EX-12 2 wy-123113xex12.htm EXHIBIT WY-12.31.13-Ex.12


EXHIBIT 12
WEYERHAEUSER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
 
DOLLAR AMOUNTS IN MILLIONS
 
 
 
 
 
 
Year Ended

 
 
 
 
  
2013

2012

2011

2010

2009

Available earnings (loss):
 
 
 
 
 
Earnings (loss) from continuing operations before interest expense, amortization of debt expense and income taxes
$
840

$
831

$
647

$
520

$
(238
)
Add: interest portion of rental expense
15

14

16

18

31

Add (deduct): undistributed losses (earnings) of equity affiliates and minority interest in income of subsidiaries
(6
)
—

3

12

21

Available earnings (loss)
$
849

$
845

$
666

$
550

$
(186
)
Fixed charges:
 
 
 
 
 
Interest expense incurred:
 
 
 
 
 
Weyerhaeuser Company and subsidiaries excluding Weyerhaeuser Real Estate Company and other related subsidiaries
$
366

$
346

$
361

$
401

$
457

Weyerhaeuser Real Estate Company and other related subsidiaries
23

27

24

28

35

Subtotal
389

373

385

429

492

Less: intercompany interest
(16
)
(13
)
(4
)
(4
)
(5
)
Total interest expense incurred
373

360

381

425

487

Amortization of debt expense
7

6

7

6

7

Interest portion of rental expense
15

14

16

18

31

Total fixed charges
395

380

404

449

525

Dividends on preference shares(1)
23

—

—

—

—

Total fixed charges and preference dividends
$
418

$
380

$
404

$
449

$
525

Ratio of earnings to fixed charges
2.15

2.22

1.65

1.22

—

Ratio of earnings to combined fixed charges and preference dividends
2.03

2.22

1.65

1.22

—

Coverage deficiency
$
—

$
—

$
—

$
—

$
711

(1) The preference security dividend has been calculated without adjustment for income taxes as a result of the negative effective tax rate in 2013.




WEYERHAEUSER COMPANY WITH ITS WEYERHAEUSER REAL ESTATE COMPANY AND OTHER RELATED SUBSIDIARIES ACCOUNTED FOR ON THE EQUITY METHOD, BUT EXCLUDING THE UNDISTRIBUTED EARNINGS OF THOSE SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
 
DOLLAR AMOUNTS IN MILLIONS
 
 
 
 
 
 
Year Ended

 
 
 
 
  
2013

2012

2011

2010

2009

Available earnings:
 
 
 
 
 
Earnings (loss) from continuing operations before interest expense, amortization of debt expense and income taxes
$
795

$
791

$
619

$
487

$
(311
)
Add: interest portion of rental expense
13

12

13

15

24

Add (deduct): undistributed (earnings) losses of equity affiliates and minority interest in income of subsidiaries
(6
)
(1
)
2

10

17

Add (deduct): undistributed (earnings) losses before income taxes of Weyerhaeuser Real Estate Company and other related subsidiaries
235

(100
)
(55
)
(89
)
303

Available earnings
$
1,037

$
702

$
579

$
423

$
33

Fixed charges:
 

 

 

 

 

Interest expense incurred
$
366

$
346

$
361

$
401

$
457

Amortization of debt expense
7

6

7

6

7

Interest portion of rental expense
13

12

13

15

24

Total fixed charges
386

364

381

422

488

Dividends on preference shares(1)
23

—

—

—

—

Total fixed charges and preference dividends
$
409

$
364

$
381

$
422

$
488

Ratio of earnings to fixed charges
2.69

1.93

1.52

1.00

—

Ratio of earnings to combined fixed charges and preference dividends
2.54

1.93

1.52

1.00

—

Coverage deficiency
$
—

$
—

$
—

$
—

$
455

(1) The preference security dividend has been calculated without adjustment for income taxes as a result of the negative effective tax rate in 2013.