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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM              TO             

COMMISSION FILE NUMBER: 1-4825

 

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in its charter)

 

 

Washington

 

91-0470860

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

220 Occidental Avenue South

Seattle, Washington

 

98104-7800

(Address of principal executive offices)

 

(Zip Code)

 

(206) 539-3000

(Registrant’s telephone number, including area code)

 

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 (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, a 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No

As of October 24, 2022, 735,917 thousand shares of the registrant’s common stock ($1.25 par value) were outstanding.

 


 

 

TABLE OF CONTENTS

 

PART I

FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS:

 

 

CONSOLIDATED STATEMENT OF OPERATIONS

1

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

2

 

CONSOLIDATED BALANCE SHEET

3

 

CONSOLIDATED STATEMENT OF CASH FLOWS

4

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

5

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

14

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

26

ITEM 4.

CONTROLS AND PROCEDURES

27

 

 

 

PART II

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

27

ITEM 1A.

RISK FACTORS

27

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

27

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES – NOT APPLICABLE

 

ITEM 4.

MINE SAFETY DISCLOSURES – NOT APPLICABLE

 

ITEM 5.

OTHER INFORMATION – NOT APPLICABLE

 

ITEM 6.

EXHIBITS

28

 

SIGNATURES

29

 

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

Net sales (Note 3)

 

$

2,276

 

 

$

2,345

 

 

$

8,361

 

 

$

7,995

 

Costs of sales

 

 

1,694

 

 

 

1,589

 

 

 

5,130

 

 

 

4,602

 

Gross margin

 

 

582

 

 

 

756

 

 

 

3,231

 

 

 

3,393

 

Selling expenses

 

 

24

 

 

 

24

 

 

 

70

 

 

 

68

 

General and administrative expenses

 

 

100

 

 

 

98

 

 

 

294

 

 

 

283

 

Other operating costs (income), net (Note 13)

 

 

1

 

 

 

(15

)

 

 

19

 

 

 

8

 

Operating income

 

 

457

 

 

 

649

 

 

 

2,848

 

 

 

3,034

 

Non-operating pension and other post-employment benefit costs (Note 6)

 

 

(12

)

 

 

(5

)

 

 

(38

)

 

 

(14

)

Interest income and other

 

 

9

 

 

 

1

 

 

 

9

 

 

 

4

 

Interest expense, net of capitalized interest

 

 

(67

)

 

 

(79

)

 

 

(204

)

 

 

(236

)

Loss on debt extinguishment (Note 8)

 

 

 

 

 

 

 

 

(276

)

 

 

 

Earnings before income taxes

 

 

387

 

 

 

566

 

 

 

2,339

 

 

 

2,788

 

Income taxes (Note 14)

 

 

(77

)

 

 

(84

)

 

 

(470

)

 

 

(597

)

Net earnings

 

$

310

 

 

$

482

 

 

$

1,869

 

 

$

2,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic and diluted (Note 4)

 

$

0.42

 

 

$

0.64

 

 

$

2.51

 

 

$

2.92

 

Weighted average shares outstanding (in thousands) (Note 4):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

740,058

 

 

 

750,105

 

 

 

743,990

 

 

 

749,657

 

Diluted

 

 

740,975

 

 

 

751,443

 

 

 

745,081

 

 

 

750,999

 

 

See accompanying Notes to Consolidated Financial Statements.

1


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

Net earnings

 

$

310

 

 

$

482

 

 

$

1,869

 

 

$

2,191

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(53

)

 

 

(25

)

 

 

(62

)

 

 

(1

)

Changes in unamortized actuarial loss, net of tax expense of $11, $10, $40 and $55

 

 

32

 

 

 

29

 

 

 

122

 

 

 

170

 

Changes in unamortized net prior service credit, net of tax expense of $0, $0, $1 and $0

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

Total other comprehensive income (loss)

 

 

(20

)

 

 

5

 

 

 

61

 

 

 

171

 

Total comprehensive income

 

$

290

 

 

$

487

 

 

$

1,930

 

 

$

2,362

 

 

See accompanying Notes to Consolidated Financial Statements.

