Company Quick10K Filing
Weyerhaeuser
Price27.79 EPS-0
Shares747 P/E-134
MCap20,746 P/FCF31
Net Debt7,553 EBIT188
TEV28,299 TEV/EBIT151
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-03-01
8-K 2018-02-02

WY 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation
Note 2: Business Segments
Note 3: Revenue Recognition
Note 4: Net Earnings per Share
Note 5: Inventories
Note 6: Variable Interest Entities
Note 7: Pension and Other Post - Employment Benefit Plans
Note 8: Accrued Liabilities
Note 9: Long - Term Debt and Line of Credit
Note 10: Fair Value of Financial Instruments
Note 11: Legal Proceedings, Commitments and Contingencies
Note 12: Accumulated Other Comprehensive Loss
Note 13: Share - Based Compensation
Note 14: Timberland Acquisitions and Divestitures
Note 15: Other Operating Costs, Net
Note 16: Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Md&A)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 wy-ex311_8.htm
EX-31.2 wy-ex312_10.htm
EX-32 wy-ex32_6.htm

Weyerhaeuser Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
2.41.91.30.80.2-0.32012201420172020
Rev, G Profit, Net Income
2.01.20.4-0.4-1.2-2.02012201420172020
Ops, Inv, Fin

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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 MARCH 31, 2021

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 April 26, 2021, 749,215 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

25

ITEM 4.

CONTROLS AND PROCEDURES

25

 

 

 

PART II

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

25

ITEM 1A.

RISK FACTORS

25

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

25

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES – NOT APPLICABLE

 

ITEM 4.

MINE SAFETY DISCLOSURES – NOT APPLICABLE

 

ITEM 5.

OTHER INFORMATION – NOT APPLICABLE

 

ITEM 6.

EXHIBITS

26

 

SIGNATURES

27

 

 

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

QUARTER ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

MARCH 2021

 

 

MARCH 2020

 

Net sales (Note 3)

 

$

2,506

 

 

$

1,728

 

Costs of sales

 

 

1,430

 

 

 

1,382

 

Gross margin

 

 

1,076

 

 

 

346

 

Selling expenses

 

 

20

 

 

 

22

 

General and administrative expenses

 

 

90

 

 

 

74

 

Other operating costs, net (Note 15)

 

 

10

 

 

 

10

 

Operating income

 

 

956

 

 

 

240

 

Non-operating pension and other post-employment benefit costs (Note 7)

 

 

(8

)

 

 

(9

)

Interest income and other

 

 

1

 

 

 

1

 

Interest expense, net of capitalized interest

 

 

(79

)

 

 

(85

)

Earnings before income taxes

 

 

870

 

 

 

147

 

Income taxes (Note 16)

 

 

(189

)

 

 

3

 

Net earnings

 

$

681

 

 

$

150

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic and diluted (Note 4)

 

$

0.91

 

 

$

0.20

 

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

 

 

 

 

 

 

 

 

Basic

 

 

748,718

 

 

 

746,534

 

Diluted

 

 

750,024

 

 

 

747,155

 

 

See accompanying Notes to Consolidated Financial Statements.

1


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

QUARTER ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

MARCH 2021

 

 

MARCH 2020

 

Net earnings

 

$

681

 

 

$

150

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

9

 

 

 

(42

)

Changes in unamortized actuarial loss, net of tax expense of $7 and $16

 

 

20

 

 

 

44

 

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

 

 

1

 

 

 

1

 

Total other comprehensive income

 

 

30

 

 

 

3

 

Total comprehensive income

 

$

711

 

 

$

153

 

 

See accompanying Notes to Consolidated Financial Statements.

2


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE

 

MARCH 31,

2021

 

 

DECEMBER 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,016

 

 

$

495

 

Receivables, net

 

 

589

 

 

 

450

 

Receivables for taxes

 

 

7

 

 

 

82

 

Inventories (Note 5)

 

 

505

 

 

 

443

 

Prepaid expenses and other current assets

 

 

141

 

 

 

139

 

Total current assets

 

 

2,258

 

 

 

1,609

 

Property and equipment, less accumulated depreciation of $3,487 and $3,432

 

 

1,971

 

 

 

2,013

 

Construction in progress

 

 

91

 

 

 

73

 

Timber and timberlands at cost, less depletion

 

 

11,776

 

 

 

11,827

 

Minerals and mineral rights, less depletion

 

 

265

 

 

 

268

 

Deferred tax assets

 

 

106

 

 

 

120

 

Other assets

 

 

407

 

 

 

401

 

Total assets

 

$

16,874

 

 

$

16,311

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current maturities of long-term debt (Note 9)

 

$

150

 

 

$

150

 

Accounts payable

 

 

236

 

 

 

204

 

Accrued liabilities (Note 8)

 

