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

October 30, 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 October 30, 2015, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended September 30, 2015. Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

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 October 30, 2015 reporting results of operations for the quarter ended September 30, 2015.
99.2	Exhibits to press release of Weyerhaeuser Company issued October 30, 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: October 30, 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 Third Quarter Results

• 35 percent increase in earnings compared with second quarter

• Increased quarterly dividend 7 percent

• Completed $700 million share repurchase program announced in 2014, authorized new $500 million program

FEDERAL WAY, Wash. (Oct 30, 2015) - Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings to common shareholders of $180 million, or 35 cents per diluted share. This compares with net earnings of $133 million, or 26 cents per diluted share, for second quarter 2015 and net earnings from continuing operations before special items of $178 million, or 33 cents per diluted share, for the same period last year. Third quarter 2014 net earnings of $1,153 million, or $2.15 per diluted share, included after-tax gains of $975 million from discontinued operations and special items, primarily related to the divestiture of Weyerhaeuser Real Estate Company.

Net sales for the third quarter 2015 totaled $1.8 billion, compared with net sales of $1.8 billion for the second quarter, and $1.9 billion for the third quarter 2014.

"I am very pleased with our third quarter performance, as each of our businesses leveraged operational excellence improvements to drive strong results despite market and global macroeconomic headwinds,” said Doyle R. Simons, president and chief executive officer. “In addition, we delivered on our ongoing commitment to return cash to shareholders by increasing our quarterly dividend by 7 percent and have completed the $700 million share repurchase authorized in 2014. We remain relentlessly focused on driving value for our shareholders and fully capitalizing on an improving US housing market."

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2015	2015	2014
(millions, except per share data)	2Q	3Q	3Q
Net sales from continuing operations	$1,807	$1,820	$1,915
Net earnings attributable to Weyerhaeuser common shareholders(1)	$133	$180	$1,153
Weighted average shares outstanding, diluted	520	517	536
Earnings per diluted share	$0.26	$0.35	$2.15
Earnings per diluted share from continuing operations	$0.26	$0.35	$0.35
Net earnings from continuing operations before special items(2)	$133	$180	$178
Earnings per diluted share from continuing operations before special items	$0.26	$0.35	$0.33
Cash and cash equivalents at end of period(3)	$1,121	$1,048	$1,620
(1) Third quarter 2014 includes net earnings from discontinued operations of $966 million, primarily related to the gain on the divestiture of Weyerhaeuser Real Estate Company.
(2) There were no special items for the second or third quarter of 2015. Special items for the third quarter of 2014 includes gains on a postretirement plan amendment and restructuring charges related to the company's SG&A cost reduction initiative.
(3) Cash and cash equivalents at the end of the period exclude discontinued operations.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	2Q 2015	3Q 2015	Change
Net sales	$336	$326	($10)
Contribution to pre-tax earnings	$127	$126	($1)

3Q 2015 Performance - In the West, fee harvest volumes declined due to fire season logging constraints and log sales realizations decreased due to a shift in mix from export to domestic markets. In the South, higher fee harvest volumes were offset by seasonally higher silviculture costs. Earnings from the disposition of non-strategic timberlands increased by $8 million compared with the second quarter.

4Q 2015 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the fourth quarter. In the West, the company expects slightly higher fee harvest volumes and improved mix primarily due to increased shipments to Japan. In the South, the company anticipates comparable fee harvest volumes and higher logging costs.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	2Q 2015	3Q 2015	Change
Net sales	$1,004	$1,023	$19
Contribution to pre-tax earnings	$71	$85	$14

3Q 2015 Performance - Sales volumes increased across most product lines, Western log costs declined, and manufacturing costs improved. Higher average sales realizations for oriented strand board were more than offset by lower average sales realizations for lumber.

