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
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-18
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-19
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-02 Regulation FD, Exhibits
8-K 2020-08-31 Other Events, Exhibits
8-K 2020-08-20 Other Events, Exhibits
8-K 2020-08-14 Exhibits
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-07-22 Enter Agreement, Exhibits
8-K 2020-06-02
8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-17
8-K 2020-03-30
8-K 2020-03-26
8-K 2020-03-02
8-K 2020-02-18
8-K 2020-01-31
8-K 2020-01-29
8-K 2020-01-22
8-K 2019-12-16
8-K 2019-11-12
8-K 2019-10-25
8-K 2019-09-16
8-K 2019-07-26
8-K 2019-06-04
8-K 2019-05-17
8-K 2019-04-26
8-K 2019-03-04
8-K 2019-02-21
8-K 2019-02-01
8-K 2019-01-23
8-K 2018-10-26
8-K 2018-08-23
8-K 2018-08-13
8-K 2018-07-27
8-K 2018-05-18
8-K 2018-04-27
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 (Loss) per Share and Share Repurchases
Note 5: Inventories
Note 6: Variable Interest Entities
Note 7: Pension and Other Postretirement 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: Divestiture
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 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 wy-ex311_7.htm
EX-31.2 wy-ex312_6.htm
EX-32 wy-ex32_8.htm

