Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 25, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | WEYERHAEUSER COMPANY | |
Trading Symbol | WY | |
Entity Central Index Key | 0000106535 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 749,045,000 | |
Entity Shell Company | false | |
Entity File Number | 1-4825 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-0470860 | |
Entity Address, Address Line One | 220 Occidental Avenue South | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98104-7800 | |
City Area Code | 206 | |
Local Phone Number | 539-3000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $1.25 per share | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales (Note 3) | $ 2,345 | $ 2,110 | $ 7,995 | $ 5,469 |
Costs of sales | 1,589 | 1,390 | 4,602 | 4,055 |
Gross margin | 756 | 720 | 3,393 | 1,414 |
Selling expenses | 24 | 22 | 68 | 62 |
General and administrative expenses | 98 | 96 | 283 | 254 |
Other operating costs (income), net (Note 15) | (15) | 92 | 8 | 105 |
Operating income | 649 | 510 | 3,034 | 993 |
Non-operating pension and other post-employment benefit costs (Note 7) | (5) | (9) | (14) | (28) |
Interest income and other | 1 | 2 | 4 | 5 |
Interest expense, net of capitalized interest | (79) | (111) | (236) | (299) |
Earnings before income taxes | 566 | 392 | 2,788 | 671 |
Income taxes (Note 16) | (84) | (109) | (597) | (166) |
Net earnings | $ 482 | $ 283 | $ 2,191 | $ 505 |
Earnings per share, basic and diluted (Note 4) | $ 0.64 | $ 0.38 | $ 2.92 | $ 0.68 |
Weighted average shares outstanding (in thousands) (Note 4): | ||||
Basic | 750,105 | 746,996 | 749,657 | 746,809 |
Diluted | 751,443 | 748,450 | 750,999 | 747,530 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 482 | $ 283 | $ 2,191 | $ 505 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (25) | 11 | (1) | (14) |
Changes in unamortized actuarial loss, net of tax expense of $10, $6, $55 and $30 | 29 | 19 | 170 | 86 |
Changes in unamortized net prior service credit, net of tax expense of $0, $0, $0 and $0 | 1 | 0 | 2 | 2 |
Total other comprehensive income | 5 | 30 | 171 | 74 |
Total comprehensive income | $ 487 | $ 313 | $ 2,362 | $ 579 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Changes in unamortized actuarial loss, tax expense | $ 10 | $ 6 | $ 55 | $ 30 |
Changes in unamortized net prior service credit, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,326 | $ 495 |
Receivables, net | 497 | 450 |
Receivables for taxes | 72 | 82 |
Inventories (Note 5) | 499 | 443 |
Prepaid expenses and other current assets | 146 | 139 |
Total current assets | 3,540 | 1,609 |
Property and equipment, less accumulated depreciation of $3,559 and $3,432 | 1,924 | 2,013 |
Construction in progress | 169 | 73 |
Timber and timberlands at cost, less depletion | 11,606 | 11,827 |
Minerals and mineral rights, less depletion | 258 | 268 |
Deferred tax assets | 52 | 120 |
Other assets | 543 | 401 |
Total assets | 18,092 | 16,311 |
Current liabilities: | ||
Current maturities of long-term debt (Note 9) | 150 | 150 |
Accounts payable | 264 | 204 |
Accrued liabilities (Note 8) | 1,110 | 596 |
Total current liabilities | 1,524 | 950 |
Long-term debt, net (Note 9) | 5,100 | 5,325 |
Deferred tax liabilities | 28 | 24 |
Deferred pension and other post-employment benefits (Note 7) | 711 | 911 |
Other liabilities | 360 | 370 |
Total liabilities | 7,723 | 7,580 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 749,037 thousand shares at September 30, 2021 and 747,385 thousand shares at December 31, 2020 | 936 | 934 |
Other capital | 8,242 | 8,208 |
Retained earnings | 1,842 | 411 |
Accumulated other comprehensive loss (Note 12) | (651) | (822) |
Total equity | 10,369 | 8,731 |
Total liabilities and equity | $ 18,092 | $ 16,311 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 3,559 | $ 3,432 |
Common shares, par value | $ 1.25 | $ 1.25 |
Common shares, authorized | 1,360,000,000 | 1,360,000,000 |
Common shares, issued | 749,037,000 | 747,385,000 |
Common shares, outstanding | 749,037,000 | 747,385,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operations: | ||
Net earnings | $ 2,191 | $ 505 |
Noncash charges (credits) to earnings: | ||
Depreciation, depletion and amortization | 356 | 355 |
Basis of real estate sold | 62 | 136 |
Deferred income taxes, net | 16 | 20 |
Pension and other post-employment benefits (Note 7) | 46 | 55 |
Share-based compensation expense (Note 13) | 23 | 22 |
Gain on sale of timberlands (Note 14) | (32) | 0 |
Timber casualty loss (Note 15) | 0 | 80 |
Change in: | ||
Receivables, net | (47) | (192) |
Receivables and payables for taxes | 93 | 103 |
Inventories | (55) | 2 |
Prepaid expenses and other current assets | (21) | 5 |
Accounts payable and accrued liabilities | 116 | 3 |
Pension and post-employment benefit contributions and payments | (56) | (21) |
Other | (27) | 12 |
Net cash from operations | 2,665 | 1,085 |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (184) | (158) |
Capital expenditures for timberlands reforestation | (39) | (41) |
Acquisition of Alabama timberlands (Note 14) | (149) | 0 |
Proceeds from note receivable held by variable interest entities (Note 6) | 0 | 362 |
Proceeds from sale of timberlands (Note 14) | 261 | 145 |
Other | 3 | 3 |
Net cash from investing activities | (108) | 311 |
Cash flows from financing activities: | ||
Cash dividends on common shares | (382) | (254) |
Net proceeds from issuance of long-term debt (Note 9) | 0 | 732 |
Payments on long-term debt (Note 9) | (225) | (936) |
Proceeds from borrowings on line of credit (Note 9) | 0 | 550 |
Payments on line of credit (Note 9) | 0 | (780) |
Proceeds from exercise of stock options | 46 | 9 |
Repurchases of common shares (Note 4) | (26) | 0 |
Other | (19) | (16) |
Net cash from financing activities | (606) | (695) |
Net change in cash, cash equivalents and restricted cash | 1,951 | 701 |
Cash, cash equivalents and restricted cash at beginning of period | 495 | 139 |
Cash, cash equivalents and restricted cash at end of period | 2,446 | 840 |
Cash paid (received) during the period for: | ||
Interest, net of amount capitalized of $3 and $3 | 237 | 278 |
Income taxes, net of refunds | $ 494 | $ 46 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Cash Flows [Abstract] | ||
Interest, amount capitalized | $ 3 | $ 3 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common shares: | Other capital: | Retained earnings (accumulated deficit): | Accumulated other comprehensive loss: |
