Weyerhaeuser (WY) 10-Q25 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
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, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		726,582,000
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales (Note 3)	$ 1,681	$ 2,022	$ 5,416	$ 5,900
Costs of sales	1,431	1,520	4,407	4,560
Gross margin	250	502	1,009	1,340
Selling expenses	22	22	66	66
General and administrative expenses	122	107	358	316
Other operating costs, net (Note 13)	28	20	41	50
Operating income	78	353	544	908
Non-operating pension and other post-employment benefit costs (Note 6)	(10)	(12)	(31)	(33)
Interest income and other	14	24	43	54
Interest expense, net of capitalized interest	(69)	(72)	(203)	(208)
Earnings before income taxes	13	293	353	721
Income taxes (Note 14)	15	(54)	(38)	(101)
Net earnings	$ 28	$ 239	$ 315	$ 620
Earnings per share, basic (Note 4)	$ 0.04	$ 0.33	$ 0.43	$ 0.85
Earnings per share, diluted (Note 4)	$ 0.04	$ 0.33	$ 0.43	$ 0.85
Weighted average shares outstanding (in thousands) (Note 4):
Basic	727,621	731,046	728,892	732,069
Diluted	728,180	731,742	729,355	732,542

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 28	$ 239	$ 315	$ 620
Other comprehensive income:
Foreign currency translation adjustments	6	(7)	(8)	0
Changes in unamortized actuarial loss, net of tax expense of $3, $3, $9 and $7	6	9	21	23
Changes in unamortized net prior service credit, net of tax benefit of $0, $0, $0 and $1	1	0	1	1
Total other comprehensive income	13	2	14	24
Total comprehensive income	$ 41	$ 241	$ 329	$ 644

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Changes in unamortized actuarial loss, tax expense	$ 3	$ 3	$ 9	$ 7
Changes in unamortized net prior service credit, tax benefit	$ 0	$ 0	$ 0	$ 1

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 877	$ 1,164
Receivables, net	373	354
Receivables for taxes	10	10
Inventories (Note 5)	592	566
Prepaid expenses and other current assets	142	219
Total current assets	1,994	2,313
Property and equipment, less accumulated depreciation of $3,935 and $3,901	2,247	2,269
Construction in progress	316	270
Timber and timberlands at cost, less depletion	11,502	11,528
Minerals and mineral rights, less depletion	192	200
Deferred tax assets	13	15
Other assets	404	388
Total assets	16,668	16,983
Current liabilities:
Current maturities of long-term debt (Note 8)	210	0
Accounts payable	275	287
Accrued liabilities (Note 7)	507	501
Total current liabilities	992	788
Long-term debt, net (Note 8)	4,864	5,069
Deferred tax liabilities	78	81
Deferred pension and other post-employment benefits (Note 6)	462	461
Other liabilities	345	348
Total liabilities	6,741	6,747
Commitments and contingencies (Note 10)
Equity:
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 726,758 thousand shares at September 30, 2024 and 729,753 thousand shares at December 31, 2023	909	912
Other capital	7,517	7,608
Retained earnings	1,780	2,009
Accumulated other comprehensive loss (Note 11)	(279)	(293)
Total equity	9,927	10,236
Total liabilities and equity	$ 16,668	$ 16,983

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 3,935	$ 3,901
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	726,758,000	729,753,000
Common shares, outstanding	726,758,000	729,753,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operations:
Net earnings	$ 315	$ 620
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	376	374
Basis of real estate sold	93	80
Pension and other post-employment benefits (Note 6)	46	50
Share-based compensation expense (Note 12)	32	26
Other	(3)	(4)
Change in:
Receivables, net	(21)	(77)
Receivables and payables for taxes	(3)	51
Inventories	(31)	23
Prepaid expenses and other current assets	20	(5)
Accounts payable and accrued liabilities	(1)	43
Pension and post-employment benefit contributions and payments	(12)	(16)
Other	(21)	(20)
Net cash from operations	790	1,145
Cash flows from investing activities:
Capital expenditures for property and equipment	(228)	(209)
Capital expenditures for timberlands reforestation	(39)	(42)
Acquisitions of timberlands (Note 15)	(135)	(70)
Purchase of short-term investments	0	(664)
Other	21	3
Net cash from investing activities	(381)	(982)
Cash flows from financing activities:
Cash dividends on common shares	(539)	(1,076)
Net proceeds from issuance of long-term debt (Note 8)	0	743
Payments on long-term debt (Note 8)	0	(118)
Repurchases of common shares (Note 4)	(126)	(109)
Other	(9)	(11)
Net cash from financing activities	(674)	(571)
Net change in cash, cash equivalents and restricted cash	(265)	(408)
Cash, cash equivalents and restricted cash at beginning of period	1,164	1,581
Cash, cash equivalents and restricted cash at end of period	899	1,173
Cash paid during the period for:
Interest, net of amount capitalized of $7 and $5	189	190
Income taxes, net of refunds	$ 51	$ 40

