Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WEYERHAEUSER CO | d8k.htm |
| EX-99.1 - PRESS RELEASE - WEYERHAEUSER CO | dex991.htm |
Exhibit 99.2
Weyerhaeuser Company
Q4.2010 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
| in millions | Q1 | Q2 | Q3 | Q4 | Year-to-date | |||||||||||||||||||||||
| March
31, 2010 |
June
30, 2010 |
Sept
30, 2010 |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||||||||||||||||||||||
| Net sales and revenues |
$ | 1,419 | $ | 1,805 | $ | 1,664 | $ | 1,664 | $ | 1,455 | $ | 6,552 | $ | 5,528 | ||||||||||||||
| Costs of products sold |
1,232 | 1,467 | 1,331 | 1,362 | 1,321 | 5,392 | 5,127 | |||||||||||||||||||||
| Gross margin |
187 | 338 | 333 | 302 | 134 | 1,160 | 401 | |||||||||||||||||||||
| Selling, general and administrative expenses |
163 | 169 | 167 | 178 | 168 | 677 | 709 | |||||||||||||||||||||
| Research and development expenses |
8 | 8 | 8 | 10 | 13 | 34 | 51 | |||||||||||||||||||||
| Alternative fuel mixture credit |
— | — | — | — | (115 | ) | — | (344 | ) | |||||||||||||||||||
| Charges for restructuring, closures and impairments |
2 | 4 | 16 | 127 | 258 | 149 | 698 | |||||||||||||||||||||
| Other operating income, net |
(70 | ) | (7 | ) | (25 | ) | (66 | ) | (12 | ) | (168 | ) | (266 | ) | ||||||||||||||
| Operating income (loss) |
84 | 164 | 167 | 53 | (178 | ) | 468 | (447 | ) | |||||||||||||||||||
| Interest income and other |
42 | 12 | 19 | 10 | 14 | 83 | 74 | |||||||||||||||||||||
| Impairments of investments and other related charges |
— | — | — | (3 | ) | 25 | (3 | ) | (7 | ) | ||||||||||||||||||
| Interest expense, net of capitalized interest |
(106 | ) | (155 | ) | (95 | ) | (96 | ) | (143 | ) | (452 | ) | (462 | ) | ||||||||||||||
| Earnings (loss) before taxes |
20 | 21 | 91 | (36 | ) | (282 | ) | 96 | (842 | ) | ||||||||||||||||||
| Income tax benefit (provision) |
(38 | ) | (7 | ) | 1,025 | 207 | 101 | 1,187 | 274 | |||||||||||||||||||
| Net earnings (loss) |
(18 | ) | 14 | 1,116 | 171 | (181 | ) | 1,283 | (568 | ) | ||||||||||||||||||
| Less: net (earnings) loss attributable to noncontrolling interests |
(2 | ) | — | — | — | 6 | (2 | ) | 23 | |||||||||||||||||||
| Net earnings (loss) attributable to Weyerhaeuser common shareholders |
$ | (20 | ) | $ | 14 | $ | 1,116 | $ | 171 | $ | (175 | ) | $ | 1,281 | $ | (545 | ) | |||||||||||
Per Share Information
| Q1 | Q2 | Q3 | Q4 | Year-to-date | ||||||||||||||||||||||||
| March
31, 2010 |
June
30, 2010 |
Sept
30, 2010 |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||||||||||||||||||||||
| Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders |
$ | (0.10 | ) | $ | 0.07 | $ | 3.52 | $ | 0.32 | $ | (0.83 | ) | $ | 4.00 | $ | (2.58 | ) | |||||||||||
| Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders |
$ | (0.10 | ) | $ | 0.07 | $ | 3.50 | $ | 0.32 | $ | (0.83 | ) | $ | 3.99 | $ | (2.58 | ) | |||||||||||
| Dividends paid per share |
$ | 0.05 | $ | 0.05 | $ | 26.46 | $ | 0.05 | $ | 0.05 | $ | 26.61 | $ | 0.60 | ||||||||||||||
| Weighted average shares outstanding (in thousands): |
||||||||||||||||||||||||||||
| Basic |
211,440 | 211,600 | 317,369 | 535,956 | 211,358 | 319,976 | 211,342 | |||||||||||||||||||||
| Diluted |
211,440 | 212,103 | 318,360 | 538,376 | 211,358 | 321,096 | 211,342 | |||||||||||||||||||||
| Common shares outstanding at end of period (in thousands) |
211,557 | 211,609 | 535,935 | 535,976 | 211,359 | 535,976 | 211,359 | |||||||||||||||||||||
Page 1 of 9
Weyerhaeuser Company
Q4.2010 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
| in millions | March 31, 2010 |
June 30, 2010 |
Sept 30, 2010 |
Dec 31, 2010 |
Dec 31, 2009 |
|||||||||||||||
| Assets |
||||||||||||||||||||
| Forest Products |
||||||||||||||||||||
| Current assets: |
||||||||||||||||||||
| Cash and cash equivalents |
$ | 2,143 | $ | 1,839 | $ | 1,366 | $ | 1,466 | $ | 1,862 | ||||||||||
| Short-term investments |
1 | 3 | — | — | 49 | |||||||||||||||
| Receivables, less allowances |
462 | 481 | 477 | 432 | 370 | |||||||||||||||
| Receivables for taxes |
34 | 51 | 81 | 19 | 602 | |||||||||||||||
| Receivable from pension trust |
96 | — | — | — | 146 | |||||||||||||||
| Inventories |
515 | 472 | 479 | 478 | 447 | |||||||||||||||
| Prepaid expenses |
93 | 91 | 87 | 81 | 82 | |||||||||||||||
| Deferred tax assets |
136 | 136 | 122 | 113 | 109 | |||||||||||||||
| Total current assets |
3,480 | 3,073 | 2,612 | 2,589 | 3,667 | |||||||||||||||
| Property and equipment, net |
