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•	the SEC website — www.sec.gov;

•	the SEC’s Public Conference Room, 100 F St. N.E., Washington, D.C., 20549, (800) SEC-0330; and

•	our website — www.weyerhaeuser.com.

•	Timberlands,

•	Wood Products and

•	Cellulose Fibers.

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•	Timberlands — Extract maximum value from each acre we own or manage.

•	Wood Products — Deliver high-quality lumber, structural panels, engineered wood products and complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs.

•	Cellulose Fibers — Concentrate on value-added pulp products and low cost manufacturing assets.

•	11,700 employed in North America and

•	900 employed by our operations outside of North America.

•	grow and harvest trees and

•	manufacture and sell products made from them.

•	grows and harvests trees to be converted into lumber, other wood and building products and pulp and paper;

•	exports logs to other countries where they are made into products;

•	plants seedlings to reforest harvested areas using the most effective regeneration method for the site and species (in parts of Canada natural regeneration is employed);

•	monitors and cares for the planted trees as they grow to maturity; and

•	strives to sustain and maximize the timber supply from our timberlands while keeping the health of our environment a key priority.

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•	royalty payments on oil and gas production;

•	bonus payments from oil and gas leasing and exploration activity;

•	royalty payments on hard minerals (rock, sand and gravel);

•	geothermal lease and option revenues; and

•	the sale of mineral assets.

•	Thousand board feet (MBF) — used in the West to measure the expected lumber recovery from a tree or log. This measure does not include taper or recovery of non-lumber residual products.

•	Hundred cubic feet (CCF) — used in the West to measure the volume of a log. The measure does not include any calculation for expected lumber recovery.

•	Green tons (GT) — used in the South to measure weight; factors used for conversion to product volume can vary by species, size, location and season.

•	4.0 million acres in the southern U.S. (Alabama, Arkansas, Louisiana, Mississippi, North Carolina, Oklahoma and Texas); and

•	2.6 million acres in the Pacific Northwest (Oregon and Washington).

•	varies according to the species, size and quality of the timber; and

•	will change through time as the mix of these variables adjust.

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•	Alberta — 3,906 thousand cubic meters,

•	British Columbia — 804 thousand cubic meters,

•	Ontario — 146 thousand cubic meters and

•	Saskatchewan — 788 thousand cubic meters.

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•	$1.4 billion in 2015 — down 10 percent from 2014; and

•	$1.5 billion in 2014.

•	$830 million in 2015 — down 4 percent from 2014; and

•	$867 million in 2014.

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•	Sales volumes in the West decreased 0.3 million cubic meters — 3 percent — primarily due to lower export sales to China and Korea.

•	Sales to unaffiliated customers in the South decreased 378 thousand cubic meters — 7 percent — primarily due to lower fee log harvest production.

•	Sales volumes from Canada increased 95 thousand cubic meters — 16 percent — in 2015. The increase in volume to unaffiliated customers was primarily due to an increase in delivered log sales versus stumpage sales.

•	Sales volumes from our international operations increased 44 thousand cubic meters — 7 percent — in 2015. The increase in volume was primarily due to increased fiber log sales in Uruguay.

•	domestic grade log sales — lumber usage, primarily for housing starts and repair and remodel activity, the needs of our own mills and the availability of logs from both outside markets and our own timberlands;

•	domestic fiber log sales — demand for chips by pulp, containerboard mills, and OSB mills; and

•	export log sales — the level of housing starts in Japan and construction in China.

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•	continuing to capitalize on our scale operations, silviculture expertise and sustainability practices;

•	maximizing cash flow through operational excellence initiatives such as merchandising for value, harvest and transportation efficiencies, and flexing harvest to seasonal and short term opportunities;

•	sustaining our export and domestic market access, infrastructure and strong customer relationships; and

•	increasing non-timber revenue streams.

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•	provides a family of high-quality softwood lumber, engineered wood products, structural panels and other specialty products to the residential, multi-family, industrial, light commercial and repair and remodel markets;

•	distributes our products as well as complementary building products that we purchase from other manufacturers; and

•	exports our softwood lumber, oriented strand board (OSB) and engineered wood products primarily to Asia.

