---
ticker: WY
company: WY
filing_type: 10-K
year_current: 2025
year_prior: 2024
risks_added: 7
risks_removed: 41
risks_modified: 78
risks_unchanged: 64
source: SEC EDGAR
url: https://riskdiff.com/wy/2025-vs-2024/
markdown_url: https://riskdiff.com/wy/2025-vs-2024/index.md
generated: 2026-06-01
---

# WY: 10-K Risk Factor Changes 2025 vs 2024

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-06-01  
> All data extracted directly from official filings. No hallucinated content.

## Summary

| Status | Count |
|--------|-------|
| New risks added | 7 |
| Risks removed | 41 |
| Risks modified | 78 |
| Unchanged | 64 |

---

## New in Current Filing: UNRESOLVED STAFF COMMENTS

There are no unresolved comments that were received from the SEC staff relating to our periodic or current reports under the Securities Exchange Act of 1934. CYBERSECURITYRISK MANAGEMENTOur risk management program includes focused efforts on identifying, assessing and managing cybersecurity risk, including the following:  A robust information security training program that requires all company employees with access to our networks to participate in regular and mandatory training on how to be aware of, and help defend against, cyber risks, combined with periodic testing to measure the efficacy of our training efforts. Highlights of our training program include:•At least annual training for company employees who have access to our information systems.•Specialized training for all new hires.•Targeted training for all employees aimed at responding to current and emerging risks and threats using tools such as situational simulations and frequent testing of our employees' ability to identify and appropriately respond to cybersecurity threats.  Alignment of our program with the National Institute of Standards and Technology Cybersecurity Framework to prevent, detect and respond to cyberattacks.  Ongoing adoption of a "zero trust" cybersecurity model.  Regular and robust testing of our systems to assess our vulnerability to cyber risk, which includes targeted penetration testing, tabletop incident response exercises, periodic audits of our systems by outside industry experts and regular vulnerability scanning.  A formal vendor risk assessment process to ensure any vendors with information access have appropriate security measures and practices in place.  Engaging external cybersecurity experts in incident response development and management.  Business continuity plans and critical recovery backup systems.  Requiring employees and third parties who have access to our systems to treat confidential and private information and data with care.  Insurance for damage to property caused by a cyberattack. Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis. He and other members of the cybersecurity team have deep and broad experience and training in cybersecurity management, as well as relevant education and industry recognized certifications in information systems security. CYBERSECURITY INCIDENT RESPONSE PROCESSWe maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents. Our response plan ensures that our Cyber Incident Response Team, which includes our

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## New in Current Filing: Contribution to Earnings by Segment

WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 46 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 46 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 46 Table of Contents Table of Contents Table of Contents

---

## New in Current Filing: Net Earnings

Net earnings decreased $443 million  -  53 percent  -  primarily due to the $501 million decrease in operating income discussed above. This decrease was partially offset by a $67 million decrease in income tax expense (refer to Income Taxes). Income Taxes WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 47 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 47 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 47 Table of Contents Table of Contents Table of Contents

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## New in Current Filing: Operating income

$ 279 $ 488 $ (209 ) Interest income and other 1  -  1

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## New in Current Filing: COMPARING 2024 WITH 2023

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

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## New in Current Filing: COMPARING 2024 WITH 2023

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

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## New in Current Filing: Adjusted EBITDA

$ 539 $ 349 $ 661 $ (257 ) $ 1,292 (1)Operating income (loss) for Wood Products includes pretax special items consisting of a $25 million product remediation recovery and a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill. Operating income (loss) for Wood Products includes pretax special items consisting of a $25 million product remediation recovery and a $10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 56 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 56 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 56 Table of Contents Table of Contents Table of Contents The table below reconciles Adjusted EBITDA by segment to net earnings for the year ended December 31, 2023: DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS TOTAL Net earnings $ 839 Interest expense, net of capitalized interest 280 Income taxes 98

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## No Match in Current: UNRESOLVED STAFF COMMENTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

There are no unresolved comments that were received from the SEC staff relating to our periodic or current reports under the Securities Exchange Act of 1934. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 40 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 40 Table of Contents Table of Contents Table of Contents

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## No Match in Current: Net Earnings

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Net earnings decreased $1,041 million  -  55 percent  -  primarily due to the $1,894 million decrease in operating income discussed above. This decrease was partially offset by:  a $327 million decrease in income tax expense (refer to Income Taxes); Income Taxes  a $276 million decrease in debt extinguishment charges (refer to Note 11: Long-Term Debt, Net); Note 11: Long-Term Debt, Net  a $209 million decrease in non-operating pension and other post-employment benefit costs (refer to Note 8: Pension and Other Post-Employment Benefit Plans) and Note 8: Pension and Other Post-Employment Benefit Plans  a $51 million increase in interest income and other attributable to interest earned on short-term investments held for a portion of the year in 2023 and an increase in the interest rate on our cash and investment accounts.

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## No Match in Current: COMPARING 2023 WITH 2022

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

---

## No Match in Current: COMPARING 2023 WITH 2022

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

---

## No Match in Current: Dividends paid per common share

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

$ 1.66 $ 2.17 $ 1.18 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 64 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 64 Table of Contents Table of Contents Table of Contents

---

## No Match in Current: GEOGRAPHIC AREAS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

98 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 65 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 65 Table of Contents Table of Contents Table of Contents

---

## No Match in Current: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESOur significant accounting policies describe:  our election to be taxed as a real estate investment trust,  how we report our results,  changes in how we report our results and  how we account for certain key items. OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT)Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts and lump sum timber deeds. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments.HOW WE REPORT OUR RESULTSOur report includes:  consolidated financial statements,  our business segments,  estimates,  fair value measurements and  foreign currency translation. Consolidated Financial StatementsOur consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including:  majority-owned domestic and foreign subsidiaries and  variable interest entities in which we are the primary beneficiary. 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," "the company," "we" and "our" refer to the consolidated company.Our Business SegmentsReportable business segments are determined based on the company's "management approach," as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting. The management approach is based on the way the chief operating decision maker organizes the segments within a company for making decisions about resources to be allocated and assessing their performance.We are principally engaged in:  growing and harvesting timber;  maximizing the value of our acreage through the sale of higher and better use (HBU) properties and monetizing the value of surface and subsurface assets through leases and royalties and  manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services. SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, recreational leases and other products. Real Estate & ENR Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, wind and solar). Wood Products Structural lumber, oriented strand board, engineered wood products and building materials distribution. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 66 Table of Contents We also transfer raw materials, semi-finished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves pricing products transferred between our business segments at current market values.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.EstimatesWe 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:  reported amounts of assets, liabilities and equity;  disclosure of contingent assets and liabilities and  reported amounts of revenues and expenses. While we believe the assumptions used in preparing these estimates are appropriate and reasonable, actual results can and do differ from those estimates and assumptions.Fair Value MeasurementsWe use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including:  long-lived assets (asset groups) measured at fair value for an impairment assessment;  pension plan assets measured at fair value and  asset retirement obligations initially measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions.The fair value hierarchy consists of the following three levels:  Level 1: Inputs are unadjusted quoted prices for identical assets or liabilities traded in an active market.  Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date.  Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Foreign Currency TranslationWe translate foreign currencies into U.S. dollars in two ways:  assets and liabilities  -  at the exchange rates in effect as of our balance sheet date and  revenues and expenses  -  at average monthly exchange rates throughout the year. CHANGES IN HOW WE REPORT OUR RESULTSChanges in how we report our results come from:  reclassification of certain balances and results from prior years to make them consistent with our current reporting and  accounting changes made upon our adoption of new accounting guidance. ReclassificationsWe have reclassified certain balances and results from prior years to be consistent with our 2023 reporting. This makes balances comparable from year to year. Our reclassifications had no effect on consolidated net earnings or equity.HOW WE ACCOUNT FOR CERTAIN KEY ITEMSThis section provides information about how we account for certain key items related to:  capital investments,  financing our business and  our operations. ITEMS RELATED TO CAPITAL INVESTMENTSKey items related to accounting for capital investments pertain to property and equipment, timber and timberlands and impairment of long-lived assets.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 67 Table of Contents Property and EquipmentWe maintain property accounts on an individual asset basis and account for them as follows:  Improvements to and replacements of major units of property are capitalized.  Maintenance, repairs and minor replacements are expensed.  Depreciation is calculated using a straight-line method at rates based on estimated service lives.  Costs associated with logging roads that we intend to utilize for a period longer than one year are capitalized. These roads are then amortized over an estimated service life.  Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings. Timber and TimberlandsWe carry timber and timberlands at cost less depletion. Depletion refers to the carrying value of timber that is harvested or sold.Key activities affecting how we account for timber and timberlands include:  reforestation,  depletion and  forest management in Canada. Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation and then expense costs after the first planting as they are incurred or over the period of expected benefit. These expensed costs include:  fertilization,  vegetation and insect control,  pruning and precommercial thinning and  property taxes. Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts.Timber Depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider:  regulatory and environmental constraints,  our management strategies,  inventory data improvements,  growth rate revisions and recalibrations and  known dispositions and inoperable acres. In addition, the duration of the harvest cycle varies by geographic region and species of timber.Depletion rate calculations do not include estimates for:  future silviculture or sustainable forest management costs associated with existing stands;  future reforestation costs associated with a stand's final harvest and  future volume in connection with the replanting of a stand subsequent to its final harvest. We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in costs of sales.Forest Management in Canada. We manage timberlands under long-term licenses in various Canadian provinces that are:  granted by the provincial governments;  granted for initial periods of 15 to 25 years and  renewable provided we meet reforestation, operating and management guidelines. Calculation of the fees we pay on the timber we harvest:  varies from province to province,  is tied to product market pricing and  depends upon the allocation of land management responsibilities in the license. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 68 Table of Contents Impairment of Long-Lived AssetsWe review the carrying value of long-lived assets whenever an event or a change in circumstance indicates that the carrying value of the asset or asset group may not be recoverable through future operations. The carrying value is the original cost, less accumulated depreciation and any past impairments recorded. If we evaluate recoverability, we are required to estimate future cash flows and residual values of the asset or asset group. Key assumptions used in developing estimates of future cash flows and residual values could include probability of alternative outcomes, product pricing, raw material cost and product sales. An impairment occurs when the carrying value of a long-lived asset is greater than the amount that could be recovered from the estimated undiscounted future cash flows of the asset and greater than fair market value (the amount we could receive if we were to sell the asset). Impaired assets held for use are written down to fair value, while impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on:  appraisals,  market pricing of comparable assets,  discounted value of estimated future cash flows from the asset,  replacement values of comparable assets and  agreed upon sale price or offer price. Key assumptions used in developing estimates of fair value would include the estimated future cash flows used to assess recoverability, discount rates and probability of alternative outcomes. ITEMS RELATED TO FINANCING OUR BUSINESSKey items related to financing our business include financial instruments, cash equivalents and concentration of risk.Financial InstrumentsWe estimate the fair value of financial instruments where appropriate. The assumptions we use  -  including the discount rate and estimates of cash flows  -  can significantly affect the fair value. These values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions.Cash EquivalentsCash equivalents are investments with maturities of 90 days or less at the date of purchase. We state cash equivalents at cost, which approximates market.Concentration of RiskWe disclose customers that represent a concentration of risk. As of December 31, 2023, and December 31, 2022, no customer accounted for 10 percent or more of our net sales.ITEMS RELATED TO OPERATIONSKey items related to operations include revenue recognition, inventories, shipping and handling costs, income taxes, pension and other post-employment benefit plans and contingent liabilities.Revenue RecognitionRefer to Note 3: Revenue Recognition for details on how we account for revenue.InventoriesWe state inventories at the lower of cost or net realizable value. Cost includes labor, materials and production overhead. LIFO applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the moving average cost or FIFO  -  the first-in, first-out  -  methods and those products continue to be recognized under those methods. The moving average cost or FIFO method applies to the balance of our domestic raw material and product inventories, all material and supply inventories and all foreign inventories.Shipping and Handling CostsWe classify shipping and handling costs in "Costs of sales" in our Consolidated Statement of Operations.Income TaxesWe account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 Table of Contents We recognize deferred tax assets and liabilities to reflect:  future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and  net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we:  determine when the differences between carrying amounts and tax bases of affected items are expected to be recovered or resolved and  use enacted tax rates expected to apply to taxable income in those years. Pension and Other Post-Employment Benefit PlansWe recognize the overfunded or underfunded status of our defined benefit pension and other post-employment benefit plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur.Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:  cost of benefits provided in exchange for employees' services rendered during the year;  interest cost of the obligations;  expected long-term return on plan assets;  gains or losses on plan settlements and curtailments;  amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the participants affected by the plan amendment are inactive and  amortization of cumulative unrecognized net actuarial gains and losses  -  generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year  -  over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately 40 percent of our employees. Determination of benefits differs for salaried, hourly and union employees as follows:  Salaried employee benefits are based on each employee's highest monthly earnings for five consecutive years during the final 10 years before retirement.  Hourly and union employee benefits generally are stated amounts for each year of service.  Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:  U.S. pension plans  -  according to the Employee Retirement Income Security Act of 1974 and  Canadian pension plans  -  according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment healthcare and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 8: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans.Estimates for pension and other post-employment benefit plans. Estimates we use in accounting for our pension and other post-employment benefit plans include the:  fair value of our plan assets;  expected long-term rate of return on plan assets and  discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows.Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 8: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 70 Table of Contents Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans.Factors we consider in determining our expected long-term rate of return include:  historical returns for a portfolio of assets similar to our expected allocation and  expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity.Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits.Contingent LiabilitiesWe are subject to lawsuits, investigations and other claims related to environmental remediation, product and other matters, and are required to assess the likelihood of any adverse judgments or outcomes to these matters, as well as the amount or range of potential loss.We record contingent liabilities when:  it becomes probable that a loss has been incurred and  the amount of loss can be reasonably estimated. Assessing probability of loss and estimating the amount of loss can require analysis of multiple factors, such as:  historical experience,  evaluations of relevant legal and environmental authorities and regulations,  judgments about the potential actions of third-party claimants and courts and  consideration of potential environmental remediation methods. In addition to contingent liabilities recorded for probable losses, we disclose contingent liabilities when there is a reasonable possibility that a loss may have been incurred.Recorded contingent liabilities are based on the best information available and actual losses in any future period are inherently uncertain. Future expenditures for environmental remediation obligations are not discounted to their present value. If estimated probable future losses or actual losses exceed our recorded liability for such claims, we record additional charges. These exposures and proceedings can be significant and the ultimate outcomes could be material to our operating results or cash flows in any given period. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded. See Note 13: Legal Proceedings, Commitments and Contingencies for more information.NEW ACCOUNTING PRONOUNCEMENTSSegment Reporting In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07,"Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of the new guidance will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. We plan to incorporate these expanded disclosures beginning in fourth quarter 2024. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands annual income tax disclosures to disaggregate rate reconciliations and income taxes paid by nature and jurisdiction. The new guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, however, retrospective application is permitted. The adoption of the new guidance will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. We plan to incorporate these expanded disclosures beginning in fourth quarter 2025.

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## No Match in Current: NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Our significant accounting policies describe:  our election to be taxed as a real estate investment trust,  how we report our results,  changes in how we report our results and  how we account for certain key items. OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT)Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts and lump sum timber deeds. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments.

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## No Match in Current: OUR ELECTION TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST (REIT)

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Our company is a REIT and REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from investments in timberlands, including the sale of standing timber through pay-as-cut sales contracts and lump sum timber deeds. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and portions of our Timberlands and Real Estate, Energy and Natural Resources (Real Estate & ENR) segments.

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## No Match in Current: HOW WE REPORT OUR RESULTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Our report includes:  consolidated financial statements,  our business segments,  estimates,  fair value measurements and  foreign currency translation. Consolidated Financial StatementsOur consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including:  majority-owned domestic and foreign subsidiaries and  variable interest entities in which we are the primary beneficiary. They do not include our intercompany transactions and accounts, which are eliminated.

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## No Match in Current: Consolidated Financial Statements

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Our consolidated financial statements provide an overall view of our results and financial condition. They include our accounts and the accounts of entities that we control, including:  majority-owned domestic and foreign subsidiaries and  variable interest entities in which we are the primary beneficiary. 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," "the company," "we" and "our" refer to the consolidated company. Notes to Consolidated Financial Statements Our Business SegmentsReportable business segments are determined based on the company's "management approach," as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting. The management approach is based on the way the chief operating decision maker organizes the segments within a company for making decisions about resources to be allocated and assessing their performance.We are principally engaged in:  growing and harvesting timber;  maximizing the value of our acreage through the sale of higher and better use (HBU) properties and monetizing the value of surface and subsurface assets through leases and royalties and  manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services. SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, recreational leases and other products. Real Estate & ENR Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, wind and solar). Wood Products Structural lumber, oriented strand board, engineered wood products and building materials distribution. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 66 Table of Contents We also transfer raw materials, semi-finished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves pricing products transferred between our business segments at current market values.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.

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## No Match in Current: Our Business Segments

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Reportable business segments are determined based on the company's "management approach," as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting. The management approach is based on the way the chief operating decision maker organizes the segments within a company for making decisions about resources to be allocated and assessing their performance. We are principally engaged in:  growing and harvesting timber;  maximizing the value of our acreage through the sale of higher and better use (HBU) properties and monetizing the value of surface and subsurface assets through leases and royalties and  manufacturing, distributing and selling products made from trees. Our business segments are organized based primarily on products and services. SEGMENT PRODUCTS AND SERVICES Timberlands Logs, timber, recreational leases and other products. Real Estate & ENR Real Estate (sales of timberlands) and ENR (rights to explore for and extract hard minerals, construction materials, natural gas production, wind and solar). Wood Products Structural lumber, oriented strand board, engineered wood products and building materials distribution. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 66 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 66 Table of Contents Table of Contents Table of Contents We also transfer raw materials, semi-finished materials and end products among our business segments. Because of this intracompany activity, accounting for our business segments involves pricing products transferred between our business segments at current market values. 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. EstimatesWe 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:  reported amounts of assets, liabilities and equity;  disclosure of contingent assets and liabilities and  reported amounts of revenues and expenses. While we believe the assumptions used in preparing these estimates are appropriate and reasonable, actual results can and do differ from those estimates and assumptions. Estimates 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:  reported amounts of assets, liabilities and equity;  disclosure of contingent assets and liabilities and  reported amounts of revenues and expenses. While we believe the assumptions used in preparing these estimates are appropriate and reasonable, actual results can and do differ from those estimates and assumptions. Fair Value MeasurementsWe use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including:  long-lived assets (asset groups) measured at fair value for an impairment assessment;  pension plan assets measured at fair value and  asset retirement obligations initially measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions.The fair value hierarchy consists of the following three levels:

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## No Match in Current: Fair Value Measurements

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including:  long-lived assets (asset groups) measured at fair value for an impairment assessment;  pension plan assets measured at fair value and  asset retirement obligations initially measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels:  Level 1: Inputs are unadjusted quoted prices for identical assets or liabilities traded in an active market.  Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date.  Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.  Level 1: Inputs are unadjusted quoted prices for identical assets or liabilities traded in an active market.  Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date.  Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Foreign Currency TranslationWe translate foreign currencies into U.S. dollars in two ways:  assets and liabilities  -  at the exchange rates in effect as of our balance sheet date and  revenues and expenses  -  at average monthly exchange rates throughout the year.

