filings.toolsWeyerhaeuser (WY) 10-K risk factor changes: FY2018 vs FY2017
The 2018-12-31 10-K against the 2017-12-31 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 items1,538 rewritten659 added952 removed3,735 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, 659 added, 952 removed, 1,538 rewritten and 3,735 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 | 659 | 952 | 1,538 | 3,735 |
Underlined words on a shaded ground are new in FY2018; struck-through words were in FY2017. Sentences that are wholly new or wholly gone are labelled rather than marked.
Full document
1,538 rewritten, 659 added, 952 removed, 3,735 unchanged
FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2017][added: 2018]
Indicate by check mark whether the registrant has submitted electronically [removed: and posted on its corporate Website, if any,] every Interactive Data File required to be submitted [removed: and posted] pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit [removed: and post] such files).
As of June 30, [removed: 2017,] [added: 2018,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $25.0] [added: $28.0] billion based on the closing sale price as reported on the New York Stock Exchange Composite Price Transactions.
As of February [removed: 5, 2018, 756,097,841] [added: 4, 2019, 746,524 thousand] shares of the registrant’s common stock ($1.25 par value) were outstanding.
Portions of the Notice of [removed: 2018] [added: 2019] Annual Meeting of Shareholders and Proxy Statement for the company’s Annual Meeting of Shareholders to be held May [removed: 18, 2018,] [added: 17, 2019,] are incorporated by reference into Part II and III.
WEYERHAEUSER COMPANY > [removed: 2017] [added: 2018] ANNUAL REPORT AND FORM 10-K
| ITEM 1. | [OUR [removed: BUSINESS](#s35FEAFF722335ED8A2F97D55E08EEAFC)] [added: BUSINESS](#s81566F4D1C7957F795B7F2A96F005636)] | [removed: [1](#s35FEAFF722335ED8A2F97D55E08EEAFC)] [added: [1](#s81566F4D1C7957F795B7F2A96F005636)] |
| | [WE CAN TELL YOU [removed: MORE](#sC300B79CC79E547EBE462CC7113AD6EF)] [added: MORE](#s08D984A3C363508BA0D4C80BCA7BB130)] | [removed: [1](#sC300B79CC79E547EBE462CC7113AD6EF)] [added: [1](#s08D984A3C363508BA0D4C80BCA7BB130)] |
| | [WHO WE [removed: ARE](#s94169E6A856B5C5699B80651FA4E185C)] [added: ARE](#sDB47CE90AD8154A2ABA06706101D1CD7)] | [removed: [1](#s94169E6A856B5C5699B80651FA4E185C)] [added: [1](#sDB47CE90AD8154A2ABA06706101D1CD7)] |
| | [EXECUTIVE OFFICERS OF THE [removed: REGISTRANT](#sDA26F3BC102356849CD7EAFA81655E7F)] [added: REGISTRANT](#sB08578092F3C5EA19CF68E73274F5CF0)] | [removed: [18](#sDA26F3BC102356849CD7EAFA81655E7F)] [added: [18](#sB08578092F3C5EA19CF68E73274F5CF0)] |
| | [NATURAL RESOURCE AND ENVIRONMENTAL [removed: MATTERS](#s3CF4D92AB2E3564293A906D59B6B8558)] [added: MATTERS](#sFA0A03C63C1153608BEFC15FC848916D)] | [removed: [19](#s3CF4D92AB2E3564293A906D59B6B8558)] [added: [19](#sFA0A03C63C1153608BEFC15FC848916D)] |
