8-K

UNITED STATES

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

Date of Report (Date of earliest event reported): January 29, 2021

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)

220 Occidental Avenue South

Seattle, Washington 98104-7800

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(206) 539-3000

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.25 per share	WY	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

☐	Emerging growth company
☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

TABLE OF CONTENTS

EXHIBIT 99.1

EXHIBIT 99.2

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On January 29, 2021, Weyerhaeuser Company issued a press release announcing its financial results for the quarter and the year ended December 31, 2020. Copies of the press release and the exhibit thereto are furnished as Exhibit 99.1 and Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of 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.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.     The following items are furnished as exhibits to this report.

Exhibit No.	Description
99.1	Press release of Weyerhaeuser Company issued January 29, 2021 reporting results of operations for the quarter and the year ended December 31, 2020.
99.2	Exhibit to press release of Weyerhaeuser Company issued January 29, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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/ David M. Wold
Name:	David M. Wold
Its:	Vice President and Chief Accounting Officer
	(Principal Accounting Officer)

Date: January 29, 2021

EX-99.1

EXHIBIT 99.1

For more information contact:	Analysts - Beth Baum (206) 539-3907
	Media - Nancy Thompson (919) 861-0342

Weyerhaeuser reports fourth quarter, full year results

• Generated full year net earnings of $797 million, or $1.07 per diluted share

• Increased full year Adjusted EBITDA by 72 percent to $2.2 billion

• Highest full year Wood Products Operating Income and Adjusted EBITDA on record

SEATTLE, January 29, 2021 – Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of$292 million, or 39 centsper diluted share, on net sales of $2.1 billion. This compares with a net loss of $14 million, or two centsper diluted share, on net sales of $1.5 billionfor the same period last year and net earnings of $283 million for the third quarter of 2020.

Excluding net after-tax charges of $69 million for special items, the company reported fourth quarter net earnings of $361 million, or 48 cents per diluted share. This compares with net earnings before special items of $23 million for the same period last year and $386 million for the third quarter of 2020.

Adjusted EBITDA for the fourth quarter of 2020 was $657 millioncompared with $260 millionfor the same period last year and $745 million for the third quarter of 2020.

For the full year 2020, Weyerhaeuser reported net earnings of $797 million, or $1.07 per diluted share, on net sales of $7.5 billion. This compares with a net loss of $76 million on net sales of $6.6 billion for the full year 2019.

Full year 2020 includes net after-tax charges of $165 million for special items. Excluding these items, the company reported net earnings of $962 million, or $1.29 per diluted share. This compares with net earnings before special items of $285 million for the full year 2019.

Adjusted EBITDA for full year 2020 was $2.2 billion compared with $1.3 billion for full year 2019.

“In 2020 each of our businesses delivered remarkable results in the face of unprecedented operating and market challenges,” said Devin W. Stockfish, president and chief executive officer. “Our teams delivered the highest Wood Products Adjusted EBITDA on record, achieved record low cost performance in lumber, and captured approximately $100 million of operational excellence improvements across our businesses, all while demonstrating an unwavering commitment to safety. In addition, we reduced gross debt by more than $900 million, implemented a new dividend framework, strategically upgraded our Oregon timberland holdings and launched a new sustainability strategy. As we embark on 2021, we are encouraged by the macroeconomic tailwinds that continue to bolster strong U.S. housing and repair and remodel markets, and we remain focused on creating value for shareholders through our unrivaled portfolio of assets, industry-leading operating performance and disciplined capital allocation.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2020	2020	2019	2020	2019
(millions, except per share data)	Q3	Q4	Q4	Full Year	Full Year
Net sales	$2,110	$2,063	$1,548	$7,532	$6,554
Net earnings (loss)	$283	$292	($14)	$797	($76)
Net earnings (loss) per diluted share	$0.38	$0.39	($0.02)	$1.07	($0.10)
Weighted average shares outstanding, diluted	748	749	746	748	746
Net earnings before special items(1)(2)	$386	$361	$23	$962	$285
Net earnings per diluted share before special items(1)	$0.52	$0.48	$0.03	$1.29	$0.39
Adjusted EBITDA(1)	$745	$657	$260	$2,201	$1,276

(1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to

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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. Net earnings before special items andAdjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results.Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.

(2) Fourth quarter 2020 after-tax special items include a $193 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract, a $182 million gain related to the previously announced sale of certain southern Oregon timberlands and a $58 million charge related to the early extinguishment of debt. Special items for other periods presented are included in the reconciliation tables following this release.

TIMBERLANDS

FINANCIAL HIGHLIGHTS	2020	2020
(millions)	Q3	Q4	Change
Net sales	$452	$502	$50
Net contribution (charge) to pretax earnings	($11)	$286	$297
Pretax charge (benefit) for special items	$80	($182)	($262)
Net contribution to pretax earnings before special items	$69	$104	$35
Adjusted EBITDA	$130	$167	$37

Q4 2020 Performance – In the West, average sales realizations for domestic and Japan export logs increased from the third quarter, and export log sales volumes were significantly higher. Fee harvest volumes increased 9 percent as harvest operations fully resumed following third quarter wildfire activity. In the South, average log sales realizations were comparable to the third quarter, as higher average sawlog realizations were largely offset by lower realizations for fiber logs. Unit logging and hauling costs decreased, and log sales volumes were slightly lower.

