filings.toolsWeyerhaeuser (WY) 10-K risk factor changes: FY2015 vs FY2014
The 2015-12-31 10-K against the 2014-12-31 one, compared heading by heading and sentence by sentence. One of these filings carries no fiscal year tag, so its year is the calendar year of the period end.
All filing items1,321 rewritten696 added364 removed4,653 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: the parser did not find an Item 1A in both filings.
- Sentence by sentence, 696 added, 364 removed, 1,321 rewritten and 4,653 unchanged across 1 item that differ.
Sentences by item
1 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Full document | 696 | 364 | 1,321 | 4,653 |
Underlined words on a shaded ground are new in FY2015; struck-through words were in FY2014. Sentences that are wholly new or wholly gone are labelled rather than marked.
Full document
1,321 rewritten, 696 added, 364 removed, 4,653 unchanged
FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2014][added: 2015]
As of June 30, [removed: 2014,] [added: 2015,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $19.1] [added: $16.0] billion based on the closing sale price as reported on the New York Stock Exchange Composite Price Transactions.
As of January [removed: 30, 2015, 524,997,504] [added: 29, 2016, 510,492,965] shares of the registrant’s common stock ($1.25 par value) were outstanding.
Portions of the Notice of [removed: 2015] [added: 2016] Annual Meeting of Shareholders and Proxy Statement for the company’s Annual Meeting of Shareholders to be held May [removed: 22, 2015,] [added: 20, 2016,] are incorporated by reference into Part II and III.
WEYERHAEUSER COMPANY > [removed: 2014] [added: 2015] ANNUAL REPORT AND FORM 10-K
| ITEM 1. | [OUR [removed: BUSINESS](#sF95DCE79DBEC54AC6C66A510B17DB304)] [added: BUSINESS](#s3C2DC7D3FB395C1D9F158C7544BD161D)] | [removed: [1](#sF95DCE79DBEC54AC6C66A510B17DB304)] [added: [1](#s3C2DC7D3FB395C1D9F158C7544BD161D)] |
| | [WE CAN TELL YOU [removed: MORE](#s45D44C58378EABDE9F59A510B1AE1193)] [added: MORE](#s2A365764BC5B55EBAC2F43D549205F0F)] | [removed: [1](#s45D44C58378EABDE9F59A510B1AE1193)] [added: [1](#s2A365764BC5B55EBAC2F43D549205F0F)] |
| | [WHO WE [removed: ARE](#s81728A8DDCEB06578F89A510B1D046C4)] [added: ARE](#sB29D83EAF92A52949C387AC8D0492695)] | [removed: [1](#s81728A8DDCEB06578F89A510B1D046C4)] [added: [1](#sB29D83EAF92A52949C387AC8D0492695)] |
| | • [REAL ESTATE INVESTMENT TRUST (REIT) [removed: ELECTION](#sB9A5DC3D645A432B7E18A510B201230B)] [added: ELECTION](#sEDC793AFC81657A998A3739689448BAB)] | [removed: [1](#sB9A5DC3D645A432B7E18A510B201230B)] [added: [1](#sEDC793AFC81657A998A3739689448BAB)] |
| | • [OUR BUSINESS [removed: SEGMENTS](#sA65DA45A18CD642BB2E5A510B22463C4)] [added: SEGMENTS](#sA539BC02CD115ABCA5C68033E6B64A92)] | [removed: [1](#sA65DA45A18CD642BB2E5A510B22463C4)] [added: [1](#sA539BC02CD115ABCA5C68033E6B64A92)] |
