8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

May 1, 2015

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Exhibit 99.1

Exhibit 99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 1, 2015, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended March 31, 2015. Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)	The following items are filed as exhibits to this report.
99.1	Press release of Weyerhaeuser Company issued May 1, 2015 reporting results of operations for the quarter ended March 31, 2015.
99.2	Exhibits to press release of Weyerhaeuser Company issued May 1, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY
By	/s/ Jeanne M. Hillman
Its:	Vice President and Chief Accounting Officer

Date: May 1, 2015

EX-99.1

For more information contact:	Analysts - Beth Baum or Denise Merle (253) 924-2058
	Media - Anthony Chavez (253) 924-7148

Weyerhaeuser Reports First Quarter Results

FEDERAL WAY, Wash. (May 1, 2015) - Weyerhaeuser Company (NYSE: WY) today reported first quarter net earnings to common shareholders of $90 million, or 17 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $183 million, or 31 cents per diluted share, on net sales from continuing operations of $1.7 billion for the same period last year.

Excluding after-tax charges of $9 million for special items, the company reported net earnings of $99 million, or 19 cents per diluted share for the first quarter. This compares with net earnings from continuing operations before special items of $143 million for the same period last year and $145 million for fourth quarter 2014.

"We are pleased with our first quarter performance in Timberlands and Wood Products, as operational excellence efforts resulted in higher earnings compared with the fourth quarter in both businesses despite weaker market conditions,” said Doyle Simons, president and chief executive officer. “Our Cellulose Fibers business was challenged by a strengthening US dollar, West Coast port disruptions, and a slower than expected restart of our largest fluff mill after a scheduled maintenance outage in the quarter. We repurchased over $250 million of common shares in the quarter, and have now completed 65 percent of our authorization. We look forward to an improving spring selling season and continue to expect measured growth in US housing starts.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2014	2015	2014
(millions, except per share data)	4Q	1Q	1Q
Net sales from continuing operations	$1,788	$1,721	$1,736
Net earnings attributable to Weyerhaeuser common shareholders(1)	$166	$90	$183
Weighted average shares outstanding, diluted(2)	529	527	589
Earnings per diluted share	$0.31	$0.17	$0.31
Earnings per diluted share from continuing operations	$0.31	$0.17	$0.29
Net earnings from continuing operations before special items(3)	$145	$99	$143
Earnings per diluted share from continuing operations before special items	$0.27	$0.19	$0.24
Net change in cash and cash equivalents(4)	($40)	($422)	($53)
Cash and cash equivalents at end of period(4)	$1,580	$1,158	$777
(1) First quarter 2014 includes net earnings from discontinued operations of $10 million.
(2) During the third quarter of 2014 Weyerhaeuser retired approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company. Through first quarter 2015, Weyerhaeuser repurchased approximately 13 million common shares under the repurchase program announced in third quarter 2014. At the end of the first quarter the company had approximately 519 million common shares outstanding.
(3) Special items for the first quarter 2015 include a charge for impairment on a nonstrategic asset. Special items for the first and fourth quarters of 2014 include gains on a postretirement plan amendment and restructuring charges related to the company’s SG&A cost reduction initiative. First quarter 2014 also includes a gain on a nonstrategic asset sale.
(4) Net change in cash and equivalents, and cash and cash equivalents at the end of the period exclude discontinued operations.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	4Q 2014	1Q 2015	Change
Net sales	$359	$351	($8)
Contribution to pre-tax earnings	$143	$162	$19

1Q 2015 Performance - Cost efficiencies from operational excellence initiatives across the segment more than offset lower Western log realizations. In the South, seasonal decreases in fee harvest volumes were partially offset by seasonally lower silviculture expenses. Earnings from the disposition of nonstrategic timberlands increased by $14 million compared with fourth quarter 2014.

2Q 2015 Outlook - Weyerhaeuser expects lower earnings from the Timberlands segment in the second quarter due to a decrease in realizations for Western logs and lower earnings from the disposition of nonstrategic timberlands.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	4Q 2014	1Q 2015	Change
Net sales	$947	$923	($24)
Contribution to pre-tax earnings	$56	$62	$6

1Q 2015 Performance - Manufacturing costs improved due to operational excellence initiatives across our system, and higher production volumes for engineered wood products. These improvements were partially offset by lower average sales realizations across all product lines.

