Weyerhaeuser (WY) 10-Q28 Oct 222022 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, 2022	Oct. 24, 2022
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, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		735,917,000
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales (Note 3)	$ 2,276	$ 2,345	$ 8,361	$ 7,995
Costs of sales	1,694	1,589	5,130	4,602
Gross margin	582	756	3,231	3,393
Selling expenses	24	24	70	68
General and administrative expenses	100	98	294	283
Other operating costs (income), net (Note 13)	1	(15)	19	8
Operating income	457	649	2,848	3,034
Non-operating pension and other post-employment benefit costs (Note 6)	(12)	(5)	(38)	(14)
Interest income and other	9	1	9	4
Interest expense, net of capitalized interest	(67)	(79)	(204)	(236)
Loss on debt extinguishment (Note 8)	0	0	(276)	0
Earnings before income taxes	387	566	2,339	2,788
Income taxes (Note 14)	(77)	(84)	(470)	(597)
Net earnings	$ 310	$ 482	$ 1,869	$ 2,191
Earnings per share, basic (Note 4)	$ 0.42	$ 0.64	$ 2.51	$ 2.92
Earnings per share, diluted (Note 4)	$ 0.42	$ 0.64	$ 2.51	$ 2.92
Weighted average shares outstanding (in thousands) (Note 4):
Basic	740,058	750,105	743,990	749,657
Diluted	740,975	751,443	745,081	750,999

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 310	$ 482	$ 1,869	$ 2,191
Other comprehensive income (loss):
Foreign currency translation adjustments	(53)	(25)	(62)	(1)
Changes in unamortized actuarial loss, net of tax expense of $11, $10, $40 and $55	32	29	122	170
Changes in unamortized net prior service credit, net of tax expense of $0, $0, $1 and $0	1	1	1	2
Total other comprehensive income (loss)	(20)	5	61	171
Total comprehensive income	$ 290	$ 487	$ 1,930	$ 2,362

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Changes in unamortized actuarial loss, tax expense	$ 11	$ 10	$ 40	$ 55
Changes in unamortized net prior service credit, tax expense	$ 0	$ 0	$ 1	$ 0

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,920	$ 1,879
Receivables, net	425	507
Receivables for taxes	15	24
Inventories (Note 5)	542	520
Prepaid expenses and other current assets	146	205
Total current assets	3,048	3,135
Property and equipment, less accumulated depreciation of $3,680 and $3,592	1,997	2,057
Construction in progress	245	175
Timber and timberlands at cost, less depletion	11,681	11,510
Minerals and mineral rights, less depletion	245	255
Deferred tax assets	10	17
Other assets	364	503
Total assets	17,590	17,652
Current liabilities:
Current maturities of long-term debt (Note 8)	118	0
Accounts payable	272	281
Accrued liabilities (Note 7)	664	673
Total current liabilities	1,054	954
Long-term debt, net (Note 8)	4,935	5,099
Deferred tax liabilities	89	46
Deferred pension and other post-employment benefits (Note 6)	335	440
Other liabilities	339	346
Total liabilities	6,752	6,885
Commitments and contingencies (Note 10)
Equity:
Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 737,547 thousand shares at September 30, 2022 and 747,301 thousand shares at December 31, 2021	922	934
Other capital	7,824	8,181
Retained earnings	2,510	2,131
Accumulated other comprehensive loss (Note 11)	(418)	(479)
Total equity	10,838	10,767
Total liabilities and equity	$ 17,590	$ 17,652

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 3,680	$ 3,592
Common shares, par value	$ 1.25	$ 1.25
Common shares, authorized	1,360,000,000	1,360,000,000
Common shares, issued	737,547,000	747,301,000
Common shares, outstanding	737,547,000	747,301,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operations:
Net earnings	$ 1,869	$ 2,191
Noncash charges (credits) to earnings:
Depreciation, depletion and amortization	360	356
Basis of real estate sold	77	62
Deferred income taxes, net	17	16
Pension and other post-employment benefits (Note 6)	65	46
Share-based compensation expense (Note 12)	25	23
Gain on sale of timberlands (Note 16)	0	(32)
Loss on debt extinguishment (Note 8)	276	0
Change in:
Receivables, net	81	(47)
Receivables and payables for taxes	15	93
Inventories	(30)	(55)
Prepaid expenses and other current assets	(7)	(21)
Accounts payable and accrued liabilities	(23)	116
Pension and post-employment benefit contributions and payments	(19)	(56)
Other	(41)	(27)
Net cash from operations	2,665	2,665
Cash flows from investing activities:
Capital expenditures for property and equipment	(207)	(184)
Capital expenditures for timberlands reforestation	(38)	(39)
Acquisition of timberlands (Note 16)	(286)	(149)
Proceeds from sale of timberlands (Note 16)	0	261
Other	1	3
Net cash from investing activities	(530)	(108)
Cash flows from financing activities:
Cash dividends on common shares	(1,485)	(382)
Net proceeds from issuance of long-term debt (Note 8)	881	0
Payments on long-term debt (Note 8)	(1,203)	(225)
Proceeds from exercise of stock options	15	46
Repurchases of common shares (Note 4)	(402)	(26)
Other	(20)	(19)
Net cash from financing activities	(2,214)	(606)
Net change in cash, cash equivalents and restricted cash	(79)	1,951
Cash, cash equivalents and restricted cash at beginning of period	1,999	495
Cash, cash equivalents and restricted cash at end of period	1,920	2,446
Cash paid (received) during the period for:
Interest, net of amount capitalized of $5 and $3	211	237
Income taxes, net of refunds	$ 446	$ 494

