EX-99.2 3 v34925exv99w2.htm EXHIBIT 99.2 exv99w2
 

Exhibit 99.2
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
                                                                                 
    Q1     Q2     Q3     Year-to-date     Q4     Year-to-date  
CONSOLIDATED EARNINGS   April 1,     March 26,     July 1,     June 25,     Sept. 30,     Sept. 24,     Sept. 30,     Sept. 24,     Dec. 31,     Dec. 31,  
(in millions)   2007     2006     2007     2006     2007     2006     2007     2006     2006     2006  
Net sales and revenues:
                                                                               
Weyerhaeuser
  $ 3,404     $ 3,761     $ 3,775     $ 4,121     $ 3,548     $ 3,805     $ 10,727     $ 11,687     $ 3,649     $ 15,336  
Real Estate and Related Assets
    487       690       559       746       598       749       1,644       2,185       1,150       3,335  
 
                                                           
Total net sales and revenues
    3,891       4,451       4,334       4,867       4,146       4,554       12,371       13,872       4,799       18,671  
 
                                                           
 
                                                                               
Costs and expenses:
                                                                               
Weyerhaeuser:
                                                                               
Costs of products sold(1)
    2,785       2,947       3,085       3,190       2,845       3,038       8,715       9,175       3,007       12,182  
Depreciation, depletion and amortization
    232       233       223       231       230       231       685       695       252       947  
Selling expenses
    109       100       109       117       102       111       320       328       123       451  
General and administrative expenses
    200       235       199       205       184       214       583       654       241       895  
Research and development expenses (2)
    16       16       18       15       18       23       52       54       15       69  
Charges (reversals) for restructuring (3)
    3       (1 )     2       18       16       4       21       21             21  
Charges for closure of facilities (4)
    5       2       19       5       19       15       43       22       50       72  
Impairment of goodwill (5)
    22                         1             23                      
Refund of countervailing and anti-dumping duties
                                                    (344 )     (344 )
Other operating costs (income), net (6) (7)
    21       31       5       (26 )     1       (36 )     27       (31 )     (105 )     (136 )
 
                                                           
 
    3,393       3,563       3,660       3,755       3,416       3,600       10,469       10,918       3,239       14,157  
 
                                                           
 
                                                                               
Real Estate and Related Assets:
                                                                               
Costs and operating expenses (8)
    379       482       415       553       451       539       1,245       1,574       764       2,338  
Depreciation and amortization
    6       3       5       4       6       10       17       17       8       25  
Selling expenses
    41       37       45       43       45       44       131       124       56       180  
General and administrative expenses
    28       30       27       35       26       30       81       95       29       124  
Other operating costs (income), net
    (4 )     (3 )     4       3       (4 )     (2 )     (4 )     (2 )     (1 )     (3 )
Impairment of long-lived assets
                12       3       23       14       35       17       19       36  
 
                                                           
 
    450       549       508       641       547       635       1,505       1,825       875       2,700  
 
                                                           
Total costs and expenses
    3,843       4,112       4,168       4,396       3,963       4,235       11,974       12,743       4,114       16,857  
 
                                                           
 
                                                                               
Operating income
    48       339       166       471       183       319       397       1,129       685       1,814  
 
                                                                               
Interest expense and other:
                                                                               
Weyerhaeuser:
                                                                               
Interest expense incurred (9)
    (131 )     (128 )     (179 )     (129 )     (131 )     (126 )     (441 )     (383 )     (136 )     (519 )
Less: interest capitalized
    30       16       29       20       29       21       88       57       27       84  
Interest income and other
    20       19       25       15       20       17       65       51       19       70  
Equity in income (loss) of affiliates (10)
    (1 )     3       1       6       5             5       9       (2 )     7  
Real Estate and Related Assets:
                                                                               
Interest expense incurred
    (12 )     (14 )     (16 )     (14 )     (16 )     (12 )     (44 )     (40 )     (15 )     (55 )
Less: interest capitalized
    12       14       16       14       16       12       44       40       15       55  
Interest income and other
    3       10       1       3       1       7       5       20       10       30  
Equity in income of unconsolidated entities
    18       21       12       15       8       14       38       50       8       58  
 