2Q 2015 Outlook - Weyerhaeuser expects significantly higher earnings from the Wood Products segment in the second quarter. The company anticipates seasonally higher sales volumes across all product lines and average sales realizations for lumber and oriented strand board comparable to the first quarter. The company also expects lower Western log costs and lower per unit manufacturing costs.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	4Q 2014	1Q 2015	Change
Net sales	$482	$447	($35)
Contribution to pre-tax earnings	$87	$33	($54)

1Q 2015 Performance - Average pulp sales realizations and volumes decreased, and costs increased primarily due to a scheduled maintenance outage at our largest fluff mill. While the restart took longer than anticipated, the mill is now running well. The West Coast port disruptions resulted in an extensive production curtailment in our liquid packaging operation and higher transportation and warehousing costs throughout the segment.

2Q 2015 Outlook - Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the second quarter. The company anticipates lower average pulp sales realizations. Costs will increase due to an extended pulp mill outage for scheduled maintenance and installation of energy-related capital improvements.

UNALLOCATED ITEMS

Due to a strengthening U.S. dollar, first quarter 2015 earnings include a $29 million pre-tax charge ($0.04 per share after-tax) for noncash foreign exchange losses on debt held by our Canadian entity.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2014, our continuing operations generated $7.4 billion in sales and employed approximately 12,800 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on May 1 to discuss first quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on May 1.

To join the conference call from within North America, dial 877-296-9413 (access code: 28308831) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 28308831). Replays will be available for one week at 855-859-2056 (access code: 28308831) from within North America and at 404-537-3406 (access code: 28308831) from outside North America.

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 our current expectations and various assumptions that are subject to risks and uncertainties. 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, expectations 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 and similar words.

This release contains forward-looking statements regarding the company's expectations during the second quarter of 2015, including with respect to: earnings; log realizations and dispositions of non-strategic timberlands in Timberlands; sales volumes across Wood Products product lines, log and manufacturing costs and expected realizations for lumber and oriented strand board in Wood Products; and maintenance and capital costs, and realizations for pulp in Cellulose Fibers.

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 employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and strength of the U.S. dollar;

• market demand for the company's products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

• performance of the company's manufacturing operations, including maintenance requirements;

• the level of competition from domestic and foreign producers;

• the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

• raw material prices;

• energy prices;

• the effect of weather;

• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

• transportation availability and costs;

• federal tax policies;

• the effect of forestry, land use, environmental and other governmental regulations;

• legal proceedings;

• 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;

• changes in accounting principles; and

• other factors described in the company's filings with the SEC, including the "Risk Factors" section in the company's annual report on Form 10-K for the year ended December 31, 2014.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro, yen and the Canadian dollar, and the relative value of the euro and the yen. Restrictions on international trade or tariffs imposed on imports and disruptions in shipping and transportation also may affect the company.

View our financials in a printer-friendly PDF.

EX-99.2

Weyerhaeuser Company				Exhibit 99.2
Q1.2015 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Net Sales	$	1,788		$	1,721		$	1,736
Cost of products sold	1,399			1,385			1,361
Gross margin	389			336			375
Selling expenses	29			28			28
General and administrative expenses	89			74			88
Research and development expenses	8			5			7
Charges for restructuring, closures and impairments	7			14			19
Other operating costs (income), net	(38		)	15			(75		)
Operating income	294			200			308
Interest income and other	10			3			9
Interest expense, net of capitalized interest	(90		)	(83		)	(83		)
Earnings from continuing operations before income taxes	214			120			234
Income taxes	(37		)	(19		)	(50		)
Earnings from continuing operations	177			101			184
Earnings from discontinued operations, net of income taxes	—			—			10
Net earnings	177			101			194
Dividends on preference shares	(11		)	(11		)	(11		)
Net earnings attributable to Weyerhaeuser common shareholders	$	166		$	90		$	183
Per Share Information
	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.32		$	0.17		$	0.29
Discontinued operations	—			—			0.02
Net earnings per share	$	0.32		$	0.17		$	0.31
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.31		$	0.17		$	0.29
Discontinued operations	—			—			0.02
Net earnings per share	$	0.31		$	0.17		$	0.31
Dividends paid per common share	$	0.29		$	0.29		$	0.22
Weighted average shares outstanding (in thousands):
Basic	524,838			523,426			584,915
Diluted	529,411			527,423			589,312
Common shares outstanding at end of period (in thousands)	524,474			518,735			584,961
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Net earnings	$	177		$	101		$	194
Earnings from discontinued operations, net of income taxes	—			—			(10		)
Interest income and other	(10		)	(3		)	(9		)
Interest expense, net of capitalized interest	90			83			83
Income taxes	37			19			50
Operating income	294			200			308
Depreciation, depletion and amortization	125			123			123
Non-operating pension and postretirement credits	(12		)	(3		)	(10		)
Special items	(31		)	13			(49		)
Adjusted EBITDA*	$	376		$	333		$	372
* Non-GAAP measure - see page 8 for definition.

