Le Lézard
Classified in: Business, Covid-19 virus
Subject: ERN

Weyerhaeuser Reports Fourth Quarter, Record Full Year Results


SEATTLE, Jan. 28, 2022 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion. This compares with net earnings of $292 million, or 39 cents per diluted share, on net sales of $2.1 billion for the same period last year and net earnings of $482 million for the third quarter of 2021. Excluding a total after-tax benefit of $49 million for special items, the company reported fourth quarter net earnings of $367 million, or 49 cents per diluted share. This compares with net earnings before special items of $361 million for the same period last year and $450 million for the third quarter of 2021. Adjusted EBITDA for the fourth quarter of 2021 was $674 million compared with $657 million for the same period last year and $746 million for the third quarter of 2021.

View our earnings release and financial statements in a printer-friendly PDF.

For the full year 2021, Weyerhaeuser reported record net earnings of $2.6 billion, or $3.47 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $797 million on net sales of $7.5 billion for the full year 2020. Full year 2021 includes a total after-tax benefit of $81 million for special items. Excluding these items, the company reported net earnings of $2.5 billion, or $3.37 per diluted share. This compares with net earnings before special items of $962 million for the full year 2020. Adjusted EBITDA for full year 2021 was a record $4.1 billion compared with $2.2 billion for full year 2020.

This morning, the company declared a $1.45 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning more than $2 billion of cash, or 79 percent of 2021 Adjusted FAD, to shareholders based on our 2021 results.

"Our 2021 financial performance was the strongest on record and each of our businesses delivered exceptional results despite persistent operational and market challenges," said Devin W. Stockfish, president and chief executive officer. "Our teams delivered the highest Wood Products Adjusted EBITDA on record, captured over $70 million of operational excellence improvements, optimized our timberlands holdings through strategic transactions in Alabama and Washington, and launched our new Natural Climate Solutions business. As we enter 2022, we continue to be encouraged by strong demand fundamentals that will drive growth for our businesses and remain focused on creating superior value for shareholders through our unmatched portfolio of assets, industry-leading operating performance, strong ESG foundation and disciplined capital allocation."

 

WEYERHAEUSER FINANCIAL HIGHLIGHTS


2021


2021


2020


2021


2020

(millions, except per share data)


Q3


Q4


Q4


Full Year


Full Year

Net sales


$2,345


$2,206


$2,063


$10,201


$7,532

Net earnings


$482


$416


$292


$2,607


$797

Net earnings per diluted share


$0.64


$0.55


$0.39


$3.47


$1.07

Weighted average shares outstanding, diluted


751


751


749


751


748

Net earnings before special items(1)(2)


$450


$367


$361


$2,526


$962

Net earnings per diluted share before special items(1)


$0.60


$0.49


$0.48


$3.37


$1.29

Adjusted EBITDA(1)


$746


$674


$657


$4,094


$2,201

Net cash from operations


$659


$494


$444


$3,159


$1,529

Adjusted FAD(3)


$561


$181


$362


$2,623


$1,240



(1)

Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of Net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.



(2)

Fourth quarter 2021 after-tax special items include a $28 million product remediation insurance recovery, a $12 million noncash legal benefit and a $9 million insurance recovery. Special items for prior periods presented are included in the reconciliation tables within this release.



(3)

Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release.

 

TIMBERLANDS

 

FINANCIAL HIGHLIGHTS


2021


2021



(millions)


Q3


Q4


Change

Net sales


$552


$565


$13

Net contribution to pretax earnings


$133


$110


$(23)

Pretax benefit for special items


$(32)


$?


$32

Net contribution to pretax earnings before special items


$101


$110


$9

Adjusted EBITDA


$165


$176


$11

Q4 2021 Performance ? In the West, fee harvest volumes were slightly higher than the third quarter and per unit log and haul costs were lower. Domestic sales realizations were comparable and export sales realizations were slightly higher, driven by strong demand in Japan. In the South, sales realizations for sawlogs and fiber logs increased slightly as mills continued to bolster inventories, and fee harvest volumes were modestly higher as weather conditions improved from the third quarter. Per unit log and haul costs were slightly higher, primarily due to increased transportation costs.

Q1 2022 Outlook ? Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. In the West, the company expects significantly higher domestic sales realizations and fee harvest volumes, moderately higher export sales realizations, and seasonally lower forestry and road costs. Per unit log and haul costs are expected to be moderately lower than the fourth quarter. In the South, the company expects comparable sales realizations and seasonally lower forestry and road costs. This is expected to be offset by slightly higher per unit log and haul costs and slightly lower fee harvest volumes.