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement Of Cash Flows [Abstract]
Interest, amount capitalized	$ 5	$ 3

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common shares:	Other capital:	Retained earnings (accumulated deficit):	Accumulated other comprehensive loss:
Balance at beginning of period at Dec. 31, 2020		$ 934	$ 8,208	$ 411	$ (822)
Issued for exercise of stock options and vested units		3	44
Repurchases of common shares (Note 4)		(1)	(25)
Share-based compensation			23
Other transactions, net			(8)
Net earnings	$ 2,191			2,191
Dividends on common shares				(760)
Other comprehensive income (loss)	$ 171				171
Dividends paid per common share	$ 0.51
Balance at end of period at Sep. 30, 2021	$ 10,369	936	8,242	1,842	(651)
Balance at beginning of period at Jun. 30, 2021		937	8,258	1,861	(656)
Issued for exercise of stock options and vested units		0	1
Repurchases of common shares (Note 4)		(1)	(25)
Share-based compensation			8
Other transactions, net			0
Net earnings	482			482
Dividends on common shares				(501)
Other comprehensive income (loss)	$ 5				5
Dividends paid per common share	$ 0.17
Balance at end of period at Sep. 30, 2021	$ 10,369	936	8,242	1,842	(651)
Balance at beginning of period at Dec. 31, 2021	10,767	934	8,181	2,131	(479)
Issued for exercise of stock options and vested units		2	14
Repurchases of common shares (Note 4)		(14)	(390)
Share-based compensation			25
Other transactions, net			(6)
Net earnings	1,869			1,869
Dividends on common shares				(1,490)
Other comprehensive income (loss)	$ 61				61
Dividends paid per common share	$ 1.99
Balance at end of period at Sep. 30, 2022	$ 10,838	922	7,824	2,510	(418)
Balance at beginning of period at Jun. 30, 2022		927	7,954	2,333	(398)
Issued for exercise of stock options and vested units		0	1
Repurchases of common shares (Note 4)		(5)	(140)
Share-based compensation			8
Other transactions, net			1
Net earnings	310			310
Dividends on common shares				(133)
Other comprehensive income (loss)	$ (20)				(20)
Dividends paid per common share	$ 0.18
Balance at end of period at Sep. 30, 2022	$ 10,838	$ 922	$ 7,824	$ 2,510	$ (418)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company. The accompanying unaudited Consolidated Financial Statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Consolidated Financial Statements, such adjustments are of a normal, recurring nature. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain information and footnote disclosures normally included in our annual Consolidated Financial Statements have been condensed or omitted. These quarterly Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021. 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, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 2: BUSINESS SEGMENTS We are principally engaged in growing and harvesting timber; manufacturing, distributing and selling products made from trees; maximizing the value of every acre we own through the sale of higher and better use (HBU) properties; and monetizing the value of surface and subsurface assets through leases and royalties. Our business segments are categorized based primarily on products and services which include: ● Timberlands – Logs, timber, recreational leases and other products; ● Real Estate, Energy and Natural Resources (Real Estate & ENR) – Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas, and wind and solar resources) and ● Wood Products – Structural lumber, oriented strand board, engineered wood products and building materials distribution. A reconciliation of our business segment information to the respective information in the Consolidated Statement of Operations is as follows: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Sales to unaffiliated customers: Timberlands $ 441 $ 423 $ 1,421 $ 1,207 Real Estate & ENR 68 69 313 285 Wood Products 1,767 1,853 6,627 6,503 2,276 2,345 8,361 7,995 Intersegment sales: Timberlands 133 129 450 399 Total sales 2,409 2,474 8,811 8,394 Intersegment eliminations (133 ) (129 ) (450 ) (399 ) Total $ 2,276 $ 2,345 $ 8,361 $ 7,995 Net contribution (charge) to earnings: Timberlands $ 107 $ 133 $ 442 $ 354 Real Estate & ENR 48 45 194 174 Wood Products 344 517 2,389 2,695 499 695 3,025 3,223 Unallocated items (1) (45 ) (50 ) (206 ) (199 ) Net contribution to earnings 454 645 2,819 3,024 Interest expense, net of capitalized interest (67 ) (79 ) (204 ) (236 ) Loss on debt extinguishment — — (276 ) — Earnings before income taxes 387 566 2,339 2,788 Income taxes (77 ) (84 ) (470 ) (597 ) Net earnings $ 310 $ 482 $ 1,869 $ 2,191 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
REVENUE RECOGNITION	NOTE 3: REVENUE RECOGNITION A reconciliation of revenue recognized by our major products: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 97 $ 76 $ 313 $ 235 Export grade sales 127 150 478 414 Subtotal West 224 226 791 649 South 166 153 480 429 North 15 13 40 38 Subtotal delivered logs sales 405 392 1,311 1,116 Stumpage and pay-as-cut timber 10 9 30 22 Recreational and other lease revenue 18 16 51 48 Other (1) 8 6 29 21 Net sales attributable to Timberlands segment 441 423 1,421 1,207 Real Estate & ENR segment Real estate 30 45 217 212 Energy and natural resources 38 24 96 73 Net sales attributable to Real Estate & ENR segment 68 69 313 285 Wood Products segment Structural lumber 676 681 2,880 3,020 Oriented strand board 287 470 1,348 1,513 Engineered solid section 233 183 676 491 Engineered I-joists 166 128 471 315 Softwood plywood 47 45 158 170 Medium density fiberboard 50 52 151 143 Complementary building products 222 211 676 595 Other (2) 86 83 267 256 Net sales attributable to Wood Products segment 1,767 1,853 6,627 6,503 Total net sales $ 2,276 $ 2,345 $ 8,361 $ 7,995 ( 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, 2022
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: ● $0.42 during third quarter 2022 and $2.51 during year-to-date 2022; ● $0.64 during third quarter 2021 and $2.92 during year-to-date 2021. 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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Weighted average common shares outstanding – basic 740,058 750,105 743,990 749,657 Dilutive potential common shares: Stock options 192 293 294 318 Restricted stock units 420 730 417 709 Performance share units 305 315 380 315 Total effect of outstanding dilutive potential common shares 917 1,338 1,091 1,342 Weighted average common shares outstanding – dilutive 740,975 751,443 745,081 750,999 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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Stock options 620 789 620 789 Performance share units 623 1,067 623 1,067 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 4,234,838 common shares for approximately $145 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2022 and 11,217,300 common shares for approximately $404 million (including transaction fees) under the 2021 Repurchase Program during year-to-date 2022. As of September 30, 2022, we had remaining authorization of $523 million for future share repurchases. During year-to-date 2021, we repurchased 780,228 common shares for approximately $26 million (including transaction fees) under the 2019 Repurchase Program. All common stock repurchases under the 2019 Repurchase Program and 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 64,135 unsettled shares (approximately $2 million) as of September 30, 2022 and no unsettled shares as of December 31, 2021.

