EX-99.2 3 v29893exv99w2.htm EXHIBIT 99.2 exv99w2
 

Exhibit 99.2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS
          (in millions)
                                                 
    Q1     Q2     Q3     Q4     Year-to-date  
    April 1,     March 26,     June 25,     Sept. 24,     Dec. 31,     Dec. 31,  
    2007     2006     2006     2006     2006     2006  
Net sales and revenues:
                                                
Weyerhaeuser
   $ 3,404     $ 3,762     $ 4,122     $ 3,805     $ 3,649     $ 15,338  
Real Estate and Related Assets
     487       690       746       749       1,150       3,335  
 
                                    
Total net sales and revenues
     3,891       4,452       4,868       4,554       4,799       18,673  
 
                                    
 
                                                
Costs and expenses:
                                                
Weyerhaeuser:
                                                
Costs of products sold (1)
     2,785       2,948       3,191       3,038       3,007       12,184  
Depreciation, depletion and amortization
     232       233       232       232       252       949  
Selling expenses
     109       100       116       112       123       451  
General and administrative expenses
     200       235       205       214       241       895  
Research and development expenses (2)
     16       16       15       23       15       69  
Charges (reversals) for restructuring (3)
     3       (1 )     18       4       —       21  
Charges for closure of facilities (4)
     5       2       5       15       50       72  
Impairment of goodwill (5)
     22       —       —       —       —       —  
Refund of countervailing and anti-dumping duties
     —       —       —       —       (344 )     (344 )
Other operating costs (income), net (6) (7)
     21       31       (26 )     (36 )     (107 )     (138 )
 
                                    
 
     3,393       3,564       3,756       3,602       3,237       14,159  
 
                                    
 
                                                
Real Estate and Related Assets:
                                                
Costs and operating expenses (8)
     379       482       553       539       764       2,338  
Depreciation and amortization
     6       3       4       10       8       25  
Selling expenses
     41       37       43       44       56       180  
General and administrative expenses
     28       30       35       30       29       124  
Other operating costs (income), net
     (4 )     (3 )     3       (2 )     (1 )     (3 )
Impairment of long-lived assets
     —       —       3       14       19       36  
 
                                    
 
     450       549       641       635       875       2,700  
 
                                    
Total costs and expenses
     3,843       4,113       4,397       4,237       4,112       16,859  
 
                                    
 
                                                
Operating income
     48       339       471       317       687       1,814  
 
                                                
Interest expense and other:
                                                
Weyerhaeuser:
                                                
Interest expense incurred
     (131 )     (128 )     (129 )     (126 )     (136 )     (519 )
Less: interest capitalized
     30       16       20       21       26       83  
Interest income and other
     20       19       14       18       19       70  
Equity in income (loss) of affiliates (9)
     (1 )     3       7       (1 )     (1 )     8  
Real Estate and Related Assets:
                                                
Interest expense incurred
     (12 )     (14 )     (14 )     (12 )     (15 )     (55 )
Less: interest capitalized
     12       14       14       12       15       55  
Interest income and other
     3       10       3       7       10       30  
Equity in income of unconsolidated entities
     18       21       15       14       8       58  
 
                                    
Earnings (loss) from continuing operations before income taxes
     (13 )     280       401       250       613       1,544  
Income taxes (1) (10)
     (3 )     (100 )     (91 )     (84 )     (202 )     (477 )
 
                                    
Earnings (loss) from continuing operations
     (16 )     180       310       166       411       1,067  
Earnings (loss) from discontinued operations, net of taxes (11)
     771       (756 )     (13 )     59       96       (614 )
 
                                    
Net earnings (loss) (1)
   $ 755     $ (576 )   $ 297     $ 225     $ 507     $ 453  
 
                                    
Basic net earnings (loss) per share:
                                                
Continuing operations
   $ (0.07 )   $ 0.73     $ 1.25     $ 0.67     $ 1.72     $ 4.36  
Discontinued operations
     3.31       (3.07 )     (0.05 )     0.24       0.40       (2.51 )
 
                                    
Net earnings (loss) per share
   $ 3.24     $ (2.34 )   $ 1.20     $ 0.91     $ 2.12     $ 1.85  
 
                                    
 
                                                
Diluted net earnings (loss) per share:
                                                