•	Structural lumber

•	Engineered wood products

•	Oriented strand board

•	Softwood plywood

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•

Demand for wood products used in residential and multi-family construction and the repair and remodel of existing homes affects prices. Residential construction is influenced by factors such as population growth and other demographics, the level of employment, consumer confidence, consumer income, availability of financing and interest rate levels, and the supply and pricing of existing homes on the market. Repair and remodel activity is affected by the size and age of existing housing inventory and access to home equity financing and other credit.

•	The availability of supply of commodity building products such as structural lumber, OSB and plywood affects prices. A number of factors can influence supply, including changes in production capacity and utilization rates, weather, raw material supply and availability of transportation.

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•	reduce controllable manufacturing costs through operational excellence and capital execution;

•	maintain a value-added product mix;

•	leverage our brand and reputation as the preferred provider of quality building products; and

•	pursue disciplined, profitable sales growth.

•	provides cellulose fibers for absorbent products in markets around the world;

•	works closely with our customers to develop unique or specialized applications;

•	manufactures liquid packaging board used primarily for the production of containers for liquid products; and

•	is largely energy self sufficient, with over 80 percent of its energy derived from black liquor produced at the mills and biomass.

•	Pulp Manufacturing

•	Pulp Converting

•	Liquid packaging board

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•	growth of the world gross domestic product,

•	demand for absorbent hygiene products and paper and

•	relative strength of the U.S. dollar.

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•	profitably growing with long-term strategic customers;

•	developing enhanced products for existing and new markets;

•	continued execution of operational excellence initiatives such as manufacturing reliability and quality management systems; and

•	focusing capital investments on cost reduction, green energy opportunities and product quality.

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•	limits on the size of clearcuts,

•	requirements that some timber be left unharvested to protect water quality and fish and wildlife habitat,

•	regulations regarding construction and maintenance of forest roads,

•	rules requiring reforestation following timber harvest, and

•	various related permit programs.

•	forest practices and environmental regulations, and

•	license requirements established by contract between us and the relevant province designed to:

•	the northern spotted owl, the marbled murrelet, a number of salmon species, bull trout and steelhead trout in the Pacific Northwest,

•	several freshwater mussel and sturgeon species, and

•	the red-cockaded woodpecker, gopher tortoise, gopher frog, American burying beetle and Northern long-eared bat in the South or Southeast.

•	federal and state requirements to protect habitat for threatened and endangered species,

•	regulatory actions by federal or state agencies to protect these species and their habitat, and

•	citizen suits under the ESA.

•	The federal Species at Risk Act (SARA) requires protective measures for species identified as being at risk and for critical habitat, pursuant to SARA, Environment Canada continues to identify and assess species deemed to be at risk and their critical habitat, and

•

in October 2012, the Canadian Minister of the Environment released a strategy for the recovery of the boreal population of woodland caribou under the SARA. The population and distribution objectives for boreal caribou across Canada are to (1) maintain the current status of existing, self-sustaining local caribou populations and (2) stabilize and achieve self-sustaining status for non-self-sustaining local caribou populations. Critical habitat for boreal caribou is identified for all boreal caribou ranges, except for northern Saskatchewan’s Boreal Shield range (SK1) where additional information is required for that population. Species assessment and recovery plans are developed in consultation with aboriginal communities and stakeholders.

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•	conservation organizations,

•	academia,

•	the forest industry, and

•	large and small forest landowners.

•	increased our operating costs,

•	resulted in changes in the value of timber and logs from our timberlands,

•	contributed to increases in the prices paid for wood products and wood chips during periods of high demand,

•	sometimes made it more difficult for us to respond to rapid changes in markets, extreme weather or other unexpected circumstances, and

•	potentially encouraged further reductions in the use of, or substitution of other products for, lumber, oriented strand board, and plywood.

•	additional restrictions on the sale or harvest of timber,

•	potential increase in operating costs, and

•	impact to timber supply and prices in Canada.

•	federal,

•	state,

•	provincial, and

•	local pollution controls.

•	air, water and land,

•	solid and hazardous waste management,

•	waste disposal,

•	remediation of contaminated sites, and

•	the chemical content of some of our products.

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•	enhance safety,

•	extend the life of a facility,

•	increase capacity,

•	increase efficiency,

•	facilitate raw material changes and handling requirements,

•	increase the economic value of assets or products, and

•	comply with regulatory standards.

•	we may have the sole obligation to remediate,

•	we may share that obligation with one or more parties,

•	several parties may have joint and several obligations to remediate, or

•	we may have been named as a potentially responsible party for sites designated as U.S. Superfund sites.