4Q 2015 Outlook - Weyerhaeuser expects significantly lower earnings from the Wood Products segment in the fourth quarter. The company anticipates seasonally lower sales volumes, reduced operating rates, and additional planned maintenance primarily in oriented strand board. The company also expects lower average sales realizations for lumber and higher average sales realizations for oriented strand board.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	2Q 2015	3Q 2015	Change
Net sales	$467	$471	$4
Contribution to pre-tax earnings	$27	$79	$52

3Q 2015 Performance - Maintenance costs decreased significantly and production increased due to minimal scheduled maintenance outage days. Input costs declined, offset by lower average sales realizations for pulp and liquid packaging board.

4Q 2015 Outlook - Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the fourth quarter. The company anticipates lower average pulp sales realizations, increased scheduled maintenance, and seasonally higher fiber costs.

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 October 30 to discuss third quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 30.

To join the conference call from within North America, dial 877-296-9413 (access code: 28175672) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 28175672). Replays will be available for one week at 855-859-2056 (access code: 28175672) from within North America and at 404-537-3406 (access code: 28175672) 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 fourth quarter of 2015, including with respect to: earnings; harvest and shipment volumes, and costs in Timberlands; sales volumes, operating rates, planned maintenance, and average sales realizations in Wood Products; and pulp sales realizations, fiber costs, and scheduled maintenance in Cellulose Fibers.

EX-99.2

Weyerhaeuser Company										Exhibit 99.2
Q3.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations
in millions	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net Sales	$	1,807		$	1,820		$	1,915		$	5,348		$	5,615
Cost of products sold	1,474			1,445			1,504			4,304			4,364
Gross margin	333			375			411			1,044			1,251
Selling expenses	28			27			28			83			83
General and administrative expenses	71			60			73			205			249
Research and development expenses	6			6			5			17			19
Charges for restructuring, closures and impairments	—			2			10			16			37
Other operating costs (income), net	(15		)	21			(23		)	21			(163		)
Operating income	243			259			318			702			1,026
Interest income and other	2			4			7			9			27
Interest expense, net of capitalized interest	(88		)	(88		)	(88		)	(259		)	(254		)
Earnings from continuing operations before income taxes	157			175			237			452			799
Income tax (expense) benefit	(13		)	16			(39		)	(16		)	(148		)
Earnings from continuing operations	144			191			198			436			651
Earnings from discontinued operations, net of income taxes	—			—			966			—			998
Net earnings	144			191			1,164			436			1,649
Dividends on preference shares	(11		)	(11		)	(11		)	(33		)	(33		)
Net earnings attributable to Weyerhaeuser common shareholders	$	133		$	180		$	1,153		$	403		$	1,616
Per Share Information
	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.26		$	0.35		$	0.35		$	0.78		$	1.09
Discontinued operations	—			—			1.82			—			1.76
Net earnings per share	$	0.26		$	0.35		$	2.17		$	0.78		$	2.85
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.26		$	0.35		$	0.35		$	0.77		$	1.08
Discontinued operations	—			—			1.80			—			1.75
Net earnings per share	$	0.26		$	0.35		$	2.15		$	0.77		$	2.83
Dividends paid per common share	$	0.29		$	0.31		$	0.29		$	0.89		$	0.73
Weighted average shares outstanding (in thousands):
Basic	516,626			514,301			531,913			518,121			567,436
Diluted	519,804			517,088			536,012			521,455			571,503
Common shares outstanding at end of period (in thousands)	514,121			511,033			525,485			511,033			525,485
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net earnings	$	144		$	191		$	1,164		$	436		$	1,649
Earnings from discontinued operations, net of income taxes	—			—			(966		)	—			(998		)
Interest income and other	(2		)	(4		)	(7		)	(9		)	(27		)
Interest expense, net of capitalized interest	88			88			88			259			254
Income tax expense (benefit)	13			(16		)	39			16			148
Operating income	243			259			318			702			1,026
Depreciation, depletion and amortization	118			118			123			359			368
Non-operating pension and postretirement credits	(3		)	(2		)	(12		)	(8		)	(33		)
Special items	—			—			(15		)	13			(103		)
Adjusted EBITDA*	$	358		$	375		$	414		$	1,066		$	1,258
* Non-GAAP measure - see page 8 for definition.

