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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Net sales $ 1,807 $ 1,964 $ 3,528 $ 3,700
Cost of products sold 1,474 1,499 2,859 2,860
Gross margin 333 465 669 840
Selling expenses 28 27 56 55
General and administrative expenses 71 88 145 176
Research and development expenses 6 7 11 14
Charges for restructuring, closures and impairments (Note 12) 0 8 14 27
Other operating income, net (Note 13) (15) (65) 0 (140)
Operating income 243 400 443 708
Interest income and other 2 11 5 20
Interest expense, net of capitalized interest (88) (83) (171) (166)
Earnings before income taxes 157 328 277 562
Income taxes (Note 14) (13) (59) (32) (109)
Earnings from continuing operations 144 269 245 453
Earnings from discontinued operations, net of income taxes (Note 3) 0 22 0 32
Net earnings 144 291 245 485
Dividends on preference shares (11) (11) (22) (22)
Net earnings attributable to Weyerhaeuser common shareholders $ 133 $ 280 $ 223 $ 463
Earnings per share attributable to Weyerhaeuser common shareholders, basic (Note 4):        
Continuing operations $ 0.26 $ 0.44 $ 0.43 $ 0.73
Discontinued operations 0.00 0.04 0.00 0.06
Net earnings per share 0.26 0.48 0.43 0.79
Earnings per share attributable to Weyerhaeuser common shareholders, diluted (Note 4):        
Continuing operations 0.26 0.43 0.43 0.73
Discontinued operations 0.00 0.04 0.00 0.06
Net earnings per share 0.26 0.47 0.43 0.79
Dividends paid per share $ 0.29 $ 0.22 $ 0.58 $ 0.44
Weighted average shares outstanding (in thousands) (Note 4):        
Basic 516,626 586,061 520,008 585,491
Diluted 519,804 589,766 523,595 589,542