                                                           
Earnings (loss) from continuing operations before income taxes
    (13 )     280       55       401       115       252       157       933       611       1,544  
Income taxes (1) (11)
    (3 )     (100 )     (18 )     (92 )     (41 )     (86 )     (62 )     (278 )     (202 )     (480 )
 
                                                           
Earnings (loss) from continuing operations
    (16 )     180       37       309       74       166       95       655       409       1,064  
Earnings (loss) from discontinued operations, net of taxes (12)
    771       (756 )     (5 )     (11 )     27       58       793       (709 )     98       (611 )
 
                                                           
Net earnings (loss) (1)
  $ 755     $ (576 )   $ 32     $ 298     $ 101     $ 224     $ 888     $ (54 )   $ 507     $ 453  
 
                                                           
 
                                                                               
Basic net earnings (loss) per share:
                                                                               
Continuing operations
  $ (0.07 )   $ 0.73     $ 0.17     $ 1.24     $ 0.34     $ 0.67     $ 0.43     $ 2.65     $ 1.72     $ 4.35  
Discontinued operations
    3.31       (3.07 )     (0.02 )     (0.04 )     0.13       0.24       3.57       (2.87 )     0.40       (2.50 )
 
                                                           
Net earnings (loss) per share
  $ 3.24     $ (2.34 )   $ 0.15     $ 1.20     $ 0.47     $ 0.91     $ 4.00     $ (0.22 )   $ 2.12     $ 1.85  
 
                                                           
 
                                                                               
Diluted net earnings (loss) per share:
                                                                               
Continuing operations
  $ (0.07 )   $ 0.73     $ 0.17     $ 1.23     $ 0.34     $ 0.67     $ 0.43     $ 2.65     $ 1.72     $ 4.33  
Discontinued operations
    3.31       (3.06 )     (0.02 )     (0.04 )     0.13       0.24       3.55       (2.87 )     0.40       (2.49 )
 
                                                           
Net earnings (loss) per share
  $ 3.24     $ (2.33 )   $ 0.15     $ 1.19     $ 0.47     $ 0.91     $ 3.98     $ (0.22 )   $ 2.12     $ 1.84  
 
                                                           
 
                                                                               
Dividends paid per share
  $ 0.60     $ 0.50     $ 0.60     $ 0.50     $ 0.60     $ 0.60     $ 1.80     $ 1.60     $ 0.60     $ 2.20  
 
                                                           
 
                                                                               
Weighted average shares outstanding (in thousands):
                                                                               
Basic
    233,242       245,794       217,688       248,147       215,154       247,428       222,028       247,123       238,824       244,931  
Diluted
    233,242       246,970       218,743       249,194       215,828       247,900       223,083       247,123       239,525       245,780  
Common and exchangeable shares outstanding at end of period (in thousands)
    217,726       247,555       217,759       248,269       211,106       242,929       211,106       242,929       238,008       238,008  
 
                                                           

 


 

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             Year-to-date  
    Q1 2006     Q2 2006     Q3 2006     Q3 2006     Q4 2006     2006  
Cellulose Fibers
  $ (5 )   $ (10 )   $ 13     $ (2 )   $ 2     $  
Fine Paper
    7       (10 )     6       3       (3 )      
Containerboard, Packaging, and Recycling
    4       (5 )     1                    
 
                                   
 
    6       (25 )     20       1       (1 )        
Income taxes
    (2 )     9       (7 )                  
 
                                   
Net earnings (loss)
  $ 4     $ (16 )   $ 13     $ 1     $ (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 million for the impairment of goodwill associated with Canadian wood products distribution facilities.
(6)   Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:
                                                                                 
                                                    Year-to-date             Year-to-date  
    Q1 2007     Q1 2006     Q2 2007     Q2 2006     Q3 2007     Q3 2006     Q3 2007     Q3 2006     Q4 2006     2006  
 
  $ 7     $ (26 )   $ 29     $ 21     $ 2     $ 17     $ 38     $ 12     $ 15     $ 27  
 
                                                           
(7)   The first and second quarters of 2007 include $34 million and $12 million, respectively, in asset impairments related to wood products facilities. The second quarter also includes a $29 million gain on the sale of a previously closed box plant site, a $40 million charge for legal settlements and a contract termination, and $6 million in additional charges related to the sale of Canadian Wood Products distribution facilities. The third quarter of 2007 includes gains of $9 million on the sale of previously closed facility sites, a $4 million charge for a legal settlement, and charges of $13 million to transition to a new IT service provider. 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 second quarter of 2007 includes a $42 million charge related to the early extinguishment of debt.
 