Page 1 of 8

Weyerhaeuser Company
Q3.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
in millions	June 30, 2015		September 30, 2015		December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	1,121	$	1,048	$	1,580
Receivables, less allowances	537		545		525
Receivables for taxes	12		14		25
Inventories	603		590		595
Prepaid expenses	82		87		80
Deferred tax assets	162		218		228
Total current assets	2,517		2,502		3,033
Property and equipment, net	2,557		2,484		2,623
Construction in progress	171		231		131
Timber and timberlands at cost, less depletion charged to disposals	6,531		6,507		6,530
Investments in and advances to equity affiliates	176		174		188
Goodwill	40		40		40
Deferred tax assets	2		—		8
Other assets	274		267		289
Restricted financial investments held by variable interest entities	615		615		615
Total assets	$	12,883	$	12,820	$	13,457
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	343	$	344	$	331
Accrued liabilities	576		554		587
Total current liabilities	919		898		918
Long-term debt	4,891		4,891		4,891
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511		511
Deferred income taxes	196		259		206
Deferred pension and other postretirement benefits	1,166		1,106		1,319
Other liabilities	275		277		308
Total liabilities	7,958		7,942		8,153
Total equity	4,925		4,878		5,304
Total liabilities and equity	$	12,883	$	12,820	$	13,457

Page 2 of 8

Weyerhaeuser Company
Q3.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
in millions	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Cash flows from operations:
Net earnings	$	144		$	191		$	1,164		$	436		$	1,649
Noncash charges (credits) to income:
Depreciation, depletion and amortization	118			118			123			359			375
Deferred income taxes, net	3			(6		)	45			10			170
Pension and other postretirement benefits	11			11			(13		)	32			(104		)
Share-based compensation expense	8			6			9			22			29
Charges for impairment of assets	—			1			—			14			1
Net gain on dispositions of assets	(5		)	(9		)	(1,002		)	(30		)	(1,048		)
Foreign exchange transaction (gains) losses	(8		)	20			13			41			15
Change in:
Receivables less allowances	(10		)	(15		)	20			(41		)	(28		)
Receivable for taxes	12			(3		)	13			11			77
Inventories	42			6			8			(9		)	(46		)
Real estate and land	—			—			(26		)	—			(133		)
Prepaid expenses	9			—			6			(2		)	6
Accounts payable and accrued liabilities	66			(22		)	21			(47		)	(76		)
Deposits on land positions and other assets	—			—			7			—			15
Pension and postretirement contributions	(19		)	(20		)	(22		)	(59		)	(85		)
Other	(5		)	4			(13		)	(12		)	(33		)
Net cash from operations	366			282			353			725			784
Cash flows from investing activities:
Property and equipment	(99		)	(106		)	(105		)	(276		)	(239		)
Timberlands reforestation	(9		)	(6		)	(7		)	(33		)	(32		)
Acquisition of timberlands	—			(2		)	—			(34		)	—
Net proceeds from Real Estate Divestiture, net of cash divested	—			—			707			—			707
Proceeds from sale of assets	4			1			4			7			24
Other	12			—			25			12			25
Cash from investing activities	(92		)	(113		)	624			(324		)	485
Cash flows from financing activities:
Net proceeds from issuance of Weyerhaeuser Real Estate Company (WRECO) debt	—			—			—			—			887
Deposit of WRECO debt proceeds into escrow	—			—			—			—			(887		)
Cash dividends on common shares	(149		)	(159		)	(154		)	(460		)	(411		)
Cash dividends on preference shares	(11		)	(11		)	(11		)	(22		)	(22		)
Change in book overdrafts	—			—			(11		)	—			(17		)
Exercises of stock options	4			4			30			29			84
Repurchase of common stock	(154		)	(77		)	(123		)	(484		)	(123		)
Other	(1		)	1			4			4			5
Cash from financing activities	(311		)	(242		)	(265		)	(933		)	(484		)
Net change in cash and cash equivalents	(37		)	(73		)	712			(532		)	785
Cash and cash equivalents at beginning of period	1,158			1,121			908			1,580			835
Cash and cash equivalents at end of period	$	1,121		$	1,048		$	1,620		$	1,048		$	1,620
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	58		$	118		$	100		$	290		$	253
Income taxes	$	4		$	(1	)	$	5		$	4		$	(40	)
Noncash investing and financing activity:
Common shares tendered in WRECO divestiture	$	—		$	—		$	1,954		$	—		$	1,954