Continuing operations
   $ (0.07 )   $ 0.73     $ 1.24     $ 0.67     $ 1.72     $ 4.34  
Discontinued operations
     3.29       (3.07 )     (0.05 )     0.24       0.40       (2.50 )
 
                                    
Net earnings (loss) per share
   $ 3.22     $ (2.34 )   $ 1.19     $ 0.91     $ 2.12     $ 1.84  
 
                                    
 
                                                
Dividends paid per share
   $ 0.60     $ 0.50     $ 0.50     $ 0.60     $ 0.60     $ 2.20  
 
                                    
 
                                                
Weighted average shares outstanding (in thousands):
                                                
Basic
     233,242       245,794       248,147       247,428       238,824       244,931  
Diluted
     234,679       245,794       249,194       247,900       239,525       245,707  
Common and exchangeable shares outstanding at end of period (in thousands)
     217,726       247,555       248,269       242,929       238,008       238,008  
PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONSOLIDATED EARNINGS
           (in millions)
 
                                                         
  (1 )   The following adjustments were made to 2006 quarterly results to apply a new accounting pronouncement to expense planned major maintenance costs as incurred:
       
 
                                                
       
 
                                           Year-to-date
       
 
   Q1 2007     Q1 2006     Q2 2006     Q3 2006     Q4 2006     2006  
       
 
                                    
       
Cellulose Fibers
   $ —     $ (5 )   $ (10 )   $ 13     $ 2     $ —  
       
Fine Paper
     —       7       (10 )     6       (3 )     —  
       
Containerboard, Packaging, and Recycling
     —       4       (5 )     1       —       —  
       
 
                                    
       
 
     —       6       (25 )     20       (1 )     —  
       
Income taxes
     —       (2 )     8       (6 )     —       —  
       
 
                                    
       
Net earnings (loss)
   $ —     $ 4     $ (17 )   $ 14     $ (1 )   $ —  
       
 
                                    
       
 
                                                
  (2 )   The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.        
       
 
                                                
  (3 )   The second quarter of 2006 includes an $18 million charge related to the restructuring of the Containerboard, Packaging and Recycling business model.        
       
 
                                                
  (4 )   See detail of closure charges by segment on page 4.        
       
 
                                                
  (5 )   The first quarter of 2007 includes a charge of $22 for the impairment of goodwill associated with Canadian wood products distribution facilities.        
       
 
                                                
       
 
                                           Year-to-date
       
 
   Q1 2007     Q1 2006     Q2 2006     Q3 2006     Q4 2006     2006  
       
 
                                    
  (6 )  
Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:
   $ 7     $ (26 )   $ 21     $ 17     $ 15     $ 27  
       
 
                                                
  (7 )   The first quarter of 2007 includes $34 million in asset impairments related to wood products facilities. The third quarter of 2006 includes $23 million of income related to a reduction of the reserve for hardboard siding claims and charges of $7 million for the impairment of fixed assets related to production curtailments. The fourth quarter of 2006 includes $95 million of income related to a reversal of the reserve for alder litigation claims.        
       
 
                                                
  (8 )   The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery.        
       
 
                                                
  (9 )   The third quarter of 2006 includes a $2 million charge related to the impairment of investments in equity affiliates.        
       
 
                                                
  (10 )   The second quarter of 2006 includes a one-time tax benefit of $48 million related to a change in Texas state income tax law, a reduction in the Canadian federal income tax rate and a deferred tax adjustment related to the Medicare Part D subsidy.        
       
 
                                                
  (11 )   Discontinued operations includes the net operating results of the operations of Fine Paper and Related Assets and the North American and European composite panels operations. The first quarter of 2007 includes a pretax gain of $682 million and related tax benefit of $74 million on the distribution of the fine paper business and related assets to Weyerhaeuser shareholders. The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business. The third quarter of 2006 includes a pretax gain of $51 million and related tax expense of $18 million associated with the sale of the North American composite panels operations and an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations. The fourth quarter of 2006 includes a pretax gain of $45 million and related tax expense of $4 million associated with the sale of the Irish composite panels operations.        
PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
                                                 
    Q1     Q2     Q3     Q4     Year-to-date  
    April 1,     March 26,     June 25,     Sept. 24,     Dec. 31,     Dec. 31,  
    2007     2006     2006     2006     2006     2006  
Net sales and revenues (in millions): (1)(2)
                                                
