EX-99 3 wy-ex99_2.htm EX-99.2 EX-99

 

Weyerhaeuser Company

Exhibit 99.2

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Consolidated Statement of Operations

 

 

 

Q4

 

 

Q1

 

in millions

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Net sales

 

$

1,823

 

 

$

1,881

 

 

$

3,112

 

Costs of sales

 

 

1,434

 

 

 

1,512

 

 

 

1,647

 

Gross margin

 

 

389

 

 

 

369

 

 

 

1,465

 

Selling expenses

 

 

23

 

 

 

22

 

 

 

23

 

General and administrative expenses

 

 

104

 

 

 

101

 

 

 

92

 

Other operating costs, net

 

 

30

 

 

 

10

 

 

 

6

 

Operating income

 

 

232

 

 

 

236

 

 

 

1,344

 

Non-operating pension and other post-employment benefit costs

 

 

(216

)

 

 

(9

)

 

 

(15

)

Interest income and other

 

 

16

 

 

 

12

 

 

 

(1

)

Interest expense, net of capitalized interest

 

 

(66

)

 

 

(66

)

 

 

(72

)

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

(276

)

(Loss) earnings before income taxes

 

 

(34

)

 

 

173

 

 

 

980

 

Income taxes

 

 

45

 

 

 

(22

)

 

 

(209

)

Net earnings

 

$

11

 

 

$

151

 

 

$

771

 

 

 

Per Share Information

 

 

 

Q4

 

 

Q1

 

 

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Earnings per share

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

0.21

 

 

$

1.03

 

Diluted

 

$

0.02

 

 

$

0.21

 

 

$

1.03

 

Dividends paid per common share

 

$

0.18

 

 

$

1.09

 

 

$

1.63

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

Basic

 

 

735,715

 

 

 

733,163

 

 

 

747,507

 

Diluted

 

 

736,640

 

 

 

733,546

 

 

 

748,823

 

Common shares outstanding at end of period (in thousands)

 

 

732,794

 

 

 

732,507

 

 

 

745,442

 

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

 

 

 

Q4

 

 

Q1

 

in millions

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Net earnings

 

$

11

 

 

$

151

 

 

$

771

 

Non-operating pension and other post-employment benefit costs

 

 

216

 

 

 

9

 

 

 

15

 

Interest income and other

 

 

(16

)

 

 

(12

)

 

 

1

 

Interest expense, net of capitalized interest

 

 

66

 

 

 

66

 

 

 

72

 

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

276

 

Income taxes

 

 

(45

)

 

 

22

 

 

 

209

 

Operating income

 

 

232

 

 

 

236

 

 

 

1,344

 

Depreciation, depletion and amortization

 

 

120

 

 

 

126

 

 

 

122

 

Basis of real estate sold

 

 

7

 

 

 

33

 

 

 

31

 

Special items included in operating income

 

 

10

 

 

 

—

 

 

 

—

 

Adjusted EBITDA(1)

 

$

369

 

 

$

395

 

 

$

1,497

 

 

(1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Page 1 of 8

 

 

Weyerhaeuser Company

Total Company Statistics

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

Special Items Included in Net Earnings (Income Tax Affected)

 

 

 

Q4

 

 

Q1

 

in millions

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Net earnings

 

$

11

 

 

$

151

 

 

$

771

 

Loss on debt extinguishment(1)

 

 

—

 

 

 

—

 

 

 

207

 

Pension settlement charge

 

 

152

 

 

 

—

 

 

 

—

 

Restructuring, impairments and other charges

 

 

8

 

 

 

—

 

 

 

—

 

Net earnings before special items(2)

 

$

171

 

 

$

151

 

 

$

978

 

 

 

 

 

Q4

 

 

Q1

 

 

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Net earnings per diluted share

 

$

0.02

 

 

$

0.21

 

 

$

1.03

 

Loss on debt extinguishment(1)

 

 

—

 

 

 

—

 

 

 

0.28

 

Pension settlement charge

 

 

0.21

 

 

 

—

 

 

 

—

 

Restructuring, impairments and other charges

 

 

0.01

 

 

 

—

 

 

 

—

 

Net earnings per diluted share before special items(2)

 

$

0.24

 

 

$

0.21

 

 

$

1.31

 

 

(1) We recorded a total pretax loss on debt extinguishment of $276 million ($207 million after-tax) in first quarter 2022.