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## No Match in Current: Foreign Currency Translation

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We translate foreign currencies into U.S. dollars in two ways:  assets and liabilities  -  at the exchange rates in effect as of our balance sheet date and  revenues and expenses  -  at average monthly exchange rates throughout the year.

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## No Match in Current: CHANGES IN HOW WE REPORT OUR RESULTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Changes in how we report our results come from:  reclassification of certain balances and results from prior years to make them consistent with our current reporting and  accounting changes made upon our adoption of new accounting guidance. ReclassificationsWe have reclassified certain balances and results from prior years to be consistent with our 2023 reporting. This makes balances comparable from year to year. Our reclassifications had no effect on consolidated net earnings or equity.

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## No Match in Current: Reclassifications

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We have reclassified certain balances and results from prior years to be consistent with our 2023 reporting. This makes balances comparable from year to year. Our reclassifications had no effect on consolidated net earnings or equity.

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## No Match in Current: HOW WE ACCOUNT FOR CERTAIN KEY ITEMS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

This section provides information about how we account for certain key items related to:  capital investments,  financing our business and  our operations.

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## No Match in Current: ITEMS RELATED TO CAPITAL INVESTMENTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Key items related to accounting for capital investments pertain to property and equipment, timber and timberlands and impairment of long-lived assets. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 67 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 67 Table of Contents Table of Contents Table of Contents Property and EquipmentWe maintain property accounts on an individual asset basis and account for them as follows:  Improvements to and replacements of major units of property are capitalized.  Maintenance, repairs and minor replacements are expensed.  Depreciation is calculated using a straight-line method at rates based on estimated service lives.  Costs associated with logging roads that we intend to utilize for a period longer than one year are capitalized. These roads are then amortized over an estimated service life.  Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings.

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## No Match in Current: Property and Equipment

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We maintain property accounts on an individual asset basis and account for them as follows:  Improvements to and replacements of major units of property are capitalized.  Maintenance, repairs and minor replacements are expensed.  Depreciation is calculated using a straight-line method at rates based on estimated service lives.  Costs associated with logging roads that we intend to utilize for a period longer than one year are capitalized. These roads are then amortized over an estimated service life.  Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings. Timber and TimberlandsWe carry timber and timberlands at cost less depletion. Depletion refers to the carrying value of timber that is harvested or sold.Key activities affecting how we account for timber and timberlands include:  reforestation,  depletion and  forest management in Canada. Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation and then expense costs after the first planting as they are incurred or over the period of expected benefit. These expensed costs include:  fertilization,  vegetation and insect control,  pruning and precommercial thinning and  property taxes. Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts.Timber Depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider:  regulatory and environmental constraints,  our management strategies,  inventory data improvements,  growth rate revisions and recalibrations and  known dispositions and inoperable acres. In addition, the duration of the harvest cycle varies by geographic region and species of timber.Depletion rate calculations do not include estimates for:  future silviculture or sustainable forest management costs associated with existing stands;  future reforestation costs associated with a stand's final harvest and  future volume in connection with the replanting of a stand subsequent to its final harvest. We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in costs of sales.Forest Management in Canada. We manage timberlands under long-term licenses in various Canadian provinces that are:  granted by the provincial governments;  granted for initial periods of 15 to 25 years and  renewable provided we meet reforestation, operating and management guidelines. Calculation of the fees we pay on the timber we harvest:  varies from province to province,  is tied to product market pricing and  depends upon the allocation of land management responsibilities in the license.

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## No Match in Current: Timber and Timberlands

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We carry timber and timberlands at cost less depletion. Depletion refers to the carrying value of timber that is harvested or sold. Key activities affecting how we account for timber and timberlands include:  reforestation,  depletion and  forest management in Canada. Reforestation. Generally, we capitalize initial site preparation and planting costs as reforestation and then expense costs after the first planting as they are incurred or over the period of expected benefit. These expensed costs include:  fertilization,  vegetation and insect control,  pruning and precommercial thinning and  property taxes. Accounting practices for these costs do not change when timber becomes merchantable and harvesting starts. Timber Depletion. To determine depletion rates, we divide the net carrying value of timber by the related volume of timber estimated to be available over the growth cycle. To determine the growth cycle volume of timber, we consider:  regulatory and environmental constraints,  our management strategies,  inventory data improvements,  growth rate revisions and recalibrations and  known dispositions and inoperable acres. In addition, the duration of the harvest cycle varies by geographic region and species of timber. Depletion rate calculations do not include estimates for:  future silviculture or sustainable forest management costs associated with existing stands;  future reforestation costs associated with a stand's final harvest and  future volume in connection with the replanting of a stand subsequent to its final harvest. We include the cost of timber harvested in the carrying values of raw materials and product inventories. As these inventories are sold to third parties, we include them in costs of sales. Forest Management in Canada. We manage timberlands under long-term licenses in various Canadian provinces that are:  granted by the provincial governments;  granted for initial periods of 15 to 25 years and 15 25 years  renewable provided we meet reforestation, operating and management guidelines. Calculation of the fees we pay on the timber we harvest:  varies from province to province,  is tied to product market pricing and  depends upon the allocation of land management responsibilities in the license. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 68 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 68 Table of Contents Table of Contents Table of Contents Impairment of Long-Lived AssetsWe review the carrying value of long-lived assets whenever an event or a change in circumstance indicates that the carrying value of the asset or asset group may not be recoverable through future operations. The carrying value is the original cost, less accumulated depreciation and any past impairments recorded. If we evaluate recoverability, we are required to estimate future cash flows and residual values of the asset or asset group. Key assumptions used in developing estimates of future cash flows and residual values could include probability of alternative outcomes, product pricing, raw material cost and product sales. An impairment occurs when the carrying value of a long-lived asset is greater than the amount that could be recovered from the estimated undiscounted future cash flows of the asset and greater than fair market value (the amount we could receive if we were to sell the asset). Impaired assets held for use are written down to fair value, while impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on:  appraisals,  market pricing of comparable assets,  discounted value of estimated future cash flows from the asset,  replacement values of comparable assets and  agreed upon sale price or offer price.

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## No Match in Current: Impairment of Long-Lived Assets

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We review the carrying value of long-lived assets whenever an event or a change in circumstance indicates that the carrying value of the asset or asset group may not be recoverable through future operations. The carrying value is the original cost, less accumulated depreciation and any past impairments recorded. If we evaluate recoverability, we are required to estimate future cash flows and residual values of the asset or asset group. Key assumptions used in developing estimates of future cash flows and residual values could include probability of alternative outcomes, product pricing, raw material cost and product sales. An impairment occurs when the carrying value of a long-lived asset is greater than the amount that could be recovered from the estimated undiscounted future cash flows of the asset and greater than fair market value (the amount we could receive if we were to sell the asset). Impaired assets held for use are written down to fair value, while impaired assets held for sale are written down to fair value less cost to sell. We determine fair value based on:  appraisals,  market pricing of comparable assets,  discounted value of estimated future cash flows from the asset,  replacement values of comparable assets and  agreed upon sale price or offer price. Key assumptions used in developing estimates of fair value would include the estimated future cash flows used to assess recoverability, discount rates and probability of alternative outcomes.

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## No Match in Current: ITEMS RELATED TO FINANCING OUR BUSINESS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Key items related to financing our business include financial instruments, cash equivalents and concentration of risk. Financial InstrumentsWe estimate the fair value of financial instruments where appropriate. The assumptions we use  -  including the discount rate and estimates of cash flows  -  can significantly affect the fair value. These values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions.

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## No Match in Current: Financial Instruments

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We estimate the fair value of financial instruments where appropriate. The assumptions we use  -  including the discount rate and estimates of cash flows  -  can significantly affect the fair value. These values are estimates and may not match the amounts we would realize upon sale or settlement of our financial positions. Cash EquivalentsCash equivalents are investments with maturities of 90 days or less at the date of purchase. We state cash equivalents at cost, which approximates market.

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## No Match in Current: Cash Equivalents

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Cash equivalents are investments with maturities of 90 days or less at the date of purchase. We state cash equivalents at cost, which approximates market. Concentration of RiskWe disclose customers that represent a concentration of risk. As of December 31, 2023, and December 31, 2022, no customer accounted for 10 percent or more of our net sales.

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## No Match in Current: Concentration of Risk

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We disclose customers that represent a concentration of risk. As of December 31, 2023, and December 31, 2022, no customer accounted for 10 percent or more of our net sales.

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## No Match in Current: ITEMS RELATED TO OPERATIONS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Key items related to operations include revenue recognition, inventories, shipping and handling costs, income taxes, pension and other post-employment benefit plans and contingent liabilities. Revenue RecognitionRefer to Note 3: Revenue Recognition for details on how we account for revenue.

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## No Match in Current: Revenue Recognition

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Refer to Note 3: Revenue Recognition for details on how we account for revenue. Note 3: Revenue Recognition InventoriesWe state inventories at the lower of cost or net realizable value. Cost includes labor, materials and production overhead. LIFO applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the moving average cost or FIFO  -  the first-in, first-out  -  methods and those products continue to be recognized under those methods. The moving average cost or FIFO method applies to the balance of our domestic raw material and product inventories, all material and supply inventories and all foreign inventories.

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## No Match in Current: Inventories

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We state inventories at the lower of cost or net realizable value. Cost includes labor, materials and production overhead. LIFO applies to major inventory products held at our U.S. domestic locations. We began to use the LIFO method for domestic products in the 1940s as required to conform with the tax method elected. Subsequent acquisitions of entities added new products under the moving average cost or FIFO  -  the first-in, first-out  -  methods and those products continue to be recognized under those methods. The moving average cost or FIFO method applies to the balance of our domestic raw material and product inventories, all material and supply inventories and all foreign inventories. Shipping and Handling CostsWe classify shipping and handling costs in "Costs of sales" in our Consolidated Statement of Operations.

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## No Match in Current: Shipping and Handling Costs

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We classify shipping and handling costs in "Costs of sales" in our Consolidated Statement of Operations. Consolidated Statement of Operations Income TaxesWe account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 Table of Contents We recognize deferred tax assets and liabilities to reflect:  future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and  net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we:  determine when the differences between carrying amounts and tax bases of affected items are expected to be recovered or resolved and  use enacted tax rates expected to apply to taxable income in those years.

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## No Match in Current: Income Taxes

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 Table of Contents Table of Contents Table of Contents We recognize deferred tax assets and liabilities to reflect:  future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and  net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we:  determine when the differences between carrying amounts and tax bases of affected items are expected to be recovered or resolved and  use enacted tax rates expected to apply to taxable income in those years. Pension and Other Post-Employment Benefit PlansWe recognize the overfunded or underfunded status of our defined benefit pension and other post-employment benefit plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur.Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:  cost of benefits provided in exchange for employees' services rendered during the year;  interest cost of the obligations;  expected long-term return on plan assets;  gains or losses on plan settlements and curtailments;  amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the participants affected by the plan amendment are inactive and  amortization of cumulative unrecognized net actuarial gains and losses  -  generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year  -  over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately 40 percent of our employees. Determination of benefits differs for salaried, hourly and union employees as follows:  Salaried employee benefits are based on each employee's highest monthly earnings for five consecutive years during the final 10 years before retirement.  Hourly and union employee benefits generally are stated amounts for each year of service.  Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:  U.S. pension plans  -  according to the Employee Retirement Income Security Act of 1974 and  Canadian pension plans  -  according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment healthcare and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 8: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans.Estimates for pension and other post-employment benefit plans. Estimates we use in accounting for our pension and other post-employment benefit plans include the:  fair value of our plan assets;  expected long-term rate of return on plan assets and  discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows.Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 8: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 70 Table of Contents Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans.Factors we consider in determining our expected long-term rate of return include:  historical returns for a portfolio of assets similar to our expected allocation and  expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity.Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits.

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## No Match in Current: Pension and Other Post-Employment Benefit Plans

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We recognize the overfunded or underfunded status of our defined benefit pension and other post-employment benefit plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. Consolidated Balance Sheet Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:  cost of benefits provided in exchange for employees' services rendered during the year;  interest cost of the obligations;  expected long-term return on plan assets;  gains or losses on plan settlements and curtailments;  amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the participants affected by the plan amendment are inactive and  amortization of cumulative unrecognized net actuarial gains and losses  -  generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year  -  over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately 40 percent of our employees. Determination of benefits differs for salaried, hourly and union employees as follows:  Salaried employee benefits are based on each employee's highest monthly earnings for five consecutive years during the final 10 years before retirement. 10  Hourly and union employee benefits generally are stated amounts for each year of service.  Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:  U.S. pension plans  -  according to the Employee Retirement Income Security Act of 1974 and  Canadian pension plans  -  according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment healthcare and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 8: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans. Note 8: Pension and Other Post-Employment Benefit Plans Estimates for pension and other post-employment benefit plans. Estimates we use in accounting for our pension and other post-employment benefit plans include the:  fair value of our plan assets;  expected long-term rate of return on plan assets and  discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows. Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 8: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods. Note 8: Pension and Other Post-Employment Benefit Plans WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 70 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 70 Table of Contents Table of Contents Table of Contents Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans. Factors we consider in determining our expected long-term rate of return include:  historical returns for a portfolio of assets similar to our expected allocation and  expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity. Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits. Contingent LiabilitiesWe are subject to lawsuits, investigations and other claims related to environmental remediation, product and other matters, and are required to assess the likelihood of any adverse judgments or outcomes to these matters, as well as the amount or range of potential loss.We record contingent liabilities when:  it becomes probable that a loss has been incurred and  the amount of loss can be reasonably estimated. Assessing probability of loss and estimating the amount of loss can require analysis of multiple factors, such as:  historical experience,  evaluations of relevant legal and environmental authorities and regulations,  judgments about the potential actions of third-party claimants and courts and  consideration of potential environmental remediation methods. In addition to contingent liabilities recorded for probable losses, we disclose contingent liabilities when there is a reasonable possibility that a loss may have been incurred.Recorded contingent liabilities are based on the best information available and actual losses in any future period are inherently uncertain. Future expenditures for environmental remediation obligations are not discounted to their present value. If estimated probable future losses or actual losses exceed our recorded liability for such claims, we record additional charges. These exposures and proceedings can be significant and the ultimate outcomes could be material to our operating results or cash flows in any given period. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded. See Note 13: Legal Proceedings, Commitments and Contingencies for more information.

---

## No Match in Current: Contingent Liabilities

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We are subject to lawsuits, investigations and other claims related to environmental remediation, product and other matters, and are required to assess the likelihood of any adverse judgments or outcomes to these matters, as well as the amount or range of potential loss. We record contingent liabilities when:  it becomes probable that a loss has been incurred and  the amount of loss can be reasonably estimated. Assessing probability of loss and estimating the amount of loss can require analysis of multiple factors, such as:  historical experience,  evaluations of relevant legal and environmental authorities and regulations,  judgments about the potential actions of third-party claimants and courts and  consideration of potential environmental remediation methods. In addition to contingent liabilities recorded for probable losses, we disclose contingent liabilities when there is a reasonable possibility that a loss may have been incurred. Recorded contingent liabilities are based on the best information available and actual losses in any future period are inherently uncertain. Future expenditures for environmental remediation obligations are not discounted to their present value. If estimated probable future losses or actual losses exceed our recorded liability for such claims, we record additional charges. These exposures and proceedings can be significant and the ultimate outcomes could be material to our operating results or cash flows in any given period. Recoveries of environmental remediation costs from other parties are recorded as assets when the recovery is deemed probable and does not exceed the amount of losses previously recorded. See Note 13: Legal Proceedings, Commitments and Contingencies for more information. Note 13: Legal Proceedings, Commitments and Contingencies NEW ACCOUNTING PRONOUNCEMENTSSegment Reporting In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07,"Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of the new guidance will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. We plan to incorporate these expanded disclosures beginning in fourth quarter 2024. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands annual income tax disclosures to disaggregate rate reconciliations and income taxes paid by nature and jurisdiction. The new guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, however, retrospective application is permitted. The adoption of the new guidance will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. We plan to incorporate these expanded disclosures beginning in fourth quarter 2025.

---

## No Match in Current: Segment Reporting

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07,"Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of the new guidance will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet or Consolidated Statement of Cash Flows. We plan to incorporate these expanded disclosures beginning in fourth quarter 2024. Consolidated Statement of Operations Consolidated Balance Sheet Consolidated Statement of Cash Flows

---

## No Match in Current: Income Taxes

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

We account for income taxes under the asset and liability method. Unrecognized tax benefits represent potential future funding obligations to taxing authorities if uncertain tax positions we have taken on previously filed tax returns are not sustained. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 69 Table of Contents Table of Contents Table of Contents We recognize deferred tax assets and liabilities to reflect:  future tax consequences due to differences between the carrying amounts for financial reporting purposes and the tax bases of certain items and  net operating loss and tax credit carryforwards. To measure deferred tax assets and liabilities, we:  determine when the differences between carrying amounts and tax bases of affected items are expected to be recovered or resolved and  use enacted tax rates expected to apply to taxable income in those years. Pension and Other Post-Employment Benefit PlansWe recognize the overfunded or underfunded status of our defined benefit pension and other post-employment benefit plans on our Consolidated Balance Sheet and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur.Actuarial valuations determine the amount of the pension and other post-employment benefit obligations and the net periodic benefit cost we recognize. The net periodic benefit cost includes:  cost of benefits provided in exchange for employees' services rendered during the year;  interest cost of the obligations;  expected long-term return on plan assets;  gains or losses on plan settlements and curtailments;  amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the participants affected by the plan amendment are inactive and  amortization of cumulative unrecognized net actuarial gains and losses  -  generally in excess of 10 percent of the greater of the benefit obligation or the combination of market-related and fair value of plan assets at the beginning of the year  -  over the average remaining service period of the active employee group covered by the plans or the average remaining life expectancy in situations where the plan participants are inactive. Pension plans. We have defined benefit pension plans covering approximately 40 percent of our employees. Determination of benefits differs for salaried, hourly and union employees as follows:  Salaried employee benefits are based on each employee's highest monthly earnings for five consecutive years during the final 10 years before retirement.  Hourly and union employee benefits generally are stated amounts for each year of service.  Union employee benefits are set through collective-bargaining agreements. We contribute to our U.S. and Canadian pension plans according to established funding standards. The funding standards for the plans are:  U.S. pension plans  -  according to the Employee Retirement Income Security Act of 1974 and  Canadian pension plans  -  according to the applicable provincial pension act and the Income Tax Act. Post-employment benefits other than pensions. We provide certain post-employment healthcare and life insurance benefits for some retired employees. In some cases, we pay a portion of the cost of the benefit. Note 8: Pension and Other Post-Employment Benefit Plans provides additional information about our post-employment benefit plans.Estimates for pension and other post-employment benefit plans. Estimates we use in accounting for our pension and other post-employment benefit plans include the:  fair value of our plan assets;  expected long-term rate of return on plan assets and  discount rates. At the end of every year, we review our estimates with external advisers and make adjustments as appropriate. We use these estimates to calculate plan asset and liability information as of year-end as well as pension and post-employment expense for the following year. Actual experience that differs from our estimates and subsequent changes in our estimates could have a significant effect on our financial position, results of operations and cash flows.Fair value of plan assets. Plan assets are assets of the pension plan trusts that fund the benefits provided under the pension plans. The fair value of our plan assets estimates the amount that would be received if we were to sell each asset in an orderly transaction between market participants at the reporting date. We estimate the fair value of these assets based on the information available during the year-end reporting process. Refer to Note 8: Pension and Other Post-Employment Benefit Plans for information about the assets held within our pension plans and their related valuation methods.WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 70 Table of Contents Expected long-term rate of return on plan assets. Our expected long-term rate of return is our estimate of the return that our plan assets will earn over time. This rate is used in determining the net periodic benefit or cost we recognize for our plans.Factors we consider in determining our expected long-term rate of return include:  historical returns for a portfolio of assets similar to our expected allocation and  expected future performance of similar asset classes. The actual return on plan assets in any given year may vary from our expected long-term rate of return. Actual returns on plan assets affect the funded status of the plans. Differences between actual returns on plan assets and the expected long-term rate of return are reflected as adjustments to accumulated other comprehensive loss, a component of total equity.Discount rates. Discount rates are used to estimate the net present value of our plan obligations. The discount rates are determined at the measurement date by matching current spot rates of high-quality corporate bonds with maturities similar to the timing of expected cash outflows for benefits.