Timberlands:
                                                
Logs
   $ 170     $ 201     $ 198     $ 200     $ 182     $ 781  
Other products
     63       62       71       46       56       235  
 
                                    
 
     233       263       269       246       238       1,016  
 
                                    
 
                                                
Wood Products:
                                                
Softwood lumber
     574       782       857       733       625       2,997  
Plywood
     100       135       147       134       113       529  
Veneer
     9       13       13       9       7       42  
Composite panels
     24       121       140       71       25       357  
Oriented strand board
     152       287       273       203       176       939  
Hardwood lumber
     90       99       105       96       98       398  
Engineered I-Joists
     117       169       202       162       137       670  
Engineered solid section
     155       204       231       190       169       794  
Logs
     6       7       5       5       6       23  
Other products
     243       256       327       302       268       1,153  
 
                                    
 
     1,470       2,073       2,300       1,905       1,624       7,902  
 
                                    
 
                                                
Cellulose Fibers:
                                                
Pulp
     405       394       402       404       457       1,657  
Liquid packaging board
     56       46       62       59       62       229  
Other products
     21       13       16       19       22       70  
 
                                    
 
     482       453       480       482       541       1,956  
 
                                    
 
                                                
Fine Paper: (2)
                                               
Paper
     432       613       601       604       652       2,470  
Coated groundwood
     26       40       44       42       45       171  
Other products
     1       1       1       2       —       4  
 
                                    
 
     459       654       646       648       697       2,645  
 
                                    
 
                                                
Containerboard, Packaging and Recycling:
                                                
Containerboard
     119       82       84       92       119       377  
Packaging
     951       911       1,002       997       1,021       3,931  
Recycling
     94       80       85       89       91       345  
Bags
     23       20       20       23       25       88  
Other products
     39       34       46       44       47       171  
 
                                    
 
     1,226       1,127       1,237       1,245       1,303       4,912  
 
                                    
 
                                                
Real Estate and Related Assets
     487       690       746       749       1,150       3,335  
 
                                                
Corporate and Other
     97       116       117       123       128       484  
 
                                                
Less: sales of discontinued operations
     (563 )     (924 )     (927 )     (844 )     (882 )     (3,577 )
 
                                    
 
   $ 3,891     $ 4,452     $ 4,868     $ 4,554     $ 4,799     $ 18,673  
 
                                    
 
(1)   The fourth quarter of 2006 inlcudes 14 weeks of operations compared to 13 weeks in all other quarters.
 
(2)   First quarter 2007 results include 9 weeks of operations for Fine Paper and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.
Contribution (charge) to pre-tax earnings:
          (in millions)
                                                 
    Q1     Q2     Q3     Q4     Year-to-date  
    April 1,     March 26,     June 25,     Sept. 24,     Dec. 31,     Dec. 31,  
    2007     2006     2006     2006     2006     2006  
Timberlands (1) (2)
   $ 175     $ 198     $ 224     $ 178     $ 167     $ 767  
Wood Products (1) (2) (5)
     (167 )     117       131       11       205       464  
Cellulose Fibers (1) (2) (4)
     22       (5 )     23       66       58       142  
Fine Paper (1) (2) (4) (6)
     20       (756 )     (20 )     68       61       (647 )
Containerboard, Packaging and Recycling (1) (2) (4) (7)
     67       26       69       97       71       263  
Real Estate and Related Assets (2) (8)
     58       172       123       135       293       723  
Corporate and Other (1) (2) (3) (9)
     633       (102 )     (40 )     (78 )     (3 )     (223 )
 
                                    
 
   $ 808     $ (350 )   $ 510     $ 477     $ 852     $ 1,489  
 
                                    
PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)
                                                     
 
                                               Year-to-date  
 
                                                  
 
       Q1 2007     Q1 2006     Q2 2006     Q3 2006     Q4 2006     2006  
 
                                        
(1)
   Closure charges by segment:
 
   Timberlands   $ —     $ —     $ —     $ —     $ 1     $ 1  
 
   Wood Products     3       —       1       10       48       59  
 
   Cellulose Fibers     —       (1 )     —       1       (3 )     (3 )
 
   Fine Paper     2       —       11       3       1       15  
 
   Containerboard, Packaging and Recycling     2       2       5       3       4       14  
 
   Corporate and Other     —       —       —       26       —       26  
 
                                        
 
       $ 7     $ 1     $ 17     $ 43     $ 51     $ 112  
 
                                        
 
                                                    
    The above closure charges include costs incurred within the company’s discontinued operations.        
 