 

REAL ESTATE, ENERGY & NATURAL RESOURCES

 

FINANCIAL HIGHLIGHTS


2021


2021



(millions)


Q3


Q4


Change

Net sales


$69


$59


$(10)

Net contribution to pretax earnings


$45


$36


$(9)

Adjusted EBITDA


$60


$49


$(11)

Q4 2021 Performance ? Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $296 million.

Q1 2022 Outlook ? Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be slightly higher than first quarter 2021 due to an increase in real estate acres sold. The company anticipates full year 2022 Adjusted EBITDA for the segment will be approximately $300 million

 

WOOD PRODUCTS

 

FINANCIAL HIGHLIGHTS


2021


2021



(millions)


Q3


Q4


Change

Net sales


$1,853


$1,718


$(135)

Net contribution to pretax earnings


$517


$516


$(1)

Pretax benefit for special items


$?


$(50)


$(50)

Net contribution to pretax earnings before special items


$517


$466


$(51)

Adjusted EBITDA


$565


$517


$(48)

Q4 2021 Performance ? Sales realizations for lumber increased by 15 percent compared with the third quarter average, which was more than offset by a 29 percent decrease for oriented strand board. Sales volumes were significantly lower than the third quarter for lumber and slightly lower for oriented strand board, largely due to weather-related transportation challenges in Canada. Raw material costs for engineered wood products were significantly lower, primarily for oriented strand board webstock. Sales realizations improved across most engineered wood products, partially offset by lower sales volumes due to planned maintenance. Distribution commodity product margins were significantly higher, slightly offset by seasonally lower sales volumes.

Fourth quarter pretax special items include a $37 million product remediation recovery and a $13 million insurance recovery.

Q1 2022 Outlook ? Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be comparable to the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. The company expects modestly higher sales volumes for oriented strand board, partially offset by moderately higher fiber costs. For lumber, the company expects moderately higher log costs and slightly lower sales volumes, partially offset by improved unit manufacturing costs. Engineered wood products sales volumes are expected to be higher with comparable sales realizations.

 

UNALLOCATED

 

FINANCIAL HIGHLIGHTS


2021


2021



(millions)


Q3


Q4


Change

Net charge to pretax earnings


$(50)


$(57)


$(7)

Pretax benefit for special items


$?


$(15)


$(15)

Net charge to pretax earnings before special items


$(50)


$(72)


$(22)

Adjusted EBITDA


$(44)


$(68)


$(24)

Q4 2021 Performance ? Fourth quarter results include an adjustment to our self-insurance accruals, primarily due to elevated medical claims activity.  

Fourth quarter special items include a $15 million pretax noncash legal benefit.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in North America. Our company is a real estate investment trust. In 2021, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 28, 2022 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 28, 2022.

To join the conference call from within North America, dial 877-407-0792 (access code: 13724913) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13724913). Replays will be available for two weeks at 844-512-2921 (access code: 13724913) from within North America, and at 412-317-6671 (access code: 13724913) from outside North America.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, with respect to our outlook and expectations concerning the following: demand fundamentals and expected growth in our businesses; first quarter earnings and Adjusted EBITDA for each of our businesses and full-year Adjusted EBITDA for our Real Estate, Energy & Natural Resources business; domestic and export log sales realizations, fee harvest volumes, forestry and road costs, and log and haul costs for our Timberlands business; real estate sales volume for our Real Estate, Energy & Natural Resources business; and raw materials costs, sales volumes and realizations and unit manufacturing costs for our Wood Products business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words such as "anticipate," "expect," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

For more information contact:


Analysts - Andy Taylor 206-539-3907



Media - Nancy Thompson 919-861-0342

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:

 

(millions)


Timberlands


Real Estate

& ENR


Wood

Products


Unallocated

Items


Total

Adjusted EBITDA by Segment:











Net earnings










$2,607

Interest expense, net of capitalized interest










313

Income taxes










709

Net contribution (charge) to earnings


$464


$210


$3,211


$(256)


$3,629

Non-operating pension and other post-employment benefit costs


?


?


?


19


19

Interest income and other


?


?


?


(5)


(5)

Operating income (loss)


464


210


3,211


(242)


3,643

Depreciation, depletion and amortization


261


15


196


5


477

Basis of real estate sold


?


71


?


?


71

Special items included in operating income (loss)(1)(2)(3)


(32)


?


(50)


(15)


(97)

Adjusted EBITDA


$693


$296


$3,357


$(252)


$4,094



(1)

Operating income (loss) for Timberlands includes a pretax special item consisting of a $32 million gain on the sale of timberlands. 



(2)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.



(3)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the year ended December 31, 2020:

 

(millions)


Timberlands


Real Estate

& ENR


Wood

Products


Unallocated

Items


Total

Adjusted EBITDA by Segment:











Net earnings










$797

Interest expense, net of capitalized interest(1)










443

Income taxes










185

Net contribution (charge) to earnings


$455


$86


$1,340


$(456)


$1,425

Non-operating pension and other post-employment benefit costs(2)


?