---

## No Match in Current: NOTE 2: BUSINESS SEGMENTS

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Our business segments and how we account for those segments are discussed in Note 1: Summary of Significant Accounting Policies. This note provides key financial data by business segment. Note 1: Summary of Significant Accounting Policies

---

## No Match in Current: KEY FINANCIAL DATA BY BUSINESS SEGMENT

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

Sales and Net Contribution (Charge) to Earnings DOLLAR AMOUNTS IN MILLIONS UNALLOCATED REAL ITEMS AND ESTATE WOOD INTERSEGMENT TIMBERLANDS & ENR PRODUCTS ELIMINATIONS CONSOLIDATED Sales to unaffiliated customers 2023 $ 1,654 $ 363 $ 5,657 $  -  $ 7,674 2022 $ 1,858 $ 368 $ 7,958 $  -  $ 10,184 2021 $ 1,636 $ 344 $ 8,221 $  -  $ 10,201 Intersegment sales 2023 $ 572 $  -  $  -  $ (572 ) $  -  2022 $ 561 $  -  $  -  $ (561 ) $  -  2021 $ 535 $  -  $  -  $ (535 ) $  -  Net contribution (charge) to earnings 2023 $ 488 $ 211 $ 709 $ (191 ) $ 1,217 2022 $ 528 $ 218 $ 2,536 $ (431 ) $ 2,851 2021 $ 464 $ 210 $ 3,211 $ (256 ) $ 3,629

---

## No Match in Current: Sales and Net Contribution (Charge) to Earnings

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

DOLLAR AMOUNTS IN MILLIONS UNALLOCATED REAL ITEMS AND ESTATE WOOD INTERSEGMENT TIMBERLANDS & ENR PRODUCTS ELIMINATIONS CONSOLIDATED Sales to unaffiliated customers 2023 $ 1,654 $ 363 $ 5,657 $  -  $ 7,674 2022 $ 1,858 $ 368 $ 7,958 $  -  $ 10,184 2021 $ 1,636 $ 344 $ 8,221 $  -  $ 10,201 Intersegment sales 2023 $ 572 $  -  $  -  $ (572 ) $  -  2022 $ 561 $  -  $  -  $ (561 ) $  -  2021 $ 535 $  -  $  -  $ (535 ) $  -  Net contribution (charge) to earnings 2023 $ 488 $ 211 $ 709 $ (191 ) $ 1,217 2022 $ 528 $ 218 $ 2,536 $ (431 ) $ 2,851 2021 $ 464 $ 210 $ 3,211 $ (256 ) $ 3,629 Management evaluates segment performance based on the net contribution (charge) to earnings of the respective segments. An analysis and reconciliation of our business segment information to the consolidated financial statements are included below: Reconciliation of Net Contribution to Earnings to Net Earnings DOLLAR AMOUNTS IN MILLIONS 2023 2022 2021 Net contribution to earnings $ 1,217 $ 2,851 $ 3,629 Interest expense, net of capitalized interest (280 ) (270 ) (313 ) Loss on debt extinguishment (Note 11)  -  (276 )  -  Income before income taxes 937 2,305 3,316 Income taxes (98 ) (425 ) (709 ) Net earnings $ 839 $ 1,880 $ 2,607 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 72 Table of Contents

---

## No Match in Current: Reconciliation of Net Contribution to Earnings to Net Earnings

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

DOLLAR AMOUNTS IN MILLIONS 2023 2022 2021 Net contribution to earnings $ 1,217 $ 2,851 $ 3,629 Interest expense, net of capitalized interest (280 ) (270 ) (313 ) Loss on debt extinguishment (Note 11)  -  (276 )  - 

---

## No Match in Current: Net earnings

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

$ 839 $ 1,880 Environmental remediation charge 8  -  Gain on sale of timberlands (83 )  -  Insurance recovery (10 )  -  Legal benefit (25 )  -  Legal expense 20  -  Loss on debt extinguishment  -  207 Pension settlement charge  -  152 Restructuring, impairments and other charges  -  8

---

## No Match in Current: Additional Financial Information

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS CONSOLIDATED Depreciation, depletion and amortization 2023 $ 267 $ 16 $ 210 $ 7 $ 500 2022 $ 256 $ 17 $ 201 $ 6 $ 480 2021 $ 261 $ 15 $ 196 $ 5 $ 477 Capital expenditures 2023 $ 111 $  -  $ 323 $ 13 $ 447 2022 $ 113 $  -  $ 347 $ 8 $ 468 2021 $ 114 $  -  $ 320 $ 7 $ 441 Total Assets DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS AND WOOD UNALLOCATED REAL ESTATE & ENR PRODUCTS ITEMS CONSOLIDATED Total assets(1) 2023 $ 12,596 $ 3,073 $ 1,314 $ 16,983 2022 $ 12,682 $ 2,933 $ 1,725 $ 17,340 (1)Assets attributable to the Real Estate & ENR segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.

---

## No Match in Current: Total Assets

*This section from the 2024 filing does not have a high-confidence textual match in 2025. It may have been removed, merged, or substantially reworded.*

DOLLAR AMOUNTS IN MILLIONS TIMBERLANDS AND WOOD UNALLOCATED REAL ESTATE & ENR PRODUCTS ITEMS CONSOLIDATED Total assets(1) 2023 $ 12,596 $ 3,073 $ 1,314 $ 16,983 2022 $ 12,682 $ 2,933 $ 1,725 $ 17,340 (1)Assets attributable to the Real Estate & ENR segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally. Assets attributable to the Real Estate & ENR segment are combined with total assets for the Timberlands segment as we do not produce separate balance sheets internally.

---

## Modified: A strike or other work stoppage, or our inability to renew collective bargaining agreements on favorable terms, could adversely affect our financial results.

**Key changes:**

- Reworded sentence: "A significant number of employees in our Western Timberlands and in our Wood Products businesses located in the Pacific Northwest are covered by a collective bargaining agreement, and these employees have in the recent past commenced a work stoppage that was subsequently resolved."
- Added sentence: "WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 Table of Contents Table of Contents Table of Contents"

**Prior (2024):**

A significant number of employees in our Western Timberlands and Wood Products businesses are covered by collective bargaining agreements. As we previously disclosed, certain of these employees commenced a work stoppage in 2022, which was shortly thereafter resolved, affecting the company's operations in Washington and Oregon. If our unionized workers were to engage in a protracted work stoppage, we could experience a significant disruption of operations at our facilities. Likewise, if our non-unionized operations were to become unionized and thereafter commence a work stoppage, we could experience a significant disruption of operations at our facilities. If we are unable to reach or renew collective bargaining agreements with our unionized workers, we could also experience higher ongoing labor costs. Any work stoppage by any one or more of our significant customers, transportation providers or suppliers could also have similar negative effects on us. Depending on scope and duration, any of these labor disruptions could have a material adverse effect on our financial condition, results of operations or cash flows.

**Current (2025):**

A significant number of employees in our Western Timberlands and in our Wood Products businesses located in the Pacific Northwest are covered by a collective bargaining agreement, and these employees have in the recent past commenced a work stoppage that was subsequently resolved. We also have collective bargaining agreements with smaller groups of employees in various other parts of our business operations. If our unionized workers were to engage in a protracted work stoppage, we could experience a significant disruption of operations at our facilities. Likewise, if our non-unionized operations were to become unionized and thereafter commence a work stoppage, we could experience a significant disruption of operations at our facilities. If we are unable to reach or renew collective bargaining agreements with our unionized workers, we could also experience higher ongoing labor costs. Any work stoppage by any one or more of our significant customers, transportation providers or suppliers could also have similar negative effects on us. Depending on scope and duration, any of these labor disruptions could have a material adverse effect on our financial condition, results of operations or cash flows. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 35 Table of Contents Table of Contents Table of Contents

---

## Modified: SHARE REPURCHASES

**Key changes:**

- Reworded sentence: "We repurchased 4.9 million common shares for approximately $153 million (including transaction fees) during the year ended December 31, 2024."

**Prior (2024):**

We repurchased 4.1 million common shares for approximately $125 million (including transaction fees) during the year ended December 31, 2023. We repurchased 16.0 million common shares for approximately $550 million (including transaction fees) in 2022. As of December 31, 2023, we had remaining authorization of $252 million for future share repurchases. For further information on share repurchases see Note 14: Shareholders' Interest. Note 14: Shareholders' Interest

**Current (2025):**

We repurchased 4.9 million common shares for approximately $153 million (including transaction fees) during the year ended December 31, 2024. We repurchased 4.1 million common shares for approximately $125 million (including transaction fees) in 2023. As of December 31, 2024, we had remaining authorization of $99 million for future share repurchases. For further information on share repurchases see Note 14: Shareholders' Interest. Note 14: Shareholders' Interest

---

## Modified: OUR CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS

**Key changes:**

- Reworded sentence: "More details about our contractual obligations and commercial commitments are in Note 8: Pension and Other Post-Employment Benefit Plans, Note 10: Line of Credit, Note 11: Long-Term Debt, Net, Note 13: Legal Proceedings, Commitments and Contingencies, Note 16: Leases and Note 18: Income Taxes."

**Prior (2024):**

More details about our contractual obligations and commercial commitments are in Note 8: Pension and Other Post-Employment Benefit Plans, Note 10: Line of Credit, Note 11: Long-Term Debt, Net, Note 13: Legal Proceedings, Commitments and Contingencies, Note 16: Leases and Note 19: Income Taxes. Note 8: Pension and Other Post-Employment Benefit Plans Note 10: Line of Credit Note 11: Long-Term Debt, Net Note 13: Legal Proceedings, Commitments and Contingencies Note 16: Leases Note 19: Income Taxes WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 53 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 53 Table of Contents Table of Contents Table of Contents

**Current (2025):**

More details about our contractual obligations and commercial commitments are in Note 8: Pension and Other Post-Employment Benefit Plans, Note 10: Line of Credit, Note 11: Long-Term Debt, Net, Note 13: Legal Proceedings, Commitments and Contingencies, Note 16: Leases and Note 18: Income Taxes. Note 8: Pension and Other Post-Employment Benefit Plans Note 10: Line of Credit Note 11: Long-Term Debt, Net Note 13: Legal Proceedings, Commitments and Contingencies Note 16: Leases Note 18: Income Taxes WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 54 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 54 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 54 Table of Contents Table of Contents Table of Contents

---

## Modified: Net Sales and Net Contribution to Earnings for Real Estate, Energy and Natural Resources

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2023 vs. 2023 2022 2022 Net sales to unaffiliated buyers: Real estate $ 237 $ 235 $ 2 Energy and natural resources 126 133 (7 )

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs. 2024 2023 2023 Net sales to unaffiliated buyers: Real estate $ 280 $ 237 $ 43 Energy and natural resources 111 126 (15 )

---

## Modified: Operating Income and Net Contribution to Earnings

**Key changes:**

- Reworded sentence: "Operating income and net contribution to earnings increased $5 million  -  2 percent  -  primarily due to the change in the components of gross margin, as discussed above."

**Prior (2024):**

Operating income and net contribution to earnings decreased $40 million  -  8 percent  -  primarily due to the change in the components of gross margin, as discussed above, partially offset by an $84 million gain on sale of timberlands recorded in fourth quarter 2023. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 Table of Contents Table of Contents Table of Contents

**Current (2025):**

Operating income and net contribution to earnings increased $5 million  -  2 percent  -  primarily due to the change in the components of gross margin, as discussed above. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 Table of Contents Table of Contents Table of Contents

---

## Modified: Accumulated other comprehensive loss:

**Key changes:**

- Reworded sentence: "Balance at beginning of year (293 ) (247 ) (479 ) Other comprehensive (loss) income (109 ) (46 ) 232"

**Prior (2024):**

Balance at beginning of year (247 ) (479 ) (822 ) Other comprehensive (loss) income (46 ) 232 343

**Current (2025):**

Balance at beginning of year (293 ) (247 ) (479 ) Other comprehensive (loss) income (109 ) (46 ) 232

---

## Modified: COMPARING 2024 WITH 2023

**Key changes:**

- Reworded sentence: "Net Sales Net sales decreased $436 million  -  8 percent  -  primarily due to:  a $217 million decrease in structural lumber sales attributable to a 7 percent decrease in sales realizations, as well as a 3 percent decrease in sales volumes;  an $89 million decrease in complementary building products sales attributable to decreased sales volumes across most products;  a $75 million decrease in engineered solid section sales attributable to a 10 percent decrease in sales realizations;  a $57 million decrease in engineered I-joists sales attributable to a 10 percent decrease in sales realizations, as well as a 3 percent decrease in sales volumes;  a $29 million decrease in other products produced primarily attributable to decreased sales realizations for wood chips and  an $8 million decrease in softwood plywood sales attributable to a 5 percent decrease in sales realizations."

**Prior (2024):**

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

**Current (2025):**

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

---

## Modified: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

**Key changes:**

- Reworded sentence: "As of December 31, 2024, there were 11,110 holders of record of our common shares."

**Prior (2024):**

Our common stock trades on the New York Stock Exchange under the symbol WY. As of December 31, 2023, there were 11,858 holders of record of our common shares.

**Current (2025):**

Our common stock trades on the New York Stock Exchange under the symbol WY. As of December 31, 2024, there were 11,110 holders of record of our common shares. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 42 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 42 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 42 Table of Contents Table of Contents Table of Contents

---

## Modified: Our business and financial results may be adversely affected if we are unable to successfully execute on important strategic initiatives.

**Key changes:**

- Reworded sentence: "Known risks include but are not limited to market acceptance or changes in demand for our natural climate solutions products and services as these new markets evolve over time."

**Prior (2024):**

Our strategic initiatives are designed to improve our results of operations and drive long-term shareholder value. These initiatives include, among others, optimizing cash flow through operational excellence, reducing costs to achieve industry-leading cost structure, innovating in higher-margin products and pursuing opportunities in emerging markets through our Real Estate, Energy & Natural Resources segment. For example, through our natural climate solutions business we are pursuing opportunities to participate in new and emerging markets for forest carbon credits and carbon storage, and the success of these endeavors is subject to many known and unknown risks. Known risks include, but are not limited to, market acceptance of our products and services, changes to demand for our products and services as these new markets evolve over time and political and regulatory developments that may make it more costly, or impossible, to pursue these business opportunities. There can be no assurance that we will be able to successfully implement any one or more of our important strategic initiatives in accordance with our expectations, which could result in an adverse effect on our business and financial results.

**Current (2025):**

Our strategic initiatives are designed to improve our results of operations and drive long-term shareholder value. These initiatives include, among others, optimizing cash flow through operational excellence, reducing costs to achieve industry-leading cost structure, innovating in higher-margin products and pursuing opportunities in emerging markets through our Real Estate, Energy & Natural Resources segment. For example, through our natural climate solutions business we are pursuing opportunities to participate in new and emerging markets for forest carbon credits and carbon storage, and the success of these endeavors is subject to many known and unknown risks. Known risks include but are not limited to market acceptance or changes in demand for our natural climate solutions products and services as these new markets evolve over time. Political and regulatory developments could also make these business opportunities less profitable or even impossible to pursue. We are also investing significant capital resources in constructing a new TimberStrand® manufacturing facility, and our ability to realize our projected financial and other benefits of the project is also subject to many known and unknown risks. These include but are not limited to our ability to timely commence or complete construction of the facility, our ability to procure necessary government licenses, approvals and permits, our receipt of certain tax abatement and related financial incentives from state and local governments and the performance of vendors and contractors. There can be no assurance that we will be able to successfully implement any one or more of our important strategic initiatives in accordance with our expectations, which could result in an adverse effect on our business and financial results.

---

## Modified: Cash flows from financing activities:

**Key changes:**

- Reworded sentence: "Cash dividends on common shares (684 ) (1,216 ) (1,617 ) Net proceeds from issuance of long-term debt (Note 11)  -  992 881 Payments on long-term debt (Note 11)  -  (978 ) (1,203 ) Repurchases of common shares (Note 14) (154 ) (131 ) (543 ) Other (14 ) (9 ) (9 )"

**Prior (2024):**

Cash dividends on common shares (1,216 ) (1,617 ) (884 ) Net proceeds from issuance of long-term debt (Note 11) 992 881  -  Payments on long-term debt (Note 11) (978 ) (1,203 ) (375 ) Repurchases of common shares (Note 14) (131 ) (543 ) (100 ) Other (9 ) (9 ) 29

**Current (2025):**

Cash dividends on common shares (684 ) (1,216 ) (1,617 ) Net proceeds from issuance of long-term debt (Note 11)  -  992 881 Payments on long-term debt (Note 11)  -  (978 ) (1,203 ) Repurchases of common shares (Note 14) (154 ) (131 ) (543 ) Other (14 ) (9 ) (9 )

---

## Modified: Adjusted FAD

**Key changes:**

- Reworded sentence: "We use Adjusted Funds Available for Distribution (Adjusted FAD) to evaluate the company's liquidity and measure cash generated during the period (net of capital expenditures and significant nonrecurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities."
- Reworded sentence: "The table below reconciles Adjusted FAD to net cash from operations: DOLLAR AMOUNTS IN MILLIONS 2024 2023"

**Prior (2024):**

$ 1.02 $ 3.02 We use Adjusted Funds Available for Distribution (Adjusted FAD) to evaluate the company's liquidity and measure cash generated during the period (net of capital expenditures and significant nonrecurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, results reported in accordance with U.S. GAAP. However, we believe the measure provides meaningful supplemental information for our investors about our liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Our definition of Adjusted FAD may be different from similarly titled measures reported by other companies, including those in our industry. We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. The table below reconciles Adjusted FAD to net cash from operations: DOLLAR AMOUNTS IN MILLIONS 2023 2022

**Current (2025):**

We use Adjusted Funds Available for Distribution (Adjusted FAD) to evaluate the company's liquidity and measure cash generated during the period (net of capital expenditures and significant nonrecurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, results reported in accordance with U.S. GAAP. However, we believe the measure provides meaningful supplemental information for our investors about our liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Our definition of Adjusted FAD may be different from similarly titled measures reported by other companies, including those in our industry. We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. The table below reconciles Adjusted FAD to net cash from operations: DOLLAR AMOUNTS IN MILLIONS 2024 2023

---

## Modified: Net change in cash, cash equivalents and restricted cash

**Key changes:**

- Reworded sentence: "$ (480 ) $ (417 ) $ (418 ) Cash, cash equivalents and restricted cash at beginning of year $ 1,164 $ 1,581 $ 1,999 Cash, cash equivalents and restricted cash at end of year $ 684 $ 1,164 $ 1,581 Cash paid during the year for: Interest, net of amounts capitalized of $10 in 2024, $7 in 2023 and $6 in 2022 $ 259 $ 283 $ 283 Income taxes, net of refunds $ 60 $ 63 $ 566 See accompanying Notes to Consolidated Financial Statements."