                                                    
 
                                               Year-to-date  
 
                                                  
 
       Q1 2007     Q1 2006     Q2 2006     Q3 2006     Q4 2006     2006  
 
                                        
(2)
   Share-based compensation charges (income) recognized by segment:
 
   Timberlands   $ 1     $ 1     $ —     $ —     $ —     $ 1  
 
   Wood Products     2       2       —       —       1       3  
 
   Cellulose Fibers     2       1       —       —       1       2  
 
   Fine Paper     —       —       —       1       —       1  
 
   Containerboard, Packaging and Recycling     1       2       (1 )     1       —       2  
 
   Real Estate and Related Assets     2       —       2       —       —       2  
 
   Corporate and Other     14       15       (5 )     1       7       18  
 
                                        
 
       $ 22     $ 21     $ (4 )   $ 3     $ 9     $ 29  
 
                                        
 
                                                    
 
                                               Year-to-date
 
                                                  
 
       Q1 2007     Q1 2006     Q2 2006     Q3 2006     Q4 2006     2006  
 
                                        
(3)
   Net foreign exchange gains (losses) included in Corporate and Other:   $ 7     $ (26 )   $ 20     $ 17     $ 14     $ 25  
(4)   See detail of quarterly adjustments made to apply a new accounting pronouncement to expense planned major maintenance costs as incurred on page 2.
 
(5)   Additional Wood Products notes:
  (a)   The first quarter of 2007 includes charges of $22 for the impairment of goodwill associated with Canadian distribution facilities and $34 million in asset impairments related to wood products facilities.
 
  (b)   The third quarter of 2006 includes $23 million of income related to a reduction of the reserves for hardboard siding claims.
 
  (c)   The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composite panels operations.
 
  (d)   The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments.
 
  (e)   The fourth quarter of 2006 includes $344 million of income from the refund of countervailing and anti-dumping duties.
 
  (f)   The fourth quarter of 2006 includes $95 million of income related to a reversal of the reserves for alder litigation claims.
(6)   Additional Fine Paper notes:
  (a)   The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business.
(7)   Additional Containerboard, Packaging and Recycling notes:
  (a)   The second and third quarters of 2006 include charges of $18 million and $3 million, respectively, related to the restructuring of the Containerboard, Packaging and Recycling business model.
(8)   Additional Real Estate and Related Assets notes:
  (a)   The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery and income of $9 million related to recognition of deferred income in connection with partnership restructurings.
 
  (b)   The first quarter of 2007 includes net gains on land and lot sales of $3 million. The first, second, third and fourth quarters of 2006 include net gains (losses) on land and lot sales of $33 million, ($1) million, $0, and $110 million, respectively, or $142 million year-to-date.The fourth quarter of 2006 also includes a $28 million gain on the sale of an apartment building.
 
  (c)   The second, third, and fourth quarters of 2006 include charges for the impairment of assets of $3 million, $14 million, and $19 million, respectively, or $36 million year-to-date.
(9)   Additional Corporate and Other notes:
  (a)   The first quarter of 2007 includes a $682 million pretax gain on the distribution of the Fine Paper business and related assets to Weyerhaeuser shareholders.
 
  (b)   The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations.
 
  (c)   The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.
 
  (d)   The fourth quarter of 2006 includes a $45 million pretax gain on the sale of the company’s Irish composite panels operations.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    April 1,   March 26,   June 25,   Sept. 24,   Dec. 31,   Dec. 31,
    2007   2006   2006   2006   2006   2006
Third party sales volumes: (1)(2)
                                                
Timberlands (thousands):
                                                
Logs — cunits
     750       935       808       850       843       3,436  
 
                                                
Wood Products (millions):
                                                