| | • [EFFECT OF MARKET [removed: CONDITIONS](#s5D5D1DB8362B3D6DB68BA510B255EBA6)] [added: CONDITIONS](#s374178EE4F745A25B57E4CAFAC19251E)] | [removed: [1](#s5D5D1DB8362B3D6DB68BA510B255EBA6)] [added: [2](#s374178EE4F745A25B57E4CAFAC19251E)] |
| | • [COMPETITION IN OUR [removed: MARKETS](#s96CEEE565A7DE522C3F2A510B2771C00)] [added: MARKETS](#sCA9BEE2EB878503AB9631E63DBB09C55)] | [removed: [2](#s96CEEE565A7DE522C3F2A510B2771C00)] [added: [2](#sCA9BEE2EB878503AB9631E63DBB09C55)] |
| | • [SALES OUTSIDE THE [removed: U.S.](#sB0F54758830D288BABCEA5104278D2ED)] [added: U.S.](#s566AAB61E5BF549693787FA0BEC28BD4)] | [removed: [2](#sB0F54758830D288BABCEA5104278D2ED)] [added: [2](#s566AAB61E5BF549693787FA0BEC28BD4)] |
| | • [OUR [removed: EMPLOYEES](#sE146C8EB1433F277D7D5A510B2CAB0A5)] [added: EMPLOYEES](#sE70E9E7E43755C75AD1FD11BD69029B8)] | [removed: [2](#sE146C8EB1433F277D7D5A510B2CAB0A5)] [added: [2](#sE70E9E7E43755C75AD1FD11BD69029B8)] |
| [added: Timberlands] | [removed: • [TIMBERLANDS](#sCEE17614486A4FAF7CE2A51070304412)] [added: $] | [removed: [2](#sCEE17614486A4FAF7CE2A51070304412)] [added: 75] | [added: | $ | 74 | | $ | 73 | |]
| | • [WOOD [removed: PRODUCTS](#s3EA9B12A6FDE57A89ED1A5104B2E666B)] [added: PRODUCTS](#sB94DC83C67305B9CA0854AC1278A8AEA)] | [removed: [11](#s3EA9B12A6FDE57A89ED1A5104B2E666B)] [added: [11](#sB94DC83C67305B9CA0854AC1278A8AEA)] |
| | • [CELLULOSE [removed: FIBERS](#s93328023ED2AE24D9CACA51076C527E2)] [added: FIBERS](#s39A8827053EC5B0DABDFED495001AE7E)] | [removed: [14](#s93328023ED2AE24D9CACA51076C527E2)] [added: [14](#s39A8827053EC5B0DABDFED495001AE7E)] |
| | [removed: EXECUTIVE] [added: [EXECUTIVE] OFFICERS OF THE [removed: REGISTRANT] [added: REGISTRANT](#s565784D7CBF150549B8BBBF348D3CF5D)] | [removed: [16](#s5B1E2C96DCE46C06A0CAA510B3C23D49)] [added: [17](#sFAC1F072E2A35A8FB89812D14EDF36C7)] |
| | [NATURAL RESOURCE AND ENVIRONMENTAL [removed: MATTERS](#s7ED28D9229C94899AE31A510B3F46795)] [added: MATTERS](#sA6A0D9AC5A86512CA882F35061CF2C41)] | [removed: [17](#s7ED28D9229C94899AE31A510B3F46795)] [added: [18](#sA6A0D9AC5A86512CA882F35061CF2C41)] |
| | • [REGULATIONS AFFECTING FORESTRY [removed: PRACTICES](#s0C4A17580F8FC894797CA510B4183B01)] [added: PRACTICES](#s76083E87C8615CEFA954257572642C55)] | [removed: [17](#s0C4A17580F8FC894797CA510B4183B01)] [added: [18](#s76083E87C8615CEFA954257572642C55)] |
| | • [ENDANGERED SPECIES [removed: PROTECTIONS](#s1DEB8005172AA41A39AEA510B4487070)] [added: PROTECTIONS](#sF79770FD27EE52AD8C9678FE65A1516C)] | [removed: [17](#s1DEB8005172AA41A39AEA510B4487070)] [added: [18](#sF79770FD27EE52AD8C9678FE65A1516C)] |
