EX-99.3 4 v33460exv99w3.htm EXHIBIT 99.3 exv99w3
 

EXHIBIT 99.3
Exhibit 12
WEYERHAEUSER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                                         
(Dollar amounts in millions)                    
                     
                     
    2006   2005   2004   2003   2002
 
Available earnings:
                                        
Earnings from continuing operations before interest expense, amortization of debt expense and income taxes
   $ 2,080     $ 2,166     $ 2,723     $ 1,425     $ 1,049  
Add: interest portion of rental expense
     57       53       54       53       48  
Deduct: undistributed earnings of equity affiliates and minority interest in income of subsidiaries
     (49 )     9       (36 )     9       (20 )
     
Available earnings
   $ 2,088     $ 2,228     $ 2,741     $ 1,487     $ 1,077  
     
Fixed charges:
                                        
Interest expense incurred:
                                        
Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries
   $ 508     $ 625     $ 727     $ 705     $ 701  
Weyerhaeuser Real Estate Company and other related subsidiaries
     67       53       57       53       53  
Subtotal
     575       678       784       758       754  
Less: intercompany interest
     (10 )     3       —       —       (1 )
Total interest expense incurred
     565       681       784       758       753  
Amortization of debt expense
     11       18       15       14       24  
Interest portion of rental expense
     57       53       54       53       48  
Total fixed charges
   $ 633     $ 752     $ 853     $ 825     $ 825  
     
Ratio of earnings to fixed charges
     3.30       2.96       3.21       1.80       1.31  
     
WEYERHAEUSER COMPANY WITH ITS WEYERHAEUSER REAL ESTATE COMPANY AND OTHER RELATED 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 MILLIONS)                    
                     
                     
    2006   2005   2004   2003   2002
 
Available earnings:
                                        
Earnings from continuing operations before interest expense, amortization of debt expense and income taxes
   $ 2,014     $ 2,094     $ 2,631     $ 1,345     $ 976  
Add: interest portion of rental expense
     50       46       49       48       44  
Deduct: undistributed earnings of equity affiliates and minority interest in income of subsidiaries
     (6 )     29       (6 )     2       (4 )
Deduct: undistributed earnings before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries
     (723 )     (734 )     (610 )     (392 )     (336 )
Add: dividends paid to Weyerhaeuser
     —       —       —       115       170  
     
Available earnings
   $ 1,335     $ 1,435     $ 2,064     $ 1,118     $ 850  
     
Fixed charges:
                                        
Interest expense incurred
   $ 508     $ 625     $ 727     $ 705     $ 701  
Amortization of debt expense
     11       18       15       14       24  
Interest portion of rental expense
     50       46       49       48       44  
Total fixed charges
   $ 569     $ 689     $ 791     $ 767     $ 769  
     
Ratio of earnings to fixed charges
     2.35       2.08       2.61       1.46       1.11