falsedesktopWY2020-12-31000156459021006960{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "PART I\t\tPAGE\nITEM 1.\tOUR BUSINESS\t1\n\tWE CAN TELL YOU MORE\t1\n\tWHO WE ARE\t1\n\tWHAT WE DO\t4\n\tINFORMATION ABOUT OUR EXECUTIVE OFFICERS\t20\n\tNATURAL RESOURCE AND ENVIRONMENTAL MATTERS\t21\n\tFORWARD-LOOKING STATEMENTS\t26\nITEM 1A.\tRISK FACTORS\t27\nITEM 1B.\tUNRESOLVED STAFF COMMENTS\t37\nITEM 2.\tPROPERTIES\t37\nITEM 3.\tLEGAL PROCEEDINGS\t37\nITEM 4.\tMINE SAFETY DISCLOSURES - NOT APPLICABLE\t\nPART II\t\t\nITEM 5.\tMARKET FOR REGISTRANT'S COMMON EQUITY RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\t37\nITEM 6.\tSELECTED FINANCIAL DATA - NOT APPLICABLE\t\nITEM 7.\tMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)\t39\n\tECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS\t39\n\tFINANCIAL PERFORMANCE SUMMARY\t40\n\tRESULTS OF OPERATIONS\t41\n\tLIQUIDITY AND CAPITAL RESOURCES\t46\n\tOFF-BALANCE SHEET ARRANGEMENTS\t49\n\tENVIRONMENTAL MATTERS LEGAL PROCEEDINGS AND OTHER CONTINGENCIES\t49\n\tACCOUNTING MATTERS\t49\n\tPERFORMANCE MEASURES\t51\nITEM 7A.\tQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\t53\nITEM 8.\tFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\t55\n\tREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\t55\n\tCONSOLIDATED STATEMENT OF OPERATIONS\t56\n\tCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME\t57\n\tCONSOLIDATED BALANCE SHEET\t58\n\tCONSOLIDATED STATEMENT OF CASH FLOWS\t59\n\tCONSOLIDATED STATEMENT OF CHANGES IN EQUITY\t60\n\tINDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\t61\n\tNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\t62\nITEM 9.\tCHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE - NOT APPLICABLE\t\nITEM 9A.\tCONTROLS AND PROCEDURES\t96\nITEM 9B.\tOTHER INFORMATION - NOT APPLICABLE\t\nPART III\t\t\nITEM 10.\tDIRECTORS EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE\t98\nITEM 11.\tEXECUTIVE AND DIRECTOR COMPENSATION\t98\nITEM 12.\tSECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\t98\nITEM 13.\tCERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE\t98\nITEM 14.\tPRINCIPAL ACCOUNTING FEES AND SERVICES\t98\nPART IV\t\t\nITEM 15.\tEXHIBITS AND FINANCIAL STATEMENT SCHEDULES\t98\n\tEXHIBITS\t99\nITEM 16.\tFORM 10-K SUMMARY - NOT APPLICABLE\t\n\tSIGNATURES\t102\n", "q10k_tbl_1": "GEOGRAPHIC AREA\tMILLIONS OF TONS AT DECEMBER 31 2020\n\tTOTAL INVENTORY(1)\nU.S.:\t\nWest\t\nDouglas fir/Cedar\t159\nWhitewood\t30\nHardwood\t13\nTotal West\t202\nSouth\t\nSouthern yellow pine\t264\nHardwood\t85\nTotal South\t349\nNorth\t\nConifer\t17\nHardwood\t25\nTotal North\t42\nTotal Company\t593\n", "q10k_tbl_2": "GEOGRAPHIC AREA\tTHOUSANDS OF ACRES AT DECEMBER 31 2020\t\t\n\tFEE OWNERSHIP\tLONG-TERM CONTRACTS\tTOTAL ACRES(1)\nU.S.:\t\t\t\nWest\t\t\t\nOregon\t1453\t0\t1453\nWashington\t1278\t0\t1278\nTotal West\t2731\t0\t2731\nSouth\t\t\t\nAlabama\t380\t198\t578\nArkansas\t1207\t18\t1225\nFlorida\t221\t85\t306\nGeorgia\t601\t50\t651\nLouisiana\t1013\t350\t1363\nMississippi\t1124\t39\t1163\nNorth Carolina\t560\t0\t560\nOklahoma\t493\t0\t493\nSouth Carolina\t275\t0\t275\nTexas\t16\t2\t18\nVirginia\t123\t0\t123\nTotal South\t6013\t742\t6755\nNorth\t\t\t\nMaine\t835\t0\t835\nNew Hampshire\t24\t0\t24\nVermont\t86\t0\t86\nWest Virginia\t254\t0\t254\nWisconsin\t3\t0\t3\nTotal North\t1202\t0\t1202\nTotal Company\t9946\t742\t10688\n", "q10k_tbl_3": "GEOGRAPHIC AREA\tTHOUSANDS OF ACRES AT DECEMBER 31 2020\nTOTAL ACRES\t\nProvince:\t\nAlberta\t5399\nBritish Columbia\t1166\nOntario(1)\t2574\nSaskatchewan(1)\t4987\nTotal Canada\t14126\n", "q10k_tbl_4": "FEE HARVEST VOLUMES IN THOUSANDS OF TONS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nWest(1)\t8542\t9237\t9571\t10083\t11083\nSouth\t23149\t26278\t26708\t27149\t26343\nNorth(2)\t1226\t2042\t2129\t2205\t2044\nUruguay(3)\t0\t0\t0\t822\t1119\nOther(4)\t0\t0\t0\t1384\t701\nTotal\t32917\t37557\t38408\t41643\t41290\n", "q10k_tbl_5": "PERCENTAGE OF GRADE AND FIBER\t\t\t\t\t\t\n\t\t2020\t2019\t2018\t2017\t2016\nWest\tGrade\t90%\t89%\t90%\t89%\t87%\nFiber\t\t10%\t11%\t10%\t11%\t13%\nSouth\tGrade\t48%\t49%\t51%\t52%\t52%\nFiber\t\t52%\t51%\t49%\t48%\t48%\nNorth(1)\tGrade\t49%\t37%\t46%\t49%\t47%\nFiber\t\t51%\t63%\t54%\t51%\t53%\nUruguay(2)\tGrade\t-%\t-%\t-%\t69%\t66%\nFiber\t\t-%\t-%\t-%\t31%\t34%\nOther(3)\tGrade\t-%\t-%\t-%\t47%\t45%\nFiber\t\t-%\t-%\t-%\t53%\t55%\nTotal\tGrade\t60%\t59%\t62%\t63%\t64%\nFiber\t\t40%\t41%\t38%\t37%\t36%\n", "q10k_tbl_6": "NET SALES IN MILLIONS OF DOLLARS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nNet sales to unaffiliated customers:\t\t\t\t\t\nDelivered logs:\t\t\t\t\t\nWest\t720\t740\t987\t915\t865\nSouth\t573\t640\t625\t616\t566\nNorth(1)\t52\t92\t99\t95\t91\nOther(2)\t0\t0\t0\t23\t14\nTotal\t1345\t1472\t1711\t1649\t1536\nStumpage and pay-as-cut timber\t19\t42\t59\t73\t85\nUruguay operations(3)\t0\t0\t0\t63\t79\nRecreational lease revenue\t63\t61\t59\t59\t44\nOther products(4)\t39\t43\t44\t49\t36\nSubtotal net sales to unaffiliated customers\t1466\t1618\t1873\t1893\t1780\nIntersegment net sales\t471\t503\t537\t522\t592\nTotal\t1937\t2121\t2410\t2415\t2372\n", "q10k_tbl_7": "SALES VOLUME IN THOUSANDS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nLogs - tons:\t\t\t\t\t\nWest(1)\t6506\t7173\t7858\t8202\t8713\nSouth\t16954\t18232\t18008\t17895\t15967\nNorth(2)\t872\t1558\t1628\t1574\t1500\nUruguay (3)\t0\t0\t0\t291\t470\nOther (4)\t0\t0\t0\t693\t122\nTotal\t24332\t26963\t27494\t28655\t26772\n", "q10k_tbl_8": "NET SALES IN MILLIONS OF DOLLARS(1)\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nNet sales:\t\t\t\t\t\nReal Estate\t202\t225\t229\t208\t172\nEnergy and Natural Resources\t74\t89\t78\t73\t54\nTotal\t276\t314\t307\t281\t226\n", "q10k_tbl_9": "REAL ESTATE SALES STATISTICS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nAcres sold\t111898\t113315\t131575\t97235\t82687\nAverage price per acre\t1690\t1848\t1701\t2079\t2072\n", "q10k_tbl_10": "CAPACITIES IN MILLIONS\t\t\t\n\tPRODUCTION CAPACITY\tNUMBER OF FACILITIES\tFACILITY LOCATIONS\nStructural lumber - board feet\t5225\t19\tAlabama Arkansas Louisiana (2) Mississippi (3) Montana North Carolina (3) Oklahoma Oregon (2) Washington (2) Alberta (2) British Columbia\nOriented strand board - square feet (3/8\")\t3140\t6\tLouisiana Michigan North Carolina West Virginia Alberta Saskatchewan\nEngineered solid section - cubic feet(1)\t42\t6\tAlabama Louisiana Oregon West Virginia British Columbia Ontario\nSoftwood plywood - square feet (3/8\")(2)\t610\t3\tArkansas Louisiana Montana\nMedium density fiberboard - square feet (3/4\")\t265\t1\tMontana\n", "q10k_tbl_11": "PRODUCTION IN MILLIONS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nStructural lumber - board feet\t4666\t4705\t4541\t4509\t4516\nOriented strand board - square feet (3/8\")\t3013\t2969\t2837\t2995\t2910\nEngineered solid section - cubic feet\t23.0\t22.6\t24.3\t25.1\t22.8\nEngineered I-joists - lineal feet\t175\t182\t191\t213\t184\nSoftwood plywood - square feet (3/8\")\t347\t386\t404\t370\t396\nMedium density fiberboard - square feet (3/4\")\t200\t202\t220\t232\t209\n", "q10k_tbl_12": "NET SALES IN MILLIONS OF DOLLARS\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nStructural lumber\t2602\t1892\t2258\t2058\t1839\nOriented strand board\t1013\t632\t891\t904\t707\nEngineered solid section\t505\t510\t521\t500\t450\nEngineered I-joists\t316\t323\t336\t336\t290\nSoftwood plywood\t171\t161\t200\t176\t174\nMedium density fiberboard\t171\t166\t177\t183\t158\nOther products produced(1)\t336\t337\t330\t325\t226\nComplementary building products\t676\t602\t584\t541\t515\nTotal\t5790\t4623\t5297\t5023\t4359\n", "q10k_tbl_13": "SALES VOLUME IN MILLIONS(1)\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nStructural lumber - board feet\t4873\t4857\t4684\t4658\t4723\nOriented strand board - square feet (3/8\")\t2956\t2916\t2827\t2971\t2934\nEngineered solid section - cubic feet\t23.4\t23.2\t24.3\t25.1\t23.3\nEngineered I-joists - lineal feet\t190\t192\t204\t220\t195\nSoftwood Plywood - square feet (3/8\")\t414\t445\t459\t453\t481\nMedium density fiberboard - square feet (3/4\")\t201\t200\t212\t222\t206\n", "q10k_tbl_14": "0\tclosely monitor legislative regulatory and scientific developments pertaining to climate change;\n0\tadopted in 2006 as part of the company's sustainability program a goal of reducing greenhouse gas emissions by 40 percent by 2020 compared with our emissions in 2000 assuming a comparable portfolio and regulations;\n0\tdetermined to achieve this goal by increasing energy efficiency and using more greenhouse gas-neutral biomass fuels instead of fossil fuels and\n0\treduced greenhouse gas emissions by over 50 percent considering changes in the asset portfolio according to 2018 data compared to our 2000 baseline.\n", "q10k_tbl_15": "0\tthe 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;\n0\tthe 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;\n0\tmarket 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;\n0\tchanges 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;\n0\trestrictions on international trade and tariffs imposed on imports or exports;\n0\tthe availability and cost of shipping and transportation;\n0\teconomic activity in Asia especially Japan and China;\n0\tperformance of our manufacturing operations including maintenance and capital requirements;\n0\tpotential disruptions in our manufacturing operations;\n0\tthe level of competition from domestic and foreign producers;\n0\tthe successful execution of our internal plans and strategic initiatives including restructuring and cost reduction initiatives;\n0\tthe 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 and required regulatory approvals;\n0\traw material availability and prices;\n0\tthe effect of weather;\n0\tchanges in global or regional climate conditions and governmental response to such changes;\n0\tthe risk of loss from fires floods windstorms hurricanes pest infestation and other natural disasters;\n0\tenergy prices;\n0\ttransportation and labor availability and costs;\n0\tfederal tax policies;\n0\tthe effect of forestry land use environmental and other governmental regulations;\n0\tlegal proceedings;\n0\tperformance of pension fund investments and related derivatives;\n0\tthe effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation;\n0\tthe accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;\n0\tchanges in accounting principles and\n0\tother factors described in this report under Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A).