Fourth quarter special items include a $182 million gain on the previously announced sale of certain southern Oregon timberlands, which was completed in November.

Q1 2021 Outlook – Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be slightly higher than the fourth quarter. In the West, the company anticipates higher export log sales volumes, slightly lower average domestic log sales realizations, slightly higher unit logging and hauling costs, and seasonally lower road spending. In the South, the company expects higher fee harvest volumes and comparable average log sales realizations.  

REAL ESTATE, ENERGY & NATURAL RESOURCES

FINANCIAL HIGHLIGHTS	2020	2020
(millions)	Q3	Q4	Change
Net sales	$69	$30	($39)
Net contribution to pretax earnings	$17	$14	($3)
Adjusted EBITDA	$60	$23	($37)

Q4 2020 Performance – Earnings and Adjusted EBITDA decreased due to fewer real estate sales. Average land basis was significantly lower due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $241 million.

Q1 2021 Outlook – Weyerhaeuser anticipates first quarter earnings will be slightly higher than first quarter 2020, and Adjusted EBITDA will be modestly lower than first quarter 2020 due to the timing and mix of real estate transactions. The company expects full year 2021 Adjusted EBITDA for the segment will be approximately $255 million.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS	2020	2020
(millions)	Q3	Q4	Change
Net sales	$1,696	$1,652	($44)
Net contribution to pretax earnings	$566	$481	($85)
Adjusted EBITDA	$615	$530	($85)

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Q4 2020 Performance – Sales volumes declined slightly across most product lines from the third quarter. Raw material costs increased significantly, primarily for Western and Canadian logs and oriented strand board webstock. Per unit manufacturing costs increased for oriented strand board due to planned maintenance outages.

Average sales realizations for oriented strand board improved 27 percent compared with the third quarter, as benchmark pricing remained near record levels. This was largely offset by a 10 percent decrease in average lumber sales realizations.

Q1 2021 Outlook – Excluding the effect of changes in average sales realizations for lumber and oriented strand board, the company expects first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. The company expects improved manufacturing costs across product lines and slightly higher sales volumes, primarily for lumber and engineered wood products. To date, first quarter benchmark pricing for lumber and oriented strand board is significantly higher than the fourth quarter average.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainablebasis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 29, 2021 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 29, 2021.

To join the conference call from within North America, dial 877-407-0792 (access code: 13714046) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13714046). Replays will be available for two weeks at 844-512-2921 (access code: 13714046) from within North America, and at 412-317-6671 (access code: 13714046) from outside North America.

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, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, with respect to our outlook and expectations concerning the following: earnings and Adjusted EBITDA for each of our businesses; log export sales volumes and domestic log sales realizations; forestry road expense and logging costs; fee harvest volumes; manufacturing costs for our wood products business and sales volumes for our lumber and engineered wood products lines. Forward-looking statements are generally identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “future,” “planned,” “may,” “will,” “maintain,” and similar words and expressions. Forward-looking statements are based on our current expectations and assumptions. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

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

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● the effect of COVID-19 and other viral or disease outbreaks and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;

● market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;

● changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen;

● restrictions on international trade and tariffs imposed on imports or exports;

● the availability and cost of shipping and transportation;

● economic activity in Asia, especially Japan and China;

● performance of our manufacturing operations, including maintenance and capital requirements;

● potential disruptions in our manufacturing operations;

● the level of competition from domestic and foreign producers;

● our operational excellence initiatives;

● the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing, required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;

● raw material availability and prices;

● the effect of weather;

● changes in global or regional climate conditions and governmental response to such changes;

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

● energy prices;

● transportation and labor availability and costs;

● federal tax policies;

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

● legal proceedings;

● performance of pension fund investments and related derivatives;

● the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation;

● the accuracy of our estimates of costs and expenses related to contingent liabilities and charges related to casualty losses;

● changes in accounting principles; and

● other risks and uncertainties identified in our 2019 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive.

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There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

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RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2020:

(millions)	Timberlands			Real Estate & ENR		Wood Products			Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings												$	797
Interest expense, net of capitalized interest(1)													443
Income taxes													185
Net contribution (charge) to earnings	$	455		$	86	$	1,340		$	(456	)	$	1,425
Non-operating pension and other post-employment benefit costs(2)		—			—		—			290			290
Interest income and other		—			—		—			(5	)		(5	)
Operating income (loss)		455			86		1,340			(171	)		1,710
Depreciation, depletion and amortization		257			14		195			6			472
Basis of real estate sold		—			141		—			—			141
Special items included in operating income (loss)(3)(4)(5)		(102	)		—		(8	)		(12	)		(122	)
Adjusted EBITDA	$	610		$	241	$	1,527		$	(177	)	$	2,201

(1) Interest expense, net of capitalized interest includes pretax special items consisting of $92 million of charges related to the early extinguishment of debt.

(2) Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.

(3) Operating income (loss) for Timberlands includes pretax special items consisting of a $182 million gain on sale of certain southern Oregon timberlands and an $80 million timber casualty loss.

(4) Operating income (loss) for Wood Products includes a pretax special item consisting of an $8 million product remediation insurance recovery.

