations.
Results of discontinued operations exclude certain general corporate
overhead costs that have been allocated to and are included in contribution
to earnings for the operating segments. Discontinued operations include an
allocation of net pension and postretirement income or expense.
Summary results of Q3 Year-to-date Q2
discontinued operations:
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Net sales $ - $ 514 $ - $ 3,301 $ -
Net earnings from operations $ - $ 16 $ - $ 214 $ -
(after-tax)
Net gain on divestitures and $ - $ 464 $ - $ 464 $ -
sales (after-tax)
Net earnings from $ - $ 480 $ - $ 678 $ -
discontinued operations
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
(unaudited)
NET SALES AND REVENUES:
(in millions) Q3 Year-to-date Q2
Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Timberlands:
Logs:
West $ 84 $ 149 $ 253 $ 418 $ 87
South 39 29 115 60 43
Canada 5 2 7 16 -
Total Logs 128 180 375 494 130
Pay as cut timber sales 10 9 24 21 7
Timberlands sales and 15 29 59 66 40
exchanges (1)
Higher and better use 5 1 10 9 4
land sales (1)
Minerals, oil and gas 21 18 49 42 14
Products from
international 13 14 30 27 10
operations (2)
Other products 1 3 11 16 3
193 254 558 675 208
Wood Products:
Softwood lumber 226 393 677 1,157 229
Engineered solid 67 114 184 340 62
section
Engineered I-Joists 47 79 123 238 43
Oriented strand board 63 113 176 328 58
Plywood 25 48 71 164 22
Hardwood lumber 54 72 161 232 56
Other products produced 37 63 119 163 39
Other products 69 124 213 421 85
purchased for resale
588 1,006 1,724 3,043 594
Cellulose Fibers:
Pulp 297 346 833 1,046 255
Liquid packaging board 73 73 216 214 77
Other products 20 28 54 92 17
390 447 1,103 1,352 349
Real Estate:
Single family housing 185 303 527 986 180
Land development 10 24 37 54 18
Other 1 2 3 14 1
196 329 567 1,054 199
Corporate and Other 40 88 121 331 41
Containerboard, - 497 - 3,169 -
Packaging and Recycling
Less: sales of - (514 ) - (3,301 ) -
discontinued operations
$ 1,407 $ 2,107 $ 4,073 $ 6,323 $ 1,391
(1) Higher and better use timberland and other non-strategic timberland are sold
through Forest Products subsidiaries.
(2) Includes logs, plywood and hardwood lumber harvested or produced by our
international operations, primarily in South America.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION Q3 Year-to-date Q2
(unaudited)
(in millions) Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Net cash from $ 34 $ (47 ) $ (276 ) $ (139 ) $ 126
operations
Cash paid for
property and (38 ) (77 ) (123 ) (282 ) (32 )
equipment (1)
Cash paid for
timberlands (7 ) (9 ) (29 ) (36 ) (7 )
reforestation (1)
Revolving credit
facilities, notes
and commercial - (1,211 ) - (381 ) -
paper borrowings,
net
Payments on debt (403 ) (92 ) (422 ) (199 ) (18 )
Proceeds from the
sale of assets and 313 6,359 350 6,458 29
operations
Cash paid for (10 ) (127 ) (116 ) (380 ) (53 )
dividends
Loan to pension - - (85 ) - -
trust
Repurchases of - - (2 ) - -
common stock
(1) Capital spending is for Forest Products only and excludes Real Estate.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
(unaudited)
NET CONTRIBUTION TO
PRE-TAX EARNINGS:
(in millions)
Q3 Year-to-date Q2
Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Timberlands $ 219 $ 107 $ 325 $ 322 $ 66
Wood Products (97 ) (146 ) (525 ) (587 ) (162 )
Cellulose Fibers 166 78 297 176 100
Real Estate (64 ) (316 ) (210 ) (727 ) (50 )
Corporate and Other (81 ) 1,369 (111 ) 1,439 13
Containerboard, - 10 - 204 -
Packaging and Recycling
$ 143 $ 1,102 $ (224 ) $ 827 $ (33 )
FOOTNOTES TO NET
CONTRIBUTION TO PRE-TAX
EARNINGS
(includes costs incurred within the company's discontinued operations)
(in millions)
Timberlands includes: Year-to-date
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Charges for
restructuring and $ (2 ) $ - $ (7 ) $ - $ (5 )
closures
Gain on sale of 140,000
acres of non-strategic 163 - 163 - -
timberlands
Sale of mineral 6 - 6 - -
royalties
$ 167 $ - $ 162 $ - $ (5 )
Wood Products includes: Year-to-date
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Charges for
restructuring and $ (1 ) $ - $ (64 ) $ (41 ) $ -
closures
Goodwill impairments - (6 ) (3 ) (9 ) -
Other asset impairments (4 ) (31 ) (25 ) (77 ) (16 )
Reserve for litigation - - (19 ) (18 ) -
Gain on sale of - - 1 - 1
property
$ (5 ) $ (37 ) $ (110 ) $ (145 ) $ (15 )
Cellulose Fibers includes: Year-to-date
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Charges for
restructuring and $ - $ - $ (1 ) $ (1 ) $ -
closures
Alternative fuel 122 - 229 - 107
mixture credits
$ 122 $ - $ 228 $ (1 ) $ 107
Real Estate includes: Year-to-date
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Charges for
restructuring and $ (13 ) $ - $ (19 ) $ - $ (2 )
closures
Impairment of assets
and other related
charges - attributable (42 ) (236 ) (158 ) (602 ) (50 )
to Weyerhaeuser
shareholders
Impairment of assets
and other related
charges - attributable (4 ) (4 ) (15 ) (62 ) (9 )
to noncontrolling