\n", "q10k_tbl_16": "0\tunscheduled maintenance outages;\n0\tprolonged power failures;\n0\tequipment failure;\n0\tchemical spill or release;\n0\texplosion of a boiler;\n0\tfires floods windstorms earthquakes hurricanes or other severe weather conditions or catastrophes affecting the production of goods or the supply of raw materials (including fiber);\n0\tthe effect of drought or reduced rainfall on water supply;\n0\tlabor difficulties;\n0\tdisruptions in transportation or transportation infrastructure including roads bridges rail tunnels shipping and port facilities;\n0\tterrorism or threats of terrorism;\n0\tcyber attack;\n0\tgovernmental regulations;\n0\tother operational problems and\n0\teffects of viral or disease outbreaks and any resulting epidemic or global pandemic.\n", "q10k_tbl_17": "0\tactual or anticipated fluctuations in our operating results or our competitors' operating results;\n0\tannouncements by us or our competitors of new products capacity changes significant contracts acquisitions or strategic investments;\n0\tour growth rate and our competitors' growth rates;\n0\tgeneral economic conditions;\n0\tconditions in the financial markets;\n0\tmarket interest rates and the relative yields on other financial instruments;\n0\tgeneral perceptions and expectations regarding housing markets interest rates commodity prices and currencies;\n0\tchanges in stock market analyst recommendations regarding us our competitors or the forest products industry generally or lack of analyst coverage of our common stock;\n0\tsales of our common stock by our executive officers directors and significant shareholders;\n0\tsales or repurchases of substantial amounts of common stock;\n0\tchanges in accounting principles and\n0\tchanges in tax laws and regulations.\n", "q10k_tbl_18": "SHARES IN THOUSANDS\tNUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS WARRANTS AND RIGHTS\tWEIGHTED AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS WARRANTS AND RIGHTS\tNUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES TO BE ISSUED UPON EXERCISE)\nEquity compensation plans approved by security holders(1)\t6816\t16.30\t20233\nEquity compensation plans not approved by security holders\tN/A\tN/A\tN/A\nTotal\t6816\t16.30\t20233\n", "q10k_tbl_19": "DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES\t\t\t\n\t\t\tAMOUNT OF CHANGE\n\t2020\t2019\t2020 vs. 2019\nNet sales\t7532\t6554\t978\nCosts of sales\t5447\t5412\t35\nOperating income\t1710\t651\t1059\nNet earnings (loss)\t797\t(76)\t873\nBasic and diluted earnings (loss) per share\t1.07\t(0.10)\t1.17\n", "q10k_tbl_20": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t\t\tAMOUNT OF CHANGE\n\t2020\t2019\t2020 vs. 2019\nNet sales to unaffiliated customers:\t\t\t\nDelivered logs:\t\t\t\nWest\t720\t740\t(20)\nSouth\t573\t640\t(67)\nNorth(1)\t52\t92\t(40)\n\t\t\t0\nTotal\t1345\t1472\t(127)\nStumpage and pay-as-cut timber\t19\t42\t(23)\nRecreational and other lease revenue\t63\t61\t2\nOther products(2)\t39\t43\t(4)\n\t\t\t0\nSubtotal net sales to unaffiliated customers\t1466\t1618\t(152)\nIntersegment net sales\t471\t503\t(32)\n\t\t\t0\nTotal segment net sales\t1937\t2121\t(184)\n\t\t\t0\nCosts of sales\t1491\t1649\t(158)\nOperating income and Net contribution to earnings\t455\t347\t108\n", "q10k_tbl_21": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t\t\tAMOUNT OF CHANGE\n\t2020\t2019\t2020 vs. 2019\nNet sales to unaffiliated buyers:\t\t\t\nReal estate\t202\t225\t(23)\nEnergy and natural resources\t74\t88\t(14)\nSubtotal net sales to unaffiliated buyers\t276\t313\t(37)\nIntersegment net sales\t0\t1\t(1)\nTotal segment net sales\t276\t314\t(38)\nCosts of sales\t165\t145\t20\nNet contribution to earnings\t86\t144\t(58)\n", "q10k_tbl_22": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t\t\tAMOUNT OF CHANGE\n\t2020\t2019\t2020 vs. 2019\nNet sales:\t\t\t\nStructural lumber\t2602\t1892\t710\nOriented strand board\t1013\t632\t381\nEngineered solid section\t505\t510\t(5)\nEngineered I-joists\t316\t323\t(7)\nSoftwood plywood\t171\t161\t10\nMedium density fiberboard\t171\t166\t5\nComplementary building products\t676\t602\t74\nOther products produced (1)\t336\t337\t(1)\nTotal segment net sales\t5790\t4623\t1167\nCosts of sales\t4221\t4098\t123\nOperating income and Net contribution to earnings\t1340\t353\t987\n", "q10k_tbl_23": "0\ta $710 million increase in structural lumber sales attributable to a 37 percent increase in sales realizations;\n0\ta $381 million increase in oriented strand board sales attributable to a 58 percent increase in sales realizations;\n0\ta $74 million increase in complementary building products sales attributable to increased sales volumes for cedar lumber and decking materials;\n0\ta $10 million increase in softwood plywood sales attributable to a 13 percent increase in sales realizations partially offset by a 7 percent decrease in sales volumes and\n0\ta $5 million increase in medium density fiberboard sales attributable to a 2 percent increase in sales realizations.\n", "q10k_tbl_24": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t\t\tAMOUNT OF CHANGE\n\t2020\t2019\t2020 vs. 2019\nUnallocated corporate function and variable compensation expense\t(109)\t(80)\t(29)\nLiability classified share-based compensation\t(2)\t(7)\t5\nForeign exchange loss\t(7)\t(2)\t(5)\nElimination of intersegment profit in inventory and LIFO\t(17)\t(5)\t(12)\nOther\t(36)\t(99)\t63\nOperating loss\t(171)\t(193)\t22\nNon-operating pension and other post-employment benefit costs\t(290)\t(516)\t226\nInterest income and other\t5\t30\t(25)\nNet charge to earnings\t(456)\t(679)\t223\n", "q10k_tbl_25": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\t2020\t2019\nTimberlands\t104\t112\nWood Products\t176\t257\nUnallocated Items\t1\t15\nTotal\t281\t384\n", "q10k_tbl_26": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\n\t\t\tPAYMENTS DUE BY PERIOD\t\t\n\t\tLESS THAN\t1-3\t3-5\tMORE THAN\n\tTOTAL\t1 YEAR\tYEARS\tYEARS\t5 YEARS\nLong-term debt obligations including current portion\t5500\t150\t1051\t436\t3863\nInterest(1)\t2426\t320\t611\t481\t1014\nLease obligations\t159\t30\t46\t24\t59\nPurchase obligations(2)\t300\t107\t106\t27\t60\nEmployee-related obligations(3)\t384\t142\t36\t25\t78\nTotal\t8769\t749\t1850\t993\t5074\n", "q10k_tbl_27": "0\t2.5 percent for our U.S. pension plans - compared with 3.4 percent at December 31 2019;\n0\t2.1 percent for our U.S. post-employment plans - compared with 3.0 percent at December 31 2019;\n0\t2.5 percent for our Canadian pension plans - compared with 3.1 percent at December 31 2019 and\n0\t2.4 percent for our Canadian post-employment plans - compared with 3.0 percent at December 31 2019.\n", "q10k_tbl_28": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\t2020\t2019\nTimberlands\t610\t680\nReal Estate & ENR\t241\t274\nWood Products\t1527\t476\nUnallocated Items\t(177)\t(154)\nTotal\t2201\t1276\n", "q10k_tbl_29": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\n\t\tREAL ESTATE\tWOOD\tUNALLOCATED\t\n\tTIMBERLANDS\t& ENR\tPRODUCTS\tITEMS\tTOTAL\nNet income\t\t\t\t\t797\nInterest expense net of capitalized interest (1)\t\t\t\t\t443\nIncome taxes\t\t\t\t\t185\nNet contribution (charge) to earnings\t455\t86\t1340\t(456)\t1425\nNon-operating pension and other post-employment benefit costs(2)\t0\t0\t0\t290\t290\nInterest income and other\t0\t0\t0\t(5)\t(5)\nOperating income (loss)\t455\t86\t1340\t(171)\t1710\nDepreciation depletion and amortization\t257\t14\t195\t6\t472\nBasis of real estate sold\t0\t141\t0\t0\t141\nSpecial items included in operating income (loss)(3)(4)(5)\t(102)\t0\t(8)\t(12)\t(122)\nAdjusted EBITDA\t610\t241\t1527\t(177)\t2201\n", "q10k_tbl_30": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\n\t\tREAL ESTATE\tWOOD\tUNALLOCATED\t\n\tTIMBERLANDS\t& ENR\tPRODUCTS\tITEMS\tTOTAL\nNet loss\t\t\t\t\t(76)\nInterest expense net of capitalized interest (1)\t\t\t\t\t378\nIncome taxes\t\t\t\t\t(137)\nNet contribution (charge) to earnings\t347\t144\t353\t(679)\t165\nNon-operating pension and other post-employment benefit costs(2)\t0\t0\t0\t516\t516\nInterest income and other\t0\t0\t0\t(30)\t(30)\nOperating income (loss)\t347\t144\t353\t(193)\t651\nDepreciation depletion and amortization\t301\t14\t191\t4\t510\nBasis of real estate sold\t0\t116\t0\t0\t116\nSpecial items included in operating income (loss)(3)(4)(5)\t32\t0\t(68)\t35\t(1)\nAdjusted EBITDA\t680\t274\t476\t(154)\t1276\n", "q10k_tbl_31": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\t2020\t2019\nNet earnings (loss)\t797\t(76)\nEarly extinguishment of debt charges\t92\t9\nGain on sale of timberlands\t(182)\t(48)\nLegal charges (benefits)\t(12)\t26\nPension settlement charges\t193\t345\nProduct remediation recoveries\t(6)\t(51)\nRestructuring impairments and other charges\t0\t80\nTimber casualty loss\t80\t0\nNet earnings before special items\t962\t285\n", "q10k_tbl_32": "AMOUNTS PER SHARE\t\t\n\t2020\t2019\nNet earnings (loss) per diluted share\t1.07\t(0.10)\nEarly extinguishment of debt charges\t0.12\t0.01\nGain on sale of timberlands\t(0.24)\t(0.07)\nLegal charges (benefits)\t(0.02)\t0.04\nPension settlement charges\t0.26\t0.47\nProduct remediation recoveries\t(0.01)\t(0.07)\nRestructuring impairments and other charges\t0\t0.11\nTimber casualty loss\t0.11\t0\nNet earnings per diluted share before special items\t1.29\t0.39\n", "q10k_tbl_33": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\t\t\t\n\t2021\t2022\t2023\t2024\t2025\tTHEREAFTER\tTOTAL(1)\tFAIR