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5: INVENTORIES Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies. DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 LIFO inventories: Logs $ 24 $ 26 Lumber, plywood, panels and fiberboard 60 61 Other products 14 17 Moving average cost or FIFO inventories: Logs 52 65 Lumber, plywood, panels, fiberboard and engineered wood products 116 106 Other products 147 131 Materials and supplies 129 114 Total $ 542 $ 520 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, 2022
Pension And Other Postretirement Benefit Expense [Abstract]
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS	NOTE 6: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Service cost $ 9 $ 11 $ 27 $ 32 Interest cost 27 24 80 73 Expected return on plan assets (40 ) (51 ) (120 ) (153 ) Amortization of actuarial loss 23 29 70 86 Amortization of prior service cost 1 1 2 2 Total net periodic benefit cost – pension $ 20 $ 14 $ 59 $ 40 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Interest cost $ — $ — $ 2 $ 2 Amortization of actuarial loss 1 2 4 4 Amortization of prior service credit — — — — Total net periodic benefit cost – other post-employment benefits $ 1 $ 2 $ 6 $ 6 For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations . Fair Value of Pension Plan Assets and Obligations In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We update the year-end estimated fair value of pension plan assets in the second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. During second quarter 2022, we recorded an increase to the beginning of the year fair value of the pension assets of $54 million, or 2 percent. We also updated our census data that is used to estimate our beginning of the year projected benefit obligation for our pension plans, which resulted in a projected benefit obligation decrease of $13 million, or less than 1 percent. The net effect of these updates was a $67 million improvement in funded status. This change in funded status was reflected on our Consolidated Balance Sheet as of June 30, 2022.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
ACCRUED LIABILITIES	Sep. 30, 2022
Accrued Liabilities Current [Abstract]
ACCRUED LIABILITIES	NOTE 7: ACCRUED LIABILITIES Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Compensation and employee benefit costs $ 213 $ 225 Current portion of lease liabilities 22 24 Customer rebates, volume discounts and deferred income 165 164 Interest 72 83 Taxes payable 125 106 Other 67 71 Total $ 664 $ 673

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, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT AND LINE OF CREDIT	NOTE 8: In March 2022, we completed a series of transactions that lowered our weighted average interest rate and extended our weighted average maturity by issuing $900 million in notes and using the net proceeds plus cash on hand to close cash tender offers for $931 million of principal in higher interest rate notes. We issued $450 million of 3.375 percent notes due in March 2033 and $450 million of 4.000 percent notes due in March 2052. The net proceeds after deducting the discount, underwriting fees and issuance costs were $444 million and $437 million, respectively. The net proceeds were used to retire $592 million of our 7.375 percent notes due in March 2032, $161 million of our 8.500 percent notes due in January 2025, $73 million of our 7.125 percent notes due in July 2023, $65 million of our 7.950 percent notes due in March 2025, and $40 million of our 7.850 percent notes due in July 2026 Consolidated Statement of Operations in first quarter 2022 for premiums to retire $931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement. In May 2021, we repaid our $225 million variable-rate term loan that was scheduled to mature in July 2026. In January 2020, we refinanced and extended our $1.5 billion five-year