?


?


290


290

Interest income and other


?


?


?


(5)


(5)

Operating income (loss)


455


86


1,340


(171)


1,710

Depreciation, depletion and amortization


257


14


195


6


472

Basis of real estate sold


?


141


?


?


141

Special items included in operating income (loss)(3)(4)(5)


(102)


?


(8)


(12)


(122)

Adjusted EBITDA


$610


$241


$1,527


$(177)


$2,201



(1)

Interest expense, net of capitalized interest includes pretax special items consisting of $92 million of charges related to the early extinguishment of debt.



(2)

Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.



(3)

Operating income (loss) for Timberlands includes pretax special items consisting of a $182 million gain on sale of certain southern Oregon timberlands and an $80 million timber casualty loss.



(4)

Operating income (loss) for Wood Products includes a pretax special item consisting of an $8 million product remediation insurance recovery.



(5)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $12 million noncash legal benefit.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:

 

(millions)


Timberlands


Real Estate

& ENR


Wood

Products


Unallocated

Items


Total

Adjusted EBITDA by Segment:











Net earnings










$416

Interest expense, net of capitalized interest










77

Income taxes










112

Net contribution (charge) to earnings


$110


$36


$516


$(57)


$605

Non-operating pension and other post-employment benefit costs


?


?


?


5


5

Interest income and other


?


?


?


(1)


(1)

Operating income (loss)


110


36


516


(53)


609

Depreciation, depletion and amortization


66


4


51


?


121

Basis of real estate sold


?


9


?


?


9

Special items included in operating income (loss)(1)(2)


?


?


(50)


(15)


(65)

Adjusted EBITDA


$176


$49


$517


$(68)


$674



(1)

Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.



(2)

Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.                                                             

 

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2021:

 

(millions)


Timberlands


Real Estate

& ENR


Wood

Products


Unallocated

Items


Total

Adjusted EBITDA by Segment:











Net earnings










$482

Interest expense, net of capitalized interest










79

Income taxes










84

Net contribution (charge) to earnings


$133


$45


$517


$(50)


$645

Non-operating pension and other post-employment benefit costs


?


?


?


5


5

Interest income and other


?


?


?


(1)


(1)

Operating income (loss)


133


45


517


(46)


649

Depreciation, depletion and amortization


64


4


48


2


118

Basis of real estate sold


?


11


?


?


11

Special items included in operating income (loss)(1)


(32)


?


?


?


(32)

Adjusted EBITDA


$165


$60


$565


$(44)


$746



(1)

Operating income (loss) includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

 

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2020:

 

(millions)


Timberlands


Real Estate

& ENR


Wood

Products


Unallocated

Items


Total

Adjusted EBITDA by Segment:











Net earnings










$292

Interest expense, net of capitalized interest(1)










144

Income taxes










19

Net contribution (charge) to earnings


$286


$14


$481


$(326)


$455

Non-operating pension and other post-employment benefit costs(2)


?


?


?


262


262

Interest income and other


?


?


?


?


?

Operating income (loss)


286


14


481


(64)


717

Depreciation, depletion and amortization


63


4


49


1


117

Basis of real estate sold


?


5


?


?


5

Special items included in operating income (loss)(3)


(182)


?


?


?


(182)

Adjusted EBITDA


$167


$23


$530


$(63)


$657



(1)

Interest expense, net of capitalized interest includes a pretax special item consisting of a $58 million charge related to the early extinguishment of $500 million of 4.625 percent notes due September 2023.



(2)

Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $253 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract.



(3)

Operating income (loss) includes a pretax special item consisting of a $182 million gain on sale of certain southern Oregon timberlands.

 

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

 



2021


2021


2020


2021


2020

(millions)


Q3


Q4


Q4


Full Year


Full Year

Net earnings


$482


$416


$292


$2,607


$797

Early extinguishment of debt charges


?


?


58


?


92

Gain on sale of timberlands


(32)


?


(182)


(32)


(182)

Insurance recovery


?


(9)


?


(9)


?

Legal benefits


?


(12)


?


(12)


(12)

Pension settlement charge


?


?


193


?


193

Product remediation recoveries


?


(28)


?


(28)


(6)

Timber casualty loss


?


?


?


?


80

Net earnings before special items


$450


$367


$361


$2,526


$962

 

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

 



2021


2021


2020


2021


2020



Q3


Q4


Q4


Full Year


Full Year

Net earnings per diluted share


$0.64


$0.55


$0.39


$3.47


$1.07

Early extinguishment of debt charges


?


?


0.07


?


0.12

Gain on sale of timberlands


(0.04)


?


(0.24)


(0.04)


(0.24)

Insurance recovery


?


