XML 51 R40.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
3 Months Ended
Mar. 31, 2016
Condensed Income Statement [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
 
QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
186

$
27

$
1,808

$
(186
)
$
1,835

Costs of products sold
57

24

1,577

(183
)
1,475

Gross margin
129

3

231

(3
)
360

Other operating expenses, net
81

22

71

—

174

Operating income
48

(19
)
160

(3
)
186

Non-operating expense, net
(12
)
(6
)
(67
)
—

(85
)
Earnings before income taxes
36

(25
)
93

(3
)
101

Income taxes
—

—

(20
)
—

(20
)
Net earnings
36

(25
)
73

(3
)
81

Dividends on preference shares
(11
)
—

—

—

(11
)
Net earnings attributable to Weyerhaeuser common shareholders
$
25

$
(25
)
$
73

$
(3
)
$
70


 
QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net sales
$
198

$
—

$
1,699

$
(170
)
$
1,727

Costs of products sold
61

—

1,495

(171
)
1,385

Gross margin
137

—

204

1

342

Other operating expenses, net
19

—

123

—

142

Operating income
118

—

81

1

200

Non-operating expense, net
(6
)
—

(74
)
—

(80
)
Earnings before income taxes
112

—

7

1

120

Income taxes
—

—

(19
)
—

(19
)
Net earnings
112

—

(12
)
1

101

Dividends on preference shares
(11
)
—

—

—

(11
)
Net earnings attributable to Weyerhaeuser common shareholders
$
101

$
—

$
(12
)
$
1

$
90

Condensed Statement of Comprehensive Income [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
 
QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings (loss)
$
36

$
(25
)
$
73

$
(3
)
$
81

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments
—

—

41

—

41

Actuarial gains, net of tax expense
2

—

8

—

10

Prior service costs, net of tax expense
—

—

(2
)
—

(2
)
Unrealized gains on available-for-sale securities
—

—

—

—

—

Total other comprehensive income
2

—

47

—

49

Comprehensive income (loss)
$
38

$
(25
)
$
120

$
(3
)
$
130


 
QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net earnings (loss)
$
112

$
—

$
(12
)
$
1

$
101

Other comprehensive income:
 
 
 
 
 
Foreign currency translation adjustments
—

—

(47
)
—

(47
)
Actuarial gains, net of tax expense
5

—

57

—

62

Prior service costs, net of tax expense
—

—

(2
)
—

(2
)
Unrealized gains on available-for-sale securities
—

—

1

—

1

Total other comprehensive income
5

—

9

—

14

Comprehensive income (loss)
$
117

$
—

$
(3
)
$
1

$
115

Condensed Balance Sheet [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
 
MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Cash and cash equivalents
$
216

$
29

$
170

$
—

$
415

Other current assets
54

7

1,359

(5
)
1,415

Total current assets
270

36

1,529

(5
)
1,830

Property and equipment, net
165

66

2,532

—

2,763

Timber and timberlands at cost, net
3,485

5,713

5,373

(23
)
14,548

Investments in and advances to subsidiaries
10,896

4,535

781

(16,212
)
—

Other assets
88

143

3,042

(635
)
2,638

Total assets
$
14,904

$
10,493

$
13,257

$
(16,875
)
$
21,779

 
 

 

 
 
 
Total current liabilities
$
141

$
59

$
785

$
(1
)
$
984

Note payable to Timberland Venture
—

—

835

—

835

Long-term debt
2,743

1,829

3,831

(600
)
7,803

Other long-term liabilities
91

67

1,718

—

1,876

Total liabilities
2,975

1,955

7,169

(601
)
11,498

Equity:
 
 
 
 
 
Mandatory convertible preference shares
14

—

—

—

14

Common shares
948

—

—

—

948

Other equity
10,967

8,538

6,088

(16,274
)
9,319

Total equity
11,929

8,538

6,088

(16,274
)
10,281

Total liabilities and equity
$
14,904

$
10,493

$
13,257

$
(16,875
)
$
21,779


 
DECEMBER 31, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Cash and cash equivalents
$
673

$
—

$
339

$
—

$
1,012

Other current assets
7

—

1,161

(6
)
1,162

Total current assets
680

—

1,500

(6
)
2,174

Property and equipment, net
167

—

2,405

—

2,572

Timber and timberlands, net
3,538

—

2,965

(23
)
6,480

Investments in and advances to subsidiaries
2,948

—

—

(2,948
)
—

Other assets
88

—

1,791

(635
)
1,244

Total assets
$
7,421

$
—

$
8,661

$
(3,612
)
$
12,470

 
 
 
 
 
 
Total current liabilities
$
66

$
—

$
814

$
(5
)
$
875

Long-term debt
1,645

—

3,830

(600
)
4,875

Other long-term liabilities
91

—

1,760

—

1,851

Total liabilities
1,802

—

6,404

(605
)
7,601

Equity:
 
 
 
 
 
Mandatory convertible preference shares
14

—

—

—

14

Common shares
638

—

—

—

638

Other equity
4,967

—

2,257

(3,007
)
4,217

Total equity
5,619

—

2,257

(3,007
)
4,869

Total liabilities and equity
$
7,421

$
—

$
8,661

$
(3,612
)
$
12,470

Condensed Cash Flow Statement [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net cash from (used in) operations
$
29

$
25

$
(7
)
$
—

$
47

Net cash from (used in) investing activities:
 
 
 
 
 
Capital expenditures
(14
)
—

(59
)
—

(73
)
Acquisition of timberlands
—

—

(6
)
—

(6
)
Proceeds from sale of assets
—

—

70

—

70

Distributions from joint ventures
—

—

24

—

24

Cash acquired in merger with Plum Creek
—

4

5

—

9

Distribution from subsidiaries
196

—

—

(196
)
—

Net cash from investing activities
182

4

34

(196
)
24

Net cash from (used in) financing activities:
 
 
 
 
 
Net proceeds from issuance of debt
1,098

—

—

—

1,098

Payments on debt
(720
)
—

—

—

(720
)
Cash dividends on common shares
(241
)
—

—

—

(241
)
Repurchase of common stock
(798
)
—

—

—

(798
)
Distribution to parent
—

—

(196
)
196

—

Other
(7
)
—

—

—

(7
)
Net cash used in financing activities
$
(668
)
$
—

$
(196
)
$
196

$
(668
)

 
QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS
Parent Company – WY
Subsidiary Issuer – PC Timberlands*
Non-Issuer and Non-Guarantor Subsidiaries
Eliminations
Total Company
Net cash from (used in) operations
$
(50
)
$
—

$
137

$
—

$
87

Net cash from (used in) investing activities:
 
 
 
 
 
Capital expenditures
(19
)
—

(70
)
—

(89
)
Acquisitions of timberlands
(26
)
—

(6
)
—

(32
)
Proceeds from sale of assets
—

—

2

—

2

Issuance of note to parent
—

—

(600
)
600

—

Distribution from subsidiaries
144

—

—

(144
)
—

Net cash from (used in) investing activities
99

—

(674
)
456

(119
)
Net cash from (used in) financing activities:
 
 
 
 
 
Proceeds from note from subsidiary
600

—

—

(600
)
—

Cash dividends on common shares
(152
)
—

—

—

(152
)
Repurchase of common stock
(253
)
—

—

—

(253
)
Distribution to parent
—

—

(144
)
144

—

Other
11

—

4

—

15

Net cash from (used in) financing activities
$
206

$
—

$
(140
)
$
(456
)
$
(390
)