Balance at beginning of period at Dec. 31, 2019 | $ 932 | $ 8,152 | $ (3) | $ (904) | |
Issued for exercise of stock options and vested units | 1 | 9 | |||
Share-based compensation | 22 | ||||
Other transactions, net | (5) | ||||
Net earnings | $ 505 | 505 | |||
Dividends on common shares | (256) | ||||
Other comprehensive income | 74 | 74 | |||
Repurchases of common shares (Note 4) | 0 | 0 | |||
Balance at end of period at Sep. 30, 2020 | $ 8,527 | 933 | 8,178 | 246 | (830) |
Dividends paid per common share | $ 0.34 | ||||
Balance at beginning of period at Jun. 30, 2020 | 933 | 8,166 | (37) | (860) | |
Issued for exercise of stock options and vested units | 0 | 3 | |||
Share-based compensation | 7 | ||||
Other transactions, net | 2 | ||||
Net earnings | $ 283 | 283 | |||
Dividends on common shares | 0 | ||||
Other comprehensive income | 30 | 30 | |||
Repurchases of common shares (Note 4) | 0 | 0 | |||
Balance at end of period at Sep. 30, 2020 | $ 8,527 | 933 | 8,178 | 246 | (830) |
Dividends paid per common share | $ 0 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 8,731 | 934 | 8,208 | 411 | (822) |
Issued for exercise of stock options and vested units | 3 | 44 | |||
Share-based compensation | 23 | ||||
Other transactions, net | (8) | ||||
Net earnings | 2,191 | 2,191 | |||
Dividends on common shares | (760) | ||||
Other comprehensive income | 171 | 171 | |||
Repurchases of common shares (Note 4) | (1) | (25) | |||
Balance at end of period at Sep. 30, 2021 | $ 10,369 | 936 | 8,242 | 1,842 | (651) |
Dividends paid per common share | $ 0.51 | ||||
Balance at beginning of period at Jun. 30, 2021 | 937 | 8,258 | 1,861 | (656) | |
Issued for exercise of stock options and vested units | 0 | 1 | |||
Share-based compensation | 8 | ||||
Other transactions, net | 0 | ||||
Net earnings | $ 482 | 482 | |||
Dividends on common shares | (501) | ||||
Other comprehensive income | 5 | 5 | |||
Repurchases of common shares (Note 4) | (1) | (25) | |||
Balance at end of period at Sep. 30, 2021 | $ 10,369 | $ 936 | $ 8,242 | $ 1,842 | $ (651) |
Dividends paid per common share | $ 0.17 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 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, 2020. Results of operations for interim periods should not necessarily be regarded as indicative of the results that may be expected for the full year. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | 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 every acre we own 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 categorized 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, and wind and solar resources) 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 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Sales to unaffiliated customers: Timberlands $ 423 $ 345 $ 1,207 $ 1,085 Real Estate & ENR 69 69 285 246 Wood Products 1,853 1,696 6,503 4,138 2,345 2,110 7,995 5,469 Intersegment sales: Timberlands 129 107 399 350 Total sales 2,474 2,217 8,394 5,819 Intersegment eliminations (129 ) (107 ) (399 ) (350 ) Total $ 2,345 $ 2,110 $ 7,995 $ 5,469 Net contribution (charge) to earnings: Timberlands $ 133 $ (11 ) $ 354 $ 169 Real Estate & ENR 45 17 174 72 Wood Products 517 566 2,695 859 695 572 3,223 1,100 Unallocated items ( 1) (50 ) (69 ) (199 ) (130 ) Net contribution to earnings 645 503 3,024 970 Interest expense, net of capitalized interest (79 ) (111 ) (236 ) (299 ) Earnings before income taxes 566 392 2,788 671 Income taxes (84 ) (109 ) (597 ) (166 ) Net earnings $ 482 $ 283 $ 2,191 $ 505 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 3: REVENUE RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 76 $ 80 $ 235 $ 238 Export grade sales 150 83 414 281 Subtotal West 226 163 649 519 South 153 141 429 436 North 13 13 38 37 Subtotal delivered logs sales 392 317 1,116 992 Stumpage and pay-as-cut timber 9 5 22 15 Recreational and other lease revenue 16 16 48 47 Other ( 1) 6 7 21 31 Net sales attributable to Timberlands segment 423 345 1,207 1,085 Real Estate & ENR segment Real estate 45 49 212 192 Energy and natural resources 24 20 73 54 Net sales attributable to Real Estate & ENR segment 69 69 285 246 Wood Products segment Structural lumber 681 819 3,020 1,865 Oriented strand board 470 290 1,513 659 Engineered solid section 183 135 491 373 Engineered I-joists 128 83 315 231 Softwood plywood 45 55 170 128 Medium density fiberboard 52 47 143 124 Complementary building products 211 183 595 505 Other ( 2) 83 84 256 253 Net sales attributable to Wood Products segment 1,853 1,696 6,503 4,138 Total net sales $ 2,345 $ 2,110 $ 7,995 $ 5,469 ( 1 ) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. ( 2 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SHAR
NET EARNINGS PER SHARE AND SHARE REPURCHASES | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
NET EARNINGS PER SHARE AND SHARE REPURCHASES | NOTE 4: NET EARNINGS PER SHARE AND SHARE REPURCHASES Our basic and diluted earnings per share were: ● $0.64 during third quarter 2021 and $2.92 during year-to-date 2021; ● $0.38 during third quarter 2020 and $0.68 during year-to-date 2020. Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Weighted average common shares outstanding – basic 750,105 746,996 749,657 746,809 Dilutive potential common shares: Stock options 293 401 318 246 Restricted stock units 730 570 709 297 Performance share units 315 483 315 178 Total effect of outstanding dilutive potential common shares 1,338 1,454 1,342 721 Weighted average common shares outstanding – dilutive 751,443 748,450 750,999 747,530 We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Potential Shares Not Included in the Computation of Diluted Earnings per Share The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Stock options 789 2,260 789 2,260 Performance share units 1,067 729 1,067 729 Share Repurchase Program On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program). During year-to-date 2021, we repurchased 780,228 common shares for approximately $26 million under the 2019 Repurchase Program. As of September 30, 2021, we had remaining authorization of $1 billion for future share repurchases under the 2021 Repurchase Program. We did not repurchase shares during year-to-date 2020. All common stock repurchases under the 2019 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were no unsettled repurchases as of September 30, 2021 or December 31, 2020. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 5: INVENTORIES Inventories include raw materials, work-in-process, finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 DECEMBER 31, 2020 LIFO inventories: Logs $ 22 $ 24 Lumber, plywood, panels and fiberboard 64 59 Other products 13 9 Moving average cost or FIFO inventories: Logs 52 64 Lumber, plywood, panels, fiberboard and engineered wood products 113 84 Other products 121 100 Materials and supplies 114 103 Total $ 499 $ 443 LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The moving average cost method or FIFO – the first-in, first-out method – applies to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 6: VARIABLE INTEREST ENTITIES From 2002 through 2004, we sold certain nonstrategic timberlands. As a result of these sales, buyer-sponsored and monetization variable interest entities, or special purpose entities (SPEs), were formed. We were the primary beneficiary and consolidated the assets and liabilities of the SPEs involved in these transactions. The assets of the buyer-sponsored SPEs were financial investments which consist ed of bank guarantees. These bank guarantees were in turn backed by bank notes, which were the liabilities of the monetization SPEs. Interest earned from the financial investments within the buyer-sponsored SPEs was used to pay interest accrued on the corresponding monetization SPE’s note. During first quarter 2020, we received $362 million in proceeds from our final buyer-sponsored SPE at maturity. The corresponding $302 million in liabilities of this SPE was paid in third quarter 2019. |
PENSION AND OTHER POST-EMPLOYME
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS | NOTE 7: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Service cost $ 11 $ 9 $ 32 $ 27 Interest cost 24 35 73 104 Expected return on plan assets (51 ) (59 ) (153 ) (175 ) Amortization of actuarial loss 29 31 86 92 Amortization of prior service cost 1 1 2 3 Total net periodic benefit cost – pension $ 14 $ 17 $ 40 $ 51 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Interest cost $ — $ 1 $ 2 $ 3 Amortization of actuarial loss 2 1 4 2 Amortization of prior service credit — (1 ) — (1 ) Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 $ 6 $ 4 For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations . Fair Value of Pension Plan Assets and Obligations In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets in the second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. During second quarter 2021, we recorded an increase to the beginning of the year fair value of the pension assets of $155 million, or 5 percent. We also updated our census data that is used to estimate our beginning of the year projected benefit obligation for our pension plans, which resulted in a projected benefit obligation increase of $17 million, or less than 1 percent. The net effect of these updates was a $138 million improvement in funded status. This change in funded status was reflected on our Consolidated Balance Sheet as of June 30, 2021. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
ACCRUED LIABILITIES | NOTE 8: ACCRUED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 DECEMBER 31, 2020 Compensation and employee benefit costs $ 207 $ 204 Current portion of lease liabilities 23 26 Customer rebates, volume discounts and deferred income 177 111 Dividends payable 375 — Interest 84 87 Taxes payable 165 75 Other 79 93 Total $ 1,110 $ 596 |
LONG-TERM DEBT AND LINE OF CRED
LONG-TERM DEBT AND LINE OF CREDIT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND LINE OF CREDIT | NOTE 9: In October 2021, we repaid our $150 million 9.00 percent notes at maturity. In May 2021, we repaid our $225 million variable-rate term loan that was scheduled to mature in July 2026. In September 2020, we redeemed our $325 million 3.25 percent notes due in March 2023. A pretax charge of $23 million was included in “Interest expense, net of capitalized interest” in the Consolidated Statement of Operations in third quarter 2020 for the make-whole premium in connection with the early extinguishment of the $325 million notes. In March 2020, we issued $750 million of 4.00 percent notes due in April 2030. The net proceeds after deducting the discount, underwriting fees and issuance costs were $732 million. In May 2020, a portion of the net proceeds was used to redeem our $569 million 4.70 percent notes due in March 2021. A net pretax charge of $11 million was included in “Interest expense, net of capitalized interest” in the Consolidated Statement of Operations in second quarter 2020 for the make-whole premium in connection with the early extinguishment of the $569 million notes, partially offset by the write-off of an unamortized fair value step-up adjustment. In January 2020, we refinanced and extended our $1.5 billion five-year |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 10: FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: SEPTEMBER 30, 2021 DECEMBER 31, 2020 DOLLAR AMOUNTS IN MILLIONS CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit: Fixed rate $ 5,250 $ 6,467 $ 5,250 $ 6,718 Variable rate — — 225 225 Total debt $ 5,250 $ 6,467 $ 5,475 $ 6,943 To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our variable rate long-term debt and line of credit instruments have net carrying values that approximate their fair values with only insignificant differences. The inputs to these valuations are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. Fair Value of Other Financial Instruments We believe that our other financial instruments, including cash and cash equivalents, short-term investments, and receivables and payables, have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments and the allowance for doubtful accounts. |
LEGAL PROCEEDINGS, COMMITMENTS
