EX-99.2 3 v40336exv99w2.htm EXHIBIT 99.2 exv99w2
 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONSOLIDATED EARNINGS
     (in millions)
                                                 
            REVISED(1)                          
    Q1     Q2     Q3     Q4     Year-to-date  
    March 30,     April 1,     July 1,     Sept. 30,     Dec. 30,     Dec. 30,  
    2008     2007     2007     2007     2007     2007  
Net sales and revenues:
                                                
Weyerhaeuser
   $ 1,725     $ 2,178     $ 2,448     $ 2,255     $ 1,900     $ 8,781  
Real Estate
     371       487       559       598       715       2,359  
 
                                    
Total net sales and revenues
     2,096       2,665       3,007       2,853       2,615       11,140  
 
                                    
 
                                                
Costs and expenses:
                                                
Weyerhaeuser:
                                                
Costs of products sold
     1,443       1,793       2,017       1,822       1,605       7,237  
Depreciation, depletion and amortization
     147       156       149       157       141       603  
Selling expenses
     61       72       72       64       72       280  
General and administrative expenses
     149       165       158       145       149       617  
Research and development expenses
     17       16       18       18       19       71  
Charges for restructuring (2)
     1       3       1       16       15       35  
Charges for closure of facilities (3)
     53       3       16       19       78       116  
Impairment of goodwill (4)
     3       22       —       1       7       30  
Other operating costs (income), net(5)(6)
     44       24       32       3       (35 )     24  
 
                                    
 
     1,918       2,254       2,463       2,245       2,051       9,013  
 
                                    
Real Estate:
                                                
Costs and operating expenses (7)
     327       379       415       451       507       1,752  
Depreciation and amortization
     4       6       5       6       6       23  
Selling expenses
     36       41       45       45       48       179  
General and administrative expenses
     29       28       27       26       18       99  
Other operating costs (income), net
     (6 )     (4 )     4       (4 )     2       (2 )
Impairment of long-lived assets
     33       —       12       23       93       128  
 
                                    
 
     423       450       508       547       674       2,179  
 
                                    
Total costs and expenses
     2,341       2,704       2,971       2,792       2,725       11,192  
 
                                    
 
                                                
Operating income (loss)
     (245 )     (39 )     36       61       (110 )     (52 )
 
                                                
Interest expense and other:
                                                
Weyerhaeuser:
                                                
Interest expense incurred (8)
     (132 )     (131 )     (179 )     (131 )     (133 )     (574 )
Less: interest capitalized
     24       30       29       29       30       118  
Interest income and other
     13       20       25       20       18       83  
Equity in income (loss) of affiliates
     (4 )     (1 )     1       5       (3 )     2  
Real Estate:
                                                
Interest expense incurred
     (12 )     (12 )     (16 )     (16 )     (13 )     (57 )
Less: interest capitalized
     12       12       16       16       13       57  
Interest income and other (9)
     1       3       1       1       (6 )     (1 )
Equity in income (loss) of unconsolidated entities (10)
     (23 )     18       12       8       (13 )     25  
 
                                    
Loss from continuing operations before income taxes
     (366 )     (100 )     (75 )     (7 )     (217 )     (399 )
Income taxes (11)
     137       37       30       8       94       169  
 
                                    
Income (loss) from continuing operations
     (229 )     (63 )     (45 )     1     (123 )     (230 )
 
                                                
Earnings from discontinued operations, net of taxes (12)
     81       783       77       100       60       1,020  
 
                                    
Net earnings (loss)
   $ (148 )   $ 720     $ 32     $ 101     $ (63 )   $ 790  
 
                                    
 
                                                
Basic net earnings (loss) per share:
                                                
Continuing operations
   $ (1.08 )   $ (0.27 )   $ (0.20 )   $ 0.01     $ (0.58 )   $ (1.05 )
Discontinued operations
     0.38       3.36       0.35       0.46       0.28       4.65  
 
