EX-12.1 6 v80712ex12-1.txt EXHIBIT 12.1 Exhibit 12.1(a) WEYERHAEUSER COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
2001 2000 1999 ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 1,006,969 $ 1,677,577 $ 1,276,905 Add interest portion of rental expense ................... 45,655 42,063 27,515 ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ....................... $ 1,052,624 $ 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 ............................... $ 353,365 $ 352,341 $ 274,599 Weyerhaeuser Real Estate Company and consolidated subsidiaries ............................ 62,694 67,733 58,434 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ........................ 6,193 15,823 16,002 Gryphon Investments of Nevada, Inc. .................... 0 0 0 ----------- ----------- ----------- Subtotal ..................................... 422,252 435,897 349,035 Less intercompany interest ............................. 924 568 2,230 ----------- ----------- ----------- Total interest expense incurred ........................ 421,328 435,329 346,805 ----------- ----------- ----------- Amortization of debt expense ........................... 4,642 3,331 3,957 ----------- ----------- ----------- Rental expense: Weyerhaeuser Company and consolidated subsidiaries ....................................... 128,082 117,307 74,918 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................... 8,883 8,779 7,473 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ...................... 0 103 154 Gryphon Investments of Nevada, Inc. .................. 0 0 0 ----------- ----------- ----------- 136,965 126,189 82,545 ----------- ----------- ----------- Interest portion of rental expense ................... 45,655 42,063 27,515 ----------- ----------- ----------- Fixed charges ...................................... $ 471,625 $ 480,723 $ 378,277 =========== =========== =========== Ratio of earnings to fixed charges ....................... 2.23x 3.58x 3.45x =========== =========== ===========
1998 1997 ----------- ----------- 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 Add interest portion of rental expense ................... 23,698 24,321 ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ....................... $ 780,413 $ 925,207 =========== =========== 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 Weyerhaeuser Real Estate Company and consolidated subsidiaries ............................ 60,546 69,165 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ........................ 21,311 40,447 Gryphon Investments of Nevada, Inc. .................... 0 0 ----------- ----------- Subtotal ..................................... 341,871 377,256 Less intercompany interest ............................. 13,753 407 ----------- ----------- Total interest expense incurred ........................ 328,118 376,849 ----------- ----------- Amortization of debt expense ........................... 3,595 3,225 ----------- ----------- Rental expense: Weyerhaeuser Company and consolidated subsidiaries ....................................... 65,508 66,008 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................... 5,361 3,848 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ...................... 225 3,107 Gryphon Investments of Nevada, Inc. .................. 0 0 ----------- ----------- 71,094 72,963 ----------- ----------- Interest portion of rental expense ................... 23,698 24,321 ----------- ----------- Fixed charges ...................................... $ 355,411 $ 404,395 =========== =========== Ratio of earnings to fixed charges ....................... 2.20x 2.29x =========== ===========
Exhibit 12.1(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)
2001 2000 1999 ----------- ----------- ----------- Available earnings: Earnings before interest expense, amortization of debt expense, income taxes and cumulative effect of a change in an accounting principle ................ $ 854,436 $ 1,658,343 $ 1,232,822 Add interest portion of rental expense ................... 42,694 39,102 24,973 ----------- ----------- ----------- 897,130 1,697,445 1,257,795 ----------- ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (29,781) (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 .............................. (264,648) (259,449) (189,885) Addback dividends paid to Weyerhaeuser .............. 30,000 0 100,000 ----------- ----------- ----------- Undistributed earnings ........................ (234,648) (259,449) (89,885) ----------- ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ............................. $ 632,701 $ 1,413,975 $ 1,147,454 =========== =========== =========== Fixed charges: Interest expense incurred ................................ $ 353,365 $ 352,341 $ 274,599 Amortization of debt expense ............................. 4,642 3,331 3,957 Interest portion of rental expense ....................... 42,694 39,102 24,973 ----------- ----------- ----------- Fixed charges ....................................... $ 400,701 $ 394,774 $ 303,529 =========== =========== =========== Ratio of earnings to fixed charges ....................... 1.58x 3.58x 3.78x =========== =========== ===========
1998 1997 ----------- ----------- 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 Add interest portion of rental expense ................... 21,836 22,003 ----------- ----------- 740,862 817,640 ----------- ----------- Deduct undistributed earnings of equity affiliates ....... (29,893) (2,729) ----------- ----------- 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) Addback dividends paid to Weyerhaeuser .............. 190,000 150,000 ----------- ----------- Undistributed earnings ........................ 65,578 38,720 ----------- ----------- Available earnings before cumulative effect of a change in an accounting principle ............................. $ 776,547 $ 853,631 =========== =========== Fixed charges: Interest expense incurred ................................ $ 260,014 $ 267,644 Amortization of debt expense ............................. 3,595 3,225 Interest portion of rental expense ....................... 21,836 22,003 ----------- ----------- Fixed charges ....................................... $ 285,445 $ 292,872 =========== =========== Ratio of earnings to fixed charges ....................... 2.72x 2.91x =========== ===========
Exhibit 12.1(c) WEYERHAEUSER COMPANY AND SUBSIDIARIES COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
2001 --------- Available pro forma earnings: Pro forma earnings before pro forma interest expense, amortization of debt expense and income taxes ....................... $1,303,314 Add interest portion of pro forma rental expense .................... 55,848 --------- Available pro forma earnings $1,359,162 ========== Pro forma fixed charges: Pro forma 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 ............................................. $ 842,000 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................................... 62,694 Weyerhaeuser Financial Services, Inc. and consolidated subsidiaries ...................................... 6,193 Gryphon Investments of Nevada, Inc. ................................. 0 --------- Subtotal ....................................................... 910,887 Less intercompany interest ......................................... 924 --------- Total pro forma interest expense incurred .......................... 909,963 --------- Pro forma amortization of debt expense ............................. 59,000 --------- Pro forma rental expense: Weyerhaeuser Company and consolidated subsidiaries ....................................................... 158,661 Weyerhaeuser Real Estate Company and consolidated subsidiaries .......................................... 8,883 Weyerhaueser Financial Services, Inc. and consolidated subsidiaries ...................................... 0 Gryphon Investments of Nevada, Inc. ................................. 0 --------- 167,544 --------- Interest portion of pro forma rental expense ........................ 55,848 --------- Pro forma fixed charges ............................................$1,024,811 ========== Pro forma ratio of earnings to fixed charges ............................. 1.33x ==========
6 Exhibit 12.1(d) 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 PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands) 2001 ---------- Available pro forma earnings: Pro forma earnings before pro forma interest expense, amortization of debt expense and income taxes........ $1,150,000 Add interest portion of pro forma rental expense..... 52,887 ---------- 1,202,887 ---------- Deduct undistributed pro forma earnings of equity affiliates........................................... (29,000) ---------- 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............................ (264,648) Addback dividends paid to Weyerhaeuser............ 30,000 ---------- Undistributed earnings......................... (234,648) ---------- Available pro forma earnings......................... $939,239 ========== Pro forma fixed charges: Pro forma interest expense incurred.................. $842,000 Pro forma amortization of debt expense............... 59,000 Interest portion of pro forma rental expense......... 52,887 ---------- Pro forma fixed charges........................... $953,887 ========== Pro forma ratio of earnings to fixed charges......... 0.98x ----------