**Prior (2024):**

$ (417 ) $ (418 ) $ 1,504 Cash, cash equivalents and restricted cash at beginning of year $ 1,581 $ 1,999 $ 495 Cash, cash equivalents and restricted cash at end of year $ 1,164 $ 1,581 $ 1,999 Cash paid during the year for: Interest, net of amounts capitalized of $7 in 2023, $6 in 2022 and $4 in 2021 $ 283 $ 283 $ 315 Income taxes, net of refunds $ 63 $ 566 $ 609 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 63 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 63 Table of Contents Table of Contents Table of Contents

**Current (2025):**

$ (480 ) $ (417 ) $ (418 ) Cash, cash equivalents and restricted cash at beginning of year $ 1,164 $ 1,581 $ 1,999 Cash, cash equivalents and restricted cash at end of year $ 684 $ 1,164 $ 1,581 Cash paid during the year for: Interest, net of amounts capitalized of $10 in 2024, $7 in 2023 and $6 in 2022 $ 259 $ 283 $ 283 Income taxes, net of refunds $ 60 $ 63 $ 566 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 64 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 64 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 64 Table of Contents Table of Contents Table of Contents

---

## Modified: Cash flows from investing activities:

**Key changes:**

- Reworded sentence: "Capital expenditures for property and equipment (364 ) (390 ) (415 ) Capital expenditures for timberlands reforestation (52 ) (57 ) (53 ) Acquisition of timberlands (Note 4) (251 ) (233 ) (295 ) Proceeds from sale of timberlands (Note 4)  -  166  -  Purchase of short-term investments  -  (664 )  -  Maturities of short-term investments  -  664  -  Other 31 6 4"

**Prior (2024):**

Capital expenditures for property and equipment (390 ) (415 ) (386 ) Capital expenditures for timberlands reforestation (57 ) (53 ) (55 ) Acquisition of timberlands (Note 4) (233 ) (295 ) (149 ) Proceeds from sale of timberlands (Note 4) 166  -  261 Purchase of short-term investments (664 )  -   -  Maturities of short-term investments 664  -   -  Other 6 4 4

**Current (2025):**

Capital expenditures for property and equipment (364 ) (390 ) (415 ) Capital expenditures for timberlands reforestation (52 ) (57 ) (53 ) Acquisition of timberlands (Note 4) (251 ) (233 ) (295 ) Proceeds from sale of timberlands (Note 4)  -  166  -  Purchase of short-term investments  -  (664 )  -  Maturities of short-term investments  -  664  -  Other 31 6 4

---

## Modified: RESULTS OF OPERATIONS

**Key changes:**

- Removed sentence: "WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 45 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 45 Table of Contents Table of Contents Table of Contents"

**Prior (2024):**

In reviewing our results of operations, it is important to understand these terms:  Sales realizations refer to net selling prices  -  this includes selling price plus freight minus normal sales deductions.  Net contribution (charge) to earnings refers to earnings (loss) before interest expense, loss on debt extinguishment and income taxes. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 45 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 45 Table of Contents Table of Contents Table of Contents

**Current (2025):**

In reviewing our results of operations, it is important to understand these terms:  Sales realizations refer to net selling prices  -  this includes selling price plus freight minus normal sales deductions.  Net contribution (charge) to earnings refers to earnings (loss) before interest expense, loss on debt extinguishment and income taxes.

---

## Modified: CASH FROM OPERATIONS

**Key changes:**

- Reworded sentence: "Consolidated net cash from operations was:  $1,008 million in 2024 and  $1,433 million in 2023."

**Prior (2024):**

Consolidated net cash from operations was:  $1,433 million in 2023 and  $2,832 million in 2022.

**Current (2025):**

Consolidated net cash from operations was:  $1,008 million in 2024 and  $1,433 million in 2023.

---

## Modified: Costs of Sales

**Key changes:**

- Reworded sentence: "Costs of sales decreased $183 million  -  4 percent  -  primarily due to decreased sales volumes across most product lines."

**Prior (2024):**

Costs of sales decreased $572 million  -  9 percent  -  primarily due to decreased sales volumes across most product lines and decreased raw material prices within our Wood Products segment, as well as decreased third-party log purchases within our Timberlands segment.

**Current (2025):**

Costs of sales decreased $181 million  -  3 percent  -  primarily due to decreased sales volumes across most product lines in Wood Products, as well as decreased sales volumes in our Timberlands segment, partially offset by an increase in acres sold in our Real Estate, Energy and Natural Resources segment.

---

## Modified: Net contribution to earnings

**Key changes:**

- Reworded sentence: "$ 280 $ 488 $ (208 ) (1)Other products include sales of seeds and seedlings from our nursery operations and wood chips."

**Prior (2024):**

$ 488 $ 528 $ (40 ) (1)Other products include sales of seeds and seedlings from our nursery operations and wood chips. Other products include sales of seeds and seedlings from our nursery operations and wood chips.

**Current (2025):**

$ 280 $ 488 $ (208 ) (1)Other products include sales of seeds and seedlings from our nursery operations and wood chips. Other products include sales of seeds and seedlings from our nursery operations and wood chips.

---

## Modified: Total liabilities

**Key changes:**

- Reworded sentence: "6,815 6,747 Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Equity: Weyerhaeuser shareholders' interest (Notes 14 and 15): Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 725,845 thousand shares at December 31, 2024 and 729,753 thousand shares at December 31, 2023 908 912 Other capital 7,500 7,608 Retained earnings 1,715 2,009 Accumulated other comprehensive loss (Note 14) (402 ) (293 )"

**Prior (2024):**

6,747 6,591 Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Equity: Weyerhaeuser shareholders' interest (Notes 14 and 15): Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 729,753 thousand shares at December 31, 2023 and 732,794 thousand shares at December 31, 2022 912 916 Other capital 7,608 7,691 Retained earnings 2,009 2,389 Accumulated other comprehensive loss (Note 14) (293 ) (247 )

**Current (2025):**

6,815 6,747 Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Commitments and contingencies (Note 13) Equity: Weyerhaeuser shareholders' interest (Notes 14 and 15): Common shares: $1.25 par value; authorized 1,360 million shares; issued and outstanding: 725,845 thousand shares at December 31, 2024 and 729,753 thousand shares at December 31, 2023 908 912 Other capital 7,500 7,608 Retained earnings 1,715 2,009 Accumulated other comprehensive loss (Note 14) (402 ) (293 )

---

## Modified: Net earnings per diluted share

**Key changes:**

- Reworded sentence: "$ 0.54 $ 1.15 Environmental remediation charge  -  0.01 Gain on sale of timberlands  -  (0.12 ) Insurance recovery  -  (0.01 ) Legal benefit  -  (0.03 ) Legal expense  -  0.02 Product remediation recovery (0.02 )  -  Restructuring, impairments and other charges 0.01  - "

**Prior (2024):**

$ 1.15 $ 2.53 Environmental remediation charge 0.01  -  Gain on sale of timberlands (0.12 )  -  Insurance recovery (0.01 )  -  Legal benefit (0.03 )  -  Legal expense 0.02  -  Loss on debt extinguishment  -  0.28 Pension settlement charge  -  0.20 Restructuring, impairments and other charges  -  0.01

**Current (2025):**

$ 0.54 $ 1.15 Environmental remediation charge  -  0.01 Gain on sale of timberlands  -  (0.12 ) Insurance recovery  -  (0.01 ) Legal benefit  -  (0.03 ) Legal expense  -  0.02 Product remediation recovery (0.02 )  -  Restructuring, impairments and other charges 0.01  - 

---

## Modified: RISK MITIGATION

**Key changes:**

- Reworded sentence: "Moreover, our businesses do not involve or represent national infrastructure, the likes of which are common targets of cyber attackers (e.g., energy, oil and gas, transportation, communications and banking and financial systems)."
- Reworded sentence: "Although during the three-year period ended December 31, 2024 and to date these risks have not materialized into any incident or series of incidents that have materially affected, or are reasonably likely to materially affect the company, its business strategy, results of operations or financial condition or otherwise caused material harm to the company, we have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks."
- Reworded sentence: "Although during the three-year period ended December 31, 2024 and to date these risks have not materialized into any incident or series of incidents that have materially affected, or are reasonably likely to materially affect the company have materially affected, or are reasonably likely to materially affect the company , its business strategy, results of operations or financial condition or otherwise caused material harm to the company Item 1A Risk Factors PROPERTIES Details about our facilities, production capacities and locations are found in the Our Business  -  What We Do section of this report."
- Reworded sentence: "Our Business/What We Do/Timberlands/Where We Do It  For details about our Real Estate, Energy and Natural Resources properties, go to Our Business/What We Do/Real Estate, Energy and Natural Resources/Where We Do It."

**Prior (2024):**

We also manage cybersecurity risk by limiting our threat landscape. For example, we do not store, transmit or process many of the types of data commonly targeted in cyberattacks, such as consumer credit card or financial information, nor do we store or maintain significant proprietary data on our systems. Moreover, our businesses do not involve or represent national infrastructure, the likes of which are common targets of cyber attackers (e.g., energy, oil & gas, transportation, communications, banking and financial systems, etc.). We recognize that cyber threats are a permanent part of the risk landscape and that new threats are constantly evolving. For these and other reasons, cybersecurity is a top risk management priority at Weyerhaeuser. Like many companies, we face a number of cybersecurity risks in the day-to-day operation of our business. Although to date these risks have not materialized into any instances or series of instances that have had a material adverse effect on our business or otherwise caused material harm to the company, we have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks. For more information about the cybersecurity risks we face, see the risk factor entitled "Information Systems and Cybersecurity" in Item 1A Risk Factors. Item 1A Risk Factors PROPERTIES Details about our facilities, production capacities and locations are found in the Our Business  -  What We Do section of this report. Our Business  -  What We Do  For details about our Timberlands properties, go to Our Business/What We Do/Timberlands/Where We Do It. Our Business/What We Do/Timberlands/Where We Do It WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 41 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 41 Table of Contents Table of Contents Table of Contents  For details about our Real Estate, Energy and Natural Resources properties, go to Our Business/What We Do/Real Estate, Energy and Natural Resources/Where We Do It. Our Business/What We Do/Real Estate, Energy and Natural Resources/Where We Do It  For details about our Wood Products properties, go to Our Business/What We Do/Wood Products/Where We Do It. Our Business/What We Do/Wood Products/Where We Do It

**Current (2025):**

We also manage cybersecurity risk by limiting our threat landscape. For example, we do not store, transmit or process many of the types of data commonly targeted in cyberattacks, such as consumer credit card or financial information, nor do we store or maintain significant proprietary data on our systems. Moreover, our businesses do not involve or represent national infrastructure, the likes of which are common targets of cyber attackers (e.g., energy, oil and gas, transportation, communications and banking and financial systems). We recognize that cyber threats are a permanent part of the risk landscape and that new threats are constantly evolving. For these and other reasons, cybersecurity is a top risk management priority at Weyerhaeuser. Like many companies, we face a number of cybersecurity risks in the day-to-day operation of our business. Although during the three-year period ended December 31, 2024 and to date these risks have not materialized into any incident or series of incidents that have materially affected, or are reasonably likely to materially affect the company, its business strategy, results of operations or financial condition or otherwise caused material harm to the company, we have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks. Over this same time period, certain of our vendors and service providers have notified us of cybersecurity incidents involving their own systems and these cybersecurity incidents, likewise, have not materially affected us, our business strategy, results of operations or financial condition or otherwise caused material harm to the company. To date, we have incurred no expenses for penalties or settlements with a third party relating to any cybersecurity incidents. For more information about the cybersecurity risks we face, see the risk factor entitled "Information Systems and Cybersecurity" in Item 1A Risk Factors. Although during the three-year period ended December 31, 2024 and to date these risks have not materialized into any incident or series of incidents that have materially affected, or are reasonably likely to materially affect the company have materially affected, or are reasonably likely to materially affect the company , its business strategy, results of operations or financial condition or otherwise caused material harm to the company Item 1A Risk Factors PROPERTIES Details about our facilities, production capacities and locations are found in the Our Business  -  What We Do section of this report. Our Business  -  What We Do  For details about our Timberlands properties, go to Our Business/What We Do/Timberlands/Where We Do It. Our Business/What We Do/Timberlands/Where We Do It  For details about our Real Estate, Energy and Natural Resources properties, go to Our Business/What We Do/Real Estate, Energy and Natural Resources/Where We Do It. Our Business/What We Do/Real Estate, Energy and Natural Resources/Where We Do It  For details about our Wood Products properties, go to Our Business/What We Do/Wood Products/Where We Do It. Our Business/What We Do/Wood Products/Where We Do It

---

## Modified: Subtotal net sales to unaffiliated customers

**Key changes:**

- Reworded sentence: "1,512 1,654 (142 ) Intersegment net sales 554 572 (18 )"

**Prior (2024):**

1,654 1,858 (204 ) Intersegment net sales 572 561 11

**Current (2025):**

1,512 1,654 (142 ) Intersegment net sales 554 572 (18 )

---

## Modified: Earnings before income taxes

**Key changes:**

- Reworded sentence: "427 937 2,305 Income taxes (Note 18) (31 ) (98 ) (425 )"

**Prior (2024):**

937 2,305 3,316 Income taxes (Note 19) (98 ) (425 ) (709 )

**Current (2025):**

427 937 2,305 Income taxes (Note 18) (31 ) (98 ) (425 )

---

## Modified: Adjusted EBITDA by Segment

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS 2024 2023 Timberlands $ 539 $ 646 Real Estate & ENR 349 320 Wood Products 661 905 Unallocated Items (257 ) (177 ) Total $ 1,292 $ 1,694 We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S."
- Reworded sentence: "The table below reconciles Adjusted EBITDA by segment to net earnings for the year ended December 31, 2024: DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS TOTAL Net earnings $ 396 Interest expense, net of capitalized interest 269 Income taxes 31"

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS 2023 2022 Timberlands $ 646 $ 784 Real Estate & ENR 320 329 Wood Products 905 2,737 Unallocated Items (177 ) (196 ) Total $ 1,694 $ 3,654 We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each. The table below reconciles Adjusted EBITDA by segment to net earnings for the year ended December 31, 2023: DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS TOTAL Net earnings $ 839 Interest expense, net of capitalized interest 280 Income taxes 98

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS 2024 2023 Timberlands $ 539 $ 646 Real Estate & ENR 349 320 Wood Products 661 905 Unallocated Items (257 ) (177 ) Total $ 1,292 $ 1,694 We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each. The table below reconciles Adjusted EBITDA by segment to net earnings for the year ended December 31, 2024: DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS TOTAL Net earnings $ 396 Interest expense, net of capitalized interest 269 Income taxes 31

---

## Modified: CREDIT RATINGS

**Key changes:**

- Reworded sentence: "As of December 31, 2024, our long-term issuer credit rating was BBB and Baa2 from S&P and Moody's, respectively."

**Prior (2024):**

As of December 31, 2023, our long-term issuer credit rating was BBB and Baa2 from S&P and Moody's, respectively. DIVIDENDS We paid cash dividends on common shares of:  $1,216 million in 2023 and  $1,617 million in 2022. The decrease in dividends paid is primarily due to a supplemental dividend of $0.90 per share based on 2022 financial results for a total of $660 million paid in first quarter 2023 in comparison to a supplemental dividend of $1.45 per share based on 2021 financial results for a total of $1,084 million paid in first quarter 2022. On January 25, 2024, our board of directors declared a supplemental dividend of $0.14 per share based on 2023 financial results. The dividend is payable on February 27, 2024 to shareholders of record as of the close of business on February 16, 2024. We plan to supplement our base dividend each year with an additional return of cash, in the form of a supplemental cash dividend and/or share repurchase, to achieve our targeted annual payout of total cash to shareholders of 75 to 80 percent of Adjusted Funds Available for Distribution (Adjusted FAD). For further information on Adjusted FAD see Performance and Liquidity Measures. Performance and Liquidity Measures

**Current (2025):**

As of December 31, 2024, our long-term issuer credit rating was BBB and Baa2 from S&P and Moody's, respectively. DIVIDENDS We paid cash dividends on common shares of:  $684 million in 2024 and  $1,216 million in 2023. The decrease in dividends paid is primarily due to a supplemental dividend of $0.14 per share based on 2023 financial results for a total of $102 million paid in first quarter 2024 in comparison to a supplemental dividend of $0.90 per share based on 2022 financial results for a total of $660 million paid in first quarter 2023. Under our cash return framework, we plan to supplement our base dividend with an additional return of variable cash, as appropriate, in the form of a supplemental cash dividend and/or share repurchase to achieve our targeted total return to shareholders of 75 to 80 percent of annual Adjusted Funds Available for Distribution (Adjusted FAD). For further information on Adjusted FAD see Performance and Liquidity Measures. Performance and Liquidity Measures

---

## Modified: FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2024

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2024 2023 2022"

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2023 2022 2021

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2024 2023 2022

---

## Modified: FOR THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2024

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2024 2023 2022"

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2023 2022 2021

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES 2024 2023 2022

---

## Modified: Costs of Sales

**Key changes:**

- Reworded sentence: "Costs of sales increased $26 million  -  21 percent  -  primarily due to an increase in acres sold."

**Prior (2024):**

Costs of sales decreased $572 million  -  9 percent  -  primarily due to decreased sales volumes across most product lines and decreased raw material prices within our Wood Products segment, as well as decreased third-party log purchases within our Timberlands segment.

**Current (2025):**

Costs of sales decreased $181 million  -  3 percent  -  primarily due to decreased sales volumes across most product lines in Wood Products, as well as decreased sales volumes in our Timberlands segment, partially offset by an increase in acres sold in our Real Estate, Energy and Natural Resources segment.

---

## Modified: Operating Income

**Key changes:**

- Reworded sentence: "Operating income decreased $501 million  -  42 percent  -  primarily due to a $369 million decrease in consolidated gross margin (see discussion of components above), as well as an $84 million decrease in gain on sale of timberlands (refer to Note 4: Timberland Acquisitions and Divestitures)."