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Interest, amount capitalized	$ 7	$ 5

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common shares:	Other capital:	Retained earnings:	Accumulated other comprehensive loss:
Balance at beginning of period at Dec. 31, 2022		$ 916	$ 7,691	$ 2,389	$ (247)
Issued for exercise of stock options and vested units		2	3
Repurchases of common shares (Note 4)		(5)	(105)
Share-based compensation			26
Other transactions, net			(6)
Net earnings	$ 620			620
Dividends on common shares				(1,080)
Other comprehensive income	$ 24				24
Dividends paid per common share	$ 1.47
Balance at end of period at Sep. 30, 2023	$ 10,228	913	7,609	1,929	(223)
Balance at beginning of period at Jun. 30, 2023		914	7,624	1,828	(225)
Issued for exercise of stock options and vested units		0	1
Repurchases of common shares (Note 4)		(1)	(24)
Share-based compensation			9
Other transactions, net			(1)
Net earnings	239			239
Dividends on common shares				(138)
Other comprehensive income	$ 2				2
Dividends paid per common share	$ 0.19
Balance at end of period at Sep. 30, 2023	$ 10,228	913	7,609	1,929	(223)
Balance at beginning of period at Dec. 31, 2023	10,236	912	7,608	2,009	(293)
Issued for exercise of stock options and vested units		2	4
Repurchases of common shares (Note 4)		(5)	(120)
Share-based compensation			32
Other transactions, net			(7)
Net earnings	315			315
Dividends on common shares				(544)
Other comprehensive income	$ 14				14
Dividends paid per common share	$ 0.74
Balance at end of period at Sep. 30, 2024	$ 9,927	909	7,517	1,780	(279)
Balance at beginning of period at Jun. 30, 2024		910	7,530	1,897	(292)
Issued for exercise of stock options and vested units		0	1
Repurchases of common shares (Note 4)		(1)	(25)
Share-based compensation			10
Other transactions, net			1
Net earnings	28			28
Dividends on common shares				(145)
Other comprehensive income	$ 13				13
Dividends paid per common share	$ 0.2
Balance at end of period at Sep. 30, 2024	$ 9,927	$ 909	$ 7,517	$ 1,780	$ (279)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 28	$ 239	$ 315	$ 620

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Insider Trading Arrangements During third quarter 2024, no director or "officer" (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of the company adopted, modified or terminated trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or non-Rule 10b5-1 trading arrangements.
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arrangement Modified	false

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1: BASIS O F 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,” “the company,” “we” 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, 2023 . 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
BUSINESS SEGMENTS	Sep. 30, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 2: BUSIN ESS SEGMENTS We are principally engaged in growing and harvesting timber; maximizing the value of our acreage through the sale of higher and better use (HBU) properties; monetizing the value of surface and subsurface assets through leases and royalties; and manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services which include: ● Timberlands – Logs, timber, recreational leases and other products; ● Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production and wind and solar) and ● Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution. A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Sales to unaffiliated customers: Timberlands $ 357 $ 380 $ 1,153 $ 1,259 Real Estate & ENR 89 105 305 286 Wood Products 1,235 1,537 3,958 4,355 1,681 2,022 5,416 5,900 Intersegment sales: Timberlands 136 141 416 433 Total sales 1,817 2,163 5,832 6,333 Intersegment eliminations ( 136 ) ( 141 ) ( 416 ) ( 433 ) Total $ 1,681 $ 2,022 $ 5,416 $ 5,900 Net contribution (charge) to earnings: Timberlands $ 57 $ 78 $ 218 $ 302 Real Estate & ENR 51 56 170 161 Wood Products 27 277 351 590 135 411 739 1,053 Unallocated items (1) ( 53 ) ( 46 ) ( 183 ) ( 124 ) Net contribution to earnings 82 365 556 929 Interest expense, net of capitalized interest ( 69 ) ( 72 ) ( 203 ) ( 208 ) Earnings before income taxes 13 293 353 721 Income taxes 15 ( 54 ) ( 38 ) ( 101 ) Net earnings $ 28 $ 239 $ 315 $ 620 (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.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 3: REVENU E RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 78 $ 96 $ 269 $ 290 Export grade sales 80 80 270 321 Subtotal West 158 176 539 611 South 149 155 453 485 North 11 11 33 35 Subtotal delivered logs sales 318 342 1,025 1,131 Stumpage and pay-as-cut timber 14 12 38 43 Recreational and other lease revenue 19 19 57 54 Other (1) 6 7 33 31 Net sales attributable to Timberlands segment 357 380 1,153 1,259 Real Estate & ENR segment Real estate 59 79 220 198 Energy and natural resources 30 26 85 88 Net sales attributable to Real Estate & ENR segment 89 105 305 286 Wood Products segment Structural lumber 451 570 1,414 1,658 Oriented strand board 206 284 749 707 Engineered solid section 175 216 543 600 Engineered I-joists 95 122 301 335 Softwood plywood 38 42 121 127 Medium density fiberboard 42 40 123 120 Complementary building products 158 184 475 551 Other (2) 70 79 232 257 Net sales attributable to Wood Products segment 1,235 1,537 3,958 4,355 Total net sales $ 1,681 $ 2,022 $ 5,416 $ 5,900 (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
NET EARNINGS PER SHARE AND SHARE REPURCHASES	Sep. 30, 2024
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: ● $ 0.04 during third quarter 2024 and $ 0.43 during year-to-date 2024; ● $ 0.33 during third quarter 2023 and $ 0.85 during year-to-date 2023. 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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Weighted average common shares outstanding – basic 727,621 731,046 728,892 732,069 Dilutive potential common shares: Stock options 95 154 115 134 Restricted stock units 329 304 203 117 Performance share units 135 238 145 222 Total effect of outstanding dilutive potential common shares 559 696 463 473 Weighted average common shares outstanding – dilutive 728,180 731,742 729,355 732,542 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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Stock options 607 609 607 609 Performance share units 892 612 892 612 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). We repurchased 820,706 common shares for approximately $ 26 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2024 and 3,962,220 common shares for approximately $ 125 million (including transaction fees) under the 2021 Share Repurchase Program during year-to-date 2024. During third quarter 2023, we repurchased 757,510 common shares for approximately $ 25 million (including transaction fees) and 3,562,944 common shares for approximately $ 110 million (including transaction fees) during year-to-date 2023 under the 2021 Repurchase Program. As of September 30, 2024, we had remaining authorization of $ 127 million for future share repurchases. All common stock repurchases under the 2021 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 11,564 unsettled shares (less than $ 1 million) as of September 30, 2024 and 13,866 unsettled shares (approximately $ 1 million) as of December 31, 2023 .