(5) Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $12 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2019:

(millions)	Timberlands		Real Estate & ENR		Wood Products			Unallocated Items			Total
Adjusted EBITDA by Segment:
Net loss											$	(76	)
Interest expense, net of capitalized interest(1)												378
Income taxes												(137	)
Net contribution (charge) to earnings	$	347	$	144	$	353		$	(679	)	$	165
Non-operating pension and other post-employment benefit costs(2)		—		—		—			516			516
Interest income and other		—		—		—			(30	)		(30	)
Operating income (loss)		347		144		353			(193	)		651
Depreciation, depletion and amortization		301		14		191			4			510
Basis of real estate sold		—		116		—			—			116
Special items included in operating income (loss)(3)(4)(5)		32		—		(68	)		35			(1	)
Adjusted EBITDA	$	680	$	274	$	476		$	(154	)	$	1,276

(1) Interest expense, net of capitalized interest includes a pretax special item consisting of a $12 million charge related to the early extinguishment of debt.

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(2) Non-operating pension and other post-employment benefit costs includes pretax special items consisting of $455 million of noncash settlement charges related to transfers of pension plan assets and liabilities to an insurance company through the purchase of group annuity contracts.

(3) Operating income (loss) for Timberlands includes pretax special items consisting of an $80 million noncash impairment charge related to the sale of our Montana timberlands and a $48 million gain on sale of our Michigan timberlands.

(4) Operating income (loss) for Wood Products includes a pretax special item consisting of a $68 million product remediation insurance recovery.

(5) Operating income (loss) for Unallocated Items includes pretax special items consisting of $35 million of legal charges.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2020:

(millions)	Timberlands			Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	292
Interest expense, net of capitalized interest(1)												144
Income taxes												19
Net contribution (charge) to earnings	$	286		$	14	$	481	$	(326	)	$	455
Non-operating pension and other post-employment benefit costs(2)		—			—		—		262			262
Interest income and other		—			—		—		—			—
Operating income (loss)		286			14		481		(64	)		717
Depreciation, depletion and amortization		63			4		49		1			117
Basis of real estate sold		—			5		—		—			5
Special items included in operating income (loss)(3)		(182	)		—		—		—			(182	)
Adjusted EBITDA	$	167		$	23	$	530	$	(63	)	$	657

(1) Interest expense, net of capitalized interest includes a pretax special item consisting of a $58 million charge related to the early extinguishment of $500 million of 4.625 percent notes due September 2023.

(2) Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.

(3) Operating income (loss) includes a pretax special item consisting of a $182 million gain on sale of certain southern Oregon timberlands.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2020:

(millions)	Timberlands			Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	283
Interest expense, net of capitalized interest(1)												111
Income taxes												109
Net contribution (charge) to earnings	$	(11	)	$	17	$	566	$	(69	)	$	503
Non-operating pension and other post-employment benefit costs		—			—		—		9			9
Interest income and other		—			—		—		(2	)		(2	)
Operating income (loss)		(11	)		17		566		(62	)		510
Depreciation, depletion and amortization		61			3		49		2			115
Basis of real estate sold		—			40		—		—			40
Special items included in operating income (loss)(2)		80			—		—		—			80
Adjusted EBITDA	$	130		$	60	$	615	$	(60	)	$	745

(1) Interest expense, net of capitalized interest includes a pretax special item consisting of a $23 million charge related to the early extinguishment of $325 million of 3.25 percent notes due March 2023.

(2) Operating income (loss) includes a pretax special item consisting of an $80 million timber casualty loss.

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The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2019:

(millions)	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net loss										$	(14	)
Interest expense, net of capitalized interest											89
Income taxes											1
Net contribution (charge) to earnings	$	53	$	22	$	60	$	(59	)	$	76
Non-operating pension and other post-employment benefit costs(1)		—		—		—		21			21
Interest income and other		—		—		—		(8	)		(8	)
Operating income (loss)		53		22		60		(46	)		89
Depreciation, depletion and amortization		73		4		50		1			128
Basis of real estate sold		—		11		—		—			11
Special items included in operating income (loss)(2)		32		—		—		—			32
Adjusted EBITDA	$	158	$	37	$	110	$	(45	)	$	260

(1) Non-operating pension and other post-employment benefit costs include a pretax special item consisting of a $6 million noncash settlement charge related to the transfer of Canadian pension assets and liabilities through purchases of group annuity contracts.

(2) Operating income (loss) includes pretax special items consisting of an $80 million noncash impairment charge related to the sale of our Montana timberlands and a $48 million gain on sale of our Michigan timberlands.

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (LOSS)

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings (loss):

	2020	2020	2019	2020	2019
(millions)	Q3	Q4	Q4	Full Year	Full Year
Net earnings (loss)	$283	$292	($14)	$797	($76)
Early extinguishment of debt charges	23	58	—	92	9
Gain on sale of timberlands	—	(182)	(48)	(182)	(48)
Legal charges (benefits)	—	—	—	(12)	26
Pension settlement charges	—	193	5	193	345
Product remediation recoveries	—	—	—	(6)	(51)
Restructuring, impairments and other charges	—	—	80	—	80
Timber casualty loss	80	—	—	80	—
Net earnings before special items	$386	$361	$23	$962	$285

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The table below reconciles net earnings per diluted share before special items to net earnings (loss) per diluted share:

