XML 90 R78.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION Condensed Consolidating Financial Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Net sales $ 1,655 $ 1,345 $ 3,060 $ 2,625    
Costs of products sold 1,258 1,057 2,347 2,050    
Gross margin 397 288 713 575    
Other operating expenses, net 139 88 302 225    
Operating income 258 200 411 350    
Non-operating expense, net (97) (76) (178) (149)    
Earnings from continuing operations before income taxes 161 124 233 201    
Income taxes (31) 1 (42) (8)    
Earnings from continuing operations 130 125 191 193    
Earnings from discontinued operations, net of income taxes (Note 3) 38 19 58 52    
Net earnings 168 144 249 245    
Dividends on preference shares (11) (11) (22) (22)    
Net earnings attributable to Weyerhaeuser common shareholders 157 133 227 223    
Foreign currency translation adjustments (2) 12 39 (35)    
Actuarial gains, net of tax expense 31 44 41 106    
Prior service costs, net of tax expense 0 0 (2) (2)    
Unrealized gains on available-for-sale securities 1 0 1 1    
Total other comprehensive income 30 56 79 70    
Comprehensive income (loss) 198 200 328 315    
Cash and cash equivalents 485 1,117 485 1,117 $ 1,011 $ 1,577
Other current assets 935   935   694  
Assets of discontinued operations (Note 3) 1,908   1,908   1,934  
Total current assets 3,328   3,328   3,639  
Property and equipment, net 1,462   1,462   1,233  
Timber and timberlands at cost, net 14,474   14,474   6,479  
Investments in and advances to subsidiaries 0   0   0  
Other assets 2,725   2,725   1,369  
Total assets 21,989   21,989   12,720  
Current liabilities 891   891   635  
Liabilities of discontinued operations (Note 3) 666   666   690  
Total current liabilities 1,557   1,557   1,325  
Note payable to Timberland Venture 830   830   0  
Long-term debt 8,013   8,013   4,787  
Other long-term liabilities 2,159   2,159   1,739  
Total liabilities 12,559   12,559   7,851  
Mandatory convertible preference shares 14   14   14  
Common shares 916   916   638  
Other equity 8,500   8,500   4,217  
Total equity 9,430   9,430   4,869  
Total liabilities and equity 21,989   21,989   12,720  
Net cash from (used in) operations     539 454    
Capital expenditures     (174) (197)    
Acquisition of timberlands     (8) (32)    
Proceeds from sale of non-strategic assets     83 6    
Proceeds from contribution of timberlands to related party (Note 7)     440 0    
Distributions received from joint ventures     27 0    
Cash acquired in merger with Plum Creek     9 0    
Issuance of note to parent       0    
Distribution from subsidiaries     0 0    
Other     (3) 12    
Net cash from (used in) investing activities     374 (211)    
Net proceeds from issuance of debt     1,398 0    
Payments on debt     (723) 0    
Proceeds from note from subsidiary       0    
Cash dividends on common shares     (469) (301)    
Cash dividends on preference shares     (11) (11)    
Repurchase of common stock     (1,629) (407)    
Distribution to parent     0 0    
Other     1 17    
Net cash from (used in) financing activities     (1,433) (702)    
Subsidiary Issuer [Member]            
Guaranteed registered debt securities 894   894      
Reportable Legal Entities [Member] | Parent Company [Member]            
Net sales 186 181 372 379    
Costs of products sold 68 55 125 116    
Gross margin 118 126 247 263    
Other operating expenses, net 12 17 93 36    
Operating income 106 109 154 227    
Non-operating expense, net (23) (13) (35) (19)    
Earnings from continuing operations before income taxes 83 96 119 208    
Income taxes 0 0 0 0    
Earnings from continuing operations 83 96 119 208    
Earnings from discontinued operations, net of income taxes (Note 3) 0 0 0 0    
Net earnings 83 96 119 208    
Dividends on preference shares (11) (11) (22) (22)    
Net earnings attributable to Weyerhaeuser common shareholders 72 85 97 186    
Foreign currency translation adjustments 0 0 0 0    
Actuarial gains, net of tax expense 1 (1) 3 4    
Prior service costs, net of tax expense 0 (1) 0 (1)    
Unrealized gains on available-for-sale securities 0 0 0 0    
Total other comprehensive income 1 (2) 3 3    
Comprehensive income (loss) 84 94 122 211    
Cash and cash equivalents 69   69   673  
Other current assets 73   73   7  
Assets of discontinued operations (Note 3) 0   0   0  
Total current assets 142   142   680  
Property and equipment, net 165   165   167  
Timber and timberlands at cost, net 3,454   3,454   3,538  
Investments in and advances to subsidiaries 11,875   11,875   2,948  
Other assets 96   96   88  
Total assets 15,732   15,732   7,421  
Current liabilities 174   174   66  
Liabilities of discontinued operations (Note 3) 0   0   0  
Total current liabilities 174   174   66  
Note payable to Timberland Venture 0   0      
Long-term debt 3,935   3,935   1,645  