**Prior (2024):**

Operating income decreased $1,894 million  -  61 percent  -  primarily due to a $1,938 million decrease in consolidated gross margin (see discussion of components above), partially offset by an $84 million gain on sale of timberlands (refer to Note 4: Timberland Acquisitions and Divestitures). Note 4: Timberland Acquisitions and Divestitures

**Current (2025):**

Operating income decreased $501 million  -  42 percent  -  primarily due to a $369 million decrease in consolidated gross margin (see discussion of components above), as well as an $84 million decrease in gain on sale of timberlands (refer to Note 4: Timberland Acquisitions and Divestitures). Note 4: Timberland Acquisitions and Divestitures

---

## Modified: LIABILITIES AND EQUITY

**Key changes:**

- Reworded sentence: "Current liabilities: Current maturities of long-term debt (Notes 11 and 12) $ 210 $  -  Accounts payable 255 287 Accrued liabilities (Note 9) 512 501"

**Prior (2024):**

Current liabilities: Current maturities of long-term debt (Notes 11 and 12) $  -  $ 982 Accounts payable 287 247 Accrued liabilities (Note 9) 501 511

**Current (2025):**

Current liabilities: Current maturities of long-term debt (Notes 11 and 12) $ 210 $  -  Accounts payable 255 287 Accrued liabilities (Note 9) 512 501

---

## Modified: RISK MANAGEMENT

**Key changes:**

- Added sentence: "Highlights of our training program include: •At least annual training for company employees who have access to our information systems."
- Added sentence: "At least annual training for company employees who have access to our information systems."
- Added sentence: "•Specialized training for all new hires."
- Added sentence: "Specialized training for all new hires."
- Added sentence: "•Targeted training for all employees aimed at responding to current and emerging risks and threats using tools such as situational simulations and frequent testing of our employees' ability to identify and appropriately respond to cybersecurity threats."

**Prior (2024):**

Our risk management program includes focused efforts on identifying, assessing and managing cybersecurity risk, including the following:  A robust information security training program that requires all company employees with access to our networks to participate in regular and mandatory training on how to be aware of, and help defend against, cyber risks, combined with periodic testing to measure the efficacy of our training efforts.  Alignment of our program with the National Institute of Standards and Technology Cybersecurity Framework to prevent, detect and respond to cyberattacks.  Ongoing adoption of a "zero trust" cybersecurity model.  Regular and robust testing of our systems to assess our vulnerability to cyber risk, which includes targeted penetration testing, tabletop incident response exercises, periodic audits of our systems by outside industry experts and regular vulnerability scanning.  A formal vendor risk assessment process to ensure any vendors with information access have appropriate security measures and practices in place.  Engaging external cybersecurity experts in incident response development and management.  Business continuity plans and critical recovery backup systems.  Insurance for damage to property caused by a cyberattack. Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis. He and other members of the cybersecurity team have deep and broad experience and training in cybersecurity management, as well as relevant education and industry recognized certifications in information systems security.

**Current (2025):**

Our risk management program includes focused efforts on identifying, assessing and managing cybersecurity risk, including the following:  A robust information security training program that requires all company employees with access to our networks to participate in regular and mandatory training on how to be aware of, and help defend against, cyber risks, combined with periodic testing to measure the efficacy of our training efforts. Highlights of our training program include: •At least annual training for company employees who have access to our information systems. At least annual training for company employees who have access to our information systems. •Specialized training for all new hires. Specialized training for all new hires. •Targeted training for all employees aimed at responding to current and emerging risks and threats using tools such as situational simulations and frequent testing of our employees' ability to identify and appropriately respond to cybersecurity threats. Targeted training for all employees aimed at responding to current and emerging risks and threats using tools such as situational simulations and frequent testing of our employees' ability to identify and appropriately respond to cybersecurity threats.  Alignment of our program with the National Institute of Standards and Technology Cybersecurity Framework to prevent, detect and respond to cyberattacks.  Ongoing adoption of a "zero trust" cybersecurity model.  Regular and robust testing of our systems to assess our vulnerability to cyber risk, which includes targeted penetration testing, tabletop incident response exercises, periodic audits of our systems by outside industry experts and regular vulnerability scanning.  A formal vendor risk assessment process to ensure any vendors with information access have appropriate security measures and practices in place. A formal vendor risk assessment process to ensure any vendors with information access have appropriate security measures and practices in place.  Engaging external cybersecurity experts in incident response development and management. Engaging  Business continuity plans and critical recovery backup systems.  Requiring employees and third parties who have access to our systems to treat confidential and private information and data with care.  Insurance for damage to property caused by a cyberattack. Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis. He and other members of the cybersecurity team have deep and broad experience and training in cybersecurity management, as well as relevant education and industry recognized certifications in information systems security. CYBERSECURITY INCIDENT RESPONSE PROCESSWe maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents. Our response plan ensures that our Cyber Incident Response Team, which includes our Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis. He and other members of the cybersecurity team have deep and broad experience and training in cybersecurity management, as well as relevant education and industry recognized certifications in information systems security. Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis Our chief information security officer (CISO) is primarily responsible for leading the technical team that assesses and manages cybersecurity risk for the company on a day-to-day basis He and other members of the cybersecurity team have deep and broad experience and training in cybersecurity management, as well as relevant education and industry recognized certifications in information systems security

---

## Modified: SUMMARY OF LONG-TERM DEBT OBLIGATIONS AS OF DECEMBER 31, 2024

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS 2025 2026 2027 2028 2029 THEREAFTER TOTAL(1) FAIR VALUE Fixed-rate debt $ 210 $ 1,022 $ 300 $  -  $ 750 $ 2,583 $ 4,865 $ 4,757 Average interest rate 8.31 % 5.52 % 6.95 %  -  % 4.00 % 5.06 % 5.25 % N/A Variable-rate debt(2) $  -  $  -  $  -  $ 250 $  -  $  -  $ 250 $ 250 (1)Excludes $39 million of unamortized discounts and capitalized debt expense."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS 2024 2025 2026 2027 2028 THEREAFTER TOTAL(1) FAIR VALUE Fixed-rate debt $  -  $ 210 $ 1,022 $ 300 $  -  $ 3,333 $ 4,865 $ 4,853 Average interest rate  -  % 8.31 % 5.52 % 6.95 %  -  % 4.82 % 5.25 % N/A Variable-rate debt(2) $  -  $  -  $  -  $  -  $ 250 $  -  $ 250 $ 250 (1)Excludes $46 million of unamortized discounts and capitalized debt expense. Excludes $46 million of unamortized discounts and capitalized debt expense. (2)As of December 31, 2023, the interest rate for our variable-rate debt was 7.31%, excluding estimated patronage refunds. As of December 31, 2023, the interest rate for our variable-rate debt was 7.31%, excluding estimated patronage refunds. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 58 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 58 Table of Contents Table of Contents Table of Contents

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS 2025 2026 2027 2028 2029 THEREAFTER TOTAL(1) FAIR VALUE Fixed-rate debt $ 210 $ 1,022 $ 300 $  -  $ 750 $ 2,583 $ 4,865 $ 4,757 Average interest rate 8.31 % 5.52 % 6.95 %  -  % 4.00 % 5.06 % 5.25 % N/A Variable-rate debt(2) $  -  $  -  $  -  $ 250 $  -  $  -  $ 250 $ 250 (1)Excludes $39 million of unamortized discounts and capitalized debt expense. Excludes $39 million of unamortized discounts and capitalized debt expense. (2)As of December 31, 2024, the interest rate for our variable-rate debt was 6.31%, excluding estimated patronage refunds. As of December 31, 2024, the interest rate for our variable-rate debt was 6.31%, excluding estimated patronage refunds. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 59 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 59 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 59 Table of Contents Table of Contents Table of Contents

---

## Modified: Net earnings before special items

**Key changes:**

- Reworded sentence: "$ 384 $ 749 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 Table of Contents Table of Contents Table of Contents The table below reconciles net earnings per diluted share before special items to net earnings per diluted share: AMOUNTS PER SHARE 2024 2023"

**Prior (2024):**

$ 749 $ 2,247 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 56 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 56 Table of Contents Table of Contents Table of Contents The table below reconciles net earnings per diluted share before special items to net earnings per diluted share: AMOUNTS PER SHARE 2023 2022

**Current (2025):**

$ 384 $ 749 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 57 Table of Contents Table of Contents Table of Contents The table below reconciles net earnings per diluted share before special items to net earnings per diluted share: AMOUNTS PER SHARE 2024 2023

---

## Modified: Net Charge to Earnings for Unallocated Items

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2023 vs. 2023 2022 2022 Unallocated corporate function and variable compensation expense $ (127 ) $ (139 ) $ 12 Liability classified share-based compensation (2 ) 4 (6 ) Foreign exchange gain 1 10 (9 ) Elimination of intersegment profit in inventory and LIFO 11 (21 ) 32 Other (105 ) (56 ) (49 )

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs. 2024 2023 2023 Unallocated corporate function and variable compensation expense $ (154 ) $ (127 ) $ (27 ) Liability classified share-based compensation 2 (2 ) 4 Foreign exchange gain 1 1  -  Elimination of intersegment profit in inventory and LIFO 4 11 (7 ) Other (120 ) (105 ) (15 )

---

## Modified: ECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS

**Key changes:**

- Reworded sentence: "The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB), as well as the demand for biofuels, such as wood-burning pellets made from pulpwood."
- Reworded sentence: "Over the past year, home sales and building activity moderated in part due to consistently elevated mortgage interest rates and reduced affordability."
- Reworded sentence: "Census Bureau, housing starts for fourth quarter 2024 averaged 1.4 million units, a 3.5 percent increase from third quarter 2024."
- Reworded sentence: "Sales of newly built, single-family homes averaged a seasonally adjusted annual rate of 662 thousand units for fourth quarter 2024, a decrease of 6.5 percent from third quarter 2024, primarily driven by a seasonal reduction in buying activity."
- Reworded sentence: "housing construction market supported by strong demographics in the key home buying age cohorts, a decade of under building and historically low housing inventory."

**Prior (2024):**

Our market conditions and the strength of the broader U.S. economy are, and will continue to be, influenced by the trajectory of activity in the U.S. housing and repair and remodel segments, inflation trends and interest rates. The demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products. The strength of the U.S. housing market, particularly new residential construction, strongly affects demand in our Wood Products segment, as does repair and remodeling activity. Seasonal weather patterns impact the level of construction activity in the U.S., which in turn affects demand for our logs and wood products. Our Timberlands segment, specifically the Western region, is also affected by export demand and trade policy. Japanese housing starts are a key driver of export log demand in Japan. The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB) WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 43 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 43 Table of Contents Table of Contents Table of Contents as well as the demand for biofuels, such as wood-burning pellets made from pulpwood. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, Western log markets are highly tensioned by available supply, while Southern log markets have more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies. Our Real Estate, Energy and Natural Resources segment is affected by a variety of factors, including the general state of the economy, local real estate market conditions, the level of construction activity in the U.S. and evolution of emerging renewable energy and carbon-related markets. Over the past year, particularly in the first half of 2023, home sales and building activity slowed due in part to higher mortgage interest rates, reduced affordability and general macroeconomic conditions. In the latter part of 2023, new home sales and construction activity strengthened, supported by near record-low levels of existing inventory. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for fourth quarter 2023 averaged 1.5 million units, a 6.1 percent increase from third quarter 2023. Single-family starts averaged 1.0 million units in fourth quarter 2023, a 7.7 percent increase from third quarter 2023. Multi-family starts averaged 412 thousand units in fourth quarter 2023, which was a 2.2 percent increase from third quarter 2023. Single-family construction is the primary driver for our business as compared to multi-family due to the amount of wood products used. Sales of newly built, single-family homes averaged a seasonally adjusted annual rate of 652 thousand units for fourth quarter 2023, a decrease of 6.0 percent from third quarter 2023. Over the medium to long-term, we expect a favorable U.S. housing construction market supported by strong demographics in the key homebuying age cohorts, a decade of underbuilding and a historically low housing inventory. Repair and remodeling expenditures were steady from third quarter 2023 to fourth quarter 2023 according to the Census Bureau Advance Retail Spending report. Do-it-yourself activity has been returning to more normalized levels while professionally contracted activities have benefited from larger projects and increases in home equity levels. Over the longer term, we expect this sector to return to pre-pandemic growth trends with healthy household balance sheets, elevated home equity and an aging U.S. housing stock, with a median age of 43 years. In U.S. wood product markets, demand for lumber and OSB was influenced by cautious buyer sentiment at the outset of fourth quarter 2023. As the quarter progressed, demand increased in response to strong single-family housing starts and improving macroeconomic conditions. The Random Lengths Framing Lumber Composite price averaged $384/MBF and the OSB Composite averaged $406/MSF in fourth quarter 2023. Over the course of the fourth quarter, composite prices for lumber decreased from $422/MBF to $395/MBF and composite prices for OSB decreased from $454/MSF to $430/MSF. In Western log markets, Douglas fir sawlog prices decreased 2.8 percent in fourth quarter 2023 compared with third quarter 2023, as reported by Fastmarkets RISI Log Lines based on Weyerhaeuser's sales mix. Overall, domestic log demand and prices faced downward pressure at the outset of the quarter, as mills adjusted to a softening lumber market and worked through elevated log inventories. As the quarter progressed, lumber markets improved, and log supply decreased seasonally. In the South, delivered sawlog prices decreased 0.5 percent in fourth quarter 2023 compared to third quarter 2023 and declined 3.6 percent from fourth quarter 2022 as reported by TimberMart-South. This was primarily driven by ample log supply, elevated mill inventories and reduced demand for finished goods during the quarter. Currency exchange rates, available supply from other countries and trade policy affect our export businesses. During fourth quarter 2023, end use demand in export markets was mixed. In Japan, total housing starts decreased 4.7 percent year to date through November compared to the same period in 2022, while the key Post and Beam segment saw a 6.2 percent decrease. Lumber imports to Japan from Europe were more balanced than in previous quarters, providing support for logs. China's weaker end use demand for logs and lumber was offset by lower competitive supply, leading to stable pricing for logs from the West. Interest rates affect our business primarily through their impact on mortgage rates and housing affordability, their general impact on the economy and their influence on our capital management activities. Actions by the U.S. Federal Reserve, the overall condition of the economy and fluctuations in financial markets are all factors that influence long-term interest rates. 30-year mortgage rates, which are correlated with long-term interest rates, decreased from 7.3 percent at the end of third quarter 2023 to 6.6 percent at the end of fourth quarter 2023, according to economic data from Freddie Mac. Many builders have been able to offset higher mortgage rates through discounts, mortgage rate buydowns and modifying product offerings such as home sizes and finishes. Higher rates have also locked-in many existing homeowners from selling, reducing inventories of existing homes for sale which has led to increased demand for available new homes. Increased inflation affects the cost of our operations across each of our business segments, including costs for raw materials, transportation, energy and labor. The Consumer Price Index increased at an annual rate of 3.4 percent as of December 2023, which is markedly down from its peak of over 9.0 percent annual increase in June 2022. While we can offset some of the impacts of inflation through our sales activities, our operational excellence initiatives and our procurement practices, not all of the costs associated with inflation can be fully mitigated or passed on to the consumer. The condition of the labor market affects all of our businesses as it relates to our ability to attract and retain employees and contractors. The unemployment rate of 3.7 percent in December 2023 remained near historically low levels and decreased 0.1 percent from the end of third quarter 2023. Governments and businesses across the globe are taking action on climate change and are making significant commitments towards decarbonizing operations and reducing greenhouse gas emissions to net zero. Achieving these commitments will require governments and companies to take major steps to modify operations, invest in low-carbon activities and purchase credits to reduce environmental impacts. We believe we are uniquely positioned to help entities achieve these commitments through natural climate solutions, including forest carbon sequestration, carbon capture and storage and renewable energy activities. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 44 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 44 Table of Contents Table of Contents Table of Contents

**Current (2025):**

Our market conditions and the strength of the broader U.S. economy are, and will continue to be, influenced by the trajectory of activity in the U.S. housing and repair and remodel segments, inflation trends and interest rates. The demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products. The strength of the U.S. housing market, particularly new residential construction, strongly affects demand in our Wood Products segment, as does repair and remodeling activity. Seasonal weather patterns impact the level of construction activity in the U.S., which in turn affects demand for our logs and wood products. Our Timberlands segment, specifically the Western region, is also affected by export demand and trade policy. Japanese housing starts are a key driver of export log demand in Japan. The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB), as well as the demand for biofuels, such as wood-burning pellets made from pulpwood. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, Western log markets are highly tensioned by available supply, while Southern log markets have more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies. Our Real Estate, Energy and Natural Resources segment is affected by a variety of factors, including the general state of the economy, local real estate market conditions, the level of construction activity in the U.S. and evolution of emerging renewable energy and carbon-related markets. Over the past year, home sales and building activity moderated in part due to consistently elevated mortgage interest rates and reduced affordability. Specifically, multi-family construction has been hampered by a large supply of recently completed projects as well as higher interest rates and other factors constraining the underwriting of proposed projects. In contrast, new single-family home construction has remained resilient, as existing homeowners continued to be constrained by the lock-in effect of lower mortgage rates, compared to current rates. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for fourth quarter 2024 averaged 1.4 million units, a 3.5 percent increase from third quarter 2024. Single-family starts averaged 1.0 million units in fourth quarter 2024, a 3.3 percent increase from third quarter 2024. Multi-family starts averaged 376 thousand units in fourth quarter 2024, which was a 4.1 percent increase from third quarter 2024. Single-family construction is the primary driver for our business as compared to multi-family due to the amount of wood products used. Sales of newly built, single-family homes averaged a seasonally adjusted annual rate of 662 thousand units for fourth quarter 2024, a decrease of 6.5 percent from third quarter 2024, primarily driven by a seasonal reduction in buying activity. Over the medium to long-term, we expect a favorable U.S. housing construction market supported by strong demographics in the key home buying age cohorts, a decade of under building and historically low housing inventory. Repair and remodeling expenditures decreased by 0.7 percent from third quarter 2024 to fourth quarter 2024 according to the Census Bureau Advance Retail Spending report. While there continues to be steady demand due to growing home equity and the lock-in effect, many homeowners have been more cautious in discretionary spending on large projects. Additionally, some repair and remodeling activity was accelerated during the pandemic which has had some impact on the level of spending. This softness has been reflected in both the do-it-yourself (DIY) and professionally built segments. Over the longer term, we expect this sector to resume pre-pandemic growth trends with healthy household balance sheets, elevated home equity and an aging U.S. housing stock, with a median age of 45 years. In U.S. wood product markets, pricing for lumber and OSB increased during the fourth quarter, primarily driven by more constrained market supply. Demand for both products reflected measured buyer sentiment and a typical seasonal reduction in building activity through the winter months. In fourth quarter 2024, the Random Lengths Framing Lumber Composite price averaged $429/MBF and the OSB Composite averaged WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 44 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 44 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 44 Table of Contents Table of Contents Table of Contents $401/MSF. Over the course of fourth quarter 2024, composite prices for lumber increased from $396/MBF to $433/MBF and composite prices for OSB increased from $344/MSF to $418/MSF. Recent mill curtailments contributed to the strengthening lumber prices. OSB prices were supported by steady demand and limited open-market supply. In Western log markets, Douglas fir sawlog prices increased 5.6 percent in fourth quarter 2024 compared with third quarter 2024, as reported by Fastmarkets RISI Log Lines based on Weyerhaeuser's sales mix. Strengthening lumber prices and seasonal reductions in log supply contributed to log price increases in fourth quarter 2024. In the South, delivered sawlog prices decreased 3.0 percent in fourth quarter 2024 compared to third quarter 2024 and declined 2.9 percent from fourth quarter 2023, as reported by TimberMart-South. This was largely driven by ample log supply and ongoing actions taken by mills to align capacity with lower demand for finished products, partially driven by the seasonal reduction in building activity in the winter months. Currency exchange rates, available supply from other countries and trade policy affect our export businesses. During fourth quarter 2024, end use demand in export markets moderated. In Japan, total housing starts decreased 3.4 percent year to date through November compared to the same period in 2023, while the key Post and Beam segment saw a 2.6 percent decrease. The slowing demand was partially offset by a decrease in lumber imports to Japan from Europe, and reduced inventories of European lumber in the Japanese market. China's log markets were generally stable despite ongoing softness in end-market demand. Interest rates affect our business primarily through their impact on mortgage rates and housing affordability, their general impact on the economy and their influence on our capital management activities. Actions by the U.S. Federal Reserve, the overall condition of the economy and fluctuations in financial markets are all factors that influence long-term interest rates. 30-year mortgage rates, which are correlated with long-term interest rates, increased from 6.1 percent in third quarter 2024 to 6.9 percent in fourth quarter 2024, according to economic data from Freddie Mac. Many builders have been able to offset higher mortgage rates through discounts, mortgage rate buydowns and modifying product offerings such as home sizes and finishes. Higher rates have also locked-in many existing homeowners from selling, thereby reducing inventories of existing homes for sale which has led to increased demand for available new homes. Increased inflation affects the cost of our operations across each of our business segments, including costs for raw materials, transportation, energy and labor. The Consumer Price Index increased at an annual rate of 2.9 percent as of December 2024 compared to 2.4 percent in September 2024. This rate is markedly down from its peak of over 9.0 percent in June 2022. While we can offset some of the impacts of inflation through our sales activities, operational excellence initiatives and procurement practices, not all costs associated with inflation can be fully mitigated or passed on to the customer. The condition of the labor market affects all of our businesses as it relates to our ability to attract and retain employees and contractors. The unemployment rate remained flat at 4.1 percent from third quarter 2024 to fourth quarter 2024. Governments and businesses across the globe are taking action on climate change and are making significant commitments toward decarbonizing operations and reducing greenhouse gas emissions to net zero. Achieving these commitments will require governments and companies to take major steps to modify operations, invest in low-carbon activities and purchase credits to reduce environmental impacts. We believe we are uniquely positioned to help entities achieve these commitments through natural climate solutions, including forest carbon sequestration, carbon capture and storage and renewable energy activities. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 45 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 45 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 45 Table of Contents Table of Contents Table of Contents