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2022
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: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Long-term fixed rate debt (including current maturities): Carrying value $ 5,053 $ 5,099 Fair value (level 2) $ 4,846 $ 6,221 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 line of credit has a net carrying value that approximates its fair value within an insignificant difference. 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, 2022
Commitments And Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES	NOTE 10: LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to various legal proceedings arising in the ordinary course of business. We are not currently a party to any legal proceeding that management believes could have a material adverse effect on our Consolidated Statement of Operations , Consolidated Balance Sheet or Consolidated Statement of Cash Flows . Environmental Matters Site Remediation Under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) – commonly known as the “Superfund” – and similar state laws, we: ● are a party to various proceedings related to the cleanup of hazardous waste sites and ● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated. As of September 30, 2022, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $63 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, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 11: 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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Pension (1) Balance at beginning of period $ (632 ) $ (924 ) $ (720 ) $ (1,064 ) Other comprehensive income before reclassifications 14 6 65 102 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 19 23 56 67 Total other comprehensive income 33 29 121 169 Balance at end of period $ (599 ) $ (895 ) $ (599 ) $ (895 ) Other post-employment benefits (1) Balance at beginning of period $ — $ (10 ) $ (2 ) $ (12 ) Other comprehensive loss before reclassifications (1 ) (1 ) (1 ) (1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 2 3 4 Total other comprehensive income — 1 2 3 Balance at end of period $ — $ (9 ) $ — $ (9 ) Translation adjustments and other Balance at beginning of period $ 234 $ 278 $ 243 $ 254 Translation adjustments (53 ) (25 ) (62 ) (1 ) Total other comprehensive loss (53 ) (25 ) (62 ) (1 ) Balance at end of period 181 253 181 253 Accumulated other comprehensive loss, end of period $ (418 ) $ (651 ) $ (418 ) $ (651 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 6: Pension and Other Post-Employment Benefit Plans .

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2022
Share Based Compensation [Abstract]
SHARE-BASED COMPENSATION	NOTE 12: SHARE-BASED COMPENSATION Share-based compensation activity during year-to-date 2022 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 626 857 Performance share units (PSUs) 306 419 A total of 1.5 million shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises. Restricted Stock Units The weighted average fair value of the RSUs granted in 2022 was $41.94. The vesting provisions for RSUs granted in were Performance Share Units The weighted average grant date fair value of PSUs granted in 2022 was $49.77. The final number of shares granted in 2022 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. PSUs granted in 2022 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return. Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2022 PERFORMANCE SHARE UNITS Performance period 2/10/2022 – 12/31/2024 Valuation date average stock price (1) $42.16 Expected dividends 1.72% Risk-free rate 0.34% – 1.84% Expected volatility 26.27% – 41.01% (1) Calculated as an average of the high and low prices on grant date.

OTHER OPERATING COSTS (INCOME),

OTHER OPERATING COSTS (INCOME), NET	9 Months Ended
OTHER OPERATING COSTS (INCOME), NET	Sep. 30, 2022
Other Income [Abstract]
OTHER OPERATING COSTS (INCOME), NET	NOTE 13: OTHER OPERATING COSTS (INCOME), NET Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Foreign exchange gains, net $ (8 ) $ (5 ) $ (12 ) $ (2 ) Gain on sale of timberlands — (32 ) — (32 ) Litigation expense, net 2 5 10 11 Research and development expenses 1 1 4 3 Other, net 6 16 17 28 Total other operating costs (income), net $ 1 $ (15 ) $ 19 $ 8

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
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 wholly-owned Taxable REIT Subsidiaries (TRSs), which includes our Wood Products segment earnings and portions of our Timberlands and Real Estate & ENR segments' earnings. The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurred during the year. Our 2022 estimated annual effective tax rate, excluding discrete items, differs from the U.S. federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
RESTRICTED CASH	Sep. 30, 2022
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 15: 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, 2022 SEPTEMBER 30, 2021 DECEMBER 31, 2021 Cash and cash equivalents $ 1,920 $ 2,326 $ 1,879 Restricted cash included in other assets (1) — 120 120 Total cash, cash equivalents and restricted cash $ 1,920 $ 2,446 $ 1,999 (1) Amounts included in restricted cash as of September 30, 2021 and December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction. In first quarter 2022, the proceeds were released as a like-kind property was not identified.