| | [FORWARD-LOOKING [removed: STATEMENTS](#s97BFD0148A505622ADC6BD3063785213)] [added: STATEMENTS](#sC2F20789FB3D5FDCA4FDE7DFAC117409)] | [removed: [24](#s97BFD0148A505622ADC6BD3063785213)] [added: [24](#sC2F20789FB3D5FDCA4FDE7DFAC117409)] |
| ITEM 1A. | [RISK [removed: FACTORS](#sFAC938E978B4538EB0F2FD3314CB22D9)] [added: FACTORS](#s5D5A7AAC1C6D5B3EB50A2D716C75912B)] | [removed: [25](#sFAC938E978B4538EB0F2FD3314CB22D9)] [added: [25](#s5D5A7AAC1C6D5B3EB50A2D716C75912B)] |
| ITEM 1B. | [UNRESOLVED STAFF [removed: COMMENTS](#s09118920B8425ED2ABEA869617E5CD2F)] [added: COMMENTS](#s1DC4DE4AC13556FEB1F2316A3800AF37)] | [removed: [33](#s09118920B8425ED2ABEA869617E5CD2F)] [added: [33](#s1DC4DE4AC13556FEB1F2316A3800AF37)] |
| ITEM 2. | [removed: [PROPERTIES](#sB444A8AADD465382A16EAF09EB7C31E5)] [added: [PROPERTIES](#s1B9B7A2F41A05971AE0E39F4DEBC8E01)] | [removed: [33](#sB444A8AADD465382A16EAF09EB7C31E5)] [added: [33](#s1B9B7A2F41A05971AE0E39F4DEBC8E01)] |
| ITEM 3. | [LEGAL [removed: PROCEEDINGS](#s37680680CBA9521382623BD4146BD595)] [added: PROCEEDINGS](#sE652A6EED73159F58FF86145B0CB77DA)] | [removed: [33](#s37680680CBA9521382623BD4146BD595)] [added: [33](#sE652A6EED73159F58FF86145B0CB77DA)] |
| ITEM 5. | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#s44B1602D200354C3B37391EA11275D84)] [added: SECURITIES](#sE77BEDF3896352C996D0155E2CAD9567)] | [removed: [33](#s44B1602D200354C3B37391EA11275D84)] [added: [33](#sE77BEDF3896352C996D0155E2CAD9567)] |
| ITEM 6. | [SELECTED FINANCIAL [removed: DATA](#s5E113FC598B0569F87E3BD8EED111C64)] [added: DATA](#sEBBE0239558E596882A25DBF32EB4976)] | [removed: [35](#s5E113FC598B0569F87E3BD8EED111C64)] [added: [35](#sEBBE0239558E596882A25DBF32EB4976)] |
| ITEM 7. | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#s2A2FB5889E655D21A50E26CA2D830C75)] [added: OPERATIONS](#s093E0EB608CF59259B61260A050686DD)] | [removed: [36](#s26758C58415D5BC48AC79AF961B35190)] [added: [36](#s093E0EB608CF59259B61260A050686DD)] |
| | [ECONOMIC AND MARKET CONDITIONS AFFECTING OUR [removed: OPERATIONS](#s06B441FFA3835D6BB0FC7B016D4B122D)] [added: OPERATIONS](#sB32C419A0EB650FDA36D31F7B19C42D6)] | [removed: [36](#s06B441FFA3835D6BB0FC7B016D4B122D)] [added: [36](#sB32C419A0EB650FDA36D31F7B19C42D6)] |
| | [FINANCIAL PERFORMANCE [removed: SUMMARY](#sF4F101F488A55AB8A85724337488F8E7)] [added: SUMMARY](#s4B15EE065B545134B5E3317B4BEF7C8A)] | [removed: [37](#sF4F101F488A55AB8A85724337488F8E7)] [added: [37](#s4B15EE065B545134B5E3317B4BEF7C8A)] |
| | [RESULTS OF [removed: OPERATIONS](#s601F1C1EBCF2532798E077FB5554E93D)] [added: OPERATIONS](#s1A9721305EBB5E949520DAB2A50BFD08)] | [removed: [38](#s601F1C1EBCF2532798E077FB5554E93D)] [added: [38](#s1A9721305EBB5E949520DAB2A50BFD08)] |
| | [LIQUIDITY AND CAPITAL [removed: RESOURCES](#s9913029E86D5552FAD7CEB2F0A8DD3B0)] [added: RESOURCES](#s30B6F150ED505945BC3D3AC279FCB376)] | [removed: [47](#s9913029E86D5552FAD7CEB2F0A8DD3B0)] [added: [46](#s30B6F150ED505945BC3D3AC279FCB376)] |
