8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

February 2, 2018

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

220 Occidental Avenue South

Seattle, Washington 98104-7800

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(206) 539-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

¨ Emerging growth company

¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

TABLE OF CONTENTS

SIGNATURES

EXHIBIT 99.1

EXHIBIT 99.2

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On February 2, 2018, Weyerhaeuser Company issued a press release announcing its financial results for the quarter and the year ended December 31, 2017. Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.	The following items are furnished as exhibits to this report.
Exhibit No.	Description
99.1	Press release of Weyerhaeuser Company issued February 2, 2018 reporting results of operations for the quarter and the year ended December 31, 2017.
99.2	Exhibits to press release of Weyerhaeuser Company issued February 2, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY
By	/s/ Jeanne M. Hillman
Its:	Vice President and Chief Accounting Officer

Date: February 2, 2018

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Weyerhaeuser Company issued February 2, 2018 reporting results of operations for the quarter and the year ended December 31, 2017.
99.2	Exhibits to press release of Weyerhaeuser Company issued February 2, 2018.

EX-99.1

For more information contact:	Analysts - Beth Baum (206) 539-3907
	Media - Anthony Chavez (206) 539-4406

Weyerhaeuser Reports Fourth Quarter, Full Year Results

• Generated full year net earnings of $582 million or $0.77 per diluted share

• Increased full year Adjusted EBITDA by 31% to $2.1 billion with improvements in all segments

• Raised quarterly dividend

• Completed sale of 100,000 acres of Southern timberlands for $202.5 million in the fourth quarter

SEATTLE (February 2, 2018) - Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $271 million or 36 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings from continuing operations of $62 million, or 8 cents per diluted share, on net sales of $1.6 billion for the same period last year.

Excluding a net after-tax benefit of $37 million from special items, the company reported net earnings of $234 million or 31 cents per diluted share. This compares with net earnings from continuing operations before special items of $106 million for the same period last year and $259 million for third quarter 2017.

For the full year 2017, Weyerhaeuser reported net earnings of $582 million, or 77 cents per diluted share, on net sales of $7.2 billion. This compares with net earnings from continuing operations of $415 million on net sales of $6.4 billion for the same period last year.

Full year 2017 includes net after-tax charges of $290 million from special items. Excluding these items, the company reported net earnings from continuing operations before special items of $872 million, or $1.15 per diluted share. This compares with net earnings from continuing operations before special items of $534 million for the full year 2016.

"2017 was a year of strong financial and operational performance for Weyerhaeuser. We increased Adjusted EBITDA by over 30 percent to $2.1 billion, generated over $1 billion of EBITDA from Wood Products, achieved all targets for operational excellence, merger cost synergies and overhead cost reduction, and raised our dividend,” said Doyle R. Simons, president and chief executive officer. “We also further simplified and optimized our portfolio by divesting our Uruguay operations, exiting the Twin Creeks joint venture and selling 100,000 acres of Southern timberland for collective proceeds of over $700 million. Going forward, we expect continued growth in the U.S. housing market and we remain relentlessly focused on improving performance through operational excellence, fully capitalizing on strengthening market conditions, and driving value for shareholders through disciplined capital allocation."

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2017		2017		2016		2017		2016
(millions, except per share data)	Q3		Q4		Q4		Full Year
Net sales	$	1,872	$	1,823	$	1,596	$	7,196	$	6,365
Earnings from continuing operations	$	130	$	271	$	62	$	582	$	415
Net earnings attributable to Weyerhaeuser common shareholders	$	130	$	271	$	551	$	582	$	1,005
Earnings per diluted share from continuing operations	$	0.17	$	0.36	$	0.08	$	0.77	$	0.55
Net earnings per diluted share	$	0.17	$	0.36	$	0.73	$	0.77	$	1.39
Weighted average shares outstanding, diluted(1)	757		758		753		757		722
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items(2)	$	259	$	234	$	106	$	872	$	534
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items	$	0.34	$	0.31	$	0.14	$	1.15	$	0.75
Adjusted EBITDA(3)	$	569	$	551	$	400	$	2,080	$	1,583
(1) During 2016, Weyerhaeuser issued approximately 279 million common shares in connection with the Plum Creek merger, issued 23 million common shares to effect the conversion of its mandatory convertible preference shares, and repurchased approximately 68 million common shares under the company’s repurchase authorization program put in place in connection with the Plum Creek merger transaction.
(2) Fourth quarter 2017 after-tax special items include a $99 million gain on the sale of Southern timberlands, charges of $52 million for tax adjustments including enactment of tax legislation, $31 million for product remediation, $26 million for environmental remediation insurance recoveries, $12 million for Plum Creek merger-related costs, and a $7 million net benefit from an adjustment to accrued countervailing and antidumping duties on softwood lumber. Full year 2017 includes $290 million of after-tax special charges, primarily for product remediation and impairment of Uruguay operations. Full year 2016 includes after-tax special charges of $141 million, primarily for Plum Creek merger-related costs. Full year 2016 results also include a $612 million gain on the sale of the company’s Cellulose Fiber businesses which is presented as discontinued operations.
(3) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations, adjusted for depreciation, depletion, amortization, basis in real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results. A reconciliation of Adjusted EBITDA to GAAP earnings is included with this release.

Weyerhaeuser merged with Plum Creek Timber Company, Inc. (Plum Creek) on February 19, 2016. The financial statements presented within this release do not include Plum Creek financial results for any period prior to the February 19, 2016 merger date.

