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

April 29, 2010

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

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

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:

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

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

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

¨ 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

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 29, 2010, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended March 31, 2010. 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 of Weyerhaeuser Company issued April 29, 2010 reporting results of operations for the quarter ended March 31, 2010
99.2	Exhibits to press release of Weyerhaeuser Company issued April 29, 2010

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
By	/s/    JEANNE HILLMAN
Its:	Vice President and Chief Accounting Officer

Date: April 29, 2010

EX-99.1

Exhibit 99.1

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

Weyerhaeuser Reports First Quarter Results

FEDERAL WAY, Wash. (April 29, 2010) – Weyerhaeuser Company (NYSE: WY) today reported a net loss of $20 million for the first quarter, or 10 cents per share, on net sales of $1.4 billion.

This compares with a net loss of $264 million, or $1.25 per share, on net sales from continuing operations of $1.3 billion for the same period last year.

SIGNIFICANT FIRST QUARTER 2010 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)			Gain (Charge) per share (dollars)
Income tax adjustments related to Medicare prescription drug subsidy and state tax law changes	$	(31	)	$	(0.15	)
Wood Products asset sales	$	26		$	0.12

Excluding these items, the company reported a net loss of $15 million, or 7 cents per share, in the first quarter of 2010.

SIGNIFICANT FIRST QUARTER 2009 AFTER-TAX ITEMS

	After-Tax Charge ($  millions)			Charge per 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’s net loss was $144 million, or 68 cents per share, in the first quarter of 2009.

“After many difficult quarters, we’re encouraged by the improvement in our performance,” said Dan Fulton, president and chief executive officer. “Financial results increased significantly compared with the prior quarter and on a year-over-year basis due to better market conditions and the work we’ve done to improve our long-term competitiveness. While the pace of the housing recovery remains uncertain, we’re moving in the right direction. In addition, recent approvals by our shareholders make it possible to complete our strategic conversion to a REIT.”

SUMMARY OF FIRST QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	1Q 2010			1Q 2009			Change
Net loss	$	(20	)	$	(264	)	$	244
Loss per share	$	(0.10	)	$	(1.25	)	$	1.15
Net sales	$	1,419		$	1,275		$	144

SEGMENT RESULTS FOR FIRST QUARTER

(Contributions (Charges) to Pre-Tax Earnings)

Millions	1Q 2010			1Q 2009			Change
Timberlands	$	81		$	40		$	41
Wood Products	$	(19	)	$	(266	)	$	247
Cellulose Fibers	$	19		$	31		$	(12	)
Real Estate	$	31		$	(96	)	$	127

TIMBERLANDS

	1Q 2010		4Q 2009		Change
Contribution to pre-tax earnings (millions)	$	81	$	13	$	68

1Q 2010 Performance – Excluding fourth quarter charges of $15 million for asset impairments, primarily in international manufacturing operations, the segment’s earnings improved $53 million in the first quarter.

First quarter included pre-tax gains of $31 million from disposition of non-strategic timberlands, compared to $6 million in the fourth quarter. Earnings from operations increased due to improved log price realizations, higher fee volumes, and lower unit costs for logging, trucking and roads. Silviculture spending declined, primarily due to weather. Losses related to international operations, excluding the pre-tax items noted above, were $4 million in the first quarter compared to $6 million in the fourth quarter.

2Q 2010 Outlook – Excluding the disposition of non-strategic timberlands, Weyerhaeuser expects second quarter operating earnings from the segment to be somewhat lower than first quarter, as higher log prices are offset by increased silviculture and road costs and lower fee timber harvest in the south.

WOOD PRODUCTS

	1Q 2010			4Q 2009			Change
Charge to pre-tax earnings (millions)	$	(19	)	$	(208	)	$	189

1Q 2010 Performance – Excluding the pre-tax items noted below, the segment’s results improved by $60 million, resulting in a significantly smaller loss in the first quarter.

• First quarter 2010 included pre-tax gains of $40 million from the sale of certain British Columbia forest licenses and associated rights, and $4 million from the sale of a sawmill.