TIMBERLAND ACQUISITIONS AND DIV

TIMBERLAND ACQUISITIONS AND DIVESTITURES	9 Months Ended
TIMBERLAND ACQUISITIONS AND DIVESTITURES	Sep. 30, 2022
Business Combination And Asset Acquisition [Abstract]
TIMBERLAND ACQUISITIONS AND DIVESTITURES	NOTE 16: TIMBERLAND ACQUISITIONS AND DIVESTITURES Carolinas Acquisition On April 14, 2022, we announced an agreement to purchase 81 thousand acres of North and South Carolina timberlands for approximately $265 million. We completed the purchase on May 18, 2022 and recorded $263 million of timberland assets in “Timber and timberlands at cost, less depletion” and $2 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet . Washington Divestiture On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington. On July 7, 2021, we completed the sale for $261 million in cash proceeds, which is net of purchase price adjustments and closing costs. This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below. As a result of the sale, a gain of $32 million was recorded in the Timberlands segment in our third quarter 2021 Consolidated Statement of Operations . This divestiture was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. Alabama Acquisition On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidation	Our consolidated financial statements provide an overall view of our results of operations, financial condition and cash flows. They include our accounts and the accounts of entities we control, including majority-owned domestic and foreign subsidiaries. They do not include our intercompany transactions and accounts, which are eliminated. Throughout these Notes to Consolidated Financial Statements, unless specified otherwise, references to “Weyerhaeuser,” “we,” “the company” and “our” refer to the consolidated company.
Earnings Per Share	We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units.
Fair Value of Financial Instruments	To estimate the fair value of fixed rate long-term debt, we used the market approach, which is based on quoted market prices we received for the same types and issues of our debt. We believe that our line of credit has a net carrying value that approximates its fair value within an insignificant difference. 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.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
BUSINESS SEGMENTS (Tables)	Sep. 30, 2022
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Sales to unaffiliated customers: Timberlands $ 441 $ 423 $ 1,421 $ 1,207 Real Estate & ENR 68 69 313 285 Wood Products 1,767 1,853 6,627 6,503 2,276 2,345 8,361 7,995 Intersegment sales: Timberlands 133 129 450 399 Total sales 2,409 2,474 8,811 8,394 Intersegment eliminations (133 ) (129 ) (450 ) (399 ) Total $ 2,276 $ 2,345 $ 8,361 $ 7,995 Net contribution (charge) to earnings: Timberlands $ 107 $ 133 $ 442 $ 354 Real Estate & ENR 48 45 194 174 Wood Products 344 517 2,389 2,695 499 695 3,025 3,223 Unallocated items (1) (45 ) (50 ) (206 ) (199 ) Net contribution to earnings 454 645 2,819 3,024 Interest expense, net of capitalized interest (67 ) (79 ) (204 ) (236 ) Loss on debt extinguishment — — (276 ) — Earnings before income taxes 387 566 2,339 2,788 Income taxes (77 ) (84 ) (470 ) (597 ) Net earnings $ 310 $ 482 $ 1,869 $ 2,191 (1) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2022
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Net sales to unaffiliated customers: Timberlands segment Delivered logs: West Domestic sales $ 97 $ 76 $ 313 $ 235 Export grade sales 127 150 478 414 Subtotal West 224 226 791 649 South 166 153 480 429 North 15 13 40 38 Subtotal delivered logs sales 405 392 1,311 1,116 Stumpage and pay-as-cut timber 10 9 30 22 Recreational and other lease revenue 18 16 51 48 Other (1) 8 6 29 21 Net sales attributable to Timberlands segment 441 423 1,421 1,207 Real Estate & ENR segment Real estate 30 45 217 212 Energy and natural resources 38 24 96 73 Net sales attributable to Real Estate & ENR segment 68 69 313 285 Wood Products segment Structural lumber 676 681 2,880 3,020 Oriented strand board 287 470 1,348 1,513 Engineered solid section 233 183 676 491 Engineered I-joists 166 128 471 315 Softwood plywood 47 45 158 170 Medium density fiberboard 50 52 151 143 Complementary building products 222 211 676 595 Other (2) 86 83 267 256 Net sales attributable to Wood Products segment 1,767 1,853 6,627 6,503 Total net sales $ 2,276 $ 2,345 $ 8,361 $ 7,995 ( 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, 2022
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Weighted average common shares outstanding – basic 740,058 750,105 743,990 749,657 Dilutive potential common shares: Stock options 192 293 294 318 Restricted stock units 420 730 417 709 Performance share units 305 315 380 315 Total effect of outstanding dilutive potential common shares 917 1,338 1,091 1,342 Weighted average common shares outstanding – dilutive 740,975 751,443 745,081 750,999
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Stock options 620 789 620 789 Performance share units 623 1,067 623 1,067

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2022
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, 2022 DECEMBER 31, 2021 LIFO inventories: Logs $ 24 $ 26 Lumber, plywood, panels and fiberboard 60 61 Other products 14 17 Moving average cost or FIFO inventories: Logs 52 65 Lumber, plywood, panels, fiberboard and engineered wood products 116 106 Other products 147 131 Materials and supplies 129 114 Total $ 542 $ 520

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, 2022
Pension And Other Postretirement Benefit Expense [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost are: PENSION QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Service cost $ 9 $ 11 $ 27 $ 32 Interest cost 27 24 80 73 Expected return on plan assets (40 ) (51 ) (120 ) (153 ) Amortization of actuarial loss 23 29 70 86 Amortization of prior service cost 1 1 2 2 Total net periodic benefit cost – pension $ 20 $ 14 $ 59 $ 40 OTHER POST-EMPLOYMENT BENEFITS QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Interest cost $ — $ — $ 2 $ 2 Amortization of actuarial loss 1 2 4 4 Amortization of prior service credit — — — — Total net periodic benefit cost – other post-employment benefits $ 1 $ 2 $ 6 $ 6

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
ACCRUED LIABILITIES (Tables)	Sep. 30, 2022
Accrued Liabilities Current [Abstract]
Accrued Liabilities	Accrued liabilities were comprised of the following: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Compensation and employee benefit costs $ 213 $ 225 Current portion of lease liabilities 22 24 Customer rebates, volume discounts and deferred income 165 164 Interest 72 83 Taxes payable 125 106 Other 67 71 Total $ 664 $ 673

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2022
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: DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 30, 2022 DECEMBER 31, 2021 Long-term fixed rate debt (including current maturities): Carrying value $ 5,053 $ 5,099 Fair value (level 2) $ 4,846 $ 6,221