Page 1 of 8

Weyerhaeuser Company
Q1.2015 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	March 31, 2015		December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	1,158	$	1,580
Receivables, less allowances	539		525
Receivables for taxes	23		25
Inventories	645		595
Prepaid expenses	95		80
Deferred tax assets	192		228
Total current assets	2,652		3,033
Property and equipment, net	2,524		2,623
Construction in progress	171		131
Timber and timberlands at cost, less depletion charged to disposals	6,552		6,530
Investments in and advances to equity affiliates	183		188
Goodwill	40		40
Deferred tax assets	3		8
Other assets	269		289
Restricted financial investments held by variable interest entities	615		615
Total assets	$	13,009	$	13,457
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	319	$	331
Accrued liabilities	533		587
Total current liabilities	852		918
Long-term debt	4,891		4,891
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511
Deferred income taxes	195		206
Deferred pension and other postretirement benefits	1,249		1,319
Other liabilities	284		308
Total liabilities	7,982		8,153
Total equity	5,027		5,304
Total liabilities and equity	$	13,009	$	13,457

Page 2 of 8

Weyerhaeuser Company
Q1.2015 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Cash flows from operations:
Net earnings	$	177		$	101		$	194
Noncash charges (credits) to income:
Depreciation, depletion and amortization	125			123			126
Deferred income taxes, net	35			13			36
Pension and other postretirement benefits	(48		)	10			(47		)
Share-based compensation expense	11			8			9
Charges for impairment of assets	1			13			—
Net gains on dispositions of assets and operations	(2		)	(16		)	(25		)
Foreign exchange transaction losses	12			29			14
Change in:
Receivables less allowances	57			(16		)	(1		)
Receivable for taxes	(1		)	2			67
Inventories	(20		)	(57		)	(88		)
Real estate and land	—			—			(72		)
Prepaid expenses	11			(11		)	3
Accounts payable and accrued liabilities	(22		)	(91		)	(80		)
Deposits on land positions and other assets	—			—			12
Pension and postretirement contributions	(16		)	(20		)	(33		)
Other	(16		)	(11		)	(6		)
Net cash from operations	304			77			109
Cash flows from investing activities:
Property and equipment	(115		)	(71		)	(51		)
Timberlands reforestation	(9		)	(18		)	(14		)
Acquisition of timberlands	(3		)	(32		)	—
Proceeds from sale of assets	4			2			19
Other	(1		)	—			—
Cash from investing activities	(124		)	(119		)	(46		)
Cash flows from financing activities:
Cash dividends on common shares	(152		)	(152		)	(129		)
Cash dividends on preference shares	(22		)	—			—
Change in book overdrafts	—			—			(6		)
Exercises of stock options	35			21			15
Repurchase of common stock	(80		)	(253		)	—
Other	(1		)	4			2
Cash from financing activities	(220		)	(380		)	(118		)
Net change in cash and cash equivalents	(40		)	(422		)	(55		)
Cash and cash equivalents at beginning of period	1,620			1,580			835
Cash and cash equivalents at end of period	$	1,580		$	1,158		$	780
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	66		$	114		$	101
Income taxes	$	3		$	1		$	(50	)

Page 3 of 8

Weyerhaeuser Company	Total Company Statistics
Q1.2015 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Net earnings attributable to Weyerhaeuser common shareholders	$	166		$	90		$	183
Restructuring, impairments and other charges	4			9			13
Gain on sale of non-strategic asset	—			—			(14		)
Gain on postretirement plan amendment	(25		)	—			(29		)
Net earnings attributable to Weyerhaeuser common shareholders before special items	145			99			153
Earnings from discontinued operations, net of income taxes	—			—			(10		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	145		$	99		$	143
	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Net earnings per diluted share attributable to Weyerhaeuser common shareholders	$	0.31		$	0.17		$	0.31
Restructuring, impairments and other charges	0.01			0.02			0.02
Gain on sale of non-strategic asset	—			—			(0.02		)
Gain on postretirement plan amendment	(0.05		)	—			(0.05		)
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items	0.27			0.19			0.26
Earnings from discontinued operations, net of income taxes	—			—			(0.02		)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items	$	0.27		$	0.19		$	0.24
Selected Total Company Items
in millions	Q4			Q1
	December 31, 2014			March 31, 2015			March 31, 2014
Depreciation, depletion and amortization:
Cost of products sold	$	119		$	118		$	117
Selling, general and administrative expenses	6			5			6
Total depreciation, depletion and amortization	$	125		$	123		$	123
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	12		$	13		$	10
Pension and postretirement credits not allocated	(12		)	(3		)	(10		)
Total company pension and postretirement costs	$	—		$	10		$	—
Total decrease (increase) in working capital(1)	$	6		$	(212	)	$	(170	)
Cash spent for capital expenditures	$	(124	)	$	(89	)	$	(63	)
(1) Working capital does not include cash balances.