| | [OFF-BALANCE SHEET [removed: ARRANGEMENTS](#s6C1F43F6B1C7503E9A5B83505149EA1E)] [added: ARRANGEMENTS](#sDA3D4B827537506981B119EEC1C10DE2)] | [removed: [52](#s6C1F43F6B1C7503E9A5B83505149EA1E)] [added: [50](#sDA3D4B827537506981B119EEC1C10DE2)] |
| | [ENVIRONMENTAL MATTERS, LEGAL PROCEEDINGS AND OTHER [removed: CONTINGENCIES](#s30E5BBCACDCA591A8787D9E1D2CB5DEC)] [added: CONTINGENCIES](#sE1BDE158637D5E0986062CC575B9635F)] | [removed: [52](#s30E5BBCACDCA591A8787D9E1D2CB5DEC)] [added: [50](#sE1BDE158637D5E0986062CC575B9635F)] |
| | [ACCOUNTING [removed: MATTERS](#s5DABD59B44DB5D44A4695B5DDAC92BDE)] [added: MATTERS](#s6FA509930E0356159F349D4B63F2FBF5)] | [removed: [52](#s5DABD59B44DB5D44A4695B5DDAC92BDE)] [added: [50](#s6FA509930E0356159F349D4B63F2FBF5)] |
| | [PERFORMANCE [removed: MEASURES](#sAD259C8E5F4051B785F97232A9716E0D)] [added: MEASURES](#sF93797DF6719547594154C9B3692DDB3)] | [removed: [55](#sAD259C8E5F4051B785F97232A9716E0D)] [added: [52](#sF93797DF6719547594154C9B3692DDB3)] |
| ITEM 7A. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#s928A82C70A1F5E9BBE6F050E8BBF6960)] [added: RISK](#sE64468AFDB46592088B3AEE434C6DE7E)] | [removed: [57](#s928A82C70A1F5E9BBE6F050E8BBF6960)] [added: [55](#sE64468AFDB46592088B3AEE434C6DE7E)] |
| ITEM 8. | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#s78BE170E838A5DF8BF5D70591B5AE914)] [added: DATA](#sC4BE641C022F5D04AE54D001C7F7E859)] | [removed: [58](#s78BE170E838A5DF8BF5D70591B5AE914)] [added: [56](#sC4BE641C022F5D04AE54D001C7F7E859)] |
| | [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING [removed: FIRM](#sF07B22BE711F51CF96C46181C37F1A27)] [added: FIRM](#s1732B0C3B0CB5B2F9374C14E885EFF02)] | [removed: [58](#sF07B22BE711F51CF96C46181C37F1A27)] [added: [56](#s1732B0C3B0CB5B2F9374C14E885EFF02)] |
| | [CONSOLIDATED STATEMENT OF [removed: OPERATIONS](#s44FE5E8DDCF05093A7F3540AC61CBF9D)] [added: OPERATIONS](#s59D0C17AABCB51FB9479D2C094A08935)] | [removed: [59](#s44FE5E8DDCF05093A7F3540AC61CBF9D)] [added: [57](#s59D0C17AABCB51FB9479D2C094A08935)] |
| | [CONSOLIDATED STATEMENT OF COMPREHENSIVE [removed: INCOME](#s41C19D26D460529C94A2E591514613F8)] [added: INCOME](#s9D796170D56F53889D1EDD8D64EE8D8A)] | [removed: [60](#s41C19D26D460529C94A2E591514613F8)] [added: [58](#s9D796170D56F53889D1EDD8D64EE8D8A)] |
| | [CONSOLIDATED BALANCE [removed: SHEET](#s64E82CA272F55EABA30CE9025DAFD691)] [added: SHEET](#s937699116FD95CA2BDFA0A9DBB8D9DED)] | [removed: [61](#s64E82CA272F55EABA30CE9025DAFD691)] [added: [59](#s937699116FD95CA2BDFA0A9DBB8D9DED)] |
| | [CONSOLIDATED STATEMENT OF CASH [removed: FLOWS](#s7B98A07D74BE584FADE61AA8052798D3)] [added: FLOWS](#s495A8C0D12D95E24B20EE704F0BEA010)] | [removed: [62](#s7B98A07D74BE584FADE61AA8052798D3)] [added: [60](#s495A8C0D12D95E24B20EE704F0BEA010)] |
| | [CONSOLIDATED STATEMENT OF CHANGES IN [removed: EQUITY](#s02337BB232FA5CE1B5F377A26F57B24A)] [added: EQUITY](#s26657D7BCB505507B12D223BC6C7B290)] | [removed: [63](#s02337BB232FA5CE1B5F377A26F57B24A)] [added: [61](#s26657D7BCB505507B12D223BC6C7B290)] |