                                    
Net earnings (loss) per share
   $ (0.70 )   $ 3.09     $ 0.15     $ 0.47     $ (0.30 )   $ 3.60  
 
                                    
 
                                                
Diluted net earnings (loss) per share:
                                                
Continuing operations
   $ (1.08 )   $ (0.27 )   $ (0.20 )   $ 0.01     $ (0.58 )   $ (1.05 )
Discontinued operations
     0.38       3.36       0.35       0.46       0.28       4.65  
 
                                    
Net earnings (loss) per share
   $ (0.70 )   $ 3.09     $ 0.15     $ 0.47     $ (0.30 )   $ 3.60  
 
                                    
 
                                                
Dividends paid per share
   $ 0.60     $ 0.60     $ 0.60     $ 0.60     $ 0.60     $ 2.40  
 
                                    
 
                                                
Weighted average shares outstanding (in thousands):
                                                
Basic
     211,195       233,242       217,688       215,154       211,135       219,305  
Diluted
     211,195       233,242       217,688       215,828       211,135       219,305  
 
                                                
Common and exchangeable shares outstanding at end of period (in thousands)
     211,243       217,726       217,759       211,106       211,147       211,147  
PRELIMINARY RESULTS — SUBJECT TO AUDIT

1

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONSOLIDATED EARNINGS
     (in millions)
 
(1)   First quarter 2007 results were revised to reflect an adjustment to reduce the net gain on the Domtar Transaction by $35 million after-tax. This adjustment is included in discontinued operations.
 
(2)   The third quarter of 2007 includes a charge of $7 million related to the restructuring of administrative functions. The fourth quarter of 2007 includes a charge of $14 million related to the restructuring of Wood Products operations.
 
(3)   See detail of closure charges by segment on page 4.
 
(4)  
(a)  The first quarter of 2008 includes a charge of $3 million for the impairment of goodwill associated with U.S. Wood Products distribution facilities.
(b)  The first quarter of 2007 includes a charge of $22 million for the impairment of goodwill associated with Canadian Wood Products distribution facilities and the fourth quarter of 2007 includes a charge of $7 million associated with U.S. Wood Products distribution facilities.
 
(5)   Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:
                                                 
                                            Year-to-date
    Q1 2008   Q1 2007   Q2 2007   Q3 2007   Q4 2007   Q4 2007
 
   $ (11 )   $ 7     $ 29     $ 2     $ 7     $ 45  
(6)  
(a)  The first quarter of 2008 includes a charge of $18 million for our OSB litigation reserve, $17 million for a change in accounting for environmental remediation reserves and $5 million for the impairment of interest previously capitalized on Real Estate assets.
(b)  The first, second, and fourth quarters of 2007 include $34 million, $12 million, and $6 million, respectively, in asset impairments related to Wood Products facilities.
(c)  The second quarter of 2007 includes 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.
(d)  The third quarter of 2007 includes gains of $6 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.
(e)  The fourth quarter of 2007 includes a charge of $10 million for storm-related casualty losses, a gain of $27 million on the sale of an export facility, and gains of $12 million on sales of operations including our New Zealand joint venture.
 
(7)   The fourth quarter of 2007 includes income of $11 million for a warranty reserve adjustment.
 
(8)   The second quarter of 2007 includes a $42 million charge related to the early extinguishment of debt.
 
(9)   The fourth quarter of 2007 includes loan impairments of $9 million.
 
(10)  
(a)  The first quarter of 2008 includes equity investment impairments and charges related to WRI investment activities of $19 million.
 
(b)  The first, second, and fourth quarters of 2007 include loan and equity investment impairments of $2, $1, and $19 million, respectively, or $22 million year-to-date.
 
(11)   The fourth quarter of 2007 includes a one-time tax benefit of $22 million related to a reduction in the Canadian federal income tax rate.
 
