Weyerhaeuser 1999 Annual Report
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CONSOLIDATED STATEMENT OF EARNINGS

 

 

For the three-year period ended December 26, 1999
Dollar amounts in millions except per-share figures

     
               
 
1999
1998
1997
 
 

Net sales and revenues:

 
 
 

 

Weyerhaeuser

$ 11,026
$ 9,574
$ 10,117
 
 

 

Real estate and related assets

1,236
1,192
1,093
 
 

Total net sales and revenues

12,262
10,766
11,210
 
 

 

 

 
 
 

 

 

 
 

Costs and expenses:

 

Weyerhaeuser

 

Cost of products sold

8,304
7,468
7,866
 

Depreciation, amortization and fee stumpage

634
611
616

Selling, general and administrative expenses

791
649
646

Research & development expenses

55
57
56

Taxes other than payroll and income taxes

131
130
142

Charge for closure or disposition of facilities (Note 15)

102
71
89

Charge for Year 2000 remediation

32
42
1

10,049
9,028
9,416
 

 

 

 

 
 

 

 

 

 

Real estate and related assets:

 
 

 

Costs and operating expenses

1,017
1,016
909
 

 

Depreciation and amortization

6
5
12
 
 

 

Selling, general and administrative expenses

 
54
53
96
 
 

 

Taxes other than payroll and income taxes

 
8
8
8
 
 

 

1,085
1,082
1,025
 
 

Total costs and expenses

11,134
10,110
10,441
 
 

Operating income

1,128
656
769

Interest expense and other:

         

 

Weyerhaeuser:

 
 

 

 

Interest expense incurred

279
264
271

 

 

Less

interest capitalized

16
7
15
 

 

 

Equity in income (loss) of affiliates
(Note 3)

26
28
(7)
 

 

 

Other income (expense), net (Note 4)

38
15
(10)
 
 

 

 

Real estate and related assets:

 

 

Interest expense incurred

72
77
110

 

 

Less interest capitalized

58
61
69

 

 

Equity in income of joint ventures and limited partnerships (Note 3)

39
30
26

 

 

Other income, net (Note 4)

16
7
58

 

Earnings before income taxes and cumulative effect of a change in an accounting principle

970
463
539

 

Income taxes (Note 5)

354
169
197
 

Earnings before cumulative effect of a change in an accounting principle.

616
294
342
 
   

Cumulative effect of a change in an accounting principle (Note 1)

 
89
 

 

Net earnings

$ 527
$ 294
$ 342
 

 

 

Per share (Note 2):

 
1999
1998
1997
 
 

 

 

Basic net earnings before cumulative effect of a change in an accounting principle

 
$ 2.99
$ 1.48
$ 1.72
 
      Cumulative effect of a change in an accounting principle  
(.43)
 
         
2.56
1.48
1.72
 
 

 

 

Diluted net earnings before cumulative effect of a change in an accounting principle

 
$ 2.98
$ 1.47
$ 1.72
 
 

 

 

Cumulative effect of a change in an accounting principle

 
(.43)
 
 

 

 

 

 
$ 2.55
$ 1.47
$ 1.72
 
 

 

dividends paid per share

 
$ 1.60
$ 1.60
$ 1.60
 
                 
                 
 

See notes on pages 61 through 81.

 



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