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## Modified: Net sales (Note 3)

**Key changes:**

- Reworded sentence: "$ 7,124 $ 7,674 $ 10,184 Costs of sales 5,811 5,992 6,564"

**Prior (2024):**

$ 7,674 $ 10,184 $ 10,201 Costs of sales 5,992 6,564 6,103

**Current (2025):**

$ 7,124 $ 7,674 $ 10,184 Costs of sales 5,811 5,992 6,564

---

## Modified: PERFORMANCE GRAPH ASSUMPTIONS

**Key changes:**

- Reworded sentence: " Assumes $100 invested on December 31, 2019, in Weyerhaeuser common stock, the S&P 500 Index and the S&P Global Timber & Forestry Index."
- Added sentence: "WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 Table of Contents Table of Contents Table of Contents"

**Prior (2024):**

 Assumes $100 invested on December 31, 2018, in Weyerhaeuser common stock, the S&P 500 Index and the S&P Global Timber & Forestry Index.  Total return assumes dividends received are reinvested immediately.  Measurement dates are the last trading day of the calendar year shown.

**Current (2025):**

 Assumes $100 invested on December 31, 2019, in Weyerhaeuser common stock, the S&P 500 Index and the S&P Global Timber & Forestry Index.  Total return assumes dividends received are reinvested immediately.  Measurement dates are the last trading day of the calendar year shown. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 43 Table of Contents Table of Contents Table of Contents

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## Modified: Risks associated with our Information Technology (IT) systems, including but not limited to security breaches, system failures or other significant disruptions, as well as risks relating to implementation of new IT systems such as delays, cost overruns and platform integration problems, could compromise our data and adversely affect our operations, reported financial results and reputation and thereby expose us to potential liability or litigation.

**Key changes:**

- Reworded sentence: "We use IT systems to carry out our operating activities, maintain our business records, and collect and store sensitive data, including but not limited to intellectual property and personally identifiable information."
- Reworded sentence: "Although we employ, and we believe our third-party service providers employ, what we deem to be reasonably adequate security measures and controls, there can be no assurance that our efforts will be effective against the risks we face from cyber-attacks, including from: computer hackers, foreign governments and cyber terrorists; malicious code (such as malware, viruses and ransomware); an intentional or unintentional personnel action; a natural disaster; a hardware or software corruption, failure or error; a telecommunications system failure or disruption; a service provider failure or error; or any one or more other causes of a security breach, system WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 Table of Contents Table of Contents Table of Contents failure or disruption."
- Reworded sentence: "Implementation of new IT systems, including replacement of legacy systems with new or upgraded versions, could also pose a significant risk to us, as any such implementation could involve system failure, potential loss or corruption of our important data, security or internal control failures, delays, cost overruns and disruption to our operations."

**Prior (2024):**

We use IT systems to carry out our operational activities, maintain our business records, and collect and store sensitive data, including but not limited to intellectual property and personally identifiable information. Some of our systems are internally managed and some are maintained by third-party service providers. Although we employ, and we believe our third-party service providers employ, what we deem to be reasonably adequate security measures and controls, there can be no assurance that our security measures will be effective against the risks we face from cyber-attacks, including from: computer hackers, foreign governments and cyber terrorists; malicious code (such as malware, viruses and ransomware); an intentional or unintentional personnel action; a natural disaster; a hardware or software corruption, failure or error; a telecommunications system failure; a service provider failure or error; or any one or more other causes of a security breach, failure or disruption. The increased prevalence and sophistication of Artificial Intelligence (AI) tools, such as AI-enabled malware, could increase the risks of cyber-attacks to our systems and to those of our third-party service providers. Implementation of new IT systems, including replacement of legacy systems with new or upgraded versions, could also pose a significant risk to our business, as any such implementation can involve system failure, potential loss or corruption of our important data, security or internal control failures, delays, cost overruns and operational disruption. Although we have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks, to date no events of this nature have had a material adverse effect on our business or otherwise caused material harm to the company. However, if in the future our IT systems are significantly disrupted, shut down or otherwise compromised for any reason, or if our data is destroyed, misappropriated or inappropriately disclosed, our financial results or our business operations, or both, could be negatively affected. Additionally, we could suffer significant losses or incur significant liabilities, including without limitation damage to our reputation, loss of customer confidence or goodwill and significant expenditures of time and money to address and remediate resulting damages to affected individuals or business partners or to defend ourselves in resulting litigation or other legal proceedings by affected individuals, business partners or regulators. For more information about our cybersecurity program, see Item 1C Cybersecurity. Item 1C Cybersecurity

**Current (2025):**

We use IT systems to carry out our operating activities, maintain our business records, and collect and store sensitive data, including but not limited to intellectual property and personally identifiable information. Some of our systems are internally managed and some are maintained by third-party service providers. Although we employ, and we believe our third-party service providers employ, what we deem to be reasonably adequate security measures and controls, there can be no assurance that our efforts will be effective against the risks we face from cyber-attacks, including from: computer hackers, foreign governments and cyber terrorists; malicious code (such as malware, viruses and ransomware); an intentional or unintentional personnel action; a natural disaster; a hardware or software corruption, failure or error; a telecommunications system failure or disruption; a service provider failure or error; or any one or more other causes of a security breach, system WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 40 Table of Contents Table of Contents Table of Contents failure or disruption. The increased prevalence and sophistication of Artificial Intelligence (AI) tools, such as AI-enabled malware, could increase the risks of cyber-attacks to our systems and to those of our third-party service providers. Implementation of new IT systems, including replacement of legacy systems with new or upgraded versions, could also pose a significant risk to us, as any such implementation could involve system failure, potential loss or corruption of our important data, security or internal control failures, delays, cost overruns and disruption to our operations. Although we have, on occasion, experienced cybersecurity threats to our data and IT systems, including phishing attacks, to date no events of this nature have had a material adverse effect on our business or otherwise caused material harm to the company. However, if in the future our IT systems are significantly disrupted, shut down or otherwise compromised for any reason, or if our data is destroyed, misappropriated or inappropriately disclosed, our operations and financial results could be negatively affected. Additionally, we could suffer significant losses or incur significant liabilities, including without limitation damage to our reputation, loss of customer confidence or goodwill and significant expenditures of time and money to address and remediate any resulting damages to affected individuals or business partners or to defend ourselves in resulting litigation or other legal proceedings by affected individuals, business partners or regulators. For more information about our cybersecurity program, see Item 1C Cybersecurity. Item 1C Cybersecurity

---

## Modified: Retained earnings:

**Key changes:**

- Reworded sentence: "Balance at beginning of year 2,009 2,389 2,131 Net earnings 396 839 1,880 Dividends on common shares (690 ) (1,219 ) (1,622 )"

**Prior (2024):**

Balance at beginning of year 2,389 2,131 411 Net earnings 839 1,880 2,607 Dividends on common shares (1,219 ) (1,622 ) (887 )

**Current (2025):**

Balance at beginning of year 2,009 2,389 2,131 Net earnings 396 839 1,880 Dividends on common shares (690 ) (1,219 ) (1,622 )

---

## Modified: INFORMATION ABOUT COMMON SHARE REPURCHASES

**Key changes:**

- Reworded sentence: "The following table provides information with respect to purchases of common shares made by the company during fourth quarter 2024: TOTAL NUMBER APPROXIMATE OF SHARES DOLLAR VALUE PURCHASED AS OF SHARES THAT PART OF MAY YET BE PUBLICLY PURCHASED TOTAL NUMBER AVERAGE ANNOUNCED UNDER THE COMMON SHARE REPURCHASES DURING FOURTH OF SHARES PRICE PAID PLANS OR PLANS OR QUARTER 2024 PURCHASED PER SHARE PROGRAMS PROGRAMS October 1 - October 31 238,742 $ 32.72 238,742 $ 119,483,627 November 1 - November 30  -  $  -   -  $ 119,483,627 December 1 - December 31 686,859 $ 30.18 686,859 $ 98,753,490 Total 925,601 $ 30.84 925,601 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."
- Reworded sentence: "During fourth quarter 2024, we repurchased 925,601 common shares for approximately $28 million (including transaction fees) under the 2021 Repurchase Program in open-market transactions."
- Reworded sentence: "As of December 31, 2024, we had remaining authorization of $99 million for future share repurchases."

**Prior (2024):**

The following table provides information with respect to purchases of common shares made by the company during fourth quarter 2023: TOTAL NUMBER APPROXIMATE OF SHARES DOLLAR VALUE PURCHASED AS OF SHARES THAT PART OF MAY YET BE PUBLICLY PURCHASED TOTAL NUMBER AVERAGE ANNOUNCED UNDER THE COMMON SHARE REPURCHASES DURING FOURTH OF SHARES PRICE PAID PLANS OR PLANS OR QUARTER 2023 PURCHASED PER SHARE PROGRAMS PROGRAMS October 1 - October 31 180,394 $ 29.53 180,394 $ 261,727,844 November 1 - November 30 164,004 $ 31.01 164,004 $ 256,642,133 December 1 - December 31 147,610 $ 32.81 147,610 $ 251,798,605 Total 492,008 $ 31.01 492,008 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 2019 repurchase program. During fourth quarter 2023, we repurchased 492,008 common shares for approximately $15 million (including transaction fees) under the 2021 Repurchase Program in open-market transactions. Transaction fees incurred for repurchases are not counted as use of funds authorized for repurchase under the 2021 Repurchase Program. As of December 31, 2023, we had remaining authorization of $252 million for future stock repurchases. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 42 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 42 Table of Contents Table of Contents Table of Contents

**Current (2025):**

The following table provides information with respect to purchases of common shares made by the company during fourth quarter 2024: TOTAL NUMBER APPROXIMATE OF SHARES DOLLAR VALUE PURCHASED AS OF SHARES THAT PART OF MAY YET BE PUBLICLY PURCHASED TOTAL NUMBER AVERAGE ANNOUNCED UNDER THE COMMON SHARE REPURCHASES DURING FOURTH OF SHARES PRICE PAID PLANS OR PLANS OR QUARTER 2024 PURCHASED PER SHARE PROGRAMS PROGRAMS October 1 - October 31 238,742 $ 32.72 238,742 $ 119,483,627 November 1 - November 30  -  $  -   -  $ 119,483,627 December 1 - December 31 686,859 $ 30.18 686,859 $ 98,753,490 Total 925,601 $ 30.84 925,601 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 2019 repurchase program. During fourth quarter 2024, we repurchased 925,601 common shares for approximately $28 million (including transaction fees) under the 2021 Repurchase Program in open-market transactions. Transaction fees incurred for repurchases are not counted as use of funds authorized for repurchase under the 2021 Repurchase Program. As of December 31, 2024, we had remaining authorization of $99 million for future share repurchases.

---

## Modified: Comprehensive income:

**Key changes:**

- Reworded sentence: "Net earnings $ 396 $ 839 $ 1,880 Other comprehensive (loss) income: Foreign currency translation adjustments (40 ) 7 (52 ) Changes in unamortized actuarial loss, net of tax benefit (expense) of $20 in 2024, $17 in 2023 and $(95) in 2022 (69 ) (51 ) 284 Changes in unamortized net prior service credit, net of tax (expense) benefit of $(1) in 2024, $2 in 2023 and $(2) in 2022  -  (2 )  - "

**Prior (2024):**

Net earnings $ 839 $ 1,880 $ 2,607 Other comprehensive (loss) income: Foreign currency translation adjustments 7 (52 ) (11 ) Changes in unamortized actuarial loss, net of tax benefit (expense) of $17 in 2023, $(95) in 2022 and $(112) in 2021 (51 ) 284 351 Changes in unamortized net prior service credit, net of tax benefit (expense) of $2 in 2023, $(2) in 2022 and $1 in 2021 (2 )  -  3

**Current (2025):**

Net earnings $ 396 $ 839 $ 1,880 Other comprehensive (loss) income: Foreign currency translation adjustments (40 ) 7 (52 ) Changes in unamortized actuarial loss, net of tax benefit (expense) of $20 in 2024, $17 in 2023 and $(95) in 2022 (69 ) (51 ) 284 Changes in unamortized net prior service credit, net of tax (expense) benefit of $(1) in 2024, $2 in 2023 and $(2) in 2022  -  (2 )  - 

---

## Modified: Operating income

**Key changes:**

- Reworded sentence: "685 1,186 3,080 Non-operating pension and other post-employment benefit costs (Note 8) (42 ) (45 ) (254 ) Interest income and other 53 76 25 Interest expense, net of capitalized interest (269 ) (280 ) (270 ) Loss on debt extinguishment (Note 11)  -   -  (276 )"

**Prior (2024):**

1,186 3,080 3,643 Non-operating pension and other post-employment benefit costs (Note 8) (45 ) (254 ) (19 ) Interest income and other 76 25 5 Interest expense, net of capitalized interest (280 ) (270 ) (313 ) Loss on debt extinguishment (Note 11)  -  (276 )  - 

**Current (2025):**

$ 279 $ 488 $ (209 ) Interest income and other 1  -  1

---

## Modified: Other capital:

**Key changes:**

- Reworded sentence: "Balance at beginning of year 7,608 7,691 8,181 Issued for exercise of stock options 4 7 15 Repurchases of common shares (Note 14) (147 ) (120 ) (530 ) Share-based compensation 43 36 33 Other transactions, net (8 ) (6 ) (8 )"

**Prior (2024):**

Balance at beginning of year 7,691 8,181 8,208 Issued for exercise of stock options 7 15 49 Repurchases of common shares (Note 14) (120 ) (530 ) (97 ) Share-based compensation 36 33 30 Other transactions, net (6 ) (8 ) (9 )

**Current (2025):**

Balance at beginning of year 7,608 7,691 8,181 Issued for exercise of stock options 4 7 15 Repurchases of common shares (Note 14) (147 ) (120 ) (530 ) Share-based compensation 43 36 33 Other transactions, net (8 ) (6 ) (8 )

---

## Modified: CONSOLIDATED BALANCE SHEET

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE December 31,2024 December 31,2023 ASSETS Current assets: Cash and cash equivalents $ 684 $ 1,164 Receivables, net 306 354 Receivables for taxes 9 10 Inventories (Note 6) 607 566 Prepaid expenses and other current assets 142 219"

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE DECEMBER 31, 2023 DECEMBER 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 1,164 $ 1,581 Receivables, net 354 357 Receivables for taxes 10 42 Inventories (Note 6) 566 550 Prepaid expenses and other current assets 219 216

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE December 31,2024 December 31,2023 ASSETS Current assets: Cash and cash equivalents $ 684 $ 1,164 Receivables, net 306 354 Receivables for taxes 9 10 Inventories (Note 6) 607 566 Prepaid expenses and other current assets 142 219

---

## Modified: Total liabilities and equity

**Key changes:**

- Reworded sentence: "$ 16,536 $ 16,983 See accompanying Notes to Consolidated Financial Statements."

**Prior (2024):**

$ 16,983 $ 17,340 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 62 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 62 Table of Contents Table of Contents Table of Contents c

**Current (2025):**

$ 16,536 $ 16,983 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 63 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 63 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 63 Table of Contents Table of Contents Table of Contents c

---

## Modified: The failure of either of our two subsidiary REITs to maintain their separate REIT qualification could affect the company's own REIT qualification.

**Key changes:**

- Reworded sentence: "The vast majority of our timberlands are held in two subsidiaries that we operate to qualify as REITs."
- Reworded sentence: "If this were to occur, the company's own REIT qualification could be adversely affected."

**Prior (2024):**

A significant amount of our timberlands is held in a subsidiary that we operate to qualify as a REIT, and we may in the future invest in other timberlands and other real estate through one or more other subsidiary entities that are intended to qualify as REITs. While our ownership interest in the subsidiary REIT is a qualifying real estate asset for purposes of the company's 75 percent asset test described above, any failure of the subsidiary REIT to maintain its own separate REIT status would generally result in the subsidiary being subject to regular U.S. corporate income tax, as described above, and the company's ownership interest in the subsidiary no longer qualifying as a real estate asset for purposes of the 75 percent asset test. If this were to occur, the company's own REIT qualification could be affected.

**Current (2025):**

The vast majority of our timberlands are held in two subsidiaries that we operate to qualify as REITs. Our western timberlands and related assets are held in a subsidiary that began qualifying as a REIT beginning in the tax year 2022 and our southern timberlands and related assets are held WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 38 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 38 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 38 Table of Contents Table of Contents Table of Contents in another subsidiary that intends to qualify as a REIT beginning in the tax year 2025. While our ownership interests in these subsidiaries are qualifying real estate assets for purposes of the company's 75 percent asset test described above, any failure of either subsidiary REIT to maintain its own separate REIT status would generally result in the subsidiary being subject to regular U.S. corporate income tax, as described above, and the company's ownership interest in the subsidiary no longer qualifying as a real estate asset for purposes of the 75 percent asset test. If this were to occur, the company's own REIT qualification could be adversely affected.