During 2016, Weyerhaeuser sold its Cellulose Fibers businesses. Results for the Cellulose Fibers segment are presented as discontinued operations.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	3Q 2017		4Q 2017			Change
Net sales	$	670	$	714		$	44
Contribution to pre-tax earnings	$	131	$	265		$	134
Pre-tax benefit from special items	$	—	$	(99	)	$	(99	)
Contribution to pre-tax earnings before special items	$	131	$	166		$	35
Adjusted EBITDA	$	220	$	252		$	32

4Q 2017 Performance - In the West, fee harvest volumes increased and average realizations for domestic and export logs improved compared with the third quarter. In the South, fee harvest increased due to seasonally higher volumes and favorable weather, and average sales realizations were comparable to the prior quarter.

Fourth quarter includes a $99 million gain on the previously announced sale of 100,000 acres of Southern timberlands.

The company redeemed its ownership interest in the Twin Creeks Timber, LLC joint venture in October 2017. Fourth quarter results include no earnings contribution from operation of the joint venture.

1Q 2018 Outlook - Weyerhaeuser expects first quarter earnings before special items and Adjusted EBITDA to be comparable to the fourth quarter. In the West, the company anticipates improved average log sales realizations, partially offset by modestly lower fee harvest volumes. In the South, the company expects seasonally lower fee harvest volumes, comparable realizations, and higher trucking costs.

REAL ESTATE, ENERGY AND NATURAL RESOURCES

FINANCIAL HIGHLIGHTS (millions)	3Q 2017		4Q 2017		Change
Net sales	$	82	$	100	$	18
Contribution to pre-tax earnings	$	47	$	50	$	3
Adjusted EBITDA	$	74	$	87	$	13

4Q 2017 Performance - Earnings and Adjusted EBITDA increased compared with the third quarter due to seasonally higher Real Estate sales.

1Q 2018 Outlook - Weyerhaeuser anticipates significantly lower earnings and Adjusted EBITDA in the first quarter compared with the fourth quarter due to seasonally lower Real Estate sales and royalties from Energy & Natural Resources operations.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	3Q 2017		4Q 2017		Change
Net sales	$	1,299	$	1,228	$	(71	)
Contribution to pre-tax earnings	$	40	$	180	$	140
Pre-tax charge for special items	$	201	$	41	$	(160	)
Contribution to pre-tax earnings before special items	$	241	$	221	$	(20	)
Adjusted EBITDA	$	278	$	258	$	(20	)

4Q 2017 Performance - Average sales realizations for all products increased compared with the third quarter. Sales volumes declined due to seasonality and weather-related transportation disruptions. Canadian and Western log costs increased, and raw material costs for oriented strand board and engineered wood products were also higher.

Fourth quarter net pre-tax special charges of $41 million include $50 million for product remediation and a $9 million net benefit primarily from an adjustment to the periods covered and rates associated with the softwood lumber countervailing and antidumping duties.

1Q 2018 Outlook - Weyerhaeuser anticipates first quarter earnings before special items and Adjusted EBITDA from the Wood Products segment will be comparable to the fourth quarter. The company expects higher sales volumes, improved operating rates, and slightly higher lumber sales realizations, offset by lower average sales realizations for oriented strand board.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control 12.4 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainablebasis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products. Our company is a real estate investment trust. In February 2016, we merged with Plum Creek Timber Company, Inc. In 2017, we generated $7.2 billion in net sales and employed approximately 9,300 people who serve customers worldwide. We are listed on the North American and World Dow Jones Sustainability Indices. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on February 2, 2018 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on February 2, 2018.

To join the conference call from within North America, dial 855-223-0757 (access code: 3088989) at least 15 minutes prior to the call. Those calling from outside North America should dial 574-990-1206 (access code: 3088989). Replays will be available for two weeks at 855-859-2056 (access code: 3088989) from within North America and at 404-537-3406 (access code: 3088989) from outside North America.

FORWARD LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including with respect to the following for the first quarter of 2018: earnings and Adjusted EBITDA for each of our business segments; log sale realizations and fee harvest volumes in our timber business; Wood Products sales volumes and realizations and operating rates; transportation costs; real estate sales volumes; and royalties from energy and natural resources operations. These statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and expressions such as “will be,” “will continue,” “will likely result,” and similar words and expressions. These statements are based on our current expectations and assumptions and are not guarantees of future performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

• the effect of general economic conditions, including employment rates, interest rate levels, housing starts, availability of financing for home mortgages and strength of the U.S. dollar;

• market demand for our products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;

• changes in currency exchange rates, particularly the relative value of the U.S. dollar to the yen and the Canadian dollar, and the relative value of the euro to the yen;

• restrictions on international trade, tariffs imposed on imports and the availability and cost of shipping and transportation;

• economic activity in Asia, especially Japan and China;

• performance of our manufacturing operations, including maintenance requirements;

• potential disruptions in our manufacturing operations;

• the level of competition from domestic and foreign producers;

• raw material availability and prices;

• the effect of weather;

• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

• energy prices;

• the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

• the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic

divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals;

• transportation and labor availability and costs;

• federal tax policies;

• the effect of forestry, land use, environmental and other governmental regulations;

• legal proceedings;

• performance of pension fund investments and related derivatives;

• the effect of timing of retirements and changes in the market price of our common stock on charges for share-based compensation;

• changes in accounting principles; and

• other matters described under “Risk Factors” in our 2016 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements and other reports and filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2017:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	582
Earnings from discontinued operations, net of income taxes											—
Interest expense, net of capitalized interest											393
Income taxes											134
Net contribution to earnings	$	532	$	146		$	569	$	(138	)	1,109
Equity (earnings) loss from joint ventures	—		(1		)	—		—			(1		)
Non-operating pension and other postretirement benefit (costs) credits	—		—			—		62			62
Interest income and other	—		—			—		(39		)	(39		)
Operating income	532		145			569		(115		)	1,131
Depreciation, depletion and amortization	356		15			145		5			521
Basis of real estate sold	—		81			—		—			81
Unallocated pension service costs	—		—			—		4			4
Special items(1)(2)(3)	48		—			303		(8		)	343
Adjusted EBITDA	$	936	$	241		$	1,017	$	(114	)	$	2,080

(1) Pre-tax special items included in Timberlands consist of a $147 million non-cash impairment charge of the Uruguay operations and a $99 million gain on the sale of Southern timberlands.