(2) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Selected Total Company Items

 

 

 

Q4

 

 

Q1

 

in millions

 

Dec 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Pension and post-employment costs:

 

 

 

 

 

 

 

 

 

Pension and post-employment service costs

 

$

9

 

 

$

6

 

 

$

10

 

Non-operating pension and other post-employment benefit costs

 

 

216

 

 

 

9

 

 

 

15

 

Total company pension and post-employment costs

 

$

225

 

 

$

15

 

 

$

25

 

 

Page 2 of 8

 

 

Weyerhaeuser Company

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Condensed Consolidated Balance Sheet

 

 

in millions

 

December 31,
2022

 

 

March 31,
 2023

 

 

March 31,
 2022

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,581

 

 

$

797

 

 

$

1,205

 

Receivables, net

 

 

357

 

 

 

440

 

 

 

745

 

Receivables for taxes

 

 

42

 

 

 

28

 

 

 

8

 

Inventories

 

 

550

 

 

 

586

 

 

 

611

 

Prepaid expenses and other current assets

 

 

216

 

 

 

202

 

 

 

206

 

Total current assets

 

 

2,746

 

 

 

2,053

 

 

 

2,775

 

Property and equipment, net

 

 

2,171

 

 

 

2,157

 

 

 

2,026

 

Construction in progress

 

 

222

 

 

 

222

 

 

 

203

 

Timber and timberlands at cost, less depletion

 

 

11,604

 

 

 

11,564

 

 

 

11,469

 

Minerals and mineral rights, less depletion

 

 

214

 

 

 

211

 

 

 

252

 

Deferred tax assets

 

 

8

 

 

 

8

 

 

 

15

 

Other assets

 

 

375

 

 

 

365

 

 

 

376

 

Total assets

 

$

17,340

 

 

$

16,580

 

 

$

17,116

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

$

982

 

 

$

981

 

 

$

—

 

Accounts payable

 

 

247

 

 

 

266

 

 

 

310

 

Accrued liabilities

 

 

511

 

 

 

403

 

 

 

674

 

Total current liabilities

 

 

1,740

 

 

 

1,650

 

 

 

984

 

Long-term debt, net

 

 

4,071

 

 

 

4,072

 

 

 

5,053

 

Deferred tax liabilities

 

 

96

 

 

 

101

 

 

 

66

 

Deferred pension and other post-employment benefits

 

 

344

 

 

 

346

 

 

 

432

 

Other liabilities

 

 

340

 

 

 

335

 

 

 

344

 

Total liabilities

 

 

6,591

 

 

 

6,504

 

 

 

6,879

 

Total equity

 

 

10,749

 

 

 

10,076

 

 

 

10,237

 

Total liabilities and equity

 

$

17,340

 

 

$

16,580

 

 

$

17,116

 

 

 

 

Page 3 of 8

 

 

Weyerhaeuser Company

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Consolidated Statement of Cash Flows

 

 

 

Q4

 

 

Q1

 

in millions

 

December 31,
2022

 

 

March 31,
2023

 

 

March 31,
2022

 

Cash flows from operations:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

11

 

 

$

151

 

 

$

771

 

Noncash charges (credits) to earnings:

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

120

 

 

 

126

 

 

 

122

 

Basis of real estate sold

 

 

7

 

 

 

33

 

 

 

31

 

Deferred income taxes, net

 

 

(47

)

 

 

3

 

 

 

14

 

Pension and other post-employment benefits

 

 

225

 

 

 

15

 

 

 

25

 

Share-based compensation expense

 

 

8

 

 

 

8

 

 

 

8

 

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

276

 

Change in:

 

 

 

 

 

 

 

 

 

Receivables, net

 

 

68

 

 

 

(83

)

 

 

(238

)

Receivables and payables for taxes

 

 

(116

)

 

 

14

 

 

 

110

 

Inventories

 

 

(7

)

 

 

(36

)

 

 

(87

)

Prepaid expenses and other current assets

 

 

(5

)

 

 

(9

)

 

 

(1

)

Accounts payable and accrued liabilities

 

 

(88

)

 

 