---

## Modified: Net Sales  -  Unaffiliated Customers

**Key changes:**

- Reworded sentence: "Net sales to unaffiliated customers decreased $142 million  -  9 percent  -  primarily due to a $101 million decrease in Western log sales attributable to a 7 percent decrease in sales realizations and a 6 percent decrease in sales volumes, as well as a $40 million decrease in Southern log sales primarily attributable to a 5 percent decrease in sales volumes."

**Prior (2024):**

Net sales to unaffiliated customers decreased $204 million  -  11 percent  -  primarily due to a $210 million decrease in Western log sales primarily attributable to a 20 percent decrease in sales realizations, partially offset by a $10 million increase in stumpage and pay-as-cut timber sales.

**Current (2025):**

Net sales to unaffiliated customers decreased $142 million  -  9 percent  -  primarily due to a $101 million decrease in Western log sales attributable to a 7 percent decrease in sales realizations and a 6 percent decrease in sales volumes, as well as a $40 million decrease in Southern log sales primarily attributable to a 5 percent decrease in sales volumes.

---

## Modified: INTEREST EXPENSE

**Key changes:**

- Reworded sentence: "Our net interest expense incurred for the last two years was:  $269 million in 2024 and  $280 million in 2023."

**Prior (2024):**

Our net interest expense incurred for the last two years was:  $280 million in 2023 and  $270 million in 2022. Interest expense increased by $10 million compared to 2022 primarily due to the May 2023 issuance of debt securities that increased our weighted average outstanding debt. Refer to Note 11: Long-Term Debt, Net for further information. Note 11: Long-Term Debt, Net

**Current (2025):**

Our net interest expense incurred for the last two years was:  $269 million in 2024 and  $280 million in 2023. Interest expense decreased by $11 million compared to 2023 primarily due to a series of debt issuances and retirements during 2023 that decreased our average outstanding debt. Refer to Note 11: Long-Term Debt, Net for further information. Note 11: Long-Term Debt, Net

---

## Modified: INCOME TAXES

**Key changes:**

- Reworded sentence: "AMOUNTS PER SHARE 2024 2023 Common - capital gain distribution $ 0.94 $ 1.66 We are required to pay corporate income taxes on earnings of our TRSs, which include our Wood Products segment and portions of our Timberlands and Real Estate & ENR segments' earnings."
- Reworded sentence: "WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 Table of Contents Table of Contents Table of Contents Our provision for income taxes the last two years was:  $31 million in 2024 and  $98 million in 2023."

**Prior (2024):**

As a REIT, we generally are not subject to federal corporate level income taxes on REIT taxable income that is distributed to shareholders. Historical distributions to shareholders, including amounts and tax characteristics, are summarized in the table below. AMOUNTS PER SHARE 2023 2022 Common - capital gain distribution $ 1.66 $ 1.59 Common - ordinary dividend (qualified) $  -  $ 0.07 Common - return of capital $  -  $ 0.51 We are required to pay corporate income taxes on earnings of our TRSs, which include our Wood Products segment and portions of our Timberlands and Real Estate & ENR segments' earnings. Our provision for income taxes is primarily driven by earnings generated by our TRSs. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 50 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 50 Table of Contents Table of Contents Table of Contents Our provision for income taxes the last two years was:  $98 million in 2023 and  $425 million in 2022. Income tax expense decreased by $327 million compared to 2022 primarily due to decreases in our pretax earnings and effective income tax rate. During 2022, we recorded a $69 million tax benefit in connection with our early debt retirement and a $53 million tax benefit related to our noncash pension settlement charge. Refer to Note 19: Income Taxes, Note 11: Long-Term Debt, Net and Note 8: Pension and Other Post-Employment Benefit Plans for further information. Note 19: Income Taxes Note 11: Long-Term Debt, Net Note 8: Pension and Other Post-Employment Benefit Plans

**Current (2025):**

As a REIT, we generally are not subject to federal corporate level income taxes on REIT taxable income that is distributed to shareholders. Historical distributions to shareholders, including amounts and tax characteristics, are summarized in the table below. AMOUNTS PER SHARE 2024 2023 Common - capital gain distribution $ 0.94 $ 1.66 We are required to pay corporate income taxes on earnings of our TRSs, which include our Wood Products segment and portions of our Timberlands and Real Estate & ENR segments' earnings. Our provision for income taxes is primarily driven by earnings generated by our TRSs. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 51 Table of Contents Table of Contents Table of Contents Our provision for income taxes the last two years was:  $31 million in 2024 and  $98 million in 2023. Income tax expense decreased by $67 million compared to 2023 primarily due to decreases in our pretax earnings and effective income tax rate. Refer to Note 18: Income Taxes for further information. Note 18: Income Taxes

---

## Modified: Net earnings

**Key changes:**

- Reworded sentence: "$ 396 $ 839 Environmental remediation charge  -  8 Gain on sale of timberlands  -  (83 ) Insurance recovery  -  (10 ) Legal benefit  -  (25 ) Legal expense  -  20 Product remediation recovery (19 )  -  Restructuring, impairments and other charges 7  - "

**Prior (2024):**

$ 839 $ 1,880 Environmental remediation charge 8  -  Gain on sale of timberlands (83 )  -  Insurance recovery (10 )  -  Legal benefit (25 )  -  Legal expense 20  -  Loss on debt extinguishment  -  207 Pension settlement charge  -  152 Restructuring, impairments and other charges  -  8

**Current (2025):**

$ 396 $ 839 Environmental remediation charge  -  8 Gain on sale of timberlands  -  (83 ) Insurance recovery  -  (10 ) Legal benefit  -  (25 ) Legal expense  -  20 Product remediation recovery (19 )  -  Restructuring, impairments and other charges 7  - 

---

## Modified: Total comprehensive income

**Key changes:**

- Reworded sentence: "$ 287 $ 793 $ 2,112 See accompanying Notes to Consolidated Financial Statements."

**Prior (2024):**

$ 793 $ 2,112 $ 2,950 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 61 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 61 Table of Contents Table of Contents Table of Contents

**Current (2025):**

$ 287 $ 793 $ 2,112 See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 62 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 62 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 62 Table of Contents Table of Contents Table of Contents

---

## Modified: Operating Income and Net Contribution to Earnings

**Key changes:**

- Reworded sentence: "Operating income and net contribution to earnings decreased $252 million  -  36 percent  -  primarily due to the change in the components of gross margin, as discussed above."

**Prior (2024):**

Operating income and net contribution to earnings decreased $40 million  -  8 percent  -  primarily due to the change in the components of gross margin, as discussed above, partially offset by an $84 million gain on sale of timberlands recorded in fourth quarter 2023. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 Table of Contents Table of Contents Table of Contents

**Current (2025):**

Operating income and net contribution to earnings increased $5 million  -  2 percent  -  primarily due to the change in the components of gross margin, as discussed above. WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 49 Table of Contents Table of Contents Table of Contents

---

## Modified: Costs of Sales

**Key changes:**

- Reworded sentence: "Costs of sales decreased $60 million  -  3 percent  -  primarily due to decreased Western and Southern sales volumes."

**Prior (2024):**

Costs of sales decreased $572 million  -  9 percent  -  primarily due to decreased sales volumes across most product lines and decreased raw material prices within our Wood Products segment, as well as decreased third-party log purchases within our Timberlands segment.

**Current (2025):**

Costs of sales decreased $181 million  -  3 percent  -  primarily due to decreased sales volumes across most product lines in Wood Products, as well as decreased sales volumes in our Timberlands segment, partially offset by an increase in acres sold in our Real Estate, Energy and Natural Resources segment.

---

## Modified: Total current liabilities

**Key changes:**

- Reworded sentence: "977 788 Long-term debt, net (Notes 11 and 12) 4,866 5,069 Deferred tax liabilities (Note 18) 26 81 Deferred pension and other post-employment benefits (Note 8) 596 461 Other liabilities 350 348"

**Prior (2024):**

788 1,740 Long-term debt, net (Notes 11 and 12) 5,069 4,071 Deferred tax liabilities (Note 19) 81 96 Deferred pension and other post-employment benefits (Note 8) 461 344 Other liabilities 348 340

**Current (2025):**

977 788 Long-term debt, net (Notes 11 and 12) 4,866 5,069 Deferred tax liabilities (Note 18) 26 81 Deferred pension and other post-employment benefits (Note 8) 596 461 Other liabilities 350 348

---

## Modified: Total current assets

**Key changes:**

- Reworded sentence: "1,748 2,313 Property and equipment, net (Note 7) 2,329 2,269 Construction in progress 287 270 Timber and timberlands at cost, less depletion 11,551 11,528 Minerals and mineral rights, less depletion 189 200 Deferred tax assets (Note 18) 24 15 Other assets 408 388"

**Prior (2024):**

2,313 2,746 Property and equipment, net (Note 7) 2,269 2,171 Construction in progress 270 222 Timber and timberlands at cost, less depletion 11,528 11,604 Minerals and mineral rights, less depletion 200 214 Deferred tax assets (Note 19) 15 8 Other assets 388 375

**Current (2025):**

1,748 2,313 Property and equipment, net (Note 7) 2,329 2,269 Construction in progress 287 270 Timber and timberlands at cost, less depletion 11,551 11,528 Minerals and mineral rights, less depletion 189 200 Deferred tax assets (Note 18) 24 15 Other assets 408 388

---

## Modified: Net Sales and Net Contribution to Earnings for Timberlands

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2023 vs. 2023 2022 2022 Net sales to unaffiliated customers: Delivered logs: West $ 794 $ 1,004 $ (210 ) South 643 645 (2 ) North 48 56 (8 ) Total 1,485 1,705 (220 ) Stumpage and pay-as-cut timber 56 46 10 Recreational and other lease revenue 74 68 6 Other products(1) 39 39  - 

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs. 2024 2023 2023 Net sales to unaffiliated customers: Delivered logs: West $ 693 $ 794 $ (101 ) South 603 643 (40 ) North 46 48 (2 ) Total 1,342 1,485 (143 ) Stumpage and pay-as-cut timber 51 56 (5 ) Recreational and other lease revenue 77 74 3 Other products(1) 42 39 3

---

## Modified: Cash flows from operations:

**Key changes:**

- Reworded sentence: "Net earnings $ 396 $ 839 $ 1,880 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 502 500 480 Basis of real estate sold 120 93 84 Deferred income taxes, net (Note 18) (40 ) (4 ) (30 ) Pension and other post-employment benefits (Note 8) 63 68 290 Share-based compensation expense (Note 15) 43 36 33 Net gains on sale of timberlands (Note 4)  -  (84 )  -  Loss on debt extinguishment (Note 11)  -   -  276 Other 2 (2 )  -  Change in: Receivables, net 45 4 149 Receivables and payables for taxes 14 41 (101 ) Inventories (55 ) (13 ) (37 ) Prepaid expenses and other current assets 19 (13 ) (12 ) Accounts payable and accrued liabilities (38 ) 35 (111 ) Pension and post-employment benefit contributions and payments (18 ) (20 ) (24 ) Other (45 ) (47 ) (45 )"

**Prior (2024):**

Net earnings $ 839 $ 1,880 $ 2,607 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 500 480 477 Basis of real estate sold 93 84 71 Pension and other post-employment benefits (Note 8) 68 290 61 Share-based compensation expense (Note 15) 36 33 30 Net gains on sale of timberlands (Note 4) (84 )  -  (32 ) Loss on debt extinguishment (Note 11)  -  276  -  Other (6 ) (30 ) 14 Change in: Receivables, net 4 149 (57 ) Receivables and payables for taxes 41 (101 ) 99 Inventories (13 ) (37 ) (77 ) Prepaid expenses and other current assets (13 ) (12 ) (25 ) Accounts payable and accrued liabilities 35 (111 ) 113 Pension and post-employment benefit contributions and payments (20 ) (24 ) (59 ) Other (47 ) (45 ) (63 )

**Current (2025):**

Net earnings $ 396 $ 839 $ 1,880 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 502 500 480 Basis of real estate sold 120 93 84 Deferred income taxes, net (Note 18) (40 ) (4 ) (30 ) Pension and other post-employment benefits (Note 8) 63 68 290 Share-based compensation expense (Note 15) 43 36 33 Net gains on sale of timberlands (Note 4)  -  (84 )  -  Loss on debt extinguishment (Note 11)  -   -  276 Other 2 (2 )  -  Change in: Receivables, net 45 4 149 Receivables and payables for taxes 14 41 (101 ) Inventories (55 ) (13 ) (37 ) Prepaid expenses and other current assets 19 (13 ) (12 ) Accounts payable and accrued liabilities (38 ) 35 (111 ) Pension and post-employment benefit contributions and payments (18 ) (20 ) (24 ) Other (45 ) (47 ) (45 )

---

## Modified: CYBERSECURITY INCIDENT RESPONSE PROCESS

**Key changes:**

- Reworded sentence: "Our response plan ensures that our Cyber Incident Response Team, which includes our We maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents."

**Prior (2024):**

We maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents. Our response plan ensures that our Cyber Incident Response Team, which includes our CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents.

**Current (2025):**

We maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents. Our response plan ensures that our Cyber Incident Response Team, which includes our We maintain and actively update a cybersecurity incident response plan that outlines the steps we take to identify, investigate and take action in response to any potentially material cyber incidents. Our response plan ensures that our Cyber Incident Response Team, which includes our Our response plan ensures that our Cyber Incident Response Team, which includes our WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 41 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 41 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 41 Table of Contents Table of Contents Table of Contents CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents.BOARD OVERSIGHT OF CYBER RISKMembers of management, including our CISO, regularly report on the company's cybersecurity matters to both our board's Audit Committee and to the full board, which has primary oversight responsibility in this area, as follows:  Our cybersecurity program and risks are specifically discussed at least three times per year (including as part of our discussions regarding enterprise risk management).  Our internal audit function's reviews of our information security programs and controls are included in quarterly reports to the Audit Committee.  Current information security issues that arise during the year are discussed throughout the year if potentially significant to the company and are discussed with our chairman and Audit Committee chair between board meetings as appropriate. RISK MITIGATIONWe also manage cybersecurity risk by limiting our threat landscape. For example, we do not store, transmit or process many of the types of data commonly targeted in cyberattacks, such as consumer credit card or financial information, nor do we store or maintain significant proprietary data on our systems. Moreover, our businesses do not involve or represent national infrastructure, the likes of which are common targets of cyber attackers (e.g., energy, oil and gas, transportation, communications and banking and financial systems). We recognize that cyber threats are a permanent part of the risk landscape and that new threats are constantly evolving. For these and other reasons, cybersecurity is a top risk management priority at Weyerhaeuser.Like many companies, we face a number of cybersecurity risks in the day-to-day operation of our business. Although during the three-year period ended December 31, 2024 and to date these risks have not materialized into any incident or series of incidents that have materially affected, or are reasonably likely to materially affect the company, its business strategy, results of operations or financial condition or otherwise caused material harm to the company, we have, on occasion, experienced cybersecurity threats to our data and information systems, including phishing attacks. Over this same time period, certain of our vendors and service providers have notified us of cybersecurity incidents involving their own systems and these cybersecurity incidents, likewise, have not materially affected us, our business strategy, results of operations or financial condition or otherwise caused material harm to the company. To date, we have incurred no expenses for penalties or settlements with a third party relating to any cybersecurity incidents. For more information about the cybersecurity risks we face, see the risk factor entitled "Information Systems and Cybersecurity" in Item 1A Risk Factors. CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents. CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents. CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents. CISO, members of our senior management team and select members of our legal staff, is timely informed of and consulted with respect to any potentially material cyber incidents. BOARD OVERSIGHT OF CYBER RISKMembers of management, including our CISO, regularly report on the company's cybersecurity matters to both our board's Audit Committee and to the full board, which has primary oversight responsibility in this area, as follows:  Our cybersecurity program and risks are specifically discussed at least three times per year (including as part of our discussions regarding enterprise risk management).  Our internal audit function's reviews of our information security programs and controls are included in quarterly reports to the Audit Committee.  Current information security issues that arise during the year are discussed throughout the year if potentially significant to the company and are discussed with our chairman and Audit Committee chair between board meetings as appropriate.

---

## Modified: Gross margin

**Key changes:**

- Reworded sentence: "1,313 1,682 3,620 Selling expenses 88 87 93 General and administrative expenses 480 431 398 Gain on sale of timberlands (Note 4)  -  (84 )  -  Other operating costs, net (Note 17) 60 62 49"

**Prior (2024):**

1,682 3,620 4,098 Selling expenses 87 93 95 General and administrative expenses 431 398 396 Product remediation recoveries (Note 17)  -   -  (37 ) Gain on sale of timberlands (Note 4) (84 )  -  (32 ) Other operating costs, net (Note 18) 62 49 33

**Current (2025):**

1,313 1,682 3,620 Selling expenses 88 87 93 General and administrative expenses 480 431 398 Gain on sale of timberlands (Note 4)  -  (84 )  -  Other operating costs, net (Note 17) 60 62 49

---

## Modified: TIMBERLANDS

**Key changes:**

- Reworded sentence: "HOW WE DID We report sales volumes and fee harvest volumes for our Timberlands segment in Our Business/What We Do/Timberlands."

**Prior (2024):**

HOW WE DID We report sales volumes and annual production data for our Timberlands segment in Our Business/What We Do/Timberlands. Our Business/What We Do/Timberlands WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 46 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 46 Table of Contents Table of Contents Table of Contents

**Current (2025):**

HOW WE DID We report sales volumes and fee harvest volumes for our Timberlands segment in Our Business/What We Do/Timberlands. Our Business/What We Do/Timberlands

---

## Modified: Net cash from financing activities

**Key changes:**

- Reworded sentence: "$ (852 ) $ (1,342 ) WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 Table of Contents Table of Contents Table of Contents"

**Prior (2024):**

$ (1,342 ) $ (2,491 ) WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 57 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 57 Table of Contents Table of Contents Table of Contents

**Current (2025):**

$ (852 ) $ (1,342 ) WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 58 Table of Contents Table of Contents Table of Contents

---

## Modified: Costs of Sales

**Key changes:**

- Reworded sentence: "Costs of sales decreased $181 million  -  3 percent  -  primarily due to decreased sales volumes across most product lines in Wood Products, as well as decreased sales volumes in our Timberlands segment, partially offset by an increase in acres sold in our Real Estate, Energy and Natural Resources segment."

**Prior (2024):**

Costs of sales decreased $572 million  -  9 percent  -  primarily due to decreased sales volumes across most product lines and decreased raw material prices within our Wood Products segment, as well as decreased third-party log purchases within our Timberlands segment.

**Current (2025):**

Costs of sales decreased $181 million  -  3 percent  -  primarily due to decreased sales volumes across most product lines in Wood Products, as well as decreased sales volumes in our Timberlands segment, partially offset by an increase in acres sold in our Real Estate, Energy and Natural Resources segment.