(10)   The third quarter of 2006 includes a $2 million charge related to the impairment of investments in equity affiliates.
 
(11)   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.
 
(12)   Discontinued operations includes the net operating results of the operations of the fine paper business 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 and the second quarter of 2007 includes pretax charges of $4 million related to the distribution of the fine paper business and related assets to Weyerhaeuser shareholders. The third quarter of 2007 includes pre-tax income of $43 million from the settlement of litigation associated with an Ontario fine paper mill. 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.

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Net sales and revenues (in millions): (1)(2)
                                                                                 
    Q1     Q2     Q3     Q3     Year-to-date     Q4     Year-to-date  
    April 1,     March 26,     July 1,     June 25,     Sept. 30,     Sept. 24,     Sept. 30,     Sept. 24,     Dec. 31,     Dec. 31,  
    2007     2006     2007     2006     2007     2006     2007     2006     2006     2006  
Timberlands:
                                                                                 
Logs
  $ 170     $ 201     $ 172     $ 198     $ 168     $ 200     $ 510     $ 599     $ 182     $ 781  
Other products
    63       62       39       71       81       46       183       179       56       235  
 
                                                           
 
    233       263       211       269       249       246       693       778       238       1,016  
 
                                                           
Wood Products:
                                                                               
Softwood lumber
    574       782       647       857       580       733       1,801       2,372       625       2,997  
Plywood
    100       135       106       147       89       134       295       416       113       529  
Veneer
    9       13       14       13       13       9       36       35       7       42  
Composite panels
    24       121       24       140       20       71       68       332       25       357  
Oriented strand board
    152       287       153       273       151       203       456       763       176       939  
Hardwood lumber
    90       99       99       105       89       96       278       300       98       398  
Engineered I-Joists
    117       169       147       202       124       162       388       533       137       670  
Engineered solid section
    155       204       185       231       155       190       495       625       169       794  
Logs
    6       7       4       5       3       5       13       17       6       23  
Other products
    243       256       283       327       225       302       751       885       268       1,153  
 
                                                           
 
    1,470       2,073       1,662       2,300       1,449       1,905       4,581       6,278       1,624       7,902  
 
                                                           
Cellulose Fibers:
                                                                               
Pulp
    405       394       370       402       345       404       1,120       1,200       457       1,657  
Liquid packaging board
    56       46       72       62       61       59       189       167       62       229  
Other products
    21       13       28       16       30       19       79       48       22       70  
 
                                                           
 
    482       453       470       480       436       482       1,388       1,415       541       1,956  
 
                                                           
 
Fine Paper: (2)
                                                                               
Paper
    432       613             601             604       432       1,818       652       2,470  
Coated groundwood
    26       40             44             42       26       126       45       171  
Other products
    1       1             1             2       1       4             4  
 
                                                           
 
    459       654             646             648       459       1,948       697       2,645  
 
                                                           
 
Containerboard, Packaging and Recycling:
                                                                               
Containerboard
    119       82       109       84       99       92       327       258       119       377  
Packaging
    951       911       1,043       1,002       1,015       997       3,009       2,910       1,021       3,931  
Recycling
    94       80       103       85       106       89       303       254       91       345  
Bags
    23       20       23       20       23       23       69       63       25       88  
Other products
    39       34       49       46       50       44       138       124       47       171  
 
                                                           
 
    1,226       1,127       1,327       1,237       1,293       1,245       3,846       3,609       1,303       4,912  
 
                                                           
 
Real Estate and Related Assets
    487       690       559       746       598       749       1,644       2,185       1,150       3,335  
 
                                                                           
 
Corporate and Other
    97       116       105       117       121       123       323       356       128       484  
 
Less: sales of discontinued operations
    (563 )     (925 )           (928 )           (844 )     (563 )     (2,697 )     (882 )     (3,579 )
 
 
                                                           
 
  $ 3,891     $ 4,451     $ 4,334     $ 4,867     $ 4,146     $ 4,554     $ 12,371     $ 13,872     $ 4,799     $ 18,671  
 
                                                           
 
(1)   The fourth quarter of 2006 includes 14 weeks of operations compared to 13 weeks in all other quarters.
 