VALUE\nFixed-rate debt\t150\t0\t1051\t0\t436\t3638\t5275\t6718\nAverage interest rate\t9.00%\t-%\t5.56%\t-%\t8.33%\t5.94%\t6.15%\tN/A\nVariable-rate debt\t0\t0\t0\t0\t0\t225\t225\t225\nAverage interest rate\t-%\t-%\t-%\t-%\t-%\t1.75%\t1.75%\tN/A\n", "q10k_tbl_34": "DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES\t\t\t\n\t2020\t2019\t2018\nNet sales\t7532\t6554\t7476\nCosts of sales\t5447\t5412\t5592\nGross margin\t2085\t1142\t1884\nSelling expenses\t83\t84\t88\nGeneral and administrative expenses\t347\t348\t318\nCharges for integration and restructuring closures and asset impairments (Note 4)\t1\t80\t2\nProduct remediation recoveries net (Note 18)\t(8)\t(68)\t0\nGain on sale of timberlands (Note 4)\t(182)\t(48)\t0\nOther operating costs net (Note 19)\t134\t95\t82\nOperating income\t1710\t651\t1394\nNon-operating pension and other post-employment benefit costs (Note 9)\t(290)\t(516)\t(272)\nInterest income and other\t5\t30\t60\nInterest expense net of capitalized interest\t(443)\t(378)\t(375)\nEarnings (loss) before income taxes\t982\t(213)\t807\nIncome taxes (Note 20)\t(185)\t137\t(59)\nNet earnings (loss)\t797\t(76)\t748\nBasic and diluted earnings (loss) per share (Note 5):\t1.07\t(0.10)\t0.99\nWeighted average shares outstanding (in thousands) (Note 5):\t\t\t\nBasic\t746931\t745897\t754556\nDiluted\t747899\t745897\t756827\n", "q10k_tbl_35": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nComprehensive income:\t\t\t\nNet earnings (loss)\t797\t(76)\t748\nOther comprehensive income (loss):\t\t\t\nForeign currency translation adjustments\t18\t26\t(54)\nChanges in unamortized actuarial loss net of tax expense of $22 in 2020 $73 in 2019 and $235 in 2018\t62\t225\t733\nChanges in unamortized net prior service credit net of tax (expense) benefit of $0 in 2020 ($1) in 2019 and $3 in 2018\t2\t(3)\t(7)\nTotal comprehensive income\t879\t172\t1420\n", "q10k_tbl_36": "DOLLAR AMOUNTS IN MILLIONS EXCEPT PAR VALUE\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t495\t139\nReceivables net\t450\t309\nReceivables for taxes\t82\t98\nInventories (Note 6)\t443\t416\nAssets held for sale (Note 4)\t0\t140\nPrepaid expenses and other current assets\t139\t147\nCurrent restricted financial investments held by variable interest entities (Note 8)\t0\t362\nTotal current assets\t1609\t1611\nProperty and equipment net (Note 7)\t2013\t1969\nConstruction in progress\t73\t130\nTimber and timberlands at cost less depletion\t11827\t11929\nMinerals and mineral rights less depletion\t268\t281\nDeferred tax assets (Note 20)\t120\t72\nOther assets\t401\t414\nTotal assets\t16311\t16406\nLIABILITIES AND EQUITY\t\t\nCurrent liabilities:\t\t\nCurrent maturities of long-term debt (Notes 12 and 13)\t150\t0\nBorrowings on line of credit (Notes 11 and 13)\t0\t230\nAccounts payable\t204\t246\nAccrued liabilities (Note 10)\t596\t530\nTotal current liabilities\t950\t1006\nLong-term debt net (Notes 12 and 13)\t5325\t6147\nDeferred tax liabilities (Note 20)\t24\t6\nDeferred pension and other post-employment benefits (Note 9)\t911\t693\nOther liabilities\t370\t377\nCommitments and contingencies (Note 14)\t\t\nTotal liabilities\t7580\t8229\nEquity:\t\t\nWeyerhaeuser shareholders' interest (Notes 15 and 16):\t\t\nCommon shares: $1.25 par value; authorized 1360 million shares; issued and outstanding: 747385 thousand shares at December 31 2020 and 745300 thousand shares at December 31 2019\t934\t932\nOther capital\t8208\t8152\nRetained earnings (accumulated deficit)\t411\t(3)\nAccumulated other comprehensive loss (Note 15)\t(822)\t(904)\nTotal equity\t8731\t8177\nTotal liabilities and equity\t16311\t16406\n", "q10k_tbl_37": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nCash flows from operations:\t\t\t\nNet earnings (loss)\t797\t(76)\t748\nNoncash charges (credits) to earnings (loss):\t\t\t\nDepreciation depletion and amortization\t472\t510\t486\nBasis of real estate sold\t141\t116\t124\nDeferred income taxes net (Note 20)\t(56)\t(169)\t72\nPension and other post-employment benefits (Note 9)\t326\t548\t309\nShare-based compensation expense (Note 16)\t30\t30\t42\nCharges for impairment of assets (Note 4)\t0\t80\t1\nNet gains on sale of nonstrategic assets\t(4)\t(5)\t(16)\nNet gains on sale of timberlands (Note 4)\t(182)\t(48)\t0\nTimber casualty loss (Note 19)\t80\t0\t0\nChange in:\t\t\t\nReceivables net\t(141)\t13\t62\nReceivable and payable for taxes\t65\t33\t(103)\nInventories\t(25)\t(23)\t(14)\nPrepaid expenses and other current assets\t(4)\t6\t(18)\nAccounts payable and accrued liabilities\t(17)\t37\t(154)\nPension and post-employment contributions and benefit payments\t(30)\t(45)\t(381)\nOther\t77\t(41)\t(46)\nNet cash from operations\t1529\t966\t1112\nCash flows from investing activities:\t\t\t\nCapital expenditures for property and equipment\t(225)\t(327)\t(368)\nCapital expenditures for timberlands reforestation\t(56)\t(57)\t(59)\nAcquisition of timberlands (Note 4)\t(425)\t0\t0\nProceeds from note receivable held by variable interest entities (Note 8)\t362\t253\t0\nProceeds from sale of timberlands (Note 4)\t526\t297\t0\nOther\t3\t21\t(13)\nNet cash from investing activities\t185\t187\t(440)\nCash flows from financing activities:\t\t\t\nCash dividends on common shares\t(381)\t(1013)\t(995)\nNet proceeds from issuance of long-term debt (Note 12)\t732\t739\t0\nPayments on long-term debt (Note 12)\t(1492)\t(512)\t(62)\nProceeds from borrowings on line of credit (Note 11)\t550\t1095\t425\nPayments on line of credit (Note 11)\t(780)\t(1290)\t0\nPayments on debt held by variable interest entities (Note 8)\t0\t(302)\t(209)\nProceeds from exercise of stock options\t33\t13\t52\nRepurchases of common shares (Note 15)\t0\t(60)\t(366)\nOther\t(20)\t(18)\t(7)\nNet cash from financing activities\t(1358)\t(1348)\t(1162)\nNet change in cash and cash equivalents\t356\t(195)\t(490)\nCash and cash equivalents at beginning of year\t139\t334\t824\nCash and cash equivalents at end of year\t495\t139\t334\nCash paid (received) during the year for:\t\t\t\nInterest net of amounts capitalized of $4 in 2020 $5 in 2019 and $9 in 2018\t365\t370\t358\nIncome taxes net of refunds\t176\t(2)\t95\n", "q10k_tbl_38": "DOLLAR AMOUNTS IN MILLIONS EXCEPT PER-SHARE FIGURES\t\t\t\n\t2020\t2019\t2018\nCommon shares:\t\t\t\nBalance at beginning of year\t932\t933\t944\nIssued for exercise of stock options and vested restricted stock units\t2\t2\t4\nRepurchases of common shares (Note 15)\t0\t(3)\t(15)\nBalance at end of year\t934\t932\t933\nOther capital:\t\t\t\nBalance at beginning of year\t8152\t8172\t8439\nIssued for exercise of stock options\t31\t12\t49\nRepurchases of common shares (Note 15)\t0\t(57)\t(351)\nShare-based compensation\t30\t30\t42\nOther transactions net\t(5)\t(5)\t(7)\nBalance at end of year\t8208\t8152\t8172\nRetained earnings (accumulated deficit):\t\t\t\nBalance at beginning of year\t(3)\t1093\t1078\nNet earnings (loss)\t797\t(76)\t748\nDividends on common shares\t(383)\t(1013)\t(995)\nAdjustments related to new accounting pronouncements (Notes 15 and 17)\t0\t(7)\t262\nBalance at end of year\t411\t(3)\t1093\nAccumulated other comprehensive loss:\t\t\t\nBalance at beginning of year\t(904)\t(1152)\t(1562)\nOther comprehensive income\t82\t248\t672\nAdjustments related to new accounting pronouncements and other (Note 15)\t0\t0\t(262)\nBalance at end of year\t(822)\t(904)\t(1152)\nTotal equity:\t\t\t\nBalance at end of year\t8731\t8177\t9046\nDividends paid per common share\t0.51\t1.36\t1.32\n", "q10k_tbl_39": "NOTE 1:\tSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\t62\nNOTE 2:\tBUSINESS SEGMENTS\t67\nNOTE 3:\tREVENUE RECOGNITION\t68\nNOTE 4:\tTIMBERLAND ACQUISITIONS AND DIVESTITURES\t70\nNOTE 5:\tNET EARNINGS (LOSS) PER SHARE\t70\nNOTE 6:\tINVENTORIES\t71\nNOTE 7:\tPROPERTY AND EQUIPMENT NET\t72\nNOTE 8:\tRELATED PARTIES\t72\nNOTE 9:\tPENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS\t73\nNOTE 10:\tACCRUED LIABILITIES\t79\nNOTE 11:\tLINE OF CREDIT\t79\nNOTE 12:\tLONG-TERM DEBT NET\t80\nNOTE 13:\tFAIR VALUE OF FINANCIAL INSTRUMENTS\t82\nNOTE 14:\tLEGAL PROCEEDINGS COMMITMENTS AND CONTINGENCIES\t82\nNOTE 15:\tSHAREHOLDERS' INTEREST\t83\nNOTE 16:\tSHARE-BASED COMPENSATION\t85\nNOTE 17:\tLEASES\t90\nNOTE 18:\tPRODUCT REMEDIATION RECOVERIES NET\t92\nNOTE 19:\tOTHER OPERATING COSTS NET\t92\nNOTE 20:\tINCOME TAXES\t92\nNOTE 21:\tGEOGRAPHIC AREAS\t95\n", "q10k_tbl_40": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\n\tTIMBERLANDS\tREAL ESTATE & ENR\tWOOD PRODUCTS\tUNALLOCATED ITEMS AND INTERSEGMENT ELIMINATIONS\tCONSOLIDATED\nSales to unaffiliated customers\t\t\t\t\t\n2020\t1466\t276\t5790\t0\t7532\n2019\t1618\t313\t4623\t0\t6554\n2018\t1873\t306\t5297\t0\t7476\nIntersegment sales\t\t\t\t\t\n2020\t471\t0\t0\t(471)\t0\n2019\t503\t1\t0\t(504)\t0\n2018\t537\t1\t0\t(538)\t0\nNet contribution (charge) to earnings\t\t\t\t\t\n2020\t455\t86\t1340\t(456)\t1425\n2019\t347\t144\t353\t(679)\t165\n2018\t583\t127\t838\t(366)\t1182\n", "q10k_tbl_41": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nNet contribution to earnings\t1425\t165\t1182\nInterest expense net of capitalized interest\t(443)\t(378)\t(375)\nIncome (loss) before income taxes\t982\t(213)\t807\nIncome taxes\t(185)\t137\t(59)\nNet earnings (loss)\t797\t(76)\t748\n", "q10k_tbl_42": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\n\tTIMBERLANDS\tREAL ESTATE & ENR\tWOOD PRODUCTS\tUNALLOCATED ITEMS\tCONSOLIDATED\nDepreciation depletion and amortization\t\t\t\t\t\n2020\t257\t14\t195\t6\t472\n2019\t301\t14\t191\t4\t510\n2018\t319\t14\t149\t4\t486\nCapital expenditures\t\t\t\t\t\n2020\t104\t0\t176\t1\t281\n2019\t112\t0\t257\t15\t384\n2018\t117\t0\t306\t4\t427\n", "q10k_tbl_43": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\n\tTIMBERLANDS AND REAL ESTATE & ENR\tWOOD PRODUCTS\tUNALLOCATED ITEMS\tCONSOLIDATED\nTotal assets(1)\t\t\t\t\n2020\t12874\t2619\t818\t16311\n2019\t13130\t2452\t824\t16406\n", "q10k_tbl_44": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nNet sales to unaffiliated customers:\t\t\t\nTimberlands segment\t\t\t\nDelivered logs:\t\t\t\nWest\t\t\t\nDomestic sales\t329\t375\t503\nExport grade sales\t391\t365\t484\nSubtotal West\t720\t740\t987\nSouth\t573\t640\t625\nNorth(1)\t52\t92\t99\nSubtotal delivered logs sales\t1345\t1472\t1711\nStumpage and pay-as-cut timber\t19\t42\t59\nRecreational and other lease revenue\t63\t61\t59\nOther(2)\t39\t43\t44\nNet sales attributable to Timberlands segment\t1466\t1618\t1873\nReal Estate & ENR segment\t\t\t\nReal estate\t202\t225\t229\nEnergy and natural resources\t74\t88\t77\nNet sales attributable to Real Estate & ENR segment\t276\t313\t306\nWood Products segment\t\t\t\nStructural lumber\t2602\t1892\t2258\nOriented strand board\t1013\t632\t891\nEngineered solid section\t505\t510\t521\nEngineered I-joists\t316\t323\t336\nSoftwood plywood\t171\t161\t200\nMedium density fiberboard\t171\t166\t177\nComplementary building products\t676\t602\t584\nOther(3)\t336\t337\t330\nNet sales attributable to Wood Products segment\t5790\t4623\t5297\nTotal\t7532\t6554\t7476\n", "q10k_tbl_45": "0\t1.07 in 2020\n0\t(0.10) in 2019 and\n0\t0.99 in 2018.