| | • [FOREST CERTIFICATION [removed: STANDARDS](#s1CE9FF9227CB4E394144A510B46B45BC)] [added: STANDARDS](#s2FF9BCF715375A6E8B0612ED1F725679)] | [removed: [18](#s1CE9FF9227CB4E394144A510B46B45BC)] [added: [19](#s2FF9BCF715375A6E8B0612ED1F725679)] |
| | • [WHAT THESE REGULATIONS AND CERTIFICATION PROGRAMS MEAN TO [removed: US](#sE9C6A243F372D1346D68A510B49C3EDB)] [added: US](#s694281657B925E6A82AED725EA5903B9)] | [removed: [18](#sE9C6A243F372D1346D68A510B49C3EDB)] [added: [19](#s694281657B925E6A82AED725EA5903B9)] |
| | • [CANADIAN ABORIGINAL [removed: RIGHTS](#sBE53A6A3566357AF1748A510B4BC6634)] [added: RIGHTS](#sB776E47A9CE15BB08501B61E4E0546FB)] | [removed: [18](#sBE53A6A3566357AF1748A510B4BC6634)] [added: [19](#sB776E47A9CE15BB08501B61E4E0546FB)] |
| | • [POLLUTION-CONTROL [removed: REGULATIONS](#s4C2A8BCF6C5E64983C96A510B4EF5AC5)] [added: REGULATIONS](#sEC8792980CB057B4A6C2C879F43988D3)] | [removed: [18](#s4C2A8BCF6C5E64983C96A510B4EF5AC5)] [added: [19](#sEC8792980CB057B4A6C2C879F43988D3)] |
| | • [ENVIRONMENTAL [removed: CLEANUP](#s50E908320D442EE0A205A510B51264B5)] [added: CLEANUP](#s118F79A4DE835682A04E03CFE3BEA819)] | [removed: [19](#s50E908320D442EE0A205A510B51264B5)] [added: [20](#s118F79A4DE835682A04E03CFE3BEA819)] |
| | • [REGULATION OF AIR EMISSIONS IN THE [removed: U.S.](#s4D324AA1FE5470148B46A510B54679E7)] [added: U.S.](#sD9AB75E983CE517DA5D1DA3E20C62C23)] | [removed: [19](#s4D324AA1FE5470148B46A510B54679E7)] [added: [20](#sD9AB75E983CE517DA5D1DA3E20C62C23)] |
| | • [REGULATION OF AIR EMISSIONS IN [removed: CANADA](#s0CC3D8CA6632617D0F57A510B56781E0)] [added: CANADA](#sEEB60E3E6ECD5596A67AF717F488D726)] | [removed: [20](#s0CC3D8CA6632617D0F57A510B56781E0)] [added: [21](#sEEB60E3E6ECD5596A67AF717F488D726)] |
| | • [REGULATION OF AIR EMISSIONS IN POLAND AND [removed: URUGUAY](#s194367256E78D7C5FBFAA510B59930B8)] [added: URUGUAY](#sE98E3DAB612F5B0D9D47BFE41C01AD6C)] | [removed: [20](#s194367256E78D7C5FBFAA510B59930B8)] [added: [21](#sE98E3DAB612F5B0D9D47BFE41C01AD6C)] |
| | • [REGULATION OF [removed: WATER](#s57B3B526637255687198A510B5B7EB1A)] [added: WATER](#s1F7DAEF43F0759208CB4B4B81AFFE295)] | [removed: [20](#s57B3B526637255687198A510B5B7EB1A)] [added: [21](#s1F7DAEF43F0759208CB4B4B81AFFE295)] |
| | • [POTENTIAL CHANGES IN POLLUTION [removed: REGULATION](#s7A6F83D164132E489747A510B5E892A6)] [added: REGULATION](#sC3AE4821BDE652E8917612089CD88E76)] | [removed: [21](#s7A6F83D164132E489747A510B5E892A6)] [added: [22](#sC3AE4821BDE652E8917612089CD88E76)] |
| | [FORWARD-LOOKING [removed: STATEMENTS](#sD1E1C8E624CB5323AB7AA510B60C2538)] [added: STATEMENTS](#sDB92E8D2B47B5E029BD875E0ED5C0007)] | [removed: [22](#sD1E1C8E624CB5323AB7AA510B60C2538)] [added: [23](#sDB92E8D2B47B5E029BD875E0ED5C0007)] |