(2)   First quarter 2007 results include 9 weeks of operations for the fine paper business and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.
Contribution (charge) to pre-tax earnings:
                  (in millions)
                                                                                 
    Q1     Q2     Q3     Year-to-date     Q4     Year-to-date  
    April 1,     March 26,     July 1,     June 25,     Sept. 30,     Sept. 24,     Sept. 30,     Sept. 24,     Dec. 31,     Dec. 31,  
    2007     2006     2007     2006     2007     2006     2007     2006     2006     2006  
Timberlands (1) (2)
  $ 175     $ 198     $ 142     $ 224     $ 165     $ 178     $ 482     $ 600     $ 167     $ 767  
Wood Products (1) (2) (5)
    (167 )     117       (123 )     131       (131 )     11       (421 )     259       205       464  
Cellulose Fibers (1) (2) (4)
    22       (5 )     48       23       79       66       149       84       58       142  
Fine Paper (1) (2) (4) (6)
    20       (756 )           (20 )           68       20       (708 )     61       (647 )
Containerboard, Packaging and Recycling (1) (2) (4) (7)
    67       26       112       69       104       97       283       192       71       263  
Real Estate and Related Assets (2) (8)
    58       172       64       123       60       135       182       430       293       723  
Corporate and Other (1) (2) (3) (9)
    633       (102 )     (44 )     (40 )     (16 )     (78 )     573       (220 )     (3 )     (223 )
 
                                                           
 
  $ 808     $ (350 )   $ 199     $ 510     $ 261     $ 477     $ 1,268     $ 637     $ 852     $ 1,489  
 
                                                           

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)
 
(1)   Closure charges by segment:
                                                                                 
                                        Year-to-date           Year-to-date  
    Q1 2007     Q1 2006     Q2 2007     Q2 2006     Q3 2007     Q3 2006     Q3 2007     Q3 2006     Q4 2006     2006  
Timberlands
  $     $     $     $     $     $     $     $     $ 1     $ 1  
Wood Products
    3             15       1       19       10       37       11       48       59  
Cellulose Fibers
          (1 )                 (1 )     1       (1 )           (3 )     (3 )
Fine Paper
    2                   11             3       2       14       1       15  
Containerboard, Packaging and Recycling
    2       2       3       5             3       5       10       4       14  
Corporate and Other
                1             1       26       2       26             26  
 
                                                           
 
  $ 7     $ 1     $ 19     $ 17     $ 19     $ 43     $ 45     $ 61     $ 51     $ 112  
 
                                                           
     The above closure charges include costs incurred within the company’s discontinued operations.
 
(2)   Share-based compensation charges (income) recognized by segment:
                                                                                 
                                                    Year-to-date             Year-to-date  
    Q1 2007     Q1 2006     Q2 2007     Q2 2006     Q3 2007     Q3 2006     Q3 2007     Q3 2006     Q4 2006     2006  
Timberlands
  $ 1     $ 1     $     $     $ 1     $     $ 2     $ 1     $     $ 1  
Wood Products
    2       2       2             1             5       2       1       3  
Cellulose Fibers
    2       1                               2       1       1       2  
Fine Paper
                                  1             1             1  
Containerboard, Packaging and Recycling
    1       2       2       (1 )     1       1       4       2             2  
Real Estate and Related Assets
    2             1       2                   3       2             2  
Corporate and Other
    14       15       5       (5 )           1       19       11       7       18  
 
                                                           
 
  $ 22     $ 21     $ 10     $ (4 )   $ 3     $ 3     $ 35     $ 20     $ 9     $ 29  
 
                                                           
 
(3)   Net foreign exchange gains (losses) included in Corporate and Other:
                                                                                 
                                                    Year-to-date             Year-to-date  
    Q1 2007     Q1 2006     Q2 2007     Q2 2006     Q3 2007     Q3 2006     Q3 2007     Q3 2006     Q4 2006     2006  
 
  $ 7     $ (26 )   $ 34     $ 20     $ 2     $ 17     $ 43     $ 11     $ 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 million for the impairment of goodwill associated with Canadian distribution facilities and $34 million in asset impairments related to wood products facilities.
 
  (b)   The second quarter of 2007 includes a charge of $17 million for expected settlement of litigation.
 