3,539 | 3,423 | 3,350 | 3,217 | 3,611 | |||||||||||||||
| Construction in progress |
69 | 77 | 86 | 123 | 52 | |||||||||||||||
| Timber and timberlands at cost, less depletion charged to disposals |
4,016 | 4,022 | 4,019 | 4,035 | 4,010 | |||||||||||||||
| Investments in and advances to equity affiliates |
192 | 192 | 193 | 194 | 197 | |||||||||||||||
| Goodwill |
40 | 40 | 40 | 40 | 40 | |||||||||||||||
| Deferred pension and other assets |
904 | 948 | 830 | 363 | 756 | |||||||||||||||
| Restricted assets held by special purpose entities |
914 | 915 | 914 | 915 | 915 | |||||||||||||||
| 13,154 | 12,690 | 12,044 | 11,476 | 13,248 | ||||||||||||||||
| Real Estate |
||||||||||||||||||||
| Cash and cash equivalents |
17 | 7 | 2 | 1 | 7 | |||||||||||||||
| Receivables, less allowances |
34 | 42 | 34 | 51 | 32 | |||||||||||||||
| Real estate in process of development and for sale |
611 | 602 | 599 | 517 | 598 | |||||||||||||||
| Land being processed for development |
942 | 950 | 953 | 974 | 917 | |||||||||||||||
| Investments in and advances to equity affiliates |
18 | 18 | 18 | 16 | 17 | |||||||||||||||
| Deferred tax assets |
271 | 270 | 271 | 266 | 299 | |||||||||||||||
| Other assets |
122 | 123 | 132 | 120 | 126 | |||||||||||||||
| Consolidated assets not owned |
6 | 6 | — | 8 | 6 | |||||||||||||||
| 2,021 | 2,018 | 2,009 | 1,953 | 2,002 | ||||||||||||||||
| Total assets |
$ | 15,175 | $ | 14,708 | $ | 14,053 | $ | 13,429 | $ | 15,250 | ||||||||||
| Liabilities |
||||||||||||||||||||
| Forest Products |
||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||
| Notes payable and commercial paper |
$ | 1 | $ | 1 | $ | 1 | $ | — | $ | 4 | ||||||||||
| Current maturities of long-term debt |
3 | 3 | 24 | — | 3 | |||||||||||||||
| Accounts payable |
329 | 322 | 326 | 340 | 317 | |||||||||||||||
| Accrued liabilities |
603 | 663 | 656 | 734 | 631 | |||||||||||||||
| Total current liabilities |
936 | 989 | 1,007 | 1,074 | 955 | |||||||||||||||
| Long-term debt |
5,281 | 4,734 | 4,710 | 4,710 | 5,281 | |||||||||||||||
| Deferred income taxes |
1,578 | 1,642 | 704 | 366 | 1,538 | |||||||||||||||
| Deferred pension, other postretirement benefits and other liabilities |
1,942 | 1,854 | 1,644 | 1,323 | 2,000 | |||||||||||||||
| Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities |
767 | 770 | 769 | 772 | 768 | |||||||||||||||
| 10,504 | 9,989 | 8,834 | 8,245 | 10,542 | ||||||||||||||||
| Real Estate |
||||||||||||||||||||
| Long-term debt |
390 | 390 | 390 | 350 | 402 | |||||||||||||||
| Other liabilities |
224 | 218 | 213 | 212 | 252 | |||||||||||||||
| Consolidated liabilities not owned |
— | — | — | 8 | — | |||||||||||||||
| 614 | 608 | 603 | 570 | 654 | ||||||||||||||||
| Total liabilities |
11,118 | 10,597 | 9,437 | 8,815 | 11,196 | |||||||||||||||
| Equity |
||||||||||||||||||||
| Total Weyerhaeuser shareholders’ interest |
4,046 | 4,100 | 4,610 | 4,612 | 4,044 | |||||||||||||||
| Noncontrolling interest |
11 | 11 | 6 | 2 | 10 | |||||||||||||||
| Total equity |
4,057 | 4,111 | 4,616 | 4,614 | 4,054 | |||||||||||||||
| Total liabilities and equity |
$ | 15,175 | $ | 14,708 | $ | 14,053 | $ | 13,429 | $ | 15,250 | ||||||||||
Page 2 of 9
Weyerhaeuser Company
Q4.2010 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
| in millions | Q1 | Q2 | Q3 | Q4 | Year-to-date | |||||||||||||||||||||||
| March 31, | June 30, | Sept 30, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||
| 2010 | 2010 | 2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||||||
| Cash flows from operations: |
||||||||||||||||||||||||||||
| Net earnings (loss) |
$ | (18 | ) | $ | 14 | $ | 1,116 | $ | 171 | $ | (181 | ) | $ | 1,283 | $ | (568 | ) | |||||||||||
| Noncash charges (credits) to income: |
||||||||||||||||||||||||||||
| Depreciation, depletion and amortization |
126 | 126 | 124 | 127 | 134 | 503 | 538 | |||||||||||||||||||||
| Deferred income taxes, net |
34 | 56 | (1,006 | ) | (341 | ) | 86 | (1,257 | ) | 66 | ||||||||||||||||||
| Pension and other postretirement benefits |
(1 | ) | (10 | ) | (8 | ) | (2 | ) | (29 | ) | (21 | ) | (19 | ) | ||||||||||||||
| Share-based compensation expense |
6 | 6 | 4 | 8 | 8 | 24 | 26 | |||||||||||||||||||||
| Equity in (income) loss of equity affiliates |
3 | — | (6 | ) | 3 | 1 | — | (3 | ) | |||||||||||||||||||
| Litigation charges |
— | 11 | 3 | (14 | ) | (20 | ) | — | — | |||||||||||||||||||
| Charges for impairment of assets |
2 | 1 | 2 | 112 | 211 | 117 | 458 | |||||||||||||||||||||