\n", "q10k_tbl_46": "SHARES IN THOUSANDS\t\t\t\n\t2020\t2019\t2018\nWeighted average number of outstanding shares - basic\t746931\t745897\t754556\nDilutive potential common shares:\t\t\t\nStock options\t313\t0\t1310\nRestricted stock units\t403\t0\t566\nPerformance share units\t252\t0\t395\nTotal effect of outstanding dilutive potential common shares\t968\t0\t2271\nWeighted average number of outstanding common shares - dilutive\t747899\t745897\t756827\n", "q10k_tbl_47": "SHARES IN THOUSANDS\t\t\t\n\t2020\t2019\t2018\nStock options\t2107\t2631\t2402\nRestricted stock units\t0\t477\t0\nPerformance share units\t781\t1131\t1080\n", "q10k_tbl_48": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nLIFO inventories:\t\t\nLogs\t24\t19\nLumber plywood panels and fiberboard\t59\t82\nOther products\t9\t10\nMoving average cost or FIFO inventories:\t\t\nLogs\t64\t28\nLumber plywood panels fiberboard and engineered wood products\t84\t84\nOther products\t100\t98\nMaterials and supplies\t103\t95\nTotal\t443\t416\n", "q10k_tbl_49": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\tRANGE OF LIVES\tDECEMBER 31 2020\tDECEMBER 31 2019\nProperty and equipment at cost:\t\t\t\nLand\tN/A\t84\t87\nBuildings and improvements\t15-40\t1049\t999\nMachinery and equipment\t5-25\t3486\t3425\nRoads\t10-35\t725\t742\nOther\t3-10\t101\t193\nTotal cost\t\t5445\t5446\nAccumulated depreciation and amortization\t\t(3432)\t(3477)\nProperty and equipment net\t\t2013\t1969\n", "q10k_tbl_50": "0\t243 million in 2020\n0\t240 million in 2019 and\n0\t197 million in 2018.\n", "q10k_tbl_51": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\n\tPENSION\t\tOPEB\t\n\t2020\t2019\t2020\t2019\nProjected benefit obligation at beginning of year\t4260\t5263\t151\t166\nService cost\t36\t32\t0\t0\nInterest cost\t139\t160\t4\t6\nActuarial (gains) losses(1)\t540\t510\t5\t(8)\nPlan participants' contributions\t0\t0\t2\t2\nBenefits paid including lump sum and annuity transfers\t(1025)\t(1745)\t(14)\t(17)\nOther including foreign currency translation\t21\t40\t1\t2\nProjected benefit obligation at end of year\t3971\t4260\t149\t151\nFair value of plan assets at beginning of year (estimated)\t3719\t4930\t19\t18\nActual return on plan assets(2)\t490\t465\t0\t1\nEmployer contributions and benefit payments\t21\t30\t8\t15\nPlan participants' contributions\t0\t0\t2\t2\nBenefits paid including lump sum and annuity transfers\t(1025)\t(1745)\t(14)\t(17)\nOther including foreign currency translation\t25\t39\t0\t0\nFair value of plan assets at end of year (estimated)\t3230\t3719\t15\t19\nPresentation on our Consolidated Balance Sheet:(3)\t\t\t\t\nNoncurrent assets\t58\t47\t0\t0\nCurrent liabilities\t(17)\t(19)\t(8)\t(8)\nNoncurrent liabilities\t(782)\t(569)\t(126)\t(124)\nFunded status(4)\t(741)\t(541)\t(134)\t(132)\nAccumulated benefit obligation at end of year\t3855\t4166\tN/A\tN/A\nActuarial Assumptions Used in Estimating Our Pension and OPEB Benefit Obligations:\t\t\t\t\nDiscount rate(5)\t2.50%\t3.10 - 3.40%\t2.10 - 2.40%\t3.00%\nRate of compensation increase(6)\t2.00 - 13.00%\t2.00 - 13.00%\tN/A\tN/A\nLump sum or installment distributions election(7)\t60.00%\t60.00%\tN/A\tN/A\nHealthcare cost trend rate:\t\t\t\t\nAssumed for next year(8)\tN/A\tN/A\t4.50 - 6.80%\t4.50 - 7.30%\nUltimate(8)\tN/A\tN/A\t4.00 - 4.50%\t4.00 - 4.50%\nYear when rate will reach ultimate(8)\tN/A\tN/A\t2037 - 2040\t2037 - 2039\n", "q10k_tbl_52": "\tDECEMBER 31 2020\tDECEMBER 31 2019\nCash and short-term investments(1)\t3.6%\t3.2%\nFixed income investments:(2)\t\t\nCorporate\t30.6\t33.9\nGovernment\t31.8\t25.4\nRepurchase agreements\t(2.8)\t(4.7)\nPublic equity investments(3)\t0\t0.1\nHedge funds and related investments(4)(5)\t6.9\t14.3\nPrivate equity and related investments(5)(6)\t30.0\t27.7\nDerivative instruments net(7)\t0.2\t0.3\nAccrued liabilities\t(0.3)\t(0.2)\nTotal\t100.0%\t100.0%\n", "q10k_tbl_53": "DOLLAR AMOUNTS IN MILLIONS 2020\t\t\t\t\t2019\t\t\t\t\n\tLEVEL 1\tLEVEL 2\tLEVEL 3\tTOTAL\tLEVEL 1\t\tLEVEL 2\tLEVEL 3\tTOTAL\nPension trust investments:\t\t\t\t\t\t\t\t\t\nCash and short-term investments\t117\t0\t0\t117\t120\t\t0\t0\t120\nFixed income investments:\t\t\t\t\t\t\t\t\t\nCorporate\t0\t985\t0\t985\t\t0\t1260\t0\t1260\nGovernment\t0\t1021\t0\t1021\t\t0\t941\t0\t941\nRepurchase agreements\t0\t(90)\t0\t(90)\t\t0\t(176)\t0\t(176)\nPublic equity investments\t0\t0\t0\t0\t\t4\t0\t0\t4\nHedge funds and related investments(1)\t0\t0\t4\t4\t\t0\t0\t13\t13\nPrivate equity and related investments(1)\t0\t0\t68\t68\t\t0\t0\t86\t86\nDerivative instruments(2)\t0\t8\t0\t8\t\t0\t10\t0\t10\nTotal pension trust investments measured at fair value(1)\t117\t1924\t72\t2113\t\t124\t2035\t99\t2258\nCanadian nonregistered plan assets:\t\t\t\t\t\t\t\t\t\nCash and short-term investments\t5\t0\t0\t5\t\t5\t0\t0\t5\nPublic equity investments\t5\t0\t0\t5\t\t5\t0\t0\t5\nTotal Canadian nonregistered plan assets measured at fair value\t10\t0\t0\t10\t\t10\t0\t0\t10\nTotal plan assets measured at fair value(1)\t\t\t\t2123\t\t\t\t\t2268\n", "q10k_tbl_54": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\t\n2020\tBeginning Balance\tRealized Gain (Loss)\tUnrealized Gain (Loss)\tPurchases Sales Settlements Net\tTransfers In (Out) Net\tEnding Balance\nHedge funds and related investments\t13\t3\t(4)\t(9)\t1\t4\nPrivate equity and related investments\t86\t0\t(1)\t(9)\t(8)\t68\nTotal\t99\t3\t(5)\t(18)\t(7)\t72\n2019\tBeginning Balance\tRealized Gain (Loss)\tUnrealized Gain (Loss)\tPurchases Sales Settlements Net\tTransfers In (Out) Net\tEnding Balance\nHedge funds and related investments\t3\t1\t(1)\t(3)\t13\t13\nPrivate equity and related investments\t65\t(1)\t0\t(3)\t25\t86\nDerivative instruments net\t262\t237\t(262)\t(237)\t0\t0\nTotal\t330\t237\t(263)\t(243)\t38\t99\n", "q10k_tbl_55": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\t\t\n\tPENSION\t\t\tOPEB\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nNet periodic benefit cost:\t\t\t\t\t\t\nService cost\t36\t32\t37\t0\t0\t0\nInterest cost\t139\t160\t236\t4\t6\t7\nExpected return on plan assets\t(234)\t(223)\t(399)\t0\t0\t0\nAmortization of actuarial loss\t122\t112\t225\t4\t7\t8\nAmortization of prior service cost (credit)\t3\t4\t3\t(1)\t(5)\t(8)\nSettlement charges\t253\t455\t200\t0\t0\t0\nNet periodic benefit cost\t319\t540\t302\t7\t8\t7\nActuarial Assumptions Used in Estimating Our Pension and OPEB Net Periodic Benefit Cost:\t\t\t\t\t\t\nDiscount rate(1)(2)\t3.10 - 3.40%\t3.70 - 4.40%\t3.50 - 3.70%\t3.00%\t3.70 - 4.20%\t3.40 - 3.50%\nExpected return on assets(3)\t6.50%\t7.00%\t8.00%\tN/A\tN/A\tN/A\nRate of compensation increase(4)\t2.00 - 13.00%\t2.00 - 13.00%\t2.00 - 13.00%\tN/A\tN/A\tN/A\nLump sum or installment distributions election(5)\t60.00%\t60.00%\t60.00%\tN/A\tN/A\tN/A\nWeighted healthcare cost trend rate(6)\tN/A\tN/A\tN/A\t4.50 - 7.30%\t4.50 - 7.80%\t4.50 - 7.80%\n", "q10k_tbl_56": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tPENSION\tOPEB\n2021\t188\t14\n2022\t189\t12\n2023\t193\t11\n2024\t192\t11\n2025\t192\t10\n2026-2030\t978\t45\n", "q10k_tbl_57": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nCompensation and employee benefit costs\t204\t188\nCurrent portion of lease liabilities (Note 17)\t26\t33\nCustomer rebates volume discounts and deferred income\t111\t105\nInterest\t87\t98\nTaxes payable\t75\t24\nOther\t93\t82\nTotal\t596\t530\n", "q10k_tbl_58": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nLetters of credit\t36\t35\nSurety bonds\t130\t127\n", "q10k_tbl_59": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\n9.00% debentures due 2021\t150\t150\n4.70% debentures due 2021\t0\t569\n7.125% debentures due 2023\t191\t191\n5.207% debentures due 2023\t860\t860\n4.625% notes due 2023\t0\t500\n3.25% debentures due 2023\t0\t325\n8.50% debentures due 2025\t300\t300\n7.95% debentures due 2025\t136\t136\n7.70% debentures due 2026\t150\t150\n7.35% debentures due 2026\t62\t62\n7.85% debentures due 2026\t100\t100\nVariable-rate term loan credit facility matures 2026\t225\t225\t\n6.95% debentures due 2027\t300\t300\n4.00% notes due 2029\t750\t750\n4.00% notes due 2030\t750\t0\n7.375% debentures due 2032\t1250\t1250\n6.875% debentures due 2033\t275\t275\nOther\t1\t1\nTotal principal long-term debt\t5500\t6144\nAdd: fair value adjustments (related to Plum Creek merger)\t12\t27\nLess: unamortized discounts\t(28)\t(14)\nLess: unamortized debt expense\t(9)\t(10)\n\t#REF!