  (c)   The second quarter of 2007 includes charges of $12 million in asset impairments related to wood products facilities and $6 million in additional charges related to the sale of Canadian distribution facilities.
 
  (d)   The third quarter of 2007 includes $7 million of income from the sale of a veneer facility and a previously closed distribution center site.
 
  (e)   The third quarter of 2007 includes charges of $4 million for the settlement of litigation, $4 million for restructuring activities and $1 million in goodwill impairment.
 
  (f)   The third quarter of 2006 includes $23 million of income related to a reduction of the reserves for hardboard siding claims.
 
  (g)   The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composite panels operations.
 
  (h)   The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments.
 
  (i)   The fourth quarter of 2006 includes $344 million of income from the refund of countervailing and anti-dumping duties.
 
  (j)   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 quarter of 2007 includes a $29 million gain on the sale of a previously closed box plant site in California and $3 million in charges related to a fire at the Closter, NJ box plant.
 
  (b)   The third quarter of 2007 includes $3 million of income related to the sale of a previously closed box plant site.
 
  (c)   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, second and third quarters of 2007 includes net gains (losses) on land and lot sales of $3 million, $3 million, and $30 million, respectively. 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.
 
  (b)   The second quarter of 2007 includes a gain of $42 million on the sale of an apartment project. The fourth quarter of 2006 includes a $28 million gain on the sale of an apartment building.
 
  (c)   The second and third quarters of 2007 include charges for the impairment of assets of $12 million and $23 million, respectively, or $35 million year-to-date. 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.
 
  (d)   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.
(9)   Additional Corporate and Other notes:
  (a)   The first quarter of 2007 includes a $682 million pretax gain and the second quarter includes charges of $4 million related to the distribution of the fine paper business and related assets to Weyerhaeuser shareholders.
 
  (b)   The second quarter of 2007 includes a $23 million charge for legal settlements and a contract termination.
 
  (c)   The third quarter of 2007 includes a $43 million gain on the settlement of litigation.
 
  (d)   The third quarter of 2007 includes charges of $20 million for restructuring activities and the transition to a new IT service provider.
 
  (e)   The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations.
 
  (f)   The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.
 
  (g)   The fourth quarter of 2006 includes a $45 million pretax gain on the sale of the company’s Irish composite panels operations.

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
Third party sales volumes: (1) (2)
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year-to-date
    April 1,   March 26,   July 1,   June 25,   Sept. 30,   Sept. 24,   Sept. 30,   Sept. 24,   Dec. 31,   Dec. 31,
    2007   2006   2007   2006   2007   2006   2007   2006   2006   2006
Timberlands (thousands):
                                                                               
Logs — cunits
    750       935       762       808       805       850       2,317       2,593       843       3,436  
 
Wood Products (millions):
                                                                               
Softwood lumber — board feet
    1,657       1,921       1,805       2,113       1,654       1,974       5,116       6,008       1,863       7,871  
Plywood — square feet (3/8”)
    310       389       305       458       240       437       855       1,284       379       1,663  
Veneer — square feet (3/8”)
    57       61       82       63       73       48       212       172       43       215  
Composite panels — square feet (3/4”)
    36       302       35       324       29       139       100       765       37       802  
Oriented strand board — square feet (3/8”)
    942       1,000       899       1,069       835       989       2,676       3,058       1,038       4,096  
Hardwood lumber — board feet
    89       103       99       110       93       100       281       313       99       412  
Engineered I-Joists — lineal feet
    82       114       108       137       92       110       282       361       95       456  
Engineered solid section — cubic feet
    7       9       10       11       8       9       25       29       7       36  
Logs — cunits (in thousands)
    46       55       33       46       34       26       113       127       42       169  
 
Cellulose Fibers (thousands):
                                                                               
Pulp — air-dry metric tons
    594       651       524       647       470       625       1,588       1,923       698       2,621  
Liquid packaging board — tons
    67       56       82       71       72       72       221       199       76       275  
 
Fine Paper (thousands): (2)
                                                                               
Paper — tons
    461       753             662             641       461       2,056       693       2,749  
Coated groundwood — tons
    38       52             59             59       38       170       64       234  
Paper converting — tons
    318       511             474             462       318       1,447       485       1,932  
 
Containerboard, Packaging and Recycling (thousands):
                                                                               