• Fourth quarter 2009 included charges of $85 million for closures, restructuring and asset impairments.

Lumber and oriented strand board sales realizations increased substantially, and operating rates improved. These improvements were partially offset by higher log costs.

2Q 2010 Outlook – Weyerhaeuser expects the segment to be profitable in the second quarter. The company anticipates improved operating rates, sales realizations and volumes, partially offset by higher log costs.

CELLULOSE FIBERS

	1Q 2010		4Q 2009		Change
Contribution to pre-tax earnings (millions)	$	19	$	147	$	(128	)

1Q 2010 Performance – Excluding the pre-tax items noted below, the segment’s earnings declined $15 million in the first quarter.

• Fourth quarter 2009 included a pre-tax gain of $115 million related to alternative fuel mixture credits.

• Fourth quarter also included charges of $2 million for asset impairments.

Higher average price realizations were offset by increased annual maintenance, fiber, and freight costs and somewhat lower shipment volumes.

2Q 2010 Outlook – Weyerhaeuser expects second quarter earnings from the segment to improve significantly compared to the first quarter. The company anticipates higher pulp price realizations, partially offset by increased freight and slightly higher annual maintenance costs.

REAL ESTATE

	1Q 2010		4Q 2009			Change
Contribution (charge) to pre-tax earnings (millions)	$	31	$	(89	)	$	120

1Q 2010 Performance – Excluding $100 million of fourth quarter asset impairments, restructuring, and investment related charges, the segment’s first quarter results improved by $20 million.

Improved first quarter operating results were primarily due to gains of $33 million on the sale of two commercial partnership interests. First quarter also included gains of $3 million on the sale of land and lots, compared to losses of $10 million in the fourth quarter. Home sale closings declined seasonally to 393 single-family homes, a 49 percent decrease from fourth quarter. Market conditions remain fragile. The average price of homes closed declined 7 percent from the previous quarter due to mix. Selling expenses declined due to lower volumes and cost improvements.

2Q 2010 Outlook – Weyerhaeuser expects second quarter results from single-family homebuilding operations to be comparable to the first quarter. The company anticipates an increase in home sale closings, offset by lower average sales prices due to mix.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, began operations in 1900. We grow and harvest trees, build homes and make a range of forest products essential to everyday lives. We manage 22 million acres of timberland worldwide on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2009, we employed approximately 14,900 employees in 10 countries. We have customers worldwide and generated $5.5 billion in sales in 2009. Our stock trades on the New York Stock exchange under the symbol WY. Additional information about us is available at http://www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 8:30 a.m. Pacific (11:30 a.m. Eastern) on April 29 to discuss first quarter results.

To access the conference call from within North America, dial (877) 296-9413 (access code – 53829334) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-(706) 679-2458 (access code – 53829334). Replays will be available for one week at (800) 642-1687 (access code – 53829334) from within North America and at 1-(706) 645-9291 (access code – 53829334) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com and is accessible by selecting the “Q1 2010 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 2010, including the company’s markets, seasonally higher silvaculture and road costs in Timberlands, improved operating rates and higher sales volumes in the Wood Products segment, higher log costs, higher pulp price realizations, increased expenses for annual planned maintenance and freight in the Cellulose Fiber segment, and increases in home sale closings and lower average sales prices in our single-family homebuilding operations.

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 limited to:

• 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

Exhibit 99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONSOLIDATED EARNINGS

(in millions, except per-share figures)

