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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Qualified and Registered Pension Plans

Dec. 31, 2013

Pension

Dec. 31, 2011

Pension

Dec. 31, 2012

Pension

Dec. 31, 2013

Other Postretirement Benefits

Dec. 31, 2013

Derivatives

Qualified and Registered Pension Plans

Dec. 31, 2013

Derivatives, Aggregate Notional Amount

Qualified and Registered Pension Plans

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.

Benefit Plan Amendment

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. Beginning January 1,2014, new hires 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. Theses changes were announced to participants in December 2013.

During fourth quarter 2011, we ratified an amendment to the Weyerhaeuser Pension Plan that eliminated the Retiree Medical Enhancement for active employees effective July 1, 2012. This change reduced the Plan's projected benefit obligation by $16 million. This change was announced to affected participants in January 2012.

During 2012 we ratified amendments to the Weyerhaeuser Pension Plan for various collectively bargained benefits. These changes increased the projected benefit obligation by $12 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. This change resulted in a $70 million reduction in the Company's postretirement liability as of December 31, 2013. This change was communicated to affected retirees during January, 2014.

During fourth quarter 2011, we ratified amendments to our postretirement medical and life insurance benefit plans for U.S. salaried employees that reduced or eliminated certain medical and life insurance benefits that were available to both past and present employees. The changes included the elimination of the Pre-Medicare Plan II company subsidy for those not enrolled as of July 1, 2012, and eliminated the Post-Medicare Health Reimbursement Account for those not enrolled or Medicare eligible, if enrolled, as of July 1, 2012. These changes resulted in a $108 million reduction in the company's postretirement liability as of December 31, 2011. These changes were announced to affected participants in January 2012.

Restructuring Activities

The 2011 curtailments and special termination benefits are related to involuntary terminations due to company-wide restructuring activities, and the sale of our hardwoods and Westwood Shipping Lines operations. The total curtailment charge for U.S. pension plans was $9 million. In addition, we recognized a $3 million settlement charge for a Canadian pension plan in fourth quarter 2011. There were no curtailment charges or credits to the U.S. or Canadian postretirement plans.Termination benefits were provided under the pension plan in the U.S. for those terminated employees who were not yet eligible to retire but whose age plus service was at least 65 and had at least ten years of service (Rule of 65).

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



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2013			2012			2013			2012
Reconciliation of projected benefit obligation:
Projected benefit obligation beginning of year	$	6,575		$	5,841		$	433		$	402
Service cost	64			53			1			1
Interest cost	244			262			12			15
Plan participants’ contributions	—			—			16			18
Actuarial (gains) losses	(666		)	708			(23		)	(1		)
Foreign currency exchange rate changes	(66		)	22			(5		)	2
Benefits paid (includes lump sum settlements)	(317		)	(323		)	(50		)	(53		)
Plan amendments and other	—			12			(66		)	49
Acquisitions	—			—			3			—
Projected benefit obligation at end of year	$	5,834		$	6,575		$	321		$	433

Changes in Fair Value of Plan Assets



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2013			2012			2013			2012
Fair value of plan assets at beginning of year (estimated)	$	5,022		$	4,714		$	—		$	—
Adjustment for final fair value of plan assets	55			16			—			—
Actual return on plan assets	808			490			—			—
Foreign currency exchange rate changes	(57		)	15			—			—
Employer contributions and benefit payments	103			110			34			35
Plan participants’ contributions	—			—			16			18
Benefits paid (includes lump sum settlements)	(317		)	(323		)	(50		)	(53		)
Fair value of plan assets at end of year (estimated)	$	5,614		$	5,022		$	—		$	—

Funded Status of Our Pension and Other Postretirement Benefit Plans



DOLLAR AMOUNTS IN MILLIONS
	PENSION						OTHER POSTRETIREMENT BENEFITS
	2013			2012			2013			2012
Noncurrent assets	$	35		$	2		$	—		$	—
Current liabilities	(22		)	(21		)	(35		)	(37		)
Noncurrent liabilities	(233		)	(1,534		)	(283		)	(396		)
Funded status	$	(220	)	$	(1,553	)	$	(318	)	$	(433	)

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.