Containerboard — tons
    259       211       230       189       205       202       694       602       254       856  
Packaging — MSF
    17,754       18,342       18,965       19,168       18,751       18,425       55,470       55,935       18,932       74,867  
Recycling — tons
    654       733       656       719       632       678       1,942       2,130       745       2,875  
Kraft bags and sacks — tons
    25       20       23       20       25       22       73       62       27       89  
 
Real Estate and Related Assets:
                                                                               
Single-family homes sold
    1,684       1,472       1,139       1,325       734       906       3,557       3,703       838       4,541  
Single-family homes closed
    976       1,161       1,062       1,483       1,145       1,439       3,183       4,083       1,753       5,836  
Single-family homes sold but not closed at end of period
    2,207       3,105       2,284       2,947       1,873       2,414       1,873       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.

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year-to-date
    April 1,   March 26,   July 1,   June 25,   Sept. 30,   Sept. 24,   Sept. 30,   Sept. 24,   Dec. 31,   Dec. 31,
Total production volumes: (1) (2)   2007   2006   2007   2006   2007   2006   2007   2006   2006   2006
Timberlands (thousands):
                                                                               
Fee depletion — cunits
    2,140       2,132       2,038       2,083       2,029       2,040       6,207       6,255       2,195       8,450  
 
                                                                               
Wood Products (millions):
                                                                               
Softwood lumber — board feet
    1,427       1,663       1,451       1,650       1,405       1,559       4,283       4,872       1,483       6,355  
Plywood — square feet (3/8”)
    114       241       115       245       110       237       339       723       177       900  
Veneer — square feet (3/8”) (3)
    298       455       338       455       297       494       933       1,404       335       1,739  
Composite panels — square feet (3/4”)
          278             288             100             666             666  
Oriented strand board — square feet (3/8”)
    968       1,073       847       1,062       834       1,009       2,649       3,144       1,022       4,166  
Hardwood lumber — board feet
    73       82       75       83       80       82       228       247       77       324  
Engineered I-Joists — lineal feet
    87       121       114       136       91       130       292       387       86       473  
Engineered solid section — cubic feet
    6       11       9       12       8       10       23       33       8       41  
 
                                                                               
Cellulose Fibers (thousands):
                                                                               
Pulp — air-dry metric tons
    539       676       419       588       445       660       1,403       1,924       664       2,588  
Liquid packaging board —
                                                                               
tons
    60       61       77       75       72       73       209       209       73       282  
 
                                                                               
Fine Paper (thousands): (2)
                                                                               
Paper — tons (4)
    444       724             672             675       444       2,071       725       2,796  
Coated groundwood — tons
    43       56             56             59       43       171       59       230  
Paper converting — tons
    318       498             461             485       318       1,444       487       1,931  
 
                                                                               
Containerboard, Packaging and Recycling (thousands):
                                                                               
Containerboard — tons (5)
    1,515       1,575       1,506       1,533       1,575       1,544       4,596       4,652       1,608       6,260  
Packaging — MSF
    19,007       19,550       19,721       20,290       19,547       19,341       58,275       59,181       20,670       79,851  
Recycling — tons (6)
    1,619       1,716       1,589       1,684       1,838       1,641       5,046       5,041       1,788       6,829  
Kraft bags and sacks — tons
    23       19       23       20       23       18       69       57       25       82  
 
(1)   The fourth quarter of 2006 includes 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.

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
                                 
    April 1,     July 1,     Sept. 30,     Dec. 31,  
Assets   2007     2007     2007     2006  
Weyerhaeuser
                               
Current assets:
                               
Cash and cash equivalents
  $ 1,172     $ 208     $ 72     $ 223  
Receivables, less allowances
    1,394       1,508       1,419       1,183  
Inventories
    1,437       1,308       1,323       1,355  
Prepaid expenses
    356       378       406       385  
Assets held for sale
    114                   105  
Current assets of discontinued operations
                      870  
 
                       
Total current assets
    4,473       3,402       3,220       4,121  
Property and equipment
    6,850       6,775       6,894       7,061  
Construction in progress
    467       544       412       395  
Timber and timberlands at cost, less fee stumpage charged to disposals
    3,705       3,721       3,736       3,681  
Investments in and advances to equity affiliates
    498       510       497       499  
Goodwill
    2,158       2,181       2,200       2,185  
Deferred pension and other assets
    1,378       1,470       1,525       1,368  
Restricted assets held by special purpose entitites
    915       916       915       917  
Noncurrent assets of discontinued operations
                      3,011  
 