(0.01)


?


(0.01)


?

Legal benefits


?


(0.01)


?


(0.01)


(0.02)

Pension settlement charge


?


?


0.26


?


0.26

Product remediation recoveries


?


(0.04)


?


(0.04)


(0.01)

Timber casualty loss


?


?


?


?


0.11

Net earnings per diluted share before special items


$0.60


$0.49


$0.48


$3.37


$1.29

 

RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

 



2021


2021


2020


2021


2020

(millions)


Q3


Q4


Q4


Full Year


Full Year

Net cash from operations


$659


$494


$444


$3,159


$1,529

Capital expenditures


(98)


(218)


(82)


(441)


(281)

Adjustments to FAD(1)


?


(95)


?


(95)


(8)

Adjusted FAD


$561


$181


$362


$2,623


$1,240



(1)

Adjustments to FAD include a $95 million tax refund received in fourth quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018 and an $8 million product remediation insurance recovery received in second quarter 2020.

 

Weyerhaeuser Company

Exhibit 99.2

Q4.2021 Analyst Package


Preliminary results (unaudited) 


 

Consolidated Statement of Operations

 



Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Net sales


$

2,506



$

3,144



$

2,345



$

2,206



$

2,063



$

10,201



$

7,532


Costs of sales



1,430




1,583




1,589




1,501




1,392




6,103




5,447


Gross margin



1,076




1,561




756




705




671




4,098




2,085


Selling expenses



20




24




24




27




21




95




83


General and administrative expenses



90




95




98




113




93




396




347


Gain on sale of timberlands



?




?




(32)




?




(182)




(32)




(182)


Other operating costs (income), net



10




13




17




(44)




22




(4)




127


Operating income



956




1,429




649




609




717




3,643




1,710


Non-operating pension and other post-employment benefit costs



(8)




(1)




(5)




(5)




(262)




(19)




(290)


Interest income and other



1




2




1




1




?




5




5


Interest expense, net of capitalized interest



(79)




(78)




(79)




(77)




(144)




(313)




(443)


Earnings before income taxes



870




1,352




566




528




311




3,316




982


Income taxes



(189)




(324)




(84)




(112)




(19)




(709)




(185)


Net earnings


$

681



$

1,028



$

482



$

416



$

292



$

2,607



$

797


 

Per Share Information

 



Q1



Q2



Q3



Q4



Year-to-Date




March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Earnings per share





























Basic


$

0.91



$

1.37



$

0.64



$

0.56



$

0.39



$

3.48



$

1.07


Diluted


$

0.91



$

1.37



$

0.64



$

0.55



$

0.39



$

3.47



$

1.07


Dividends paid per common share


$

0.17



$

0.17



$

0.17



$

0.67



$

0.17



$

1.18



$

0.51


Weighted average shares outstanding (in thousands):





























Basic



748,718




750,127




750,105




749,020




747,294




749,496




746,931


Diluted



750,024




751,508




751,443




750,942




749,004




750,983




747,899


Common shares outstanding at end of period (in thousands)



748,751




749,782




749,037




747,301




747,385




747,301




747,385


 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

 



Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Net earnings


$

681



$

1,028



$

482



$

416



$

292



$

2,607



$

797


Non-operating pension and other post-employment benefit costs



8




1




5




5




262




19




290


Interest income and other



(1)




(2)




(1)




(1)




?




(5)




(5)


Interest expense, net of capitalized interest



79




78




79




77




144




313




443


Income taxes



189




324




84




112




19




709




185


Operating income



956




1,429




649




609




717




3,643




1,710


Depreciation, depletion and amortization



118




120




118




121




117




477




472


Basis of real estate sold



27




24




11




9




5




71




141


Special items included in operating income



?




?




(32)




(65)




(182)




(97)




(122)


Adjusted EBITDA(1)


$

1,101



$

1,573



$

746



$

674



$

657



$

4,094



$

2,201




(1)

Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Weyerhaeuser Company

Total Company Statistics

Q4.2021 Analyst Package


Preliminary results (unaudited)


 

Special Items Included in Net Earnings (Income Tax Affected)

 



Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Net earnings


$

681



$

1,028



$

482



$

416



$

292



$

2,607



$

797


Early extinguishment of debt charges(1)



?




?




?




?




58




?




92


Gain on sale of timberlands



?




?




(32)




?




(182)




(32)




(182)


Insurance recovery



?




?




?




(9)




?




(9)




?


Legal benefits



?




?




?




(12)




?




(12)




(12)


Pension settlement charge



?




?




?




?




193




?




193


Product remediation recoveries



?




?




?




(28)




?




(28)




(6)


Timber casualty loss



?




?




?




?




?




?