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
2013	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	567	$	68		$	3	$	638
Hedge funds	—		(7		)	3,225		3,218
Private equity and related funds	—		(2		)	1,606		1,604
Real estate and related funds	—		—			101		101
Common and preferred stock and equity index instruments	23		29			—		52
Total pension trust investments	$	590	$	88		$	4,935	$	5,613
Accrued liabilities, net								(13		)
Pension trust net assets								$	5,600
Canadian nonregistered plan assets:
Cash	$	8	$	—		$	—	$	8
Investments	6		—			—		6
Total Canadian nonregistered plan assets	$	14	$	—		$	—	$	14
Total plan assets								$	5,614



DOLLAR AMOUNTS IN MILLIONS
2012	Level 1		Level 2			Level 3		Total
Pension trust investments:
Fixed income instruments	$	476	$	93		$	4	$	573
Hedge funds	—		—			2,767		2,767
Private equity and related funds	—		(2		)	1,577		1,575
Real estate and related funds	—		—			91		91
Common and preferred stock and equity index instruments	17		4			—		21
Total pension trust investments	$	493	$	95		$	4,439	$	5,027
Accrued liabilities, net								(19		)
Pension trust net investments								$	5,008
Canadian nonregistered plan assets:
Cash	$	8	$	—		$	—	$	8
Investments	6		—			—		6
Total Canadian nonregistered plan assets	$	14	$	—		$	—	$	14
Total plan assets								$	5,022

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



	DECEMBER 31, 2013		DECEMBER 31, 2012
Fixed income	11.4	%	11.4	%
Hedge funds	57.5		55.3
Private equity and related funds	28.6		31.5
Real estate and related funds	1.8		1.8
Common and preferred stock and equity index instruments	0.9		0.4
Accrued liabilities	(0.2	)	(0.4	)
Total	100.0	%	100.0	%

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



	DECEMBER 31, 2013		DECEMBER 31, 2012
Equities	55.5	%	43.5	%
Cash and cash equivalents	44.5		56.5
Total	100.0	%	100.0	%

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, 2013			DECEMBER 31, 2012
Equity index instruments	$	29		$	4
Forward contracts	(9		)	(2		)
Swaps	405			288
Total	$	425		$	290

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, 2013		DECEMBER 31, 2012
Equity index instruments	$	399	$	569
Forward contracts	638		199
Swaps	1,568		1,538
Total	$	2,605	$	2,306

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, 2011	$	2,432		$	1,627		$	96		$	4		$	4,159
Net realized gains	70			146			6			—			222
Net change in unrealized appreciation	228			31			6			—			265
Purchases	612			18			—			—			630
Sales	(507		)	(245		)	(17		)	—			(769		)
Settlements	(68		)	—			—			—			(68		)
Balance as of December 31, 2012	2,767			1,577			91			4			4,439
Net realized gains (losses)	164			90			(19		)	—			235
Net change in unrealized appreciation (depreciation)	275			138			23			(1		)	435
Purchases	743			188			29			—			960
Sales	(645		)	(387		)	(23		)	—			(1,055		)
Settlements	(79		)	—			—			—			(79		)
Balance as of December 31, 2013	$	3,225		$	1,606		$	101		$	3		$	4,935

Net Periodic Benefit Cost (Credit)



DOLLAR AMOUNTS IN MILLIONS
	PENSION									OTHER POSTRETIREMENT BENEFITS
	2013			2012			2011			2013			2012			2011
Net periodic benefit cost (credit):
Service cost⁽¹⁾⁽²⁾	$	64		$	53		$	48		$	1		$	1		$	2
Interest cost	244			262			276			12			15			24
Expected return on plan assets	(439		)	(422		)	(421		)	—			—			—
Amortization of actuarial loss	221			175			136			14			13			13
Amortization of prior service cost (credit)	7			7			14			(23		)	(127		)	(22		)
Recognition of curtailments, settlements and special termination benefits due to closures, restructuring or divestitures⁽²⁾	—			—			18			—			—			—
Other	—			—			—			—			4			4
Net periodic benefit cost (credit)	$	97		$	75		$	71		$	4		$	(94	)	$	21
(1)During fourth quarter 2011, we ratified amendments to our postretirement medical and life insurance benefit plans for U.S. salaried employees that reduced or eliminated certain benefits that were available to both past and present employees. The company recognized a gain of $103 million in 2012 due to these benefit changes. This gain is included in other operating income and reflected in the amortization of prior service credit in the table above. The benefit related to the fourth quarter 2011 amendments was fully recognized in first and second quarter 2012. (2)Service cost includes $2 million in 2011 for employees that were part of the sale of our hardwoods operations. Curtailment and special termination benefits includes charges of $11 million in 2011 related to the sale of our hardwoods and Westwood Shipping Lines operations. These charges are included in our results of discontinued operations.