\t\nTotal\t5475\t6147\nPortion due within one year\t150\t0\n", "q10k_tbl_60": "DOLLAR AMOUNTS IN MILLIONS (1)\t\n2021\t150\n2022\t0\n2023\t1051\n2024\t0\n2025\t436\nThereafter\t3863\n", "q10k_tbl_61": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\t\n\tDECEMBER 31 2020\t\tDECEMBER 31 2019\t\n\tCARRYING VALUE\tFAIR VALUE (LEVEL 2)\tCARRYING VALUE\tFAIR VALUE (LEVEL 2)\nLong-term debt (including current maturities) and line of credit:\t\t\t\t\nFixed rate\t5250\t6718\t5922\t6986\nVariable rate\t225\t225\t455\t455\nTotal Debt\t5475\t6943\t6377\t7441\n", "q10k_tbl_62": "SHARES IN THOUSANDS\t\t\t\n\t2020\t2019\t2018\nOutstanding at beginning of year\t745300\t746391\t755223\nStock options exercised\t1441\t660\t2026\nIssued for vested restricted stock units\t574\t480\t466\nIssued for vested performance share units\t70\t118\t86\nRepurchased\t0\t(2349)\t(11410)\nOutstanding at end of year\t747385\t745300\t746391\n", "q10k_tbl_63": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nPension(1)\t\t\t\nBalance at beginning of period\t(1128)\t(1343)\t(1810)\nOther comprehensive income (loss) before reclassifications\t(223)\t(216)\t388\nAmounts reclassified from accumulated other comprehensive income (loss) to earnings(2)(3)\t287\t431\t325\nTotal other comprehensive income\t64\t215\t713\nReclassification of certain effects due to tax law changes(4)\t0\t0\t(246)\nBalance at end of period\t(1064)\t(1128)\t(1343)\nOther Post-Employment Benefits(1)\t\t\t\nBalance at beginning of period\t(12)\t(19)\t(25)\nOther comprehensive income (loss) before reclassifications\t(3)\t6\t13\nAmounts reclassified from accumulated other comprehensive income (loss) to earnings(2)\t3\t1\t0\nTotal other comprehensive income\t0\t7\t13\nReclassification of certain tax effects due to tax law changes(4)\t0\t0\t(7)\nBalance at end of period\t(12)\t(12)\t(19)\nTranslation Adjustments and Other\t\t\t\nBalance at beginning of period\t236\t210\t273\nTranslation adjustments\t18\t26\t(54)\nTotal other comprehensive income (loss)\t18\t26\t(54)\nReclassification of accumulated unrealized gains on available-for-sale securities(5)\t0\t0\t(9)\nBalance at end of period\t254\t236\t210\nAccumulated other comprehensive loss end of period\t(822)\t(904)\t(1152)\n", "q10k_tbl_64": "(1)\tAmounts are presented net of tax.\n(2)\tAmounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 9: Pension and Other Post-Employment Benefit Plans.\n(3)\tAmounts include settlement charges totaling $253 million $455 million and $200 million related to our pension plans for the years ended December 31 2020 December 31 2019 and December 31 2018 respectively. See Note 9: Pension and Other Post-Employment Benefit Plans for further detail.\n(4)\tDuring 2018 we reclassified certain tax effects from tax law changes of $253 million from \"Accumulated other comprehensive loss\" to \"Retained earnings\" on our Consolidated Balance Sheet in accordance with ASU 2018-02.\n(5)\tDuring 2018 we reclassified accumulated unrealized gains on available-for-sale securities of $9 million from \"Accumulated other comprehensive loss\" to \"Retained earnings\" on our Consolidated Balance Sheet in accordance with ASU 2016-01.\n", "q10k_tbl_65": "\tRESTRICTED STOCK UNITS (IN THOUSANDS)\tWEIGHTED AVERAGE GRANT-DATE FAIR VALUE\nNonvested at December 31 2019\t1789\t29.15\nGranted\t776\t30.03\nVested\t(663)\t28.73\nForfeited\t(51)\t29.43\nNonvested at December 31 2020(1)\t1851\t29.67\n", "q10k_tbl_66": "0\t30.03 in 2020\n0\t25.83 in 2019 and\n0\t34.19 in 2018.\n", "q10k_tbl_67": "\t2020 GRANTS\t2019 GRANTS\t2018 GRANTS\nPerformance period\t2/13/2020 - 12/31/2022\t1/1/2019 - 12/31/2021\t1/1/2018 - 12/31/2020\nExpected dividends\t4.50%\t5.25%\t3.81%\nRisk-free rate\t1.45% - 1.62%\t2.43% - 2.55%\t1.75% - 2.34%\nVolatility\t20.02% - 22.40%\t22.50% - 27.40%\t17.30% - 21.52%\nWeighted average grant-date fair value\t33.16\t29.66\t35.49\n", "q10k_tbl_68": "\tGRANTS (IN THOUSANDS)\tWEIGHTED AVERAGE GRANT-DATE FAIR VALUE\nNonvested at December 31 2019\t1049\t33.93\nGranted at target\t375\t33.16\nVested\t(91)\t37.93\nForfeited\t(20)\t32.42\nPerformance adjustment\t(215)\t37.93\nNonvested at December 31 2020(1)\t1098\t32.58\n", "q10k_tbl_69": "\tOPTIONS (IN THOUSANDS)\tWEIGHTED AVERAGE EXERCISE PRICE\tWEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)\tAGGREGATE INTRINSIC VALUE (IN MILLIONS)\nOutstanding at December 31 2019\t5275\t27.30\t\t\nExercised\t(1441)\t23.03\t\t\nForfeited or expired\t(66)\t36.49\t\t\nOutstanding at December 31 2020(1)\t3768\t28.82\t3.63\t20\nExercisable at December 31 2020\t3768\t28.82\t3.63\t20\n", "q10k_tbl_70": "0\t767 thousand as of December 31 2020\n0\t788 thousand as of December 31 2019 and\n0\t788 thousand as of December 31 2018.\n", "q10k_tbl_71": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\t2020\t2019\nOperating lease costs\t21\t20\nFinancing lease costs\t12\t15\nTotal lease costs\t33\t35\n", "q10k_tbl_72": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\t2020\t2019\nCash paid for amounts included in the measurement of lease liabilities:\t\t\nOperating cash flows for operating leases\t20\t20\nFinancing cash flows for financing leases(1)\t13\t16\nROU assets obtained in exchange for new (modified) lease liabilities:\t\t\nOperating leases\t3\t6\nFinancing leases\t4\t5\n", "q10k_tbl_73": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t\tDECEMBER 31 2020\tDECEMBER 31 2019\nLEASES\tBALANCE SHEET CLASSIFICATION\t\t\nAssets\t\t\t\nOperating lease ROU assets\tOther assets\t106\t120\nFinancing lease ROU assets\tProperty and equipment net\t19\t28\nTotal leased assets\t\t125\t148\nLiabilities\t\t\t\nCurrent:\t\t\t\nOperating lease liabilities\tAccrued liabilities\t16\t20\nFinancing lease liabilities\tAccrued liabilities\t10\t13\nNoncurrent:\t\t\t\nOperating lease liabilities\tOther liabilities\t95\t103\nFinancing lease liabilities\tOther liabilities\t12\t20\nTotal lease liabilities\t\t133\t156\n", "q10k_tbl_74": "\tDECEMBER 31 2020\tDECEMBER 31 2019\nOperating leases\t4.2%\t4.2%\nFinancing leases\t3.1%\t3.1%\n", "q10k_tbl_75": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tOPERATING LEASES\tFINANCING LEASES\n2021\t19\t11\n2022\t18\t7\n2023\t17\t4\n2024\t12\t1\n2025\t11\t0\nThereafter\t59\t0\nTotal lease payments\t136\t23\nLess: interest\t(25)\t(1)\nTotal present value of lease liabilities\t111\t22\n", "q10k_tbl_76": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nEnvironmental remediation insurance recoveries\t0\t0\t(5)\nForeign exchange losses (gains) net (1)\t7\t2\t(3)\nGain on disposition of nonstrategic assets\t(4)\t(4)\t(5)\nLitigation expense net\t11\t63\t35\nResearch and development expenses\t5\t6\t8\nTimber casualty loss\t80\t0\t0\nOther net(2)\t35\t28\t52\nTotal other operating costs net\t134\t95\t82\n", "q10k_tbl_77": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nDomestic earnings (loss)\t723\t(268)\t556\nForeign earnings\t259\t55\t251\nTotal earnings (loss) before income taxes\t982\t(213)\t807\n", "q10k_tbl_78": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nCurrent:\t\t\t\nFederal\t147\t21\t(69)\nState\t30\t1\t(5)\nForeign\t64\t10\t61\nTotal current\t241\t32\t(13)\nDeferred:\t\t\t\nFederal\t(66)\t(137)\t45\nState\t(1)\t(31)\t12\nForeign\t11\t(1)\t15\nTotal deferred\t(56)\t(169)\t72\nTotal income tax provision (benefit)\t185\t(137)\t59\n", "q10k_tbl_79": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nU.S. federal statutory income tax\t207\t(45)\t170\nState income taxes net of federal tax benefit\t23\t(31)\t8\nREIT income not subject to federal income tax\t(51)\t(68)\t(116)\nSDT settlement(1)\t0\t0\t21\nVoluntary pension contribution(2)\t0\t0\t(41)\nReturn to provision adjustment\t(3)\t4\t(1)\nForeign taxes\t11\t(2)\t15\nOther net\t(2)\t5\t3\nTotal income tax provision (benefit)\t185\t(137)\t59\nEffective income tax rate\t18.8%\t64.1%\t7.3%\n", "q10k_tbl_80": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nNet noncurrent deferred tax asset\t120\t72\nNet noncurrent deferred tax liability\t(24)\t(6)\nNet deferred tax asset\t96\t66\n", "q10k_tbl_81": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nDeferred tax assets:\t\t\nPension and post-employment benefits\t207\t159\nState tax credits\t48\t53\nDepletion\t14\t34\nExcess interest\t0\t55\nIncentive compensation\t19\t17\nWorkers compensation\t18\t18\nNet operating loss carryforwards\t16\t28\nOther\t107\t101\nGross deferred tax assets\t429\t465\nValuation allowance\t(66)\t(64)\nNet deferred tax assets\t363\t401\nDeferred tax liabilities:\t\t\nProperty plant and equipment\t(239)\t(224)\nTimber installment notes\t0\t(74)\nOther\t(28)\t(37)\nNet deferred tax liabilities\t(267)\t(335)\nNet deferred tax asset\t96\t66\n", "q10k_tbl_82": "0\tFederal - U.S. REIT - $208 million which expire from 2035 through 2039;\n0\tState - $305 million which will begin to expire in 2027; and\n0\tForeign - none currently recorded.\n", "q10k_tbl_83": "DOLLAR AMOUNTS IN MILLIONS\t\t\t\n\t2020\t2019\t2018\nSales to unaffiliated customers:\t\t\t\nU.S.\t6549\t5674\t6365\nCanada\t528\t440\t519\nJapan\t326\t305\t410\nChina\t83\t90\t120\nOther foreign countries\t46\t45\t62\nTotal\t7532\t6554\t7476\nExport sales from the U.S.:\t\t\t\nJapan\t292\t265\t338\nCanada\t109\t94\t107\nChina\t79\t85\t113\nOther foreign countries\t35\t35\t46\nTotal\t515\t479\t604\n", "q10k_tbl_84": "DOLLAR AMOUNTS IN MILLIONS\t\t\n\tDECEMBER 31 2020\tDECEMBER 31 2019\nU.S.