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Wilton Connor
LLC -- A 50 percent owned joint venture in Charlotte, North
Carolina, formed in October 1998. This venture supplies full-service,
value-added turnkey packaging solutions that assist product
manufacturers in the areas of retail marketing and distribution.
Unconsolidated financial information for affiliated companies
that are accounted for by the equity method is as follows:
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Dollar
amounts in millions |
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December
27, 1998
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December
28, 1997
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Current
assets |
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$
165
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$
94
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Noncurrent
assets |
|
1,325
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|
678
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Current
liabilities |
|
77
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|
56
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Noncurrent
liabilities |
|
702
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|
420
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1998
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1997
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Net
sales and revenues |
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$
696
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$
214
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Operating
income |
|
110
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|
14
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Net
income (loss) |
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52
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(14)
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The company
provides goods and services to these affiliates, which vary by entity,
in the form of raw materials, management and marketing fees, support
services and shipping services. Additionally, the company purchases
finished product from certain of these entities. The aggregate total
of these transactions is not material to the results of operations
of the company.
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REAL
ESTATE AND RELATED ASSETS |
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Investments
in and advances to joint ventures and limited partnerships that
are not majority owned or controlled are accounted for using the
equity method with taxes provided on undistributed earnings as appropriate.
Unconsolidated financial information for joint ventures and limited
partnerships that are accounted for by the equity method is as follows:
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Dollar
amounts in millions |
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December
27, 1998
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December
28, 1997
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Current
assets |
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$
1,755
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$
1,689
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Noncurrent
assets |
|
230
|
284
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Current
liabilities |
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1,241
|
1,306
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Noncurrent
liabilities |
|
136
|
145
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1998
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1997
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Net
sales and revenues |
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$
244
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$
242
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Operating
income |
|
133
|
136
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Net
income |
|
103
|
108
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The company
may charge management and/or development fees to the joint ventures
or limited partnerships. The aggregate total of these transactions
is not material to the results of operations of the company.
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Note 4. Other Income (Expense),
Net |
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Other income
(expense) is an aggregation of both recurring and occasional income
and expense items and, as a result, can fluctuate from year to year.
Individual income (expense) items significant in 1997 in relation
to net earnings were:
Weyerhaeuser:
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The interest
income of $18 million from the favorable federal income tax
decision related to timber casualty losses incurred in the eruption
of Mount St. Helens in 1980. The loss of $8 million from the
sale of the wholesale nursery business.
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The loss
of $8 million from the sale of the wholesale nursery business.
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The gain
of $21 million from the sale of the Saskatoon chemical facility.
Real
estate and related assets:
There
were no significant individual items in 1998 or 1996.
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