(2) Pre-tax special items included in Wood Products consist of $290 million of product remediation charges, $7 million for countervailing and antidumping duties on softwood lumber, and a $6 million impairment on a non-strategic asset.

(3) Pre-tax special items included in Unallocated Items consist of $42 million for environmental remediation insurance recoveries and $34 million for Plum Creek merger-related costs.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2016:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	1,027
Earnings from discontinued operations, net of income taxes											(612		)
Interest expense, net of capitalized interest											431
Income taxes											89
Net contribution to earnings	$	499	$	55		$	512	$	(131	)	$	935
Equity (earnings) loss from joint ventures	—		(2		)	—		(20		)	(22		)
Non-operating pension and other postretirement benefit (costs) credits	—		—			—		(48		)	(48		)
Interest income and other	—		—			—		(43		)	(43		)
Operating income	499		53			512		(242		)	822
Depreciation, depletion and amortization	366		13			129		4			512
Basis of real estate sold	—		109			—		—			109
Unallocated pension service costs	—		—			—		5			5
Special items(1)(2)	—		14			—		121			135
Adjusted EBITDA	$	865	$	189		$	641	$	(112	)	$	1,583

(1) Pre-tax special items included in Real Estate & ENR relate to non-cash charges recorded for legacy real estate projects.

(2) Pre-tax special items included in Unallocated Items consist of: $146 million Plum Creek merger-related costs, $36 million gain on sale of non strategic assets, and $11 million of legal expense.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2017:

DOLLAR AMOUNTS IN MILLIONS	Timberlands			Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	271
Interest expense, net of capitalized interest											96
Income taxes											103
Net contribution to earnings	$	265		$	50	$	180	$	(25	)	$	470
Non-operating pension and other postretirement benefit (costs) credits	—			—		—		16			16
Interest income and other	—			—		—		(10		)	(10		)
Operating income	265			50		180		(19		)	476
Depreciation, depletion and amortization	86			4		37		—			127
Basis of real estate sold	—			33		—		—			33
Unallocated pension service costs	—			—		—		1			1
Special items(1)(2)(3)	(99		)	—		41		(28		)	(86		)
Adjusted EBITDA	$	252		$	87	$	258	$	(46	)	$	551

(1) Pre-tax special items included in Timberlands consist of a $99 million gain on the sale of Southern timberlands.

(2) Pre-tax special items included in Wood Products consist of $50 million of product remediation charges, partially offset by a $9 million benefit from an adjustment to accrued softwood lumber countervailing and antidumping duties.

(3) Pre-tax special items included in Unallocated Items consist of $42 million for environmental remediation insurance recoveries and $14 million for Plum Creek merger-related costs.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2017:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	130
Interest expense, net of capitalized interest											98
Income taxes											(27		)
Net contribution to earnings	$	131	$	47		$	40	$	(17	)	$	201
Equity (earnings) loss from joint ventures	—		(1		)	—		—			(1		)
Non-operating pension and other postretirement benefit (costs) credits	—		—			—		16			16
Interest income and other	—		—			—		(11		)	(11		)
Operating income	131		46			40		(12		)	205
Depreciation, depletion and amortization	89		4			37		2			132
Basis of real estate sold	—		24			—		—			24
Unallocated pension service costs	—		—			—		1			1
Special items(1)(2)	—		—			201		6			207
Adjusted EBITDA	$	220	$	74		$	278	$	(3	)	$	569

(1) Pre-tax special items included in Wood Products consist of $190 million of product remediation charges, a $6 million impairment on a non-strategic asset and $5 million of countervailing and anti-dumping duties on softwood lumber.

(2) Pre-tax special items included in Unallocated Items consist of $6 million of Plum Creek merger-related costs.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2016:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	551
Earnings from discontinued operations, net of income taxes											(489		)
Interest expense, net of capitalized interest											108
Income taxes											25
Net contribution to earnings	$	123	$	13		$	99	$	(40	)	$	195
Equity (earnings) loss from joint ventures	—		(1		)	—		—			(1		)
Non-operating pension and other postretirement benefit (costs) credits	—		—			—		(11		)	(11		)
Interest income and other	—		—			—		(9		)	(9		)
Operating income	123		12			99		(60		)	174
Depreciation, depletion and amortization	100		4			33		—			137
Basis of real estate sold	—		60			—		—			60
Unallocated pension service costs	—		—			—		1			1
Special items(1)(2)	—		14			—		14			28
Adjusted EBITDA	$	223	$	90		$	132	$	(45	)	$	400

(1) Pre-tax special items included in Real Estate & ENR relate to non-cash charges recorded for legacy real estate projects.

(2) Pre-tax special items included in Unallocated items consist of $14 million of Plum Creek merger-related costs.

