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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023

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: 1-4825

 

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in its charter)

 

 

Washington

 

91-0470860

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

220 Occidental Avenue South

Seattle, Washington

 

98104-7800

(Address of principal executive offices)

 

(Zip Code)

 

(206) 539-3000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $1.25 per share

 

WY

 

New York Stock Exchange

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. Yes No

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). Yes No

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.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

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 No

As of October 23, 2023, 730,001 thousand shares of the registrant’s common stock ($1.25 par value) were outstanding.

 

 

 


 

 

TABLE OF CONTENTS

 

PART I

FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS:

 

 

CONSOLIDATED STATEMENT OF OPERATIONS

1

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

2

 

CONSOLIDATED BALANCE SHEET

3

 

CONSOLIDATED STATEMENT OF CASH FLOWS

4

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

5

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

14

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

26

ITEM 4.

CONTROLS AND PROCEDURES

27

 

 

 

PART II

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

27

ITEM 1A.

RISK FACTORS

27

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

27

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES – NOT APPLICABLE

 

ITEM 4.

MINE SAFETY DISCLOSURES – NOT APPLICABLE

 

ITEM 5.

OTHER INFORMATION

28

ITEM 6.

EXHIBITS

29

 

SIGNATURES

30

 

 


 

 

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

Net sales (Note 3)

 

$

2,022

 

 

$

2,276

 

 

$

5,900

 

 

$

8,361

 

Costs of sales

 

 

1,520

 

 

 

1,694

 

 

 

4,560

 

 

 

5,130

 

Gross margin

 

 

502

 

 

 

582

 

 

 

1,340

 

 

 

3,231

 

Selling expenses

 

 

22

 

 

 

24

 

 

 

66

 

 

 

70

 

General and administrative expenses

 

 

107

 

 

 

100

 

 

 

316

 

 

 

294

 

Other operating costs, net (Note 13)

 

 

20

 

 

 

1

 

 

 

50

 

 

 

19

 

Operating income

 

 

353

 

 

 

457

 

 

 

908

 

 

 

2,848

 

Non-operating pension and other post-employment benefit costs (Note 6)

 

 

(12

)

 

 

(12

)

 

 

(33

)

 

 

(38

)

Interest income and other

 

 

24

 

 

 

9

 

 

 

54

 

 

 

9

 

Interest expense, net of capitalized interest

 

 

(72

)

 

 

(67

)

 

 

(208

)

 

 

(204

)

Loss on debt extinguishment (Note 8)

 

 

 

 

 

 

 

 

 

 

 

(276

)

Earnings before income taxes

 

 

293

 

 

 

387

 

 

 

721

 

 

 

2,339

 

Income taxes (Note 14)

 

 

(54

)

 

 

(77

)

 

 

(101

)

 

 

(470

)

Net earnings

 

$

239

 

 

$

310

 

 

$

620

 

 

$

1,869

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic and diluted (Note 4)

 

$

0.33

 

 

$

0.42

 

 

$

0.85

 

 

$

2.51

 

Weighted average shares outstanding (in thousands) (Note 4):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

731,046

 

 

 

740,058

 

 

 

732,069

 

 

 

743,990

 

Diluted

 

 

731,742

 

 

 

740,975

 

 

 

732,542

 

 

 

745,081

 

 

See accompanying Notes to Consolidated Financial Statements.

1


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

Net earnings

 

$

239

 

 

$

310

 

 

$

620

 

 

$

1,869

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(7

)

 

 

(53

)

 

 

 

 

 

(62

)

Changes in unamortized actuarial loss, net of tax expense of $3, $11, $7 and $40

 

 

9

 

 

 

32

 

 

 

23

 

 

 

122

 

Changes in unamortized net prior service credit, net of tax benefit (expense) of $0, $0, $1 and ($1)

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Total other comprehensive income (loss)

 

 

2

 

 

 

(20

)

 

 

24

 

 

 

61

 

Total comprehensive income

 

$

241

 

 

$

290

 

 

$

644

 

 

$

1,930

 

 

See accompanying Notes to Consolidated Financial Statements.

