EX-12 3 v78928a1ex12.txt EXHIBIT 12 EXHIBIT 12(a) WEYERHAEUSER COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
THIRTY-NINE WEEKS ENDING ---------------------------- SEPT. 30, SEPT. 24, 2001 2000 2000 1999 ----------- ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 924,902 $ 1,272,010 $ 1,677,577 $ 1,276,905 Add interest portion of rental expense ................... 34,056 30,936 42,063 27,515 ----------- ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ....................... $ 958,958 $ 1,302,946 $ 1,719,640 $ 1,304,420 =========== =========== =========== =========== Fixed charges: Interest expense incurred: Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries ............................... $ 265,637 $ 257,887 $ 352,341 $ 274,599 Weyerhaeuser Real Estate Company and consolidated subsidiaries ............................ 48,922 50,022 67,733 58,434 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ........................ 5,619 11,410 15,823 16,002 Gryphon Investments of Nevada, Inc. .................... 0 0 0 0 ----------- ----------- ----------- ----------- Subtotal ..................................... 320,178 319,319 435,897 349,035 Less intercompany interest ............................. 822 865 568 2,230 ----------- ----------- ----------- ----------- Total interest expense incurred ........................ 319,356 318,454 435,329 346,805 ----------- ----------- ----------- ----------- Amortization of debt expense ........................... 2,903 2,489 3,331 3,957 ----------- ----------- ----------- ----------- Rental expense: Weyerhaeuser Company and consolidated subsidiaries ....................................... 95,405 85,973 117,307 74,918 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................... 6,763 6,760 8,779 7,473 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ...................... 0 75 103 154 Gryphon Investments of Nevada, Inc. .................. 0 0 0 0 ----------- ----------- ----------- ----------- 102,168 92,808 126,189 82,545 ----------- ----------- ----------- ----------- Interest portion of rental expense ................... 34,056 30,936 42,063 27,515 ----------- ----------- ----------- ----------- Fixed charges ...................................... $ 356,315 $ 351,879 $ 480,723 $ 378,277 =========== =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.69 3.70 3.58 3.45 =========== =========== =========== ===========
1998 1997 1996 ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 756,715 $ 900,886 $ 1,089,493 Add interest portion of rental expense ................... 23,698 24,321 22,023 ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ....................... $ 780,413 $ 925,207 $ 1,111,516 =========== =========== =========== Fixed charges: Interest expense incurred: Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries ............................... $ 260,014 $ 267,644 $ 269,927 Weyerhaeuser Real Estate Company and consolidated subsidiaries ............................ 60,546 69,165 65,402 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ........................ 21,311 40,447 66,516 Gryphon Investments of Nevada, Inc. .................... 0 0 0 ----------- ----------- ----------- Subtotal ..................................... 341,871 377,256 401,845 Less intercompany interest ............................. 13,753 407 (1,707) ----------- ----------- ----------- Total interest expense incurred ........................ 328,118 376,849 403,552 ----------- ----------- ----------- Amortization of debt expense ........................... 3,595 3,225 3,237 ----------- ----------- ----------- Rental expense: Weyerhaeuser Company and consolidated subsidiaries ....................................... 65,508 66,008 50,477 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................... 5,361 3,848 4,020 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ...................... 225 3,107 11,573 Gryphon Investments of Nevada, Inc. .................. 0 0 0 ----------- ----------- ----------- 71,094 72,963 66,070 ----------- ----------- ----------- Interest portion of rental expense ................... 23,698 24,321 22,023 ----------- ----------- ----------- Fixed charges ...................................... $ 355,411 $ 404,395 $ 428,812 =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.20 2.29 2.59 =========== =========== ===========
EXHIBIT 12(b) WEYERHAEUSER COMPANY WITH ITS WEYERHAEUSER REAL ESTATE COMPANY, WEYERHAEUSER FINANCIAL SERVICES, INC. AND GRYPHON INVESTMENTS OF NEVADA, INC. SUBSIDIARIES ACCOUNTED FOR ON THE EQUITY METHOD, BUT EXCLUDING THE UNDISTRIBUTED EARNINGS OF THOSE SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
THIRTY-NINE WEEKS ENDING ----------------------------- SEPT. 30, SEPT. 24, 2001 2000 2000 1999 ----------- ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 792,706 $ 1,264,761 $ 1,658,343 $ 1,232,822 Add interest portion of rental expense ................... 31,802 28,658 39,102 24,973 ----------- ----------- ----------- ----------- 824,508 1,293,419 1,697,445 1,257,795 ----------- ----------- ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (33,498) (22,801) (24,021) (20,456) ----------- ----------- ----------- ----------- Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries: Deduct pretax earnings .............................. (206,464) (181,421) (259,449) (189,885) Addback dividends paid to Weyerhaeuser .............. 30,000 0 0 100,000 ----------- ----------- ----------- ----------- Undistributed earnings ........................ (176,464) (181,421) (259,449) (89,885) ----------- ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ............................. $ 614,546 $ 1,089,197 $ 1,413,975 $ 1,147,454 =========== =========== =========== =========== Fixed charges: Interest expense incurred ................................ $ 265,637 $ 257,887 $ 352,341 $ 274,599 Amortization of debt expense ............................. 2,903 2,489 3,331 3,957 Interest portion of rental expense ....................... 31,802 28,658 39,102 24,973 ----------- ----------- ----------- ----------- Fixed charges ....................................... $ 300,342 $ 289,034 $ 394,774 $ 303,529 =========== =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.05 3.77 3.58 3.78 =========== =========== =========== ===========
1998 1997 1996 ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 719,026 $ 795,637 $ 972,405 Add interest portion of rental expense ................... 21,836 22,003 16,826 ----------- ----------- ----------- 740,862 817,640 989,231 ----------- ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (29,893) (2,729) 0 ----------- ----------- ----------- Deduct undistributed earnings before income taxes of Weyerhaeuser Real Estate Company, Weyerhaeuser Financial Services, Inc. and Gryphon Investments of Nevada, Inc. and their subsidiaries: Deduct pretax earnings .............................. (124,422) (111,280) (43,555) Addback dividends paid to Weyerhaeuser .............. 190,000 150,000 0 ----------- ----------- ----------- Undistributed earnings ........................ 65,578 38,720 (43,555) ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ............................. $ 776,547 $ 853,631 $ 945,676 =========== =========== =========== Fixed charges: Interest expense incurred ................................ $ 260,014 $ 267,644 $ 269,927 Amortization of debt expense ............................. 3,595 3,225 3,237 Interest portion of rental expense ....................... 21,836 22,003 16,826 ----------- ----------- ----------- Fixed charges ....................................... $ 285,445 $ 292,872 $ 289,990 =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.72 2.91 3.26 =========== =========== ===========