	2020	2020	2019	2020	2019
	Q3	Q4	Q4	Full Year	Full Year
Net earnings (loss) per diluted share	$0.38	$0.39	($0.02)	$1.07	($0.10)
Early extinguishment of debt charges	0.03	0.07	—	0.12	0.01
Gain on sale of timberlands	—	(0.24)	(0.07)	(0.24)	(0.07)
Legal charges (benefits)	—	—	—	(0.02)	0.04
Pension settlement charges	—	0.26	0.01	0.26	0.47
Product remediation recoveries	—	—	—	(0.01)	(0.07)
Restructuring, impairments and other charges	—	—	0.11	—	0.11
Timber casualty loss	0.11	—	—	0.11	—
Net earnings per diluted share before special items	$0.52	$0.48	$0.03	$1.29	$0.39

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EX-99.2

Weyerhaeuser Company Exhibit 99.2

Q4.2020 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Operations

	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2020			June 30, 2020			Sept 30, 2020			Dec 31, 2020			Dec 31, 2019			Dec 31, 2020			Dec 31, 2019
Net sales	$	1,728		$	1,631		$	2,110		$	2,063		$	1,548		$	7,532		$	6,554
Costs of sales		1,382			1,283			1,390			1,392			1,301			5,447			5,412
Gross margin		346			348			720			671			247			2,085			1,142
Selling expenses		22			18			22			21			22			83			84
General and administrative expenses		74			84			96			93			94			347			348
Gain on sale of timberlands		—			—			—			(182	)		(48	)		(182	)		(48	)
Charges for integration and restructuring, closures and asset impairments		1			—			—			—			80			1			80
Product remediation recoveries		—			(8	)		—			—			—			(8	)		(68	)
Other operating costs, net		9			11			92			22			10			134			95
Operating income		240			243			510			717			89			1,710			651
Non-operating pension and other post-employment benefit costs		(9	)		(10	)		(9	)		(262	)		(21	)		(290	)		(516	)
Interest income and other		1			2			2			—			8			5			30
Interest expense, net of capitalized interest		(85	)		(103	)		(111	)		(144	)		(89	)		(443	)		(378	)
Earnings (loss) before income taxes		147			132			392			311			(13	)		982			(213	)
Income taxes		3			(60	)		(109	)		(19	)		(1	)		(185	)		137
Net earnings (loss)	$	150		$	72		$	283		$	292		$	(14	)	$	797		$	(76	)

Per Share Information

	Q1		Q2		Q3		Q4					Year-to-Date
	Mar 31, 2020		June 30, 2020		Sept 30, 2020		Dec 31, 2020		Dec 31, 2019			Dec 31, 2020		Dec 31, 2019
Earnings (loss) per share, basic and diluted	$	0.20	$	0.10	$	0.38	$	0.39	$	(0.02	)	$	1.07	$	(0.10	)
Dividends paid per common share	$	0.34	$	—	$	—	$	0.17	$	0.34		$	0.51	$	1.36
Weighted average shares outstanding (in thousands):
Basic		746,534		746,896		746,996		747,294		745,886			746,931		745,897
Diluted		747,155		746,984		748,450		749,004		745,886			747,899		745,897
Common shares outstanding at end of period (in thousands)		746,206		746,251		746,398		747,385		745,300			747,385		745,300

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

	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2020			June 30, 2020			Sept 30, 2020			Dec 31, 2020			Dec 31, 2019			Dec 31, 2020			Dec 31, 2019
Net earnings (loss)	$	150		$	72		$	283		$	292		$	(14	)	$	797		$	(76	)
Non-operating pension and other post-employment benefit costs		9			10			9			262			21			290			516
Interest income and other		(1	)		(2	)		(2	)		—			(8	)		(5	)		(30	)
Interest expense, net of capitalized interest		85			103			111			144			89			443			378
Income taxes		(3	)		60			109			19			1			185			(137	)
Operating income		240			243			510			717			89			1,710			651
Depreciation, depletion and amortization		123			117			115			117			128			472			510
Basis of real estate sold		62			34			40			5			11			141			116
Special items included in operating income		(12	)		(8	)		80			(182	)		32			(122	)		(1	)
Adjusted EBITDA(1)	$	413		$	386		$	745		$	657		$	260		$	2,201		$	1,276

⁽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

Q4.2020 Analyst Package

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

	Q1			Q2			Q3		Q4						Year-to-Date
in millions	Mar 31, 2020			June 30, 2020			Sept 30, 2020		Dec 31, 2020			Dec 31, 2019			Dec 31, 2020			Dec 31, 2019
Net earnings (loss)	$	150		$	72		$	283	$	292		$	(14	)	$	797		$	(76	)
Early extinguishment of debt charges(1)		—			11			23		58			—			92			9
Gain on sale of timberlands		—			—			—		(182	)		(48	)		(182	)		(48	)
Legal charges (benefits)		(12	)		—			—		—			—			(12	)		26
Pension settlement charges		—			—			—		193			5			193			345
Product remediation recoveries		—			(6	)		—		—			—			(6	)		(51	)
Restructuring, impairments and other charges		—			—			—		—			80			—			80
Timber casualty loss		—			—			80		—			—			80			—
Net earnings before special items(2)	$	138		$	77		$	386	$	361		$	23		$	962		$	285