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 2022
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 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Pension (1) Balance at beginning of period $ (632 ) $ (924 ) $ (720 ) $ (1,064 ) Other comprehensive income before reclassifications 14 6 65 102 Amounts reclassified from accumulated other comprehensive loss to earnings (2) 19 23 56 67 Total other comprehensive income 33 29 121 169 Balance at end of period $ (599 ) $ (895 ) $ (599 ) $ (895 ) Other post-employment benefits (1) Balance at beginning of period $ — $ (10 ) $ (2 ) $ (12 ) Other comprehensive loss before reclassifications (1 ) (1 ) (1 ) (1 ) Amounts reclassified from accumulated other comprehensive loss to earnings (2) 1 2 3 4 Total other comprehensive income — 1 2 3 Balance at end of period $ — $ (9 ) $ — $ (9 ) Translation adjustments and other Balance at beginning of period $ 234 $ 278 $ 243 $ 254 Translation adjustments (53 ) (25 ) (62 ) (1 ) Total other comprehensive loss (53 ) (25 ) (62 ) (1 ) Balance at end of period 181 253 181 253 Accumulated other comprehensive loss, end of period $ (418 ) $ (651 ) $ (418 ) $ (651 ) (1) Amounts presented are net of tax. (2) Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 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, 2022
Share Based Compensation [Abstract]
Schedule of Share-Based Compensation Activity	Share-based compensation activity during year-to-date 2022 included the following: SHARES IN THOUSANDS GRANTED VESTED Restricted stock units (RSUs) 626 857 Performance share units (PSUs) 306 419
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 2022 PERFORMANCE SHARE UNITS Performance period 2/10/2022 – 12/31/2024 Valuation date average stock price (1) $42.16 Expected dividends 1.72% Risk-free rate 0.34% – 1.84% Expected volatility 26.27% – 41.01% (1) Calculated as an average of the high and low prices on grant date.

OTHER OPERATING COSTS (INCOME_2

OTHER OPERATING COSTS (INCOME), NET (Tables)	9 Months Ended
OTHER OPERATING COSTS (INCOME), NET (Tables)	Sep. 30, 2022
Other Income [Abstract]
Income and Expense Items Included in Other Operating Costs (Income), Net	Other operating costs (income), net were comprised of the following: QUARTER ENDED YEAR-TO-DATE ENDED DOLLAR AMOUNTS IN MILLIONS SEPTEMBER 2022 SEPTEMBER 2021 SEPTEMBER 2022 SEPTEMBER 2021 Foreign exchange gains, net $ (8 ) $ (5 ) $ (12 ) $ (2 ) Gain on sale of timberlands — (32 ) — (32 ) Litigation expense, net 2 5 10 11 Research and development expenses 1 1 4 3 Other, net 6 16 17 28 Total other operating costs (income), net $ 1 $ (15 ) $ 19 $ 8

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
RESTRICTED CASH (Tables)	Sep. 30, 2022
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, 2022 SEPTEMBER 30, 2021 DECEMBER 31, 2021 Cash and cash equivalents $ 1,920 $ 2,326 $ 1,879 Restricted cash included in other assets (1) — 120 120 Total cash, cash equivalents and restricted cash $ 1,920 $ 2,446 $ 1,999 (1) Amounts included in restricted cash as of September 30, 2021 and December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction. In first quarter 2022, the proceeds were released as a like-kind property was not identified.

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	$ 2,276	$ 2,345	$ 8,361	$ 7,995
Net contribution (charge) to earnings	454	645	2,819	3,024
Interest expense, net of capitalized interest	(67)	(79)	(204)	(236)
Loss on debt extinguishment	0	0	(276)	0
Earnings before income taxes	387	566	2,339	2,788
Income taxes	(77)	(84)	(470)	(597)
Net earnings	310	482	1,869	2,191
Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	2,409	2,474	8,811	8,394
Net contribution (charge) to earnings	499	695	3,025	3,223
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	(133)	(129)	(450)	(399)
Unallocated items
Segment Reporting, Revenue Reconciling Item
Net contribution (charge) to earnings	(45)	(50)	(206)	(199)
Timberlands
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	441	423	1,421	1,207
Timberlands \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	441	423	1,421	1,207
Net contribution (charge) to earnings	107	133	442	354
Timberlands \| Intersegment eliminations
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	133	129	450	399
Real Estate & ENR
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	68	69	313	285
Real Estate & ENR \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	68	69	313	285
Net contribution (charge) to earnings	48	45	194	174
Wood Products
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,767	1,853	6,627	6,503
Wood Products \| Operating Segments
Segment Reporting, Revenue Reconciling Item
Sales to unaffiliated customers	1,767	1,853	6,627	6,503
Net contribution (charge) to earnings	$ 344	$ 517	$ 2,389	$ 2,695