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5: IN VENTORIES Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, LIFO inventories: Logs $ 23 $ 29 Lumber, plywood, oriented strand board and fiberboard 74 77 Other products 13 12 Moving average cost or FIFO inventories: Logs 22 49 Lumber, plywood, oriented strand board, fiberboard and engineered wood products 124 115 Other products 178 134 Materials and supplies 158 150 Total $ 592 $ 566 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.

PENSION AND OTHER POST-EMPLOYME

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	9 Months Ended
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	Sep. 30, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	NOTE 6: PENSION AND OTHER PO ST-EMPLOYMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Service cost $ 5 $ 6 $ 15 $ 17 Interest cost 29 30 87 89 Expected return on plan assets ( 31 ) ( 30 ) ( 92 ) ( 90 ) Amortization of actuarial loss 12 10 32 29 Amortization of prior service cost — — 1 1 Total net periodic benefit cost – pension $ 15 $ 16 $ 43 $ 46 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of actuarial loss — — 1 1 Amortization of prior service credit ( 1 ) — ( 1 ) ( 1 ) Total net periodic benefit cost – other post-employment benefits $ — $ 2 $ 3 $ 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 evaluate 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. No adjustments to the fair value of assets or projected benefit obligations were necessary during second quarter 2024 .

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
ACCRUED LIABILITIES	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
ACCRUED LIABILITIES	NOTE 7: ACCRU ED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Compensation and employee benefit costs $ 171 $ 173 Current portion of lease liabilities 22 19 Customer rebates, volume discounts and deferred income 130 124 Interest 66 63 Taxes payable 47 31 Other 71 91 Total $ 507 $ 501

LONG-TERM DEBT AND LINE OF CRED

LONG-TERM DEBT AND LINE OF CREDIT	9 Months Ended
LONG-TERM DEBT AND LINE OF CREDIT	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT AND LINE OF CREDIT	NOTE 8: LONG-TERM DEBT AND LINE OF CREDIT In July 2023, we repaid $ 118 million of our 7.125 percent notes at maturity. In May 2023, we completed an offering of debt securities by issuing $ 750 million of 4.750 percent notes due in May 2026 . The net proceeds after deducting the discount, underwriting fees and issuance costs were $ 743 million. In March 2023, we refinanced and extended our $ 1.5 billion five-year senior unsecured revolving credit facility, which expires in March 2028 . Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a sprea d. We had no outstanding borrowings on our credit facility as of September 30, 2024 and December 31, 2023 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9: FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value and carrying value of our long-term debt consisted of the following: SEPTEMBER 30, DECEMBER 31, DOLLAR AMOUNTS IN MILLIONS CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt (including current maturities) and line of credit: Fixed rate $ 4,825 $ 4,897 $ 4,820 $ 4,853 Variable rate 249 250 249 250 Total debt $ 5,074 $ 5,147 $ 5,069 $ 5,103 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 value with only insignificant differences. The inputs to the valuations of our long-term debt 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, 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
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	NOTE 10: LEGAL PROCEEDINGS, C OMMITMENTS 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, 2024, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 80 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
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 11: ACCUMULATED OT HER 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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Pension (1) Balance at beginning of period $ ( 498 ) $ ( 444 ) $ ( 515 ) $ ( 458 ) Other comprehensive loss before reclassifications ( 1 ) — — ( 1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 9 9 25 24 Total other comprehensive income 8 9 25 23 Balance at end of period $ ( 490 ) $ ( 435 ) $ ( 490 ) $ ( 435 ) Other post-employment benefits (1) Balance at beginning of period $ 22 $ 21 $ 24 $ 20 Other comprehensive loss before reclassifications — ( 1 ) ( 3 ) — Amounts reclassified from accumulated other comprehensive loss to earnings (2) ( 1 ) 1 — 1 Total other comprehensive (loss) income ( 1 ) — ( 3 ) 1 Balance at end of period $ 21 $ 21 $ 21 $ 21 Translation adjustments and other Balance at beginning of period $ 184 $ 198 $ 198 $ 191 Translation adjustments 6 ( 7 ) ( 8 ) — Total other comprehensive income (loss) 6 ( 7 ) ( 8 ) — Balance at end of period 190 191 190 191 Accumulated other comprehensive loss, end of period $ ( 279 ) $ ( 223 ) $ ( 279 ) $ ( 223 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 6: Pension and Other Post-Employment Benefit Plans .