	Q1						Q4
	March 31, 2010			March 31, 2009			Dec. 31, 2009
Net sales and revenues:
Forest Products	$	1,268		$	1,103		$	1,118
Real Estate		151			172			337
Total net sales and revenues		1,419			1,275			1,455
Costs and expenses:
Forest Products:
Costs of products sold		1,008			978			936
Alternative fuel mixture credits		—			—			(115	)
Depreciation, depletion and amortization		116			122			121
Selling expenses		34			43			38
General and administrative expenses		82			96			67
Research and development expenses		8			13			13
Charges for restructuring and closures		—			82			25
Impairment of goodwill and other assets		1			18			108
Other operating costs (income), net		(71	)		6			(14	)
		1,178			1,358			1,179
Real Estate:
Costs and operating expenses		121			151			280
Depreciation and amortization		3			4			6
Selling expenses		15			22			22
General and administrative expenses		16			28			19
Other operating costs, net		1			—			10
Impairment of long-lived assets and other related charges		1			42			117
		157			247			454
Total costs and expenses		1,335			1,605			1,633
Operating income (loss)		84			(330	)		(178	)
Interest expense and other:
Forest Products:
Interest expense incurred		(106	)		(108	)		(114	)
Less: interest capitalized		1			2			1
Loss on early extinguishment of debt		—			—			(28	)
Interest income and other		9			14			15
Equity in income (loss) of equity affiliates		(6	)		3			(4	)
Real Estate:
Interest expense incurred		(6	)		(7	)		(8	)
Less: interest capitalized		5			7			6
Interest income and other		3			1			—
Equity in income of equity affiliates		36			2			3
Impairments of investments and other related charges		—			(26	)		25
Earnings (loss) before income taxes		20			(442	)		(282	)
Income tax benefit (provision) (1)		(38	)		176			101
Net loss		(18	)		(266	)		(181	)
Less: (earnings) loss attributable to noncontrolling interests		(2	)		2			6
Net loss attributable to Weyerhaeuser common shareholders	$	(20	)	$	(264	)	$	(175	)
Basic and diluted net loss per share attributable to Weyerhaeuser common shareholders	$	(0.10	)	$	(1.25	)	$	(0.83	)
Dividends paid per share	$	0.05		$	0.25		$	0.05
Weighted average shares outstanding (in thousands):
Basic		211,440			211,298			211,358
Diluted		211,440			211,298			211,358
Common shares outstanding at end of period (in thousands)		211,557			211,355			211,359

⁽¹⁾ First quarter 2010 includes $31 million in tax charges related to the elimination of the ability to claim a tax deduction for prescription drug benefits provided to retirees and reimbursed under the Medicare Part D subsidy beginning in 2013 and state tax rate changes.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET SALES AND REVENUES

(in millions)

	Q1				Q4
	March 31, 2010		March 31, 2009		Dec. 31, 2009
Timberlands:
Logs:
West	$	82	$	82	$	76
South		27		33		29
Canada		9		2		6
Total logs		118		117		111
Pay as cut timber sales		8		7		7
Timberlands exchanges and non-strategic dispositions (1)		35		4		7
Higher and better use land sales (1)		5		1		1
Minerals, oil and gas		15		14		13
Products from international operations (2)		15		7		14
Other products		6		7		3
		202		157		156
Wood Products:
Structural lumber		241		212		202
Engineered solid section		66		55		54
Engineered I-Joists		48		33		39
Oriented strand board		66		55		58
Softwood plywood		16		14		13
Hardwood lumber		54		51		45
Other products produced		35		43		27
Other products purchased for resale		78		79		72
		604		542		510
Cellulose Fibers:
Pulp		321		281		315
Liquid packaging board		71		66		74
Other products		18		17		19
		410		364		408
Real Estate:
Single family housing		143		162		305
Land		7		9		31
Other		1		1		1
		151		172		337
Corporate and Other		52		40		44
	$	1,419	$	1,275	$	1,455

⁽¹⁾ Higher and better use timberlands and non-strategic dispositions are 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 (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS

(in millions)

	Q1						Q4
	March 31, 2010			March 31, 2009			Dec. 31, 2009
Timberlands	$	81		$	40		$	13
Wood Products		(19	)		(266	)		(208	)
Cellulose Fibers		19			31			147
Real Estate		31			(96	)		(89	)
Corporate and Other		12			(43	)		4
	$	124		$	(334	)	$	(133	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS (unaudited)

(in millions)