\t13922\t14074\nCanada\t299\t275\nTotal\t14221\t14349\n", "q10k_tbl_85": "2-Plan of Acquisition Reorganization Arrangement Liquidation or Succession\t\t\n\t(a)\tAgreement and Plan of Merger dated as of November 6 2015 between Weyerhaeuser Company and Plum Creek Timber Company Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on November 9 2015 - Commission File Number 1-4825)\n3-Articles of Incorporation\t\t\n\t(a)\tArticles of Incorporation (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q filed on May 6 2011 - Commission File Number 1-4825 and to Exhibit 3.1 to the Current Report on Form 8-K filed on June 20 2013 - Commission File Number 1-4825)\n\t(b)\tBylaws (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q filed on October 26 2018 - Commission File Number 1-4825)\n4-Instruments Defining the Rights of Security Holders Including Indentures\t\t\n\t(a)\tIndenture dated as of April 1 1986 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference from the Registration Statement on Form S-3 Registration No. 333-36753)\n\t(b)\tFirst Supplemental Indenture dated as of February 15 1991 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference from the Registration Statement on Form S-3 Registration No. 333-52982)**\n\t(c)\tSecond Supplemental Indenture dated as of February 1 1993 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference from the Registration Statement on Form S-3 Registration No. 333-59974)**\n\t(d)\tThird Supplemental Indenture dated as of October 22 2001 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference to Exhibit 4(d) to the Registration Statement on Form S-3 Registration No. 333-72356)\n\t(e)\tFourth Supplemental Indenture dated as of March 12 2002 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference to Exhibit 4.8 from the Registration Statement on Form S-4/A Registration No. 333-82376)\n\t(f)\tFifth Supplemental Indenture dated as of March 30 2020 between Weyerhaeuser Company and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank and Chemical Bank) a national banking association as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on March 30 2020 - Commission File Number 1-4825)\n\t(g)\tIndenture dated as of March 15 1983 between Weyerhaeuser Company (as successor to Willamette Industries Inc.) and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank) as Trustee (incorporated by reference to Exhibit 4(f) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)\n\t(h)\tIndenture dated as of January 30 1993 between Weyerhaeuser Company (as successor to Willamette Industries Inc.) and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank) as Trustee (incorporated by reference to Exhibit 4(g) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)\n\t(i)\tFirst Supplemental Trust Indenture dated as of March 12 2002 between Weyerhaeuser Company (as successor to Willamette Industries Inc.) and The Bank of New York Mellon Trust Company N.A. (as successor to JPMorgan Chase Bank formerly known as The Chase Manhattan Bank) as Trustee (incorporated by reference to Exhibit 4(h) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)\n\t(j)\tIndenture dated as of January 15 1996 between Weyerhaeuser Company Limited (as successor to MacMillan Bloedel Limited) and The Bank of New York Mellon Trust Company N.A. (as successor to Harris Trust Company of New York formerly known as Bank of Montreal Trust Company) as Trustee (incorporated by reference to Exhibit 4(i) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)\n\t(k)\tFirst Supplemental Indenture dated as of November 1 1999 between Weyerhaeuser Company Limited and The Bank of New York Mellon Trust Company N.A. (as successor to Harris Trust Company of New York formerly Bank of Montreal Trust Company) as Trustee (incorporated by reference to Exhibit 4(j) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)\n\t(l)\tNote Indenture dated November 14 2005 by and among Plum Creek Timberlands L.P. as Issuer Weyerhaeuser Company as successor to Plum Creek Timber Company Inc. as Guarantor and U.S. Bank National Association as Trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on February 19 2016 - Commission File Number 1-4825)\n\t(m)\tSupplemental Indenture No. 1 dated as of February 19 2016 by and among Plum Creek Timberlands L.P. as Issuer Weyerhaeuser Company as Guarantor and U.S. Bank National Association as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on February 19 2016 - Commission File Number 1-4825)\n\t(n)\tSupplemental Indenture No. 2 dated September 28 2016 by and between Weyerhaeuser Company as successor Issuer and U.S. Bank National Association as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on September 30 2016 - Commission File Number 1-4825)\n", "q10k_tbl_86": "\t(o)\tOfficer's Certificate dated November 15 2010 executed by Plum Creek Timberlands L.P. as Issuer (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed on February 19 2016 - Commission File Number 1-4825)\n\t(p)\tOfficer's Certificate dated November 26 2012 executed by Plum Creek Timberlands L.P. as Issuer (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed on February 19 2016 - Commission File Number 1-4825)\n\t(q)\tAssumption and Amendment Agreement and Installment Note dated as of April 28 2016 by and among Plum Creek Timberlands L.P. Weyerhaeuser Company and MeadWestvaco Timber Note Holding Company II L.L.C. (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on May 4 2016 - Commission File Number 1-4825)\n\t(r)\tOfficer's Certificate dated February 25 2019 executed by Weyerhaeuser Company as Issuer (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on February 25 2019 - Commission File Number 1-4825)\n\t(s)\tOfficer's Certificate dated March 30 2020 executed by Weyerhaeuser Company as Issuer (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on March 30 2020 - Commission File Number 1-4825)\n\t(t)\tDescription of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4(r) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)\n10-Material Contracts\t\t\n\t(a)\tForm of Weyerhaeuser Executive Change in Control Agreement as in effect as of February 14 2020 (incorporated by reference to Exhibit 10(a) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)*\n\t(b)\tWeyerhaeuser CEO Change in Control Agreement as in effect as of February 14 2020 (incorporated by reference to Exhibit 10(b) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)*\n\t(c)\tForm of Weyerhaeuser Executive Severance Agreement as in effect as of February 14 2020 (incorporated by reference to Exhibit 10(c) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)*\n\t(d)\tWeyerhaeuser CEO Severance Agreement as in effect as of February 14 2020 (incorporated by reference to Exhibit 10(d) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)*\n\t(e)\tRestricted Stock Unit Agreement with Adrian M. Blocker dated August 24 2018 (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed on October 26 2018 - Commission File Number 1-4825)*\n\t(f)\tWeyerhaeuser Company 2013 Long-Term Incentive Plan (Amended and Restated Effective August 14 2020) (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on October 30 2020 - Commission File Number 1-4825)*\n\t(g)\tForm of Weyerhaeuser Company 2013 Long-Term Incentive Plan Stock Option Award Terms and Conditions (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on April 16 2013 - Commission File Number 1-4825)*\n\t(h)\tForm of Weyerhaeuser Company 2013 Long Term Incentive Plan Performance Share Unit Award Terms and Conditions for Plan Years 2018 and 2019 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on January 26 2017 - Commission File Number 1-4825)*\n\t(i)\tForm of Weyerhaeuser Company 2013 Long Term Incentive Plan Performance Share Unit Award Terms and Conditions for Plan Year 2020 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on January 24 2020 - Commission File Number 1-4825)*\n\t(j)\tForm of Weyerhaeuser Company 2013 Long Term Incentive Plan Performance Share Unit Award Terms and Conditions for Plan Year 2021 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on January 26 2021 - Commission File Number 1-4825)*\n\t(k)\tForm of Weyerhaeuser Company 2013 Long-Term Incentive Plan Restricted Stock Unit Award Terms and Conditions for Plan Years 2017 2018 2019 and 2020 (incorporated by reference to Exhibit 10(i) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)*\n\t(l)\tForm of Weyerhaeuser Company 2013 Long-Term Incentive Plan Restricted Stock Unit Award Terms and Conditions for Plan Year 2021 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on January 26 2021 - Commission File Number 1-4825)*\n\t(m)\tForm of Weyerhaeuser Company 2004 Long-Term Incentive Plan Stock Option Award Terms and Conditions (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on February 11 2013 - Commission File Number 1-4825)*\n\t(n)\tWeyerhaeuser Company 2004 Long-Term Incentive Compensation Plan as Amended and Restated (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed on December 29 2010 - Commission File Number 1-4825)*\n\t(o)\tForm of Plum Creek Executive Stock Option Restricted Stock Unit and Value Management Award Agreement For Plan Year 2010 (incorporated by reference to Exhibit 10(v) to the Annual Report on Form 10-K for the annual period ended December 31 2016 - Commission File Number 1-4825)*\n\t(p)\tForm of Plum Creek Executive Stock Option Restricted Stock Unit and Value Management Award Agreement For Plan Year 2011 (incorporated by reference to Exhibit 10(w) to the Annual Report on Form 10-K for the annual period ended December 31 2016 -- Commission File Number 1-4825)*\n\t(q)\t2012 Plum Creek Timber Company Inc. Stock Incentive Plan (incorporated by reference to Exhibit 99.1 from the Registration Statement on Form S-8 Registration No. 333-209617)*\n\t(r)\tAmended and Restated Plum Creek Timber Company Inc. Stock Incentive Plan (incorporated by reference to Exhibit 99.2 from the Registration Statement on Form S-8 Registration No. 333-209617)*\n\t(s)\tPlum Creek Supplemental Pension Plan (incorporated by reference to Exhibit 10(dd) to the Annual Report on Form 10-K for the annual period ended December 31 2016 - Commission File Number 1-4825)*\n\t(t)\tPlum Creek Pension Plan (incorporated by reference to Exhibit 10(ee) to the Annual Report on Form 10-K for the period ended December 31 2016 - Commission File Number 1-4825)*\n", "q10k_tbl_87": "\t(u) Plum Creek Supplemental Benefits Plan (incorporated by reference to Exhibit 10(ff) to the Annual Report on Form 10-K for the annual period ended December 31 2016 - Commission File Number 1-4825)*\n\t(v) Weyerhaeuser Company Amended and Restated Annual Incentive Plan for Salaried Employees (as amended effective February 14 2020) (incorporated by reference to Exhibit 10(u) to the Annual Report on Form 10-K for the annual period ended December 31 2019 - Commission File Number 1-4825)*\n\t(w) Weyerhaeuser