$WY
WEYERHAEUSER CO

2020 Form 10-K Financial Statement

#000156459021006960 Filed on February 19, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $7.532B $1.548B $6.554B
YoY Change 14.92% -5.38% -12.33%
Cost Of Revenue $5.447B $1.301B $5.412B
YoY Change 0.65% -3.27% -3.22%
Gross Profit $2.085B $247.0M $1.142B
YoY Change 82.57% -15.12% -39.38%
Gross Profit Margin 27.68% 15.96% 17.42%
Selling, General & Admin $430.0M $116.0M $432.0M
YoY Change -0.46% 11.54% 6.4%
% of Gross Profit 20.62% 46.96% 37.83%
Research & Development $5.000M $6.000M $6.000M
YoY Change -16.67% 200.0% -25.0%
% of Gross Profit 0.24% 2.43% 0.53%
Depreciation & Amortization $472.0M $128.0M $510.0M
YoY Change -7.45% 2.4% 4.94%
% of Gross Profit 22.64% 51.82% 44.66%
Operating Expenses $435.0M $126.0M $438.0M
YoY Change -0.68% 11.5% 5.8%
Operating Profit $1.710B $89.00M $651.0M
YoY Change 162.67% -49.72% -53.3%
Interest Expense $443.0M -$81.00M $378.0M
YoY Change 17.2% 19.12% 0.8%
% of Operating Profit 25.91% -91.01% 58.06%
Other Income/Expense, Net -$35.00M -$270.0M -$28.00M
YoY Change 25.0% 1400.0% -46.15%
Pretax Income $982.0M -$13.00M -$213.0M
YoY Change -561.03% -88.6% -126.39%
Income Tax $185.0M $1.000M -$137.0M
% Of Pretax Income 18.84%
Net Earnings $797.0M -$14.00M -$76.00M
YoY Change -1148.68% -84.95% -110.16%
Net Earnings / Revenue 10.58% -0.9% -1.16%
Basic Earnings Per Share $1.07 -$0.02 -$0.10
Diluted Earnings Per Share $1.07 -$18.77K -$0.10
COMMON SHARES
Basic Shares Outstanding 746.9M 745.9M
Diluted Shares Outstanding 747.9M 745.9M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $495.0M $139.0M $139.0M
YoY Change 256.12% -58.38% -58.38%
Cash & Equivalents $495.0M $139.0M $139.0M
Short-Term Investments
Other Short-Term Assets $139.0M $649.0M $649.0M
YoY Change -78.58% 60.25% 60.25%
Inventory $443.0M $416.0M $416.0M
Prepaid Expenses $147.0M
Receivables $450.0M $309.0M $309.0M
Other Receivables $82.00M $98.00M $98.00M
Total Short-Term Assets $1.609B $1.611B $1.611B
YoY Change -0.12% 0.56% 0.56%
LONG-TERM ASSETS
Property, Plant & Equipment $14.29B $1.969B $14.43B
YoY Change -0.98% 6.03% -3.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $415.0M $414.0M $366.0M
YoY Change 13.39% 32.69% -46.88%
Total Long-Term Assets $14.70B $14.80B $14.80B
YoY Change -0.63% -5.45% -5.45%
TOTAL ASSETS
Total Short-Term Assets $1.609B $1.611B $1.611B
Total Long-Term Assets $14.70B $14.80B $14.80B
Total Assets $16.31B $16.41B $16.41B
YoY Change -0.58% -4.89% -4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $204.0M $246.0M $246.0M
YoY Change -17.07% 10.81% 10.81%
Accrued Expenses $400.0M $530.0M $388.0M
YoY Change 3.09% 8.16% 7.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $160.0M $0.00 $243.0M
YoY Change -34.16% -100.0% -80.2%
Total Short-Term Liabilities $950.0M $1.006B $1.006B
YoY Change -5.57% -48.12% -48.12%
LONG-TERM LIABILITIES
Long-Term Debt $5.337B $6.147B $6.167B
YoY Change -13.46% 13.43% 13.8%
Other Long-Term Liabilities $1.269B $377.0M $1.050B
YoY Change 20.86% 37.09% 30.92%
Total Long-Term Liabilities $6.606B $6.524B $7.217B
YoY Change -8.47% 14.58% 16.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $950.0M $1.006B $1.006B
Total Long-Term Liabilities $6.606B $6.524B $7.217B
Total Liabilities $7.580B $8.229B $8.229B
YoY Change -7.89% 0.32% 0.32%
SHAREHOLDERS EQUITY
Retained Earnings -$3.000M
YoY Change -100.27%
Common Stock $8.152B
YoY Change -0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.731B $8.177B $8.177B
YoY Change
Total Liabilities & Shareholders Equity $16.31B $16.41B $16.41B
YoY Change -0.58% -4.89% -4.89%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income $797.0M -$14.00M -$76.00M
YoY Change -1148.68% -84.95% -110.16%
Depreciation, Depletion And Amortization $472.0M $128.0M $510.0M
YoY Change -7.45% 2.4% 4.94%
Cash From Operating Activities $1.529B $292.0M $966.0M
YoY Change 58.28% 0.0% -13.13%
INVESTING ACTIVITIES
Capital Expenditures -$281.0M -$143.0M -$384.0M
YoY Change -26.82% -0.69% -204.35%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $298.0M -$21.00M
YoY Change -85.71% -1031.25% -261.54%
Cash From Investing Activities $185.0M $155.0M $187.0M
YoY Change -1.07% -188.07% -142.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $60.00M
YoY Change -100.0% -83.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.358B -461.0M -1.348B
YoY Change 0.74% 254.62% 16.01%
NET CHANGE
Cash From Operating Activities 1.529B 292.0M 966.0M
Cash From Investing Activities 185.0M 155.0M 187.0M
Cash From Financing Activities -1.358B -461.0M -1.348B
Net Change In Cash 356.0M -14.00M -195.0M
YoY Change -282.56% 0.0% -60.2%
FREE CASH FLOW
Cash From Operating Activities $1.529B $292.0M $966.0M
Capital Expenditures -$281.0M -$143.0M -$384.0M
Free Cash Flow $1.810B $435.0M $1.350B
YoY Change 34.07% -0.23% 81.45%