Other long-term liabilities 87   87   91  
Total liabilities 4,196   4,196   1,802  
Mandatory convertible preference shares 14   14   14  
Common shares 916   916   638  
Other equity 10,606   10,606   4,967  
Total equity 11,536   11,536   5,619  
Total liabilities and equity 15,732   15,732   7,421  
Net cash from (used in) operations     40 (4)    
Capital expenditures     (25) (30)    
Acquisition of timberlands     (1) (26)    
Proceeds from sale of non-strategic assets     0 0    
Proceeds from contribution of timberlands to related party (Note 7)     0      
Distributions received from joint ventures     0      
Cash acquired in merger with Plum Creek     0      
Issuance of note to parent       0    
Distribution from subsidiaries     812 292    
Other     0 12    
Net cash from (used in) investing activities     786 248    
Net proceeds from issuance of debt     1,398      
Payments on debt     (720)      
Proceeds from note from subsidiary       600    
Cash dividends on common shares     (469) (301)    
Cash dividends on preference shares     (11) (11)    
Repurchase of common stock     (1,629) (407)    
Distribution to parent     0 0    
Other     1 17    
Net cash from (used in) financing activities     (1,430) (102)    
Reportable Legal Entities [Member] | Subsidiary Issuer [Member]            
Net sales 55 0 82 0    
Costs of products sold 37 0 61 0    
Gross margin 18 0 21 0    
Other operating expenses, net 14 0 36 0    
Operating income 4 0 (15) 0    
Non-operating expense, net (9) 0 (15) 0    
Earnings from continuing operations before income taxes (5) 0 (30) 0    
Income taxes 0 0 0 0    
Earnings from continuing operations (5) 0 (30) 0    
Earnings from discontinued operations, net of income taxes (Note 3) 0 0 0 0    
Net earnings (5) 0 (30) 0    
Dividends on preference shares 0 0 0 0    
Net earnings attributable to Weyerhaeuser common shareholders (5) 0 (30) 0    
Foreign currency translation adjustments 0 0 0 0    
Actuarial gains, net of tax expense 0 0 0 0    
Prior service costs, net of tax expense 0 0 0 0    
Unrealized gains on available-for-sale securities 1 0 1 0    
Total other comprehensive income 1 0 1 0    
Comprehensive income (loss) (4) 0 (29) 0    
Cash and cash equivalents 20   20   0  
Other current assets 7   7   0  
Assets of discontinued operations (Note 3) 0   0   0  
Total current assets 27   27   0  
Property and equipment, net 89   89   0  
Timber and timberlands at cost, net 5,813   5,813   0  
Investments in and advances to subsidiaries 4,565   4,565   0  
Other assets 139   139   0  
Total assets 10,633   10,633   0  
Current liabilities 83   83   0  
Liabilities of discontinued operations (Note 3) 0   0   0  
Total current liabilities 83   83   0  
Note payable to Timberland Venture 0   0      
Long-term debt 935   935   0  
Other long-term liabilities 498   498   0  
Total liabilities 1,516   1,516   0  
Mandatory convertible preference shares 0   0   0  
Common shares 0   0   0  
Other equity 9,117   9,117   0  
Total equity 9,117   9,117   0  
Total liabilities and equity 10,633   10,633   0  
Net cash from (used in) operations     38 0    
Capital expenditures     (9) 0    
Acquisition of timberlands     0 0    
Proceeds from sale of non-strategic assets     0 0    
Proceeds from contribution of timberlands to related party (Note 7)     440      
Distributions received from joint ventures     0      
Cash acquired in merger with Plum Creek     5      
Issuance of note to parent       0    
Distribution from subsidiaries     0 0    
Other     (3) 0    
Net cash from (used in) investing activities     433 0    
Net proceeds from issuance of debt     0      
Payments on debt     0      
Proceeds from note from subsidiary       0    
Cash dividends on common shares     0 0    
Cash dividends on preference shares     0 0    
Repurchase of common stock     0 0    
Distribution to parent     (451) 0    
Other     0 0    
Net cash from (used in) financing activities     (451) 0    
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]            
Net sales 1,618 1,327 2,996 2,579    
Costs of products sold 1,360 1,170 2,551 2,273    
Gross margin 258 157 445 306    
Other operating expenses, net 113 71 173 189    
Operating income 145 86 272 117    
Non-operating expense, net (65) (63) (128) (130)    
Earnings from continuing operations before income taxes 80 23 144 (13)    
Income taxes (31) 1 (42) (8)    
Earnings from continuing operations 49 24 102 (21)    
Earnings from discontinued operations, net of income taxes (Note 3) 38 19 58 52    
Net earnings 87 43 160 31    
Dividends on preference shares 0 0 0 0    
Net earnings attributable to Weyerhaeuser common shareholders 87 43 160 31    
Foreign currency translation adjustments (2) 12 39 (35)    
Actuarial gains, net of tax expense 30 45 38 102    
Prior service costs, net of tax expense 0 1 (2) (1)    
