8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

May 5, 2009

 (Date of earliest event report)

WEYERHAEUSER COMPANY

 (Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other	(Commission	(IRS Employer
jurisdiction of	File Number)	Identification
incorporation or		Number)
organization)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

r Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

r Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02.  Results of Operations and Financial Condition

Item 9.01.  Financial Statements and Exhibits

SIGNATURES

EXHIBIT 99.1

EXHIBIT 99.2

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C., 20549

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 5, 2009, Weyerhaeuser Company issued a press release announcing its financial results for the fiscal quarter ended March 31, 2009.  Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)      The following items are filed as exhibits to this report:

99.1      Press release, dated May 5, 2009 issued by Weyerhaeuser Company

99.2      Exhibits to Press release, dated May 5, 2009 issued by Weyerhaeuser Company

SIGNATURES

           Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WEYERHAEUSER COMPANY
Date:  May 5, 2009	By:	/s/ Jeanne Hillman
		Title: Vice President and Chief Accounting Officer

EX-99.1

For more information contact:	Media –Bruce Amundson (253) 924-3047
	Analysts – Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports 1st Quarter Loss

FEDERAL WAY, Wash. (May 5, 2009) – Weyerhaeuser Company (NYSE: WY) today reported a net loss of $264 million for the first quarter, or $1.25 per share, on net sales of $1.3 billion.

This compares with a net loss of $148 million, or $0.70 per share, on net sales from continuing operations of $2.0 billion for the same period last year.

SIGNIFICANT FIRST QUARTER 2009 AFTER-TAX ITEMS

	After-Tax Charge ($ millions)			Charge per diluted share (dollars)
Closures, restructuring and asset impairments, primarily for Wood Products	$	(46	)	$	(0.22	)
Impairments and reserves for Real Estate assets	$	(45	)	$	(0.21	)
Corporate restructuring and asset impairments	$	(17	)	$	(0.08	)
Reserve for an agreement in principle to settle alder litigation	$	(12	)	$	(0.06	)

Excluding these items, the company reported a net loss of $144 million, or $0.68 per share, in the first quarter of 2009.

SIGNIFICANT FIRST QUARTER 2008 AFTER-TAX ITEMS

	After-Tax Charge ($ millions)			Charge per diluted share (dollars)
Closures and asset impairments, primarily for Wood Products	$	(40	)	$	(0.19	)
Impairments and reserves for Real Estate assets	$	(35	)	$	(0.17	)
Reserve for litigation	$	(11	)	$	(0.05	)
Environmental reserve adjustment	$	(11	)	$	(0.05	)

Excluding these items, the company’s net loss was $51 million, or $0.24 per share, in the first quarter of 2008.

“The recession hit us hard and affected the results we announced this morning,” said Dan Fulton, president and chief executive officer. “Declining revenues during the quarter reflect reduced volume and depressed prices across all of our product lines. In response, we’ve curtailed production capacity and reduced timber harvest levels. While we achieved our $375 million in previously announced cost reductions ahead of schedule, our current performance is unacceptable. Our priority is to put into place a competitive cost structure that will allow our business portfolio to achieve top quartile results regardless of economic conditions.”

SUMMARY OF FIRST QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	1Q 2009			1Q 2008			Change
Net earnings (loss)	$	(264	)	$	(148	)	$	(116	)
Earnings per share	$	(1.25	)	$	(0.70	)	$	(0.55	)
Net sales from continuing operations	$	1,275		$	2,042		$	(767	)

SEGMENT RESULTS FOR FIRST QUARTER

(Contributions to Pre-Tax Earnings)

Millions	1Q 2009			1Q 2008			Change
Timberlands	$	40		$	112		$	(72	)
Wood Products	$	(266	)	$	(277	)	$	11
Cellulose Fibers	$	31		$	56		$	(25	)
Real Estate	$	(96	)	$	(74	)	$	(22	)

TIMBERLANDS

	1Q 2009		4Q 2008		Change
Contribution to pre-tax earnings (millions)	$	40	$	62	$	(22	)

1Q 2009 Performance – Fee harvest declined, primarily due to market conditions. Log prices were lower in both export and domestic markets. This was partially offset by lower operating costs, primarily for fuel and silviculture activities. Segment earnings include losses related to international operations of $7 million in the first quarter and $10 million in the fourth quarter.