Page 3 of 8

Weyerhaeuser Company							Total Company Statistics
Q3.2015 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings
in millions	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net earnings attributable to Weyerhaeuser common shareholders	$	133		$	180		$	1,153		$	403		$	1,616
Restructuring, impairments and other charges	—			—			6			9			24
Gain on sale of non-strategic asset	—			—			—			—			(14		)
Gain on postretirement plan amendment	—			—			(15		)	—			(73		)
Net earnings attributable to Weyerhaeuser common shareholders before special items	133			180			1,144			412			1,553
Earnings from discontinued operations, net of income taxes	—			—			(966		)	—			(998		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	133		$	180		$	178		$	412		$	555
	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Net earnings per diluted share attributable to Weyerhaeuser common shareholders	$	0.26		$	0.35		$	2.15		$	0.77		$	2.83
Restructuring, impairments and other charges	—			—			0.01			0.02			0.04
Gain on sale of non-strategic asset	—			—			—			—			(0.02		)
Gain on postretirement plan amendment	—			—			(0.03		)	—			(0.13		)
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items	0.26			0.35			2.13			0.79			2.72
Earnings from discontinued operations, net of income taxes	—			—			(1.80		)	—			(1.75		)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items	$	0.26		$	0.35		$	0.33		$	0.79		$	0.97
Selected Total Company Items
in millions	Q2			Q3						Year-to-date
	June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Depreciation, depletion and amortization:
Cost of products sold	$	116		$	116		$	117		$	350		$	351
Selling, general and administrative expenses	2			2			6			9			17
Total depreciation, depletion and amortization	$	118		$	118		$	123		$	359		$	368
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	14		$	13		$	11		$	40		$	33
Pension and postretirement credits not allocated	(3		)	(2		)	(12		)	(8		)	(33		)
Total company pension and postretirement costs	$	11		$	11		$	(1	)	$	32		$	—
Total decrease (increase) in working capital(1)	$	161		$	(79	)	$	106		$	(25	)	$	(15	)
Cash spent for capital expenditures	$	(108	)	$	(112	)	$	(112	)	$	(309	)	$	(267	)
(1) Working capital does not include cash balances.

