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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Net sales $ 1,709 $ 1,355 $ 4,769 $ 3,980
Costs of products sold 1,314 1,073 3,661 3,123
Gross margin 395 282 1,108 857
Selling expenses 22 24 67 73
General and administrative expenses 78 55 248 184
Research and development expenses 5 4 14 12
Charges for integration and restructuring, closures and asset impairments (Note 15) 16 2 141 16
Other operating costs (income), net (Note 16) 0 31 (47) 56
Operating income 274 166 685 516
Equity earnings from joint ventures (Note 7) 9 0 21 0
Interest income and other 15 9 34 27
Interest expense, net of capitalized interest (114) (87) (323) (254)
Earnings from continuing operations before income taxes 184 88 417 289
Income taxes (Note 17) (22) 44 (64) 36
Earnings from continuing operations 162 132 353 325
Earnings from discontinued operations, net of income taxes (Note 3) 65 59 123 111
Net earnings 227 191 476 436
Dividends on preference shares (Note 5) 0 (11) (22) (33)
Net earnings attributable to Weyerhaeuser common shareholders $ 227 $ 180 $ 454 $ 403
Earnings per share attributable to Weyerhaeuser common shareholders, basic (Note 5):        
Continuing operations $ 0.22 $ 0.24 $ 0.47 $ 0.56
Discontinued operations 0.08 0.11 0.17 0.22
Net earnings per share 0.30 0.35 0.64 0.78
Earnings per share attributable to Weyerhaeuser common shareholders, diluted (Note 5):        
Continuing operations 0.21 0.23 0.46 0.56
Discontinued operations 0.09 0.12 0.18 0.21
Net earnings per share 0.30 0.35 0.64 0.77
Dividends paid per share $ 0.31 $ 0.31 $ 0.93 $ 0.89
Weighted average shares outstanding (in thousands) (Note 5):        
Basic 749,587 514,301 708,395 518,121
Diluted 754,044 517,088 712,205 521,455