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
SHARE-BASED COMPENSATION	NOTE 12: SHARE-B ASED COMPENSATION Share-based compensation activity during year-to-date 2024 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 915 688 Performance share units (PSUs) 412 317 A total of 749 thousand shares of common stock were issued as a result of RSU and PSU vestings. Restricted Stock Units The weighted average fair value of the RSUs granted in 2024, calculated as an average of the high and low prices on grant date, was $ 32.92 . The vesting provisions for RSUs granted in 2024 were consistent with prior year grants. Performance Share Units The weighted average grant date fair value of PSUs granted in 2024 was $ 37.90 . The final number of shares granted in 2024 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company total shareholder return (TSR) compared against the TSR of an industry peer group. TSR assumes full reinvestment of dividends. PSUs granted in 2024 will vest at a maximum of 100 percent of target value in the event of negative absolute company TSR. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2024 PERFORMANCE SHARE UNITS Performance period 2/09/2024 – 12/31/2026 Valuation date closing stock price $ 33.28 Risk-free rate 4.19 % – 4.27 % Expected volatility 21.50 % – 27.60 %

OTHER OPERATING COSTS , NET

OTHER OPERATING COSTS , NET	9 Months Ended
OTHER OPERATING COSTS , NET	Sep. 30, 2024
Component of Operating Income [Abstract]
OTHER OPERATING COSTS, NET	NOTE 13: OTHER OPERAT ING COSTS, NET Other operating costs, net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Environmental remediation charges $ 2 $ 1 $ 8 $ 14 Litigation expense, net 12 9 30 11 Product remediation recovery — — ( 25 ) — Research and development expenses 1 2 5 5 Restructuring, impairments and other charges 10 — 10 — Other, net 3 8 13 20 Total other operating costs, net $ 28 $ 20 $ 41 $ 50 Asset Impairment During third quarter 2024, we recorded a $ 10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill. The loss was attributable to our Wood Products segment and was recorded within “Other operating costs, net” in our Consolidated Statement of Operations .

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14: 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 Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and a portion of our Timberlands and Real Estate & ENR segments. 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 occurr ed during the year. Our 2024 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 percent p rimarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.

TIMBERLAND ACQUISITIONS

TIMBERLAND ACQUISITIONS	9 Months Ended
TIMBERLAND ACQUISITIONS	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
TIMBERLAND ACQUISITIONS	N OTE 15: TIMBERLAND ACQUISITIONS On July 25, 2024, we announced acquisitions totaling 84 thousand acres of Alabama timberlands for $ 244 million. The first transaction was completed on May 30, 2024 and was comprised of 13 thousand acres for $ 48 million. We recorded $ 47 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 . The second transaction was completed o n August 28, 2024 and was comprised of 32 thousand acres for $ 82 million. We recorded $ 81 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 . The third transaction was completed on October 9, 2024 and was comprised of 39 thousand acres for $ 114 million. On July 19, 2023, we completed the purchase of 22 thousand acres of Mississippi timberlands for $ 60 million. We recorded $ 59 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 .