(12)   Discontinued operations include the net operating results of the Containerboard, Packaging and Recycling business for all periods presented. Discontinued operations for the first quarter of 2007 also include the net operating results of the Fine Paper business and related assets.
 
    Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments. Discontinued operations also include an allocation of net pension income. Discontinued operations related to Containerboard, Packaging and Recycling do not include any allocation of interest expense.
 
    Summary results of discontinued operations:
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    March 30,   April 1,   July 1,   Sept. 30,   Dec. 30,   Dec. 30,
    2008   2007   2007   2007   2007   2007
Net sales
   $ 1,297     $ 1,789     $ 1,327     $ 1,293     $ 1,322     $ 5,731  
Net earnings from operations (after-tax)
   $ 81     $ 62     $ 81     $ 100     $ 82     $ 325  
Net gain (loss) on divestiture (after-tax)
   $ —     $ 721     $ (4 )   $ —     $ (22 )   $ 695  
Net earnings from discontinued operations
   $ 81     $ 783     $ 77     $ 100     $ 60     $ 1,020  
 
(a)   The first quarter of 2007 includes a $29 million gain on the sale of a previously closed box plant site.
(b)   The third quarter of 2007 includes pre-tax income of $43 million from the settlement of litigation associated with an Ontario fine paper mill.
(c)   The fourth quarter of 2007 includes a one-time charge of $9 million related to a change in Mexican federal income tax laws.
PRELIMINARY RESULTS — SUBJECT TO AUDIT

2

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
NET SALES AND REVENUES:
     (in millions)
                                                 
    Q1     Q2     Q3     Q4     Year-to-date  
    March 30,     April 1,     July 1,     Sept. 30,     Dec. 30,     Dec. 30,  
    2008     2007     2007     2007     2007     2007  
Timberlands:
                                                
Logs
   $ 143     $ 170     $ 172     $ 168     $ 149     $ 659  
Other products
     51       63       39       81       68       251  
 
                                    
 
     194       233       211       249       217       910  
 
                                    
Wood Products:
                                                
Softwood lumber
     361       574       647       580       440       2,241  
Engineered solid section
     105       155       185       155       113       608  
Engineered I-Joists
     73       117       147       124       79       467  
Oriented strand board
     105       152       153       151       133       589  
Plywood
     57       100       106       89       71       366  
Hardwood lumber
     80       90       99       89       77       355  
Other products produced
     49       50       64       61       51       226  
Other products purchased for resale
     136       232       261       200       154       847  
 
                                    
 
     966       1,470       1,662       1,449       1,118       5,699  
 
                                    
Cellulose Fibers:
                                                
Pulp
     345       405       370       345       358       1,478  
Liquid packaging board
     67       56       72       61       58       247  
Other products
     33       21       28       30       28       107  
 
                                    
 
     445       482       470       436       444       1,832  
 
                                    
 
Fine Paper: (1)
                                                
Paper
     —       432       —       —       —       432  
Coated groundwood
     —       26       —       —       —       26  
Other products
     —       1       —       —       —       1  
 
                                    
 
             459       —       —       —       459  
 
                                    
Containerboard, Packaging and Recycling:
                                                
Containerboard
     141       119       109       99       130       457  
Packaging
     987       951       1,043       1,015       1,010       4,019  
Recycling
     113       94       103       106       110       413  
Bags
     23       23       23       23       27       96  
Other products
     33       39       49       50       45       183  
 
                                    
 
     1,297       1,226       1,327       1,293       1,322       5,168  
 
                                    
 
                                                
Real Estate
     371       487       559       598       715       2,359  
 
                                                
Corporate and Other
     120       97       105       121       121       444  
 
                                                
Less: sales of discontinued operations
     (1,297 )     (1,789 )     (1,327 )     (1,293 )     (1,322 )     (5,731 )
 
                                    
 
   $ 2,096     $ 2,665     $ 3,007     $ 2,853     $ 2,615     $ 11,140  
 
                                    
 