Estimated Amortization from Cumulative Other Comprehensive Loss in 2014

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 2014. 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 2014.



DOLLAR AMOUNTS IN MILLIONS
	PENSION		POSTRETIREMENT			TOTAL
Net actuarial loss	$	123	$	12		$	135
Prior service cost (credit)	5		(190		)	(185		)
Net effect cost (credit)	$	128	$	(178	)	$	(50	)

Estimated Projected Benefit Payments for the Next 10 Years



DOLLAR AMOUNTS IN MILLIONS
	PENSION		OTHER POSTRETIREMENT BENEFITS
2014	$	341	$	35
2015	$	348	$	25
2016	$	354	$	24
2017	$	361	$	22
2018	$	367	$	21
2019-2023	$	1,924	$	90

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



	PENSION				OTHER POSTRETIREMENT BENEFITS
	DECEMBER 31, 2013		DECEMBER 31, 2012		DECEMBER 31, 2013		DECEMBER 31, 2012
Discount rates:
U.S.	4.90	%	3.70	%	4.00	%	3.00	%
Canada	4.70	%	4.10	%	4.60	%	4.00	%
Lump sum distributions (US salaried and nonqualified plans only)⁽¹⁾	PPA Table		PPA Phased Table		N/A		N/A
Rate of compensation increase:
Salaried:
United States	2.50% for 2014 and 3.50% thereafter		2.50% for 2013 and 3.50% thereafter		N/A		N/A
Canada	2.50% for 2014 and 3.50% thereafter		2.50% for 2013 and 3.50% thereafter		N/A		N/A
Hourly:
United States	3.00	%	3.00	%	3.00	%	3.00	%
Canada	3.25	%	3.25	%	N/A		N/A
Election of lump sum or installment distributions (US salaried and nonqualified plans only)	60.00	%	56.00	%	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
	2013	2012	2011	2013	2012	2011
Discount rates:
U.S.	3.70%	4.50%	5.40%	3.00%	4.10%	5.00%
Salaried – lump sum distributions (U.S. salaried and nonqualified plan only)⁽¹⁾	PPA Table	PPA phased Table	PPA phased Table	N/A	N/A	N/A
Canada	4.10%	4.90%	5.30%	4.00%	4.80%	5.20%
Expected return on plan assets:
Qualified/registered plans	9.00%	9.00%	9.50%
Nonregistered plans (Canada only)	3.50%	3.50%	4.75%
Rate of compensation increase:
Salaried:
U.S.	2.50% for 2013 and 3.50% thereafter	2.00% for 2012 and 3.50% thereafter	2.00% for 2011 and 3.50% thereafter	N/A	N/A	N/A
Canada	2.50% for 2013 and 3.50% thereafter	2.10% for 2012 and 3.50% thereafter	2.00% for 2011 and 3.50% thereafter	N/A	N/A	N/A
Hourly:
U.S.	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
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)	56.00%	60.00%	65.00%	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

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.

is comprised of: •a 7.2 percent assumed return from direct investments and•a 1.8 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 29 years it has been in place, our U.S. pension trust investment strategy has achieved a 14.8 percent net compound annual return rate.

Actual Returns on Assets Held by Our Pension Trusts



DOLLAR AMOUNTS IN MILLIONS
	2013		2012		2011
Direct investments	$	568	$	324	$	48
Derivatives	240		166		1
Total	$	808	$	490	$	49

Assumptions We Use in Estimating Health Care Benefit Costs



	2013				2012
	U.S.		CANADA		U.S.		CANADA
Weighted health care cost trend rate assumed for next year	6.40	%	6.10	%	6.60	%	6.20	%
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	2029		2028		2029		2028

Effect of a1 Percent Change in Health Care Costs

Effect of a 1 Percent Change in Health Care Costs



AS OF DECEMBER 31, 2013 (DOLLAR AMOUNTS IN MILLIONS)
	1% INCREASE		1% DECREASE
Effect on total service and interest cost components	$	2	$	(1	)
Effect on accumulated postretirement benefit obligation	$	8	$	(7	)