| | [INDEX FOR NOTES TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#s590AC5C355F65609B24C3F48032EE25B)] [added: STATEMENTS](#s7DC4CB681D9E5291AC24D3E04123994C)] | [removed: [64](#s590AC5C355F65609B24C3F48032EE25B)] [added: [62](#s7DC4CB681D9E5291AC24D3E04123994C)] |
| | [NOTES TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#sB7A1D43BB6915C7BA6F087940B7FCB58)] [added: STATEMENTS](#sEB29B8CD1D865BCE85B5C08A85426C4F)] | [removed: [65](#sB7A1D43BB6915C7BA6F087940B7FCB58)] [added: [63](#sEB29B8CD1D865BCE85B5C08A85426C4F)] |
| ITEM 9. | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#s5D1A6676455B55BF88E0B777F693A452)] [added: DISCLOSURE](#sFBB3E198E9FE51B88BC09C80C05DACBB)] | [removed: [108](#s5D1A6676455B55BF88E0B777F693A452)] [added: [101](#sFBB3E198E9FE51B88BC09C80C05DACBB)] |
| ITEM 9A. | [CONTROLS AND [removed: PROCEDURES](#sB48A59327331551FAC711314163C3BDC)] [added: PROCEDURES](#sEDE1A9841E6B5BBE934FD125C38B9226)] | [removed: [108](#sB48A59327331551FAC711314163C3BDC)] [added: [101](#sEDE1A9841E6B5BBE934FD125C38B9226)] |
| ITEM 10. | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#s2B18D31D058B5C5B8479D74E4706FC60)] [added: GOVERNANCE](#s85AA6CA907AE5EA78947830C4E381720)] | [removed: [110](#s2B18D31D058B5C5B8479D74E4706FC60)] [added: [103](#s85AA6CA907AE5EA78947830C4E381720)] |
10-K 1 wy-123118x10k.htm 10-K
| | [WHAT WE DO](#s4A41A221790D52ABA637FB02D989AE60) | [2](#s4A41A221790D52ABA637FB02D989AE60) |
| | [EXHIBITS](#s9ECC758F823251E199D0C287AEC8F4B6) | [104](#s9ECC758F823251E199D0C287AEC8F4B6) |
| | [SIGNATURES](#sF630A8C886AE5315A7EB6CE990B78EA0) | [108](#sF630A8C886AE5315A7EB6CE990B78EA0) |
We operate 35 manufacturing facilities in the United States and Canada.
Sustainability and citizenship are part of our core values.
We are the only North American forest products company included on the Dow Jones Sustainability North America Index, and we also are recognized for our leading performance in the areas of ethics, citizenship and gender equality.
| • | manages the health of our forests to sustainably maximize harvest volumes, minimize risks, and protect unique environmental, cultural, historical and recreational value; and |
| • | offers recreational access. |
We use our scale, infrastructure and supply chain expertise to deliver reliable and consistent supply to our customers.
We transfer logs to our
| Oregon | 1,596 | | — | | 1,596 | |
| Washington | 1,314 | | — | | 1,314 | |
| Alabama | 388 | | 228 | | 616 | |
| Arkansas | 1,211 | | 18 | | 1,229 | |
| Georgia | 618 | | 50 | | 668 | |
| Louisiana | 1,023 | | 351 | | 1,374 | |
| Mississippi | 1,131 | | 75 | | 1,206 | |
| Oklahoma | 494 | | — | | 494 | |
| Virginia | 123 | | — | | 123 | |
| Total South | 6,084 | | 809 | | 6,893 | |
| Maine | 838 | | — | | 838 | |
| Michigan | 556 | | — | | 556 | |
| Montana | 658 | | — | | 658 | |
| Total Company | 11,416 | | 809 | | 12,225 | |
For the year ended December 31, 2018, we sold 24 percent of our total western log sales volume internally.