| Loss on early extinguishment of debt |
— | 49 | 1 | — | 28 | 50 | 28 | |||||||||||||||||||||
| Net gains on dispositions of assets and operations |
(83 | ) | (10 | ) | (10 | ) | (46 | ) | (3 | ) | (149 | ) | (197 | ) | ||||||||||||||
| Foreign exchange transaction (gains) losses |
(10 | ) | 10 | (4 | ) | (4 | ) | (7 | ) | (8 | ) | (41 | ) | |||||||||||||||
| Decrease (increase) in working capital: |
||||||||||||||||||||||||||||
| Receivables less allowances |
(87 | ) | (28 | ) | 12 | 36 | 28 | (67 | ) | 93 | ||||||||||||||||||
| Receivable for taxes |
568 | (17 | ) | (30 | ) | 62 | (300 | ) | 583 | (529 | ) | |||||||||||||||||
| Inventories |
(65 | ) | 40 | (7 | ) | 2 | 50 | (30 | ) | 251 | ||||||||||||||||||
| Real estate and land |
(36 | ) | (1 | ) | (6 | ) | 48 | 79 | 5 | 125 | ||||||||||||||||||
| Prepaid expenses |
(12 | ) | 5 | 3 | 6 | 8 | 2 | 23 | ||||||||||||||||||||
| Accounts payable and accrued liabilities |
(47 | ) | (17 | ) | (22 | ) | (30 | ) | (5 | ) | (116 | ) | (349 | ) | ||||||||||||||
| Deposits on land positions and other assets |
3 | (6 | ) | (10 | ) | 3 | — | (10 | ) | 13 | ||||||||||||||||||
| Pension contributions |
(132 | ) | (6 | ) | (68 | ) | (27 | ) | (62 | ) | (233 | ) | (62 | ) | ||||||||||||||
| Other |
(70 | ) | 20 | 13 | 105 | 88 | 68 | (15 | ) | |||||||||||||||||||
| Net cash from operations |
181 | 243 | 101 | 219 | 114 | 744 | (162 | ) | ||||||||||||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||||||||||
| Property and equipment |
(46 | ) | (32 | ) | (37 | ) | (79 | ) | (55 | ) | (194 | ) | (187 | ) | ||||||||||||||
| Timberlands reforestation |
(13 | ) | (7 | ) | (6 | ) | (10 | ) | (7 | ) | (36 | ) | (36 | ) | ||||||||||||||
| Acquisition of timberlands |
(9 | ) | (11 | ) | (10 | ) | (26 | ) | 10 | (56 | ) | (16 | ) | |||||||||||||||
| Redemption of short-term investments |
47 | — | — | 2 | — | 49 | 92 | |||||||||||||||||||||
| Distributions from (investments in and advances to) equity affiliates |
1 | — | — | (3 | ) | (2 | ) | (2 | ) | (4 | ) | |||||||||||||||||
| Proceeds from sale of assets and operations |
115 | 15 | 30 | 53 | 5 | 213 | 355 | |||||||||||||||||||||
| Repayments from (loan to) pension trust |
50 | 96 | — | — | 139 | 146 | 54 | |||||||||||||||||||||
| Other |
2 | (2 | ) | 21 | 2 | (27 | ) | 23 | 5 | |||||||||||||||||||
| Cash from investing activities |
147 | 59 | (2 | ) | (61 | ) | 63 | 143 | 263 | |||||||||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||||||||||
| Notes, commercial paper borrowings and revolving credit facilities, net |
(3 | ) | — | — | (1 | ) | — | (4 | ) | — | ||||||||||||||||||
| Issuance of debt |
— | — | — | — | 491 | — | 491 | |||||||||||||||||||||
| Cash dividends |
(11 | ) | (10 | ) | (560 | ) | (27 | ) | (11 | ) | (608 | ) | (127 | ) | ||||||||||||||
| Change in book overdrafts |
(4 | ) | (8 | ) | (15 | ) | 33 | 16 | 6 | (30 | ) | |||||||||||||||||
| Payments on debt |
(17 | ) | (597 | ) | (3 | ) | (65 | ) | (432 | ) | (682 | ) | (854 | ) | ||||||||||||||
| Other |
(2 | ) | (1 | ) | 1 | 1 | — | (1 | ) | (6 | ) | |||||||||||||||||
| Cash from financing activities |
(37 | ) | (616 | ) | (577 | ) | (59 | ) | 64 | (1,289 | ) | (526 | ) | |||||||||||||||
| Net change in cash and cash equivalents |
291 | (314 | ) | (478 | ) | 99 | 241 | (402 | ) | (425 | ) | |||||||||||||||||
| Cash and cash equivalents at beginning of period |
1,869 | 2,160 | 1,846 | 1,368 | 1,628 | 1,869 | 2,294 | |||||||||||||||||||||
| Cash and cash equivalents at end of period |
$ | 2,160 | $ | 1,846 | $ | 1,368 | $ | 1,467 | $ | 1,869 | $ | 1,467 | $ | 1,869 | ||||||||||||||
| Cash paid (received) during the year for: |
||||||||||||||||||||||||||||
| Interest, net of amount capitalized |
$ | 153 | $ | 71 | $ | 132 | $ | 57 | $ | 51 | $ | 413 | $ | 432 | ||||||||||||||
| Income Taxes |
$ | (576 | ) | $ | 131 | $ | 1 | $ | (9 | ) | $ | (5 | ) | $ | (453 | ) | $ | 42 | ||||||||||
Page 3 of 9
| Weyerhaeuser Company | Total Company Statistics | |
| Q4.2010 Analyst Package | ||
| Preliminary results, subject to audit |
Special Items Included in Net Earnings
| in millions | Q1 | Q2 | Q3 | Q4 | Year-to-date | |||||||||||||||||||||||
| March 31, 2010 |
June 30, 2010 |
Sept 30, 2010 |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||||||||||||||||||||||
| Net earnings (loss) |
$ | (20 | ) | $ | 14 | $ | 1,116 | $ | 171 | $ | (175 | ) | $ | 1,281 | $ | (545 | ) | |||||||||||
| Income tax adjustments |
