XML 53 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 30, 2016
Condensed Income Statement [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – QUARTER
 
QUARTER ENDED JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
186

$
55

$
1,618

$
(204
)
$
1,655

Costs of products sold
68

37

1,360

(207
)
1,258

Gross margin
118

18

258

3

397

Other operating expenses, net
12

14

113


139

Operating income
106

4

145

3

258

Non-operating expense, net
(23
)
(9
)
(65
)

(97
)
Earnings (loss) from continuing operations before income taxes
83

(5
)
80

3

161

Income taxes


(31
)

(31
)
Earnings (loss) from continuing operations
83

(5
)
49

3

130

Earnings from discontinued operations, net of income taxes


38


38

Net earnings (loss)
83

(5
)
87

3

168

Dividends on preference shares
(11
)



(11
)
Net earnings (loss) attributable to Weyerhaeuser common shareholders
$
72

$
(5
)
$
87

$
3

$
157


 
QUARTER ENDED JUNE 30, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
181

$

$
1,327

$
(163
)
$
1,345

Costs of products sold
55


1,170

(168
)
1,057

Gross margin
126


157

5

288

Other operating expenses, net
17


71


88

Operating income
109


86

5

200

Non-operating expense, net
(13
)

(63
)

(76
)
Earnings from continuing operations before income taxes
96


23

5

124

Income taxes


1


1

Earnings from continuing operations
96


24

5

125

Earnings from discontinued operations, net of income taxes


19


19

Net earnings
96


43

5

144

Dividends on preference shares
(11
)



(11
)
Net earnings attributable to Weyerhaeuser common shareholders
$
85

$

$
43

$
5

$
133


*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS – YEAR-TO-DATE
 
YEAR-TO-DATE ENDED JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
372

$
82

$
2,996

$
(390
)
$
3,060

Costs of products sold
125

61

2,551

(390
)
2,347

Gross margin
247

21

445


713

Other operating expenses, net
93

36

173


302

Operating income (loss)
154

(15
)
272


411

Non-operating expense, net
(35
)
(15
)
(128
)

(178
)
Earnings (loss) from continuing operations before income taxes
119

(30
)
144


233

Income taxes


(42
)

(42
)
Earnings (loss) from continuing operations
119

(30
)
102


191

Earnings from discontinued operations, net of income taxes


58


58

Net earnings (loss)
119

(30
)
160


249

Dividends on preference shares
(22
)



(22
)
Net earnings (loss) attributable to Weyerhaeuser common shareholders
$
97

$
(30
)
$
160

$

$
227


 
YEAR-TO-DATE ENDED JUNE 30, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
379

$

$
2,579

$
(333
)
$
2,625

Costs of products sold
116


2,273

(339
)
2,050

Gross margin
263


306

6

575

Other operating expenses, net
36


189


225

Operating income
227


117

6

350

Non-operating expense, net
(19
)

(130
)

(149
)
Earnings (loss) from continuing operations before income taxes
208


(13
)
6

201

Income taxes


(8
)

(8
)
Earnings (loss) from continuing operations
208


(21
)
6

193

Earnings from discontinued operations, net of income taxes


52


52

Net earnings
208


31

6

245

Dividends on preference shares
(22
)



(22
)
Net earnings attributable to Weyerhaeuser common shareholders
$
186

$

$
31

$
6

$
223


*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.
Condensed Statement of Comprehensive Income [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) – QUARTER
 
QUARTER ENDED JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings (loss)
$
83

$
(5
)
$
87

$
3

$
168

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments


(2
)

(2
)
Actuarial gains, net of tax expense
1


30


31

Prior service costs, net of tax expense





Unrealized gains on available-for-sale securities

1



1

Total other comprehensive income
1

1

28


30

Comprehensive income (loss)
$
84

$
(4
)
$
115

$
3

$
198


 
QUARTER ENDED JUNE 30, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings
$
96

$

$
43

$
5

$
144

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments


12


12

Actuarial gains (losses), net of tax expense
(1
)

45


44

Prior service costs (credits), net of tax expense
(1
)

1



Unrealized gains on available-for-sale securities





Total other comprehensive income (loss)
(2
)

58


56

Comprehensive income
$
94

$

$
101

$
5

$
200


*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) – YEAR-TO-DATE

 
YEAR-TO-DATE ENDED JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings (loss)
$
119

$
(30
)
$
160

$

$
249

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments


39


39

Actuarial gains, net of tax expense
3


38


41

Prior service credits, net of tax expense


(2
)

(2
)
Unrealized gains on available-for-sale securities

1



1

Total other comprehensive income
3

1

75


79

Comprehensive income (loss)
$
122

$
(29
)
$
235

$

$
328


 
YEAR-TO-DATE ENDED JUNE 30, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings
$
208

$

$
31

$
6

$
245

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments


(35
)

(35
)
Actuarial gains, net of tax expense
4


102


106

Prior service credits, net of tax expense
(1
)

(1
)

(2
)
Unrealized gains on available-for-sale securities


1


1

Total other comprehensive income
3


67


70

Comprehensive income
$
211

$

$
98

$
6

$
315


*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.