| ITEM 1A. | [RISK [removed: FACTORS](#s9E7E3E98720B6B536280A510B63C018B)] [added: FACTORS](#s4FE7A5996AC755E9BD224CA1DB661A67)] | [removed: [23](#s9E7E3E98720B6B536280A510B63C018B)] [added: [24](#s4FE7A5996AC755E9BD224CA1DB661A67)] |
| | [RISKS RELATED TO OUR INDUSTRIES AND [removed: BUSINESS](#s36436743A30E1FCCB2ADA510B65F25A4)] [added: BUSINESS](#s0AFF47F39CD45B6B9B907040B6267C71)] | [removed: [23](#s36436743A30E1FCCB2ADA510B65F25A4)] [added: [24](#s0AFF47F39CD45B6B9B907040B6267C71)] |
| | • [MACROECONOMIC [removed: CONDITIONS](#s4205A2A48EAA33F89067A510B68FAA53)] [added: CONDITIONS](#s4F9F522E380650979180B68303572B5E)] | [removed: [23](#s4205A2A48EAA33F89067A510B68FAA53)] [added: [24](#s4F9F522E380650979180B68303572B5E)] |
| | • [COMMODITY [removed: PRODUCTS](#sCEA3A776FD5914FD6468A510B6B20C54)] [added: PRODUCTS](#s46D987C8D30555E1AE18090FFD310493)] | [removed: [23](#sCEA3A776FD5914FD6468A510B6B20C54)] [added: [24](#s46D987C8D30555E1AE18090FFD310493)] |
| | • [INDUSTRY SUPPLY OF LOGS, WOOD PRODUCTS AND [removed: PULP](#sFC41AA4B0A979E835D16A510B6E44F13)] [added: PULP](#s853F6CB9B81A5FC4B69DE8C57C704E74)] | [removed: [23](#sFC41AA4B0A979E835D16A510B6E44F13)] [added: [24](#s853F6CB9B81A5FC4B69DE8C57C704E74)] |
| | • [HOMEBUILDING MARKET AND ECONOMIC [removed: RISKS](#s01B2CE8E7F206C1CF3A3A510B7067CAB)] [added: RISKS](#s639E6D475F5050209AA32741137FED0C)] | [removed: [23](#s01B2CE8E7F206C1CF3A3A510B7067CAB)] [added: [24](#s639E6D475F5050209AA32741137FED0C)] |
| | • [CAPITAL [removed: MARKETS](#s7C89848199839D6CFF35A510B7361D19)] [added: MARKETS](#s0F2FE266A5065820A3650F1C128287BF)] | [removed: [24](#s7C89848199839D6CFF35A510B7361D19)] [added: [25](#s0F2FE266A5065820A3650F1C128287BF)] |
| | • [CHANGES IN CREDIT [removed: RATINGS](#s920A6D2073823075FECFA510B759C635)] [added: RATINGS](#sE31997971DFE5FD4990E0786CDA62B13)] | [removed: [24](#s920A6D2073823075FECFA510B759C635)] [added: [25](#sE31997971DFE5FD4990E0786CDA62B13)] |
10-K 1 wy-123115x10k.htm 10-K
| | • [PENDING MERGER WITH PLUM CREEK](#s306db1e2e65141edaea54cb93df284a4) | [1](#s306db1e2e65141edaea54cb93df284a4) |
| | [WHAT WE DO](#s1B01DA6CEE4A5E89B2EB0DC5E18971AA) | [2](#s1B01DA6CEE4A5E89B2EB0DC5E18971AA) |
| | • [SUBSTITUTION](#sB72B7307A9CA58C882FCE3DBEB24C84F) | [25](#sB72B7307A9CA58C882FCE3DBEB24C84F) |
| | • [PEOPLE](#s3C066AEEE0B35BF3A31201098DFA314D) | [27](#s3C066AEEE0B35BF3A31201098DFA314D) |
| | • [TRANSPORTATION](#s87B774AA7DAA51F7B2DAB2A377157170) | [27](#s87B774AA7DAA51F7B2DAB2A377157170) |
| | • [OUR MERGER WITH PLUM CREEK TIMBER, INC.](#s10129a27344a4100b662eaebfe685f57) | [29](#s10129a27344a4100b662eaebfe685f57) |
| | • [TIMBERLAND SPECIFIC RISKS](#s2cf70d00830f49dc9e4b5acb3211f074) | [30](#s2cf70d00830f49dc9e4b5acb3211f074) |
| | • [TIMBERLANDS](#sEDA12CCEAC6C50D5BED79DEDFFBC14CF) | [40](#sEDA12CCEAC6C50D5BED79DEDFFBC14CF) |