	Q1			Q2			Q3		Q4						Year-to-Date
	Mar 31, 2020			June 30, 2020			Sept 30, 2020		Dec 31, 2020			Dec 31, 2019			Dec 31, 2020			Dec 31, 2019
Net earnings (loss) per diluted share	$	0.20		$	0.10		$	0.38	$	0.39		$	(0.02	)	$	1.07		$	(0.10	)
Early extinguishment of debt charges(1)		—			0.02			0.03		0.07			—			0.12			0.01
Gain on sale of timberlands		—			—			—		(0.24	)		(0.07	)		(0.24	)		(0.07	)
Legal charges (benefits)		(0.02	)		—			—		—			—			(0.02	)		0.04
Pension settlement charges		—			—			—		0.26			0.01			0.26			0.47
Product remediation recoveries		—			(0.01	)		—		—			—			(0.01	)		(0.07	)
Restructuring, impairments and other charges		—			—			—		—			0.11			—			0.11
Timber casualty loss		—			—			0.11		—			—			0.11			—
Net earnings per diluted share before special items(2)	$	0.18		$	0.11		$	0.52	$	0.48		$	0.03		$	1.29		$	0.39

⁽¹⁾ We recorded pretax charges of $12 million ($9 million after-tax), $11 million ($11 million after-tax), $23 million ($23 million after-tax) and $58 million ($58 million after-tax) related to the early extinguishment of debt in first quarter 2019, second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.

⁽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

	Q1		Q2		Q3		Q4				Year-to-Date
in millions	Mar 31, 2020		June 30, 2020		Sept 30, 2020		Dec 31, 2020		Dec 31, 2019		Dec 31, 2020		Dec 31, 2019
Pension and post-employment costs:
Pension and post-employment service costs	$	10	$	8	$	9	$	9	$	8	$	36	$	32
Non-operating pension and other post-employment benefit costs		9		10		9		262		21		290		516
Total company pension and post-employment costs	$	19	$	18	$	18	$	271	$	29	$	326	$	548

Page 2 of 8

Weyerhaeuser Company

Q4.2020 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet

in millions	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	1,458	$	643	$	787	$	495	$	139
Receivables, net		390		420		500		450		309
Receivables for taxes		24		48		48		82		98
Inventories		480		409		411		443		416
Assets held for sale		—		—		199		—		140
Prepaid expenses and other current assets		141		131		101		139		147
Current restricted financial investments held by variable interest entities		—		—		—		—		362
Total current assets		2,493		1,651		2,046		1,609		1,611
Property and equipment, net		1,911		1,958		1,945		2,013		1,969
Construction in progress		153		110		119		73		130
Timber and timberlands at cost, less depletion		11,847		11,780		11,465		11,827		11,929
Minerals and mineral rights, less depletion		278		275		271		268		281
Deferred tax assets		147		65		44		120		72
Other assets		399		415		466		401		414
Total assets	$	17,228	$	16,254	$	16,356	$	16,311	$	16,406
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	577	$	—	$	—	$	150	$	—
Borrowings on line of credit		550		—		—		—		230
Accounts payable		241		199		215		204		246
Accrued liabilities		448		525		617		596		530
Total current liabilities		1,816		724		832		950		1,006
Long-term debt, net		6,299		6,299		5,974		5,325		6,147
Deferred tax liabilities		10		18		27		24		6
Deferred pension and other post-employment benefits		669		652		638		911		693
Other liabilities		352		359		358		370		377
Total liabilities		9,146		8,052		7,829		7,580		8,229
Total equity		8,082		8,202		8,527		8,731		8,177
Total liabilities and equity	$	17,228	$	16,254	$	16,356	$	16,311	$	16,406

Page 3 of 8

Weyerhaeuser Company

Q4.2020 Analyst Package

Preliminary results (unaudited)