•	the quantity, toxicity and nature of materials at the site, and

•	the number and economic viability of the other responsible parties.

•	determine it is probable that such an obligation exists, and

•	can reasonably estimate the amount of the obligation.

•	pulp and paper manufacturing facilities,

•	wood products facilities, and

•	industrial boilers.

•	hazardous air pollutants that require use of maximum achievable control technology (MACT); and

•	controls for pollutants that contribute to smog, haze and more recently, greenhouse gases.

•	technology and residual risk review standards for additional operations at pulp and paper manufacturing facilities and

•	supplemental MACT standards for plywood, lumber and composite wood products facilities.

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•	closely monitor legislative, regulatory and scientific developments pertaining to climate change;

•	adopted in 2006, as part of the Company's sustainability program, a goal of reducing greenhouse gas emissions by 40 percent by 2020 compared with our emissions in 2000, assuming a comparable portfolio and regulations;

•	determined to achieve this goal by increasing energy efficiency and using more greenhouse gas-neutral, biomass fuels instead of fossil fuels; and

•	reduced greenhouse gas emissions by approximately 25 percent considering changes in the asset portfolio according to 2014 data, compared to our 2000 baseline.

•	policy proposals by federal or state governments regarding regulation of greenhouse gas emissions,

•	Congressional legislation regulating greenhouse gas emissions within the next several years and

•	establishment of a multistate or federal greenhouse gas emissions reduction trading systems with potentially significant implications for all U.S. businesses.

•	ambient air quality standards for outdoor air quality management across the country,

•	a framework for air zone air management within provinces and territories that targets specific sources of air emissions,

•	regional airsheds that facilitate coordinated action across borders,

•	industrial sector based emission requirements that set a national base level of performance for major industries in Canada, and

•	improved intergovernmental collaboration to reduce emissions from the transportation sector.

•	have greenhouse gas reporting requirements,

•	are working on reduction strategies, and

•	together with the Canadian federal government, are considering new or revised emission standards.

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•	In 2013, amendments to the Canadian Federal Fisheries Act came into force. These amendments change the focus from habitat protection to fisheries protection and increase penalties. We expect further changes to these regulations in 2016, but we cannot predict the scope or potential impact, if any, on our operations.

•	Uruguay's national policy for water includes regulation of river basin planning, management and water use permits. Wastewater discharge authorization is required for industry, including our Los Piques mill.

•

In response to an European Union Water Framework Directive, in 2015 Polish authorities announced their intention to develop a water management plan to reduce total nitrogen and phosphorous loads in municipal waste water by 75 percent. The plan could impact our Poland facility, although it is unclear what effect, if any, the water management plan may have on our operation in Poland until the plan is complete.

•	set limits on pollutants that may be discharged to a body of water; or

•	set additional requirements, such as best management practices for nonpoint sources, including timberland operations, to reduce the amounts of pollutants.

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•	are based on various assumptions we make, and

•	may not be accurate because of risks and uncertainties surrounding the assumptions we make.

•	the effect of general economic conditions, including employment rates, interest rate levels, housing starts, availability of financing for home mortgages and strength of the U.S. dollar;

•	market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

•	performance of our manufacturing operations, including maintenance requirements;

•	potential disruptions in our manufacturing operations;

•	level of competition from domestic and foreign producers;

•	our ability to successfully realize the expected benefits from the merger with Plum Creek;

•	the results of our strategic alternatives review of the Cellulose Fibers business;

•	the successful execution of our internal plans and strategic initiatives, including restructurings and cost reduction initiatives;

•	raw material availability and prices;

•	the effect of weather;

•	the risk of loss from fires, floods, windstorms, hurricanes, pest infestations and other natural disasters;

•	energy prices;

•	transportation and labor availability and costs;

•	federal tax policies;

•	the effect of forestry, land use, environmental and other governmental regulations;

•	legal proceedings;

•	performance of pension fund investments and related derivatives;

•	the effect of timing of retirements and changes in the market price of our common stock on charges for share-based compensation;

•	changes in accounting principles; and

•	other factors described under Risk Factors.

•	economic activity in Europe and Asia, especially Japan and China;

•	currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar, and the relative value of the euro to the yen; and

•	restrictions on international trade, tariffs imposed on imports and the availability and cost of shipping and transportation.