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES | NOTE 11: LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Statement of Operations , Consolidated Balance Sheet or Consolidated Statement of Cash Flows . Environmental Matters Site Remediation Under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the “Superfund” – and similar state laws, we: ● are a party to various proceedings related to the cleanup of hazardous waste sites and ● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. As of September 30, 2021, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $64 million. These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 12: ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Pension ( 1) Balance at beginning of period $ (924 ) $ (1,060 ) $ (1,064 ) $ (1,128 ) Other comprehensive income (loss) before reclassifications 6 (6 ) 102 14 Amounts reclassified from accumulated other comprehensive loss to earnings ( 2) 23 24 67 72 Total other comprehensive income 29 18 169 86 Balance at end of period $ (895 ) $ (1,042 ) $ (895 ) $ (1,042 ) Other Post-Employment Benefits ( 1) Balance at beginning of period $ (10 ) $ (11 ) $ (12 ) $ (12 ) Other comprehensive income (loss) before reclassifications (1 ) 1 (1 ) 1 Amounts reclassified from accumulated other comprehensive loss to earnings ( 2) 2 — 4 1 Total other comprehensive income 1 1 3 2 Balance at end of period $ (9 ) $ (10 ) $ (9 ) $ (10 ) Translation Adjustments and Other Balance at beginning of period $ 278 $ 211 $ 254 $ 236 Translation adjustments (25 ) 11 (1 ) (14 ) Total other comprehensive income (loss) (25 ) 11 (1 ) (14 ) Balance at end of period 253 222 253 222 Accumulated other comprehensive loss, end of period $ (651 ) $ (830 ) $ (651 ) $ (830 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 7: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2021 | |
Share Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 13: SHARE-BASED COMPENSATION Share-based compensation activity during year-to-date 2021 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 784 781 Performance share units (PSUs) 354 229 A total of 2.4 million shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises. Restricted Stock Units The weighted average fair value of the RSUs granted in 2021 was $34.38. The vesting provisions for RSUs granted in 2021 were consistent with prior year grants. Performance Share Units The weighted average grant date fair value of PSUs granted in 2021 was $38.50. The final number of shares granted in 2021 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. PSUs granted in 2021 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2021 PERFORMANCE SHARE UNITS Performance period 2/11/2021 – 12/31/2023 Valuation date average stock price ( 1) $34.14 Expected dividends 1.99% Risk-free rate 0.02% – 0.20% Expected volatility 32.87% – 52.82% (1) Calculated as an average of the high and low prices on grant date. |
TIMBERLAND ACQUISITIONS AND DIV
TIMBERLAND ACQUISITIONS AND DIVESTITURES | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
TIMBERLAND ACQUISITIONS AND DIVESTITURES | NOTE 14: TIMBERLAND ACQUISITIONS AND DIVESTITURES Washington Divestiture On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our third quarter 2021 Consolidated Statement of Operations . This divestiture is not considered a strategic shift that has, or will have, a major effect on our operations or financial results and therefore does not meet the requirements for presentation as discontinued operations. Alabama Acquisition On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . As discussed above, this transaction was structured as a like-kind exchange. Montana Divestiture On December 17, 2019, we announced an agreement to sell 630 thousand acres of Montana timberlands, which was part of our Timberlands business segment. On March 26, 2020, we completed the sale for $145 million in cash proceeds, which is net of purchase price adjustments and closing costs. Due to the impairment recorded during fourth quarter 2019, no material gain or loss was recorded as a result of this sale. The divestiture was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. |
OTHER OPERATING COSTS (INCOME),
OTHER OPERATING COSTS (INCOME), NET | 9 Months Ended |
Sep. 30, 2021 | |
Other Income [Abstract] | |
OTHER OPERATING COSTS (INCOME), NET | NOTE 15: Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Foreign exchange losses (gains), net $ (5 ) $ (2 ) $ (2 ) $ 3 Gain on sale of timberlands (32 ) — (32 ) — Litigation expense, net 5 7 11 9 Product remediation recovery — — — (8 ) Research and development expenses 1 1 3 4 Timber casualty loss — 80 — 80 Other, net 16 6 28 17 Total other operating costs (income), net $ (15 ) $ 92 $ 8 $ 105 Timber Casualty Loss In September 2020, forest fires in the state of Oregon, commonly referred to as the Holiday Farm, Beachie Creek, Riverside, and Archie Creek fires, spread from adjacent lands onto portions of our Oregon timberland properties. We recorded a timber casualty loss of $80 million in third quarter 2020 which represented the estimated book value of timber and related assets that could not be salvaged based on information available at that time. The loss was attributable to our Timberlands segment and was recorded within “Other operating costs (income), net” in the Consolidated Statement of Operations . During year-to-date 2021, we have harvested a substantial majority of our planned salvage volume in Oregon. The additional information obtained from our salvage operations has not resulted in a change to the estimated loss previously recorded. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16: INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders. We are required to pay corporate income taxes on earnings of our wholly-owned Taxable REIT Subsidiaries (TRSs), which includes our Wood Products segment earnings and portions of our Timberlands and Real Estate & ENR segments' earnings. The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurred during the year. Our 2021 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings. |
RESTRICTED CASH
RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
RESTRICTED CASH | NOTE 17: RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 SEPTEMBER 30, 2020 Cash and cash equivalents $ 2,326 $ 787 Restricted cash included in other assets ( 1) 120 53 Total cash, cash equivalents and restricted cash $ 2,446 $ 840 (1) Amounts included in restricted cash as of September 30, 2021 are comprised of proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands through a like-kind exchange transaction. Amounts included in restricted cash as of September 30, 2020 were primarily comprised of proceeds held by a qualified intermediary that were subsequently reinvested in timber and timberlands through a like-kind exchange transaction, as well as additional funds held in escrow related to that transaction. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidation | 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. |