Consolidated Statement of Cash Flows

	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2020			June 30, 2020			Sept 30, 2020			Dec 31, 2020			Dec 31, 2019			Dec 31, 2020			Dec 31, 2019
Cash flows from operations:
Net earnings (loss)	$	150		$	72		$	283		$	292		$	(14	)	$	797		$	(76	)
Noncash charges (credits) to earnings (loss):
Depreciation, depletion and amortization		123			117			115			117			128			472			510
Basis of real estate sold		62			34			40			5			11			141			116
Deferred income taxes, net		(82	)		80			22			(76	)		(5	)		(56	)		(169	)
Pension and other post-employment benefits		19			18			18			271			29			326			548
Share-based compensation expense		7			8			7			8			7			30			30
Timber casualty loss		—			—			80			—			—			80			—
Charges for impairment of assets		—			—			—			—			80			—			80
Net gains on sale of timberlands		—			—			—			(182	)		(48	)		(182	)		(48	)
Change in:
Receivables, net		(82	)		(30	)		(80	)		51			60			(141	)		13
Receivables and payables for taxes		79			(18	)		42			(38	)		51			65			33
Inventories		(72	)		74			—			(27	)		(21	)		(25	)		(23	)
Prepaid expenses and other current assets		(2	)		7			—			(9	)		1			(4	)		6
Accounts payable and accrued liabilities		(91	)		30			64			(20	)		50			(17	)		37
Pension and post-employment benefit contributions and payments		(10	)		(6	)		(5	)		(9	)		(9	)		(30	)		(45	)
Other		(15	)		5			22			61			(28	)		73			(46	)
Net cash from operations	$	86		$	391		$	608		$	444		$	292		$	1,529		$	966
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(47	)	$	(55	)	$	(56	)	$	(67	)	$	(128	)	$	(225	)	$	(327	)
Capital expenditures for timberlands reforestation		(21	)		(11	)		(9	)		(15	)		(15	)		(56	)		(57	)
Acquisition of timberlands		—			—			—			(425	)		—			(425	)		—
Proceeds from note receivable held by variable interest entities		362			—			—			—			—			362			253
Proceeds from sale of timberlands		145			—			—			381			297			526			297
Other		2			1			—			—			1			3			21
Net cash from investing activities	$	441		$	(65	)	$	(65	)	$	(126	)	$	155		$	185		$	187
Cash flows from financing activities:
Cash dividends on common shares	$	(254	)	$	—		$	—		$	(127	)	$	(253	)	$	(381	)	$	(1,013	)
Net proceeds from issuance of long-term debt		732			—			—			—			—			732			739
Payments on long-term debt		—			(588	)		(348	)		(556	)		—			(1,492	)		(512	)
Proceeds from borrowings on line of credit		550			—			—			—			220			550			1,095
Payments on line of credit		(230	)		(550	)		—			—			(430	)		(780	)		(1,290	)
Payments on debt held by variable interest entities		—			—			—			—			—			—			(302	)
Proceeds from exercise of stock options		6			—			3			24			5			33			13
Repurchases of common shares		—			—			—			—			—			—			(60	)
Other		(12	)		(3	)		(1	)		(4	)		(3	)		(20	)		(18	)
Net cash from financing activities	$	792		$	(1,141	)	$	(346	)	$	(663	)	$	(461	)	$	(1,358	)	$	(1,348	)
Net change in cash and cash equivalents	$	1,319		$	(815	)	$	197		$	(345	)	$	(14	)	$	356		$	(195	)
Cash and cash equivalents at beginning of period		139			1,458			643			840			153			139			334
Cash and cash equivalents at end of period	$	1,458		$	643		$	840		$	495		$	139		$	495		$	139
Cash paid (received) during the period for:
Interest, net of amounts capitalized	$	108		$	70		$	100		$	87		$	60		$	365		$	370
Income taxes, net of refunds	$	—		$	1		$	45		$	130		$	(48	)	$	176		$	(2	)

Page 4 of 8

Weyerhaeuser Company Timberlands Segment

Q4.2020 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Sales to unaffiliated customers	$	381		$	359		$	345		$	381		$	388		$	1,466		$	1,618
Intersegment sales		122			121			107			121			122			471			503
Total net sales		503			480			452			502			510			1,937			2,121
Costs of sales		375			383			358			375			402			1,491			1,649
Gross margin		128			97			94			127			108			446			472
Selling expenses		—			1			—			1			—			2			1
General and administrative expenses		24			22			24			23			23			93			94
Gain on sale of timberlands		—			—			—			(182	)		(48	)		(182	)		(48	)
Charges for integration and restructuring, closures and asset impairments		—			—			—			—			80			—			80
Other operating costs (income), net		(1	)		(1	)		81			(1	)		—			78			(2	)
Operating income (loss) and Net contribution (charge) to earnings	$	105		$	75		$	(11	)	$	286		$	53		$	455		$	347

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

in millions	Q1.2020		Q2.2020		Q3.2020			Q4.2020			Q4.2019		YTD.2020			YTD.2019
Operating income (loss)	$	105	$	75	$	(11	)	$	286		$	53	$	455		$	347
Depreciation, depletion and amortization		68		65		61			63			73		257			301
Special items		—		—		80			(182	)		32		(102	)		32
Adjusted EBITDA(1)	$	173	$	140	$	130		$	167		$	158	$	610		$	680

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

Segment Special Items Included in Net Contribution (Charge) to Earnings (Pretax)

in millions	Q1.2020		Q2.2020		Q3.2020			Q4.2020		Q4.2019			YTD.2020			YTD.2019
Gain on sale of timberlands	$	—	$	—	$	—		$	182	$	48		$	182		$	48
Restructuring, impairments and other charges	$	—	$	—	$	—		$	—	$	(80	)	$	—		$	(80	)
Timber casualty loss	$	—	$	—	$	(80	)	$	—	$	—		$	(80	)	$	—

Selected Segment Items

in millions	Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Total decrease (increase) in working capital(2)	$	(3	)	$	(2	)	$	43		$	(47	)	$	(12	)	$	(9	)	$	12
Cash spent for capital expenditures(3)	$	(30	)	$	(21	)	$	(24	)	$	(29	)	$	(33	)	$	(104	)	$	(112	)