31 | — | (1,035 | ) | (177 | ) | — | (1,181 | ) | 21 | ||||||||||||||||||
| Alternative fuel mixture credits |
— | — | — | — | (77 | ) | — | (223 | ) | |||||||||||||||||||
| Gain on sale of wood products assets |
(26 | ) | (5 | ) | — | — | — | (31 | ) | — | ||||||||||||||||||
| Gain on sale of rail roads |
— | — | — | (31 | ) | — | (31 | ) | — | |||||||||||||||||||
| Gain on sale of 140,000 acres of non-strategic timberlands |
— | — | — | — | — | — | (98 | ) | ||||||||||||||||||||
| Gain on sale of closed facility |
— | — | — | — | — | — | (13 | ) | ||||||||||||||||||||
| Charges for closures, restructuring and impairments |
— | — | — | 89 | 124 | 89 | 407 | |||||||||||||||||||||
| Loss on early extinguishment of debt |
— | 33 | — | — | 19 | 33 | 19 | |||||||||||||||||||||
| Litigation and insurance settlements and reserves |
— | — | — | — | — | — | (2 | ) | ||||||||||||||||||||
| Net earnings (loss) before special items |
$ | (15 | ) | $ | 42 | $ | 81 | $ | 52 | $ | (109 | ) | $ | 160 | $ | (434 | ) | |||||||||||
Selected Total Company Items
| in millions | Q1 | Q2 | Q3 | Q4 | Year-to-date | |||||||||||||||||||||||
| March 31, 2010 |
June 30, 2010 |
Sept 30, 2010 |
Dec 31, 2010 |
Dec 31, 2009 |
Dec 31, 2010 |
Dec 31, 2009 |
||||||||||||||||||||||
| Depreciation, depletion and amortization: |
||||||||||||||||||||||||||||
| Cost of products sold |
$ | 110 | $ | 109 | $ | 108 | $ | 112 | $ | 112 | $ | 439 | $ | 464 | ||||||||||||||
| Selling, general and administrative expenses |
16 | 17 | 16 | 15 | 22 | 64 | 74 | |||||||||||||||||||||
| Total depreciation, depletion and amortization |
$ | 126 | $ | 126 | $ | 124 | $ | 127 | $ | 134 | $ | 503 | $ | 538 | ||||||||||||||
| Total decrease (increase) in Forest Products working capital(1) |
$ | (273 | ) | $ | (482 | ) | $ | 506 | $ | (34 | ) | $ | (238 | ) | $ | 681 | $ | (237 | ) | |||||||||
| Cash spent for capital expenditures |
$ | (59 | ) | $ | (39 | ) | $ | (43 | ) | $ | (89 | ) | $ | (62 | ) | $ | (230 | ) | $ | (223 | ) | |||||||
| (1) | Excludes changes in tax receivables and liabilities. |
Page 4 of 9
| Weyerhaeuser Company | Timberlands Segment | |
| Q4.2010 Analyst Package | ||
| Preliminary results, subject to audit |
Segment Statement of Operations
| in millions | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 202 | $ | 225 | $ | 240 | $ | 207 | $ | 874 | $ | 156 | $ | 714 | ||||||||||||||
| Intersegment sales |
171 | 123 | 145 | 164 | 603 | 129 | 537 | |||||||||||||||||||||
| Total net sales and revenues |
373 | 348 | 385 | 371 | 1,477 | 285 | 1,251 | |||||||||||||||||||||
| Costs of products sold |
277 | 260 | 294 | 298 | 1,129 | 249 | 1,025 | |||||||||||||||||||||
| Gross margin |
96 | 88 | 91 | 73 | 348 | 36 | 226 | |||||||||||||||||||||
| Selling, general and administrative expenses |
20 | 23 | 20 | 22 | 85 | 16 | 68 | |||||||||||||||||||||
| Research and development expenses |
4 | 5 | 5 | 7 | 21 | 3 | 9 | |||||||||||||||||||||
| Charges for restructuring, closures and impairments |
1 | — | 1 | — | 2 | 20 | 27 | |||||||||||||||||||||
| Other operating income, net |
(10 | ) | (9 | ) | (9 | ) | (11 | ) | (39 | ) | (9 | ) | (207 | ) | ||||||||||||||
| Operating income |
81 | 69 | 74 | 55 | 279 | 6 | 329 | |||||||||||||||||||||
| Interest income and other |
— | 1 | 1 | 1 | 3 | 1 | 3 | |||||||||||||||||||||
| Loss attributable to noncontrolling interest |
— | — | — | — | — | 6 | 6 | |||||||||||||||||||||
| Net contribution to earnings |
$ | 81 | $ | 70 | $ | 75 | $ | 56 | $ | 282 | $ | 13 | $ | 338 | ||||||||||||||
Selected Segment Items
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Depreciation, depletion and amortization |
$ | 30 | $ | 28 | $ | 30 | $ | 30 | $ | 118 | $ | 28 | $ | 124 | ||||||||||||||
| Total decrease (increase) in working capital(1) |
$ | (9 | ) | $ | (14 | ) | $ | 24 | $ | (11 | ) | $ | (10 | ) | $ | (1 | ) | $ | (4 | ) | ||||||||
| Cash spent for capital expenditures |
$ | (20 | ) | $ | (15 | ) | $ | (17 | ) | $ | (20 | ) | $ | (72 | ) | $ | (16 | ) | $ | (83 | ) | |||||||
| Cash spent for acquisition of timberlands |
$ | (9 | ) | $ | (11 | ) | $ | (10 | ) | $ | (26 | ) | $ | (56 | ) | $ | (10 | ) | $ | (16 | ) | |||||||
| (1) | Excludes changes in tax receivables and liabilities. |
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Charges for restructuring, closures and impairments |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | (15 | ) | $ | (23 | ) | ||||||||||||
| Gain on sale of 140,000 acres of non-strategic timberlands |