Page 4 of 8

Weyerhaeuser Company		Timberlands Segment
Q1.2015 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2014			Q1.2015			Q1.2014
Sales to unaffiliated customers		$	359		$	351		$	377
Intersegment sales		225			228			238
Total net sales		584			579			615
Cost of products sold		424			405			431
Gross margin		160			174			184
Selling expenses		1			2			2
General and administrative expenses		25			22			26
Research and development expenses		5			3			4
Other operating income, net		(14		)	(15		)	(12		)
Operating income		143			162			164
Interest income and other		—			—			—
Net contribution to earnings		$	143		$	162		$	164
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q4.2014			Q1.2015			Q1.2014
Operating income		$	143		$	162		$	164
Depreciation, depletion and amortization		53			53			52
Adjusted EBITDA*		$	196		$	215		$	216
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q4.2014			Q1.2015			Q1.2014
Total decrease (increase) in working capital(1)		$	8		$	(26	)	$	(29	)
Cash spent for capital expenditures		$	(18	)	$	(24	)	$	(19	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q4.2014			Q1.2015			Q1.2014
Third Party  Net Sales (millions)	Logs:
	West	$	227		$	210		$	257
	South	66			58			62
	Canada	10			8			6
	Total logs	303			276			325
	Chip sales	3			4			3
	Timberlands exchanges	3			25			4
	Higher and better use land sales	5			2			3
	Minerals, oil and gas	7			7			7
	Products from international operations	24			24			24
	Other products	14			13			11
	Total	$	359		$	351		$	377
Logs Third Party Sales Realizations (per cubic meter)	West	$	106.73		$	98.83		$	114.46
	South	$	45.56		$	45.33		$	44.88
	Canada	$	38.82		$	34.84		$	35.30
	International	$	18.64		$	19.35		$	16.99
Logs Third Party Sales Volumes (cubic meters, thousands)	West	2,121			2,120			2,246
	South	1,454			1,271			1,385
	Canada	254			245			156
	International	148			150			147
	Total	3,977			3,786			3,934
Logs Fee Harvest Volumes (cubic meters, thousands)	West	2,754			2,911			2,875
	South	3,145			2,732			2,866
	International	260			239			249
	Total	6,159			5,882			5,990

Page 5 of 8

Weyerhaeuser Company		Wood Products Segment
Q1.2015 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2014			Q1.2015			Q1.2014
Sales to unaffiliated customers		$	947		$	923		$	898
Intersegment sales		20			19			19
Total net sales		967			942			917
Cost of products sold		855			829			791
Gross margin		112			113			126
Selling expenses		24			23			25
General and administrative expenses		32			27			37
Research and development expenses		1			—			1
Other operating costs (income), net		(1		)	1			(1		)
Operating income		56			62			64
Interest income and other		—			—			—
Net contribution to earnings		$	56		$	62		$	64
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q4.2014			Q1.2015			Q1.2014
Operating income		$	56		$	62		$	64
Depreciation, depletion and amortization		30			26			29
Adjusted EBITDA*		$	86		$	88		$	93
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q4.2014			Q1.2015			Q1.2014
Total decrease (increase) in working capital(1)		$	29		$	(99	)	$	(137	)
Cash spent for capital expenditures		$	(78	)	$	(37	)	$	(18	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q4.2014			Q1.2015			Q1.2014
Structural Lumber (board feet)	Third party net sales	$	459		$	434		$	427
	Third party sales realizations	$	415		$	403		$	432
	Third party sales volumes(1)	1,106			1,075			989
	Production volumes	1,013			1,043			1,009
	Outside purchase volumes	94			89			78
Engineered Solid Section (cubic feet)	Third party net sales	$	94		$	94		$	90
	Third party sales realizations	$	2,060		$	1,965		$	1,959
	Third party sales volumes(1)	4.5			4.8			4.6
	Production volumes	4.6			5.0			4.9
	Outside purchase volumes	—			—			1.8
Engineered I-joists (lineal feet)	Third party net sales	$	63		$	61		$	59
	Third party sales realizations	$	1,549		$	1,510		$	1,454
	Third party sales volumes(1)	40			41			40
	Production volumes	33			43			44
	Outside purchase volumes	2			1			1
Oriented Strand Board (square feet 3/8')	Third party net sales	$	146		$	137		$	148
	Third party sales realizations	$	206		$	196		$	230
	Third party sales volumes(1)	709			700			641
	Production volumes	694			704			657
	Outside purchase volumes	61			65			53
Softwood Plywood (square feet 3/8')	Third party net sales	$	36		$	33		$	30
	Third party sales realizations	$	384		$	366		$	332
	Third party sales volumes(1)	93			89			90
	Production volumes	61			61			59
	Outside purchase volumes	42			37			33
(1) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