| | • [UNALLOCATED ITEMS](#s3AE9179D2BC95BBA902B9192658D4B14) | [44](#s3AE9179D2BC95BBA902B9192658D4B14) |
| | • [FINANCING](#s668E8C6294D554B083B211264E92D1DA) | [47](#s668E8C6294D554B083B211264E92D1DA) |
| | [PERFORMANCE MEASURES](#s51de0049915b4edfb52532fe4e6b1966) | [53](#s51de0049915b4edfb52532fe4e6b1966) |
| | [EXHIBITS](#sD57C81DAFDDE5B21824BEBA9067AA877) | [110](#sD57C81DAFDDE5B21824BEBA9067AA877) |
| | [SIGNATURES](#s971E9DF874835BF39C73162E3EB1C87C) | [112](#s971E9DF874835BF39C73162E3EB1C87C) |
| | [CERTIFICATIONS](#s971E9DF874835BF39C73162E3EB1C87C) | 113 |
PENDING MERGER WITH PLUM CREEK
On November 6, 2015 Weyerhaeuser Company and Plum Creek Timber Company, Inc. (“Plum Creek”) entered into an Agreement and Plan of Merger (“Merger Agreement”) pursuant to which Plum Creek will merge with and into Weyerhaeuser Company with Weyerhaeuser continuing as the surviving corporation.
Under the terms of the Merger Agreement, Plum Creek shareholders will receive 1.60 shares of Weyerhaeuser common shares for each share of Plum Creek common stock at the closing date.
Plum Creek is a REIT that owns and manages more than 6 million acres of timberland in the United States.
In addition Plum Creek produces wood products, develops opportunities for mineral and other natural resource extraction, and develops and sells real estate properties.
See [Note 4: Acquisitions](#sCA83216C0CF456CB85D8855829BB2F87) in the [Notes to Consolidated Financial Statements](#s9BA5C07793D859489A3701F92874EAC5) for further information about the pending merger.
On November 8, 2015 Weyerhaeuser announced that the board authorized the exploration of strategic alternatives for its Cellulose Fibers business.
At this time there can be no assurance that the board's evaluation process will result in any transaction or that any transaction, if pursued, will be consummated.
The table below shows sales outside the U.S. for the last three years.
| Other products | Seed and seedlings grown in the U.S. and plywood produced at our mill in Uruguay are sold to third parties. U.S. timberlands are leased to the public for recreational purposes. |
| | 142 | |
| South | 3,403 | | 630 | | 4,033 | |
| Total U.S. | 5,997 | | 630 | | 6,627 | |
We also sell standing timber to third parties.
| GEOGRAPHIC AREA | MILLIONS OF CUBIC METERS AT DECEMBER 31, 2015 | |
| GEOGRAPHIC AREA | THOUSANDS OF ACRES AT DECEMBER 31, 2015 | |
| Ontario(1) | 2,574 | |
| Saskatchewan | 4,987 | |
| • | $1.5 billion in 2014. |
| • | $867 million in 2014. |
| • | Sales volumes in the West decreased 0.3 million cubic meters — 3 percent — primarily due to lower export sales to China and Korea. |
Our average 2015 log realizations in the South were flat from 2014.
On November 6, 2015 we entered into a Merger Agreement with Plum Creek.
