XML 125 R90.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jul. 07, 2014
Defined Benefit Plan Disclosure [Line Items]                
Defined Benefit Plan, Actuarial Gain (Loss)         $ 343      
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.
     
Postretirement obligation increase   $ 45            
Amortization of prior service cost (credit)(2)         $ 0 $ (151) $ 0  
Charge for curtailments and special termination benefits         0 (3) 0  
Total equity decreased for changes in cumulative other comprehensive loss         60 (698)    
Pension plans with accumulated benefit obligations greater than plan assets, projected benefit obligations   6,600     5,500 6,600    
Pension plans with accumulated benefit obligations greater than plan assets, accumulated benefit obligations   6,500     5,400 6,500    
Pension plans with accumulated benefit obligations greater than plan assets, fair value of assets   5,600     4,700 5,600    
Accumulated benefit obligation for all defined benefit pension plans   6,500     $ 6,100 6,500    
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.
     
Actual return on plan assets         $ 226 368 808  
Number of employees covered under union-administered multiemployer pension plans         1,200      
Multiemployer benefit plans contributions         $ 4 4 4  
Employer contributions to defined contribution plans         21 20 $ 20  
Qualified and Registered Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Fair value of plan assets   5,630     $ 5,481 $ 5,630    
Expected return on plan assets         9.00% 9.00% 9.00%  
Actual return on plan assets         $ 226      
Pension                
Defined Benefit Plan Disclosure [Line Items]                
Defined Benefit Plan, Actuarial Gain (Loss)         309 $ (1,006)    
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. Certain union employee groups adopted similar amendments effective at other dates. Beginning at the effective date, new hires and rehires into groups affected by these amendments 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. These changes were announced to participants in December 2013.
       
Amortization of prior service cost (credit)(2)         4 5 $ 7  
Charge for curtailments and special termination benefits         0 (9) 0  
Increase in fair value of pension assets $ 57       57 53    
Employer contributions and benefit payments         60 70    
Fair value of plan assets   $ 5,643   $ 5,614 5,491 5,643 5,614  
Percentage increase in fair value of pension assets 1.00%              
Actual return on plan assets         226 $ 368    
Registered Canadian Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Employer contributions and benefit payments         33      
Expected contribution to benefit plans during 2016         $ 16      
United States Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Discount rates   4.10%     4.50% 4.10%    
Annual rate of return on assets over 31 years         14.20%      
Annual rate of return on assets over the past 5 years         8.00%      
Canadian Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Discount rates   3.90%     4.00% 3.90%    
Canadian Other Postretirement Benefit Plans                
Defined Benefit Plan Disclosure [Line Items]                
Discount rates   3.80%     3.90% 3.80%    
United States Other Postretirement Benefit Plans                
Defined Benefit Plan Disclosure [Line Items]                
Discount rates   3.60%     4.00% 3.60%    
Other Postretirement Benefits                
Defined Benefit Plan Disclosure [Line Items]                
Defined Benefit Plan, Actuarial Gain (Loss)         $ 34 $ (4)    
Benefit Plan Amendment  
During fourth quarter 2014, the decision was ratified to reinstate or modify available options for U.S. and Canadian postretirement benefits for certain retirees. As a result, our postretirement obligation increased by $45 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 after 2014. This change was communicated to affected retirees during January 2014. As a result, we recognized a pretax gain of $151 million in 2014 from this plan amendment.
       
Amortization of prior service cost (credit)(2)         (9) (161) (23)  
Charge for curtailments and special termination benefits         0 0 0  
Increase in fair value of pension assets         0 0    
Employer contributions and benefit payments         23 31    
Fair value of plan assets   $ 0   $ 0 0 0 $ 0  
Expected contribution to benefit plans during 2016         22      
Actual return on plan assets         0 0    
Non-Qualified U.S. Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Employer contributions and benefit payments         24      
Expected contribution to benefit plans during 2016         19      
Qualified U.S. Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Charge for curtailments and special termination benefits     $ (9)          
Funded status of our plan reduced     (291)          
Discount rates       4.90%     4.90% 4.40%
Deferred tax liabilities decrease     (108)          
Total equity decreased for changes in cumulative other comprehensive loss     (183)          
Expected contribution to benefit plans during 2016         0      
Non Registered Canadian Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Employer contributions and benefit payments         3      
Fair value of plan assets   13     10 $ 13    
Expected contribution to benefit plans during 2016         $ 3      
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.
     
Expected return on plan assets         3.50% 3.50% 3.50%  
Canada                
Defined Benefit Plan Disclosure [Line Items]                
Weighted health care cost trend rate assumed for next year         5.00% 5.60%    
U.S.                
Defined Benefit Plan Disclosure [Line Items]                
Weighted health care cost trend rate assumed for next year           6.30%    
U.S. | Qualified and Registered Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Expected Return on Plan Assets        
Our expected long-term rate of return for plan assets as of December 31, 2015, is comprised of:
a 7.2 percent assumed return from direct investments and
a 1.7 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 31 years it has been in place, our U.S. pension trust investment strategy has achieved a 14.2 percent net compound annual return rate. The past 5 years, our net compounded annual return was 8.0 percent.
     
U.S. | Pre Medicare [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Weighted health care cost trend rate assumed for next year         7.20%      
Fair Value, Inputs, Level 3                
Defined Benefit Plan Disclosure [Line Items]                
Fair value of plan assets   4,840   $ 4,935 $ 4,722 $ 4,840 $ 4,935  
Fair Value, Inputs, Level 3 | Pension                
Defined Benefit Plan Disclosure [Line Items]                
Fair value of plan assets         $ 4,700      
Fair value of plan assets, percent         86.00%      
Fair Value, Inputs, Level 3 | Non Registered Canadian Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Fair value of plan assets   $ 0     $ 0 0    
Investments | Qualified and Registered Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Expected return on plan assets         7.20%      
Derivatives | Qualified and Registered Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Expected return on plan assets         1.70%      
Investments we are allowed to invest | Non Registered Canadian Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Expected return on plan assets         7.00%      
Collective Bargaining Arrangement | Other Postretirement Benefits                
Defined Benefit Plan Disclosure [Line Items]                
Expected contribution to benefit plans during 2016         $ 7      
Real Estate Divestiture | Qualified U.S. Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Charge for curtailments and special termination benefits     (6)          
Charges for restructuring, closures and impairments | Qualified U.S. Pension Plans                
Defined Benefit Plan Disclosure [Line Items]                
Charge for curtailments and special termination benefits     $ (3)          
Gain on postretirement plan amendment | Other Postretirement Benefits                
Defined Benefit Plan Disclosure [Line Items]                
Amortization of prior service cost (credit)(2)           $ (151)