	Q1 2010			Q1 2009			Q4 2009
Timberlands includes:
Asset impairments- attributable to Weyerhaeuser shareholders	$	—		$	—		$	(15	)
Asset impairments- attributable to noncontrolling interests		—			—			(5	)
	Q1 2010			Q1 2009			Q4 2009
Wood Products includes:
Charges for restructuring and closures	$	—		$	(63	)	$	(1	)
Goodwill impairments		—			(3	)		—
Other asset impairments		—			(5	)		(84	)
Reserve for litigation		—			(19	)		—
Gain on sale of operations		4			—
Gain on sale of property		40			—			—
	Q1 2010			Q1 2009			Q4 2009
Cellulose Fibers includes:
Charges for restructuring and closures	$	—		$	(1	)	$	—
Other asset impairments		—			—			(2	)
Alternative fuel mixture credits		—			—			115
	Q1 2010			Q1 2009			Q4 2009
Real Estate includes:
Charges for restructuring and closures	$	—		$	(4	)	$	(8	)
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		—			(66	)		(92	)
Impairment of assets and other related charges - attributable to noncontrolling interests		—			(2	)		—
Sale of partnership interests		33			—			—
Net gain (loss) on land and lot sales		3			6			(10	)
	Q1 2010			Q1 2009			Q4 2009
Corporate and Other includes:
Charges for restructuring and closures	$	—		$	(18	)	$	(24	)
Asset impairments		—			(10	)		(2	)
Cost of sales adjustment on previously impaired Real Estate assets		—			—			24
Reduction in retiree life insurance benefits		—			—			17
Share-based compensation		(2	)		(3	)		(4	)
Net foreign exchange gains (losses)		10			(5	)		6
Pension and postretirement credits (1)		16			24			29
Lease accounting adjustments		—			—			(12	)

⁽¹⁾ Excludes pension and postretirement included in charges for restructuring and closures.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

THIRD PARTY SALES VOLUMES

	Q1		Q4
	March 31, 2010	March 31, 2009	Dec. 31, 2009
Timberlands (thousands):
Logs - cubic meters:
West	975	1,090	950
South	634	769	724
Canada	259	64	198
International	78	77	71
Wood Products (millions):
Structural lumber - board feet	761	881	759
Engineered solid section - cubic feet	4	3	3
Engineered I-Joists - lineal feet	44	26	34
Oriented strand board - square feet (3/8'')	334	347	348
Softwood plywood - square feet (3/8'')	60	51	51
Hardwood lumber - board feet	67	58	59
Cellulose Fibers (thousands):
Pulp - air-dry metric tons	422	409	443
Liquid packaging board - tons	67	64	73
Real Estate:
Single-family homes sold	620	455	431
Single-family homes closed	393	429	778
Single-family homes sold but not closed at end of period (backlog)	877	584	650

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

TOTAL PRODUCTION VOLUMES

	Q1		Q4
	March 31, 2010	March 31, 2009	Dec. 31, 2009
Timberlands (thousands):
Fee depletion - cubic meters:
West	1,431	1,678	1,168
South	2,140	2,380	1,863
International	92	107	133
Wood Products (millions):
Structural lumber - board feet	801	861	668
Engineered solid section - cubic feet	4	2	3
Engineered I-Joists - lineal feet	41	20	29
Oriented strand board - square feet (3/8'')	378	335	354
Softwood plywood - square feet (3/8'')	48	28	37
Hardwood lumber - board feet	59	55	44
Cellulose Fibers (thousands):
Pulp - air-dry metric tons	437	415	417
Liquid packaging board - tons	69	65	69

PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	March 31, 2010		Dec. 31, 2009
Assets
Forest Products
Current assets:
Cash and cash equivalents	$	2,143	$	1,862
Short-term investments		1		49
Receivables, less allowances		462		370
Receivables for taxes		34		602
Receivable from pension trust		96		146
Inventories		515		447
Prepaid expenses		93		82
Deferred tax assets		136		109
Total current assets		3,480		3,667
Property and equipment, net		3,539		3,611
Construction in progress		69		52
Timber and timberlands at cost, less depletion charged to disposals		4,016		4,010
Investments in and advances to equity affiliates		192		197
Goodwill		40		40
Deferred pension and other assets		904		756
Restricted assets held by special purpose entities		914		915
		13,154		13,248
Real Estate
Cash and cash equivalents		17		7
Receivables, less allowances		34		32
Inventory		1,553		1,515
Investments in and advances to equity affiliates		18		17
Deferred tax assets		271		299
Other assets		122		126
Consolidated assets not owned		6		6
		2,021		2,002
Total assets	$	15,175	$	15,250
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	4
Current maturities of long-term debt		3		3
Accounts payable		329		317
Accrued liabilities		603		631
Total current liabilities		936		955
Long-term debt		5,281		5,281
Deferred income taxes		1,578		1,538
Deferred pension, other postretirement benefits and other liabilities		1,942		2,000
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		767		768
		10,504		10,542
Real Estate
Long-term debt		390		402
Other liabilities		224		252
		614		654
Total liabilities		11,118		11,196
Equity
Weyerhaeuser shareholders’ interest		4,046		4,044
Noncontrolling interest		11		10
Total equity		4,057		4,054
Total liabilities and equity	$	15,175	$	15,250

PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

STATEMENT OF CASH FLOWS

SELECTED INFORMATION (unaudited)

(in millions)

	Q1						Q4
	March 31, 2010			March 31, 2009			Dec. 31, 2009
Net cash from operations	$	190		$	(436	)	$	74
Cash paid for property and equipment (1)		(45	)		(53	)		(56	)
Cash paid for timberlands reforestation (1)		(13	)		(15	)		(7	)
Acquisition of timberlands		(9	)		(7	)		10
Cash received from issuances of debt		—			—			491
Payments on debt		(17	)		(1	)		(432	)
Proceeds from the sale of assets and operations		115			8			14
Cash paid for dividends		(11	)		(53	)		(11	)
Repayments from (loan to) pension trust		50			(85	)		139

⁽¹⁾ Capital spending is for Forest Products only and excludes Real Estate.

Forest Products Working Capital by Business Segment
	March 31, 2010		March 31, 2009		Dec. 31, 2009
Timberlands	$	24	$	47	$	9
Wood Products		360		354		226
Cellulose Fibers		244		292		234
Corporate and Other (1)		1,916		1,484		2,243
	$	2,544	$	2,177	$	2,712

⁽¹⁾ Corporate and Other segment holds payroll and other liabilities related to the segments and income taxes receivable related to Real Estate.

Forest Products Capital Expenditures by Business Segment
	Q1				Q4
	March 31, 2010		March 31, 2009		Dec. 31, 2009
Timberlands	$	20	$	28	$	16
Wood Products		2		25		24
Cellulose Fibers		39		8		23
Corporate and Other		1		7		—
	$	62	$	68	$	63

PRELIMINARY RESULTS - SUBJECT TO AUDIT

6

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

STATEMENT OF OPERATIONS BY BUSINESS SEGMENT

(Dollar amounts in millions)