80


Net earnings before special items(2)


$

681



$

1,028



$

450



$

367



$

361



$

2,526



$

962


 



Q1



Q2



Q3



Q4



Year-to-Date




March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Net earnings per diluted share


$

0.91



$

1.37



$

0.64



$

0.55



$

0.39



$

3.47



$

1.07


Early extinguishment of debt charges(1)



?




?




?




?




0.07




?




0.12


Gain on sale of timberlands



?




?




(0.04)




?




(0.24)




(0.04)




(0.24)


Insurance recovery



?




?




?




(0.01)




?




(0.01)




?


Legal benefits



?




?




?




(0.01)




?




(0.01)




(0.02)


Pension settlement charge



?




?




?




?




0.26




?




0.26


Product remediation recoveries



?




?




?




(0.04)




?




(0.04)




(0.01)


Timber casualty loss



?




?




?




?




?




?




0.11


Net earnings per diluted share before special items(2)


$

0.91



$

1.37



$

0.60



$

0.49



$

0.48



$

3.37



$

1.29




(1)  

We recorded pretax charges of $11 million ($11 million after-tax), $23 million ($23 million after-tax) and $58 million ($58 million after-tax) related to the early extinguishment of debt in second quarter 2020, third quarter 2020 and fourth quarter 2020, respectively. These charges were included in Interest expense, net of capitalized interest in the Consolidated Statement of Operations.

(2)  

Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

 

Selected Total Company Items

 



Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,

2021


June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Pension and post-employment costs:





























Pension and post-employment service costs


$

11



$

10



$

11



$

10



$

9



$

42



$

36


Non-operating pension and other post-employment benefit costs



8




1




5




5




262




19




290


Total company pension and post-employment costs


$

19



$

11



$

16



$

15



$

271



$

61



$

326


 

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

Consolidated Balance Sheet


in millions


March 31,

2021



June 30,

2021



September 30,

2021



December 31,

2021



December 31,

2020


ASSETS





















Current assets:





















Cash and cash equivalents


$

1,016



$

1,777



$

2,326



$

1,879



$

495


Receivables, net



589




702




497




507




450


Receivables for taxes



7




7




72




100




82


Inventories



505




499




499




520




443


Assets held for sale



?




229




?




?




?


Prepaid expenses and other current assets



141




141




146




205




139


Total current assets



2,258




3,355




3,540




3,211




1,609


Property and equipment, net



1,971




1,965




1,924




2,057




2,013


Construction in progress



91




102




169




175




73


Timber and timberlands at cost, less depletion



11,776




11,643




11,606




11,510




11,827


Minerals and mineral rights, less depletion



265




262




258




255




268


Deferred tax assets



106




71




52




17




120


Other assets



407




432




543




503




401


Total assets


$

16,874



$

17,830



$

18,092



$

17,728



$

16,311























LIABILITIES AND EQUITY





















Current liabilities:





















Current maturities of long-term debt


$

150



$

150



$

150



$

?



$

150


Accounts payable



236




253




264




281




204


Accrued liabilities



549




775




1,110




749




596


Total current liabilities



935




1,178




1,524




1,030




950


Long-term debt, net



5,325




5,100




5,100




5,099




5,325


Deferred tax liabilities



26




42




28




46




24


Deferred pension and other post-employment benefits



893




747




711




440




911


Other liabilities



367




363




360




346




370


Total liabilities



7,546




7,430




7,723




6,961




7,580


Total equity



9,328




10,400




10,369




10,767




8,731


Total liabilities and equity


$

16,874



$

17,830



$

18,092



$

17,728



$

16,311


 

Weyerhaeuser Company

Q4.2021 Analyst Package

Preliminary results (unaudited)

 

Consolidated Statement of Cash Flows

 



Q1



Q2



Q3



Q4



Year-to-Date


in millions


March 31,

2021



June 30,

2021



Sept 30,

2021



Dec 31,

2021



Dec 31,

2020



Dec 31,

2021



Dec 31,

2020


Cash flows from operations:





























Net earnings


$

681



$

1,028



$

482



$

416



$

292



$

2,607



$

797


Noncash charges (credits) to earnings:





























Depreciation, depletion and amortization



118




120




118




121




117




477




472


Basis of real estate sold



27




24




11




9




5




71




141


Deferred income taxes, net



8




11




(3)




(2)




(76)




14




(56)


Pension and other post-employment benefits



19




11




16




15




271




61




326


Share-based compensation expense



7




8




8




7




8




30




30


Timber casualty loss



?




?




?




?




?




?




80


Gain on sale of timberlands



?




?




(32)




?