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•	unscheduled maintenance outages,

•	prolonged power failures,

•	equipment failure,

•	a chemical spill or release,

•	explosion of a boiler,

•	fires, floods, windstorms, earthquakes, hurricanes or other severe weather conditions or catastrophes, affecting the production of goods or the supply of raw materials (including fiber),

•	the effect of drought or reduced rainfall on water supply,

•	labor difficulties,

•	disruptions in transportation infrastructure, including roads, bridges, rail, tunnels, shipping and port facilities,

•	terrorism or threats of terrorism,

•	governmental regulations, and

•	other operational problems.

•	air emissions,

•	wastewater discharges,

•	harvesting and other silvicultural activities,

•	forestry operations and endangered species habitat protection,

•	surface water management,

•	the storage, management and disposal of hazardous substances and wastes,

•	the cleanup of contaminated sites,

•	landfill operation and closure obligations,

•	building codes, and

•	health and safety matters.

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•	We would not be allowed to deduct dividends to shareholders in computing our taxable income.

•	We would be subject to federal and state income tax on our taxable income at applicable corporate rates.

•	We also would be disqualified from treatment as a REIT for the four taxable years following the year during which we lost qualification.

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•	We may be required, under certain circumstances, to pay a termination fee of $250 million.

•	We may be required to reimburse Plum Creek for all reasonable documented out-of-pocket fees and expenses incurred in connection with the Merger Agreement and the merger up to a maximum of $40 million.

•	We may experience negative reactions from the financial markets or from our customers, suppliers or employees.

•	We may be subject to litigation related to failure to complete the merger or to enforcement proceedings to perform our obligations under the Merger Agreement.

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•	actual or anticipated fluctuations in our operating results or our competitors' operating results,

•	announcements by us or our competitors of new products, capacity changes, significant contracts, acquisitions or strategic investments,

•	our growth rate and our competitors’ growth rates,

•	general economic conditions,

•	conditions in the financial markets,

•	changes in stock market analyst recommendations regarding us, our competitors or the forest products industry generally, or lack of analyst coverage of our common stock,

•	sales of our common stock by our executive officers, directors and significant stockholders,

•	sales or repurchases of substantial amounts of common stock,

•	changes in accounting principles, and

•	changes in tax laws and regulations.

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•	For details about our Timberlands properties, go to Our Business/What We Do/Timberlands/Where We Do It.

•	For details about our Wood Products properties, go to Our Business/What We Do/Wood Products/Where We Do It.

•	For details about our Cellulose Fibers properties, go to Our Business/What We Do/Cellulose Fibers/Where We Do It.

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•	New York Stock Exchange and

•	Chicago Stock Exchange

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•	Assumes $100 invested on December 31, 2010 in Weyerhaeuser common stock, the S&P 500 Index and the S&P Global Timber & Forestry Index.

•	Total return assumes dividends received are reinvested at month end.

•	Measurement dates are the last trading day of the calendar year shown.

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(1)	See Note 3: Discontinued Operations in the Notes to Consolidated Financial Statements.

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•	economic and market conditions affecting our operations;

•	financial performance summary;

•	results of our operations — consolidated and by segment;

•	liquidity and capital resources — where we discuss our cash flows;

•	off-balance sheet arrangements;

•	environmental matters, legal proceedings and other contingencies; and

•	accounting matters — where we discuss critical accounting policies and areas requiring judgments and estimates.

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•	Sales realizations refer to net selling prices — this includes selling price plus freight minus normal sales deductions.

•	Net contribution to earnings refers to earnings (loss) attributable to Weyerhaeuser shareholders before interest expense and income taxes.

•	lower Timberlands segment sales — $147 million — primarily due to lower average log sales realizations and export sales volumes in the West, and lower log sales volumes in the South;

•	lower Wood Products segment sales — $98 million — primarily due to decreased structural lumber and OSB average realizations, partially offset by higher structural lumber, OSB, and engineered solid section sales volumes and higher sales of complementary building products; and

•	lower Cellulose Fibers segment sales — $76 million — primarily due to lower pulp and liquid packaging board average sales realizations.