Page 4 of 8

Weyerhaeuser Company								Timberlands Segment
Q3.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Sales to unaffiliated customers		$	336		$	326		$	364		$	1,013		$	1,138
Intersegment sales		187			210			218			625			642
Total net sales		523			536			582			1,638			1,780
Cost of products sold		385			401			432			1,191			1,262
Gross margin		138			135			150			447			518
Selling expenses		1			1			2			4			6
General and administrative expenses		21			21			23			64			72
Research and development expenses		4			3			4			10			11
Charges for restructuring, closures and impairments		—			—			1			—			1
Other operating income, net		(15		)	(16		)	(16		)	(46		)	(42		)
Operating income		127			126			136			415			470
Interest income and other		—			—			—			—			—
Net contribution to earnings		$	127		$	126		$	136		$	415		$	470
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Operating income		$	127		$	126		$	136		$	415		$	470
Depreciation, depletion and amortization		51			51			51			155			154
Adjusted EBITDA*		$	178		$	177		$	187		$	570		$	624
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	52		$	(12	)	$	25		$	14		$	(19	)
Cash spent for capital expenditures		$	(17	)	$	(17	)	$	(19	)	$	(58	)	$	(56	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Third Party  Net Sales (millions)	Logs:
	West	$	221		$	196		$	227		$	627		$	745
	South	58			64			69			180			191
	Canada	3			6			5			17			12
	Total logs	282			266			301			824			948
	Chip sales	4			4			4			12			9
	Timberlands exchanges	5			12			17			42			49
	Higher and better use land sales	3			4			4			9			14
	Minerals, oil and gas	5			7			10			19			25
	Products from international operations	25			20			22			69			72
	Other products	12			13			6			38			21
	Total	$	336		$	326		$	364		$	1,013		$	1,138
Logs Third Party Sales Realizations (per cubic meter)	West	$	94.70		$	93.44		$	102.23		$	95.63		$	108.64
	South	$	45.20		$	45.96		$	45.30		$	45.51		$	45.12
	Canada	$	35.43		$	35.50		$	37.75		$	35.15		$	36.65
	International	$	22.63		$	18.71		$	19.95		$	20.29		$	17.88
Logs Third Party Sales Volumes (cubic meters, thousands)	West	2,330			2,104			2,223			6,554			6,859
	South	1,295			1,396			1,500			3,962			4,224
	Canada	75			159			152			479			338
	International	179			175			170			504			456
	Total	3,879			3,834			4,045			11,499			11,877
Logs Fee Harvest Volumes (cubic meters, thousands)	West	2,811			2,666			2,656			8,388			8,419
	South	2,912			3,008			2,950			8,652			8,531
	International	219			200			232			658			730
	Total	5,942			5,874			5,838			17,698			17,680

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Weyerhaeuser Company								Wood Products Segment
Q3.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Sales to unaffiliated customers		$	1,004		$	1,023		$	1,048		$	2,950		$	3,023
Intersegment sales		22			20			20			61			60
Total net sales		1,026			1,043			1,068			3,011			3,083
Cost of products sold		903			914			910			2,646			2,640
Gross margin		123			129			158			365			443
Selling expenses		23			23			22			69			70
General and administrative expenses		26			21			31			74			98
Research and development expenses		1			1			—			2			3
Charges for restructuring, closures and impairments		—			1			—			1			2
Other operating costs (income), net		2			(2		)	—			1			(1		)
Operating income		71			85			105			218			271
Interest income and other		—			—			—			—			—
Net contribution to earnings		$	71		$	85		$	105		$	218		$	271
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Operating income		$	71		$	85		$	105		$	218		$	271
Depreciation, depletion and amortization		27			26			30			79			89
Adjusted EBITDA*		$	98		$	111		$	135		$	297		$	360
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	42		$	23		$	41		$	(34	)	$	(67	)
Cash spent for capital expenditures		$	(60	)	$	(68	)	$	(56	)	$	(165	)	$	(112	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Structural Lumber (board feet)	Third party net sales	$	450		$	455		$	500		$	1,339		$	1,442
	Third party sales realizations	$	383		$	372		$	431		$	385		$	430
	Third party sales volumes(1)	1,175			1,224			1,162			3,474			3,357
	Production volumes	1,087			1,087			1,049			3,217			3,139
	Outside purchase volumes	98			92			91			279			251
Engineered Solid Section (cubic feet)	Third party net sales	$	113		$	116		$	104		$	323		$	308
	Third party sales realizations	$	2,032		$	2,043		$	2,031		$	2,016		$	1,989
	Third party sales volumes(1)	5.6			5.6			5.1			16			15.5
	Production volumes	5.6			5.2			5.2			15.8			15.8
	Outside purchase volumes	—			—			—			—			2.3
Engineered I-joists (lineal feet)	Third party net sales	$	76		$	79		$	74		$	216		$	214
	Third party sales realizations	$	1,502		$	1,520		$	1,540		$	1,511		$	1,489
	Third party sales volumes(1)	50			52			49			143			144
	Production volumes	48			50			50			141			149
	Outside purchase volumes	1			2			1			4			5
Oriented Strand Board (square feet 3/8')	Third party net sales	$	147		$	151		$	157		$	435		$	464
	Third party sales realizations	$	191		$	194		$	215		$	194		$	223
	Third party sales volumes(1)	771			778			732			2,249			2,079
	Production volumes	700			746			717			2,150			2,055
	Outside purchase volumes	82			77			52			223			156
Softwood Plywood (square feet 3/8')	Third party net sales	$	36		$	33		$	42		$	102		$	107
	Third party sales realizations	$	354		$	330		$	381		$	349		$	355
	Third party sales volumes(1)	101			100			110			290			302
	Production volumes	63			67			72			191			191
	Outside purchase volumes	27			27			31			91			100
(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
Q3.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Total net sales		$	467		$	471		$	503		$	1,385		$	1,454
Cost of products sold		417			371			427			1,182			1,198
Gross margin		50			100			76			203			256
Selling expenses		4			3			3			10			11
General and administrative expenses		17			16			18			50			58
Research and development expenses		1			2			1			5			5
Other operating income, net		(6		)	(5		)	(6		)	(19		)	(23		)
Operating income		34			84			60			157			205
Interest income and other		(7		)	(5		)	(1		)	(18		)	(1		)
Net contribution to earnings		$	27		$	79		$	59		$	139		$	204
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Operating income		$	34		$	84		$	60		$	157		$	205
Depreciation, depletion and amortization		38			39			39			116			116
Adjusted EBITDA*		$	72		$	123		$	99		$	273		$	321
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
in millions		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	6		$	(24	)	$	39		$	22		$	33
Cash spent for capital expenditures		$	(31	)	$	(27	)	$	(36	)	$	(85	)	$	(97	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Pulp (air-dry metric tons)	Third party net sales (millions)	$	368		$	383		$	408		$	1,111		$	1,154
	Third party sales realizations	$	823		$	818		$	858		$	831		$	843
	Third party sales volumes (thousands)	448			468			474			1,337			1,368
	Production volumes (thousands)	422			477			465			1,341			1,391
Liquid Packaging Board (metric tons)	Third party net sales (millions)	$	84		$	74		$	80		$	232		$	247
	Third party sales realizations	$	1,218		$	1,168		$	1,307		$	1,194		$	1,275
	Third party sales volumes (thousands)	69			63			62			194			194
	Production volumes (thousands)	64			68			53			192			195