 

549

 

 

 

596

 

Total current liabilities

 

 

935

 

 

 

950

 

Long-term debt, net (Note 9)

 

 

5,325

 

 

 

5,325

 

Deferred tax liabilities

 

 

26

 

 

 

24

 

Deferred pension and other post-employment benefits (Note 7)

 

 

893

 

 

 

911

 

Other liabilities

 

 

367

 

 

 

370

 

Total liabilities

 

 

7,546

 

 

 

7,580

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 748,751 thousand shares at March 31, 2021 and 747,385 thousand shares at

December 31, 2020

 

 

936

 

 

 

934

 

Other capital

 

 

8,222

 

 

 

8,208

 

Retained earnings

 

 

962

 

 

 

411

 

Accumulated other comprehensive loss (Note 12)

 

 

(792

)

 

 

(822

)

Total equity

 

 

9,328

 

 

 

8,731

 

Total liabilities and equity

 

$

16,874

 

 

$

16,311

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

 

 

QUARTER ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

MARCH 2021

 

 

MARCH 2020

 

Cash flows from operations:

 

 

 

 

 

 

 

 

Net earnings

 

$

681

 

 

$

150

 

Noncash charges (credits) to earnings:

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

118

 

 

 

123

 

Basis of real estate sold

 

 

27

 

 

 

62

 

Deferred income taxes, net

 

 

8

 

 

 

(82

)

Pension and other post-employment benefits (Note 7)

 

 

19

 

 

 

19

 

Share-based compensation expense (Note 13)

 

 

7

 

 

 

7

 

Change in:

 

 

 

 

 

 

 

 

Receivables, net

 

 

(139

)

 

 

(82

)

Receivables and payables for taxes

 

 

120

 

 

 

79

 

Inventories

 

 

(60

)

 

 

(72

)

Prepaid expenses and other current assets

 

 

(2

)

 

 

(2

)

Accounts payable and accrued liabilities

 

 

(60

)

 

 

(91

)

Pension and post-employment benefit contributions and payments

 

 

(8

)

 

 

(10

)

Other

 

 

(13

)

 

 

(15

)

Net cash from operations

 

 

698

 

 

 

86

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment

 

 

(31

)

 

 

(47

)

Capital expenditures for timberlands reforestation

 

 

(22

)

 

 

(21

)

Proceeds from note receivable held by variable interest entities (Note 6)

 

 

 

 

 

362

 

Proceeds from sale of Montana timberlands (Note 14)

 

 

 

 

 

145

 

Other

 

 

 

 

 

2

 

Net cash from investing activities

 

 

(53

)

 

 

441

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

 

(127

)

 

 

(254

)

Net proceeds from issuance of long-term debt (Note 9)

 

 

 

 

 

732

 

Proceeds from borrowings on line of credit (Note 9)

 

 

 

 

 

550

 

Payments on line of credit (Note 9)

 

 

 

 

 

(230

)

Proceeds from exercise of stock options

 

 

17

 

 

 

6

 

Other

 

 

(14

)

 

 

(12

)

Net cash from financing activities

 

 

(124

)

 

 

792

 

Net change in cash and cash equivalents

 

 

521

 

 

 

1,319

 

Cash and cash equivalents at beginning of period

 

 

495

 

 

 

139

 

Cash and cash equivalents at end of period

 

$

1,016

 

 

$

1,458

 

Cash paid (received) during the period for:

 

 

 

 

 

 

 

 

Interest, net of amount capitalized of $1 and $1

 

$

75

 

 

$

108

 

Income taxes, net of refunds

 

$

66

 

 

$

 

 

See accompanying Notes to Consolidated Financial Statements.

4


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

 

 

QUARTER ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

MARCH 2021

 

 

MARCH 2020

 

Common shares:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

934

 

 

$

932

 

Issued for exercise of stock options and vested restricted stock units

 

 

2

 

 

 

1

 

Balance at end of period

 

 

936

 

 

 

933

 

Other capital:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

8,208

 

 

 

8,152

 

Issued for exercise of stock options

 

 

16

 

 

 

6

 

Shared-based compensation

 

 

7

 

 

 

7

 

Other transactions, net

 

 

(9

)

 

 

(6

)

Balance at end of period

 

 

8,222

 

 

 

8,159

 

Retained earnings (accumulated deficit):

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

411

 

 

 

(3

)

Net earnings

 

 

681

 

 

 

150

 

Dividends on common shares

 

 

(130

)

 

 

(256

)

Balance at end of period

 

 

962

 

 

 

(109

)

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(822

)

 

 

(904

)

Other comprehensive income

 

 

30

 

 

 

3

 

Balance at end of period (Note 12)

 

 

(792

)

 

 

(901

)

Total equity:

 

 

 

 

 

 

 

 

Balance at end of period

 

$

9,328

 

 

$

8,082

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

 

$

0.17

 

 

$

0.34

 

 

See accompanying Notes to Consolidated Financial Statements.