Earnings Per Share | We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. |
Fair Value of Financial Instruments | To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our variable rate long-term debt and line of credit instruments have net carrying values that approximate their fair values with only insignificant differences. The inputs to these valuations are based on market data obtained from independent sources or information derived principally from observable market data. The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at the measurement date. |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Business Segment Information in Consolidated Statement of Operations | 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 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Sales to unaffiliated customers: Timberlands $ 423 $ 345 $ 1,207 $ 1,085 Real Estate & ENR 69 69 285 246 Wood Products 1,853 1,696 6,503 4,138 2,345 2,110 7,995 5,469 Intersegment sales: Timberlands 129 107 399 350 Total sales 2,474 2,217 8,394 5,819 Intersegment eliminations (129 ) (107 ) (399 ) (350 ) Total $ 2,345 $ 2,110 $ 7,995 $ 5,469 Net contribution (charge) to earnings: Timberlands $ 133 $ (11 ) $ 354 $ 169 Real Estate & ENR 45 17 174 72 Wood Products 517 566 2,695 859 695 572 3,223 1,100 Unallocated items ( 1) (50 ) (69 ) (199 ) (130 ) Net contribution to earnings 645 503 3,024 970 Interest expense, net of capitalized interest (79 ) (111 ) (236 ) (299 ) Earnings before income taxes 566 392 2,788 671 Income taxes (84 ) (109 ) (597 ) (166 ) Net earnings $ 482 $ 283 $ 2,191 $ 505 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue by Major Products | A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 76 $ 80 $ 235 $ 238 Export grade sales 150 83 414 281 Subtotal West 226 163 649 519 South 153 141 429 436 North 13 13 38 37 Subtotal delivered logs sales 392 317 1,116 992 Stumpage and pay-as-cut timber 9 5 22 15 Recreational and other lease revenue 16 16 48 47 Other ( 1) 6 7 21 31 Net sales attributable to Timberlands segment 423 345 1,207 1,085 Real Estate & ENR segment Real estate 45 49 212 192 Energy and natural resources 24 20 73 54 Net sales attributable to Real Estate & ENR segment 69 69 285 246 Wood Products segment Structural lumber 681 819 3,020 1,865 Oriented strand board 470 290 1,513 659 Engineered solid section 183 135 491 373 Engineered I-joists 128 83 315 231 Softwood plywood 45 55 170 128 Medium density fiberboard 52 47 143 124 Complementary building products 211 183 595 505 Other ( 2) 83 84 256 253 Net sales attributable to Wood Products segment 1,853 1,696 6,503 4,138 Total net sales $ 2,345 $ 2,110 $ 7,995 $ 5,469 ( 1 ) Other Timberlands sales include sales of seeds and seedlings from our nursery operations as well as wood chips. ( 2 ) Other Wood Products sales include wood chips, other byproducts and third-party residual log sales from our Canadian Forestlands operations. |
NET EARNINGS PER SHARE AND SH_2
NET EARNINGS PER SHARE AND SHARE REPURCHASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Dilutive Potential Common Shares | Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Weighted average common shares outstanding – basic 750,105 746,996 749,657 746,809 Dilutive potential common shares: Stock options 293 401 318 246 Restricted stock units 730 570 709 297 Performance share units 315 483 315 178 Total effect of outstanding dilutive potential common shares 1,338 1,454 1,342 721 Weighted average common shares outstanding – dilutive 751,443 748,450 750,999 747,530 |
Potential Shares Not Included in the Computation of Diluted Earnings per Share | The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods. QUARTER ENDED YEAR-TO-DATE ENDED SHARES IN THOUSANDS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Stock options 789 2,260 789 2,260 Performance share units 1,067 729 1,067 729 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories include raw materials, work-in-process, finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 DECEMBER 31, 2020 LIFO inventories: Logs $ 22 $ 24 Lumber, plywood, panels and fiberboard 64 59 Other products 13 9 Moving average cost or FIFO inventories: Logs 52 64 Lumber, plywood, panels, fiberboard and engineered wood products 113 84 Other products 121 100 Materials and supplies 114 103 Total $ 499 $ 443 |
PENSION AND OTHER POST-EMPLOY_2
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Service cost $ 11 $ 9 $ 32 $ 27 Interest cost 24 35 73 104 Expected return on plan assets (51 ) (59 ) (153 ) (175 ) Amortization of actuarial loss 29 31 86 92 Amortization of prior service cost 1 1 2 3 Total net periodic benefit cost – pension $ 14 $ 17 $ 40 $ 51 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Interest cost $ — $ 1 $ 2 $ 3 Amortization of actuarial loss 2 1 4 2 Amortization of prior service credit — (1 ) — (1 ) Total net periodic benefit cost – other post-employment benefits $ 2 $ 1 $ 6 $ 4 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 DECEMBER 31, 2020 Compensation and employee benefit costs $ 207 $ 204 Current portion of lease liabilities 23 26 Customer rebates, volume discounts and deferred income 177 111 Dividends payable 375 — Interest 84 87 Taxes payable 165 75 Other 79 93 Total $ 1,110 $ 596 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
Estimated Fair Values and Carrying Values of Long-Term Debt and Line of Credit | The estimated fair values and carrying values of our long-term debt and line of credit consisted of the following: SEPTEMBER 30, 2021 DECEMBER 31, 2020 DOLLAR AMOUNTS IN MILLIONS CARRYING VALUE FAIR VALUE (LEVEL 2) CARRYING VALUE FAIR VALUE (LEVEL 2) Long-term debt (including current maturities) and line of credit: Fixed rate $ 5,250 $ 6,467 $ 5,250 $ 6,718 Variable rate — — 225 225 Total debt $ 5,250 $ 6,467 $ 5,475 $ 6,943 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes in Amounts Included in Our Accumulated Other Comprehensive Loss | Changes in amounts included in our accumulated other comprehensive loss by component are: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Pension ( 1) Balance at beginning of period $ (924 ) $ (1,060 ) $ (1,064 ) $ (1,128 ) Other comprehensive income (loss) before reclassifications 6 (6 ) 102 14 Amounts reclassified from accumulated other comprehensive loss to earnings ( 2) 23 24 67 72 Total other comprehensive income 29 18 169 86 Balance at end of period $ (895 ) $ (1,042 ) $ (895 ) $ (1,042 ) Other Post-Employment Benefits ( 1) Balance at beginning of period $ (10 ) $ (11 ) $ (12 ) $ (12 ) Other comprehensive income (loss) before reclassifications (1 ) 1 (1 ) 1 Amounts reclassified from accumulated other comprehensive loss to earnings ( 2) 2 — 4 1 Total other comprehensive income 1 1 3 2 Balance at end of period $ (9 ) $ (10 ) $ (9 ) $ (10 ) Translation Adjustments and Other Balance at beginning of period $ 278 $ 211 $ 254 $ 236 Translation adjustments (25 ) 11 (1 ) (14 ) Total other comprehensive income (loss) (25 ) 11 (1 ) (14 ) Balance at end of period 253 222 253 222 Accumulated other comprehensive loss, end of period $ (651 ) $ (830 ) $ (651 ) $ (830 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 7: Pension and Other Post-Employment Benefit Plans . |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share Based Compensation [Abstract] | |