2


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE

 

SEPTEMBER 30,

2022

 

 

DECEMBER 31,

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,920

 

 

$

1,879

 

Receivables, net

 

 

425

 

 

 

507

 

Receivables for taxes

 

 

15

 

 

 

24

 

Inventories (Note 5)

 

 

542

 

 

 

520

 

Prepaid expenses and other current assets

 

 

146

 

 

 

205

 

Total current assets

 

 

3,048

 

 

 

3,135

 

Property and equipment, less accumulated depreciation of $3,680 and $3,592

 

 

1,997

 

 

 

2,057

 

Construction in progress

 

 

245

 

 

 

175

 

Timber and timberlands at cost, less depletion

 

 

11,681

 

 

 

11,510

 

Minerals and mineral rights, less depletion

 

 

245

 

 

 

255

 

Deferred tax assets

 

 

10

 

 

 

17

 

Other assets

 

 

364

 

 

 

503

 

Total assets

 

$

17,590

 

 

$

17,652

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current maturities of long-term debt (Note 8)

 

$

118

 

 

$

 

Accounts payable

 

 

272

 

 

 

281

 

Accrued liabilities (Note 7)

 

 

664

 

 

 

673

 

Total current liabilities

 

 

1,054

 

 

 

954

 

Long-term debt, net (Note 8)

 

 

4,935

 

 

 

5,099

 

Deferred tax liabilities

 

 

89

 

 

 

46

 

Deferred pension and other post-employment benefits (Note 6)

 

 

335

 

 

 

440

 

Other liabilities

 

 

339

 

 

 

346

 

Total liabilities

 

 

6,752

 

 

 

6,885

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 737,547 thousand shares at September 30, 2022 and 747,301 thousand shares at December 31, 2021

 

 

922

 

 

 

934

 

Other capital

 

 

7,824

 

 

 

8,181

 

Retained earnings

 

 

2,510

 

 

 

2,131

 

Accumulated other comprehensive loss (Note 11)

 

 

(418

)

 

 

(479

)

Total equity

 

 

10,838

 

 

 

10,767

 

Total liabilities and equity

 

$

17,590

 

 

$

17,652

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

Cash flows from operations:

 

 

 

 

 

 

 

 

Net earnings

 

$

1,869

 

 

$

2,191

 

Noncash charges (credits) to earnings:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

360

 

 

 

356

 

Basis of real estate sold

 

 

77

 

 

 

62

 

Deferred income taxes, net

 

 

17

 

 

 

16

 

Pension and other post-employment benefits (Note 6)

 

 

65

 

 

 

46

 

Share-based compensation expense (Note 12)

 

 

25

 

 

 

23

 

Gain on sale of timberlands (Note 16)

 

 

 

 

 

(32

)

Loss on debt extinguishment (Note 8)

 

 

276

 

 

 

 

Change in:

 

 

 

 

 

 

 

 

Receivables, net

 

 

81

 

 

 

(47

)

Receivables and payables for taxes

 

 

15

 

 

 

93

 

Inventories

 

 

(30

)

 

 

(55

)

Prepaid expenses and other current assets

 

 

(7

)

 

 

(21

)

Accounts payable and accrued liabilities

 

 

(23

)

 

 

116

 

Pension and post-employment benefit contributions and payments

 

 

(19

)

 

 

(56

)

Other

 

 

(41

)

 

 

(27

)

Net cash from operations

 

 

2,665

 

 

 

2,665

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment

 

 

(207

)

 

 

(184

)

Capital expenditures for timberlands reforestation

 

 

(38

)

 

 

(39

)

Acquisition of timberlands (Note 16)

 

 

(286

)

 

 

(149

)

Proceeds from sale of timberlands (Note 16)

 

 

 

 

 

261

 

Other

 

 

1

 

 

 

3

 

Net cash from investing activities

 

 

(530

)

 

 

(108

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

 

(1,485

)

 

 

(382

)