(182)




(32)




(182)


Change in:





























Receivables, net



(139)




(113)




205




(10)




51




(57)




(141)


Receivables and payables for taxes



120




116




(143)




6




(38)




99




65


Inventories



(60)




9




(4)




(22)




(27)




(77)




(25)


Prepaid expenses and other current assets



(2)




1




(20)




(4)




(9)




(25)




(4)


Accounts payable and accrued liabilities



(60)




125




51




(3)




(20)




113




(17)


Pension and post-employment benefit contributions and payments



(8)




(25)




(23)




(3)




(9)




(59)




(30)


Other



(13)




(7)




(7)




(36)




61




(63)




73


Net cash from operations


$

698



$

1,308



$

659



$

494



$

444



$

3,159



$

1,529


Cash flows from investing activities:





























Capital expenditures for property and equipment


$

(31)



$

(62)



$

(91)



$

(202)



$

(67)



$

(386)



$

(225)


Capital expenditures for timberlands reforestation



(22)




(10)




(7)




(16)




(15)




(55)




(56)


Acquisition of timberlands



?




(149)




?




?




(425)




(149)




(425)


Proceeds from note receivable held by variable interest entities



?




?




?




?




?




?




362


Proceeds from sale of timberlands



?




?




261




?




381




261




526


Other



?




1




2




1




?




4




3


Net cash from investing activities


$

(53)



$

(220)



$

165



$

(217)



$

(126)



$

(325)



$

185


Cash flows from financing activities:





























Cash dividends on common shares


$

(127)



$

(128)



$

(127)



$

(502)



$

(127)



$

(884)



$

(381)


Net proceeds from issuance of long-term debt



?




?




?




?




?




?




732


Payments on long-term debt



?




(225)




?




(150)




(556)




(375)




(1,492)


Proceeds from borrowings on line of credit



?




?




?




?




?




?




550


Payments on line of credit



?




?




?




?




?




?




(780)


Proceeds from exercise of stock options



17




28




1




5




24




51




33


Repurchases of common shares



?




?




(26)




(74)




?




(100)




?


Other



(14)




(2)




(3)




(3)




(4)




(22)




(20)


Net cash from financing activities


$

(124)



$

(327)



$

(155)



$

(724)



$

(663)



$

(1,330)



$

(1,358)































Net change in cash, cash equivalents and restricted cash


$

521



$

761



$

669



$

(447)



$

(345)



$

1,504



$

356


Cash, cash equivalents and restricted cash at beginning of period



495




1,016




1,777




2,446




840




495




139


Cash, cash equivalents and restricted cash at end of period


$

1,016



$

1,777



$

2,446



$

1,999



$

495



$

1,999



$

495































Cash paid during the period for:





























Interest, net of amounts capitalized


$

75



$

79



$

83



$

78



$

87



$

315



$

365


Income taxes, net of refunds


$

66



$

197



$

231



$

115



$

130



$

609



$

176


 

Weyerhaeuser Company

Timberlands Segment

Q4.2021 Analyst Package


Preliminary results (unaudited)


 

Segment Statement of Operations

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Sales to unaffiliated customers


$

379



$

405



$

423



$

429



$

381



$

1,636



$

1,466


Intersegment sales



134




136




129




136




121




535




471


Total net sales



513




541




552




565




502




2,171




1,937


Costs of sales



383




407




428




432




375




1,650




1,491


Gross margin



130




134




124




133




127




521




446


Selling expenses



?




?




1




1




1




2




2


General and administrative expenses



23




23




23




23




23




92




93


Gain on sale of timberlands



?




?




(32)




?




(182)




(32)




(182)


Other operating costs (income), net



(1)




(2)




(1)




(1)




(1)




(5)




78


Operating income and Net contribution to earnings


$

108



$

113



$

133



$

110



$

286



$

464



$

455


 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Operating income


$

108



$

113



$

133



$

110



$

286



$

464



$

455


Depreciation, depletion and amortization



64




67




64




66




63




261




257


Special items



?




?




(32)




?




(182)




(32)




(102)


Adjusted EBITDA(1)


$

172



$

180



$

165



$

176



$

167



$

693



$

610




(1)

See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution to Earnings (Pretax)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Gain on sale of timberlands


$

?



$

?



$

32



$

?



$

182



$

32



$

182


Timber casualty loss


$

?



$

?



$

?



$

?



$

?



$

?



$

(80)


 

Selected Segment Items

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Total decrease (increase) in working capital(2)


$

(13)



$

2



$

1



$

(21)



$

(47)



$

(31)



$

(9)


Cash spent for capital expenditures(3)


$

(28)



$

(21)



$

(27)



$

(38)



$

(29)



$

(114)



$

(104)




(2)

Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

(3)

Does not include cash spent for the acquisition of timberlands.