(1)   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.
PRELIMINARY RESULTS — SUBJECT TO AUDIT

3

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS:
     (in millions)
                                                 
            REVISED(1)                          
    Q1     Q2     Q3     Q4     Year-to-date  
    March 30,     April 1,     July 1,     Sept. 30,     Dec. 30,     Dec. 30,  
    2008     2007     2007     2007     2007     2007  
Timberlands (2)(3)(5)(6)
   $ 116     $ 175     $ 142     $ 165     $ 152     $ 634  
Wood Products (2)(3)(5)(7)
     (277 )     (167 )     (123 )     (131 )     (313 )     (734 )
Cellulose Fibers (2)(3)(5)
     56       22       48       79       80       229  
Fine Paper (2)(3)(5)
     —       20       —       —       —       20  
Containerboard, Packaging and Recycling (2)(3)(5)(8)
     89       67       112       104       99       382  
Real Estate (3) (5)(9)
     (74 )     58       64       60       22       204  
Corporate and Other (2)(3)(4)(5)(10)
     (45 )     580       (44 )     (16 )     (52 )     468  
 
                                    
 
   $ (135 )   $ 755     $ 199     $ 261     $ (12 )   $ 1,203  
 
                                    
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
     (in millions)
 
(1)   First quarter 2007 results were revised to reflect an adjustment to reduce the pre-tax gain on the Domtar Transaction by $53 million. This adjustment is included in Corporate and Other.
 
(2)   Closure charges (reversals) by segment:
                                                 
                                            Year-to-date  
    Q1 2008     Q1 2007     Q2 2007     Q3 2007     Q4 2007     2007  
Timberlands
   $ —     $ —     $ —     $ —     $ —     $ —  
Wood Products
     53       3       15       19       78       115  
Cellulose Fibers
     —       —       —       (1 )     —       (1 )
Fine Paper
     —       2       —       —       —       2  
Containerboard, Packaging and Recycling
     8       2       3       —       4       9  
Corporate and Other
     —       —       1       1       (1 )     1  
 
                                    
 
   $ 61     $ 7     $ 19     $ 19     $ 81     $ 126  
 
                                    
    The above closure charges include costs incurred within the company’s discontinued operations.
 
(3)   Share-based compensation charges recognized by segment:
                                                 
                                            Year-to-date  
    Q1 2008     Q1 2007     Q2 2007     Q3 2007     Q4 2007     2007  
Timberlands
   $ 1     $ 1     $ —     $ 1     $ —     $ 2  
Wood Products
     3       2       2       1       1       6  
Cellulose Fibers
     2       2       —       —       1       3  
Containerboard, Packaging and Recycling
     3       1       2       1       1       5  
Real Estate
     2       2       1       —       1       4  
Corporate and Other
     15       14       5       —       2       21  
 
                                    
 
   $ 26     $ 22     $ 10     $ 3     $ 6     $ 41  
 
                                    
     
(4)   Net foreign exchange gains (losses) included in Corporate and Other:
                                                 
                                            Year-to-date  
    Q1 2008     Q1 2007     Q2 2007     Q3 2007     Q4 2007     2007  
 
   $ (11 )   $ 7     $ 34     $ 2     $ 6     $ 49  
(5)   Effective with the first quarter of 2008, the company’s pension credits (costs) are no longer being allocated to the Weyerhaeuser operating segments. Total pension credits (costs) are reported in the Corporate and Other segment. Pension credits (costs) related to real estate operations are reported in the Real Estate segment.
 