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Major Products (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer
Net sales	$ 2,276	$ 2,345	$ 8,361	$ 7,995
Timberlands
Revenue from External Customer
Net sales	441	423	1,421	1,207
Timberlands \| Delivered logs
Revenue from External Customer
Net sales	405	392	1,311	1,116
Timberlands \| Stumpage and pay-as-cut timber
Revenue from External Customer
Net sales	10	9	30	22
Timberlands \| Recreational and other lease revenue
Revenue from External Customer
Net sales	18	16	51	48
Timberlands \| Other
Revenue from External Customer
Net sales	8	6	29	21
Timberlands \| West \| Delivered logs
Revenue from External Customer
Net sales	224	226	791	649
Timberlands \| South \| Delivered logs
Revenue from External Customer
Net sales	166	153	480	429
Timberlands \| North \| Delivered logs
Revenue from External Customer
Net sales	15	13	40	38
Timberlands \| Domestic grade sales \| West \| Delivered logs
Revenue from External Customer
Net sales	97	76	313	235
Timberlands \| Export grade sales \| West \| Delivered logs
Revenue from External Customer
Net sales	127	150	478	414
Real Estate & ENR
Revenue from External Customer
Net sales	68	69	313	285
Real Estate & ENR \| Real Estate
Revenue from External Customer
Net sales	30	45	217	212
Real Estate & ENR \| Energy and natural resources
Revenue from External Customer
Net sales	38	24	96	73
Wood Products
Revenue from External Customer
Net sales	1,767	1,853	6,627	6,503
Wood Products \| Structural lumber
Revenue from External Customer
Net sales	676	681	2,880	3,020
Wood Products \| Oriented strand board
Revenue from External Customer
Net sales	287	470	1,348	1,513
Wood Products \| Engineered solid section
Revenue from External Customer
Net sales	233	183	676	491
Wood Products \| Engineered I-joists
Revenue from External Customer
Net sales	166	128	471	315
Wood Products \| Softwood plywood
Revenue from External Customer
Net sales	47	45	158	170
Wood Products \| Medium density fiberboard
Revenue from External Customer
Net sales	50	52	151	143
Wood Products \| Complementary building products
Revenue from External Customer
Net sales	222	211	676	595
Wood Products \| Other
Revenue from External Customer
Net sales	$ 86	$ 83	$ 267	$ 256

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 22, 2021
Earnings Per Share Basic [Line Items]
Earnings per share, basic	$ 0.42	$ 0.64	$ 2.51	$ 2.92
Earnings per share, diluted	$ 0.42	$ 0.64	$ 2.51	$ 2.92
Shares repurchased during period value			$ 402,000,000	$ 26,000,000
Share repurchase program unsettled shares	64,135		64,135		0
Share repurchase program unsettled shares amount	$ 2,000,000		$ 2,000,000
2021 Repurchase Program
Earnings Per Share Basic [Line Items]
Stock repurchase program, authorized amount						$ 1,000,000,000
Shares repurchased during period	4,234,838		11,217,300	780,228
Shares repurchased during period value	$ 145,000,000		$ 404,000,000	$ 26,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 523,000,000		$ 523,000,000

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share Basic And Diluted [Line Items]
Basic	740,058	750,105	743,990	749,657
Dilutive potential common shares	917	1,338	1,091	1,342
Diluted	740,975	751,443	745,081	750,999
Stock options
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	192	293	294	318
Restricted stock units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	420	730	417	709
Performance share units
Earnings Per Share Basic And Diluted [Line Items]
Dilutive potential common shares	305	315	380	315

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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	620	789	620	789
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	623	1,067	623	1,067

INVENTORIES - Inventories (Deta

INVENTORIES - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Total	$ 542	$ 520
Logs
Inventory [Line Items]
LIFO inventories	24	26
Moving average cost or FIFO inventories	52	65
Lumber, plywood, panels and fiberboard
Inventory [Line Items]
LIFO inventories	60	61
Lumber, plywood, panels, fiberboard and engineered wood products
Inventory [Line Items]
Moving average cost or FIFO inventories	116	106
Other products
Inventory [Line Items]
LIFO inventories	14	17
Moving average cost or FIFO inventories	147	131
Materials and supplies
Inventory [Line Items]
Moving average cost or FIFO inventories	$ 129	$ 114

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 9	$ 11	$ 27	$ 32
Interest cost	27	24	80	73
Expected return on plan assets	(40)	(51)	(120)	(153)
Amortization of actuarial loss	23	29	70	86
Amortization of prior service cost (credit)	1	1	2	2
Total net periodic benefit cost	20	14	59	40
Other Post-Employment Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0	0	2	2
Amortization of actuarial loss	1	2	4	4
Amortization of prior service cost (credit)	0	0	0	0
Total net periodic benefit cost	$ 1	$ 2	$ 6	$ 6

PENSION AND OTHER POST-EMPLOY_4

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS - Additional Information (Details) - Pension $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets	$ 54
Defined benefit plan, increase (decrease) in beginning of the year fair value of the pension assets, percentage	2%
Defined benefit plan, increase (decrease) in projected benefit obligation	$ (13)
Defined benefit plan, improvement in funded status	$ 67
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, increase (decrease) in projected benefit obligation, percentage	1%

ACCRUED LIABILITIES - Accrued L

ACCRUED LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Compensation and employee benefit costs	$ 213	$ 225
Current portion of lease liabilities	22	24
Customer rebates, volume discounts and deferred income	165	164
Interest	72	83
Taxes payable	125	106
Other	67	71
Total	$ 664	$ 673