Company 2015 Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed on December 22 2014 - Commission File Number 1-4825)*\n\t(x) Weyerhaeuser Company Salaried Employees Supplemental Retirement Plan (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10-K for the annual period ended December 31 2004 - Commission File Number 1-4825)*\n\t(y) 2011 Fee Deferral Plan for Directors of Weyerhaeuser Company (Amended and Restated Effective January 1 2016) (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on May 6 2016 - Commission File Number 1-4825)*\n\t(z) 2011 Fee Deferral Plan for Directors of Weyerhaeuser Company (Amended and Restated Effective August 14 2020) (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on October 30 2020 - Commission File Number 1-4825)*\n\t(aa) Form of Weyerhaeuser Company 2013 Long-Term Incentive Plan Director Restricted Stock Unit Award Terms and Conditions through May 2020 Plan Year (incorporated by reference to Exhibit 10(z) to the Annual Report on Form 10-K for the annual period ended December 31 2017 - Commission File Number 1-4825)*\n\t(bb) Form of Weyerhaeuser Company 2013 Long-Term Incentive Plan Director Restricted Stock Unit Award Terms and Conditions for Plan Years beginning November 12 2020 (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K filed on November - Commission File Number 1-4825)*\n\t(cc) Revolving Credit Facility Agreement dated as of January 29 2020 among Weyerhaeuser Company as Borrower the lenders party thereto and Wells Fargo Bank National Association as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on January 29 2020 - Commission File Number 1-4825)\n\t(dd) Term Loan Agreement dated July 24 2017 by and among Weyerhaeuser Company Northwest Farm Credit Services PCA as administrative agent and the lender party thereto (incorporated by reference to Exhibit 10 to the Quarterly Report on Form 10-Q filed on July 28 2017 - Commission File Number 1-4825)\n\t(ee) First Amendment to Term Loan Agreement dated as of July 22 2020 by and among Weyerhaeuser Company Northwest Farm Credit Services PCA as administrative agent and the lender party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on July 23 2020 - Commission File Number 1-4825).\n\t(ff) Redemption Agreement dated as of August 30 2016 by and among Southern Diversified Timber LLC Weyerhaeuser NR Company TCG Member LLC Plum Creek Timber Operations I L.L.C. TCG/Southern Diversified Manager LLC Southern Diversified LLC Campbell Opportunity Fund VI L.P. and Campbell Opportunity Fund VI-A L.P. (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on October 28 2016 - Commission File Number 1-4825)\n\t(gg) Commitment Agreement dated as of January 23 2019 by and among Weyerhaeuser Company Athene Annuity and Life Company and State Street Global Advisors Trust Company. Confidential treatment has been requested for portions of this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act of 1934 as amended. These portions have been omitted and filed separately with the Securities and Exchange Commission (incorporated by reference to Exhibit 10(hh) to the Annual Report on Form 10-K for the annual period ended December 31 2018 - Commission File Number 1-4825)\n14-Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to the Current Report on Form 8-K filed on August 22 2016 - Commission File Number 1-4825)\t\n21-Subsidiaries of the Registrant\t\n23-Consent of Independent Registered Public Accounting Firm\t\n31(a)-Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as amended\t\n31(b)-Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as amended\t\n32-Certification pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350)\t\n101.INS-Inline XBRL Instance Document\t\n101.SCH-Inline XBRL Taxonomy Extension Schema Document\t\n101.CAL-Inline XBRL Taxonomy Extension Calculation Linkbase Document\t\n101.DEF-Inline XBRL Taxonomy Extension Definition Linkbase Document\t\n101.LAB-Inline XBRL Taxonomy Extension Label Linkbase Document\t\n101.PRE-Inline XBRL Taxonomy Extension Presentation Linkbase Document\t\n104-The cover page from Weyerhaeuser Company's Annual Report on Form 10-K for the year ended December 31 2020 has been formatted in Inline XBRL.\t\n"}{"bs": "q10k_tbl_36", "is": "q10k_tbl_34", "cf": "q10k_tbl_37"}None
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 Shares ($1.25 par value)
WY
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒Yes☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ 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. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based on the closing sale price as of the last business day of the most recently completed second fiscal quarter ended on June 30, 2020, as reported on the New York Stock Exchange Composite Price Transactions, was approximately $16.8 billion.
As of February 8, 2021, 747,768 thousand shares of the registrant’s common stock ($1.25 par value) were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Notice of the 2021 Annual Meeting of Shareholders and Proxy Statement for the company’s Annual Meeting of Shareholders to be held May 14, 2021, are incorporated by reference into Part III.
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K
We are one of the world's largest private owners of timberlands. We own or control 10.7 million acres of timberlands in the U.S. and manage an additional 14.1 million acres of timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. Our objective is to maximize the long-term value of timberlands we own. We analyze each timberland acre comprehensively to understand its highest-value use. We realize this value in many ways, most notably through growing and harvesting the trees, but also by selling properties when we can create incremental value. In addition, we focus on opportunities to realize value through lease and royalty agreements for the surface and subsurface rights that exist in our ownership.
We are also one of the largest manufacturers of wood products in North America. We manufacture and distribute high-quality wood products, including structural lumber, oriented strand board, engineered wood products and other specialty products. These products are primarily supplied to the residential, multi-family, industrial, light commercial as well as repair and remodel markets. We operate 35 manufacturing facilities in the United States and Canada.
Sustainability and citizenship are part of our core values. In addition to practicing sustainable forestry, we focus on increasing energy and resource efficiency, reducing greenhouse gas emissions, conserving natural resources and offering sustainable products that meet our customers' needs. We operate with world-class safety results, actively support the communities in which we operate and strive to communicate transparently with our investors and other stakeholders. We are one of only two North American forest products companies included on the Dow Jones Sustainability North America Index, and we are also recognized for our leading performance in the areas of ethics, citizenship and gender equality.
This portion of our Annual Report on Form 10-K provides detailed information about who we are and what we do. Unless otherwise specified, current information reported in this Form 10-K is as of or for the fiscal year ended December 31, 2020. Throughout this Form 10-K, unless specified otherwise, references to “we,” “our,” “us” and “the company” refer to the consolidated company. We break out financial information such as revenues, earnings and assets by the business segments that comprise our company. We also discuss the geographic areas where we do business.
WE CAN TELL YOU MORE
AVAILABLE INFORMATION
We meet the information reporting requirements of the Securities Exchange Act of 1934 by filing periodic reports (annual reports on Form 10-K, quarterly reports on Form 10-Q), current reports on Form 8-K, proxy statements and other information with the Securities and Exchange Commission (SEC). These reports and statements, which contain information about our company’s business, financial results, corporate governance and other matters, as well as amendments to these reports and statements, are available at:
•
the SEC website — www.sec.gov and
•
our website (free of charge) — www.weyerhaeuser.com.
When we file or furnish information electronically with the SEC, it is also posted to our website.
WHO WE ARE
We were incorporated as Weyerhaeuser Timber Company in the state of Washington in January 1900, when Frederick Weyerhaeuser and 15 partners bought 900,000 acres of timberland. Today, we are working to be the world's premier timber, land and forest products company for our shareholders, customers and employees.
REAL ESTATE INVESTMENT TRUST (REIT)
Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from our timberlands, including gains from the sales of our standing timber and rent from recreational leases. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and a portion of our Timberlands and Real Estate, Energy and Natural Resources segments.
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K1
The health of the U.S. housing market strongly affects the performance of all our business segments. Wood Products primarily sells into the new residential building and repair and remodel markets. Demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products as well as export markets. Seasonal weather patterns impact the level of construction activity in the U.S., generally characterized by a reduction in activity during the winter months, which in turn affects the demand for our logs and wood products. Real Estate is affected by the health of the U.S. economy and the local real estate market conditions, such as the level of supply or demand for properties sharing the same or similar characteristics as our timberlands. Energy and Natural Resources is affected by underlying demand for commodities, including oil, natural gas and minerals.