Weyerhaeuser Earnings 2020-06-30

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

wy-10q_20200630.htm
0000106535 --12-31 Large Accelerated Filer Q2 false 2030-04-30 2021-03-31 2029-11-30 2019-10-31 P5Y 2025-01-31 2020-02-13 0.0145 0.2002 2022-12-31 0.0162 0.2240 0000106535 2020-01-01 2020-06-30 xbrli:shares 0000106535 2020-07-27 iso4217:USD 0000106535 2020-04-01 2020-06-30 0000106535 2019-04-01 2019-06-30 0000106535 2019-01-01 2019-06-30 iso4217:USD xbrli:shares 0000106535 2020-06-30 0000106535 2019-12-31 0000106535 2018-12-31 0000106535 2019-06-30 0000106535 us-gaap:CommonStockMember 2020-03-31 0000106535 us-gaap:CommonStockMember 2019-03-31 0000106535 us-gaap:CommonStockMember 2019-12-31 0000106535 us-gaap:CommonStockMember 2018-12-31 0000106535 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000106535 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000106535 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0000106535 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0000106535 us-gaap:CommonStockMember 2020-06-30 0000106535 us-gaap:CommonStockMember 2019-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000106535 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000106535 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000106535 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000106535 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000106535 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000106535 us-gaap:RetainedEarningsMember 2020-03-31 0000106535 us-gaap:RetainedEarningsMember 2019-03-31 0000106535 us-gaap:RetainedEarningsMember 2019-12-31 0000106535 us-gaap:RetainedEarningsMember 2018-12-31 0000106535 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0000106535 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000106535 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0000106535 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000106535 us-gaap:RetainedEarningsMember 2020-06-30 0000106535 us-gaap:RetainedEarningsMember 2019-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000106535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000106535 wy:TimberlandsMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000106535 wy:REENRMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000106535 wy:REENRMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000106535 wy:REENRMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000106535 wy:REENRMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember us-gaap:IntersegmentEliminationMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember us-gaap:IntersegmentEliminationMember 2019-01-01 2019-06-30 0000106535 us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0000106535 us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000106535 us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0000106535 us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000106535 us-gaap:IntersegmentEliminationMember 2020-04-01 2020-06-30 0000106535 us-gaap:IntersegmentEliminationMember 2019-04-01 2019-06-30 0000106535 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-06-30 0000106535 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-06-30 0000106535 us-gaap:CorporateNonSegmentMember 2020-04-01 2020-06-30 0000106535 us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0000106535 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-06-30 0000106535 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:DomesticMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:DomesticMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:DomesticMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:DomesticMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:ExportSalesMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:ExportSalesMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:ExportSalesMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember wy:ExportSalesMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:WestMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:SouthMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:SouthMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:SouthMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:SouthMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:NorthMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:NorthMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:NorthMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember wy:NorthMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:DeliveredlogsMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:StumpageandpayascuttimberMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:StumpageandpayascuttimberMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:StumpageandpayascuttimberMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:StumpageandpayascuttimberMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:RecreationalandotherleaserevenueMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:RecreationalandotherleaserevenueMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:RecreationalandotherleaserevenueMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:RecreationalandotherleaserevenueMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember wy:OtherproductsMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember wy:OtherproductsMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember wy:OtherproductsMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember wy:OtherproductsMember 2019-01-01 2019-06-30 0000106535 wy:TimberlandsMember 2020-04-01 2020-06-30 0000106535 wy:TimberlandsMember 2019-04-01 2019-06-30 0000106535 wy:TimberlandsMember 2020-01-01 2020-06-30 0000106535 wy:TimberlandsMember 2019-01-01 2019-06-30 0000106535 wy:REENRMember wy:RealestatesalesMember 2020-04-01 2020-06-30 0000106535 wy:REENRMember wy:RealestatesalesMember 2019-04-01 2019-06-30 0000106535 wy:REENRMember wy:RealestatesalesMember 2020-01-01 2020-06-30 0000106535 wy:REENRMember wy:RealestatesalesMember 2019-01-01 2019-06-30 0000106535 wy:REENRMember wy:EnergyandnaturalresourcesproductsMember 2020-04-01 2020-06-30 0000106535 wy:REENRMember wy:EnergyandnaturalresourcesproductsMember 2019-04-01 2019-06-30 0000106535 wy:REENRMember wy:EnergyandnaturalresourcesproductsMember 2020-01-01 2020-06-30 0000106535 wy:REENRMember wy:EnergyandnaturalresourcesproductsMember 2019-01-01 2019-06-30 0000106535 wy:REENRMember 2020-04-01 2020-06-30 0000106535 wy:REENRMember 2019-04-01 2019-06-30 0000106535 wy:REENRMember 2020-01-01 2020-06-30 0000106535 