⁽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⁾

		Q1.2020		Q2.2020		Q3.2020		Q4.2020		Q4.2019		YTD.2020		YTD.2019
Third Party	Delivered logs:
Net Sales	West	$	177	$	179	$	163	$	201	$	169	$	720	$	740
(millions)	South		150		145		141		137		157		573		640
	North		17		7		13		15		22		52		92
	Total delivered logs		344		331		317		353		348		1,345		1,472
	Stumpage and pay-as-cut timber		5		5		5		4		13		19		42
	Recreational and other lease revenue		15		16		16		16		16		63		61
	Other revenue		17		7		7		8		11		39		43
	Total	$	381	$	359	$	345	$	381	$	388	$	1,466	$	1,618
Delivered Logs	West	$	104.91	$	104.90	$	109.01	$	124.37	$	102.12	$	110.69	$	103.18
Third Party Sales	South	$	34.27	$	33.68	$	33.68	$	33.69	$	34.71	$	33.83	$	35.13
Realizations (per ton)	North	$	60.51	$	59.82	$	57.19	$	58.96	$	56.95	$	59.10	$	58.80
Delivered Logs	West		1,684		1,714		1,489		1,619		1,660		6,506		7,173
Third Party Sales	South		4,365		4,307		4,185		4,097		4,538		16,954		18,232
Volumes (tons, thousands)	North		284		113		234		241		372		872		1,558
Fee Harvest Volumes	West		2,310		2,236		1,911		2,085		2,214		8,542		9,237
(tons, thousands)	South		6,130		5,914		5,596		5,509		6,617		23,149		26,278
	North		386		194		321		325		477		1,226		2,042

⁽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

Q4.2020 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2020		Q2.2020		Q3.2020		Q4.2020		Q4.2019			YTD.2020		YTD.2019
Net sales	$	112	$	65	$	69	$	30	$	46		$	276	$	314
Costs of sales		70		40		46		9		18			165		145
Gross margin		42		25		23		21		28			111		169
General and administrative expenses		6		6		6		7		7			25		27
Other operating income, net		—		—		—		—		(1	)		—		(2	)
Operating income and Net contribution to earnings	$	36	$	19	$	17	$	14	$	22		$	86	$	144

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

in millions	Q1.2020		Q2.2020		Q3.2020		Q4.2020		Q4.2019		YTD.2020		YTD.2019
Operating income	$	36	$	19	$	17	$	14	$	22	$	86	$	144
Depreciation, depletion and amortization		3		4		3		4		4		14		14
Basis of real estate sold		62		34		40		5		11		141		116
Adjusted EBITDA(1)	$	101	$	57	$	60	$	23	$	37	$	241	$	274

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

Selected Segment Items

in millions

Q1.2020

Q2.2020

Q3.2020

Q4.2020

Q4.2019

YTD.2020

YTD.2019

Cash spent for capital expenditures

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Segment Statistics

		Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Net Sales	Real Estate	$	95		$	48		$	49		$	10		$	25		$	202		$	225
(millions)	Energy and Natural Resources		17			17			20			20			21			74			89
	Total	$	112		$	65		$	69		$	30		$	46		$	276		$	314
Acres Sold	Real Estate		44,974			31,337			34,917			670			9,393			111,898			113,315
Price per Acre	Real Estate	$	1,992		$	1,501		$	1,381		$	6,316		$	2,308		$	1,690		$	1,848
Basis as a Percent of Real Estate Net Sales	Real Estate		65	%		71	%		82	%		50	%		44	%		70	%		52	%

Page 6 of 8

Weyerhaeuser Company Wood Products Segment

Q4.2020 Analyst Package

Preliminary results (unaudited)

Segment Statement of Operations

in millions	Q1.2020		Q2.2020			Q3.2020		Q4.2020		Q4.2019		YTD.2020			YTD.2019
Net sales	$	1,235	$	1,207		$	1,696	$	1,652	$	1,115	$	5,790		$	4,623
Costs of sales		1,040		997			1,075		1,109		994		4,221			4,098
Gross margin		195		210			621		543		121		1,569			525
Selling expenses		21		18			18		20		21		77			80
General and administrative expenses		36		33			33		34		35		136			139
Product remediation recoveries		—		(8	)		—		—		—		(8	)		(68	)
Charges for integration and restructuring, closures and asset impairments		1		—			—		—		—		1			—
Other operating costs, net		3		8			4		8		5		23			21
Operating income and Net contribution to earnings	$	134	$	159		$	566	$	481	$	60	$	1,340		$	353

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

in millions	Q1.2020		Q2.2020			Q3.2020		Q4.2020		Q4.2019		YTD.2020			YTD.2019
Operating income	$	134	$	159		$	566	$	481	$	60	$	1,340		$	353
Depreciation, depletion and amortization		50		47			49		49		50		195			191
Special items		—		(8	)		—		—		—		(8	)		(68	)
Adjusted EBITDA(1)	$	184	$	198		$	615	$	530	$	110	$	1,527		$	476

⁽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	Q1.2020		Q2.2020		Q3.2020		Q4.2020		Q4.2019		YTD.2020		YTD.2019
Product remediation recoveries	$	—	$	8	$	—	$	—	$	—	$	8	$	68

Selected Segment Items

in millions	Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Total decrease (increase) in working capital(2)	$	(186	)	$	56		$	(68	)	$	16		$	49		$	(182	)	$	1
Cash spent for capital expenditures	$	(38	)	$	(45	)	$	(41	)	$	(52	)	$	(109	)	$	(176	)	$	(257	)