Plum Creek is among the largest and most geographically diverse private landowners in the United States with more than 6 million acres of timberlands in 19 states, including significant holdings in proximity to our Western and Southern timberlands.
Pending the completion of the merger, the combined company will own more than 13 million acres of timberlands.
10-K 1 wy-123114x10k.htm 10-K
| | [WHAT WE DO](#sFA404B877529F8266027A510B2FCA452) | [2](#sFA404B877529F8266027A510B2FCA452) |
| | • [SUBSTITUTION](#s7941A854BF0DF12D626EA510B7891F5C) | [24](#s7941A854BF0DF12D626EA510B7891F5C) |
| | • PEOPLE | [26](#s7BD2592CDA79BFED79FDA510B8FA55E2) |
| | • [TRANSPORTATION](#sEDB0BE9955ABE1408689A510B92A57DC) | [26](#sEDB0BE9955ABE1408689A510B92A57DC) |
| | • [NATURAL DISASTERS ON TIMBERLANDS ASSETS](#sEA010A311B1D7DE4355AA510B9D03BE4) | [28](#sEA010A311B1D7DE4355AA510B9D03BE4) |
| | | | |
| | • [TIMBERLANDS](#sF90A826B4AC298EB3157A5106101E776) | [36](#sF90A826B4AC298EB3157A5106101E776) | |
| | • [FINANCING](#sE62AA5A58D158E812EA5A5104D410E7E) | [43](#sE62AA5A58D158E812EA5A5104D410E7E) | |
| | [EXHIBITS](#sEF21B58DF904E6652ABFA510F4149B7B) | [102](#sEF21B58DF904E6652ABFA510F4149B7B) | |
| | [SIGNATURES](#s288F644F573E495E4553A510F62629EF) | [104](#s288F644F573E495E4553A510F62629EF) | |
| | CERTIFICATIONS | 105 | |
| | |
| --- | --- |
| Other products | Other products includes seed and seedlings, recreational leases, as well as plywood produced by our international operations in Uruguay. |
DISCUSSION OF OPERATIONS BY GEOGRAPHY
| Other conifer | 1 | |
| | 139 | |
| South | 3,398 | | 642 | | 4,040 | |
| Total U.S. | 5,992 | | 642 | | 6,634 | |
They provide us a competitive operating advantage.
| Ontario(1) | 2,573 | |
| Saskatchewan | 4,970 | |
The increase in fee harvest volumes from 2010 through 2014 reflects improving market conditions.
The increase in fee harvest volumes in the West in 2013 and 2014 also reflects the purchase of Longview Timber.
| • | $1.3 billion in 2013. |
| • | Sales volumes in the West increased 1.3 million cubic meters — 17 percent — primarily due to strong export and domestic demand and the purchase of Longview Timber. Our western sales to unaffiliated customers generally are higher-grade logs sold into the export market and domestic-grade logs sold to West Coast sawmills. |
Our average 2014 log realizations in the South increased from 2013 — primarily due to strengthening market conditions in the South.
During 2013, we decided to permanently close our Colbert, Georgia engineered wood products facility.
Both facilities were previously indefinitely closed.
This improvement led to increased demand and resulted in improved pricing for commodity wood products, excluding OSB, in 2014.
| Liquid packaging board – tons | 292 | | 307 | | 292 | | 307 | | 316 | |
Liquid packaging board production decreased in 2014 primarily due to a scheduled machine rebuild.
| Liquid packaging board – tons | 274 | | 305 | | 289 | | 297 | | 311 | |
Liquid packaging board sales volume decreased in 2014 primarily due to lower production.
Our average pulp prices in 2014 increased compared with 2013 due to improvement in the market demand and supply balance.
In 2014 EPA issued a revised New Source Performance Standard for kraft pulp mills.
We base our forward-looking statements on the expected effect of:
| • | the economy, |
| • | laws and regulations, |
An excerpt. Shown here: 40 of 1,321 rewritten, 40 of 696 added and 40 of 364 removed. The counts are complete. For every sentence, read Full document in the FY2015 filing and the FY2014 filing.