COMPETITION IN OUR MARKETS
We operate in highly competitive domestic and foreign markets, with numerous companies selling similar products. Many of our products also face competition from substitutes for wood products. We compete in our markets primarily through product quality, service levels and price. We are relentlessly focused on operational excellence, producing quality products customers want and are willing to pay for, at the lowest possible cost.
Our business segments’ competitive strategies are as follows:
•
Timberlands — Deliver maximum timber value from every acre we own or manage.
•
Real Estate & ENR — Deliver premiums to timberland value by identifying and monetizing higher and better use lands and capturing the full value of surface and subsurface assets.
•
Wood Products — Manufacture high-quality structural lumber, oriented strand board and engineered wood products, as well as deliver complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs.
HUMAN CAPITAL AND TALENT MANAGEMENT
Our human capital and talent management practices strive to attract and retain diverse and talented people. Since we depend so much on our people, we focus on ensuring that we create and maintain a safe and inclusive work environment in which our employees have opportunities to develop and reach their potential.
OUR PEOPLE BY THE NUMBERS
As of December 31, 2020, we employed 9,372 employees, including 7,971 in the United States, 1,389 in Canada, and 12 in Japan. Of these employees, 2,421 are members of unions covered by multi-year collective-bargaining agreements.
Our employees by business segment were as follows:
SEGMENT
NUMBER OF EMPLOYEESS
Timberlands
1,289
Real Estate & ENR
67
Wood Products
7,220
Corporate
796
Total
9,372
SAFETY
Our highest priority is the safety of our employees, contractors and all others who come into contact with our daily operations. Our industry-leading safety results are driven by:
•
caring leadership with a safety-focused “tone at the top”;
•
robust safety policies and practices;
•
engaged employees with regular safety training and education and
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K2
a strong company-wide focus on identifying and reducing hazards and risks.
We regularly review safety incidents, risk-identification reports and “near-miss” incidents and apply key learnings across our organization. Our efforts have resulted in a significant and sustained reduction in the number and severity of recordable injuries. This includes a drop in our Recordable Incident Rate, which is the number of Occupational Safety and Health Administration-defined recordable injuries/illnesses that occur in 100 workers working in one year, from 10 in 1990 to 1.56 in 2020. We remain relentlessly focused on achieving our goal of creating an injury-free workplace.
In 2020, our continued focus on workplace safety enabled us to quickly implement additional protocols to safeguard the health of our employees and preserve business continuity during the COVID-19 pandemic.
PEOPLE DEVELOPMENT
We focus a great deal of energy and resources on the training and development of our people. We also connect key human capital management priorities, such as succession planning, leadership development and critical role placement, with our executive compensation programs by including these and related priorities in our senior executives’ annual cash bonus plan goals. To support our people development objectives we:
•
partner with our employees on individual development plans and provide a wide range of individual development tools;
•
annually enroll hundreds of our front-line, mid-level and future executive leaders in development programs;
•
engage in rigorous internal talent assessment and succession planning and
•
monitor and regularly review our strategies and action plans to address any workforce gaps in our organization, including gender, race and other underrepresented groups.
We also believe in the 70-20-10 approach to professional growth. This model acknowledges that at least 70 percent of development occurs on the job through direct experience and skill-building. Another 20 percent comes from focused relationship-building and exposure to projects, processes and perspective outside one’s normal expertise. The final 10 percent is focused on targeted training courses and development programs that help our employees achieve their own specific career goals. In 2020, our employees logged 31,415 hours of training in our online learning management system, which tracks both virtual and classroom courses delivered. In addition, we offer three classroom-based leadership development programs that focus on helping current and future leaders build these skills. We typically enroll hundreds of leaders in these in-person programs each year. However, in 2020 due to COVID-related health and safety restrictions, we converted our programs into virtual formats where viable. In addition, we developed “Leading Through Uncertainty” training to help leaders effectively manage their teams through the many challenges of 2020, and we offered several virtual seminars on managing stress and work/life balance.
DIVERSITY, EQUITY AND INCLUSION
We are taking action to increase diversity at all levels of our company, create a truly inclusive environment and secure, preserve and promote equity for our employees.
To help us accelerate progress in creating a truly inclusive work culture at Weyerhaeuser, we identified inclusion as one of our five core values in 2019 and formed an Inclusion Council of 20 diverse employees from across our company to help provide insights and recommendations to our senior management team. We have six focus areas: leadership and accountability; equitable practices and policies; recruiting and hiring; training and development; communication and culture; and affinity and connection. We have set targets for improvement in each category which are reviewed and reset annually. Our practices for achieving and maintaining a strong, diverse and inclusive workplace culture also include:
•
“no tolerance” policies regarding discrimination and harassment of employees, suppliers, customers and visitors;
•
third-party reviews of pay equity;
•
removal of names from resumes and creation of diverse hiring teams;
•
mandatory training on unconscious bias and harassment prevention;
•
ongoing company-wide communication on the importance of inclusion and
•
regular company-wide surveys and other means of anonymously collecting candid feedback to assist us in evaluating our progress and addressing any identified gaps.
Excluding temporary hires and part-time employees, in 2020, 40 percent of the company’s new U.S. hires met the company’s criteria for diversity, which includes race, ethnicity, gender and disability status. In response to our annual feedback survey conducted for 2020, 82 percent of our employees agreed their work environment is inclusive.
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K3
We consider our strong company culture to be a competitive advantage. We are intentional in our efforts to preserve the key positives of our workplace environment, as well as continuously improving and evolving our culture. At the heart of our culture is an unwavering commitment to our core values — safety, integrity, citizenship, sustainability and inclusion. Most of these values have been ingrained in our culture for many decades; they are cited often by our employees and are visible throughout our organization. We also embrace five key behaviors that shape our culture and guide how we work together — urgency, accountability, courage, simplicity and innovation. To assess the health of our culture, we conduct regular company-wide surveys to collect candid feedback from employees and assess overall engagement. In 2020, our overall engagement score was 85 percent and our average score on questions about the strength of our values was 83 percent. Another indicator we monitor to assess the strength of our company culture is voluntary turnover, which was only 6.5 percent in 2020.
COMPETITIVE PAY & BENEFITS
We offer competitive compensation and benefits packages based on experience, knowledge and skill level that are designed to attract and retain talented employees and reward superior performance. Some of our benefits include paid parental leave, company match for retirement plans, comprehensive medical and dental coverage and paid time off.
WHAT WE DO
This section provides information about how we:
•
grow and harvest trees,
•
maximize the value of every acre we own and
•
manufacture and sell wood products.
For each of our business segments, we provide details about what we do, where we do it, how much we sell and where we are headed.
TIMBERLANDS
Our Timberlands segment manages 10.7 million acres of private commercial timberlands in the U.S. We own 9.9 million of those acres and control the remaining acres through long-term contracts. In addition, we have renewable, long-term licenses on 14.1 million acres of Canadian timberlands.
WHAT WE DO
Forestry Management
Our Timberlands segment:
•
plants seedlings to reforest harvested areas using the most effective regeneration method for the site and species (natural regeneration is employed and managed in parts of Canada and the northern U.S.);
•
manages our timberlands as the trees grow to maturity;
•
harvests trees to be converted into wood products, such as lumber, pellets, pulp and paper;
•
manages the health of our forests to sustainably maximize harvest volumes, minimize risks, and protect unique environmental, cultural, historical and recreational value and
•
offers recreational access.
We seek to maximize the returns from our timberlands by selling delivered logs and through stumpage sales to both internal and external customers. We leverage our expertise in forestry using research and planning systems to optimize log production and innovative planting and harvesting techniques across varying terrain. We use intensive, customized silviculture to increase forest productivity and returns while managing our forests on a sustainable basis. We use our scale, infrastructure and supply chain expertise to deliver reliable and consistent supply to our customers.
Competitive factors within each of our market areas generally include price, species, grade, quality, proximity to wood-consuming facilities and the ability to consistently meet customer requirements. We compete in the marketplace through our ability to provide customers with a consistent and reliable supply of high-quality logs at scale volumes and competitive prices. Our customers also value our status as a Sustainable Forestry Initiative® (SFI) certified supplier.
Sustainable Forestry Practices
We manage our forests intensively to maximize the value of every acre and produce a sustainable supply of wood fiber for our customers. At the same time, we are careful to protect biological diversity, water quality and other ecosystem values. Our working forests also provide unique environmental, cultural, historical and recreational value. We work hard to protect these and other qualities, while still managing our forests to produce financially mature timber. We follow regulatory requirements, voluntary standards and certify 100 percent of our North American timberlands under the SFI Forest Management Standard.
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K4
In Canada, we manage timberlands under long-term licenses that serve as the primary source of raw material for our manufacturing facilities in various provinces. When we harvest trees, we pay the provinces at stumpage rates set by the government. We transfer logs to our manufacturing facilities at cost and do not generate any significant profit from the harvest of timber from our licensed acres in Canada.
Timberlands Products
PRODUCTS
HOW THEY’RE USED
Delivered logs:
• Grade logs
• Fiber logs
Grade logs are made into lumber, plywood, veneer and other products used in residential homes, commercial structures, furniture, industrial and decorative applications. Fiber logs are sold to pulp, paper and oriented strand board mills to make products used for printing, writing, packaging, homebuilding and consumer products, as well as into renewable energy and pellets.
Timber
Standing timber is sold to third parties through stumpage sales.
Recreational leases
Timberlands are leased or permitted for recreational purposes.
Other products
Seed and seedlings grown in the U.S. and wood chips.
HOW WE MEASURE OUR PRODUCT
We use multiple units of measure when transacting business including:
•
Thousand board feet (MBF) — used in the West to measure the expected lumber recovery from a tree or log and
•
Green tons (GT) — used in the South to measure weight; factors used for conversion to product volume can vary by species, size, location and season.
We report Timberlands volumes in ton equivalents.
WHERE WE DO IT
As of December 31, 2020, we sustainably managed timberlands in 18 states. This included owned or contracted acres in the following locations:
•
2.7 million acres in the western U.S. (Oregon and Washington);
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6.8 million acres in the southern U.S. (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Texas and Virginia) and
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1.2 million acres in the northern U.S. (Maine, New Hampshire, Vermont, West Virginia and Wisconsin).
In Canada, we manage timberlands under long-term licenses that provide raw material for our manufacturing facilities. These licenses are in Alberta, British Columbia, Ontario and Saskatchewan.
Our total timber inventory — including timber on owned and contracted land — is approximately 593 million tons. This timber inventory does not translate into a specific amount of lumber or panel products because the quantity of end products varies according to the age, species, size and quality of the timber and will change over time as these variables adjust.
We maintain our timber inventory in an integrated resource inventory system and geographic information system (GIS). The resource inventory component of the system is proprietary and is largely based on internally developed methods, including growth and yield models developed by our research and development organization. The GIS component is based on GIS software that is viewed as the standard in our industry.
Timber inventory data collection and verification techniques include the use of industry standard field sampling procedures as well as proprietary remote sensing technologies in some geographies. The data is collected and maintained at the timber stand level.
We also own and operate nurseries and seed orchards in Alabama, Arkansas, Georgia, Louisiana, Mississippi, Oregon, South Carolina and Washington.
WEYERHAEUSER COMPANY > 2020 ANNUAL REPORT AND FORM 10-K5