2Q 2009 Outlook – Weyerhaeuser expects second quarter 2009 earnings from the segment to be comparable to first quarter, as challenging market conditions persist.

WOOD PRODUCTS

	1Q 2009			4Q 2008			Change
Contribution (charge) to pre-tax earnings (millions)	$	(266	)	$	(960	)	$	694

1Q 2009Performance – Excluding the pre-tax items noted below, the segment’s results improved by $23 million, resulting in a lower loss in the first quarter.

· First quarter 2009 included charges of $71 million for closures, restructuring and asset impairments, and a $19 million reserve for an agreement in principle to settle alder litigation.

· Fourth quarter 2008 included charges of $733 million for the impairment of goodwill, and $28 million for closures, restructuring and impairment of other intangible assets.

Cost control measures and facility closures, combined with lower log costs, more than offset reduced sales volumes for all product lines and lower lumber and oriented strand board prices.

2Q 2009 Outlook – Weyerhaeuser expects a smaller operating loss for the segment in second quarter due to cost reductions resulting from first quarter facility closures and other cost control measures. The company anticipates lower raw material costs and slightly higher sales volumes.

CELLULOSE FIBERS

	1Q 2009		4Q 2008			Change
Contribution (charge) to pre-tax earnings (millions)	$	31	$	(29	)	$	60

1Q 2009Performance – Excluding a fourth quarter charge of $94 million for the impairment of goodwill, the segment’s earnings declined $34 million in the first quarter.

First quarter earnings from operations decreased, primarily due to a significant decline in pulp price realizations and lower capacity utilization as the company slowed production to match declining demand for its products. This was partially offset by lower fiber, freight and maintenance costs.

2Q 2009 Outlook – Expenses associated with a planned major boiler maintenance project, other annual maintenance outages and lower pulp prices are expected to result in a second quarter loss.

REAL ESTATE

	1Q 2009			4Q 2008			Change
Contribution (charge) to pre-tax earnings (millions)	$	(96	)	$	(630	)	$	534

1Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s loss increased $14 million in first quarter.

· Asset impairments, restructuring and investment-related charges were $72 million in the first quarter compared to $484 million in the fourth quarter.

· First quarter included a gain of $6 million from a land condemnation compared to a $130 million loss on land sales in the fourth quarter.

Homebuilding operations closed 429 units, a 43 percent decrease from fourth quarter, reflecting a seasonal decline and continued weak market conditions. The average price of home sales closed was slightly lower than the previous quarter, primarily due to mix.

2Q 2009 Outlook – Despite extremely difficult housing market conditions, Weyerhaeuser expects second quarter home sale closings to increase slightly from first quarter levels, but at lower average sales prices.  Excluding impairments and restructuring charges, the segment’s loss from homebuilding operations is expected to approximate the first quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on May 5 to discuss first quarter results.

To access the conference call from within North America, dial 1-800-240-4186 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-303-262-2053. Replays will be available for one week at 1-800-405-2236 (access code – 11130409#) from within North America and at 1-303-590-3000 (access code – 11130409#) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q1 2009 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected site, StreetEvents (http://www.streetevents.com).

FORWARD LOOKING STATEMENTS

This news release contains statements concerning the company’s future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions.  Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements.  There is no guarantee that any of the events anticipated by these forward-looking statements will occur.  If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition.  The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company’s plans, strategies and intentions.  They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,” and “plans.”  In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company’s expectations during the second quarter of 2009, including the company’s markets, the effect of facility closures and cost control measures in the wood products segment, fee timber harvests and log prices, demand and pricing for our wood products, decreases in raw material costs for our wood products segment, increased expenses for annual planned maintenance in the Cellulose Fiber segment, demand and prices for pulp, home sale closings and prices, earnings and performance of our business segments, capital expenditures and the timing of debt repayments.