---

## Modified: Net cash from operations

**Key changes:**

- Reworded sentence: "$ 1,008 $ 1,433 Capital expenditures (416 ) (447 ) FAD $ 592 $ 986 Cash from product remediation recovery (25 )  - "

**Prior (2024):**

$ 1,433 $ 2,832 Capital expenditures (447 ) (468 ) FAD $ 986 $ 2,364 Cash from product remediation insurance recoveries  -  (37 )

**Current (2025):**

$ 1,008 $ 1,433 Capital expenditures (416 ) (447 ) FAD $ 592 $ 986 Cash from product remediation recovery (25 )  - 

---

## Modified: Summary of Capital Spending by Business Segment

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS 2024 2023 Timberlands $ 105 $ 111 Wood Products 294 323 Unallocated Items 17 13 Total $ 416 $ 447 During fourth quarter 2024, we announced our plan to invest approximately $500 million to build a new TimberStrand® facility in Monticello, Arkansas."
- Reworded sentence: "FINANCING Cash from financing activities includes items such as:  issuances and payments of debt and  payments for cash dividends and repurchasing stock."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS 2023 2022 Timberlands $ 111 $ 113 Wood Products 323 347 Unallocated Items 13 8 Total $ 447 $ 468 We expect our capital expenditures for 2024 to be approximately $440 million. The amount we spend on capital expenditures could change due to:  future economic conditions,  environmental regulations,  changes in the composition of our business,  weather,  timing of equipment purchases and  capital needs related to other business opportunities. FINANCING Cash from financing activities includes items such as:  issuances and payments of debt,  borrowings and payments on our revolving line of credit and  payments for cash dividends and repurchasing stock. Consolidated net cash from financing activities was:  $(1,342) million in 2023 and  $(2,491) million in 2022.

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS 2024 2023 Timberlands $ 105 $ 111 Wood Products 294 323 Unallocated Items 17 13 Total $ 416 $ 447 During fourth quarter 2024, we announced our plan to invest approximately $500 million to build a new TimberStrand® facility in Monticello, Arkansas. This capital outlay may be sourced from cash on hand or through future financing, as deemed appropriate. Construction is expected to start in 2025, with the goal of starting operations in 2027. Once completed, the new facility will increase our engineered wood products capacity by approximately 10 million cubic feet. We expect our capital expenditures for 2025 to be approximately $440 million, excluding the investment in our Monticello engineered wood products facility. We plan to exclude the investment for purposes of calculating our annual Adjusted Funds Available for Distribution (Adjusted FAD), as used in our flexible cash return framework. The amount we spend on capital expenditures could change due to:  future economic conditions,  environmental regulations,  changes in the composition of our business,  weather,  timing of equipment purchases and  capital needs related to other business opportunities. FINANCING Cash from financing activities includes items such as:  issuances and payments of debt and  payments for cash dividends and repurchasing stock. Consolidated net cash from financing activities was:  $(852) million in 2024 and  $(1,342) million in 2023.

---

## Modified: Net Sales and Net Contribution to Earnings for Wood Products

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2023 vs. 2023 2022 2022 Net sales: Structural lumber $ 2,123 $ 3,374 $ (1,251 ) Oriented strand board 944 1,578 (634 ) Engineered solid section 783 862 (79 ) Engineered I-joists 447 573 (126 ) Softwood plywood 166 193 (27 ) Medium density fiberboard 155 192 (37 ) Complementary building products 704 840 (136 ) Other products produced (1) 335 346 (11 )

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS AMOUNT OF CHANGE 2024 vs. 2024 2023 2023 Net sales: Structural lumber $ 1,906 $ 2,123 $ (217 ) Oriented strand board 979 944 35 Engineered solid section 708 783 (75 ) Engineered I-joists 390 447 (57 ) Softwood plywood 158 166 (8 ) Medium density fiberboard 159 155 4 Complementary building products 615 704 (89 ) Other products produced (1) 306 335 (29 )

---

## Modified: Net contribution (charge) to earnings

**Key changes:**

- Reworded sentence: "$ 280 $ 216 $ 457 $ (257 ) $ 696 Non-operating pension and other post-employment benefit costs  -   -   -  42 42 Interest income and other (1 )  -   -  (52 ) (53 )"

**Prior (2024):**

$ 488 $ 211 $ 709 $ (191 ) $ 1,217 Non-operating pension and other post-employment benefit costs  -   -   -  45 45 Interest income and other  -   -   -  (76 ) (76 )

**Current (2025):**

$ 280 $ 216 $ 457 $ (257 ) $ 696 Non-operating pension and other post-employment benefit costs  -   -   -  42 42 Interest income and other (1 )  -   -  (52 ) (53 )

---

## Modified: COMPARING 2024 WITH 2023

**Key changes:**

- Reworded sentence: "Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions."

**Prior (2024):**

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

**Current (2025):**

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

---

## Modified: Net earnings

**Key changes:**

- Reworded sentence: "$ 396 $ 839 $ 1,880 Basic and diluted earnings per share (Note 5): $ 0.54 $ 1.15 $ 2.53 Weighted average shares outstanding (in thousands) (Note 5): Basic 728,398 731,654 741,904 Diluted 728,957 732,222 742,953 See accompanying Notes to Consolidated Financial Statements."

**Prior (2024):**

$ 839 $ 1,880 Environmental remediation charge 8  -  Gain on sale of timberlands (83 )  -  Insurance recovery (10 )  -  Legal benefit (25 )  -  Legal expense 20  -  Loss on debt extinguishment  -  207 Pension settlement charge  -  152 Restructuring, impairments and other charges  -  8

**Current (2025):**

$ 396 $ 839 Environmental remediation charge  -  8 Gain on sale of timberlands  -  (83 ) Insurance recovery  -  (10 ) Legal benefit  -  (25 ) Legal expense  -  20 Product remediation recovery (19 )  -  Restructuring, impairments and other charges 7  - 

---

## Modified: Operating loss

**Key changes:**

- Reworded sentence: "(267 ) (222 ) (45 ) Non-operating pension and other post-employment benefit costs (42 ) (45 ) 3 Interest income and other 52 76 (24 )"

**Prior (2024):**

(222 ) (202 ) (20 ) Non-operating pension and other post-employment benefit costs (45 ) (254 ) 209 Interest income and other 76 25 51

**Current (2025):**

(267 ) (222 ) (45 ) Non-operating pension and other post-employment benefit costs (42 ) (45 ) 3 Interest income and other 52 76 (24 )

---

## Modified: Summary of Financial Results

**Key changes:**

- Reworded sentence: "DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES AMOUNT OF CHANGE 2024 vs."

**Prior (2024):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES AMOUNT OF CHANGE 2023 vs. 2023 2022 2022 Net sales $ 7,674 $ 10,184 $ (2,510 ) Costs of sales $ 5,992 $ 6,564 $ (572 ) Operating income $ 1,186 $ 3,080 $ (1,894 ) Net earnings $ 839 $ 1,880 $ (1,041 ) Basic and diluted earnings per share $ 1.15 $ 2.53 $ (1.38 )

**Current (2025):**

DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES AMOUNT OF CHANGE 2024 vs. 2024 2023 2023 Net sales $ 7,124 $ 7,674 $ (550 ) Costs of sales $ 5,811 $ 5,992 $ (181 ) Operating income $ 685 $ 1,186 $ (501 ) Net earnings $ 396 $ 839 $ (443 ) Basic and diluted earnings per share $ 0.54 $ 1.15 $ (0.61 )

---

## Modified: LONG-TERM DEBT

**Key changes:**

- Reworded sentence: "Our consolidated long-term debt (including current portion) was:  $5,076 million as of December 31, 2024 and  $5,069 million as of December 31, 2023."
- Reworded sentence: "Note 11: Long-Term Debt, Net WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 Table of Contents Table of Contents Table of Contents"

**Prior (2024):**

Our consolidated long-term debt (including current portion) was:  $5,069 million as of December 31, 2023 and  $5,053 million as of December 31, 2022. The increase in our long-term debt during 2023 is primarily attributable to the May 2023 issuance of $750 million of 4.750 percent notes and the December 2023 issuance of a $250 million senior unsecured term loan, offset by the December 2023 repayment of our $860 million 5.207 percent note and the July 2023 repayment of our $118 million 7.125 percent notes. The weighted average interest rate and the weighted average maturity on our long-term debt as of December 31, 2023 were 5.35 percent and 7.6 years, respectively. See Note 11: Long-Term Debt, Net for more information. Note 11: Long-Term Debt, Net

**Current (2025):**

Our consolidated long-term debt (including current portion) was:  $5,076 million as of December 31, 2024 and  $5,069 million as of December 31, 2023. The $7 million increase in our long-term debt during 2024 is attributable to amortization of debt discounts and capitalized debt expenses. The weighted average interest rate and the weighted average maturity on our long-term debt as of December 31, 2024 were 5.30 percent and 6.6 years, respectively. In January 2025, we repaid our $139 million 8.50 percent debentures at maturity. We have $71 million of 7.95 percent debentures scheduled to mature in first quarter 2025. See Note 11: Long-Term Debt, Net for more information. Note 11: Long-Term Debt, Net WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 53 Table of Contents Table of Contents Table of Contents

---

## Modified: Operating income (loss)

**Key changes:**

- Reworded sentence: "279 216 457 (267 ) 685 Depreciation, depletion and amortization 260 13 219 10 502 Basis of real estate sold  -  120  -   -  120 Special items included in operating income (loss)(1)  -   -  (15 )  -  (15 )"

**Prior (2024):**

488 211 709 (222 ) 1,186 Depreciation, depletion and amortization 267 16 210 7 500 Basis of real estate sold  -  93  -   -  93 Special items included in operating income (loss)(1)(2)(3) (109 )  -  (14 ) 38 (85 )

**Current (2025):**

279 216 457 (267 ) 685 Depreciation, depletion and amortization 260 13 219 10 502 Basis of real estate sold  -  120  -   -  120 Special items included in operating income (loss)(1)  -   -  (15 )  -  (15 )

---

## Modified: Net Contribution to Earnings

**Key changes:**

- Reworded sentence: "Net contribution to earnings decreased $208 million  -  43 percent  -  primarily due to the change in the components of gross margin, as discussed above, as well as an $84 million decrease in gain on sale of timberlands (refer to Note 4: Timberland Acquisitions and Divestitures)."

**Prior (2024):**

Operating income and net contribution to earnings decreased $40 million  -  8 percent  -  primarily due to the change in the components of gross margin, as discussed above, partially offset by an $84 million gain on sale of timberlands recorded in fourth quarter 2023. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 47 Table of Contents Table of Contents Table of Contents

**Current (2025):**

Net contribution to earnings decreased $208 million  -  43 percent  -  primarily due to the change in the components of gross margin, as discussed above, as well as an $84 million decrease in gain on sale of timberlands (refer to Note 4: Timberland Acquisitions and Divestitures). Note 4: Timberland Acquisitions and Divestitures WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 48 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 48 WEYERHAEUSER COMPANY > 2024 ANNUAL REPORT AND FORM 10-K 48 Table of Contents Table of Contents Table of Contents

---

## Modified: LINE OF CREDIT

**Key changes:**

- Reworded sentence: "We had no outstanding borrowings on our $1.5 billion five-year senior unsecured revolving credit facility as of December 31, 2024 or December 31, 2023."

**Prior (2024):**

In March 2023, we entered into a new $1.5 billion five-year senior unsecured revolving credit facility, which expires in March 2028 and replaced the existing facility which was set to expire in January 2025. Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a spread. As of December 31, 2023 and December 31, 2022, we had no outstanding borrowings on the revolving credit facility and we were in compliance with the revolving credit facility covenants. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 52 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 52 Table of Contents Table of Contents Table of Contents

**Current (2025):**

We had no outstanding borrowings on our $1.5 billion five-year senior unsecured revolving credit facility as of December 31, 2024 or December 31, 2023. This credit facility expires in March 2028. Refer to Note 10: Line of Credit for further information. Note 10: Line of Credit

---

## Modified: COMPARING 2024 WITH 2023

**Key changes:**

- Reworded sentence: "Net cash from investing activities decreased by $128 million, primarily due to:  a $166 million decrease in proceeds from the sale of timberlands and  an $18 million increase in cash spent on the acquisition of timberlands."

**Prior (2024):**

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

**Current (2025):**

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

---

## Modified: Net Earnings and Net Earnings per Diluted Share Before Special Items (Income Tax Affected)

**Key changes:**

- Removed sentence: "$ 784 $ 329 $ 2,737 $ (196 ) $ 3,654 (1)Loss on debt extinguishment is a special item consisting of a pretax charge of $276 million related to early debt retirement."
- Removed sentence: "Loss on debt extinguishment is a special item consisting of a pretax charge of $276 million related to early debt retirement."
- Removed sentence: "(2)Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets."
- Removed sentence: "Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets."
- Reworded sentence: "The table below reconciles net earnings before special items to net earnings: DOLLAR AMOUNTS IN MILLIONS 2024 2023"

**Prior (2024):**

$ 646 $ 320 $ 905 $ (177 ) $ 1,694 (1)Operating income (loss) for Timberlands includes pretax special items consisting of an $84 million gain on the sale of timberlands and a $25 million legal benefit. Operating income (loss) for Timberlands includes pretax special items consisting of an $84 million gain on the sale of timberlands and a $25 million legal benefit. (2)Operating income (loss) for Wood Products includes a pretax special item consisting of a $14 million insurance recovery. Operating income (loss) for Wood Products includes a pretax special item consisting of a $14 million insurance recovery. (3)Operating income (loss) for Unallocated Items includes pretax special items consisting of an $11 million noncash environmental remediation charge and $27 million of legal expense. Operating income (loss) for Unallocated Items includes pretax special items consisting of an $11 million noncash environmental remediation charge and $27 million of legal expense. WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 55 WEYERHAEUSER COMPANY > 2023 ANNUAL REPORT AND FORM 10-K 55 Table of Contents Table of Contents Table of Contents The table below reconciles Adjusted EBITDA by segment to net earnings for the year ended December 31, 2022: DOLLAR AMOUNTS IN MILLIONS REAL ESTATE WOOD UNALLOCATED TIMBERLANDS & ENR PRODUCTS ITEMS TOTAL Net earnings $ 1,880 Interest expense, net of capitalized interest 270 Loss on debt extinguishment(1) 276 Income taxes 425

**Current (2025):**

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons, and are widely used by analysts, lenders, rating agencies and other interested parties. The table below reconciles net earnings before special items to net earnings: DOLLAR AMOUNTS IN MILLIONS 2024 2023

---

## Modified: COMPARING 2024 WITH 2023

**Key changes:**

- Reworded sentence: "Net cash from financing activities increased by $490 million, primarily due to:  a $978 million decrease in payments on long-term debt and  a $532 million decrease in cash paid for dividends."

**Prior (2024):**

Net Sales Net sales decreased $2,510 million  -  25 percent  -  primarily due to a $2,301 million decrease in Wood Products net sales to unaffiliated customers attributable to decreased sales realizations and sales volumes across most product lines, as well as a $204 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations in the Western region.

**Current (2025):**

Net Sales Net sales decreased $550 million  -  7 percent  -  primarily due to a $436 million decrease in Wood Products net sales attributable to decreased sales realizations and sales volumes across most product lines, as well as a $142 million decrease in Timberlands net sales to unaffiliated customers attributable to decreased log sales realizations and sales volumes in the Western and Southern regions.

---

## Modified: Changes in U.S. foreign trade policy and responses from other countries may substantially increase the cost of our products in our export markets as well as increase the cost of imported products and raw materials that we use in our operations.

**Key changes:**

- Reworded sentence: "Our ability to conduct business can be significantly affected by changes in tariffs, duties, taxes or customs resulting from changes in U.S."
- Reworded sentence: "For example, we export logs and finished wood products to foreign markets, including Canada and China, and our ability to do so profitably would be affected by trade disputes that result in tariffs being charged on these products."

**Prior (2024):**

We export logs and finished wood products to foreign markets, and our ability to do so profitably is affected by U.S. and foreign trade policy. International trade disputes occur frequently and can be taken to an international trade court or tribunal for resolution of unfair trade practices between countries. U.S. international trade policy could result in one or more of our foreign export market jurisdictions adopting trade policy making it more difficult or costly for us to export our products to those countries, including, for example, placing export or phytosanitary restrictions on our products. We could therefore experience reduced revenues and margins in any of our businesses that is adversely affected by international trade tariffs, duties, taxes, customs or dispute settlement terms. To the extent such trade policies increase prices, they could also reduce the demand for our products and could have a material adverse effect on our business, financial results and financial condition, including facility closures or impairments of assets. We cannot predict future trade policy or the terms of any settlements of international trade disputes and their effect on our business.

**Current (2025):**

Our ability to conduct business can be significantly affected by changes in tariffs, duties, taxes or customs resulting from changes in U.S. and foreign trade policy. For example, we export logs and finished wood products to foreign markets, including Canada and China, and our ability to do so profitably would be affected by trade disputes that result in tariffs being charged on these products. The new U.S. presidential administration has proposed to significantly increase tariffs on foreign imports into the United States, including imports from countries to which we export our products, such as Canada and China. In addition to increasing the cost of the wood products that we export to U.S. markets from our Canadian operations, this policy could result in one or more of our foreign export market jurisdictions adopting retaliatory trade policy that makes it more difficult or costly for us to export our products to those countries including, for example, by increasing tariffs, taxes or duties on our products or by placing significant import restrictions on our products such as onerous and excessive phytosanitary requirements. We could therefore experience reduced revenues and margins in our businesses that are adversely affected by international trade policy or disputes, including the terms of any settlement of such disputes. To the extent such trade policies increase prices, they could also reduce the overall demand for our products in affected markets. Likewise, U.S.-imposed tariffs on imports could also increase our costs for products and raw materials that we use in our operations, and we may not be able to pass on those cost increases to our customers. These changes could therefore have a material adverse effect on our business, financial results and financial condition, including facility closures or impairments of assets. We cannot predict future U.S. or foreign trade policy or the terms and conditions of any resolutions or settlements of international trade disputes and their effects on our business.

---

## Modified: Net charge to earnings

**Key changes:**

- Reworded sentence: "$ (257 ) $ (191 ) $ (66 ) Net charge to earnings increased by $66 million  -  35 percent  -  primarily due to:  a $27 million increase in unallocated corporate function and variable compensation expense;  a $24 million decrease in interest income and other, primarily attributable to a decrease in our cash and short-term investment accounts and  a $7 million decrease in elimination of intersegment profit in inventory and LIFO."

**Prior (2024):**

$ (191 ) $ (431 ) $ 240 Net charge to earnings decreased by $240 million  -  56 percent  -  primarily due to a $209 million decrease in non-operating pension and other post-employment benefit costs attributable to a $205 million pension settlement charge recorded in fourth quarter 2022 (refer to Note 8: Pension and Other Post-Employment Benefit Plans), as well as a $51 million increase in interest income and other attributable to interest earned on short-term investments held for a portion of the year in 2023 and an increase in the interest rate on our cash and investment accounts. Note 8: Pension and Other Post-Employment Benefit Plans

**Current (2025):**

$ (257 ) $ (191 ) $ (66 ) Net charge to earnings increased by $66 million  -  35 percent  -  primarily due to:  a $27 million increase in unallocated corporate function and variable compensation expense;  a $24 million decrease in interest income and other, primarily attributable to a decrease in our cash and short-term investment accounts and  a $7 million decrease in elimination of intersegment profit in inventory and LIFO.

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*Data sourced from SEC EDGAR. Last updated 2026-06-01.*