LONG-TERM DEBT AND LINE OF CR_2

LONG-TERM DEBT AND LINE OF CREDIT - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended
	Mar. 31, 2022	May 31, 2021	Jan. 31, 2020	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt issued	$ 900,000,000			$ 900,000,000
Repayments of debt				931,000,000
Pretax charge related to early debt repayment				276,000,000
After tax charge related to early debt repayment				207,000,000
Early debt repayment includes pretax charges				1,200,000,000
Line of credit, amount outstanding					$ 0	$ 0
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Debt, maturity date			2025-01
Line of credit, maximum borrowing capacity			$ 1,500,000,000
Line of credit expiration period			5 years
3.375 percent due in March 2033
Debt Instrument [Line Items]
Debt issued	$ 450,000,000			$ 450,000,000
Debt instrument, interest rate, stated percentage	3.375%			3.375%
Debt, maturity date	2033-03
Proceeds from debt, net of issuance costs	$ 444,000,000
4.000 percent due in March 2052
Debt Instrument [Line Items]
Debt issued	$ 450,000,000			$ 450,000,000
Debt instrument, interest rate, stated percentage	4%			4%
Debt, maturity date	2052-03
Proceeds from debt, net of issuance costs	$ 437,000,000
7.375 percent due in March 2032
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.375%			7.375%
Debt, maturity date	2032-03
Repayments of debt	$ 592,000,000
8.500 percent due in January 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%			8.50%
Debt, maturity date	2025-01
Repayments of debt	$ 161,000,000
7.125 percent due in July 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.125%			7.125%
Debt, maturity date	2023-07
Repayments of debt	$ 73,000,000
7.950 percent due in March 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.95%			7.95%
Debt, maturity date	2025-03
Repayments of debt	$ 65,000,000
7.85 percent due in July 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.85%			7.85%
Debt, maturity date	2026-07
Repayments of debt	$ 40,000,000
Variable Rate Term Loan Mature in July 2026
Debt Instrument [Line Items]
Debt, maturity date		2026-07
Repayments of debt		$ 225,000,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values and Carrying Values of Long-Term Debt (Details) - Fixed interest rate - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Long-term fixed rate debt (including current maturities), carrying value	$ 5,053	$ 5,099
Long-term fixed rate debt (including current maturities), fair value (level 2)	$ 4,846	$ 6,221

LEGAL PROCEEDINGS, COMMITMENT_2

LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Accrued estimated remediation costs	$ 63

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period			$ 10,767
Translation adjustments	$ (53)	$ (25)	(62)	$ (1)
Total other comprehensive income (loss)	(20)	5	61	171
Balance at end of period	10,838	10,369	10,838	10,369
Pension
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(632)	(924)	(720)	(1,064)
Other comprehensive income (loss) before reclassifications	14	6	65	102
Amounts reclassified from accumulated other comprehensive loss to earnings	19	23	56	67
Total other comprehensive income (loss)	33	29	121	169
Balance at end of period	(599)	(895)	(599)	(895)
Other Post-Employment Benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	0	(10)	(2)	(12)
Other comprehensive income (loss) before reclassifications	(1)	(1)	(1)	(1)
Amounts reclassified from accumulated other comprehensive loss to earnings	1	2	3	4
Total other comprehensive income (loss)	0	1	2	3
Balance at end of period	0	(9)	0	(9)
Translation Adjustments and Other
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	234	278	243	254
Translation adjustments	(53)	(25)	(62)	(1)
Total other comprehensive income (loss)	(53)	(25)	(62)	(1)
Balance at end of period	181	253	181	253
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(398)	(656)	(479)	(822)
Total other comprehensive income (loss)	(20)	5	61	171
Balance at end of period	$ (418)	$ (651)	$ (418)	$ (651)

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	626
Vested	857
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Granted	306
Vested	419

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) shares in Millions	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued during period \| shares	1.5
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant-date fair value	$ 41.94
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant-date fair value	$ 49.77
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, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Valuation date average stock price	$ 42.16
Expected dividends	1.72%
Risk-free rate minimum	0.34%
Risk-free rate maximum	1.84%
Expected volatility minimum	26.27%
Expected volatility maximum	41.01%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Feb. 10, 2022
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance period	Dec. 31, 2024

OTHER OPERATING COSTS (INCOME_3

OTHER OPERATING COSTS (INCOME), NET - Income and Expense Items Included in Other Operating Costs Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income [Abstract]
Foreign exchange gains, net	$ (8)	$ (5)	$ (12)	$ (2)
Gain on sale of timberlands (Note 16)	0	(32)	0	(32)
Litigation expense, net	2	5	10	11
Research and development expenses	1	1	4	3
Other, net	6	16	17	28
Total other operating costs (income), net	$ 1	$ (15)	$ 19	$ 8

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	9 Months Ended
INCOME TAXES - Additional Information (Details)	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%

RESTRICTED CASH - Reconciliatio

RESTRICTED CASH - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,920	$ 1,879	$ 2,326
Restricted cash included in other assets	$ 0	$ 120	120
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Total cash, cash equivalents and restricted cash	$ 1,920	$ 1,999	$ 2,446	$ 495

TIMBERLAND ACQUISITIONS AND D_2

TIMBERLAND ACQUISITIONS AND DIVESTITURES - Additional Information (Details) a in Thousands, $ in Millions	Apr. 14, 2022 USD ($) a	Jul. 07, 2021 USD ($)	Apr. 30, 2021 a	Feb. 25, 2021 USD ($) a	May 18, 2022 USD ($)	Apr. 27, 2021 USD ($)
North and South Carolina
Business Acquisition [Line Items]
Area of timberlands agreed to be purchased \| a	81
Payments to acquire timberlands	$ 265
Timberlands acquisition, timber and timberlands at cost, less depletion					$ 263
Timberlands acquisition, property and equipment, net					$ 2
Washington
Business Acquisition [Line Items]
Area of timberlands agreed to be sold \| a			145
Proceeds from disposition of operations		$ 261
Gain on sale of discontinued operations		$ 32
ALABAMA
Business Acquisition [Line Items]
Area of timberlands agreed to be purchased \| a				69
Payments to acquire timberlands				$ 149
Timberlands acquisition, timber and timberlands at cost, less depletion						$ 148
Timberlands acquisition, property and equipment, net						$ 1