Major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limitedto:

· the effect of general economic conditions, including the level of interest rates, availability of financing for home mortgages, strength of the U.S. dollar, employment rates and housing starts;

· market demand for the company’s products, which is related to the strength of the various U.S. business segments and economic conditions;

· the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

· the restructuring of the Company’s business support functions;

· performance of the company’s manufacturing operations, including maintenance requirements;

· raw material prices;

· energy prices;

· transportation costs;

· performance of pension fund investments and related derivatives;

· the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation;

· the level of competition from domestic and foreign producers;

· the effect of forestry, land use, environmental and other governmental regulations;

· legal proceedings;

· changes in accounting principles;

· the effect of weather;

· the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; and

· other factors described under “Risk Factors” in the Company’s annual report on Form 10-K.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China.  It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

CONSOLIDATED EARNINGS

(in millions)

	Q1						Q4
	March 31,			March 30,			December 31,
	2009			2008			2008
Net sales and revenues:
Forest Products	$	1,103		$	1,671		$	1,423
Real Estate		172			371			354
Total net sales and revenues		1,275			2,042			1,777
Costs and expenses:
Forest Products:
Costs of products sold		978			1,399			1,210
Depreciation, depletion and amortization		122			145			139
Selling expenses		43			59			54
General and administrative expenses		96			148			77
Research and development expenses		13			17			15
Charges for restructuring and closures		82			33			23
Charges for goodwill and other asset impairments		18			31			872
Other operating costs, net		6			39			20
		1,358			1,871			2,410
Real Estate:
Costs and operating expenses		151			323			447
Depreciation and amortization		4			4			4
Selling expenses		22			36			34
General and administrative expenses		28			29			24
Impairment of long-lived assets and other related charges		42			37			428
		247			429			937
Total costs and expenses		1,605			2,300			3,347
Operating loss		(330	)		(258	)		(1,570	)
Interest expense and other:
Forest Products:
Interest expense incurred		(108	)		(132	)		(122	)
Less: interest capitalized		2			24			3
Gain on early extinguishment of debt		-			-			33
Interest income and other		14			13			19
Gain on Uruguay restructuring		-			-			149
Equity in income (loss) of affiliates		3			(5	)		7
Real Estate:
Interest expense incurred		(7	)		(12	)		(10	)
Less: interest capitalized		7			12			10
Interest income and other		1			1			(4	)
Equity in income of unconsolidated entities		2			-			6
Investment impairments and other related charges		(26	)		(23	)		(43	)
Loss from continuing operations before income taxes		(442	)		(380	)		(1,522	)
Income taxes		176			139			326
Loss from continuing operations		(266	)		(241	)		(1,196	)
Earnings (loss) from discontinued operations, net of taxes  (1)		-			87			(11	)
Net loss		(266	)		(154	)		(1,207	)
Less: (income) loss attributable to noncontrolling interests		2			6			(5	)
Net loss attributable to Weyerhaeuser	$	(264	)	$	(148	)	$	(1,212	)
Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations	$	(1.25	)	$	(1.11	)	$	(5.68	)
Discontinued operations		-			0.41			(0.05	)
Net loss per share	$	(1.25	)	$	(0.70	)	$	(5.73	)
Dividends paid per share	$	0.25		$	0.60		$	0.60
Weighted average shares outstanding (in thousands):
Basic		211,298			211,195			211,289
Diluted		211,298			211,195			211,289
Common shares outstanding at end of period (in thousands)		211,355			211,243			211,289

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1)	Discontinued operations for 2008 include the net operating results of our Containerboard, Packaging and Recycling business and Australian operations.
	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 include an allocation of net pension and postretirement income or expense.