•	earnings from discontinued operation recognized in 2014 — $998 million. There were no earnings from discontinued operations in 2015;

•

lower gross margin — $252 million — primarily due to lower average sales realizations in lumber and OSB in our Wood Products segment, lower average log sales realizations and sales volumes in our Timberlands segment, and lower average sales realizations for pulp and liquid packaging board, and higher operating costs due to scheduled maintenance outages and the West Coast port slowdown in our Cellulose Fibers segment;

•

lower other operating income — $219 million — primarily due to a $151 million pretax gain recognized in 2014 related to a previously announced postretirement plan amendment, a $22 million pretax gain recognized in 2014 on the sale of a landfill in Washington State, $14 million of Plum Creek merger-related costs in 2015, and a $13 million noncash impairment charge related to a nonstrategic asset sale in 2015; and

•	losses from an equity affiliate in 2015 — $105 million — primarily due to an $84 million noncash asset impairment recorded by an equity affiliate in the fourth quarter 2015.

•	lower income taxes — $188 million — primarily due to lower earnings in our Taxable REIT Subsidiary (TRS) in 2015, an income tax benefit recognized in the fourth quarter 2015 related to a noncash asset impairment recorded by an equity affiliate and the expiration of the company's built-in-gains tax period as a result of a change in U.S. tax legislation; and

•	lower general and administrative expenses — $49 million.

•	Timberlands segment sales increased $154 million, primarily due to higher log prices and increased sales volumes in the West, including our acquired Longview Timber holdings.

•	Cellulose Fibers segment sales increased $34 million primarily due to higher sales realizations for pulp.

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•	a $926 million increase in earnings from discontinued operations, primarily due to a $972 million net gain on the Real Estate Divestiture recognized in 2014;

•	a $333 million decrease in charges for restructuring, closure and asset impairments primarily related to a noncash impairment charge relating to a large master-planned community north of Las Vegas, Nevada which was retained by Weyerhaeuser in the divestiture of Weyerhaeuser Real Estate Company (WRECO);

•	a $206 million increase in gross margin in our Timberlands and Cellulose Fibers segments, primarily due to higher sales realizations and owning Longview Timber for a full year;

•	a $166 million increase in other operating income, primarily due to a $151 million pretax gain recognized in 2014 related to a previously announced postretirement plan amendment; and

•	a $79 million decrease in our selling, general and administrative expenses.

•	a $356 million change in income taxes from a benefit in 2013 to an expense in 2014 primarily related to a previously unrecognized tax benefit recorded in 2013 and higher earnings in our Taxable REIT Subsidiary (TRS) in 2014; and

•	a $140 million decrease in gross margin in our Wood Products segment, primarily due to lower sales realizations in OSB.

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•	lower average log sales realizations in the West — $106 million and

•	lower sales volumes in the West and South — $46 million.

•	lower operating costs, primarily due to lower logging and silviculture costs in the South and lower log purchases in the West — $68 million;

•	higher average sales realizations in the South — $13 million; and

•	lower selling, general and administrative expenses — $11 million.

•	higher sales volume in the United States including the increase related to acquired Longview Timber holdings, and higher log prices in our legacy Western and Southern timberlands — $58 million; and

•	higher log and chip sales volumes in Canada — $10 million.

•	an $87 million increase as a result of owning Longview Timber for a full year;

•	a $59 million increase due to higher log prices in our legacy Western timberlands and Southern timberlands;

•	a $20 million increase due to higher sales volumes in our legacy Western timberlands; and

•	a $12 million decrease in selling, general and administrative expenses, excluding Longview Timber.

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•	higher structural lumber sales volumes — 3 percent,

•	higher OSB sales volumes — 7 percent,

•	higher engineered solid section sales volumes — 6 percent and

•	higher sales of complementary building products — 10 percent.

•	lower average sales realizations in lumber and OSB — $258 million and

•	pretax restructuring charges related to the closure of four distribution centers — $8 million.

•	lower unit manufacturing costs due to lower resin and other input costs, higher operating rates, and lower translated Canadian operating costs due to the strengthening of the U.S. dollar — $96 million;

•	lower log costs due to decreasing log prices and lower translated Canadian costs due to the strengthening of the U.S. dollar— $45 million;

•	lower general and administrative expenses — $28 million;

•	lower freight costs due to declining fuel prices — $18 million and

•	higher sales volumes across most product lines — $17 million.

•	higher engineered solid section shipment volumes — 10 percent, and average sales realizations — 4 percent;

•	higher sales of complementary building products — 12 percent;

•	higher engineered I-joists average sales realizations — 8 percent, and shipment volumes — 4 percent; and

•	higher structural lumber average sales realizations — 1 percent, and shipment volumes — 1 percent.