Softwood lumber — board feet
     1,657       1,921       2,113       1,974       1,863       7,871  
Plywood — square feet (3/8”)
     310       389       458       437       379       1,663  
Veneer — square feet (3/8”)
     57       61       63       48       43       215  
Composite panels — square feet (3/4”)
     36       302       324       139       37       802  
Oriented strand board — square feet (3/8”)
     942       1,000       1,069       989       1,038       4,096  
Hardwood lumber — board feet
     89       103       110       100       99       412  
Engineered I-Joists — lineal feet
     82       114       137       110       95       456  
Engineered solid section — cubic feet
     7       9       11       9       7       36  
Logs — cunits (in thousands)
     46       55       46       26       42       169  
 
                                                
Cellulose Fibers (thousands):
                                                
Pulp — air-dry metric tons
     594       651       647       625       698       2,621  
Liquid packaging board — tons
     67       56       71       72       76       275  
 
                                                
Fine Paper (thousands): (2)
                                                
Paper — tons
     461       753       662       641       693       2,749  
Coated groundwood — tons
     38       52       59       59       64       234  
Paper converting — tons
     318       511       474       462       485       1,932  
 
                                                
Containerboard, Packaging and Recycling (thousands):
                                                
Containerboard — tons
     259       211       189       202       254       856  
Packaging — MSF
     17,754       18,342       19,168       18,425       18,932       74,867  
Recycling — tons
     654       733       719       678       745       2,875  
Kraft bags and sacks — tons
     25       20       20       22       27       89  
 
                                                
Real Estate and Related Assets:
                                                
Single-family homes sold
     1,684       1,472       1,325       906       838       4,541  
Single-family homes closed
     976       1,161       1,483       1,439       1,753       5,836  
Single-family homes sold but not closed at end of period
     2,207       3,105       2,947       2,414       1,499       1,499  
 
(1)   The fourth quarter of 2006 inlcudes 14 weeks of operations compared to 13 weeks in all other quarters.
 
(2)   First quarter 2007 results include 9 weeks of operations for Fine Paper and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    April 1,   March 26,   June 25,   Sept. 24,   Dec. 31,   Dec. 31,
    2007   2006   2006   2006   2006   2006
Total production volumes: (1)(2)
                                                
 
                                                
Timberlands (thousands):
                                                
Fee depletion — cunits
     2,140       2,132       2,083       2,040       2,195       8,450  
 
                                                
Wood Products (millions):
                                                
Softwood lumber — board feet
     1,427       1,663       1,650       1,559       1,483       6,355  
Plywood — square feet (3/8”)
     114       241       245       237       177       900  
Veneer — square feet (3/8”) (3)
     298       455       455       494       335       1,739  
Composite panels — square feet (3/4”)
     —       278       288       100       —       666  
Oriented strand board — square feet (3/8”)
     968       1,073       1,062       1,009       1,022       4,166  
Hardwood lumber — board feet
     73       82       83       82       77       324  
Engineered I-Joists — lineal feet
     87       121       136       130       86       473  
Engineered solid section — cubic feet
     6       11       12       10       8       41  
 
                                                
Cellulose Fibers (thousands):
                                                
Pulp — air-dry metric tons
     539       676       588       660       664       2,588  
Liquid packaging board — tons
     60       61       75       73       73       282  
 
                                                
Fine Paper (thousands): (2)
                                                
Paper — tons (4)
     444       724       672       675       725       2,796  
Coated groundwood — tons
     43       56       56       59       59       230  
Paper converting — tons
     318       498       461       485       487       1,931  
 
                                                
Containerboard, Packaging and Recycling (thousands):
                                                
Containerboard — tons (5)
     1,515       1,575       1,533       1,544       1,608       6,260  
Packaging — MSF
     19,007       19,550       20,290       19,341       20,670       79,851  
Recycling — tons (6)
     1,619       1,716       1,684       1,641       1,788       6,829  
Kraft bags and sacks — tons
     23       19       20       18       25       82  
 
(1)   The fourth quarter of 2006 inlcudes 14 weeks of operations compared to 13 weeks in all other quarters.
 
(2)   First quarter 2007 results include 9 weeks of operations for Fine Paper and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.
 
(3)   Veneer production represents lathe production and includes volumes that are further processed into plywood and engineered lumber products by company mills.
 
(4)   Paper production includes unprocessed rolls and converted paper volumes.
 
(5)   Containerboard production represents machine production and includes volumes that are further processed into packaging and kraft bags and sacks by company facilities.
 