wy:REENRMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:StructurallumberMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:StructurallumberMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:StructurallumberMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:StructurallumberMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:OrientedStrandBoardMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:OrientedStrandBoardMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:OrientedStrandBoardMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:OrientedStrandBoardMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:EngineeredSolidSectionMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:EngineeredSolidSectionMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:EngineeredSolidSectionMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:EngineeredSolidSectionMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:EngineeredIjoistsMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:EngineeredIjoistsMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:EngineeredIjoistsMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:EngineeredIjoistsMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:SoftwoodPlywoodMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:SoftwoodPlywoodMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:SoftwoodPlywoodMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:SoftwoodPlywoodMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:MediumdensityfiberboardMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:MediumdensityfiberboardMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:MediumdensityfiberboardMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:MediumdensityfiberboardMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:ComplementarybuildingproductsMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:ComplementarybuildingproductsMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:ComplementarybuildingproductsMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:ComplementarybuildingproductsMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember wy:OtherproductsMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember wy:OtherproductsMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember wy:OtherproductsMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember wy:OtherproductsMember 2019-01-01 2019-06-30 0000106535 wy:WoodProductsMember 2020-04-01 2020-06-30 0000106535 wy:WoodProductsMember 2019-04-01 2019-06-30 0000106535 wy:WoodProductsMember 2020-01-01 2020-06-30 0000106535 wy:WoodProductsMember 2019-01-01 2019-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0000106535 us-gaap:RestrictedStockMember 2020-04-01 2020-06-30 0000106535 us-gaap:RestrictedStockMember 2019-04-01 2019-06-30 0000106535 us-gaap:RestrictedStockMember 2020-01-01 2020-06-30 0000106535 us-gaap:RestrictedStockMember 2019-01-01 2019-06-30 0000106535 us-gaap:PerformanceSharesMember 2020-04-01 2020-06-30 0000106535 us-gaap:PerformanceSharesMember 2019-04-01 2019-06-30 0000106535 us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 0000106535 us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0000106535 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0000106535 us-gaap:RestrictedStockMember 2020-04-01 2020-06-30 0000106535 us-gaap:RestrictedStockMember 2019-04-01 2019-06-30 0000106535 us-gaap:RestrictedStockMember 2020-01-01 2020-06-30 0000106535 us-gaap:RestrictedStockMember 2019-01-01 2019-06-30 0000106535 us-gaap:PerformanceSharesMember 2020-04-01 2020-06-30 0000106535 us-gaap:PerformanceSharesMember 2019-04-01 2019-06-30 0000106535 us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 0000106535 us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0000106535 2019-02-07 0000106535 wy:LogsAndChipsMember 2020-06-30 0000106535 wy:LogsAndChipsMember 2019-12-31 0000106535 wy:LumberPlywoodandPanelsMember 2020-06-30 0000106535 wy:LumberPlywoodandPanelsMember 2019-12-31 0000106535 wy:InventoryOtherProductsMember 2020-06-30 0000106535 wy:InventoryOtherProductsMember 2019-12-31 0000106535 wy:LumberPlywoodPanelsAndEngineeredLumberMember 2020-06-30 0000106535 wy:LumberPlywoodPanelsAndEngineeredLumberMember 2019-12-31 0000106535 wy:InventoryRawMaterialsandSuppliesMember 2020-06-30 0000106535 wy:InventoryRawMaterialsandSuppliesMember 2019-12-31 0000106535 2020-01-01 2020-03-31 0000106535 2019-01-01 2019-03-31 0000106535 2019-07-01 2019-09-30 0000106535 2018-10-01 2018-12-31 0000106535 us-gaap:PensionPlansDefinedBenefitMember 2020-04-01 2020-06-30 0000106535 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000106535 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-06-30 0000106535 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000106535 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-04-01 2020-06-30 0000106535 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000106535 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-06-30 0000106535 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000106535 country:US 2020-04-01 2020-06-30 0000106535 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 xbrli:pure 0000106535 srt:MaximumMember 2020-06-30 0000106535 2019-01-01 2019-12-31 0000106535 wy:A400PercentDue2030Member 2020-03-31 0000106535 wy:A400PercentDue2030Member 2020-03-01 2020-03-31 0000106535 wy:A470PercentDue2021Member 2020-05-31 0000106535 2020-05-01 2020-05-31 0000106535 wy:A470PercentDue2021Member 2020-05-01 2020-05-31 0000106535 wy:A470PercentDue2021Member 2020-06-30 0000106535 wy:A400PercentDue2029Member 2019-02-28 0000106535 wy:A400PercentDue2029Member 2019-02-01 2019-02-28 0000106535 wy:A738PercentDue2019Member 2019-03-01 2019-03-31 0000106535 wy:A738PercentDue2019Member 2019-03-31 0000106535 2019-03-31 0000106535 wy:AmendedAndRestatedMember 2020-01-31 0000106535 wy:AmendedAndRestatedMember 2020-01-01 2020-01-31 0000106535 wy:FixedinterestrateMember 2020-06-30 0000106535 wy:FixedinterestrateMember 2019-12-31 0000106535 wy:VariableinterestrateMember 2020-06-30 0000106535 wy:VariableinterestrateMember 2019-12-31 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2020-03-31 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2019-03-31 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2019-12-31 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2018-12-31 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2020-04-01 2020-06-30 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-06-30 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-06-30 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-06-30 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2020-06-30 0000106535 wy:AccumulatedPensionPlansDefinedBenefitPlansAdjustmentMember 2019-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2020-03-31 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2019-03-31 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2019-12-31 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2018-12-31 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2020-04-01 2020-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2019-04-01 2019-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2020-06-30 0000106535 wy:AccumulatedOtherPostretirementBenefitPlansDefinedBenefitPlansAdjustmentMember 2019-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2020-03-31 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2019-03-31 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2019-12-31 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2018-12-31 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2020-04-01 2020-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2019-04-01 2019-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2020-01-01 2020-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2019-01-01 2019-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2020-06-30 0000106535 wy:AccumulatedTranslationAdjustmentAndOtherMember 2019-06-30 0000106535 us-gaap:PerformanceSharesMember srt:MinimumMember 2020-06-30 0000106535 us-gaap:PerformanceSharesMember srt:MaximumMember 2020-06-30 0000106535 us-gaap:PerformanceSharesMember 2020-06-30 0000106535 srt:MinimumMember us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 0000106535 srt:MaximumMember us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 utr:acre 0000106535 country:MT 2019-12-17 2019-12-17 0000106535 country:MT 2020-03-26 2020-03-26