    Allocation of pension credits (costs) recognized by segment:
                                                 
                                            Year-to-date  
    Q1 2008     Q1 2007     Q2 2007     Q3 2007     Q4 2007     2007  
Timberlands
   $ —     $ 1     $ 1     $ 1     $ —     $ 3  
Wood Products
     —       5       11       13       10       39  
Cellulose Fibers
     —       —       4       2       2       8  
Fine Paper
     —       1       —       —       —       1  
Containerboard, Packaging and Recycling
     —       3       10       9       8       30  
Real Estate
     1       —       —       (1 )     —       (1 )
Corporate and Other
     38       —       1       —       —       1  
 
                                    
 
   $ 39     $ 10     $ 27     $ 24     $ 20     $ 81  
 
                                    
PRELIMINARY RESULTS — SUBJECT TO AUDIT

4

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS (CONTINUED)
     (in millions)
(6)   Additional Timberlands notes:
 
    2007:
 
 
(a)   The fourth quarter includes a charge of $10 million for storm-related casualty losses and a gain of $27 million on the sale of an export facility.
 
(7)   Additional Wood Products notes:
 
    2008:
 
 
(a)   The first quarter includes a charge of $3 million for the impairment of goodwill associated with U.S. Wood Products distribution facilities and a charge of $18 million for a reserve for litigation.
 
    2007:
 
 
(b)   The first quarter 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.
 
(c)   The second quarter includes a charge of $17 million for the settlement of litigation, 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 includes $7 million of income from the sale of a veneer facility and a previously closed distribution center site, charges of $4 million for the settlement of litigation, $4 million for restructuring activities and $1 million in goodwill impairment.
 
(e)   The fourth quarter includes charges of $14 million for restructuring activities, $7 million in goodwill impairments, $6 million in asset impairments, and a gain of $3 million on the sale of a facility.
 
(8)   Additional Containerboard, Packaging and Recycling notes:
 
    2008:
 
 
(a)   The first quarter includes an $11 million benefit resulting from the cessation of depreciation on assets held for sale and $6 million of insurance proceeds related to a fire at the Closter, NJ box plant.
 
    2007:
 
 
(b)   The second quarter 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.
 
(c)   The third quarter includes $3 million of income related to the sale of a previously closed box plant site.
 
(9)   Additional Real Estate notes:
 
    2008:
 
 
(a)   The first quarter includes charges of $33 million for the impairment of homebuilding assets and $19 million related to WRI investment activities, as well as net losses on land and lots sales of ($1) million.
 
    2007:
 
 
(b)   The first, second, third, and fourth quarters include net gains on land and lot sales of $3 million, $3 million, $30 million, and $79 million, respectively, or $115 million year-to-date.
 
(c)   The second quarter includes a gain of $42 million on the sale of an apartment project.
 
(d)   The first, second, third, and fourth quarters include charges for the impairment of long-lived assets and investments of $2 million, $13 million, $23 million, and $121 million, respectively, or $159 million year-to-date.
 
(e)   The fourth quarter of 2007 includes income of $11 million for a warranty reserve adjustment.
 
(10)   Additional Corporate and Other notes:
 
    2008:
 
 
(a)   The first quarter includes charges of $17 million for a change in accounting for environmental remediation liability reserves and $5 million for the impairment of interest that was previously capitalized on Real Estate assets.
 
    2007:
 
 
(b)   The first quarter includes a $629 million pre-tax gain, the second quarter includes charges of $4 million, and the fourth quarter includes charges of $19 million related to the distribution of the Fine Paper business and related assets to Weyerhaeuser shareholders.
 
(c)   The second quarter includes a $23 million charge for legal settlements and a contract termination.
 
(d)   The third quarter includes a $43 million gain on the settlement of litigation and charges of $20 million for restructuring activities and the transition to a new IT service provider.
 