EX-99.2

Weyerhaeuser Company																Exhibit 99.2
Q4.2017 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations (1)(2)
in millions	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Net sales	$	1,693		$	1,808		$	1,872		$	1,823		$	1,596		$	7,196		$	6,365
Cost of products sold	1,272			1,336			1,374			1,316			1,278			5,298			4,980
Gross margin	421			472			498			507			318			1,898			1,385
Selling expenses	22			22			22			21			22			87			89
General and administrative expenses	87			76			75			72			85			310			338
Research and development expenses	4			4			4			2			5			14			19
Charges for integration and restructuring, closures and asset impairments	13			151			14			16			29			194			170
Charges for product remediation	—			50			190			50			—			290			—
Other operating costs (income), net	2			12			(12		)	(130		)	3			(128		)	(53		)
Operating income from continuing operations	293			157			205			476			174			1,131			822
Equity earnings from joint ventures	—			—			1			—			1			1			22
Non-operating pension and other postretirement benefit (costs) credits	(22		)	(8		)	(16		)	(16		)	11			(62		)	48
Interest income and other	9			9			11			10			9			39			43
Interest expense, net of capitalized interest	(99		)	(100		)	(98		)	(96		)	(108		)	(393		)	(431		)
Earnings from continuing operations before income taxes	181			58			103			374			87			716			504
Income taxes	(24		)	(34		)	27			(103		)	(25		)	(134		)	(89		)
Earnings from continuing operations	157			24			130			271			62			582			415
Earnings (loss) from discontinued operations, net of income taxes	—			—			—			—			489			—			612
Net earnings	157			24			130			271			551			582			1,027
Dividends on preference shares	—			—			—			—			—			—			(22		)
Net earnings attributable to Weyerhaeuser common shareholders	$	157		$	24		$	130		$	271		$	551		$	582		$	1,005
(1) Discontinued operations, as presented herein, consist of the operations of our former Cellulose Fibers segment. The corresponding assets and liabilities were classified as discontinued operations on our balance sheet.
(2) Amounts presented reflect the results of operations acquired in our merger with Plum Creek Timber, Inc., beginning on the merger date of February 19, 2016.
Per Share Information
	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.21		$	0.03		$	0.17		$	0.36		$	0.09		$	0.77		$	0.55
Discontinued operations	—			—			—			—			0.65			—			0.85
Net earnings per share	$	0.21		$	0.03		$	0.17		$	0.36		$	0.74		$	0.77		$	1.40
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.21		$	0.03		$	0.17		$	0.36		$	0.08		$	0.77		$	0.55
Discontinued operations	—			—			—			—			0.65			—			0.84
Net earnings per share	$	0.21		$	0.03		$	0.17		$	0.36		$	0.73		$	0.77		$	1.39
Dividends paid per common share	$	0.31		$	0.31		$	0.31		$	0.32		$	0.31		$	1.25		$	1.24
Weighted average shares outstanding (in thousands):
Basic	750,665			752,630			753,535			755,409			748,835			753,085			718,560
Diluted	754,747			756,451			756,903			758,463			752,768			756,666			722,401
Common shares outstanding at end of period (in thousands)	751,411			752,711			753,051			755,223			748,528			755,223			748,528

Page 1 of 9

Weyerhaeuser Company
Q4.2017 Analyst Package
Preliminary results (unaudited)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
in millions	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Net earnings	$	157		$	24		$	130		$	271		$	551		$	582		$	1,027
Earnings from discontinued operations, net of income taxes	—			—			—			—			(489		)	—			(612		)
Equity earnings from joint ventures	—			—			(1		)	—			(1		)	(1		)	(22		)
Non-operating pension and other postretirement benefit costs (credits)	22			8			16			16			(11		)	62			(48		)
Interest income and other	(9		)	(9		)	(11		)	(10		)	(9		)	(39		)	(43		)
Interest expense, net of capitalized interest	99			100			98			96			108			393			431
Income taxes	24			34			(27		)	103			25			134			89
Operating income from continuing operations	293			157			205			476			174			1,131			822
Depreciation, depletion and amortization	133			129			132			127			137			521			512
Basis of real estate sold	14			10			24			33			60			81			109
Unallocated pension service costs	2			—			1			1			1			4			5
Special items	12			210			207			(86		)	28			343			135
Adjusted EBITDA*	$	454		$	506		$	569		$	551		$	400		$	2,080		$	1,583
*Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.
Special Items Included in Net Earnings (income tax affected)
in millions	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Net earnings attributable to Weyerhaeuser common shareholders	$	157		$	24		$	130		$	271		$	551		$	582		$	1,005
Plum Creek merger and integration-related costs	10			2			3			12			11			27			123
Restructuring, impairments and other charges	—			147			4			—			9			151			9
Gain on sale of timberlands and other nonstrategic assets	—			—			—			(99		)	—			(99		)	(22		)
Legal expense	—			—			—			—			—			—			7
Environmental remediation insurance recoveries	—			—			—			(26		)	—			(26		)	—
Product remediation	—			31			118			31			—			180			—
Countervailing and antidumping duties	—			8			4			(7		)	—			5			—
Tax adjustments, including enactment of tax legislation	—			—			—			52			24			52			24
Net earnings attributable to Weyerhaeuser common shareholders before special items	167			212			259			234			595			872			1,146
(Earnings) loss from discontinued operations, net of tax	—			—			—			—			(489		)	—			(612		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	167		$	212		$	259		$	234		$	106		$	872		$	534
	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Net earnings per diluted share attributable to Weyerhaeuser common shareholders	$	0.21		$	0.03		$	0.17		$	0.36		$	0.73		$	0.77		$	1.39
Plum Creek merger and integration-related costs	0.01			—			—			0.02			0.01			0.03			0.17
Restructuring, impairments and other charges	—			0.20			0.01			—			0.01			0.21			0.01
Gain on sale of timberlands and other nonstrategic assets	—			—			—			(0.14		)	—			(0.14		)	(0.03		)
Legal expense	—			—			—			—			—			—			0.01
Environmental remediation insurance recoveries	—			—			—			(0.03		)	—			(0.03		)	—
Product remediation	—			0.04			0.15			0.04			—			0.23			—
Countervailing and antidumping duties	—			0.01			0.01			(0.01		)	—			0.01			—
Tax adjustments, including enactment of tax legislation	—			—			—			0.07			0.04			0.07			0.04
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items	0.22			0.28			0.34			0.31			0.79			1.15			1.59
(Earnings) loss from discontinued operations, net of tax	—			—			—			—			(0.65		)	—			(0.84		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	0.22		$	0.28		$	0.34		$	0.31		$	0.14		$	1.15		$	0.75