— | — | — | — | — | — | 164 | |||||||||||||||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | (15 | ) | $ | 141 | |||||||||||||
Segment Statistics
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||||
| Third Party Net Sales and Revenue (millions) |
Logs: | |||||||||||||||||||||||||||||
| West |
$ | 82 | $ | 125 | $ | 110 | $ | 97 | $ | 414 | $ | 76 | $ | 329 | ||||||||||||||||
| South |
27 | 37 | 40 | 41 | 145 | 29 | 144 | |||||||||||||||||||||||
| Canada |
9 | — | 3 | 5 | 17 | 6 | 13 | |||||||||||||||||||||||
| Total Logs |
118 | 162 | 153 | 143 | 576 | 111 | 486 | |||||||||||||||||||||||
| Pay as cut timber sales |
8 | 9 | 8 | 8 | 33 | 7 | 31 | |||||||||||||||||||||||
| Timberlands exchanges and dispositions |
35 | 13 | 41 | 20 | 109 | 7 | 66 | |||||||||||||||||||||||
| Higher and better use land sales |
5 | 7 | 6 | 4 | 22 | 1 | 11 | |||||||||||||||||||||||
| Minerals, oil and gas |
15 | 16 | 15 | 14 | 60 | 13 | 62 | |||||||||||||||||||||||
| Products from international operations |
15 | 17 | 17 | 16 | 65 | 14 | 44 | |||||||||||||||||||||||
| Other products |
6 | 1 | — | 2 | 9 | 3 | 14 | |||||||||||||||||||||||
| Total |
$ | 202 | $ | 225 | $ | 240 | $ | 207 | $ | 874 | $ | 156 | $ | 714 | ||||||||||||||||
| Logs Third Party Sales Realizations (per cubic meter) |
West | $ | 84.17 | $ | 97.92 | $ | 91.45 | $ | 95.30 | $ | 92.59 | $ | 79.49 | $ | 73.42 | |||||||||||||||
| South |
$ | 43.21 | $ | 44.38 | $ | 43.63 | $ | 41.86 | $ | 43.21 | $ | 40.11 | $ | 40.64 | ||||||||||||||||
| Canada |
$ | 34.02 | $ | 30.05 | $ | 29.94 | $ | 33.84 | $ | 33.11 | $ | 32.47 | $ | 32.05 | ||||||||||||||||
| International |
$ | 20.35 | $ | 19.33 | $ | 17.96 | $ | 18.21 | $ | 19.01 | $ | 17.37 | $ | 17.34 | ||||||||||||||||
| Logs Third Party Sales Volumes (cubic meters, thousands) |
West | 975 | 1,276 | 1,205 | 1,020 | 4,476 | 950 | 4,479 | ||||||||||||||||||||||
| South |
634 | 827 | 903 | 993 | 3,357 | 724 | 3,536 | |||||||||||||||||||||||
| Canada |
259 | 15 | 92 | 141 | 507 | 198 | 409 | |||||||||||||||||||||||
| International |
78 | 68 | 63 | 74 | 283 | 71 | 305 | |||||||||||||||||||||||
| Total |
1,946 | 2,186 | 2,263 | 2,228 | 8,623 | 1,943 | 8,729 | |||||||||||||||||||||||
| Logs Fee Depletion (cubic meters, thousands) |
West | 1,431 | 1,404 | 1,444 | 1,290 | 5,569 | 1,168 | 6,359 | ||||||||||||||||||||||
| South |
2,140 | 1,881 | 2,060 | 2,116 | 8,197 | 1,863 | 8,996 | |||||||||||||||||||||||
| International |
92 | 89 | 89 | 79 | 349 | 133 | 503 | |||||||||||||||||||||||
| Total |
3,663 | 3,374 | 3,593 | 3,485 | 14,115 | 3,164 | 15,858 | |||||||||||||||||||||||
Page 5 of 9
| Weyerhaeuser Company | Wood Products Segment | |
| Q4.2010 Analyst Package | ||
| Preliminary results, subject to audit |
Segment Statement of Operations
| in millions | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 604 | $ | 789 | $ | 626 | $ | 572 | $ | 2,591 | $ | 510 | $ | 2,234 | ||||||||||||||
| Intersegment sales |
16 | 20 | 20 | 18 | 74 | 15 | 64 | |||||||||||||||||||||
| Total net sales and revenues |
620 | 809 | 646 | 590 | 2,665 | 525 | 2,298 | |||||||||||||||||||||
| Costs of products sold |
616 | 743 | 674 | 613 | 2,646 | 572 | 2,511 | |||||||||||||||||||||
| Gross margin |
4 | 66 | (28 | ) | (23 | ) | 19 | (47 | ) | (213 | ) | |||||||||||||||||
| Selling, general and administrative expenses |
68 | 72 | 66 | 63 | 269 | 74 | 304 | |||||||||||||||||||||
| Research and development expenses |
1 | 2 | 1 | 1 | 5 | 2 | 14 | |||||||||||||||||||||
| Charges for restructuring, closures and impairments |
1 | 1 | 9 | 103 | 114 | 83 | 177 | |||||||||||||||||||||
| Other operating (income) loss, net |
(46 | ) | (5 | ) | (4 | ) | (1 | ) | (56 | ) | 3 | 27 | ||||||||||||||||
| Operating loss |
(20 | ) | (4 | ) | (100 | ) | (189 | ) | (313 | ) | (209 | ) | (735 | ) | ||||||||||||||
| Interest income and other |
1 | 1 | — | 1 | 3 | 1 | 2 | |||||||||||||||||||||
| Net contribution to earnings |
$ | (19 | ) | $ | (3 | ) | $ | (100 | ) | $ | (188 | ) | $ | (310 | ) | $ | (208 | ) | $ | (733 | ) | |||||||
Selected Segment Items
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Depreciation, depletion and amortization |
$ | 45 | $ | 45 | $ | 44 | $ | 43 | $ | 177 | $ | 48 | $ | 198 | ||||||||||||||
| Total decrease (increase) in working capital |
$ | (135 | ) | $ | 51 | $ | 54 | $ | 41 | $ | 11 | $ | 25 | $ | 126 | |||||||||||||
| Cash spent for capital expenditures |