Net proceeds from issuance of long-term debt (Note 8)

 

 

881

 

 

 

 

Payments on long-term debt (Note 8)

 

 

(1,203

)

 

 

(225

)

Proceeds from exercise of stock options

 

 

15

 

 

 

46

 

Repurchases of common shares (Note 4)

 

 

(402

)

 

 

(26

)

Other

 

 

(20

)

 

 

(19

)

Net cash from financing activities

 

 

(2,214

)

 

 

(606

)

Net change in cash, cash equivalents and restricted cash

 

 

(79

)

 

 

1,951

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,999

 

 

 

495

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,920

 

 

$

2,446

 

Cash paid (received) during the period for:

 

 

 

 

 

 

 

 

Interest, net of amount capitalized of $5 and $3

 

$

211

 

 

$

237

 

Income taxes, net of refunds

 

$

446

 

 

$

494

 

 

See accompanying Notes to Consolidated Financial Statements.

4


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

927

 

 

$

937

 

 

$

934

 

 

$

934

 

Issued for exercise of stock options and vested units

 

 

 

 

 

 

 

 

2

 

 

 

3

 

Repurchases of common shares (Note 4)

 

 

(5

)

 

 

(1

)

 

 

(14

)

 

 

(1

)

Balance at end of period

 

 

922

 

 

 

936

 

 

 

922

 

 

 

936

 

Other capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

7,954

 

 

 

8,258

 

 

 

8,181

 

 

 

8,208

 

Issued for exercise of stock options

 

 

1

 

 

 

1

 

 

 

14

 

 

 

44

 

Repurchases of common shares (Note 4)

 

 

(140

)

 

 

(25

)

 

 

(390

)

 

 

(25

)

Share-based compensation

 

 

8

 

 

 

8

 

 

 

25

 

 

 

23

 

Other transactions, net

 

 

1

 

 

 

 

 

 

(6

)

 

 

(8

)

Balance at end of period

 

 

7,824

 

 

 

8,242

 

 

 

7,824

 

 

 

8,242

 

Retained earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

2,333

 

 

 

1,861

 

 

 

2,131

 

 

 

411

 

Net earnings

 

 

310

 

 

 

482

 

 

 

1,869

 

 

 

2,191

 

Dividends on common shares

 

 

(133

)

 

 

(501

)

 

 

(1,490

)

 

 

(760

)

Balance at end of period

 

 

2,510

 

 

 

1,842

 

 

 

2,510

 

 

 

1,842

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(398

)

 

 

(656

)

 

 

(479

)

 

 

(822

)

Other comprehensive income (loss)

 

 

(20

)

 

 

5

 

 

 

61

 

 

 

171

 

Balance at end of period (Note 11)

 

 

(418

)

 

 

(651

)

 

 

(418

)

 

 

(651

)

Total equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 

$

10,838

 

 

$

10,369

 

 

$

10,838

 

 

$

10,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

 

$

0.18

 

 

$

0.17

 

 

$

1.99

 

 

$

0.51

 

 

See accompanying Notes to Consolidated Financial Statements.

5


 

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

6


 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

 

NOTE 1: BASIS OF PRESENTATION

Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company.

The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year.

 

 

NOTE 2: BUSINESS SEGMENTS

We are principally engaged in growing and harvesting timber; manufacturing, distributing and selling products made from trees; maximizing the value of every acre we own through the sale of higher and better use (HBU) properties; and monetizing the value of surface and subsurface assets through leases and royalties. Our business segments are categorized based primarily on products and services which include:

Timberlands – Logs, timber, recreational leases and other products;

Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas, and wind and solar resources) and

Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution.

A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2021

 

Sales to unaffiliated customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

441

 

 

$

423

 

 

$

1,421

 

 

$

1,207

 

Real Estate & ENR

 

 

68

 

 

 

69

 

 

 

313

 

 

 

285

 

Wood Products

 

 

1,767

 

 

 

1,853

 

 

 

6,627

 

 

 

6,503

 

 

 

 

2,276

 

 

 

2,345