(87

)

 

 

(62

)

Pension and post-employment benefit contributions and payments

 

 

(5

)

 

 

(6

)

 

 

(4

)

Other

 

 

(4

)

 

 

(3

)

 

 

(8

)

Net cash from operations

 

$

167

 

 

$

126

 

 

$

957

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment

 

$

(208

)

 

$

(50

)

 

$

(50

)

Capital expenditures for timberlands reforestation

 

 

(15

)

 

 

(21

)

 

 

(20

)

Acquisition of timberlands

 

 

(9

)

 

 

—

 

 

 

(18

)

Other

 

 

3

 

 

 

2

 

 

 

1

 

Net cash from investing activities

 

$

(229

)

 

$

(69

)

 

$

(87

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

$

(132

)

 

$

(799

)

 

$

(1,218

)

Net proceeds from issuance of long-term debt

 

 

—

 

 

 

—

 

 

 

881

 

Payments on long-term debt

 

 

—

 

 

 

—

 

 

 

(1,203

)

Proceeds from exercise of stock options

 

 

1

 

 

 

2

 

 

 

12

 

Repurchases of common shares

 

 

(141

)

 

 

(34

)

 

 

(118

)

Other

 

 

(5

)

 

 

(10

)

 

 

(18

)

Net cash from financing activities

 

$

(277

)

 

$

(841

)

 

$

(1,664

)

 

 

 

 

 

 

 

 

 

Net change in cash, cash equivalents and restricted cash

 

$

(339

)

 

$

(784

)

 

$

(794

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,920

 

 

 

1,581

 

 

 

1,999

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,581

 

 

$

797

 

 

$

1,205

 

 

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

72

 

 

$

57

 

 

$

78

 

Income taxes, net of refunds

 

$

120

 

 

$

6

 

 

$

85

 

 

 

Page 4 of 8

 

 

Weyerhaeuser Company

Timberlands Segment

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Segment Statement of Operations

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Sales to unaffiliated customers

 

$

437

 

 

$

462

 

 

$

465

 

Intersegment sales

 

 

111

 

 

 

142

 

 

 

161

 

Total net sales

 

 

548

 

 

 

604

 

 

 

626

 

Costs of sales

 

 

436

 

 

 

461

 

 

 

423

 

Gross margin

 

 

112

 

 

 

143

 

 

 

203

 

General and administrative expenses

 

 

25

 

 

 

25

 

 

 

24

 

Other operating costs (income), net

 

 

1

 

 

 

(2

)

 

 

(3

)

Operating income and Net contribution to earnings

 

$

86

 

 

$

120

 

 

$

182

 

 

 

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Operating income

 

$

86

 

 

$

120

 

 

$

182

 

Depreciation, depletion and amortization

 

 

64

 

 

 

68

 

 

 

65

 

Adjusted EBITDA(1)

 

$

150

 

 

$

188

 

 

$

247

 

 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

 

Selected Segment Items

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Total increase in working capital(2)

 

$

(28

)

 

$

(24

)

 

$

(34

)

Cash spent for capital expenditures(3)

 

$

(38

)

 

$

(26

)

 

$

(30

)

 

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

(3) Does not include cash spent for the acquisition of timberlands.

 

 

Segment Statistics(4)

 

 

 

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Third Party

 

Delivered logs:

 

 

 

 

 

 

 

 

Net Sales

 

West

$

213

 

 

$

229

 

 

$

259

 

(millions)

 

South

 

165

 

 

 

168

 

 

 

154

 

 

North

 

16

 

 

 

17

 

 

 

15

 

 

Total delivered logs

 

394

 

 

 

414

 

 

 

428

 

 

Stumpage and pay-as-cut timber

 

16

 

 

 

16

 

 

 

9

 

 

Recreational and other lease revenue

 

17

 

 

 

18

 

 

 

17

 

 

Other revenue

 

10

 

 

 

14

 

 

 

11

 

 

Total

$

437

 

 

$

462

 

 

$

465

 

Delivered Logs

 

West

$

141.88

 

 

$

137.10

 

 

$

161.29

 

Third Party Sales

 

South

$

38.67

 

 

$

38.23

 

 

$

37.15

 

Realizations (per ton)

 

North

$

80.57

 