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Weyerhaeuser Company										Unallocated Items
Q3.2015 Analyst Package
Preliminary results (unaudited)
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	Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Unallocated corporate function expenses	$	(7	)	$	(4	)	$	(3	)	$	(20	)	$	(17	)
Unallocated share-based compensation	1			6			1			10			(2		)
Unallocated pension & postretirement credits	3			2			35			8			146
Foreign exchange gains (losses)	9			(20		)	(14		)	(40		)	(16		)
Elimination of intersegment profit in inventory and LIFO	18			3			12			9			(8		)
Other	(13		)	(23		)	(14		)	(55		)	(23		)
Operating income (loss)	11			(36		)	17			(88		)	80
Interest income and other	9			9			8			27			28
Net contribution to earnings from continuing operations(1)	$	20		$	(27	)	$	25		$	(61	)	$	108
(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	Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Operating income (loss)	$	11		$	(36	)	$	17		$	(88	)	$	80
Depreciation, depletion and amortization	2			2			3			9			9
Non-operating pension and postretirement credits	(3		)	(2		)	(12		)	(8		)	(33		)
Special items	—			—			(15		)	13			(103		)
Adjusted EBITDA*	$	10		$	(36	)	$	(7	)	$	(74	)	$	(47	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions	Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Gain on postretirement plan amendment	$	—		$	—		$	23		$	—		$	113
Restructuring, impairments and other charges	—			—			(8		)	(13		)	(32		)
Gain on sale of non-strategic asset	—			—			—			—			22
Total	$	—		$	—		$	15		$	(13	)	$	103
Unallocated Selected Items
in millions	Q2.2015			Q3.2015			Q3.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)	$	61		$	(66	)	$	1		$	(132	)	$	38
Cash spent for capital expenditures	$	—		$	—		$	(1	)	$	(1	)	$	(2	)
(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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