WY » Topics » CORPORATE AND OTHER

This excerpt taken from the WY 10-Q filed May 8, 2009.

CORPORATE AND OTHER

Our Corporate and Other segment includes:

 

 

governance related corporate support activities and company wide initiatives, such as major information technology developments;

 

 

transportation operations, including Westwood Shipping Lines and five short line railroads;

 

 

results of international operations that have been disposed of and results of our investment in Uruguay prior to its restructuring in second quarter 2008; and

 

 

pension and postretirement credits (charges) for our forest products businesses.

 

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We also may record one-time gains or charges in the Corporate and Other segment related to dispositions or events that are not related to an individual operating segment.

This excerpt taken from the WY 10-K filed Feb 27, 2009.

CORPORATE AND OTHER

We report what our Corporate and Other segment includes in Our Business/What We Do/Corporate and Other.

Here is a comparison of net sales and revenues and contribution to earnings for the last three years:

This excerpt taken from the WY 10-Q filed Nov 7, 2008.

CORPORATE AND OTHER

Our Corporate and Other segment includes:

 

 

governance related corporate support activities and company wide initiatives such as major system and infrastructure deployments;

 

 

transportation operations including Westwood Shipping Lines and five short line railroads;

 

 

the majority of pension and postretirement income (expense) for our forest products businesses; and

 

 

results of international operations that have been disposed of and results of the company’s investment in Uruguay prior to its restructuring in the second quarter 2008.

We also may record one-time gains or charges in the Corporate and Other segment related to dispositions or events that are not related to an individual operating segment.

During the third quarter of 2008, we closed the sale of our timberlands, manufacturing operations and distribution business in Australia and the sale of our Containerboard, Packaging and Recycling business. The gain and results of operations for the Australia businesses and the gain on the sale of Containerboard Packaging and Recycling business are included in Corporate and Other.

This excerpt taken from the WY 10-Q filed May 9, 2008.

CORPORATE AND OTHER

Our Corporate and Other segment includes:

 

 

our international operations, which include distribution and converting facilities located outside of North America;

 

 

governance related corporate support activities and company wide initiatives such as major system and infrastructure deployments;

 

 

transportation operations including Westwood Shipping Lines and five short line railroads; and

 

 

pension income (expense) for our forest products businesses.

We may also record one-time gains or charges in the Corporate and Other segment related to dispositions or events that are not related to an individual operating segment.

How We Did in the First Quarter of 2008

Comparing 2008 with 2007

In 2008:

 

 

Contribution to earnings decreased $625 million, due primarily to the following:

 

   

A pretax gain of $629 million from the Domtar Transaction was recognized during 2007 and is included in discontinued operations.

 

   

A $17 million charge was recognized in 2008 for an adjustment to increase our reserve for environmental remediation.

 

   

Foreign exchange losses of $11 million were recognized during 2008 compared to foreign exchange gains of $7 million during 2007. Foreign exchange gains and losses result from changes in exchange rates, primarily related to our Canadian operations.

 

 

These decreases were partially offset by the following:

 

   

Net pension income increased $38 million, excluding the 2007 loss related to the Domtar Transaction. Beginning in 2008, net pension income (expense) previously allocated to our Weyerhaeuser operating segments is included in contribution to earnings for the Corporate and Other segment.

 

   

Share-based compensation expense decreased by $12 million primarily due to a decline in the fair value of our cash-settled awards and a change in vesting provisions for restricted stock units granted in 2008.

This excerpt taken from the WY 10-K filed Feb 28, 2008.

CORPORATE AND OTHER

We report what our Corporate and Other segment includes in Our Business/What We Do/Corporate and Other. Here is a comparison of net sales and revenues and contribution to earnings for the last three years:

This excerpt taken from the WY 10-Q filed Aug 9, 2007.

CORPORATE AND OTHER

How We Did in the Second Quarter and First Half of 2007

Our Corporate and Other segment includes:

 

 

marine transportation - through Westwood Shipping Lines, a wholly-owned subsidiary;

 

 

timberlands, distribution and converting facilities located outside North America; and

 

 

general corporate support activities.

Comparing 2007 with 2006

In 2007, contribution to earnings decreased $4 million in the second quarter, and increased $731 million for the first half, due primarily to the following:

 

 

A pretax gain of $682 million from the Domtar Transaction was recognized in the first quarter of 2007, and an additional $4 million in related charges were recognized in the second quarter.

 

 

Foreign exchange gains of $34 million were recognized in the second quarter compared to $20 million in 2006. For the first half, gains were $41 million in 2007 compared to a $6 million loss during 2006. Foreign exchange gains and losses result from changes in exchange rates, primarily related to our Canadian and New Zealand operations.

 

 

Litigation expense increased $24 million and $23 million during the second quarter and first half, respectively.