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
RESTRICTED CASH	Sep. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 16: 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, SEPTEMBER 30, Cash and cash equivalents $ 877 $ 1,173 Restricted cash included in other assets (1) 22 — Total cash, cash equivalents and restricted cash $ 899 $ 1,173 (1) Amounts included in restricted cash as of September 30, 2024 are comprised of proceeds held by a qualified intermediary that were subsequently reinvested in timber and timberlands through a like-kind exchange transaction.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
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,” “the company,” “we” 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.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
BUSINESS SEGMENTS (Tables)	Sep. 30, 2024
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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Sales to unaffiliated customers: Timberlands $ 357 $ 380 $ 1,153 $ 1,259 Real Estate & ENR 89 105 305 286 Wood Products 1,235 1,537 3,958 4,355 1,681 2,022 5,416 5,900 Intersegment sales: Timberlands 136 141 416 433 Total sales 1,817 2,163 5,832 6,333 Intersegment eliminations ( 136 ) ( 141 ) ( 416 ) ( 433 ) Total $ 1,681 $ 2,022 $ 5,416 $ 5,900 Net contribution (charge) to earnings: Timberlands $ 57 $ 78 $ 218 $ 302 Real Estate & ENR 51 56 170 161 Wood Products 27 277 351 590 135 411 739 1,053 Unallocated items (1) ( 53 ) ( 46 ) ( 183 ) ( 124 ) Net contribution to earnings 82 365 556 929 Interest expense, net of capitalized interest ( 69 ) ( 72 ) ( 203 ) ( 208 ) Earnings before income taxes 13 293 353 721 Income taxes 15 ( 54 ) ( 38 ) ( 101 ) Net earnings $ 28 $ 239 $ 315 $ 620 (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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2024
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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 78 $ 96 $ 269 $ 290 Export grade sales 80 80 270 321 Subtotal West 158 176 539 611 South 149 155 453 485 North 11 11 33 35 Subtotal delivered logs sales 318 342 1,025 1,131 Stumpage and pay-as-cut timber 14 12 38 43 Recreational and other lease revenue 19 19 57 54 Other (1) 6 7 33 31 Net sales attributable to Timberlands segment 357 380 1,153 1,259 Real Estate & ENR segment Real estate 59 79 220 198 Energy and natural resources 30 26 85 88 Net sales attributable to Real Estate & ENR segment 89 105 305 286 Wood Products segment Structural lumber 451 570 1,414 1,658 Oriented strand board 206 284 749 707 Engineered solid section 175 216 543 600 Engineered I-joists 95 122 301 335 Softwood plywood 38 42 121 127 Medium density fiberboard 42 40 123 120 Complementary building products 158 184 475 551 Other (2) 70 79 232 257 Net sales attributable to Wood Products segment 1,235 1,537 3,958 4,355 Total net sales $ 1,681 $ 2,022 $ 5,416 $ 5,900 (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
NET EARNINGS PER SHARE AND SHARE REPURCHASES (Tables)	Sep. 30, 2024
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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Weighted average common shares outstanding – basic 727,621 731,046 728,892 732,069 Dilutive potential common shares: Stock options 95 154 115 134 Restricted stock units 329 304 203 117 Performance share units 135 238 145 222 Total effect of outstanding dilutive potential common shares 559 696 463 473 Weighted average common shares outstanding – dilutive 728,180 731,742 729,355 732,542
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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Stock options 607 609 607 609 Performance share units 892 612 892 612

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, LIFO inventories: Logs $ 23 $ 29 Lumber, plywood, oriented strand board and fiberboard 74 77 Other products 13 12 Moving average cost or FIFO inventories: Logs 22 49 Lumber, plywood, oriented strand board, fiberboard and engineered wood products 124 115 Other products 178 134 Materials and supplies 158 150 Total $ 592 $ 566

PENSION AND OTHER POST-EMPLOY_2

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables)	9 Months Ended
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Tables)	Sep. 30, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Service cost $ 5 $ 6 $ 15 $ 17 Interest cost 29 30 87 89 Expected return on plan assets ( 31 ) ( 30 ) ( 92 ) ( 90 ) Amortization of actuarial loss 12 10 32 29 Amortization of prior service cost — — 1 1 Total net periodic benefit cost – pension $ 15 $ 16 $ 43 $ 46 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Interest cost $ 1 $ 2 $ 3 $ 4 Amortization of actuarial loss — — 1 1 Amortization of prior service credit ( 1 ) — ( 1 ) ( 1 ) Total net periodic benefit cost – other post-employment benefits $ — $ 2 $ 3 $ 4

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
ACCRUED LIABILITIES (Tables)	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, DECEMBER 31, Compensation and employee benefit costs $ 171 $ 173 Current portion of lease liabilities 22 19 Customer rebates, volume discounts and deferred income 130 124 Interest 66 63 Taxes payable 47 31 Other 71 91 Total $ 507 $ 501

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Estimated Fair Values and Carrying Values of Long-Term Debt	The estimated fair value and carrying value of our long-term debt consisted of the following: SEPTEMBER 30, DECEMBER 31, DOLLAR AMOUNTS IN MILLIONS CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt (including current maturities) and line of credit: Fixed rate $ 4,825 $ 4,897 $ 4,820 $ 4,853 Variable rate 249 250 249 250 Total debt $ 5,074 $ 5,147 $ 5,069 $ 5,103