Unrealized gains on available-for-sale securities 0 0 0 1    
Total other comprehensive income 28 58 75 67    
Comprehensive income (loss) 115 101 235 98    
Cash and cash equivalents 396   396   338  
Other current assets 863   863   693  
Assets of discontinued operations (Note 3) 1,908   1,908   1,934  
Total current assets 3,167   3,167   2,965  
Property and equipment, net 1,208   1,208   1,066  
Timber and timberlands at cost, net 5,228   5,228   2,964  
Investments in and advances to subsidiaries 630   630   0  
Other assets 3,125   3,125   1,916  
Total assets 13,358   13,358   8,911  
Current liabilities 639   639   574  
Liabilities of discontinued operations (Note 3) 666   666   690  
Total current liabilities 1,305   1,305   1,264  
Note payable to Timberland Venture 830   830      
Long-term debt 3,743   3,743   3,742  
Other long-term liabilities 1,574   1,574   1,648  
Total liabilities 7,452   7,452   6,654  
Mandatory convertible preference shares 0   0   0  
Common shares 0   0   0  
Other equity 5,906   5,906   2,257  
Total equity 5,906   5,906   2,257  
Total liabilities and equity 13,358   13,358   8,911  
Net cash from (used in) operations     461 458    
Capital expenditures     (140) (167)    
Acquisition of timberlands     (7) (6)    
Proceeds from sale of non-strategic assets     83 6    
Proceeds from contribution of timberlands to related party (Note 7)     0      
Distributions received from joint ventures     27      
Cash acquired in merger with Plum Creek     4      
Issuance of note to parent       (600)    
Distribution from subsidiaries     0 0    
Other     0 0    
Net cash from (used in) investing activities     (33) (767)    
Net proceeds from issuance of debt     0      
Payments on debt     (3)      
Proceeds from note from subsidiary       0    
Cash dividends on common shares     0 0    
Cash dividends on preference shares     0 0    
Repurchase of common stock     0 0    
Distribution to parent     (361) (292)    
Other     0 0    
Net cash from (used in) financing activities     (364) (292)    
Consolidation, Eliminations [Member]            
Net sales (204) (163) (390) (333)    
Costs of products sold (207) (168) (390) (339)    
Gross margin 3 5 0 6    
Other operating expenses, net 0 0 0 0    
Operating income 3 5 0 6    
Non-operating expense, net 0 0 0 0    
Earnings from continuing operations before income taxes 3 5 0 6    
Income taxes 0 0 0 0    
Earnings from continuing operations 3 5 0 6    
Earnings from discontinued operations, net of income taxes (Note 3) 0 0 0 0    
Net earnings 3 5 0 6    
Dividends on preference shares 0 0 0 0    
Net earnings attributable to Weyerhaeuser common shareholders 3 5 0 6    
Foreign currency translation adjustments 0 0 0 0    
Actuarial gains, net of tax expense 0 0 0 0    
Prior service costs, net of tax expense 0 0 0 0    
Unrealized gains on available-for-sale securities 0 0 0 0    
Total other comprehensive income 0 0 0 0    
Comprehensive income (loss) 3 $ 5 0 6    
Cash and cash equivalents 0   0   0  
Other current assets (8)   (8)   (6)  
Assets of discontinued operations (Note 3) 0   0   0  
Total current assets (8)   (8)   (6)  
Property and equipment, net 0   0   0  
Timber and timberlands at cost, net (21)   (21)   (23)  
Investments in and advances to subsidiaries (17,070)   (17,070)   (2,948)  
Other assets (635)   (635)   (635)  
Total assets (17,734)   (17,734)   (3,612)  
Current liabilities (5)   (5)   (5)  
Liabilities of discontinued operations (Note 3) 0   0   0  
Total current liabilities (5)   (5)   (5)  
Note payable to Timberland Venture 0   0      
Long-term debt (600)   (600)   (600)  
Other long-term liabilities 0   0   0  
Total liabilities (605)   (605)   (605)  
Mandatory convertible preference shares 0   0   0  
Common shares 0   0   0  
Other equity (17,129)   (17,129)   (3,007)  
Total equity (17,129)   (17,129)   (3,007)  
Total liabilities and equity $ (17,734)   (17,734)   $ (3,612)  
Net cash from (used in) operations     0 0    
Capital expenditures     0 0    
Acquisition of timberlands     0 0    
Proceeds from sale of non-strategic assets     0 0    
Proceeds from contribution of timberlands to related party (Note 7)     0      
Distributions received from joint ventures     0      
Cash acquired in merger with Plum Creek     0      
Issuance of note to parent       600    
Distribution from subsidiaries     (812) (292)    
Other     0 0    
Net cash from (used in) investing activities     (812) 308    
Net proceeds from issuance of debt     0      
Payments on debt     0      
Proceeds from note from subsidiary       (600)    
Cash dividends on common shares     0 0    
Cash dividends on preference shares     0 0    
Repurchase of common stock     0 0    
Distribution to parent     812 292    
Other     0 0    
Net cash from (used in) financing activities     $ 812 $ (308)