 

 

Charges related to donations of real estate to the Weyerhaeuser Company Foundation and other qualifying charitable organizations decreased by $18 million for the quarter and $25 million for the first half.

This excerpt taken from the WY 10-Q filed May 10, 2007.

CORPORATE AND OTHER

Our Corporate and Other segment includes:

 

 

marine transportation – through Westwood Shipping Lines, a wholly-owned subsidiary;

 

 

timberlands, distribution and converting facilities located outside North America; and

 

 

general corporate support activities.

Comparing 2007 with 2006

In 2007:

 

 

Contribution to earnings increased $735 million, due primarily to the following:

 

  A pretax gain of $682 million from the Domtar Transaction was recognized during 2007 and is included in discontinued operations.

 

  Foreign exchange gains of $7 million were recognized during 2007 compared to foreign exchange losses of $26 million during 2006. Foreign exchange gains and losses result from changes in exchange rates, primarily related to our Canadian and New Zealand operations.
This excerpt taken from the WY 10-K filed Mar 1, 2007.

CORPORATE AND OTHER

Our Corporate and Other segment includes:

 

marine transportation – through Westwood Shipping Lines, a wholly-owned subsidiary;

 

timberlands, distribution and converting facilities located outside North America; and

 

general corporate support activities.

How We Did in 2006

We completed the disposition of our European composite panels with the sale of our Irish composite panel operations in December 2006. In Uruguay, a new plywood mill started up in the spring of 2006 and our timberlands assets grew by approximately 23 percent over year end 2005.

 

In our general corporate support, we continued the migration of major information technology systems to a common technology platform and retired legacy stand-alone systems. The segment’s performance is also affected by foreign exchange rate volatility, changes in our stock price and the associated variable compensation expense, and strategic initiatives outside the operating segments.

Here is a comparison of net sales and revenues and contribution to earnings for the last three years:

This excerpt taken from the WY 10-Q filed Nov 3, 2006.

Corporate and Other

 

     Thirteen weeks ended    Thirty-nine weeks ended

Dollar amounts in millions

  

September 24,

2006

   

September 25,

2005

  

September 24,

2006

   

September 25,

2005

Net sales and revenues

   $ 123     $ 146    $ 356     $ 446

Contribution (charge) to earnings

   $ (78 )   $ 101    $ (220 )   $ 183

The Corporate and Other segment includes marine transportation (Westwood Shipping Lines, a wholly-owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities.

 

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Net sales and revenues for the segment declined $23 million and $90 million for the quarter and year-to-date, respectively, primarily due to the sale of the French composites operations in December 2005.

The Corporate and Other segment’s contribution (charge) to earnings includes the following:

 

    During the third quarter of 2006, an out-of-period charge of $26 million was recognized in connection with additional impairment of assets related to the closure of the Prince Albert, Saskatchewan facility, which was announced in the fourth quarter of 2005. In addition, an out-of-period charge of $8 million was recognized in the third quarter of 2006 to write-off additional goodwill that was associated with the B.C. Coastal operations that were sold in the second quarter of 2005.

 

    Both the third quarter and year-to-date 2005 periods include a $115 million pretax gain on the sale of MAS Capital Management Partners, LP, a joint venture. Year-to-date 2005 also includes a $63 million pretax gain on the sale of the company’s B.C. Coastal operations sold during the second quarter and second quarter income of $57 million related to the recognition of a deferred gain from previous timberlands sales.

 

    Foreign exchange gains were $17 million and $38 million in the third quarters of 2006 and 2005, respectively, and $11 million and $39 million year-to-date 2006 and 2005, respectively. Foreign exchange gains and losses result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

    Third quarter and year-to-date 2006 include charges of $2 million and $27 million, respectively, related to donations of real estate to the Weyerhaeuser Company Foundation and other qualifying charitable organizations, compared to year-to-date 2005 charges of $3 million, all of which were incurred during the first quarter.

 

    The third quarter and year-to-date 2006 periods, included charges of $8 million and $22 million, respectively, to expense previously capitalized interest in connection with sales of real estate assets. There were no comparable charges recognized during the third quarter or year-to-date periods of 2005.

 

    Other general and administrative costs increased approximately $48 million and $26 million during the third quarter and year-to-date 2006, respectively, as compared to the same periods in 2005. The increase is due to higher spending on corporate initiatives throughout 2006.

 

    During the third quarter 2006 the company acquired OrganicID, Inc., a research and development company, for $9 million. Based on the nature of the research and development acquired the purchase price was expensed as resource and development during the third quarter of 2006.

 

    Variable compensation costs, which includes share-based compensation and other performance-based incentive compensation, decreased $19 million and $17 million during the third quarter and year-to-date, respectively.