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 2024
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 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Pension (1) Balance at beginning of period $ ( 498 ) $ ( 444 ) $ ( 515 ) $ ( 458 ) Other comprehensive loss before reclassifications ( 1 ) — — ( 1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 9 9 25 24 Total other comprehensive income 8 9 25 23 Balance at end of period $ ( 490 ) $ ( 435 ) $ ( 490 ) $ ( 435 ) Other post-employment benefits (1) Balance at beginning of period $ 22 $ 21 $ 24 $ 20 Other comprehensive loss before reclassifications — ( 1 ) ( 3 ) — Amounts reclassified from accumulated other comprehensive loss to earnings (2) ( 1 ) 1 — 1 Total other comprehensive (loss) income ( 1 ) — ( 3 ) 1 Balance at end of period $ 21 $ 21 $ 21 $ 21 Translation adjustments and other Balance at beginning of period $ 184 $ 198 $ 198 $ 191 Translation adjustments 6 ( 7 ) ( 8 ) — Total other comprehensive income (loss) 6 ( 7 ) ( 8 ) — Balance at end of period 190 191 190 191 Accumulated other comprehensive loss, end of period $ ( 279 ) $ ( 223 ) $ ( 279 ) $ ( 223 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 6: Pension and Other Post-Employment Benefit Plans .

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
SHARE-BASED COMPENSATION (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-Based Compensation Activity	Share-based compensation activity during year-to-date 2024 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 915 688 Performance share units (PSUs) 412 317
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 2024 PERFORMANCE SHARE UNITS Performance period 2/09/2024 – 12/31/2026 Valuation date closing stock price $ 33.28 Risk-free rate 4.19 % – 4.27 % Expected volatility 21.50 % – 27.60 %

OTHER OPERATING COSTS, NET (Tab

OTHER OPERATING COSTS, NET (Tables)	9 Months Ended
OTHER OPERATING COSTS, NET (Tables)	Sep. 30, 2024
Component of Operating Income [Abstract]
Income and Expense Items Included in Other Operating Costs, Net	Other operating costs, net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2024 SEPTEMBER 2023 SEPTEMBER 2024 SEPTEMBER 2023 Environmental remediation charges $ 2 $ 1 $ 8 $ 14 Litigation expense, net 12 9 30 11 Product remediation recovery — — ( 25 ) — Research and development expenses 1 2 5 5 Restructuring, impairments and other charges 10 — 10 — Other, net 3 8 13 20 Total other operating costs, net $ 28 $ 20 $ 41 $ 50 Asset Impairment During third quarter 2024, we recorded a $ 10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill. The loss was attributable to our Wood Products segment and was recorded within “Other operating costs, net” in our Consolidated Statement of Operations .

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
RESTRICTED CASH (Tables)	Sep. 30, 2024
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, SEPTEMBER 30, Cash and cash equivalents $ 877 $ 1,173 Restricted cash included in other assets (1) 22 — Total cash, cash equivalents and restricted cash $ 899 $ 1,173 (1) Amounts included in restricted cash as of September 30, 2024 are comprised of proceeds held by a qualified intermediary that were subsequently reinvested in timber and timberlands through a like-kind exchange 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	$ 1,681	$ 2,022	$ 5,416	$ 5,900
Net contribution (charge) to earnings	82	365	556	929
Interest expense, net of capitalized interest	(69)	(72)	(203)	(208)
Earnings before income taxes	13	293	353	721
Income taxes	15	(54)	(38)	(101)
Net earnings	28	239	315	620
Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,817	2,163	5,832	6,333
Net contribution (charge) to earnings	135	411	739	1,053
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	(136)	(141)	(416)	(433)
Unallocated items
Segment Reporting, Revenue Reconciling Item
Net contribution (charge) to earnings	(53)	(46)	(183)	(124)
Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	357	380	1,153	1,259
Timberlands \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	357	380	1,153	1,259
Net contribution (charge) to earnings	57	78	218	302
Timberlands \| Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	136	141	416	433
Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	89	105	305	286
Real Estate & ENR \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	89	105	305	286
Net contribution (charge) to earnings	51	56	170	161
Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,235	1,537	3,958	4,355
Wood Products \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,235	1,537	3,958	4,355
Net contribution (charge) to earnings	$ 27	$ 277	$ 351	$ 590