Page 2 of 9

Weyerhaeuser Company
Q4.2017 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
in millions	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017		December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	455	$	701	$	497	$	824	$	676
Receivables, less allowances	472		442		485		396		390
Receivables for taxes	10		8		65		14		84
Inventories	386		349		340		383		358
Prepaid expenses and other current assets	142		177		130		98		114
Assets held for sale	—		411		—		—		—
Total current assets	1,465		2,088		1,517		1,715		1,622
Property and equipment, net	1,544		1,534		1,534		1,618		1,562
Construction in progress	230		190		225		225		213
Timber and timberlands at cost, less depletion	14,218		13,669		13,627		12,954		14,299
Minerals and mineral rights, net	317		314		312		308		319
Investments in and advances to equity affiliates	56		33		33		31		56
Goodwill	40		40		40		40		40
Deferred tax assets	287		261		240		268		293
Other assets	229		246		259		285		224
Restricted financial investments held by variable interest entities	615		615		615		615		615
Total assets	$	19,001	$	18,990	$	18,402	$	18,059	$	19,243
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	343	$	668	$	62	$	62	$	281
Current debt (nonrecourse to the company) held by variable interest entities	—		—		—		209		—
Accounts payable	227		252		259		249		233
Accrued liabilities	452		585		702		645		692
Liabilities held for sale	—		19		—		—		—
Total current liabilities	1,022		1,524		1,023		1,165		1,206
Long-term debt	6,263		5,936		5,933		5,930		6,329
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511		511		302		511
Deferred pension and other postretirement benefits	1,287		1,230		1,201		1,487		1,322
Deposit received from contribution of timberlands to related party	422		419		416		—		426
Other liabilities	281		280		273		276		269
Total liabilities	9,786		9,900		9,357		9,160		10,063
Total equity	9,215		9,090		9,045		8,899		9,180
Total liabilities and equity	$	19,001	$	18,990	$	18,402	$	18,059	$	19,243

Page 3 of 9

Weyerhaeuser Company
Q4.2017 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
in millions	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Cash flows from operations:
Net earnings	$	157		$	24		$	130		$	271		$	551		$	582		$	1,027
Noncash charges (credits) to income:
Depreciation, depletion and amortization	133			129			132			127			137			521			565
Basis of real estate sold	14			10			24			33			60			81			109
Deferred income taxes, net	3			3			3			35			(255		)	44			(159		)
Pension and other postretirement benefits	32			15			25			25			—			97			5
Share-based compensation expense	10			9			10			11			7			40			60
Charges for impairment of assets	—			147			6			1			14			154			37
Equity (earnings) loss from joint ventures	—			—			(1		)	—			—			(1		)	(18		)
Net gains on disposition of discontinued and other operations	—			—			(1		)	—			(729		)	(1		)	(789		)
Net gains on sale of nonstrategic assets	(7		)	(2		)	(5		)	(2		)	(12		)	(16		)	(73		)
Net gains on sale of southern timberlands	—			—			—			(99		)	—			(99		)	—
Foreign exchange transaction (gains) losses	3			—			(3		)	(1		)	6			(1		)	(5		)
Change in:
Receivables less allowances	(70		)	(8		)	(35		)	78			42			(35		)	(54		)
Receivable/payable for taxes	(36		)	(17		)	(63		)	66			69			(50		)	106
Inventories	(28		)	21			11			(43		)	12			(39		)	61
Prepaid expenses	(9		)	(4		)	4			(3		)	8			(12		)	5
Accounts payable and accrued liabilities	(137		)	192			129			(78		)	(50		)	106			11
Pension and postretirement contributions	(22		)	(15		)	(22		)	(19		)	(16		)	(78		)	(99		)
Distributions of earnings received from joint ventures	—			—			1			—			9			1			14
Other	(8		)	(15		)	(22		)	(48		)	(4		)	(93		)	(68		)
Net cash from (used in) operations	35			489			323			354			(151		)	1,201			735
Cash flows from investing activities:
Capital expenditures:
Purchases of property and equipment	(52		)	(74		)	(87		)	(145		)	(191		)	(358		)	(451		)
Timberlands reforestation costs	(23		)	(13		)	(10		)	(15		)	(16		)	(61		)	(59		)
Acquisition of timberlands	—			—			—			—			—			—			(10		)
Proceeds from sales of operations and nonstrategic assets	8			4			411			6			2,211			429			2,590
Proceeds from sale of southern timberlands	—			—			—			203			—			203			—
Proceeds from redemption of ownership in related party	—			—			—			108			—			108			—
Proceeds from contribution of timberlands to related party	—			—			—			—			—			—			440
Distributions received from joint ventures	—			23			—			2			—			25			46
Other	(1		)	22			(16		)	16			(36		)	21			3
Cash from (used in) investing activities	(68		)	(38		)	298			175			1,968			367			2,559
Cash flows from financing activities:
Cash dividends on common shares	(233		)	(233		)	(233		)	(242		)	(232		)	(941		)	(932		)
Cash dividends on preference shares	—			—			—			—			—			—			(22		)
Proceeds from issuance of long-term debt	—			—			225			—			—			225			1,698
Payments on long-term debt	—			—			(831		)	—			(1,700		)	(831		)	(2,423		)
Proceeds from borrowing on line of credit	—			—			100			—			—			100			—
Payments on line of credit	—			—			(100		)	—			—			(100		)	—
Proceeds from exercise of stock options	55			26			8			39			—			128			61
Repurchase of common stock	—			—			—			—			—			—			(2,003		)
Other	(10		)	2			6			1			12			(1		)	(9		)
Cash from (used in) financing activities	(188		)	(205		)	(825		)	(202		)	(1,920		)	(1,420		)	(3,630		)
										—
Net change in cash and cash equivalents	(221		)	246			(204		)	327			(103		)	148			(336		)
Cash from continuing operations at beginning of period	$	676		$	455		$	701		$	497		$	769		$	676		$	1,011
Cash from discontinued operations at beginning of period	—			—			—			—			10			—			1
Cash and cash equivalents at beginning of period	$	676		$	455		$	701		$	497		$	779		$	676		$	1,012
Cash from continuing operations at end of period	$	455		$	701		$	497		$	824		$	676		$	824		$	676
Cash from discontinued operations at end of period	—			—			—			—			—			—			—
Cash and cash equivalents at end of period	$	455		$	701		$	497		$	824		$	676		$	824		$	676
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	120		$	72		$	123		$	66		$	79		$	381		$	446
Income taxes	$	59		$	47		$	23		$	40		$	511		$	169		$	485