Schedule of Share-Based Compensation Activity | Share-based compensation activity during year-to-date 2021 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 784 781 Performance share units (PSUs) 354 229 |
Weighted Average Assumptions Used in Estimating Value of Performance Share Units Granted | Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2021 PERFORMANCE SHARE UNITS Performance period 2/11/2021 – 12/31/2023 Valuation date average stock price ( 1) $34.14 Expected dividends 1.99% Risk-free rate 0.02% – 0.20% Expected volatility 32.87% – 52.82% (1) Calculated as an average of the high and low prices on grant date. |
OTHER OPERATING COSTS (INCOME_2
OTHER OPERATING COSTS (INCOME), NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income [Abstract] | |
Income and Expense Items Included in Other Operating Costs (Income), Net | Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2021 SEPTEMBER 2020 SEPTEMBER 2021 SEPTEMBER 2020 Foreign exchange losses (gains), net $ (5 ) $ (2 ) $ (2 ) $ 3 Gain on sale of timberlands (32 ) — (32 ) — Litigation expense, net 5 7 11 9 Product remediation recovery — — — (8 ) Research and development expenses 1 1 3 4 Timber casualty loss — 80 — 80 Other, net 16 6 28 17 Total other operating costs (income), net $ (15 ) $ 92 $ 8 $ 105 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows : DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2021 SEPTEMBER 30, 2020 Cash and cash equivalents $ 2,326 $ 787 Restricted cash included in other assets ( 1) 120 53 Total cash, cash equivalents and restricted cash $ 2,446 $ 840 (1) Amounts included in restricted cash as of September 30, 2021 are comprised of proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands through a like-kind exchange transaction. Amounts included in restricted cash as of September 30, 2020 were primarily comprised of proceeds held by a qualified intermediary that were subsequently reinvested in timber and timberlands through a like-kind exchange transaction, as well as additional funds held in escrow related to that transaction. |
BUSINESS SEGMENTS - Reconciliat
BUSINESS SEGMENTS - Reconciliation of Business Segment Information in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | $ 2,345 | $ 2,110 | $ 7,995 | $ 5,469 |
Net contribution (charge) to earnings | 645 | 503 | 3,024 | 970 |
Interest expense, net of capitalized interest | (79) | (111) | (236) | (299) |
Earnings before income taxes | 566 | 392 | 2,788 | 671 |
Income taxes | (84) | (109) | (597) | (166) |
Net earnings | 482 | 283 | 2,191 | 505 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 2,474 | 2,217 | 8,394 | 5,819 |
Net contribution (charge) to earnings | 695 | 572 | 3,223 | 1,100 |
Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | (129) | (107) | (399) | (350) |
Unallocated items | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Net contribution (charge) to earnings | (50) | (69) | (199) | (130) |
Timberlands | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 423 | 345 | 1,207 | 1,085 |
Timberlands | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 423 | 345 | 1,207 | 1,085 |
Net contribution (charge) to earnings | 133 | (11) | 354 | 169 |
Timberlands | Intersegment eliminations | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 129 | 107 | 399 | 350 |
Real Estate & ENR | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 69 | 69 | 285 | 246 |
Real Estate & ENR | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 69 | 69 | 285 | 246 |
Net contribution (charge) to earnings | 45 | 17 | 174 | 72 |
Wood Products | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,853 | 1,696 | 6,503 | 4,138 |
Wood Products | Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item | ||||
Sales to unaffiliated customers | 1,853 | 1,696 | 6,503 | 4,138 |
Net contribution (charge) to earnings | $ 517 | $ 566 | $ 2,695 | $ 859 |
REVENUE RECOGNITION - Revenue b
REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from External Customer | ||||
Net sales | $ 2,345 | $ 2,110 | $ 7,995 | $ 5,469 |
Timberlands | ||||
Revenue from External Customer | ||||
Net sales | 423 | 345 | 1,207 | 1,085 |
Timberlands | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 392 | 317 | 1,116 | 992 |
Timberlands | Stumpage and pay-as-cut timber | ||||
Revenue from External Customer | ||||
Net sales | 9 | 5 | 22 | 15 |
Timberlands | Recreational and other lease revenue | ||||
Revenue from External Customer | ||||
Net sales | 16 | 16 | 48 | 47 |
Timberlands | Other | ||||
Revenue from External Customer | ||||
Net sales | 6 | 7 | 21 | 31 |
Timberlands | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 226 | 163 | 649 | 519 |
Timberlands | South | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 153 | 141 | 429 | 436 |
Timberlands | North | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 13 | 13 | 38 | 37 |
Timberlands | Domestic grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 76 | 80 | 235 | 238 |
Timberlands | Export grade sales | West | Delivered logs | ||||
Revenue from External Customer | ||||
Net sales | 150 | 83 | 414 | 281 |
Real Estate & ENR | ||||
Revenue from External Customer | ||||
Net sales | 69 | 69 | 285 | 246 |
Real Estate & ENR | Real Estate | ||||
Revenue from External Customer | ||||
Net sales | 45 | 49 | 212 | 192 |
Real Estate & ENR | Energy and natural resources | ||||
Revenue from External Customer | ||||
Net sales | 24 | 20 | 73 | 54 |
Wood Products | ||||
Revenue from External Customer | ||||
Net sales | 1,853 | 1,696 | 6,503 | 4,138 |
Wood Products | Structural lumber | ||||
Revenue from External Customer | ||||