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer
Net sales	$ 1,681	$ 2,022	$ 5,416	$ 5,900
Timberlands
Revenue from External Customer
Net sales	357	380	1,153	1,259
Timberlands \| Delivered logs
Revenue from External Customer
Net sales	318	342	1,025	1,131
Timberlands \| Stumpage and pay-as-cut timber
Revenue from External Customer
Net sales	14	12	38	43
Timberlands \| Recreational and other lease revenue
Revenue from External Customer
Net sales	19	19	57	54
Timberlands \| Other
Revenue from External Customer
Net sales	6	7	33	31
Timberlands \| West \| Delivered logs
Revenue from External Customer
Net sales	158	176	539	611
Timberlands \| South \| Delivered logs
Revenue from External Customer
Net sales	149	155	453	485
Timberlands \| North \| Delivered logs
Revenue from External Customer
Net sales	11	11	33	35
Timberlands \| Domestic grade sales \| West \| Delivered logs
Revenue from External Customer
Net sales	78	96	269	290
Timberlands \| Export grade sales \| West \| Delivered logs
Revenue from External Customer
Net sales	80	80	270	321
Real Estate & ENR
Revenue from External Customer
Net sales	89	105	305	286
Real Estate & ENR \| Real Estate
Revenue from External Customer
Net sales	59	79	220	198
Real Estate & ENR \| Energy and natural resources
Revenue from External Customer
Net sales	30	26	85	88
Wood Products
Revenue from External Customer
Net sales	1,235	1,537	3,958	4,355
Wood Products \| Structural lumber
Revenue from External Customer
Net sales	451	570	1,414	1,658
Wood Products \| Oriented strand board
Revenue from External Customer
Net sales	206	284	749	707
Wood Products \| Engineered solid section
Revenue from External Customer
Net sales	175	216	543	600
Wood Products \| Engineered I-joists
Revenue from External Customer
Net sales	95	122	301	335
Wood Products \| Softwood plywood
Revenue from External Customer
Net sales	38	42	121	127
Wood Products \| Medium density fiberboard
Revenue from External Customer
Net sales	42	40	123	120
Wood Products \| Complementary building products
Revenue from External Customer
Net sales	158	184	475	551
Wood Products \| Other
Revenue from External Customer
Net sales	$ 70	$ 79	$ 232	$ 257

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 22, 2021
Earnings Per Share Basic [Line Items]
Earnings per share, basic	$ 0.04	$ 0.33	$ 0.43	$ 0.85
Earnings per share, diluted	$ 0.04	$ 0.33	$ 0.43	$ 0.85
Shares repurchased during period value			$ 126,000,000	$ 109,000,000
Unsettled share repurchases, shares	11,564		11,564		13,866
Unsettled share repurchase value					$ 1,000,000
Maximum
Earnings Per Share Basic [Line Items]
Unsettled share repurchase value	$ 1,000,000		$ 1,000,000
2021 Repurchase Program
Earnings Per Share Basic [Line Items]
Stock repurchase program, authorized amount						$ 1,000,000,000
Shares repurchased during period	820,706	757,510	3,962,220	3,562,944
Shares repurchased during period value	$ 26,000,000	$ 25,000,000	$ 125,000,000	$ 110,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 127,000,000		$ 127,000,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share Basic And Diluted [Line Items]
Basic	727,621	731,046	728,892	732,069
Dilutive potential common shares	559	696	463	473
Diluted	728,180	731,742	729,355	732,542
Stock options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	95	154	115	134
Restricted stock units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	329	304	203	117
Performance share units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	135	238	145	222

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	607	609	607	609
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	892	612	892	612

INVENTORIES - Inventories (Deta

INVENTORIES - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Total	$ 592	$ 566
Logs
Inventory [Line Items]
LIFO inventories	23	29
Moving average cost or FIFO inventories	22	49
Lumber, plywood, oriented strand board and fiberboard
Inventory [Line Items]
LIFO inventories	74	77
Lumber, plywood, oriented strand board, fiberboard and engineered wood products
Inventory [Line Items]
Moving average cost or FIFO inventories	124	115
Other products
Inventory [Line Items]
LIFO inventories	13	12
Moving average cost or FIFO inventories	178	134
Materials and supplies
Inventory [Line Items]
Moving average cost or FIFO inventories	$ 158	$ 150

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5	$ 6	$ 15	$ 17
Interest cost	29	30	87	89
Expected return on plan assets	(31)	(30)	(92)	(90)
Amortization of actuarial loss	12	10	32	29
Amortization of prior service cost	0	0	1	1
Total net periodic benefit cost	15	16	43	46
Other Post-Employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	1	2	3	4
Amortization of actuarial loss	0	0	1	1
Amortization of prior service cost	(1)	0	(1)	(1)
Total net periodic benefit cost	$ 0	$ 2	$ 3	$ 4

PENSION AND OTHER POST-EMPLOY_4

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Additional Information) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
Adjustments to projected benefit obligations	$ 0

ACCRUED LIABILITIES - Accrued L

ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Compensation and employee benefit costs	$ 171	$ 173
Current portion of lease liabilities	22	19
Customer rebates, volume discounts and deferred income	130	124
Interest	66	63
Taxes payable	47	31
Other	71	91
Total	$ 507	$ 501

LONG-TERM DEBT AND LINE OF CR_2

LONG-TERM DEBT AND LINE OF CREDIT - Additional Information (Details) - USD ($)	1 Months Ended
	Jul. 31, 2023	May 31, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit, amount outstanding				$ 0	$ 0
4.750 Percent due in May 2026
Line of Credit Facility [Line Items]
Debt, maturity date		2026-05
Debt issued		$ 750,000,000
Debt instrument, interest rate, stated percentage		4.75%
Proceeds from debt, net of issuance costs		$ 743,000,000
7.125 percent due in July 2023
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	7.125%
Repayments of Debt	$ 118,000,000
Senior Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt, maturity date			2028-03
Line of credit, maximum borrowing capacity			$ 1,500,000,000
Line of credit expiration period			5 years