Condensed Balance Sheet [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
 
JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Cash and cash equivalents
$
69

$
20

$
396

$

$
485

Other current assets
73

7

863

(8
)
935

Assets of discontinued operations


1,908


1,908

Total current assets
142

27

3,167

(8
)
3,328

Property and equipment, net
165

89

1,208


1,462

Timber and timberlands at cost, net
3,454

5,813

5,228

(21
)
14,474

Investments in and advances to subsidiaries
11,875

4,565

630

(17,070
)

Other assets
96

139

3,125

(635
)
2,725

Total assets
$
15,732

$
10,633

$
13,358

$
(17,734
)
$
21,989

 
 

 

 
 
 
Current liabilities
$
174

$
83

$
639

$
(5
)
$
891

Liabilities of discontinued operations


666


666

Total current liabilities
174

83

1,305

(5
)
1,557

Note payable to Timberland Venture


830


830

Long-term debt
3,935

935

3,743

(600
)
8,013

Other long-term liabilities
87

498

1,574


2,159

Total liabilities
4,196

1,516

7,452

(605
)
12,559

Equity:
 
 
 
 
 
Mandatory convertible preference shares
14




14

Common shares
916




916

Other equity
10,606

9,117

5,906

(17,129
)
8,500

Total equity
11,536

9,117

5,906

(17,129
)
9,430

Total liabilities and equity
$
15,732

$
10,633

$
13,358

$
(17,734
)
$
21,989




CONDENSED CONSOLIDATING BALANCE SHEET (continued)
 
DECEMBER 31, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Cash and cash equivalents
$
673

$

$
338

$

$
1,011

Other current assets
7


693

(6
)
694

Assets of discontinued operations


1,934


1,934

Total current assets
680


2,965

(6
)
3,639

Property and equipment, net
167


1,066


1,233

Timber and timberlands at cost, net
3,538


2,964

(23
)
6,479

Investments in and advances to subsidiaries
2,948



(2,948
)

Other assets
88


1,916

(635
)
1,369

Total assets
$
7,421

$

$
8,911

$
(3,612
)
$
12,720

 
 

 

 
 
 
Current liabilities
$
66

$

$
574

$
(5
)
$
635

Liabilities of discontinued operations


690


690

Total current liabilities
66


1,264

(5
)
1,325

Long-term debt
1,645


3,742

(600
)
4,787

Other long-term liabilities
91


1,648


1,739

Total liabilities
1,802


6,654

(605
)
7,851

Equity:
 
 
 
 
 
Mandatory convertible preference shares
14




14

Common shares
638




638

Other equity
4,967


2,257

(3,007
)
4,217

Total equity
5,619


2,257

(3,007
)
4,869

Total liabilities and equity
$
7,421

$

$
8,911

$
(3,612
)
$
12,720


*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.

Condensed Cash Flow Statement [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
YEAR-TO-DATE ENDED JUNE 30, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net cash from (used in) operations
$
40

$
38

$
461

$

$
539

Net cash from (used in) investing activities:
 
 
 
 
Capital expenditures
$
(25
)
$
(9
)
$
(140
)
$

$
(174
)
Acquisition of timberlands
(1
)

(7
)

(8
)
Proceeds from sale of assets


83


83

Proceeds from contribution of timberlands to related party

440



440

Distributions from joint ventures


27


27

Cash acquired in merger with Plum Creek

5

4


9

Distribution from subsidiaries
812



(812
)

Other

(3
)


(3
)
Net cash from (used in) investing activities
$
786

$
433

$
(33
)
$
(812
)
$
374

Net cash from (used in) financing activities:
 
 
 
 
Net proceeds from issuance of debt
$
1,398

$

$

$

$
1,398

Payments on debt
(720
)

(3
)

(723
)
Cash dividends on common shares
(469
)



(469
)
Cash dividends on preference shares
(11
)



(11
)
Repurchase of common stock
(1,629
)



(1,629
)
Distribution to parent

(451
)
(361
)
812


Other
1




1

Net cash used in financing activities
$
(1,430
)
$
(451
)
$
(364
)
$
812

$
(1,433
)

 
YEAR-TO-DATE ENDED JUNE 30, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net cash from (used in) operations
$
(4
)
$

$
458

$

$
454

Net cash from (used in) investing activities:
 
 
 

Capital expenditures
$
(30
)
$

$
(167
)
$

$
(197
)
Acquisitions of timberlands
(26
)

(6
)

(32
)
Proceeds from sale of assets


6


6

Issuance of note to parent


(600
)
600


Distribution from subsidiaries
292



(292
)

Other
12




12

Net cash from (used in) investing activities
$
248

$

$
(767
)
$
308

$
(211
)
Net cash from (used in) financing activities:
 
 
 
 
Proceeds from note from subsidiary
$
600

$

$

$
(600
)
$

Cash dividends on common shares
(301
)



(301
)
Cash dividends on preferred shares
(11
)



(11
)
Repurchase of common stock
(407
)



(407
)
Distribution to parent


(292
)
292


Other
17




17

Net cash from (used in) financing activities
$
(102
)
$

$
(292
)
$
(308
)
$
(702
)

*
The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity beginning on the acquisition date.