Net sales | 681 | 819 | 3,020 | 1,865 |
Wood Products | Oriented strand board | ||||
Revenue from External Customer | ||||
Net sales | 470 | 290 | 1,513 | 659 |
Wood Products | Engineered solid section | ||||
Revenue from External Customer | ||||
Net sales | 183 | 135 | 491 | 373 |
Wood Products | Engineered I-joists | ||||
Revenue from External Customer | ||||
Net sales | 128 | 83 | 315 | 231 |
Wood Products | Softwood plywood | ||||
Revenue from External Customer | ||||
Net sales | 45 | 55 | 170 | 128 |
Wood Products | Medium density fiberboard | ||||
Revenue from External Customer | ||||
Net sales | 52 | 47 | 143 | 124 |
Wood Products | Complementary building products | ||||
Revenue from External Customer | ||||
Net sales | 211 | 183 | 595 | 505 |
Wood Products | Other | ||||
Revenue from External Customer | ||||
Net sales | $ 83 | $ 84 | $ 256 | $ 253 |
NET EARNINGS PER SHARE AND SH_3
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 22, 2021 | Dec. 31, 2020 | |
Earnings Per Share Basic [Line Items] | ||||||
Earnings per share, basic and diluted | $ 0.64 | $ 0.38 | $ 2.92 | $ 0.68 | ||
Shares repurchased during period value | $ 26,000,000 | $ 0 | ||||
Share repurchase program unsettled repurchases | $ 0 | $ 0 | $ 0 | |||
2021 Repurchase Program | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||||
Shares repurchased during period | 0 | |||||
Shares repurchased during period value | $ 0 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||
2019 Repurchase Program | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Shares repurchased during period | 780,228 | 0 | 780,228 | 0 | ||
Shares repurchased during period value | $ 26,000,000 | $ 26,000,000 |
NET EARNINGS PER SHARE AND SH_4
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Dilutive Potential Common Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Basic | 750,105 | 746,996 | 749,657 | 746,809 |
Dilutive potential common shares | 1,338 | 1,454 | 1,342 | 721 |
Diluted | 751,443 | 748,450 | 750,999 | 747,530 |
Stock options | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 293 | 401 | 318 | 246 |
Restricted stock units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 730 | 570 | 709 | 297 |
Performance share units | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive potential common shares | 315 | 483 | 315 | 178 |
NET EARNINGS PER SHARE AND SH_5
NET EARNINGS PER SHARE AND SHARE REPURCHASES - Potential Shares Not Included in the Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 789 | 2,260 | 789 | 2,260 |
Performance share units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares not included in the computation of diluted earnings (loss) per share | 1,067 | 729 | 1,067 | 729 |
INVENTORIES - Inventories (Deta
INVENTORIES - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Total | $ 499 | $ 443 |
Logs | ||
Inventory [Line Items] | ||
LIFO inventories | 22 | 24 |
Moving average cost or FIFO inventories | 52 | 64 |
Lumber, plywood, panels and fiberboard | ||
Inventory [Line Items] | ||
LIFO inventories | 64 | 59 |
Lumber, plywood, panels, fiberboard and engineered wood products | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | 113 | 84 |
Other products | ||
Inventory [Line Items] | ||
LIFO inventories | 13 | 9 |
Moving average cost or FIFO inventories | 121 | 100 |
Materials and supplies | ||
Inventory [Line Items] | ||
Moving average cost or FIFO inventories | $ 114 | $ 103 |
VARIABLE INTEREST ENTITIES - Ad
VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Proceeds from note receivable held by variable interest entities | $ 362 | |
Payment of SPE liabilities | $ 302 |
PENSION AND OTHER POST-EMPLOY_3
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11 | $ 9 | $ 32 | $ 27 |
Interest cost | 24 | 35 | 73 | 104 |
Expected return on plan assets | (51) | (59) | (153) | (175) |
Amortization of actuarial loss | 29 | 31 | 86 | 92 |
Amortization of prior service cost (credit) | 1 | 1 | 2 | 3 |
Total net periodic benefit cost | 14 | 17 | 40 | 51 |
Other Post-Employment Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0 | 1 | 2 | 3 |
Amortization of actuarial loss | 2 | 1 | 4 | 2 |
Amortization of prior service cost (credit) | 0 | (1) | 0 | (1) |
Total net periodic benefit cost | $ 2 | $ 1 | $ 6 | $ 4 |
PENSION AND OTHER POST-EMPLOY_4
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Additional Information (Details) - Pension $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets | $ 155 |
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets, percentage | 5.00% |
Defined benefit plan, increase (decrease) in projected benefit obligation | $ 17 |
Defined benefit plan, improvement in funded status | $ 138 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, increase (decrease) in projected benefit obligation, percentage | 1.00% |
ACCRUED LIABILITIES - Accrued L
ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Compensation and employee benefit costs | $ 207 | $ 204 |
Current portion of lease liabilities | 23 | 26 |
Customer rebates, volume discounts and deferred income | 177 | 111 |
Dividends payable | 375 | 0 |
Interest | 84 | 87 |
Taxes payable | 165 | 75 |
Other | 79 | 93 |
Total | $ 1,110 | $ 596 |
LONG-TERM DEBT AND LINE OF CR_2
LONG-TERM DEBT AND LINE OF CREDIT - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2021 | May 31, 2021 | Sep. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Pretax charge related to early extinguishment of debt | $ 11,000,000 | $ 23,000,000 | ||||||||
Line of credit, amount outstanding | $ 0 | $ 0 | ||||||||
Senior Unsecured Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, maturity date | 2025-01 | |||||||||
Line of credit, maximum borrowing capacity | $ 1,500,000,000 | |||||||||
Line of credit expiration period | 5 years | |||||||||
9.00% debentures due 2021 | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 150,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 9.00% | |||||||||
Variable Rate Term Loan Mature in July 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of term loan credit facility | $ 225,000,000 | |||||||||
Debt, maturity date | 2026-07 | |||||||||
4.00 percent due in April 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 4.00% | |||||||||
Debt, maturity date | 2030-04 | |||||||||
Debt issued | $ 750,000,000 | |||||||||
Proceeds from debt, net of issuance costs | $ 732,000,000 | |||||||||