5


 

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1:

BASIS OF PRESENTATION

7

 

 

 

NOTE 2:

BUSINESS SEGMENTS

7

 

 

 

NOTE 3:

REVENUE RECOGNITION

8

 

 

 

NOTE 4:

NET EARNINGS PER SHARE

8

 

 

 

NOTE 5:

INVENTORIES

9

 

 

 

NOTE 6:

VARIABLE INTEREST ENTITIES

9

 

 

 

NOTE 7:

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

10

 

 

 

NOTE 8:

ACCRUED LIABILITIES

10

 

 

 

NOTE 9:

LONG-TERM DEBT AND LINE OF CREDIT

10

 

 

 

NOTE 10:

FAIR VALUE OF FINANCIAL INSTRUMENTS

11

 

 

 

NOTE 11:

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES

11

 

 

 

NOTE 12:

ACCUMULATED OTHER COMPREHENSIVE LOSS

12

 

 

 

NOTE 13:

SHARE-BASED COMPENSATION

12

 

 

 

NOTE 14:

TIMBERLAND ACQUISITIONS AND DIVESTITURES

13

 

 

 

NOTE 15:

OTHER OPERATING COSTS, NET

13

 

 

 

NOTE 16:

INCOME TAXES

13

 

6


 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE QUARTERS ENDED MARCH 31, 2021 AND 2020

 

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, 2020. 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

 

DOLLAR AMOUNTS IN MILLIONS

 

MARCH 2021

 

 

MARCH 2020

 

Sales to unaffiliated customers:

 

 

 

 

 

 

 

 

Timberlands

 

$

379

 

 

$

381

 

Real Estate & ENR

 

 

106

 

 

 

112

 

Wood Products

 

 

2,021

 

 

 

1,235

 

 

 

 

2,506

 

 

 

1,728

 

Intersegment sales:

 

 

 

 

 

 

 

 

Timberlands

 

 

134

 

 

 

122

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

2,640

 

 

 

1,850

 

Intersegment eliminations

 

 

(134

)

 

 

(122

)

Total

 

$

2,506

 

 

$

1,728

 

Net contribution (charge) to earnings:

 

 

 

 

 

 

 

 

Timberlands

 

$

108

 

 

$

105

 

Real Estate & ENR

 

 

66

 

 

 

36

 

Wood Products

 

 

840

 

 

 

134

 

 

 

 

1,014

 

 

 

275

 

Unallocated items(1)

 

 

(65

)

 

 

(43

)

Net contribution to earnings

 

 

949

 

 

 

232

 

Interest expense, net of capitalized interest

 

 

(79

)

 

 

(85

)

Earnings before income taxes

 

 

870

 

 

 

147

 

Income taxes

 

 

(189

)

 

 

3

 

Net earnings

 

$

681

 

 

$

150

 

(1)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

7


 

NOTE 3: REVENUE RECOGNITION

A reconciliation of revenue recognized by our major products:

 

 

 

QUARTER ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

MARCH 2021

 

 

MARCH 2020

 

Net sales to unaffiliated customers:

 

 

 

 

 

 

 

 

Timberlands segment

 

 

 

 

 

 

 

 

Delivered logs:

 

 

 

 

 

 

 

 

West

 

 

 

 

 

 

 

 

Domestic sales

 

$

79

 

 

$

87

 

Export grade sales

 

 

122

 

 

 

90

 

Subtotal West

 

 

201

 

 

 

177

 

South

 

 

131

 

 

 

150

 

North

 

 

16

 

 

 

17

 

Subtotal delivered logs sales

 

 

348

 

 

 

344

 

Stumpage and pay-as-cut timber

 

 

6

 

 

 

5

 

Recreational and other lease revenue

 

 

16

 

 

 

15

 

Other(1)

 

 

9

 

 

 

17

 

Net sales attributable to Timberlands segment

 

 

379

 

 

 

381

 

Real Estate & ENR segment

 

 

 

 

 

 

 

 

Real estate

 

 

84

 

 

 

95

 

Energy and natural resources

 

 

22

 

 

 

17

 

Net sales attributable to Real Estate & ENR segment

 

 

106

 

 

 

112

 

Wood Products segment

 

 

 

 

 

 

 

 

Structural lumber

 

 

990

 

 

 

508

 

Oriented strand board

 

 

438

 

 

 

190

 

Engineered solid section

 

 

142

 

 

 

127

 

Engineered I-joists

 

 

83

 

 

 

78

 

Softwood plywood

 

 

56

 

 

 

39

 

Medium density fiberboard

 

 

48

 

 

 

44

 

Complementary building products

 

 

171