 

Segment Statistics(4)

 




Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Third Party


Delivered logs:




























Net Sales


West

$

201



$

222



$

226



$

220



$

201



$

869



$

720


(millions)


South


131




145




153




160




137




589




573




North


16




9




13




14




15




52




52




Total delivered logs


348




376




392




394




353




1,510




1,345




Stumpage and pay-as-cut timber


6




7




9




9




4




31




19




Recreational and other lease revenue


16




16




16




17




16




65




63




Other revenue


9




6




6




9




8




30




39




Total

$

379



$

405



$

423



$

429



$

381



$

1,636



$

1,466


Delivered Logs


West

$

130.69



$

137.80



$

145.64



$

146.39



$

124.37



$

140.08



$

110.69


Third Party Sales


South

$

34.50



$

35.11



$

35.56



$

36.55



$

33.69



$

35.47



$

33.83


Realizations (per ton)


North

$

62.83



$

74.88



$

64.93



$

66.74



$

58.96



$

66.18



$

59.10


Delivered Logs


West


1,539




1,608




1,555




1,501




1,619




6,203




6,506


Third Party Sales


South


3,782




4,150




4,304




4,358




4,097




16,594




16,954


Volumes (tons, thousands)


North


261




115




195




217




241




788




872


Fee Harvest Volumes


West


2,101




2,099




1,930




1,954




2,085




8,084




8,542


(tons, thousands)


South


5,376




5,856




5,912




6,160




5,509




23,304




23,149




North


337




199




264




285




325




1,085




1,226




(4) 

Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

 

Weyerhaeuser Company

Real Estate, Energy & Natural Resources Segment

Q4.2021 Analyst Package


Preliminary results (unaudited)


 

Segment Statement of Operations

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Net sales


$

106



$

110



$

69



$

59



$

30



$

344



$

276


Costs of sales



34




41




18




16




9




109




165


Gross margin



72




69




51




43




21




235




111


General and administrative expenses



6




6




6




7




7




25




25


Operating income and Net contribution to earnings


$

66



$

63



$

45



$

36



$

14



$

210



$

86


 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Operating income


$

66



$

63



$

45



$

36



$

14



$

210



$

86


Depreciation, depletion and amortization



3




4




4




4




4




15




14


Basis of real estate sold



27




24




11




9




5




71




141


Adjusted EBITDA(1)


$

96



$

91



$

60



$

49



$

23



$

296



$

241




(1)

 See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Selected Segment Items

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Cash spent for capital expenditures


$

?



$

?



$

?



$

?



$

?



$

?



$

?































 

Segment Statistics

 




Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Net Sales

Real Estate


$

84



$

83



$

45



$

34



$

10



$

246



$

202


(millions)

Energy and Natural Resources



22




27




24




25




20




98




74



Total


$

106



$

110



$

69



$

59



$

30



$

344



$

276


Acres Sold

Real Estate



19,455




18,415




11,037




6,920




670




55,827




111,898


Price per Acre

Real Estate


$

3,803



$

3,227



$

4,005



$

4,385



$

6,316



$

3,725



$

1,690


Basis as a Percent of

Real Estate Net Sales

Real Estate



32

%



29

%



24

%



26

%



50

%



29

%



70

%

 

Weyerhaeuser Company

Wood Products Segment

Q4.2021 Analyst Package


Preliminary results (unaudited)


 

Segment Statement of Operations

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Net sales


$

2,021



$

2,629



$

1,853



$

1,718



$

1,652



$

8,221



$

5,790


Costs of sales



1,124




1,229




1,270




1,185




1,109




4,808




4,221


Gross margin



897




1,400




583




533




543




3,413




1,569


Selling expenses



19




21




21




23




20




84




77


General and administrative expenses



35




35




34




34




34




138




136


Other operating costs (income), net



3




6




11




(40)




8




(20)




16


Operating income and Net contribution to earnings


$

840



$

1,338



$

517



$

516



$

481



$

3,211



$

1,340


 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Operating income


$

840



$

1,338



$

517



$

516



$

481



$

3,211



$

1,340


Depreciation, depletion and amortization



49




48




48




51




49




196




195


Special items



?




?




?




(50)




?




(50)




(8)


Adjusted EBITDA(1)


$

889



$

1,386



$

565



$

517



$

530



$

3,357



$

1,527




(1)

 See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Segment Special Items Included in Net Contribution to Earnings (Pretax)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Insurance recovery


$

?



$

?



$

?



$

13



$

?



$

13



$

?


Product remediation recoveries


$

?



$

?



$

?



$

37



$

?