APPENDIX

	Q1 2010
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	202		$	604		$	410		$	52		$	—		$	1,268		$	151		$	1,419
Intersegment sales		171			16			—			4			(191	)		—			—			—
Net sales and revenues		373			620			410			56			(191	)		1,268			151			1,419
Costs and expenses:
Costs of products sold		254			572			331			42			(191	)		1,008			121			1,129
Depreciation, depletion and amortization		23			45			36			12			—			116			3			119
Selling expenses		2			28			3			1			—			34			15			49
General and administrative expenses		18			39			17			8			—			82			16			98
Research and development expenses		4			1			2			1			—			8			—			8
Charges for restructuring and closures		1			—			—			(1	)		—			—			—			—
Impairment of goodwill and other assets		—			1			—			—			—			1			1			2
Other operating costs (income), net		(10	)		(46	)		(2	)		(13	)		—			(71	)		1			(70	)
Total costs and expenses		292			640			387			50			(191	)		1,178			157			1,335
Operating income (loss)		81			(20	)		23			6			—			90			(6	)		84
Interest income and other		—			1			—			8			—			9			3			12
Equity in income (loss) of equity affiliates		—			—			(4	)		(2	)		—			(6	)		36			30
Income attributable to noncontrolling interests		—			—			—			—			—			—			(2	)		(2	)
Net contribution to earnings	$	81		$	(19	)	$	19		$	12		$	—		$	93		$	31			124
Interest expense, net of capitalized interest																							(106	)
Earnings before income taxes																							18
Income tax provision																							(38	)
Net loss attributable to Weyerhaeuser common shareholders																						$	(20	)
	Q1 2009
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	157		$	542		$	364		$	40		$	—		$	1,103		$	172		$	1,275
Intersegment sales		171			18			—			3			(192	)		—			—			—
Net sales and revenues		328			560			364			43			(192	)		1,103			172			1,275
Costs and expenses:
Costs of products sold		266			595			282			27			(192	)		978			151			1,129
Depreciation, depletion and amortization		23			50			35			14			—			122			4			126
Selling expenses		2			36			4			1			—			43			22			65
General and administrative expenses		18			53			16			9			—			96			28			124
Research and development expenses		2			3			2			6			—			13			—			13
Charges for restructuring and closures		—			62			1			19			—			82			—			82
Impairment of goodwill and other assets		—			9			—			9			—			18			—			18
Real Estate impairments and other related charges		—			—			—			—			—			—			42			42
Other operating costs (income), net		(22	)		18			(3	)		13			—			6			—			6
Total costs and expenses		289			826			337			98			(192	)		1,358			247			1,605
Operating income (loss)		39			(266	)		27			(55	)		—			(255	)		(75	)		(330	)
Interest income and other		1			—			—			13			—			14			1			15
Equity in income (loss) of equity affiliates		—			—			4			(1	)		—			3			2			5
Investment impairments and other related charges		—			—			—			—			—			—			(26	)		(26	)
Loss attributable to noncontrolling interests		—			—			—			—			—			—			2			2
Net contribution to earnings	$	40		$	(266	)	$	31		$	(43	)	$	—		$	(238	)	$	(96	)		(334	)
Interest expense, net of capitalized interest																							(106	)
Loss before income taxes																							(440	)
Income tax benefit																							176
Net loss attributable to Weyerhaeuser common shareholders																						$	(264	)
	Q4 2009
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	156		$	510		$	408		$	44		$	—		$	1,118		$	337		$	1,455
Intersegment sales		129			15			—			4			(148	)		—			—			—
Net sales and revenues		285			525			408			48			(148	)		1,118			337			1,455
Costs and expenses:
Costs of products sold		229			524			322			9			(148	)		936			280			1,216
Alternative fuel mixture credits		—			—			(115	)		—			—			(115	)		—			(115	)
Depreciation, depletion and amortization		21			48			36			16			—			121			6			127
Selling expenses		2			32			5			(1	)		—			38			22			60
General and administrative expenses		13			42			13			(1	)		—			67			19			86
Research and development expenses		3			2			2			6			—			13			—			13
Charges for restructuring and closures		—			1			—			24			—			25			—			25
Impairment of goodwill and other assets		20			82			2			4			—			108			—			108
Real Estate impairments and other related charges		—			—			—			—			—			—			117			117
Other operating costs (income), net		(9	)		3			(6	)		(2	)		—			(14	)		10			(4	)
Total costs and expenses		279			734			259			55			(148	)		1,179			454			1,633
Operating income (loss)		6			(209	)		149			(7	)		—			(61	)		(117	)		(178	)
Interest income and other		1			1			—			13			—			15			—			15
Equity in income (loss) of equity affiliates		—			—			(2	)		(2	)		—			(4	)		3			(1	)
Investment impairments and other related charges		—			—			—			—			—			—			25			25
Loss attributable to noncontrolling interests		6			—			—			—			—			6			—			6
Net contribution to earnings	$	13		$	(208	)	$	147		$	4		$	—		$	(44	)	$	(89	)		(133	)
Interest expense, net of capitalized interest																							(143	)
Loss before income taxes																							(276	)
Income tax benefit																							101
Net loss attributable to Weyerhaeuser common shareholders																						$	(175	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1