 

 

 

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 JUNE 30, 2020

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 July 27, 2020, 746,267 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

29

ITEM 4.

CONTROLS AND PROCEDURES

29

 

 

 

PART II

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

29

ITEM 1A.

RISK FACTORS

29

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

30

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

30

ITEM 4.

MINE SAFETY DISCLOSURES

30

ITEM 5.

OTHER INFORMATION

30

ITEM 6.

EXHIBITS

31

 

SIGNATURES

32

 

 

 

 


 

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

 

JUNE 2020

 

 

JUNE 2019

 

 

JUNE 2020

 

 

JUNE 2019

 

Net sales (Note 3)

 

$

1,631

 

 

$

1,692

 

 

$

3,359

 

 

$

3,335

 

Costs of sales

 

 

1,283

 

 

 

1,390

 

 

 

2,665

 

 

 

2,712

 

Gross margin

 

 

348

 

 

 

302

 

 

 

694

 

 

 

623

 

Selling expenses

 

 

18

 

 

 

21

 

 

 

40

 

 

 

42

 

General and administrative expenses

 

 

84

 

 

 

80

 

 

 

158

 

 

 

169

 

Other operating costs, net (Note 15)

 

 

3

 

 

 

15

 

 

 

13

 

 

 

52

 

Operating income

 

 

243

 

 

 

186

 

 

 

483

 

 

 

360

 

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

 

 

(10

)

 

 

(10

)

 

 

(19

)

 

 

(480

)

Interest income and other

 

 

2

 

 

 

6

 

 

 

3

 

 

 

16

 

Interest expense, net of capitalized interest

 

 

(103

)

 

 

(91

)

 

 

(188

)

 

 

(198

)

Earnings (loss) before income taxes

 

 

132

 

 

 

91

 

 

 

279

 

 

 

(302

)

Income taxes (Note 16)

 

 

(60

)

 

 

37

 

 

 

(57

)

 

 

141

 

Net earnings (loss)

 

$

72

 

 

$

128

 

 

$

222

 

 

$

(161

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share, basic and diluted (Note 4)

 

$

0.10

 

 

$

0.17

 

 

$

0.30

 

 

$

(0.22

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

746,896

 

 

 

745,486

 

 

 

746,715

 

 

 

746,041

 

Diluted

 

 

746,984

 

 

 

746,232

 

 

 

747,070

 

 

 

746,041

 

 

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

 

JUNE 2020

 

 

JUNE 2019

 

 

JUNE 2020

 

 

JUNE 2019

 

Net earnings (loss)

 

$

72

 

 

$

128

 

 

$

222

 

 

$

(161

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

17

 

 

 

11

 

 

 

(25

)

 

 

25

 

Changes in unamortized actuarial loss, net of tax expense of $8, $9, $24 and $120

 

 

23

 

 

 

29

 

 

 

67

 

 

 

373

 

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

 

 

1

 

 

 

(1

)

 

 

2

 

 

 

(1

)

Total other comprehensive income

 

 

41

 

 

 

39

 

 

 

44

 

 

 

397

 

Total comprehensive income

 

$

113

 

 

$

167

 

 

$

266

 

 

$

236

 

 

See accompanying Notes to Consolidated Financial Statements.

2


 

WEYERHAEUSER COMPANY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE

 

JUNE 30,

2020

 

 

DECEMBER 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

643

 

 

$

139

 

Receivables, net

 

 

420

 

 

 

309

 

Receivables for taxes

 

 

48

 

 

 

98

 

Inventories (Note 5)

 

 

409

 

 

 

416

 

Assets held for sale

 

 

 

 

 

140

 

Prepaid expenses and other current assets

 

 

131

 

 

 

147

 

Current restricted financial investments held by variable interest entities (Note 6)

 

 

 

 

 

362

 

Total current assets

 

 

1,651

 

 

 

1,611

 

Property and equipment, less accumulated depreciation of $3,493 and $3,477

 

 

1,958

 

 

 

1,969

 

Construction in progress

 

 

110

 

 

 

130

 

Timber and timberlands at cost, less depletion

 

 

11,780

 

 

 

11,929

 

Minerals and mineral rights, less depletion

 

 

275

 

 

 

281

 

Deferred tax assets

 

 

65

 

 

 

72

 

Other assets

 

 

415

 

 

 

414

 

Total assets

 

$

16,254

 

 

$

16,406

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Borrowings on line of credit (Note 9)

 

 

 

 

 

230

 

Accounts payable

 

 

199

 

 

 

246

 

Accrued liabilities (Note 8)

 

 

525

 

 

 

530

 

Total current liabilities

 

 

724

 

 

 

1,006

 

Long-term debt, net (Note 9)

 

 

6,299

 

 

 

6,147

 

Deferred tax liabilities

 

 

18

 

 

 

6

 

Deferred pension and other postretirement benefits (Note 7)

 

 

652

 

 

 

693

 

Other liabilities

 

 

359

 

 

 

377

 

Total liabilities

 

 

8,052

 

 

 

8,229

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 746,251 thousand shares at June 30, 2020 and 745,300 thousand shares at

December 31, 2019

 

 

933

 

 

 

932

 

Other capital

 

 

8,166

 

 

 

8,152

 

Accumulated deficit

 

 

(37

)