Summary results of discontinued operations:	Q1					Q4
		Q1 2009		Q1 2008		Q4 2008
Net sales	$	-	$	1,351	$	-
Net earnings from operations (after-tax)	$	-	$	87	$	3
Net loss on divestitures and sales (after-tax)	$	-	$	-	$	(14	)
Net earnings (loss) from discontinued operations	$	-	$	87	$	(11	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET SALES AND REVENUES:

(in millions)

		Q1					Q4
	March 31,			March 30,			Dec. 31,
	2009			2008			2008
Timberlands:
Logs:
West	$	82	$	115			$	129
South		33		15				37
Canada		2		13				4
Total Logs		117			143			170
Timberlands exchanges		4			18			7
Higher and better use land sales (1)		1			7			2
Minerals, oil and gas		14			12			19
Pay as cut timber sales		7			5			10
Products from international operations (2)		7			3			13
Other products		7			9			3
		157			197			224
Wood Products:
Softwood lumber		222			361			286
Engineered solid section		55			105			74
Engineered I-Joists		33			73			46
Oriented strand board		55			105			88
Plywood		24			57			38
Hardwood lumber		51			80			59
Other products produced		43			49			62
Other products purchased for resale		59			136			72
		542			966			725
Cellulose Fibers:
Pulp		281			345			311
Liquid packaging board		66			67			76
Other products		17			33			26
		364			445			413
Real Estate:
Single family housing		162			337			308
Land development		9			24			45
Other		1			10			1
		172			371			354
Corporate and Other		40			117			61
Containerboard, Packaging and Recycling		-			1,297			-
Less: sales of discontinued operations		-			(1,351	)		-
	$	1,275		$	2,042		$	1,777
(1) Higher and better use timberland is sold through Forest Products subsidiaries
(2) Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

STATEMENT OF CASH FLOWS

SELECTED INFORMATION (unaudited)

(in millions)

	Q1						Q4
	March 31,			March 30,			Dec. 31,
	2009			2008			2008
Net cash from operations	$	(436	)	$	(282	)	$	(1,191	)
Cash paid for property and equipment (1)	$	(53	)	$	(98	)	$	(91	)
Cash paid for timberlands reforestation (1)	$	(15	)	$	(16	)	$	(17	)
Cash received from issuances of debt	$	-		$	-		$	-
Revolving credit facilities, notes and commercial paper borrowings, net	$	-		$	573		$	8
Payments on debt	$	(1	)	$	(4	)	$	(773	)
Proceeds from the sale of operations	$	-		$	21		$	13
Cash paid for dividends	$	(53	)	$	(127	)	$	(127	)
Repurchases of common stock	$	(2	)	$	-		$	-
Loan to pension trust	$	(85	)	$	-		$	(200	)
(1) Capital spending is for Forest Products only and excludes Real Estate.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS:

(in millions)

	Q1						Q4
	March 31,			March 30,			Dec. 31,
	2009			2008			2008
Timberlands	$	40		$	112		$	62
Wood Products		(266	)		(277	)		(960	)
Cellulose Fibers		31			56			(29	)
Real Estate		(96	)		(74	)		(630	)
Corporate and Other		(43	)		(41	)		119
Containerboard, Packaging and Recycling		-			89			-
	$	(334	)	$	(135	)	$	(1,438	)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

(includes costs incurred within the company's discontinued operations)

(in millions)

Wood Products includes:
		Q1 2009			Q1 2008			Q4 2008
Closures and restructuring charges	$	(63	)	$	(32	)	$	(9	)
Goodwill impairments		(3	)		(3	)		(733	)
Other asset impairments		(5	)		(21	)		(19	)
Reserve for litigation		(19	)		(18	)		-
	$	(90	)	$	(74	)	$	(761	)
Cellulose Fibers includes:
		Q1 2009			Q1 2008			Q4 2008
Closures and restructuring charges	$	(1	)	$	-		$	-
Goodwill impairments		-			-			(94	)
Other asset impairments		-			-			-
	$	(1	)	$	-		$	(94	)
Real Estate includes:
		Q1 2009			Q1 2008			Q4 2008
Closures and restructuring charges	$	(4	)	$	-		$	(10	)
Impairment of assets and other related charges		(68	)		(55	)		(474	)
Net gain (loss) on land and lot sales		6			(2	)		(130	)
	$	(66	)	$	(57	)	$	(614	)
Corporate and Other includes:
		Q1 2009			Q1 2008			Q4 2008
Closures and restructuring charges	$	(18	)	$	-		$	(14	)
Other asset impairments		(10	)		(5	)		(22	)
Environmental reserve adjustment		-			(17	)		-
Gain on Uruguay restructure		-			-			149
Share-based compensation		(3	)		(15	)		2
Net foreign exchange losses		(5	)		(11	)		(25	)
Pension and post retirement credits (1)		24			32			69
	$	(12	)	$	(16	)	$	159