Page 4 of 9

Weyerhaeuser Company													Total Company Statistics
Q4.2017 Analyst Package
Preliminary results (unaudited)
Selected Total Company Items
in millions	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017			Dec 31, 2016			Dec 31, 2017			Dec 31, 2016
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	8		$	7		$	8		$	8		$	7		$	31		$	30
Pension and postretirement costs (credits) not allocated:
Unallocated pension service costs	2			—			1			1			1			4			5
Non-operating pension and other postretirement benefit costs (credits)	22			8			16			16			(11		)	62			(48		)
Accelerated pension costs included in Plum Creek merger-related costs (not allocated)	—			—			—			—			—			—			5
Total pension and postretirement costs for continuing operations	32			15			25			25			(3		)	97			(8		)
Pension and postretirement service costs directly attributable to discontinued operations	—			—			—			—			3			—			13
Total company pension and postretirement costs	$	32		$	15		$	25		$	25		$	—		$	97		$	5
Cash spent for capital expenditures for continuing operations	$	(75	)	$	(87	)	$	(97	)	$	(160	)	$	(185	)	$	(419	)	$	(425	)

Page 5 of 9

Weyerhaeuser Company														Timberlands Segment
Q4.2017 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Sales to unaffiliated customers		$	486		$	469		$	491		$	496		$	463		$	1,942		$	1,805
Intersegment sales		202			163			179			218			209			762			840
Total net sales		688			632			670			714			672			2,704			2,645
Cost of products sold		519			476			517			531			527			2,043			2,054
Gross margin		169			156			153			183			145			661			591
Selling expenses		1			1			1			1			1			4			5
General and administrative expenses		24			23			24			19			24			90			104
Research and development expenses		3			4			3			2			5			12			17
Charges for integration and restructuring, closures and asset impairments		—			147			—			—			—			147			—
Other operating costs (income), net		(7		)	(7		)	(6		)	(104		)	(8		)	(124		)	(34		)
Operating income and Net contribution to earnings		$	148		$	(12	)	$	131		$	265		$	123		$	532		$	499
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Operating income		$	148		$	(12	)	$	131		$	265		$	123		$	532		$	499
Depreciation, depletion and amortization		94			87			89			86			100			356			366
Special items		—			147			—			(99		)	—			48			—
Adjusted EBITDA*		$	242		$	222		$	220		$	252		$	223		$	936		$	865
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 2.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Restructuring, impairments and other charges		$	—		$	(147	)	$	—		$	—		$	—		$	(147	)	$	—
Gain on sale of timberlands and other nonstrategic assets		$	—		$	—		$	—		$	99		$	—		$	99		$	—
Selected Segment Items
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Total decrease (increase) in working capital(1)		$	(18	)	$	38		$	—		$	(15	)	$	(10	)	$	5		$	7
Cash spent for capital expenditures		$	(30	)	$	(25	)	$	(24	)	$	(36	)	$	(39	)	$	(115	)	$	(116	)
(1) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
Segment Statistics(2)(3)
		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Third Party Net Sales (millions)	Logs:
	West	$	225		$	227		$	221		$	242		$	201		$	915		$	865
	South	148			148			155			165			151			616			566
	North	27			16			25			27			30			95			91
	Other	20			11			17			11			13			59			38
	Total delivered logs	420			402			418			445			395			1,685			1,560
	Stumpage and pay-as-cut timber	12			17			23			21			23			73			85
	Products from international operations	19			21			23			—			21			63			79
	Recreational and other lease revenue	14			15			16			14			15			59			44
	Other revenue	21			14			11			16			9			62			37
	Total	$	486		$	469		$	491		$	496		$	463		$	1,942		$	1,805
Delivered Logs Third Party Sales Realizations (per ton)	West	$	104.27		$	105.84		$	116.03		$	121.41		$	100.43		$	111.58		$	99.32
	South	$	34.48		$	34.48		$	34.24		$	34.53		$	34.98		$	34.43		$	35.46
	North	$	59.57		$	63.49		$	59.02		$	60.77		$	59.28		$	60.38		$	60.47
Delivered Logs Third Party Sales Volumes (tons, thousands)	West	2,157			2,143			1,910			1,992			2,008			8,202			8,713
	South	4,293			4,285			4,527			4,790			4,308			17,895			15,967
	North	454			253			428			439			495			1,574			1,500
	Other	510			292			424			232			342			1,458			943
Fee Harvest Volumes (tons, thousands)	West	2,657			2,652			2,230			2,544			2,558			10,083			11,083
	South	6,373			6,473			6,953			7,350			7,260			27,149			26,343
	North	622			383			565			635			652			2,205			2,044
	Other	371			444			569			—			329			1,384			701
(2) The Western region includes Washington and Oregon. The Southern region includes Virginia, North Carolina, South Carolina, Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, Texas and Oklahoma. The Northern region includes West Virginia, Maine, New Hampshire, Vermont, Michigan, Wisconsin and Montana. Other includes our Canadian operations and managed Twin Creeks operations (our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017).
(3) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 6 of 9