                       
 
    20,444       19,519       19,399       23,238  
 
                       
 
                               
Real Estate and Related Assets
                               
Cash and cash equivalents
    13       7       8       20  
Receivables, less allowances
    77       75       72       144  
Real estate in process of development and for sale
    1,540       1,561       1,587       1,449  
Land being processed for development
    1,427       1,476       1,528       1,365  
Investments in unconsolidated entities, less reserves
    81       83       77       72  
Other assets
    396       383       423       423  
Consolidated assets not owned
    264       287       277       151  
 
                       
 
    3,798       3,872       3,972       3,624  
 
                       
Total assets
  $ 24,242     $ 23,391     $ 23,371     $ 26,862  
 
                       
 
                               
Liabilities and Shareholders’ Interest
                               
 
                               
Weyerhaeuser
                               
Current liabilities:
                               
Notes payable and commercial paper
  $ 163     $ 92     $ 92     $ 72  
Current maturities of long-term debt
    70       63       262       488  
Accounts payable
    920       1,010       894       948  
Accrued liabilities
    1,220       1,145       1,185       1,363  
Current liabilities of discontinued operations
                      258  
 
                       
Total current liabilities
    2,373       2,310       2,433       3,129  
Long-term debt
    6,849       5,980       6,428       7,069  
Deferred income taxes
    2,897       2,906       2,863       3,011  
Deferred pension, other postretirement benefits
                    1,780          
and other liabilities
    1,691       1,775       764       1,759  
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities
    763       765             765  
Noncurrent liabilities of discontinued operations
                      717  
 
                       
 
    14,573       13,736       14,268       16,450  
 
                       
 
                               
Real Estate and Related Assets
                               
Notes payable and commercial paper
    427       412       295        
Long-term debt
    605       605       605       606  
Other liabilities
    565       539       497       606  
Consolidated liabilites not owned
    232       246       237       115  
 
                       
 
    1,829       1,802       1,634       1,327  
 
                       
 
                               
Total liabilities
    16,402       15,538       15,902       17,777  
Shareholders’ interest
    7,840       7,853       7,469       9,085  
 
                       
Total liabilities and shareholders’ interest
  $ 24,242     $ 23,391     $ 23,371     $ 26,862  
 
                       

 


 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
                   (in millions)
                                                                                 
    Q1   Q2   Q3   Year-to-date   Q4   Year-to-date
(Weyerhaeuser only, excludes   April 1,   March 26,   July 1,   June 25,   Sept. 30,   Sept. 24,   Sept. 30,   Sept. 24,   Dec. 31,   Dec. 31,
Real Estate & Related Assets)   2007   2006   2007   2006   2007   2006   2007   2006   2006   2006
Net cash from ops
  $ (187 )   $ (210 )   $ 271     $ 566     $ 157     $ 102     $ 241     $ 458     $ 1,089     $ 1,547  
Cash paid for property and equipment
  $ (114 )   $ (182 )   $ (140 )   $ (184 )   $ (176 )   $ (173 )   $ (430 )   $ (539 )   $ (273 )   $ (812 )
Cash paid for timberlands reforestation
  $ (12 )   $ (12 )   $ (12 )   $ (9 )   $ (8 )   $ (6 )   $ (32 )   $ (27 )   $ (10 )   $ (37 )
Cash received from issuances of debt
  $     $     $     $     $ 451     $ 3     $ 451     $ 3     $ 1     $ 4  
Revolving credit facilities, notes and commercial paper borrowings, net
  $ 10     $ (68 )   $ 22     $ 19     $ 148   $ 195     $ 180   $ 146     $ (95 )   $ 51  
Payments on debt
  $ (638 )   $ (158 )   $ (918 )   $ (10 )   $ (54 )   $ (58 )   $ (1,610 )   $ (226 )   $ (5 )   $ (231 )
Proceeds from the sale of operations
  $ 1,350     $     $ 128     $     $ 7     $ 187     $ 1,485     $ 187     $ 86     $ 273  
Repurchases of common stock
  $     $     $ (22 )   $     $ (441 )   $ (332 )   $ (463 )   $ (332 )   $ (340 )   $ (672 )