UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED
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:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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(Address of principal executive offices) |
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(Zip Code) |
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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. ☒
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). ☒
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.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
As of July 24, 2023,
TABLE OF CONTENTS
PART I |
FINANCIAL INFORMATION |
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ITEM 1. |
FINANCIAL STATEMENTS: |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
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ITEM 3. |
26 |
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ITEM 4. |
27 |
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PART II |
OTHER INFORMATION |
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ITEM 1. |
27 |
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ITEM 1A. |
27 |
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ITEM 2. |
27 |
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ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES – NOT APPLICABLE |
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ITEM 4. |
MINE SAFETY DISCLOSURES – NOT APPLICABLE |
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ITEM 5. |
27 |
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ITEM 6. |
29 |
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30 |
PART I – FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
WEYERHAEUSER COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
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QUARTER ENDED |
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YEAR-TO-DATE ENDED |
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DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES |
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JUNE 2023 |
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JUNE 2022 |
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JUNE 2023 |
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JUNE 2022 |
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Net sales (Note 3) |
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$ |
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$ |
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$ |
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$ |
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Costs of sales |
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Gross margin |
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Selling expenses |
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General and administrative expenses |
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Other operating costs, net (Note 13) |
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Operating income |
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Non-operating pension and other post-employment benefit costs (Note 6) |
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Interest income and other |
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Interest expense, net of capitalized interest |
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Loss on debt extinguishment (Note 8) |
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Earnings before income taxes |
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Income taxes (Note 14) |
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Net earnings |
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$ |
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$ |
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$ |
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$ |
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Earnings per share, basic and diluted (Note 4) |
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$ |
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$ |
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$ |
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$ |
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Weighted average shares outstanding (in thousands) (Note 4): |
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Basic |
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Diluted |
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See accompanying Notes to Consolidated Financial Statements.
1
WEYERHAEUSER COMPANY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
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QUARTER ENDED |
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YEAR-TO-DATE ENDED |
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DOLLAR AMOUNTS IN MILLIONS |
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JUNE 2023 |
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JUNE 2022 |
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JUNE 2023 |
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JUNE 2022 |
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Net earnings |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income: |
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Foreign currency translation adjustments |
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Changes in unamortized actuarial loss, net of tax expense of $ |
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Changes in unamortized net prior service credit, net of tax (expense) benefit of $ |
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Total other comprehensive income |
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Total comprehensive income |
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$ |
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$ |
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$ |
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$ |
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See accompanying Notes to Consolidated Financial Statements.
2
WEYERHAEUSER COMPANY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE |
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JUNE 30, |
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DECEMBER 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investments (Note 9) |
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Receivables, net |
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Receivables for taxes |
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Inventories (Note 5) |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, less accumulated depreciation of $ |
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Construction in progress |
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Timber and timberlands at cost, less depletion |
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Minerals and mineral rights, less depletion |
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Deferred tax assets |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Current maturities of long-term debt (Note 8) |
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$ |
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$ |
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Accounts payable |
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Accrued liabilities (Note 7) |
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Total current liabilities |
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Long-term debt, net (Note 8) |
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Deferred tax liabilities |
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Deferred pension and other post-employment benefits (Note 6) |
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Other liabilities |
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Total liabilities |
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Equity: |
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Common shares: $ |
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Other capital |
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Retained earnings |
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Accumulated other comprehensive loss (Note 11) |
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Total equity |
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Total liabilities and equity |
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$ |
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$ |
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See accompanying Notes to Consolidated Financial Statements.
3
WEYERHAEUSER COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
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YEAR-TO-DATE ENDED |
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DOLLAR AMOUNTS IN MILLIONS |
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JUNE 2023 |
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JUNE 2022 |
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Cash flows from operations: |
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Net earnings |
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$ |
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$ |
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Noncash charges (credits) to earnings: |
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Depreciation, depletion and amortization |
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Basis of real estate sold |
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Pension and other post-employment benefits (Note 6) |
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Share-based compensation expense (Note 12) |
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Loss on debt extinguishment (Note 8) |
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Other |
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Change in: |
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Receivables, net |
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Receivables and payables for taxes |
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Inventories |
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Prepaid expenses and other current assets |
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Accounts payable and accrued liabilities |
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Pension and post-employment benefit contributions and payments |
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Other |
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Net cash from operations |
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Cash flows from investing activities: |
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Capital expenditures for property and equipment |
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Capital expenditures for timberlands reforestation |
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Acquisition of timberlands (Note 15) |
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Purchase of short-term investments |
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Other |
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Net cash from investing activities |
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Cash flows from financing activities: |
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Cash dividends on common shares |
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Net proceeds from issuance of long-term debt (Note 8) |
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Payments on long-term debt (Note 8) |
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Repurchases of common shares (Note 4) |
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Other |
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Net cash from financing activities |
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Net change in cash, cash equivalents and restricted cash |
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Cash, cash equivalents and restricted cash at beginning of period |
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Cash, cash equivalents and restricted cash at end of period |
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$ |
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$ |
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Cash paid during the period for: |
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Interest, net of amount capitalized of $ |
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$ |
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$ |
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Income taxes, net of refunds |
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$ |
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$ |
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See accompanying Notes to Consolidated Financial Statements.
4
WEYERHAEUSER COMPANY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
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QUARTER ENDED |
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YEAR-TO-DATE ENDED |
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DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES |
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JUNE 2023 |
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JUNE 2022 |
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JUNE 2023 |
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JUNE 2022 |
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Common shares: |
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Balance at beginning of period |
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$ |
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$ |
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$ |
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$ |
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Issued for exercise of stock options and vested units |
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Repurchases of common shares (Note 4) |
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Balance at end of period |
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Other capital: |
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Balance at beginning of period |
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Issued for exercise of stock options |
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Repurchases of common shares (Note 4) |
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Share-based compensation |
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Other transactions, net |
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Balance at end of period |
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Retained earnings: |
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Balance at beginning of period |
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Net earnings |
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Dividends on common shares |
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Balance at end of period |
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Accumulated other comprehensive loss: |
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Balance at beginning of period |
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Other comprehensive income |
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Balance at end of period (Note 11) |
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Total equity: |
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Balance at end of period |
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$ |
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$ |
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$ |
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$ |
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Dividends paid per common share |
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$ |
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$ |
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$ |
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$ |
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See accompanying Notes to Consolidated Financial Statements.
5
INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: |
7 |
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NOTE 2: |
7 |
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NOTE 3: |
8 |
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NOTE 4: |
8 |
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NOTE 5: |
9 |
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NOTE 6: |
10 |
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NOTE 7: |
10 |
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NOTE 8: |
10 |
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NOTE 9: |
11 |
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NOTE 10: |
11 |
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NOTE 11: |