Weyerhaeuser Company				Real Estate, Energy and Natural Resources Segment
Q4.2017 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2017		Q2.2017			Q3.2017			Q4.2017		Q4.2016			YTD.2017			YTD.2016
Sales to unaffiliated customers		$	53	$	46		$	82		$	99	$	101		$	280		$	226
Intersegment sales		—		—			—			1		1			1			1
Total net sales		53		46			82			100		102			281			227
Cost of products sold		20		16			31			43		69			110			134
Gross margin		33		30			51			57		33			171			93
Selling expenses		—		—			—			—		—			—			—
General and administrative expenses		7		7			6			6		7			26			26
Charges for integration and restructuring, closures and asset impairments		—		—			—			—		14			—			15
Other operating costs (income), net		—		—			(1		)	1		—			—			(1		)
Operating income		26		23			46			50		12			145			53
Equity earnings from joint ventures(1)		—		—			1			—		1			1			2
Net contribution to earnings		$	26	$	23		$	47		$	50	$	13		$	146		$	55
(1) Equity earnings (loss) from joint ventures attributed to the Real Estate and ENR segment are generated from our investments in our real estate development ventures.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
in millions		Q1.2017		Q2.2017			Q3.2017			Q4.2017		Q4.2016			YTD.2017			YTD.2016
Operating income		$	26	$	23		$	46		$	50	$	12		$	145		$	53
Depreciation, depletion and amortization		3		4			4			4		4			15			13
Basis of real estate sold		14		10			24			33		60			81			109
Special items		—		—			—			—		14			—			14
Adjusted EBITDA*		$	43	$	37		$	74		$	87	$	90		$	241		$	189
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 2.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2017		Q2.2017			Q3.2017			Q4.2017		Q4.2016			YTD.2017			YTD.2016
Restructuring, impairments and other charges		$	—	$	—		$	—		$	—	$	(14	)	$	—		$	(14	)
Selected Segment Items
in millions		Q1.2017		Q2.2017			Q3.2017			Q4.2017		Q4.2016			YTD.2017			YTD.2016
Cash spent for capital expenditures		$	—	$	(1	)	$	(1	)	$	—	$	—		$	(2	)	$	(1	)
Segment Statistics
		Q1.2017		Q2.2017			Q3.2017			Q4.2017		Q4.2016			YTD.2017			YTD.2016
Net Sales (millions)	Real Estate	$	37	$	27		$	64		$	80	$	85		$	208		$	172
	Energy and Natural Resources	16		19			18			19		16			72			54
	Total	$	53	$	46		$	82		$	99	$	101		$	280		$	226
Acres sold	Real Estate	13,257		10,003			35,749			38,226		44,589			97,235			82,687
Price per acre	Real Estate	$	2,403	$	2,714		$	1,784		$	2,076	$	1,903		$	2,079		$	2,072

Page 7 of 9

Weyerhaeuser Company														Wood Products Segment
Q4.2017 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Sales to unaffiliated customers		$	1,154		$	1,293		$	1,299		$	1,228		$	1,032		$	4,974		$	4,334
Intersegment sales		—			—			—			—			7			—			68
Total net sales		1,154			1,293			1,299			1,228			1,039			4,974			4,402
Cost of products sold		926			1,002			1,005			947			889			3,880			3,688
Gross margin		228			291			294			281			150			1,094			714
Selling expenses		21			19			20			20			21			80			84
General and administrative expenses		32			32			30			32			28			126			109
Research and development expenses		1			—			1			—			—			2			2
Charges for integration and restructuring, closures and asset impairments		1			2			8			2			1			13			7
Charges for product remediation		—			50			190			50			—			290			—
Other operating costs (income), net		1			11			5			(3		)	1			14			—
Operating income and Net contribution to earnings		$	172		$	177		$	40		$	180		$	99		$	569		$	512
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Operating income		$	172		$	177		$	40		$	180		$	99		$	569		$	512
Depreciation, depletion and amortization		35			36			37			37			33			145			129
Special items		—			61			201			41			—			303			—
Adjusted EBITDA*		$	207		$	274		$	278		$	258		$	132		$	1,017		$	641
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 2.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Countervailing and antidumping duties		$	—		$	(11	)	$	(5	)	$	9		$	—		$	(7	)	$	—
Restructuring, impairments and other charges		—			—			(6		)	—			—			(6		)	—
Product remediation		—			(50		)	(190		)	(50		)	—			(290		)	—
Total		$	—		$	(61	)	$	(201	)	$	(41	)	$	—		$	(303	)	$	—
Selected Segment Items
in millions		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Total decrease (increase) in working capital(1)		$	(122	)	$	113		$	150		$	(81	)	$	32		$	60		$	(16	)
Cash spent for capital expenditures		$	(44	)	$	(61	)	$	(71	)	$	(123	)	$	(145	)	$	(299	)	$	(297	)
(1) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
Segment Statistics
in millions, except for third party sales realizations		Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Structural Lumber (board feet)	Third party net sales	$	478		$	538		$	525		$	517		$	427		$	2,058		$	1,839
	Third party sales realizations	$	413		$	441		$	448		$	466		$	392		$	442		$	390
	Third party sales volumes(2)	1,158			1,218			1,172			1,110			1,089			4,658			4,723
	Production volumes	1,152			1,146			1,093			1,118			1,052			4,509			4,516
Engineered Solid Section (cubic feet)	Third party net sales	$	117		$	130		$	131		$	122		$	107		$	500		$	450
	Third party sales realizations	$	1,881		$	1,979		$	2,047		$	2,076		$	1,930		$	1,995		$	1,934
	Third party sales volumes(2)	6.2			6.6			6.4			5.9			5.6			25.1			23.3
	Production volumes	6.3			6.6			6.4			5.8			5.6			25.1			22.8
Engineered I-joists (lineal feet)	Third party net sales	$	73		$	85		$	93		$	85		$	72		$	336		$	290
	Third party sales realizations	$	1,481		$	1,522		$	1,529		$	1,561		$	1,485		$	1,524		$	1,484
	Third party sales volumes(2)	49			57			60			54			48			220			195
	Production volumes	50			53			58			52			43			213			184
Oriented Strand Board (square feet 3/8")	Third party net sales	$	203		$	225		$	243		$	233		$	163		$	904		$	707
	Third party sales realizations	$	263		$	295		$	328		$	335		$	255		$	304		$	241
	Third party sales volumes(2)	769			764			741			697			638			2,971			2,934
	Production volumes	758			754			744			739			651			2,995			2,910
Softwood Plywood (square feet 3/8")	Third party net sales	$	44		$	47		$	45		$	40		$	41		$	176		$	174
	Third party sales realizations	$	377		$	380		$	386		$	417		$	364		$	389		$	368
	Third party sales volumes(2)	118			123			117			95			113			453			481
	Production volumes	97			99			88			86			92			370			396
Medium Density Fiberboard (square feet 3/4")	Third party net sales	$	47		$	51		$	48		$	37		$	46		$	183		$	158
	Third party sales realizations	$	795		$	845		$	821		$	829		$	779		$	822		$	769
	Third party sales volumes(2)	59			60			58			45			58			222			206
	Production volumes	56			63			63			50			54			232			209
(2) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