 

$

81.71

 

 

$

72.79

 

Delivered Logs

 

West

 

1,503

 

 

 

1,674

 

 

 

1,604

 

Third Party Sales

 

South

 

4,252

 

 

 

4,386

 

 

 

4,135

 

Volumes (tons, thousands)

 

North

 

202

 

 

 

204

 

 

 

210

 

Fee Harvest Volumes

 

West

 

1,773

 

 

 

2,245

 

 

 

2,240

 

(tons, thousands)

 

South

 

6,216

 

 

 

6,432

 

 

 

5,842

 

 

 

North

 

271

 

 

 

285

 

 

 

278

 

 

(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 5 of 8

 

 

Weyerhaeuser Company

Real Estate, Energy & Natural Resources Segment

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Segment Statement of Operations

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Net sales

 

$

55

 

 

$

101

 

 

$

128

 

Costs of sales

 

 

13

 

 

 

41

 

 

 

41

 

Gross margin

 

 

42

 

 

 

60

 

 

 

87

 

General and administrative expenses

 

 

8

 

 

 

7

 

 

 

6

 

Other operating costs, net

 

 

10

 

 

 

—

 

 

 

—

 

Operating income and Net contribution to earnings

 

$

24

 

 

$

53

 

 

$

81

 

 

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Operating income

 

$

24

 

 

$

53

 

 

$

81

 

Depreciation, depletion and amortization

 

 

5

 

 

 

3

 

 

 

4

 

Basis of real estate sold

 

 

7

 

 

 

33

 

 

 

31

 

Special items

 

 

10

 

 

 

—

 

 

 

—

 

Adjusted EBITDA(1)

 

$

46

 

 

$

89

 

 

$

116

 

 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

 

Segment Special Items Included In Net Contribution to Earnings (Pretax)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Restructuring, impairments and other charges

 

$

(10

)

 

$

—

 

 

$

—

 

 

 

Selected Segment Items

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Cash spent for capital expenditures

 

$

—

 

 

$

—

 

 

$

—

 

 

 

Segment Statistics

 

 

 

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Net Sales

Real Estate

 

$

18

 

 

$

72

 

 

$

97

 

(millions)

Energy and Natural Resources

 

 

37

 

 

 

29

 

 

 

31

 

 

Total

 

$

55

 

 

$

101

 

 

$

128

 

Acres Sold

Real Estate

 

 

2,745

 

 

 

20,753

 

 

 

24,126

 

Price per Acre

Real Estate

 

$

5,550

 

 

$

3,241

 

 

$

3,785

 

Basis as a Percent of
Real Estate Net Sales

Real Estate

 

 

39

%

 

 

46

%

 

 

32

%

 

 

 

Page 6 of 8

 

 

Weyerhaeuser Company

Wood Products Segment

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

 

Segment Statement of Operations

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Net sales

 

$

1,331

 

 

$

1,318

 

 

$

2,519

 

Costs of sales

 

 

1,116

 

 

 

1,159

 

 

 

1,276

 

Gross margin

 

 

215

 

 

 

159

 

 

 

1,243

 

Selling expenses

 

 

22

 

 

 

22

 

 

 

21

 

General and administrative expenses

 

 

36

 

 

 

36

 

 

 

35

 

Other operating costs, net

 

 

10

 

 

 

6

 

 

 

5

 

Operating income and Net contribution to earnings

 

$

147

 

 

$

95

 

 

$

1,182

 

 

 

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Operating income

 

$

147

 

 

$

95

 

 

$

1,182

 

Depreciation, depletion and amortization

 

 

50

 

 

 

53

 

 

 

51

 

Adjusted EBITDA(1)

 

$

197

 

 

$

148

 

 

$

1,233

 

 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

 

Selected Segment Items

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Total decrease (increase) in working capital(2)

 

$

20

 

 

$

(127

)

 

$

(371

)

Cash spent for capital expenditures

 

$

(184

)

 

$

(43

)

 

$

(39

)

 

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

 

 

 

Segment Statistics

 

in millions, except for third party sales realizations

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Structural Lumber

Third party net sales

 

$

494

 

 

$

515

 

 

$

1,206

 

(volumes presented

Third party sales realizations

 

$

495

 

 