(e)   The fourth quarter includes a gain of $9 million on the sale of our New Zealand joint venture.
PRELIMINARY RESULTS — SUBJECT TO AUDIT

5

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
THIRD PARTY SALES VOLUMES:
          (in millions)
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    March 30,   April 1,   July 1,   Sept. 30,   Dec. 30,   Dec. 30,
    2008   2007   2007   2007   2007   2007
Timberlands (thousands):
                                                
Logs — cunits
     781       750       762       805       764       3,081  
 
                                                
Wood Products (millions):
                                                
Softwood lumber — board feet
     1,257       1,657       1,805       1,654       1,422       6,538  
Engineered solid section — cubic feet
     6       7       10       8       5       30  
Engineered I-Joists — lineal feet
     56       82       108       92       56       338  
Oriented strand board — square feet (3/8")
     671       942       899       835       790       3,466  
Plywood — square feet (3/8")
     154       310       305       240       194       1,049  
Hardwood lumber — board feet
     87       89       99       93       82       363  
 
                                                
Cellulose Fibers (thousands):
                                                
Pulp — air-dry metric tons
     442       594       524       470       482       2,070  
Liquid packaging board — tons
     71       67       82       72       65       286  
 
                                                
Fine Paper (thousands): (1)
                                                
Paper — tons
     —       461       —       —       —       461  
Coated groundwood — tons
     —       38       —       —       —       38  
Paper converting — tons
     —       318       —       —       —       318  
 
                                                
Containerboard, Packaging and Recycling (thousands):
                                                
Containerboard — tons
     285       259       230       205       263       957  
Packaging — MSF
     17,537       17,754       18,965       18,751       18,102       73,572  
Recycling — tons
     628       654       656       632       638       2,580  
Kraft bags and sacks — tons
     23       25       23       25       26       99  
 
                                                
Real Estate:
                                                
Single-family homes sold
     926       1,684       1,139       734       595       4,152  
Single-family homes closed
     844       976       1,062       1,145       1,244       4,427  
Single-family homes sold but not closed at end of period
     1,306       2,207       2,284       1,873       1,224       1,224  
 
(1)   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

6

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
TOTAL PRODUCTION VOLUMES:
          (in millions)
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    March 30,   April 1,   July 1,   Sept. 30,   Dec. 30,   Dec. 30,
    2008   2007   2007   2007   2007   2007
Timberlands (thousands):
                                                
Fee depletion — cunits
     2,093       2,140       2,038       2,029       1,937       8,144  
 
                                                
Wood Products (millions):
                                                
Softwood lumber — board feet
     1,187       1,427       1,451       1,405       1,207       5,490  
Engineered solid section — cubic feet
     6       6       9       8       5       28  
Engineered I-Joists — lineal feet
     58       87       114       91       47       339  
Oriented strand board — square feet (3/8")
     697       968       847       834       779       3,428  
Plywood — square feet (3/8")
     74       114       115       110       84       423  
Hardwood lumber — board feet
     71       73       75       80       66       294  
 
                                                
Cellulose Fibers (thousands):
                                                
Pulp — air-dry metric tons
     455       539       419       445       448       1,851  
Liquid packaging board — tons
     64       60       77       72       74       283  
 
                                                
Fine Paper (thousands): (1)
                                                
Paper — tons (2)
     —       444       —       —       —       444  
Coated groundwood — tons
     —       43       —       —       —       43  
Paper converting — tons
     —       318       —       —       —       318  
 
                                                
Containerboard, Packaging and Recycling (thousands):
                                                
Containerboard — tons (3)
     1,558       1,515       1,506       1,575       1,510       6,106  
Packaging — MSF
     18,356       19,007       19,721       19,547       18,946       77,221  
Recycling — tons (4)
     1,563       1,619       1,589       1,838       1,609       6,655  
Kraft bags and sacks — tons
     22       23       23       23       24       93  
 
 
(1)   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.
 
(2)   Paper production includes unprocessed rolls and converted paper volumes.
 
(3)   Containerboard production represents machine production and includes volumes that are further processed into packaging and kraft bags and sacks by company facilities.
 