2


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE

 

SEPTEMBER 30,
2023

 

 

DECEMBER 31,
2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,173

 

 

$

1,581

 

Short-term investments (Note 9)

 

 

668

 

 

 

 

Receivables, net

 

 

443

 

 

 

357

 

Receivables for taxes

 

 

18

 

 

 

42

 

Inventories (Note 5)

 

 

528

 

 

 

550

 

Prepaid expenses and other current assets

 

 

186

 

 

 

216

 

Total current assets

 

 

3,016

 

 

 

2,746

 

Property and equipment, less accumulated depreciation of $3,854 and $3,710

 

 

2,106

 

 

 

2,171

 

Construction in progress

 

 

311

 

 

 

222

 

Timber and timberlands at cost, less depletion

 

 

11,521

 

 

 

11,604

 

Minerals and mineral rights, less depletion

 

 

203

 

 

 

214

 

Deferred tax assets

 

 

8

 

 

 

8

 

Other assets

 

 

385

 

 

 

375

 

Total assets

 

$

17,550

 

 

$

17,340

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current maturities of long-term debt (Note 8)

 

$

861

 

 

$

982

 

Accounts payable

 

 

288

 

 

 

247

 

Accrued liabilities (Note 7)

 

 

537

 

 

 

511

 

Total current liabilities

 

 

1,686

 

 

 

1,740

 

Long-term debt, net (Note 8)

 

 

4,818

 

 

 

4,071

 

Deferred tax liabilities

 

 

113

 

 

 

96

 

Deferred pension and other post-employment benefits (Note 6)

 

 

349

 

 

 

344

 

Other liabilities

 

 

356

 

 

 

340

 

Total liabilities

 

 

7,322

 

 

 

6,591

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 730,128 thousand shares at September 30, 2023 and 732,794 thousand shares at December 31, 2022

 

 

913

 

 

 

916

 

Other capital

 

 

7,609

 

 

 

7,691

 

Retained earnings

 

 

1,929

 

 

 

2,389

 

Accumulated other comprehensive loss (Note 11)

 

 

(223

)

 

 

(247

)

Total equity

 

 

10,228

 

 

 

10,749

 

Total liabilities and equity

 

$

17,550

 

 

$

17,340

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

Cash flows from operations:

 

 

 

 

 

 

Net earnings

 

$

620

 

 

$

1,869

 

Noncash charges (credits) to earnings:

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

374

 

 

 

360

 

Basis of real estate sold

 

 

80

 

 

 

77

 

Pension and other post-employment benefits (Note 6)

 

 

50

 

 

 

65

 

Share-based compensation expense (Note 12)

 

 

26

 

 

 

25

 

Loss on debt extinguishment (Note 8)

 

 

 

 

 

276

 

Other

 

 

(4

)

 

 

17

 

Change in:

 

 

 

 

 

 

Receivables, net

 

 

(77

)

 

 

81

 

Receivables and payables for taxes

 

 

51

 

 

 

15

 

Inventories

 

 

23

 

 

 

(30

)

Prepaid expenses and other current assets

 

 

(5

)

 

 

(7

)

Accounts payable and accrued liabilities

 

 

43

 

 

 

(23

)

Pension and post-employment benefit contributions and payments

 

 

(16

)

 

 

(19

)

Other

 

 

(20

)

 

 

(41

)

Net cash from operations

 

 

1,145

 

 

 

2,665

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures for property and equipment

 

 

(209

)

 

 

(207

)

Capital expenditures for timberlands reforestation

 

 

(42

)

 

 

(38

)

Acquisition of timberlands (Note 15)

 

 

(70

)

 

 

(286

)

Purchase of short-term investments

 

 

(664

)

 

 

 

Other

 

 

3

 

 

 

1

 

Net cash from investing activities

 

 

(982

)

 

 

(530

)

Cash flows from financing activities:

 

 

 

 

 

 

Cash dividends on common shares

 

 

(1,076

)

 

 

(1,485

)

Net proceeds from issuance of long-term debt (Note 8)

 

 

743

 

 

 

881

 

Payments on long-term debt (Note 8)

 

 

(118

)

 

 

(1,203

)

Repurchases of common shares (Note 4)

 

 

(109

)

 

 

(402

)

Other

 

 

(11

)

 

 

(5

)

Net cash from financing activities

 

 

(571

)

 

 

(2,214

)

Net change in cash, cash equivalents and restricted cash

 

 

(408

)

 

 

(79

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,581

 

 

 

1,999

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,173

 

 

$

1,920

 

Cash paid during the period for:

 

 

 

 

 

 

Interest, net of amount capitalized of $5 and $5

 

$

190

 

 

$

211

 

Income taxes, net of refunds

 

$

40

 

 

$

446

 

 

See accompanying Notes to Consolidated Financial Statements.

