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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Net sales $ 1,820 $ 1,915 $ 5,348 $ 5,615
Cost of products sold 1,445 1,504 4,304 4,364
Gross margin 375 411 1,044 1,251
Selling expenses 27 28 83 83
General and administrative expenses 60 73 205 249
Research and development expenses 6 5 17 19
Charges for restructuring, closures and impairments (Note 12) 2 10 16 37
Other operating costs (income), net (Note 13) 21 (23) 21 (163)
Operating income 259 318 702 1,026
Interest income and other 4 7 9 27
Interest expense, net of capitalized interest (88) (88) (259) (254)
Earnings before income taxes 175 237 452 799
Income tax (expense) benefit (Note 14) 16 (39) (16) (148)
Earnings from continuing operations 191 198 436 651
Earnings from discontinued operations, net of income taxes (Note 3) 0 966 0 998
Net earnings 191 1,164 436 1,649
Dividends on preference shares (11) (11) (33) (33)
Net earnings attributable to Weyerhaeuser common shareholders $ 180 $ 1,153 $ 403 $ 1,616
Earnings per share attributable to Weyerhaeuser common shareholders, basic (Note 4):        
Continuing operations $ 0.35 $ 0.35 $ 0.78 $ 1.09
Discontinued operations 0.00 1.82 0.00 1.76
Net earnings per share 0.35 2.17 0.78 2.85
Earnings per share attributable to Weyerhaeuser common shareholders, diluted (Note 4):        
Continuing operations 0.35 0.35 0.77 1.08
Discontinued operations 0.00 1.80 0.00 1.75
Net earnings per share 0.35 2.15 0.77 2.83
Dividends paid per share $ 0.31 $ 0.29 $ 0.89 $ 0.73
Weighted average shares outstanding (in thousands) (Note 4):        
Basic 514,301 531,913 518,121 567,436
Diluted 517,088 536,012 521,455 571,503