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Weyerhaeuser Company		Cellulose Fibers Segment
Q1.2015 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q4.2014			Q1.2015			Q1.2014
Total net sales		$	482		$	447		$	461
Cost of products sold		379			394			390
Gross margin		103			53			71
Selling expenses		4			3			4
General and administrative expenses		18			17			20
Research and development expenses		2			2			2
Other operating income, net		(8		)	(8		)	(9		)
Operating income		87			39			54
Interest income and other		—			(6		)	—
Net contribution to earnings		$	87		$	33		$	54
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q4.2014			Q1.2015			Q1.2014
Operating income		$	87		$	39		$	54
Depreciation, depletion and amortization		39			39			38
Adjusted EBITDA*		$	126		$	78		$	92
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q4.2014			Q1.2015			Q1.2014
Total decrease (increase) in working capital(1)		$	(47	)	$	40		$	31
Cash spent for capital expenditures		$	(26	)	$	(27	)	$	(26	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q4.2014			Q1.2015			Q1.2014
Pulp (air-dry metric tons)	Third party net sales (millions)	$	405		$	360		$	363
	Third party sales realizations	$	886		$	854		$	825
	Third party sales volumes (thousands)	458			421			440
	Production volumes (thousands)	468			442			459
Liquid Packaging Board (metric tons)	Third party net sales (millions)	$	63		$	74		$	80
	Third party sales realizations	$	1,133		$	1,194		$	1,237
	Third party sales volumes (thousands)	55			62			65
	Production volumes (thousands)	70			60			70

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Weyerhaeuser Company	Unallocated Items
Q1.2015 Analyst Package
Preliminary results, subject to audit
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.
Contribution to Earnings
in millions	Q4.2014			Q1.2015			Q1.2014
Unallocated corporate function expenses	$	(7	)	$	(9	)	$	(7	)
Unallocated share-based compensation	(7		)	3			3
Unallocated pension & postretirement credits	50			3			55
Foreign exchange losses	(11		)	(29		)	(15		)
Elimination of intersegment profit in inventory and LIFO	(2		)	(12		)	(19		)
Other	(15		)	(19		)	9
Operating income (loss)	8			(63		)	26
Interest income and other	10			9			9
Net contribution to earnings from continuing operations(1)	$	18		$	(54	)	$	35
(1) We have reclassified certain results from the prior periods to present the results of operations discontinued in 2014 separately. Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders’ interest.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q4.2014			Q1.2015			Q1.2014
Operating income (loss)	$	8		$	(63	)	$	26
Depreciation, depletion and amortization	3			5			4
Non-operating pension and postretirement credits	(12		)	(3		)	(10		)
Special items	(31		)	13			(49		)
Adjusted EBITDA*	$	(32	)	$	(48	)	$	(29	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q4.2014			Q1.2015			Q1.2014
Gain on postretirement plan amendment	$	38		$	—		$	45
Restructuring, impairments and other charges	(7		)	(13		)	(18		)
Gain on sale of non-strategic asset	—			—			22
Total	$	31		$	(13	)	$	49
Unallocated Selected Items
	Q4.2014			Q1.2015			Q1.2014
Total decrease (increase) in working capital(1)	$	16		$	(127	)	$	(35	)
Cash spent for capital expenditures	$	(2	)	$	(1	)	$	—
(1) Working capital does not include cash balances.
*Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, pension and postretirement costs not allocated to business segments (primarily interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service cost/credit), special items and discontinued operations. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

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