3.25% Notes Due in March 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 325,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 3.25% | 3.25% | ||||||||
Debt, maturity date | 2023-03 | |||||||||
4.70 percent due March 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 569,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.70% | |||||||||
Debt, maturity date | 2021-03 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt and Line of Credit (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Long-term debt (including current maturities) and line of credit, carrying value | $ 5,250 | $ 5,475 |
Long-term debt (including current maturities) and line of credit, fair value (Level 2) | 6,467 | 6,943 |
Fixed interest rate | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Long-term debt (including current maturities) and line of credit, carrying value | 5,250 | 5,250 |
Long-term debt (including current maturities) and line of credit, fair value (Level 2) | 6,467 | 6,718 |
Variable interest rate | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Long-term debt (including current maturities) and line of credit, carrying value | 0 | 225 |
Long-term debt (including current maturities) and line of credit, fair value (Level 2) | $ 0 | $ 225 |
LEGAL PROCEEDINGS, COMMITMENT_2
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Accrued estimated remediation costs | $ 64 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Amounts Included in Our Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 8,731 | |||
Translation adjustments | $ (25) | $ 11 | (1) | $ (14) |
Total other comprehensive income | 5 | 30 | 171 | 74 |
Balance at end of period | 10,369 | 8,527 | 10,369 | 8,527 |
Pension | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (924) | (1,060) | (1,064) | (1,128) |
Other comprehensive income (loss) before reclassifications | 6 | (6) | 102 | 14 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 23 | 24 | 67 | 72 |
Total other comprehensive income | 29 | 18 | 169 | 86 |
Balance at end of period | (895) | (1,042) | (895) | (1,042) |
Other Post-Employment Benefits | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (10) | (11) | (12) | (12) |
Other comprehensive income (loss) before reclassifications | (1) | 1 | (1) | 1 |
Amounts reclassified from accumulated other comprehensive loss to earnings | 2 | 0 | 4 | 1 |
Total other comprehensive income | 1 | 1 | 3 | 2 |
Balance at end of period | (9) | (10) | (9) | (10) |
Translation Adjustment and Other | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 278 | 211 | 254 | 236 |
Translation adjustments | (25) | 11 | (1) | (14) |
Total other comprehensive income | (25) | 11 | (1) | (14) |
Balance at end of period | 253 | 222 | 253 | 222 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (656) | (860) | (822) | (904) |
Total other comprehensive income | 5 | 30 | 171 | 74 |
Balance at end of period | $ (651) | $ (830) | $ (651) | $ (830) |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2021shares | |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 784 |
Vested | 781 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted | 354 |
Vested | 229 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Shares issued during period | shares | 2.4 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 34.38 |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Weighted average grant-date fair value | $ 38.50 |
Maximum percentage of target value | 100.00% |
Performance share units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 0.00% |
Performance share units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Final number of shares awarded of each grant's target | 150.00% |
SHARE-BASED COMPENSATION - Weig
SHARE-BASED COMPENSATION - Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted (Details) - Performance share units | 9 Months Ended |
Sep. 30, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Valuation date average stock price | $ 34.14 |
Expected dividends | 1.99% |
Risk-free rate minimum | 0.02% |
Risk-free rate maximum | 0.20% |
Expected volatility minimum | 32.87% |
Expected volatility maximum | 52.82% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Feb. 11, 2021 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Performance period | Dec. 31, 2023 |
TIMBERLAND ACQUISITIONS AND D_2
TIMBERLAND ACQUISITIONS AND DIVESTITURES - Additional Information (Details) a in Thousands, $ in Millions | Jul. 07, 2021USD ($) | Apr. 30, 2021a | Feb. 25, 2021USD ($)a | Mar. 26, 2020USD ($) | Dec. 17, 2019a | Apr. 27, 2021USD ($) |
Washington | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Area of timberlands agreed to be sold | a | 145 | |||||
Proceeds from disposition of operations | $ 261 | |||||
Gain on sale of discontinued operations | $ 32 | |||||
ALABAMA | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Area of timberlands agreed to be purchased | a | 69 | |||||
Payments to acquire timberlands | $ 149 | |||||
Timberlands acquisition, timber and timberlands at cost, less depletion | $ 148 | |||||
Timberlands acquisition, property and equipment, net | $ 1 | |||||
Montana | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Area of timberlands agreed to be sold | a | 630 | |||||
Proceeds from disposition of operations | $ 145 |
OTHER OPERATING COSTS (INCOME_3
OTHER OPERATING COSTS (INCOME), NET - Income and Expense Items Included in Other Operating Costs (Income), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income [Abstract] | ||||
Foreign exchange losses (gains), net | $ (5) | $ (2) | $ (2) | $ 3 |
Gain on sale of timberlands (Note 14) | (32) | 0 | (32) | 0 |
Litigation expense, net | 5 | 7 | 11 | 9 |
Product remediation recovery | 0 | 0 | 0 | (8) |
Research and development expenses | 1 | 1 | 3 | 4 |
Timber casualty loss (Note 15) | 0 | 80 | 0 | 80 |
Other, net | 16 | 6 | 28 | 17 |
Total other operating costs (income), net | $ (15) | $ 92 | $ 8 | $ 105 |
OTHER OPERATING COSTS (INCOME_4
OTHER OPERATING COSTS (INCOME), NET - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income [Abstract] | ||||
Timber casualty loss (Note 15) | $ 0 | $ 80 | $ 0 | $ 80 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21.00% |
RESTRICTED CASH - Reconciliatio
RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 2,326 | $ 495 | $ 787 | |
Restricted cash included in other assets | $ 120 | $ 53 | ||
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Total cash, cash equivalents and restricted cash | $ 2,446 | $ 495 | $ 840 | $ 139 |