interest
Commercial partnership - 12 - 12 -
income
Sale of partnership - - 9 - 9
interest
Net gain (loss) on land - (87 ) 13 (89 ) 7
and lot sales
$ (59 ) $ (315 ) $ (170 ) $ (741 ) $ (45 )
Corporate and Other Year-to-date
includes:
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q2 2009
Charges for
restructuring and $ (64 ) $ (10 ) $ (123 ) $ (45 ) $ (41 )
closures
Asset impairments (31 ) (27 ) (45 ) (55 ) (4 )
Litigation and - - 20 - 20
insurance settlements
Environmental reserve - - - (17 ) -
adjustment
Gain on Uruguay - - - 101 -
restructuring
Gain on sale of
Containerboard, - 1,173 - 1,173 -
Packaging and Recycling
business
Gain on sale of - 217 - 217 -
Australian operations
Gain on sale of closed - - 18 - 18
facilities
2008 amendments to US
postretirement benefit - - - 52 -
plans
Share-based (4 ) (5 ) (9 ) (22 ) (2 )
compensation
Net foreign exchange 17 (11 ) 33 (18 ) 21
gains (losses)
Pension and
postretirement credits 31 62 92 117 37
(1)
$ (51 ) $ 1,399 $ (14 ) $ 1,503 $ 49
(1) Excludes pension and postretirement included in charges for restructuring
and closures above.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
(unaudited)
THIRD PARTY SALES
VOLUMES:
(in millions) Q3 Year-to-date Q2
Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Timberlands (thousands):
Logs - cubic meters:
West 1,156 1,970 3,529 5,401 1,283
South 981 672 2,812 1,486 1,062
Canada 144 83 211 432 3
International 84 53 234 181 73
Wood Products
(millions):
Softwood lumber - board 803 1,197 2,589 3,706 896
feet
Engineered solid 3 6 10 18 4
section - cubic feet
Engineered I-Joists - 43 63 105 189 36
lineal feet
Oriented strand board - 363 595 1,084 1,903 374
square feet (3/8")
Plywood - square feet 84 135 222 449 71
(3/8")
Hardwood lumber - board 66 83 193 258 69
feet
Cellulose Fibers
(thousands):
Pulp - air-dry metric 450 422 1,254 1,311 395
tons
Liquid packaging board 74 77 215 226 77
- tons
Real Estate:
Single-family homes 593 531 1,838 2,193 790
sold
Single-family homes 506 720 1,399 2,433 464
closed
Single-family homes
sold but not closed at 997 984 997 984 910
end of period
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
(unaudited)
TOTAL PRODUCTION
VOLUMES:
(in millions) Q3 Year-to-date Q2
Sept. 30, Sept. 28, Sept. 30, Sept. 28, June 30,
2009 2008 2009 2008 2009
Timberlands (thousands):
Fee depletion - cubic
meters:
West 1,603 2,813 5,191 8,412 1,910
South 2,258 3,021 7,133 9,505 2,495
Wood Products
(millions):
Softwood lumber - board 777 1,107 2,430 3,474 792
feet
Engineered solid 3 6 8 18 3
section - cubic feet
Engineered I-Joists - 36 60 80 179 24
lineal feet
Oriented strand board - 390 585 1,094 1,952 369
square feet (3/8")
Plywood - square feet 48 89 113 258 37
(3/8")
Hardwood lumber - board 54 64 157 202 48
feet
Cellulose Fibers
(thousands):
Pulp - air-dry metric 429 452 1,212 1,324 368
tons
Liquid packaging board 71 75 213 216 77
- tons
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in millions)
Sept. 30, June 30, Dec. 31,
Assets 2009 2009 2008
Forest Products
Current assets:
Cash and cash equivalents $ 1,624 $ 1,745 $ 2,288
Short-term investments 47 60 138
Receivables, less allowances 403 402 429
Receivables for taxes 299 336 73
Receivable from pension trust 285 285 200
Inventories 498 530 702
Prepaid expenses 87 92 101
Deferred tax assets 150 151 159
Total current assets 3,393 3,601 4,090
Property and equipment, net 3,686 3,747 3,869
Construction in progress 108 108 104
Timber and timberlands at cost, less 4,014 4,173 4,205
depletion charged to disposals
Investments in and advances to 199 200 202
equity affiliates
Goodwill 40 40 43
Deferred pension and other 658 600 651
assets
Restricted assets held by 914 916 916
special purpose entities
13,012 13,385 14,080
Real Estate
Cash and cash equivalents 4 1 6
Receivables, less allowances 31 46 74
Real estate in process of 828 851 990
development and for sale
Land being processed for 916 926 882
development
Investments in unconsolidated 16 16 30
entities
Deferred tax assets 396 419 438
Other assets 156 180 195
Consolidated assets not owned 6 18 40
2,353 2,457 2,655
Total assets $ 15,365 $ 15,842 $ 16,735
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial $ 3 $ 1 $ 1
paper
Current maturities of 41 388 407
long-term debt
Accounts payable 325 314 381
Accrued liabilities 708 816 985
Total current liabilities 1,077 1,519 1,774
Long-term debt 5,150 5,153 5,153
Deferred income taxes 1,663 1,677 1,805
Deferred pension, other postretirement 1,649 1,699 1,566
benefits and other liabilities
Liabilities (nonrecourse to Weyerhaeuser) 765 766 764
held by special purpose entities
10,304 10,814 11,062
Real Estate
Long-term debt 404 456 456
Other liabilities 292 294 353
Consolidated liabilities not - 1 17
owned
696 751 826
Total liabilities 11,000 11,565 11,888
Equity
Equity 4,365 4,277 4,847
Total liabilities and equity $ 15,365 $ 15,842 $ 16,735
Source: Weyerhaeuser Company
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