$

450

 

 

$

1,041

 

in board feet)

Third party sales volumes(3)

 

 

996

 

 

 

1,144

 

 

 

1,157

 

Production volumes

 

 

938

 

 

 

1,143

 

 

 

1,203

 

Oriented Strand

Third party net sales

 

$

230

 

 

$

208

 

 

$

564

 

Board

Third party sales realizations

 

$

335

 

 

$

269

 

 

$

787

 

(volumes presented

Third party sales volumes(3)

 

 

686

 

 

 

773

 

 

 

717

 

in square feet 3/8")

Production volumes

 

 

729

 

 

 

761

 

 

 

739

 

Engineered Solid

Third party net sales

 

$

186

 

 

$

169

 

 

$

196

 

Section

Third party sales realizations

 

$

3,743

 

 

$

3,643

 

 

$

3,433

 

(volumes presented

Third party sales volumes(3)

 

 

5.0

 

 

 

4.7

 

 

 

5.7

 

in cubic feet)

Production volumes

 

 

5.5

 

 

 

4.6

 

 

 

5.7

 

Engineered

Third party net sales

 

$

102

 

 

$

87

 

 

$

137

 

I-joists

Third party sales realizations

 

$

3,537

 

 

$

3,171

 

 

$

2,969

 

(volumes presented

Third party sales volumes(3)

 

 

29

 

 

 

27

 

 

 

46

 

in lineal feet)

Production volumes

 

 

31

 

 

 

25

 

 

 

44

 

Softwood Plywood

Third party net sales

 

$

35

 

 

$

41

 

 

$

58

 

(volumes presented

Third party sales realizations

 

$

543

 

 

$

490

 

 

$

783

 

in square feet 3/8")

Third party sales volumes(3)

 

 

66

 

 

 

83

 

 

 

75

 

Production volumes

 

 

62

 

 

 

74

 

 

 

66

 

Medium Density

Third party net sales

 

$

41

 

 

$

38

 

 

$

48

 

Fiberboard

Third party sales realizations

 

$

1,310

 

 

$

1,314

 

 

$

1,082

 

(volumes presented

Third party sales volumes(3)

 

 

31

 

 

 

29

 

 

 

44

 

in square feet 3/4")

Production volumes

 

 

31

 

 

 

34

 

 

 

44

 

 

(3) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

 

Page 7 of 8

 

 

Weyerhaeuser Company

Unallocated Items

Q1.2023 Analyst Package

Preliminary results (unaudited)

 

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses and interest income and other.

 

 

Net Charge to Earnings

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Unallocated corporate function and variable compensation expense

 

$

(36

)

 

$

(27

)

 

$

(31

)

Liability classified share-based compensation

 

 

(1

)

 

 

—

 

 

 

1

 

Foreign exchange loss

 

 

(2

)

 

 

(1

)

 

 

—

 

Elimination of intersegment profit in inventory and LIFO

 

 

18

 

 

 

9

 

 

 

(59

)

Other, net

 

 

(4

)

 

 

(13

)

 

 

(12

)

Operating loss

 

 

(25

)

 

 

(32

)

 

 

(101

)

Non-operating pension and other post-employment benefit costs

 

 

(216

)

 

 

(9

)

 

 

(15

)

Interest income and other

 

 

16

 

 

 

12

 

 

 

(1

)

Net charge to earnings

 

$

(225

)

 

$

(29

)

 

$

(117

)

 

 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Operating loss

 

$

(25

)

 

$

(32

)

 

$

(101

)

Depreciation, depletion and amortization

 

 

1

 

 

 

2

 

 

 

2

 

Adjusted EBITDA(1)

 

$

(24

)

 

$

(30

)

 

$

(99

)

 

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

 

Unallocated Special Items Included in Net Charge to Earnings (Pretax)

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Pension settlement charge

 

$

(205

)

 

$

—

 

 

$

—

 

Special items included in net charge to earnings

 

$

(205

)

 

$

—

 

 

$

—

 

 

 

Unallocated Selected Items

 

in millions

 

Q4.2022

 

 

Q1.2023

 

 

Q1.2022

 

Cash spent for capital expenditures

 

$

(1

)

 

$

(2

)

 

$

(1

)

 

Page 8 of 8