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#39754E;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Estimates</p> <p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We prepare our financial statements according to U.S. generally accepted accounting principles (U.S. GAAP). This requires us to make estimates and assumptions during our reporting periods and at the date of our financial statements. The estimates and assumptions affect our:</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;"> </p> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#39754E;font-size:8pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:8pt;font-family:'Times New Roman'">•</span></p></td> <td style="width:96.4%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reported amounts of assets, liabilities and equity;</p></td> </tr> <tr> <td style="width:3.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#39754E;font-size:8pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:8pt;font-family:'Times New Roman'">•</span></p></td> <td style="width:96.4%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disclosure of contingent assets and liabilities and</p></td> </tr> <tr> <td style="width:3.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#39754E;font-size:8pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:8pt;font-family:'Times New Roman'">•</span></p></td> <td style="width:96.4%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reported amounts of revenues and expenses.</p></td> </tr> </table></div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While we do our best in preparing these estimates, actual results can and do differ from those estimates and assumptions.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#39754E;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have reclassified certain balances and results from prior years to be consistent with our 2020 reporting. This makes year-to-year balances comparable. Our reclassifications had no effect on consolidated net earnings or equity.</p>
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<p id="NOTE_19__CHARGES__RECOVERIES__FOR_PRODUC" style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#39754E;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 18: PRODUCT REMEDIATION RECOVERIES, NET</p> <p style="margin-top:3pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2017, we announced we were implementing a solution to address concerns regarding our TJI® Joists coated with our former Flak Jacket® Protection product. This issue was isolated to Flak Jacket product manufactured after December 1, 2016 and did not affect any of our other products.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the years ended December 31, 2020 and 2019<span style="font-family:Times New Roman;font-size:10pt;">, </span>we received and recorded insurance recoveries of $8 million and $68 million, respectively, related to our remediation efforts. In addition, we recorded insurance recoveries of $25 million and product remediation charges of $25 million during the year ended December 31, 2018. The charges and recoveries recorded are attributable to our Wood Products segment and were recorded in "Product remediation recoveries, net" in the <a href="#CONSOLIDATED_STATEMENT_OF_OPERATIONS"><span style="font-style:italic;text-decoration:underline;">Consolidated Statement of Operations</span></a><span style="font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:8pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:8pt;"> </p>
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