We sell recreational use permits covering approximately 2 million acres of our owned Western timberlands.
For the year ended December 31, 2018, we sold 24 percent of our total southern log sales volume internally.
For the year ended
December 31, 2018, we sold 13 percent of our total northern log sales volume internally.
| • | $1.9 billion in 2018 and |
| • | $1.9 billion in 2017. |
| • | $762 million in 2017. |
Our sales volume includes fee timber, as well as logs purchased in the open market.
Our log sales volumes to unaffiliated customers over the last two years were:
| • | 28,250 thousand tons in 2018 and |
| • | 29,420 thousand tons in 2017. |
We continually revisit our AVO assessment of all of our timberland acres.
We will entitle a small amount of acres to support development.
| • | $280 million in 2017. |
10-K 1 wy-123117x10k.htm 10-K
| | [WHAT WE DO](#s8AA2421F4CDD552687BAEF72131FDACE) | [2](#s8AA2421F4CDD552687BAEF72131FDACE) |
| | [EXHIBITS](#sF5E527C80F93553082ACECDD8188A984) | [111](#sF5E527C80F93553082ACECDD8188A984) |
| | [SIGNATURES](#sE9528219957753A7B47E1B520151A507) | [114](#sE9528219957753A7B47E1B520151A507) |
Our manufacturing operations are located in the United States and Canada and span across 35 facility locations.
We are committed to operate as a sustainable company and are listed on the North American and Dow Jones World Sustainability Indices.
| | |
| --- | --- |
On February 19, 2016, pursuant to the Agreement and Plan of Merger dated November 6, 2015, Plum Creek Timber Company, Inc. (Plum Creek) merged with and into Weyerhaeuser.
Plum Creek was a REIT that primarily owned and managed timberlands in the United States.
Plum Creek also produced wood products, developed opportunities for mineral and other natural resource extraction, and sold real estate properties.
The merger combined two industry leaders.
The breadth and diversity of our combined timberlands, real estate, energy and natural resources assets, and wood products operations position Weyerhaeuser to capitalize on the improving housing market and to continue to capture value across the combined portfolio.
See [Note 4: Merger with Plum Creek](#s1E3F31F6398955C4A95DB1390D3EA521) in the [Notes to Consolidated Financial Statements](#sB7A1D43BB6915C7BA6F087940B7FCB58) for further information about the merger.
SALES OUTSIDE THE U.S.
In 2017, $1,028 million — 14 percent — of our total consolidated sales from continuing operations were to customers outside the U.S. Our sales outside the U.S. are generally denominated in U.S. dollars.
The table below shows sales outside the U.S. for the last three years.
| | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Exports from the U.S. | $ | 545 | | $ | 515 | | $ | 497 | |
| Canadian export and domestic sales | 443 | | | 342 | | | 317 | | |
| Total | $ | 1,028 | | $ | 915 | | $ | 883 | |
| Percent of total sales | 14 | | % | 14 | | % | 17 | | % |
| • | strives to sustain and maximize the timber supply from our timberlands while keeping the health of our environment a key priority; and |
| • | offers recreational access to the public. |
Prior to 2016, we reported Timberlands volumes information in cubic meters.
Volumes for periods prior to 2016 have been converted from cubic meters to tons using conversion factors as follows:
| • | West: 1.056 m3 = 1 ton |
| • | South: 0.818 m3 = 1 ton |
| • | Uruguay: 0.907 m3 = 1 ton |
| • | Canada: 1.244 m3 = 1 ton |
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Oregon | 1,593 | | — | | 1,593 | |
| Washington | 1,333 | | — | | 1,333 | |
| Alabama | 390 | | 232 | | 622 | |
| Arkansas | 1,214 | | 18 | | 1,232 | |
| Georgia | 623 | | 55 | | 678 | |
| Louisiana | 1,027 | | 351 | | 1,378 | |
| Mississippi | 1,154 | | 76 | | 1,230 | |
An excerpt. Shown here: 40 of 1,538 rewritten, 40 of 659 added and 40 of 952 removed. The counts are complete. For every sentence, read Full document in the FY2018 filing and the FY2017 filing.