EX-12 4 wy-123114xex12.htm EXHIBIT 12 WY-12.31.14-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

 
 
 
 
 
2014

2013

2012

2011

2010

Available earnings:
 
 
 
 
 
Earnings from continuing operations before interest expense, amortization of debt expense and income taxes
$
1,357

$
689

$
667

$
573

$
438

Add: interest portion of rental expense
10

13

12

13

15

Add (deduct): undistributed losses (earnings) of equity affiliates and noncontrolling interest in income of subsidiaries
5

(7
)
(1
)
3

19

Available earnings
$
1,372

$
695

$
678

$
589

$
472

Fixed charges:
 
 
 
 
 
Interest expense incurred
351

343

347

362

402

Amortization of debt expense
6

7

6

7

6

Interest portion of rental expense
10

13

12

13

15

Total fixed charges
367

363

365

382

423

Dividends on preference shares(1)
54

23

—

—

—

Total fixed charges and preference dividends
$
421

$
386

$
365

$
382

$
423

Ratio of earnings to fixed charges
3.74

1.91

1.86

1.54

1.12

Ratio of earnings to combined fixed charges and preference dividends
3.26

1.80

1.86

1.54

1.12

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