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
CARRYING VALUE	$ 5,074	$ 5,069
FAIR VALUE (LEVEL 2)	5,147	5,103
Fixed rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
CARRYING VALUE	4,825	4,820
FAIR VALUE (LEVEL 2)	4,897	4,853
Variable rate
FAIR VALUE OF FINANCIAL INSTRUMENTS
CARRYING VALUE	249	249
FAIR VALUE (LEVEL 2)	$ 250	$ 250

LEGAL PROCEEDINGS, COMMITMENT_2

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrued estimated remediation costs	$ 80

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period			$ 10,236
Translation adjustments	$ 6	$ (7)	(8)	$ 0
Total other comprehensive income	13	2	14	24
Balance at end of period	9,927	10,228	9,927	10,228
Pension
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(498)	(444)	(515)	(458)
Other comprehensive loss before reclassifications	(1)	0	0	(1)
Amounts reclassified from accumulated other comprehensive loss to earnings	9	9	25	24
Total other comprehensive income	8	9	25	23
Balance at end of period	(490)	(435)	(490)	(435)
Other Post-Employment Benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	22	21	24	20
Other comprehensive loss before reclassifications	0	(1)	(3)	0
Amounts reclassified from accumulated other comprehensive loss to earnings	(1)	1	0	1
Total other comprehensive income	(1)	0	(3)	1
Balance at end of period	21	21	21	21
Translation Adjustments and Other
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	184	198	198	191
Translation adjustments	6	(7)	(8)	0
Total other comprehensive income	6	(7)	(8)	0
Balance at end of period	190	191	190	191
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(292)	(225)	(293)	(247)
Total other comprehensive income	13	2	14	24
Balance at end of period	$ (279)	$ (223)	$ (279)	$ (223)

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	915
Vested	688
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	412
Vested	317

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued during period \| shares	749
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant-date fair value	$ 32.92
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant-date fair value	$ 37.9
Maximum percentage of target value	100%
Performance share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target	0%
Performance share units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Final number of shares awarded of each grant's target	150%

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, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Valuation date closing stock price	$ 33.28
Risk-free rate minimum	4.19%
Risk-free rate maximum	4.27%
Expected volatility minimum	21.50%
Expected volatility maximum	27.60%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Feb. 09, 2024
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Dec. 31, 2026

OTHER OPERATING COSTS, NET - In

OTHER OPERATING COSTS, NET - Income and Expense Items Included in Other Operating Costs , Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Component of Operating Income [Abstract]
Environmental remediation charges	$ 2	$ 1	$ 8	$ 14
Litigation expense, net	12	9	30	11
Product remediation recovery	0	0	(25)	0
Research and development expenses	1	2	5	5
Restructuring, impairments and other charges	10	0	10	0
Other, net	3	8	13	20
Total other operating costs, net	$ 28	$ 20	$ 41	$ 50

OTHER OPERATING COSTS, NET - Ad

OTHER OPERATING COSTS, NET - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Component of Operating Income [Abstract]
Noncash impairment charge	$ 10

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	9 Months Ended
INCOME TAXES - Additional Information (Details)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%

TIMBERLAND ACQUISITIONS - Addit

TIMBERLAND ACQUISITIONS - Additional Information (Details) a in Thousands, $ in Millions	Oct. 09, 2024 USD ($) a	Aug. 28, 2024 USD ($) a	Jul. 25, 2024 USD ($) a	May 30, 2024 USD ($) a	Jul. 19, 2023 USD ($) a
ALABAMA
Business Acquisition [Line Items]
Area of timberlands purchased \| a		32		13
Area of timberlands to be purchased \| a			84
Payments to acquire timberlands		$ 82	$ 244	$ 48
Timberlands acquisition, timber and timberlands at cost, less depletion		81		47
Timberlands acquisition, property and equipment, net		$ 1		$ 1
ALABAMA \| Subsequent Event
Business Acquisition [Line Items]
Area of timberlands purchased \| a	39
Payments to acquire timberlands	$ 114
Mississippi [Member]
Business Acquisition [Line Items]
Area of timberlands purchased \| a					22
Payments to acquire timberlands					$ 60
Timberlands acquisition, timber and timberlands at cost, less depletion					59
Timberlands acquisition, property and equipment, net					$ 1

RESTRICTED CASH - Reconciliatio

RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 877	$ 1,164	$ 1,173
Restricted cash included in other assets	$ 22		$ 0
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent
Total cash, cash equivalents and restricted cash	$ 899	$ 1,164	$ 1,173	$ 1,581