⁽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		Q1.2020		Q2.2020		Q3.2020		Q4.2020		Q4.2019		YTD.2020		YTD.2019
Structural Lumber	Third party net sales	$	508	$	538	$	819	$	737	$	466	$	2,602	$	1,892
(volumes presented	Third party sales realizations	$	416	$	438	$	674	$	609	$	389	$	534	$	389
in board feet)	Third party sales volumes(3)		1,222		1,225		1,216		1,210		1,197		4,873		4,857
	Production volumes		1,209		1,108		1,170		1,179		1,178		4,666		4,705
Oriented Strand	Third party net sales	$	190	$	179	$	290	$	354	$	157	$	1,013	$	632
Board	Third party sales realizations	$	246	$	240	$	395	$	503	$	216	$	343	$	217
(volumes presented	Third party sales volumes(3)		770		747		736		703		726		2,956		2,916
in square feet 3/8")	Production volumes		777		742		759		735		757		3,013		2,969
Engineered Solid	Third party net sales	$	127	$	111	$	135	$	132	$	122	$	505	$	510
Section	Third party sales realizations	$	2,149	$	2,151	$	2,128	$	2,221	$	2,166	$	2,162	$	2,196
(volumes presented	Third party sales volumes(3)		5.9		5.2		6.3		6.0		5.6		23.4		23.2
in cubic feet)	Production volumes		6.1		5.3		5.4		6.2		5.4		23.0		22.6
Engineered	Third party net sales	$	78	$	70	$	83	$	85	$	77	$	316	$	323
I-joists	Third party sales realizations	$	1,667	$	1,645	$	1,638	$	1,695	$	1,678	$	1,662	$	1,677
(volumes presented	Third party sales volumes(3)		47		42		51		50		45		190		192
in lineal feet)	Production volumes		47		38		43		47		43		175		182
Softwood Plywood	Third party net sales	$	39	$	34	$	55	$	43	$	31	$	171	$	161
(volumes presented	Third party sales realizations	$	348	$	356	$	507	$	433	$	337	$	411	$	363
in square feet 3/8")	Third party sales volumes(3)		113		95		107		99		94		414		445
	Production volumes		97		76		94		80		84		347		386
Medium Density	Third party net sales	$	44	$	33	$	47	$	47	$	39	$	171	$	166
Fiberboard	Third party sales realizations	$	841	$	825	$	864	$	867	$	826	$	851	$	834
(volumes presented	Third party sales volumes(3)		52		40		55		54		48		201		200
in square feet 3/4")	Production volumes		56		35		57		52		49		200		202

⁽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

Q4.2020 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, interest income and other as well as legacy obligations.

Net Charge to Earnings

in millions	Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Unallocated corporate function and variable compensation expense	$	(19	)	$	(23	)	$	(36	)	$	(31	)	$	(30	)	$	(109	)	$	(80	)
Liability classified share-based compensation		10			(4	)		(5	)		(3	)		(2	)		(2	)		(7	)
Foreign exchange gain (loss)		(8	)		3			2			(4	)		—			(7	)		(2	)
Elimination of intersegment profit in inventory and LIFO		(13	)		18			(9	)		(13	)		(1	)		(17	)		(5	)
Other, net		(5	)		(4	)		(14	)		(13	)		(13	)		(36	)		(99	)
Operating loss		(35	)		(10	)		(62	)		(64	)		(46	)		(171	)		(193	)
Non-operating pension and other post-employment benefit costs		(9	)		(10	)		(9	)		(262	)		(21	)		(290	)		(516	)
Interest income and other		1			2			2			—			8			5			30
Net charge to earnings	$	(43	)	$	(18	)	$	(69	)	$	(326	)	$	(59	)	$	(456	)	$	(679	)

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

in millions	Q1.2020			Q2.2020			Q3.2020			Q4.2020			Q4.2019			YTD.2020			YTD.2019
Operating loss	$	(35	)	$	(10	)	$	(62	)	$	(64	)	$	(46	)	$	(171	)	$	(193	)
Depreciation, depletion and amortization		2			1			2			1			1			6			4
Special items		(12	)		—			—			—			—			(12	)		35
Adjusted EBITDA(1)	$	(45	)	$	(9	)	$	(60	)	$	(63	)	$	(45	)	$	(177	)	$	(154	)

⁽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	Q1.2020		Q2.2020		Q3.2020		Q4.2020			Q4.2019			YTD.2020			YTD.2019
Legal benefits (charges)	$	12	$	—	$	—	$	—		$	—		$	12		$	(35	)
Special items included in operating loss		12		—		—		—			—			12			(35	)
Pension settlement charges		—		—		—		(253	)		(6	)		(253	)		(455	)
Special items included in net charge to earnings	$	12	$	—	$	—	$	(253	)	$	(6	)	$	(241	)	$	(490	)

Unallocated Selected Items

in millions	Q1.2020		Q2.2020		Q3.2020		Q4.2020			Q4.2019			YTD.2020			YTD.2019
Cash spent for capital expenditures	$	—	$	—	$	—	$	(1	)	$	(1	)	$	(1	)	$	(15	)

Page 8 of 8

XML

Document and Entity Information	Jan. 29, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 29, 2021
Entity Registrant Name	WEYERHAEUSER COMPANY
Entity Central Index Key	0000106535
Entity Emerging Growth Company	false
Entity File Number	1-4825
Entity Incorporation State Country Code	WA
Entity Tax Identification Number	91-0470860
Entity Address Address Line1	220 Occidental Avenue South
Entity Address City Or Town	Seattle
Entity Address State Or Province	WA
Entity Address Postal Zip Code	98104-7800
City Area Code	(206)
Local Phone Number	539-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, par value $1.25 per share
Trading Symbol	WY
Name of each exchange on which registered	NYSE