$ | (2 | ) | $ | (5 | ) | $ | (5 | ) | $ | (21 | ) | $ | (33 | ) | $ | (24 | ) | $ | (57 | ) | |||||||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Gain on sale of assets |
$ | 44 | $ | 8 | $ | — | $ | — | $ | 52 | $ | — | $ | — | ||||||||||||||
| Litigation and insurance settlements and reserves |
— | — | — | — | — | — | (18 | ) | ||||||||||||||||||||
| Gain on sale of closed facilities |
— | — | — | — | — | — | 1 | |||||||||||||||||||||
| Charges for restructuring, closures and impairments |
— | — | — | (103 | ) | (103 | ) | (85 | ) | (177 | ) | |||||||||||||||||
| Total |
$ | 44 | $ | 8 | $ | — | $ | (103 | ) | $ | (51 | ) | $ | (85 | ) | $ | (194 | ) | ||||||||||
Segment Statistics
| in millions, except for third-party sales realizations | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||||
| Structural Lumber (board feet) |
Third Party Net Sales and Revenue |
$ | 241 | $ | 308 | $ | 254 | $ | 241 | $ | 1,044 | $ | 202 | $ | 846 | |||||||||||||||
| Third Party Sales Realizations |
$ | 316.60 | $ | 347.89 | $ | 286.84 | $ | 292.63 | $ | 311.09 | $ | 266.69 | $ | 254.85 | ||||||||||||||||
| Third Party Sales Volumes |
761 | 884 | 889 | 822 | 3,356 | 758 | 3,319 | |||||||||||||||||||||||
| Production Volumes |
801 | 846 | 857 | 785 | 3,289 | 668 | 3,098 | |||||||||||||||||||||||
| Engineered Solid Section (cubic feet) |
Third Party Net Sales and Revenue |
$ | 66 | $ | 79 | $ | 68 | $ | 59 | $ | 272 | $ | 54 | $ | 238 | |||||||||||||||
| Third Party Sales Realizations |
$ | 1,718.25 | $ | 1,784.77 | $ | 1,848.76 | $ | 1,853.91 | $ | 1,797.79 | $ | 1,753.96 | $ | 1,771.40 | ||||||||||||||||
| Third Party Sales Volumes |
4 | 4 | 4 | 3 | 15 | 3 | 13 | |||||||||||||||||||||||
| Production Volumes |
4 | 4 | 4 | 3 | 15 | 3 | 11 | |||||||||||||||||||||||
| Engineered I-joists (lineal feet) |
Third Party Net Sales and Revenue |
$ | 48 | $ | 49 | $ | 39 | $ | 35 | $ | 171 | $ | 39 | $ | 162 | |||||||||||||||
| Third Party Sales Realizations |
$ | 1,083.79 | $ | 1,178.95 | $ | 1,246.02 | $ | 1,259.46 | $ | 1,180.45 | $ | 1,112.41 | $ | 1,159.37 | ||||||||||||||||
| Third Party Sales Volumes |
44 | 41 | 31 | 29 | 145 | 34 | 139 | |||||||||||||||||||||||
| Production Volumes |
41 | 41 | 25 | 26 | 133 | 29 | 109 | |||||||||||||||||||||||
| Oriented Strand Board (square feet 3/8’) |
Third Party Net Sales and Revenue |
$ | 66 | $ | 116 | $ | 80 | $ | 72 | $ | 334 | $ | 58 | $ | 234 | |||||||||||||||
| Third Party Sales Realizations |
$ | 197.46 | $ | 266.28 | $ | 185.07 | $ | 177.84 | $ | 207.92 | $ | 165.46 | $ | 163.43 | ||||||||||||||||
| Third Party Sales Volumes |
334 | 437 | 428 | 408 | 1,607 | 348 | 1,432 | |||||||||||||||||||||||
| Production Volumes |
378 | 468 | 446 | 429 | 1,721 | 354 | 1,448 | |||||||||||||||||||||||
| Softwood Plywood (square feet 3/8’) |
Third Party Net Sales and Revenue |
$ | 16 | $ | 23 | $ | 19 | $ | 15 | $ | 73 | $ | 13 | $ | 58 | |||||||||||||||
| Third Party Sales Realizations |
$ | 263.54 | $ | 312.95 | $ | 280.78 | $ | 250.61 | $ | 279.58 | $ | 252.95 | $ | 259.50 | ||||||||||||||||
| Third Party Sales Volumes |
60 | 75 | 68 | 57 | 260 | 50 | 223 | |||||||||||||||||||||||
| Production Volumes |
48 | 64 | 57 | 43 | 212 | 37 | 150 | |||||||||||||||||||||||
| Hardwood Lumber (square feet 3/8’) |
Third Party Net Sales and Revenue |
$ | 54 | $ | 64 | $ | 54 | $ | 51 | $ | 223 | $ | 45 | $ | 206 | |||||||||||||||
| Third Party Sales Realizations |
$ | 814.00 | $ | 833.30 | $ | 836.60 | $ | 833.75 | $ | 829.40 | $ | 765.93 | $ | 816.65 | ||||||||||||||||
| Third Party Sales Volumes |
67 | 76 | 65 | 61 | 269 | 59 | 252 | |||||||||||||||||||||||
| Production Volumes |
59 | 61 | 60 | 51 | 231 | 44 | 201 | |||||||||||||||||||||||
Page 6 of 9
| Weyerhaeuser Company | Cellulose Fibers Segment | |
| Q4.2010 Analyst Package | ||
| Preliminary results, subject to audit |
Segment Statement of Operations
| in millions | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 410 | $ | 468 | $ | 522 | $ | 511 | $ | 1,911 | $ | 408 | $ | 1,511 | ||||||||||||||
| Intersegment sales |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total net sales and revenues |
410 | 468 | 522 | 511 | 1,911 | 408 | 1,511 | |||||||||||||||||||||
| Costs of products sold |
367 | 375 | 326 | 356 | 1,424 | 358 | 1,344 | |||||||||||||||||||||
| Gross margin |
43 | 93 | 196 | 155 | 487 | 50 | 167 | |||||||||||||||||||||
| Selling, general and administrative expenses |
20 | 20 | 21 | 21 | 82 | 18 | 71 | |||||||||||||||||||||
| Research and development expenses |