$

37



$

8


 

Selected Segment Items

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Total decrease (increase) in working capital(2)


$

(212)



$

(49)



$

249



$

(11)



$

16



$

(23)



$

(182)


Cash spent for capital expenditures


$

(25)



$

(51)



$

(70)



$

(174)



$

(52)



$

(320)



$

(176)




(2)

Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

 

Segment Statistics

 

in millions, except for third party sales realizations


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Structural Lumber

Third party net sales


$

990



$

1,349



$

681



$

701



$

737



$

3,721



$

2,602


(volumes presented

Third party sales realizations


$

864



$

1,077



$

516



$

592



$

609



$

759



$

534


in board feet)

Third party sales volumes(3)



1,145




1,252




1,320




1,185




1,210




4,902




4,873



Production volumes



1,211




1,234




1,222




1,148




1,179




4,815




4,666


Oriented Strand

Third party net sales


$

438



$

605



$

470



$

327



$

354



$

1,840



$

1,013


Board

Third party sales realizations


$

614



$

911



$

691



$

490



$

503



$

675



$

343


(volumes presented

Third party sales volumes(3)



714




663




681




668




703




2,726




2,956


in square feet 3/8")

Production volumes



742




683




715




725




735




2,865




3,013


Engineered Solid

Third party net sales


$

142



$

166



$

183



$

188



$

132



$

679



$

505


Section

Third party sales realizations


$

2,285



$

2,533



$

3,092



$

3,319



$

2,221



$

2,789



$

2,162


(volumes presented

Third party sales volumes(3)



6.2




6.6




5.9




5.7




6.0




24.4




23.4


in cubic feet)

Production volumes



6.0




6.2




5.8




6.0




6.2




24.0




23.0


Engineered

Third party net sales


$

83



$

104



$

128



$

132



$

85



$

447



$

316


I-joists

Third party sales realizations


$

1,773



$

1,980



$

2,600



$

2,888



$

1,695



$

2,300



$

1,662


(volumes presented

Third party sales volumes(3)



47




53




49




45




50




194




190


in lineal feet)

Production volumes



44




51




49




46




47




190




175


Softwood Plywood

Third party net sales


$

56



$

69



$

45



$

40



$

43



$

210



$

171


(volumes presented

Third party sales realizations


$

594



$

902



$

653



$

581



$

433



$

681



$

411


in square feet 3/8")

Third party sales volumes(3)



94




77




69




68




99




308




414



Production volumes



80




62




61




60




80




263




347


Medium Density

Third party net sales


$

48



$

43



$

52



$

43



$

47



$

186



$

171


Fiberboard

Third party sales realizations


$

842



$

869



$

943



$

995



$

867



$

908



$

851


(volumes presented

Third party sales volumes(3)



57




50




55




43




54




205




201


in square feet 3/4")

Production volumes



56




52




55




43




52




206




200




(3)

Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

 

Weyerhaeuser Company

Unallocated Items

Q4.2021 Analyst Package


Preliminary results (unaudited)


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.

 

Net Charge to Earnings

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Unallocated corporate function and variable compensation expense


$

(25)



$

(36)



$

(33)



$

(35)



$

(31)



$

(129)



$

(109)


Liability classified share-based compensation



(1)




?




(1)




(4)




(3)




(6)




(2)


Foreign exchange gain (loss)



(2)




(1)




5




3




(4)




5




(7)


Elimination of intersegment profit in inventory and LIFO



(17)




(28)




12




10




(13)




(23)




(17)


Other, net



(13)




(20)




(29)




(27)




(13)




(89)




(36)


Operating loss



(58)




(85)




(46)




(53)




(64)




(242)




(171)


Non-operating pension and other post-employment benefit costs



(8)




(1)




(5)




(5)




(262)




(19)




(290)


Interest income and other



1




2




1




1




?




5




5


Net charge to earnings


$

(65)



$

(84)



$

(50)



$

(57)



$

(326)



$

(256)



$

(456)


 

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Operating loss


$

(58)



$

(85)



$

(46)



$

(53)



$

(64)



$

(242)



$

(171)


Depreciation, depletion and amortization



2




1




2




?




1




5




6


Special items



?




?




?




(15)




?




(15)




(12)


Adjusted EBITDA(1)


$

(56)



$

(84)



$

(44)



$

(68)



$

(63)



$

(252)



$

(177)




(1)

 See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

 

Unallocated Special Items Included in Net Charge to Earnings (Pretax)

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Legal benefits


$

?



$

?



$

?



$

15



$

?



$

15



$

12


Special items included in operating loss



?




?




?




15




?




15




12


Pension settlement charge



?




?




?




?




(253)




?




(253)


Special items included in net charge to earnings


$

?



$

?



$

?



$

15



$

(253)



$

15



$

(241)


 

Unallocated Selected Items

 

in millions


Q1.2021



Q2.2021



Q3.2021



Q4.2021



Q4.2020



YTD.2021



YTD.2020


Cash spent for capital expenditures


$

?



$

?



$

(1)



$

(6)



$

(1)



$

(7)



$

(1)































 

 

SOURCE Weyerhaeuser Company


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