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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net sales $ 1,655 $ 1,345 $ 3,060 $ 2,625
Costs of products sold 1,258 1,057 2,347 2,050
Gross margin 397 288 713 575
Selling expenses 22 24 45 49
General and administrative expenses 94 63 170 129
Research and development expenses 4 5 9 8
Charges for integration and restructuring, closures and asset impairments (Note 15) 14 0 125 14
Other operating costs (income), net (Note 16) 5 (4) (47) 25
Operating income 258 200 411 350
Equity earnings from joint ventures (Note 7) 7 0 12 0
Interest income and other 10 9 19 18
Interest expense, net of capitalized interest (114) (85) (209) (167)
Earnings from continuing operations before income taxes 161 124 233 201
Income taxes (Note 17) (31) 1 (42) (8)
Earnings from continuing operations 130 125 191 193
Earnings from discontinued operations, net of income taxes (Note 3) 38 19 58 52
Net earnings 168 144 249 245
Dividends on preference shares (11) (11) (22) (22)
Net earnings attributable to Weyerhaeuser common shareholders $ 157 $ 133 $ 227 $ 223
Earnings per share attributable to Weyerhaeuser common shareholders, basic and diluted (Note 5):        
Continuing operations $ 0.16 $ 0.22 $ 0.25 $ 0.33
Discontinued operations 0.05 0.04 0.08 0.10
Net earnings per share 0.21 0.26 0.33 0.43
Dividends paid per share $ 0.31 $ 0.29 $ 0.62 $ 0.58
Weighted average shares outstanding (in thousands) (Note 5):        
Basic 743,140 516,626 687,572 520,008
Diluted 747,701 519,804 691,060 523,595