2 | 2 | 2 | 2 | 8 | 2 | 6 | |||||||||||||||||||||
| Alternative fuel mixture credits |
— | — | — | — | — | (115 | ) | (344 | ) | |||||||||||||||||||
| Charges for restructuring, closures and impairments |
— | — | — | — | — | 2 | 3 | |||||||||||||||||||||
| Other operating income, net |
(2 | ) | (5 | ) | (6 | ) | (7 | ) | (20 | ) | (6 | ) | (10 | ) | ||||||||||||||
| Operating income |
23 | 76 | 179 | 139 | 417 | 149 | 441 | |||||||||||||||||||||
| Interest income and other |
(4 | ) | (2 | ) | 2 | (1 | ) | (5 | ) | (2 | ) | 3 | ||||||||||||||||
| Net contribution to earnings |
$ | 19 | $ | 74 | $ | 181 | $ | 138 | $ | 412 | $ | 147 | $ | 444 | ||||||||||||||
Selected Segment Items
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Depreciation, depletion and amortization |
$ | 36 | $ | 36 | $ | 34 | $ | 39 | $ | 145 | $ | 36 | $ | 142 | ||||||||||||||
| Total decrease (increase) in working capital |
$ | (10 | ) | $ | (23 | ) | $ | (39 | ) | $ | 21 | $ | (51 | ) | $ | 31 | $ | 56 | ||||||||||
| Cash spent for capital expenditures |
$ | (35 | ) | $ | (19 | ) | $ | (19 | ) | $ | (46 | ) | $ | (119 | ) | $ | (23 | ) | $ | (61 | ) | |||||||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Alternative fuel mixture credits |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 115 | $ | 344 | ||||||||||||||
| Charges for restructuring, closures and impairments |
— | — | — | — | — | (2 | ) | (3 | ) | |||||||||||||||||||
| Total |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 113 | $ | 341 | ||||||||||||||
Segment Statistics
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||||
| Pulp (air-dry metric tons) |
Third Party Net Sales and Revenue (millions) |
$ | 321 | $ | 354 | $ | 412 | $ | 402 | $ | 1,489 | $ | 315 | $ | 1,148 | |||||||||||||||
| Third Party Sales Realizations |
$ | 761.78 | $ | 856.22 | $ | 926.28 | $ | 926.29 | $ | 868.91 | $ | 712.01 | $ | 676.49 | ||||||||||||||||
| Third Party Sales Volumes (thousands) |
422 | 413 | 445 | 434 | 1,714 | 443 | 1,697 | |||||||||||||||||||||||
| Production Volumes (thousands) |
437 | 414 | 470 | 453 | 1,774 | 417 | 1,629 | |||||||||||||||||||||||
| Liquid Packaging Board (tons) |
Third Party Net Sales and Revenue (millions) |
$ | 71 | $ | 90 | $ | 88 | $ | 88 | $ | 337 | $ | 74 | $ | 290 | |||||||||||||||
| Third Party Sales Realizations |
$ | 1,051.81 | $ | 1,091.14 | $ | 1,103.48 | $ | 1,081.52 | $ | 1,083.31 | $ | 1,012.30 | $ | 1,003.60 | ||||||||||||||||
| Third Party Sales Volumes (thousands) |
67 | 83 | 80 | 81 | 311 | 73 | 288 | |||||||||||||||||||||||
| Production Volumes (thousands) |
69 | 81 | 82 | 84 | 316 | 69 | 282 | |||||||||||||||||||||||
Page 7 of 9
| Weyerhaeuser Company | Real Estate Segment | |
| Q4.2010 Analyst Package | ||
| Preliminary results, subject to audit |
Segment Statement of Operations
| in millions | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 151 | $ | 257 | $ | 210 | $ | 305 | $ | 923 | $ | 337 | $ | 904 | ||||||||||||||
| Intersegment sales |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total net sales and revenues |
151 | 257 | 210 | 305 | 923 | 337 | 904 | |||||||||||||||||||||
| Costs of products sold |
121 | 189 | 158 | 228 | 696 | 280 | 757 | |||||||||||||||||||||
| Gross margin |
30 | 68 | 52 | 77 | 227 | 57 | 147 | |||||||||||||||||||||
| Selling, general and administrative expenses |
34 | 41 | 40 | 45 | 160 | 47 | 179 | |||||||||||||||||||||
| Charges for restructuring, closures and impairments |
1 | 2 | 1 | 17 | 21 | 125 | 296 | |||||||||||||||||||||
| Other operating (income) loss, net |
1 | 1 | (2 | ) | (1 | ) | (1 | ) | 2 | 3 | ||||||||||||||||||
| Operating income (loss) |
(6 | ) | 24 | 13 | 16 | 47 | (117 | ) | (331 | ) | ||||||||||||||||||
| Interest income and other |
39 | 3 | 7 | — | 49 | 3 | 22 | |||||||||||||||||||||
| Impairments of investments and other related charges |
— | — | — | (3 | ) | (3 | ) | 25 | (7 | ) | ||||||||||||||||||
| Loss attributable to noncontrolling interest |
(2 | ) | — | — | — | (2 | ) | — | 17 | |||||||||||||||||||
| Net contribution to earnings |
$ | 31 | $ | 27 | $ | 20 | $ | 13 | $ | 91 | $ | (89 | ) | $ | (299 | ) | ||||||||||||
Selected Segment Items
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Depreciation and amortization |
$ | 3 | $ | 5 | $ | 4 | $ | 4 | $ | 16 | $ | 6 | $ | 17 | ||||||||||||||
| Cash spent for capital expenditures |
$ | (1 | ) | $ | — | $ | (2 | ) | $ | (2 | ) | $ | (5 | ) | $ | 1 | $ | (8 | ) | |||||||||