 

    Interest income decreased approximately $13 million and $18 million during the third quarter and year-to-date, respectively. The higher interest income in the 2005 periods is due primarily to increased average balances of short-term investments purchased with proceeds from the second quarter 2005 sale of the B.C. Coastal operations.

 

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This excerpt taken from the WY 10-Q filed Aug 3, 2006.

Corporate and Other

    

Thirteen weeks

ended

  

Twenty-six weeks

ended

Dollar amounts in millions

  

June 25,

2006

   

June 26,

2005

  

June 25,

2006

   

June 26,

2005

Net sales and revenues

   $ 117     $ 151    $ 233     $ 300

Contribution (charge) to earnings

   $ (40 )   $ 99    $ (142 )   $ 82

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly-owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities.

Net sales and revenues for the segment declined $34 million and $67 million for the thirteen and twenty-six week periods ended June 25, 2006, respectively, primarily due to the sale of the French composite operations in December 2005.

Corporate and Other’s contribution (charge) to earnings includes the following:

 

    The thirteen and twenty-six week periods ended June 26, 2005, include a $64 million pretax gain on the sale of the company’s B.C. Coastal operations and a $57 million gain related to the recognition of a deferred gain from previous timberlands sales.

 

    Foreign exchange gains (losses) were $20 million and ($12) million in the thirteen weeks ended June 25, 2006, and June 26, 2005, respectively, and ($6) million and $1 million in the twenty-six weeks ended June 25, 2006, and June 26, 2005, respectively. Foreign exchange gains and losses result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

    The thirteen and twenty-six weeks ended June 25, 2006, include charges of $17 million and $23 million, respectively, related to donations of timberlands to the Weyerhaeuser Company Foundation, compared to charges of $3 million for donations of timberlands in the twenty-six weeks ended June 26, 2005.

 

    The thirteen and twenty-six weeks ended June 25, 2006, included charges of $7 million and $14 million, respectively, to expense previously capitalized interest in connection with sales of real estate assets. There were no comparable charges recognized in the thirteen or twenty-six weeks ended June 25, 2005.

 

    Other general and administrative costs of the corporate and other segment increased approximately $22 million and $32 million in the thirteen and twenty-six weeks ended June 25, 2006, respectively, primarily due to higher spending on corporate initiatives.

 

    Variable compensation costs for the corporate and other segment, including both share-based compensation and other performance-based incentive compensation, decreased $15 million in the second quarter of 2006. On year-to-date basis, variable compensation costs for the segment were comparable for the first two quarters of 2006 and 2005.

 

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This excerpt taken from the WY 10-Q filed May 4, 2006.

Corporate and Other

 

     Thirteen weeks ended  

Dollar amounts in millions

   March 26,
2006
    March 27,
2005
 

Net sales and revenues

   $ 116     $ 149  

Contribution (charge) to earnings

   $ (102 )   $ (17 )

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly-owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities. Corporate and Other’s contribution (charge) to earnings includes the following:

 

    Foreign exchange gains (losses) were ($26) million and $13 million in the first quarters of 2006 and 2005, respectively, resulting in a net negative variance of $39 million. Foreign exchange transaction gains and losses are the result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

    The first quarter of 2006 included a $14 million pretax charge related to share-based compensation, which includes a $6 million pretax charge for the cumulative effect of implementing Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (Statement 123R). This compares to a charge of $2 million in the first quarter of 2005 related to share-based compensation awards.

 

    The first quarter of 2006 included charges of $7 million to expense previously capitalized interest in connection with sales of real estate assets. There were no comparable charges recognized in the first quarter of 2005.

 

    Other general and administrative costs of the corporate and other segment increased approximately $10 million, primarily due to higher spending on corporate initiatives.
This excerpt taken from the WY 10-K filed Feb 22, 2006.

CORPORATE AND OTHER

 

                        Amount of Change  
    2005      2004      2003     2005 vs. 2004    2004 vs. 2003  

Dollar amounts in millions

                                        

Net sales and revenues

  $ 600      $ 575      $ 492     $ 25    $ 83  
   
 

Contribution (charge) to earnings

  $ 216      $ (271 )    $ (176 )   $ 487    $ (95 )
   
 

 

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities.

 

This excerpt taken from the WY 10-Q filed Nov 4, 2005.

Corporate and Other

 

     Thirteen weeks ended

    Thirty-nine weeks ended

 

Dollar amounts in millions    


   Sept. 25,
2005


   Sept. 26,
2004


   

Sept. 25,

2005


   Sept. 26,
2004


 

Net sales and revenues

   $ 146    $ 135     $ 446    $ 417  

Contribution (charge) to earnings

     101      (45 )     183      (188 )

 

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities. Corporate and Other’s contribution (charge) to earnings included the following:

 

  The thirteen and thirty-nine weeks ended September 25, 2005, included a $115 million pretax gain on the sale of the company’s investment in MAS Capital Management Partners, L.P., an equity affiliate.