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Weyerhaeuser Company													Unallocated Items
Q4.2017 Analyst Package
Preliminary results (unaudited)
Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing, the elimination of intersegment profit in inventory, equity earnings in our timberland venture, and the LIFO reserve.
Contribution to Earnings
in millions	Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Unallocated corporate function expenses	$	(19	)	$	(17	)	$	(19	)	$	(18	)	$	(25	)	$	(73	)	$	(87	)
Unallocated share-based compensation	(6		)	—			(1		)	(2		)	2			(9		)	(3		)
Unallocated pension service costs	(2		)	—			(1		)	(1		)	(1		)	(4		)	(5		)
Foreign exchange gains (losses)	(3		)	—			3			1			(7		)	1			6
Elimination of intersegment profit in inventory and LIFO	(6		)	(3		)	3			(14		)	(12		)	(20		)	(18		)
Gain on sale of nonstrategic asset	3			1			4			1			5			9			50
Charges for integration and restructuring, closures and asset impairments:
Plum Creek merger and integration-related costs	(12		)	(2		)	(6		)	(14		)	(14		)	(34		)	(146		)
Other restructuring, closures and asset impairments	—			—			—			—			—			—			(2		)
Other	(8		)	(10		)	5			28			(8		)	15			(37		)
Operating income (loss)	(53		)	(31		)	(12		)	(19		)	(60		)	(115		)	(242		)
Equity earnings from joint venture(1)	—			—			—			—			—			—			20
Non-operating pension and other postretirement benefit (costs) credits(2)	(22		)	(8		)	(16		)	(16		)	11			(62		)	48
Interest income and other	9			9			11			10			9			39			43
Net contribution to earnings	$	(66	)	$	(30	)	$	(17	)	$	(25	)	$	(40	)	$	(138	)	$	(131	)
(1) 2016 results include equity earnings from our Timberland Venture, which was consolidated as a wholly-owned subsidiary effective August 31, 2016.
(2) During Q1 2017, we adopted ASU 2017-07. This ASU requires us to show components of pension and other post retirement benefit costs (interest, expected return on plan assets, amortization of actuarial gains or losses, amortization of prior service credits or costs) on the Consolidated Statement of Operations as a line item outside of "Operating income." We reclassified these components for all periods presented.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
in millions	Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Operating income (loss)	$	(53	)	$	(31	)	$	(12	)	$	(19	)	$	(60	)	$	(115	)	$	(242	)
Depreciation, depletion and amortization	1			2			2			—			—			5			4
Unallocated pension service costs	2			—			1			1			1			4			5
Special items	12			2			6			(28		)	14			(8		)	121
Adjusted EBITDA*	$	(38	)	$	(27	)	$	(3	)	$	(46	)	$	(45	)	$	(114	)	$	(112	)
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 2.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions	Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Plum Creek merger and integration-related costs	$	(12	)	$	(2	)	$	(6	)	$	(14	)	$	(14	)	$	(34	)	$	(146	)
Gain on sale of timberlands and other nonstrategic assets	—			—			—			—			—			—			36
Legal expense	—			—			—			—			—			—			(11		)
Environmental remediation insurance recoveries										42						42			—
Total	$	(12	)	$	(2	)	$	(6	)	$	28		$	(14	)	$	8		$	(121	)
Unallocated Selected Items
in millions	Q1.2017			Q2.2017			Q3.2017			Q4.2017			Q4.2016			YTD.2017			YTD.2016
Cash spent for capital expenditures	$	(1	)	$	—		$	(1	)	$	(1	)	$	(1	)	$	(3	)	$	(11	)

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