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Charges for restructuring, closures and impairments |
$ | — | $ | — | $ | — | $ | (20 | ) | $ | (20 | ) | $ | (100 | ) | $ | (279 | ) | ||||||||||
| Total |
$ | — | $ | — | $ | — | $ | (20 | ) | $ | (20 | ) | $ | (100 | ) | $ | (279 | ) | ||||||||||
Segment Statistics
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Net sales and revenues: |
||||||||||||||||||||||||||||
| Single-family housing |
$ | 143 | $ | 233 | $ | 200 | $ | 266 | $ | 842 | $ | 305 | $ | 832 | ||||||||||||||
| Land |
7 | 23 | 9 | 25 | 64 | 31 | 68 | |||||||||||||||||||||
| Other |
1 | 1 | 1 | 14 | 17 | 1 | 4 | |||||||||||||||||||||
| Total net sales and revenue |
$ | 151 | $ | 257 | $ | 210 | $ | 305 | $ | 923 | $ | 337 | $ | 904 | ||||||||||||||
| Single-family homes sold |
620 | 491 | 418 | 385 | 1,914 | 431 | 2,269 | |||||||||||||||||||||
| Single-family homes closed |
393 | 625 | 501 | 606 | 2,125 | 778 | 2,177 | |||||||||||||||||||||
| Single-family homes sold but not closed (backlog) |
877 | 743 | 660 | 439 | 439 | 650 | 650 | |||||||||||||||||||||
| Single-family average price of homes closed (in thousands) |
$ | 364.89 | $ | 371.37 | $ | 400.03 | $ | 438.74 | $ | 396.14 | $ | 392.08 | $ | 382.18 | ||||||||||||||
| Single-family home gross margin - excluding impairments (1) |
19.4 | % | 23.9 | % | 24.3 | % | 26.1 | % | 23.7 | % | 22.5 | % | 17.5 | % | ||||||||||||||
| (1) | Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs). |
Page 8 of 9
| Weyerhaeuser Company | Corporate Segment | |||
| Q4.2010 Analyst Package | ||||
| Preliminary results, subject to audit |
Segment Statement of Operations
| in millions | Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | |||||||||||||||||||||
| Trade sales and revenues (unaffiliated customers) |
$ | 52 | $ | 66 | $ | 66 | $ | 69 | $ | 253 | $ | 44 | $ | 165 | ||||||||||||||
| Intersegment sales |
4 | 5 | 5 | 5 | 19 | 4 | 12 | |||||||||||||||||||||
| Total net sales and revenues |
56 | 71 | 71 | 74 | 272 | 48 | 177 | |||||||||||||||||||||
| Costs of products sold |
42 | 48 | 49 | 54 | 193 | 10 | 103 | |||||||||||||||||||||
| Gross margin |
14 | 23 | 22 | 20 | 79 | 38 | 74 | |||||||||||||||||||||
| Selling, general and administrative expenses |
21 | 13 | 20 | 27 | 81 | 13 | 87 | |||||||||||||||||||||
| Research and development expenses |
1 | (1 | ) | — | — | — | 6 | 22 | ||||||||||||||||||||
| Charges for restructuring, closures and impairments |
(1 | ) | 1 | 6 | 6 | 12 | 28 | 195 | ||||||||||||||||||||
| Other operating (income) loss, net |
(13 | ) | 11 | (5 | ) | (45 | ) | (52 | ) | (2 | ) | (79 | ) | |||||||||||||||
| Operating income (loss) |
6 | (1 | ) | 1 | 32 | 38 | (7 | ) | (151 | ) | ||||||||||||||||||
| Interest income and other |
6 | 9 | 9 | 9 | 33 | 11 | 44 | |||||||||||||||||||||
| Net contribution to earnings |
$ | 12 | $ | 8 | $ | 10 | $ | 41 | $ | 71 | $ | 4 | $ | (107 | ) | |||||||||||||
Selected Segment Items
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Depreciation, depletion and amortization |
$ | 12 | $ | 12 | $ | 12 | $ | 11 | $ | 47 | $ | 16 | $ | 57 | ||||||||||||||
| Total decrease (increase) in working capital (1) |
$ | (119 | ) | $ | 468 | $ | 467 | $ | (85 | ) | $ | 731 | $ | (293 | ) | $ | (415 | ) | ||||||||||
| Cash spent for capital expenditures |
$ | (1 | ) | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (14 | ) | |||||||||||
| Net foreign exchange gains (losses) |
$ | 9 | $ | (8 | ) | $ | 4 | $ | 4 | $ | 9 | $ | 6 | $ | 39 | |||||||||||||
| Pension and postretirement credits (2) |
$ | 16 | $ | 22 | $ | 17 | $ | 19 | $ | 74 | $ | 29 | $ | 121 | ||||||||||||||
| (1) | Excludes changes in tax receivables and liabilities. |
| (2) | Excludes pension and postretirement included in charges for restructuring and closures. |
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
| Q1.2010 | Q2.2010 | Q3.2010 | Q4.2010 | 2010 YTD | Q4.2009 | 2009 YTD | ||||||||||||||||||||||
| Charges for restructuring, closures and impairments |
$ | — | $ | — | $ | — | $ | (7 | ) | $ | (7 | ) | $ | 15 | $ | (154 | ) | |||||||||||
| Gain on sale of rail roads |
— | — | — | 46 | 46 | — | — | |||||||||||||||||||||
| Gain on sale of closed facilities |
— | — | — | — | — | — | 18 | |||||||||||||||||||||
| Litigation and insurance settlements and reserves |
— | — | — | — | — | — | 20 | |||||||||||||||||||||
| Total |
$ | — | $ | — | $ | — | $ | 39 | $ | 39 | $ | 15 | $ | (116 | ) | |||||||||||||
Page 9 of 9