 

 

(3

)

Accumulated other comprehensive loss (Note 12)

 

 

(860

)

 

 

(904

)

Total equity

 

 

8,202

 

 

 

8,177

 

Total liabilities and equity

 

$

16,254

 

 

$

16,406

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

JUNE 2020

 

 

JUNE 2019

 

Cash flows from operations:

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

222

 

 

$

(161

)

Noncash charges (credits) to earnings (loss):

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

240

 

 

 

247

 

Basis of real estate sold

 

 

96

 

 

 

81

 

Deferred income taxes, net

 

 

(2

)

 

 

(166

)

Pension and other postretirement benefits (Note 7)

 

 

37

 

 

 

496

 

Share-based compensation expense (Note 13)

 

 

15

 

 

 

16

 

Change in:

 

 

 

 

 

 

 

 

Receivables, net

 

 

(112

)

 

 

(87

)

Receivables and payables for taxes

 

 

61

 

 

 

(25

)

Inventories

 

 

2

 

 

 

(32

)

Prepaid expenses and other current assets

 

 

5

 

 

 

3

 

Accounts payable and accrued liabilities

 

 

(61

)

 

 

45

 

Pension and postretirement benefit contributions and payments

 

 

(16

)

 

 

(27

)

Other

 

 

(10

)

 

 

(8

)

Net cash from operations

 

 

477

 

 

 

382

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures for property and equipment

 

 

(102

)

 

 

(112

)

Capital expenditures for timberlands reforestation

 

 

(32

)

 

 

(31

)

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

 

 

362

 

 

 

253

 

Proceeds from sale of Montana timberlands (Note 14)

 

 

145

 

 

 

 

Other

 

 

3

 

 

 

19

 

Net cash from investing activities

 

 

376

 

 

 

129

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash dividends on common shares

 

 

(254

)

 

 

(507

)

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

 

 

732

 

 

 

739

 

Payments on long-term debt (Note 9)

 

 

(588

)

 

 

(512

)

Proceeds from borrowings on line of credit (Note 9)

 

 

550

 

 

 

385

 

Payments on line of credit (Note 9)

 

 

(780

)

 

 

(670

)

Proceeds from exercise of stock options

 

 

6

 

 

 

4

 

Repurchases of common shares (Note 4)

 

 

 

 

 

(60

)

Other

 

 

(15

)

 

 

(12

)

Net cash from financing activities

 

 

(349

)

 

 

(633

)

Net change in cash and cash equivalents

 

 

504

 

 

 

(122

)

Cash and cash equivalents at beginning of period

 

 

139

 

 

 

334

 

Cash and cash equivalents at end of period

 

$

643

 

 

$

212

 

Cash paid (received) during the period for:

 

 

 

 

 

 

 

 

Interest, net of amount capitalized of $3 and $2

 

$

178

 

 

$

187

 

Income taxes, net of refunds

 

$

1

 

 

$

51

 

 

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

 

JUNE 2020

 

 

JUNE 2019

 

 

JUNE 2020

 

 

JUNE 2019

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

933

 

 

$

931

 

 

$

932

 

 

$

933

 

Issued for exercise of stock options and vested restricted stock units

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Repurchases of common shares (Note 4)

 

 

 

 

 

 

 

 

 

 

 

(3

)

Balance at end of period

 

 

933

 

 

 

931

 

 

 

933

 

 

 

931

 

Other capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

8,159

 

 

 

8,121

 

 

 

8,152

 

 

 

8,172

 

Issued for exercise of stock options

 

 

 

 

 

2

 

 

 

6

 

 

 

4

 

Repurchases of common shares (Note 4)

 

 

 

 

 

 

 

 

 

 

 

(57

)

Shared-based compensation

 

 

8

 

 

 

7

 

 

 

15

 

 

 

16

 

Other transactions, net

 

 

(1

)

 

 

 

 

 

(7

)

 

 

(5

)

Balance at end of period

 

 

8,166

 

 

 

8,130

 

 

 

8,166

 

 

 

8,130

 

Retained earnings (accumulated deficit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(109

)

 

 

543

 

 

 

(3

)

 

 

1,093

 

Net earnings (loss)

 

 

72

 

 

 

128

 

 

 

222

 

 

 

(161

)

Dividends on common shares

 

 

 

 

 

(253

)

 

 

(256

)

 

 

(507

)

Adjustments related to accounting pronouncements and other

 

 

 

 

 

 

 

 

 

 

 

(7

)

Balance at end of period

 

 

(37