4


 

 

WEYERHAEUSER COMPANY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

914

 

 

$

927

 

 

$

916

 

 

$

934

 

Issued for exercise of stock options and vested units

 

 

 

 

 

 

 

 

2

 

 

 

2

 

Repurchases of common shares (Note 4)

 

 

(1

)

 

 

(5

)

 

 

(5

)

 

 

(14

)

Balance at end of period

 

 

913

 

 

 

922

 

 

 

913

 

 

 

922

 

Other capital:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

7,624

 

 

 

7,954

 

 

 

7,691

 

 

 

8,181

 

Issued for exercise of stock options

 

 

1

 

 

 

1

 

 

 

3

 

 

 

14

 

Repurchases of common shares (Note 4)

 

 

(24

)

 

 

(140

)

 

 

(105

)

 

 

(390

)

Share-based compensation

 

 

9

 

 

 

8

 

 

 

26

 

 

 

25

 

Other transactions, net

 

 

(1

)

 

 

1

 

 

 

(6

)

 

 

(6

)

Balance at end of period

 

 

7,609

 

 

 

7,824

 

 

 

7,609

 

 

 

7,824

 

Retained earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

1,828

 

 

 

2,333

 

 

 

2,389

 

 

 

2,131

 

Net earnings

 

 

239

 

 

 

310

 

 

 

620

 

 

 

1,869

 

Dividends on common shares

 

 

(138

)

 

 

(133

)

 

 

(1,080

)

 

 

(1,490

)

Balance at end of period

 

 

1,929

 

 

 

2,510

 

 

 

1,929

 

 

 

2,510

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(225

)

 

 

(398

)

 

 

(247

)

 

 

(479

)

Other comprehensive income (loss)

 

 

2

 

 

 

(20

)

 

 

24

 

 

 

61

 

Balance at end of period (Note 11)

 

 

(223

)

 

 

(418

)

 

 

(223

)

 

 

(418

)

Total equity:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 

$

10,228

 

 

$

10,838

 

 

$

10,228

 

 

$

10,838

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

 

$

0.19

 

 

$

0.18

 

 

$

1.47

 

 

$

1.99

 

 

See accompanying Notes to Consolidated Financial Statements.

5


 

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1:

BASIS OF PRESENTATION

7

 

 

 

NOTE 2:

BUSINESS SEGMENTS

7

 

 

 

NOTE 3:

REVENUE RECOGNITION

8

 

 

 

NOTE 4:

NET EARNINGS PER SHARE AND SHARE REPURCHASES

8

 

 

 

NOTE 5:

INVENTORIES

9

 

 

 

NOTE 6:

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

10

 

 

 

NOTE 7:

ACCRUED LIABILITIES

10

 

 

 

NOTE 8:

LONG-TERM DEBT AND LINE OF CREDIT

10

 

 

 

NOTE 9:

FAIR VALUE OF FINANCIAL INSTRUMENTS

11

 

 

 

NOTE 10:

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES

11

 

 

 

NOTE 11:

ACCUMULATED OTHER COMPREHENSIVE LOSS

12

 

 

 

NOTE 12:

SHARE-BASED COMPENSATION

12

 

 

 

NOTE 13:

OTHER OPERATING COSTS, NET

13

 

 

 

NOTE 14:

INCOME TAXES

13

 

 

 

NOTE 15:

TIMBERLAND ACQUISITIONS

13

 

6


 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

NOTE 1: BASIS OF PRESENTATION

Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company.

The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2022. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year.

NOTE 2: BUSINESS SEGMENTS

We are principally engaged in growing and harvesting timber; manufacturing, distributing and selling products made from trees; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; and monetizing the value of surface and subsurface assets through leases and royalties. Our business segments are organized based primarily on products and services which include:

Timberlands – Logs, timber, recreational leases and other products;
Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, and wind and solar); and
Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution.

A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows:

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

 

SEPTEMBER 2023

 

 

SEPTEMBER 2022

 

Sales to unaffiliated customers:

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

380

 

 

$

441

 

 

$

1,259

 

 

$

1,421

 

Real Estate & ENR

 

 

105

 

 

 

68

 

 

 

286

 

 

 

313

 

Wood Products

 

 

1,537

 

 

 

1,767

 

 

 

4,355

 

 

 

6,627

 

 

 

2,022

 

 

 

2,276

 

 

 

5,900

 

 

 

8,361

 

Intersegment sales:

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

 

141

 

 

 

133

 

 

 

433

 

 

 

450

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

2,163

 

 

 

2,409

 

 

 

6,333

 

 

 

8,811

 

Intersegment eliminations

 

 

(141

)

 

 

(133

)

 

 

(433

)

 

 

(450

)

Total

 

$

2,022

 

 

$

2,276

 

 

$

5,900

 

 

$

8,361

 

Net contribution (charge) to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

78

 

 

$

107

 

 

$

302

 

 

$

442

 

Real Estate & ENR

 

 

56

 

 

 

48

 

 

 

161

 

 

 

194

 

Wood Products

 

 

277

 

 

 

344

 

 

 

590

 

 

 

2,389

 

 

 

411

 

 

 

499

 

 

 

1,053

 

 

 

3,025

 

Unallocated items(1)

 

 

(46

)

 

 

(45

)

 

 

(124

)