(1) Excludes pension and post retirement charges included in restructuring and closures

PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

THIRD PARTY SALES VOLUMES:

(in millions)

	Q1				Q4
	March 31,		March 30,		Dec. 31,
	2009		2008		2008
Timberlands (thousands):
Logs - cubic meters:
West		1,090		1,477		1,567
South		769		393		861
Canada		64		339		97
International		77		85		147
Wood Products (millions):
Softwood lumber - board feet		890		1,257		1,016
Engineered solid section - cubic feet		3		6		5
Engineered I-Joists - lineal feet		26		56		38
Oriented strand board - square feet (3/8")		347		671		535
Plywood  - square feet (3/8")		67		154		116
Hardwood lumber - board feet		58		87		66
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		409		442		393
Liquid packaging board  - tons		64		71		76
Real Estate:
Single-family homes sold		455		926		334
Single-family homes closed		429		844		755
Single-family homes sold but not closed at end of period		607		1,306		581

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

TOTAL PRODUCTION VOLUMES:

	Q1				Q4
	March 31,		March 30,		Dec. 31,
	2009		2008		2008
Timberlands (thousands):
Fee depletion  - cubic meters:
West		1,653		2,678		2,214
South		2,380		3,245		2,858
Wood Products (millions):
Softwood lumber - board feet		861		1,187		977
Engineered solid section - cubic feet		2		6		4
Engineered I-Joists - lineal feet		20		58		39
Oriented strand board - square feet (3/8")		335		697		516
Plywood - square feet (3/8")		28		74		75
Hardwood lumber - board feet		55		71		51
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		415		455		436
Liquid packaging board  - tons		65		64		81

PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	March 31,		Dec. 31,
Assets	2009		2008
Forest Products
Current assets:
Cash and cash equivalents	$	1,653	$	2,288
Short-term investments		92		138
Receivables, less allowances		384		429
Receivables for taxes		273		73
Recievable from pension trust		285		200
Inventories		708		745
Prepaid expenses		98		101
Deferred tax assets		150		159
Total current assets		3,643		4,133
Property and equipment, net		3,783		3,869
Construction in progress		95		104
Timber and timberlands at cost, less fee stumpage charged to disposals		4,201		4,205
Investments in and advances to equity affiliates		205		202
Goodwill		40		43
Deferred pension and other assets		620		608
Restricted assets held by special purpose entities		914		916
		13,501		14,080
Real Estate
Cash and cash equivalents		3		6
Receivables, less allowances		51		74
Real estate in process of development and for sale		695		751
Land being processed for development		1,156		1,121
Investments in unconsolidated entities, less reserves		21		30
Deferred tax assets		439		438
Other assets		183		195
Consolidated assets not owned		32		40
		2,580		2,655
Total assets	$	16,081	$	16,735
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1
Current maturities of long-term debt		406		407
Accounts payable		285		381
Accrued liabilities		825		1,023
Total current liabilities		1,517		1,812
Long-term debt		5,153		5,153
Deferred income taxes		1,803		1,805
Deferred pension, other postretirement benefits and other liabilities		1,493		1,528
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		763		764
		10,729		11,062
Real Estate
Long-term debt		456		456
Other liabilities		317		353
Consolidated liabilities not owned		35		35
		808		844
Total liabilities		11,537		11,906
Shareholders' Equity
Equity		4,544		4,829
Total liabilities and shareholders' equity	$	16,081	$	16,735

PRELIMINARY RESULTS - SUBJECT TO AUDIT

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