 

  The thirteen and thirty-nine weeks ended September 25, 2005, included $26 million and $67 million, respectively, of interest income, compared to $5 million and $9 million of interest income in the thirteen and thirty-nine weeks ended September 26, 2004, respectively. The 2005 periods included $10 million and $41 million of interest income for the thirteen and thirty-nine week periods, respectively, related to consolidated special-purpose entities. This activity was not fully consolidated in the 2004 periods. See Note 7 of Notes to Consolidated Financial Statements.

 

  Foreign exchange gains were $38 million and $16 million in the thirteen weeks ended September 25, 2005, and September 26, 2004, respectively, and $39 million and zero in the thirty-nine weeks ended September 25, 2005, and September 26, 2004, respectively. Foreign exchange gains and losses result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

  General and administrative expenses retained in the Corporate and Other segment have declined on both a quarterly and year-to-date basis in 2005 as compared to the same periods in 2004, primarily related to a change in allocating general and administrative costs to the other segments.

 

  The thirty-nine weeks ended September 25, 2005, included a $63 million pretax gain on the sale of the company’s B.C. Coastal operations and a $57 million pretax gain related to the recognition of a deferred gain from previous timberlands sales.

 

This excerpt taken from the WY 10-Q filed Aug 4, 2005.

Corporate and Other

 

     Thirteen weeks ended

    Twenty-six weeks ended

 

Dollar amounts in millions


  

June 26,

2005


  

June 27,

2004


   

June 26,

2005


  

June 27,

2004


 

Net sales and revenues

   $ 151    $ 147     $ 300    $ 282  

Contribution (charge) to earnings

     99      (67 )     82      (143 )

 

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities. Corporate and Other’s contribution (charge) to earnings includes the following:

 

  The thirteen and twenty-six weeks ended June 26, 2005, include a $64 million pretax gain on the sale of the company’s B.C. Coastal operations.


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    Weyerhaeuser Company
    - 39 -

 

  The thirteen and twenty-six weeks ended June 26, 2005, include a $57 million gain related to the recognition of a deferred gain from previous timberlands sales.

 

  The thirteen and twenty-six weeks ended June 26, 2005, include $17 million and $42 million, respectively, of interest income, compared to $3 million and $4 million of interest income in the thirteen and twenty-six weeks ended June 27, 2004, respectively. The 2005 periods include $12 million and $31 million of interest income for the thirteen and twenty-six week periods, respectively, related to consolidated special-purpose entities. This activity was not fully consolidated in the 2004 periods. See Note 7 of Notes to Consolidated Financial Statements.

 

  Foreign exchange gains (losses) were ($12) million and ($6) million in the thirteen weeks ended June 26, 2005, and June 27, 2004, respectively, and $1 million and ($16) million in the twenty-six weeks ended June 26, 2005, and June 27, 2004, respectively. Foreign exchange gains and losses result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

  General and administrative expenses retained in the Corporate and Other segment have declined on both a quarterly and year-to-date basis in 2005 as compared to the same periods in 2004, primarily related to a change in allocating general and administrative costs to the other segments.

 

This excerpt taken from the WY 10-Q filed May 5, 2005.

Corporate and Other

 

     Thirteen weeks ended

 

Dollar amounts in millions


  

March 27,

2005


    March 28,
2004


 

Net sales and revenues

   $ 149     $ 135  

Contribution (charge) to earnings

     (17 )     (76 )

 

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly-owned subsidiary); timberlands, distribution and converting facilities located outside North America; and general corporate support activities. Corporate and Other’s contribution (charge) to earnings includes the following:

 

  Foreign exchange gains (losses) were $13 million and ($10 million) in the thirteen-week periods ended March 27, 2005, and March 28, 2004, respectively. Foreign exchange transaction gains and losses result from changes in exchange rates primarily related to the company’s Canadian and New Zealand operations.

 

  The first quarter of 2005 includes $23 million of interest income, including $18 million related to consolidated special-purpose entities, compared to $1 million in the first quarter of 2004.

 

This excerpt taken from the WY 10-K filed Mar 3, 2005.

CORPORATE AND OTHER

 

                         AMOUNT OF CHANGE  
                     


Dollar amounts in millions   2004      2003      2002      2004 vs. 2003     2003 vs. 2002  


Net sales and revenues

  $ 575      $ 492      $ 399      $ 83     $ 93  
   


Contribution (charge) to earnings

  $ (271 )    $ (176 )    $ (293 )    $ (95 )   $ 117  
   


 

Corporate and Other includes marine transportation (Westwood Shipping Lines, a wholly owned subsidiary); distribution and converting facilities located outside North America; and general corporate support activities.

 

 

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