(4)   Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes.
PRELIMINARY RESULTS — SUBJECT TO AUDIT

7

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
          (in millions)
                 
    March 30,     Dec. 30,  
    2008     2007  
Assets
                
 
                
Weyerhaeuser
                
Current assets:
                
Cash and cash equivalents
   $ 50     $ 90  
Receivables, less allowances
     812       700  
Inventories
     840       826  
Prepaid expenses
     150       166  
Deferred tax assets
     150       137  
Current assets of discontinued operations
     1,111       1,095  
 
            
Total current assets
     3,113       3,014  
Property and equipment
     4,040       4,199  
Construction in progress
     324       292  
Timber and timberlands at cost, less fee stumpage charged to disposals
     3,812       3,769  
Investments in and advances to equity affiliates
     348       356  
Goodwill
     948       962  
Deferred pension and other assets
     2,499       2,446  
Restricted assets held by special purpose entities
     914       916  
Noncurrent assets of discontinued operations
     4,048       4,072  
 
            
 
     20,046       20,026  
 
            
 
                
Real Estate
                
Cash and cash equivalents
     16       21  
Receivables, less allowances
     60       63  
Real estate in process of development and for sale
     1,190       1,270  
Land being processed for development
     1,675       1,622  
Investments in unconsolidated entities, less reserves
     43       58  
Other assets
     458       473  
Consolidated assets not owned
     268       273  
 
            
 
     3,710       3,780  
 
            
Total assets
   $ 23,756     $ 23,806  
 
            
 
                
Liabilities
                
 
                
Weyerhaeuser
                
Current liabilities:
                
Notes payable and commercial paper
   $ 151     $ 54  
Current maturities of long-term debt
     807       507  
Accounts payable
     537       625  
Accrued liabilities
     874       969  
Current liabilities of discontinued operations
     413       452  
 
            
Total current liabilities
     2,782       2,607  
Long-term debt
     6,058       6,059  
Deferred income taxes
     2,555       2,554  
Deferred pension, other postretirement benefits and other liabilities
     1,629       1,652  
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities
     763       765  
Noncurrent liabilities of discontinued operations
     755       753  
 
            
 
     14,542       14,390  
 
            
 
                
Real Estate
                
Notes payable and commercial paper
     —       —  
Long-term debt
     956       775  
Other liabilities
     360       432  
Consolidated liabilities not owned
     198       228  
 
            
 
     1,514       1,435  
 
            
 
                
Shareholders’ Interest
                
 
                
Total liabilities
     16,056       15,825  
Shareholders’ interest
     7,700       7,981  
 
            
Total liabilities and shareholders’ interest
   $ 23,756     $ 23,806  
 
            
PRELIMINARY RESULTS — SUBJECT TO AUDIT

8

 

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
          (in millions)
(Weyerhaeuser only, excludes Real Estate)
                                                 
    Q1   Q2   Q3   Q4   Year-to-date
    March 30,   April 1,   July 1,   Sept. 30,   Dec. 30,   Dec. 30,
    2008   2007   2007   2007   2007   2007
Net cash from operations
   $ (254 )   $ (187 )   $ 171     $ 285     $ 411     $ 680  
Cash paid for property and equipment
   $ (98 )   $ (114 )   $ (140 )   $ (176 )   $ (232 )   $ (662 )
Cash paid for timberlands reforestation
   $ (16 )   $ (12 )   $ (12 )   $ (8 )   $ (12 )   $ (44 )
Cash received from issuances of debt
   $ —     $ —     $ —     $ 451     $ —     $ 451  
Revolving credit facilities, notes and commercial paper borrowings, net
   $ 385     $ (162 )   $ 194     $ 148     $ (158 )   $ 22  
Payments on debt
   $ (1 )   $ (466 )   $ (1,090 )   $ (54 )   $ (3 )   $ (1,613 )
Proceeds from the sale of operations
   $ 21     $ 1,350     $ 100     $ 7     $ 172     $ 1,629  
Repurchases of common stock
   $ —     $ —     $ (22 )   $ (441 )   $ (10 )   $ (473 )
PRELIMINARY RESULTS — SUBJECT TO AUDIT

9