(6)   Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes.
PRELIMINARY RESULTS - SUBJECT TO AUDIT

6

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
                                                 
    April 1,                                     Dec. 31,  
    2007                                     2006  
Assets
                                                
Weyerhaeuser
                                                
Current assets:
                                                
Cash and cash equivalents
   $ 1,172                                     $ 223  
Receivables, less allowances
     1,394                                       1,183  
Inventories
     1,437                                       1,367  
Prepaid expenses
     356                                       396  
Assets held for sale
     114                                       105  
Current assets of discontinued operations
     —                                       847  
 
                                            
Total current assets
     4,473                                       4,121  
Property and equipment
     6,850                                       7,067  
Construction in progress
     467                                       395  
Timber and timberlands at cost, less fee stumpage charged to disposals
     3,705                                       3,681  
Investments in and advances to equity affiliates
     498                                       499  
Goodwill
     2,158                                       2,185  
Deferred pension and other assets
     1,378                                       1,369  
Restricted assets held by special purpose entitites
     915                                       917  
Noncurrent assets of discontinued operations
     —                                       3,004  
 
                                            
 
     20,444                                       23,238  
 
                                            
 
                                                
Real Estate and Related Assets
                                                
Cash and cash equivalents
     13                                       20  
Receivables, less allowances
     77                                       144  
Real estate in process of development and for sale
     1,540                                       1,449  
Land being processed for development
     1,427                                       1,365  
Investments in unconsolidated entities, less reserves
     81                                       72  
Other assets
     396                                       423  
Consolidated assets not owned
     264                                       151  
 
                                            
 
     3,798                                       3,624  
 
                                            
Total assets
   $ 24,242                                     $ 26,862  
 
                                            
 
                                                
Liabilities and Shareholders’ Interest
                                                
 
                                                
Weyerhaeuser
                                                
Current liabilities:
                                                
Notes payable and commercial paper
   $ 163                                     $ 72  
Current maturities of long-term debt
     70                                       494  
Accounts payable
     920                                       948  
Accrued liabilities
     1,220                                       1,350  
Current liabilities of discontinued operations
     —                                       265  
 
                                            
Total current liabilities
     2,373                                       3,129  
Long-term debt
     6,849                                       7,069  
Deferred income taxes
     2,897                                       3,021  
Deferred pension, other postretirement benefits and other liabilities
     1,691                                       1,759  
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities
     763                                       765  
Noncurrent liabilities of discontinued operations
     —                                       707  
 
                                            
 
     14,573                                       16,450  
 
                                            
 
                                                
Real Estate and Related Assets
                                                
Notes payable and commercial paper
     427                                       —  
Long-term debt
     605                                       606  
Other liabilities
     565                                       606  
Consolidated liabilites not owned
     232                                       115  
 
                                            
 
     1,829                                       1,327  
 
                                            
Total liabilities
     16,402                                       17,777  
Shareholders’ interest
     7,840                                       9,085  
 
                                            
Total liabilities and shareholders’ interest
   $ 24,242                                     $ 26,862  
 
                                            
PRELIMINARY RESULTS - SUBJECT TO AUDIT

7

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
(in millions)
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    April 1,   March 26,   June 25,   Sept. 24,   Dec. 31,   Dec. 31,
    2007   2006   2006   2006   2006   2006
(Weyerhaeuser only, excludes Real Estate & Related Assets)
                                                
Net cash from operations
   $ 180     $ (324 )   $ 292     $ 373     $ 887     $ 1,228  
Cash paid for property and equipment
   $ (114 )   $ (182 )   $ (184 )   $ (173 )   $ (273 )   $ (812 )
Cash paid for timberlands reforestation
   $ (12 )   $ (12 )   $ (9 )   $ (6 )   $ (10 )   $ (37 )
Cash received from issuances of debt
   $ —     $ —     $ —     $ 3     $ 1     $ 4  
Revolving credit facilities, notes and commercial paper borrowings, net
   $ 10     $ (68 )   $ 19     $ 195     $ (95 )   $ 51  
Payments on debt
   $ (638 )   $ (158 )   $ (10 )   $ (58 )   $ (5 )   $ (231 )
Proceeds from the sale of operations
   $ 1,350     $ —     $ —     $ 187     $ 86     $ 273  
Repurchases of common stock
   $ —     $ —     $ —     $ (332 )   $ (340 )   $ (672 )
PRELIMINARY RESULTS - SUBJECT TO AUDIT

8