•	lower OSB sales realizations — $204 million and

•	higher log costs — $47 million.

•	lower lumber manufacturing costs primarily due to aggressive cost control — $40 million;

•	higher average sales realizations in engineered wood products and lumber — $35 million;

•	higher margins in our distribution business — $31 million;

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•	lower selling, general and administrative expenses — $15 million;

•	higher shipment volumes primarily in engineered wood products and our distribution business — $10 million; and

•	an impairment charge in 2013 related to the decision to permanently close an engineered wood products facility — $9 million.

•	pulp average sales realizations decreased $31 per ton — 4 percent;

•	liquid packaging board average sales realizations decreased $48 per ton — 4 percent; and

•	other products sales volumes decreased 12 percent.

•	losses from an equity affiliate — $105 million — primarily due to an $84 million noncash asset impairment recorded in the fourth quarter 2015;

•	lower pulp average sales realizations — $58 million;

•	higher operating costs primarily due to scheduled maintenance outages and the West Coast port slowdown — $46 million;

•	lower liquid packaging board average sales realizations — $18 million; and

•	higher fiber costs — $13 million.

•	lower energy and chemical costs — $28 million,

•	lower translated Canadian operating costs due to the strengthening of the U.S. dollar — $27 million and

•	lower selling, general and administrative expenses — $10 million.

•	higher pulp and liquid packaging board sales realizations — $108 million and

•	lower translated Canadian operating costs due to the strengthening of the U.S. dollar — $14 million.

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•	higher energy costs primarily due to reduced electricity sales and higher fuel prices — $13 million and

•	higher maintenance costs due to a scheduled machine rebuild in our liquid packaging board facility and pulp planned maintenance outages — $13 million.

•

$13 million noncash impairment charge recognized in first quarter 2015 related to a nonstrategic asset that was sold in second quarter 2015 which is recorded in "Other" above and "Charges for restructuring, closures, and impairments" in our Consolidated Statement of Operations. See Note 18: Charges for Restructuring, Closures and Asset Impairments in the Notes to Consolidated Financial Statements for more information.

•	$14 million Plum Creek merger-related costs which are recorded in "Other" above and "Other operating income, net" in our Consolidated Statement of Operations.

•	$151 million pretax gain related to a previously announced postretirement plan amendment which is recorded in "Unallocated pension and postretirement credits (costs)" above. See Note 9: Pension and Other Postretirement Benefit Plans in the Notes to Consolidated Financial Statements for more information.

•	$39 million in charges related to our selling, general and administrative cost reduction initiative which is recorded in "Other" above.

•	$22 million pretax gain on the sale of a landfill in Washington State, which is recorded in "Other" above and "Other operating income, net" in our Consolidated Statement of Operations. See Note 19: Other Operating Income, Net in the Notes to Consolidated Financial Statements for more information.

•	$347 million in 2015,

•	$344 million in 2014 and

•	$369 million in 2013.

•	$(3) million in 2015,

•	$185 million in 2014 and

•	$(171) million in 2013.

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•	protect the interests of our shareholders and lenders and

•	have access at all times to major financial markets.

•	cash received from customers;

•	cash paid to employees and suppliers;

•	cash paid for interest on our debt; and

•	cash paid or received for taxes.

•	$1,064 million in 2015,

•	$1,088 million in 2014 and

•	$1,004 million in 2013.

•	Cash received from customers decreased $296 million as sales decreased in our Timberlands, Wood Products, and Cellulose Fibers segments.

•	Net cash outflows related to income taxes decreased $66 million. We paid income taxes of $14 million in 2015 and received tax refunds of $52 million in 2014.

•	Cash paid for interest increased $28 million, primarily due to interest received related to tax refunds in 2014.

•	Cash received from customers increased $180 million as sales increased in our Timberlands and Cellulose Fibers segments.

•	Net cash inflows related to income taxes increased $70 million. We received income tax refunds of $52 million in 2014 and paid $18 million in 2013.

•	Cash paid for interest decreased $43 million, primarily due to interest received related to tax refunds in 2014 and refinancing of debt in 2013.

•	contributed $33 million for our Canadian registered plan in accordance with minimum funding rules and respective provincial regulations;

•	contributed to or made benefit payments for our Canadian nonregistered pension plans of $3 million;

•	made benefit payments of $24 million for our U.S. nonqualified pension plans; and

•	made benefit payments of $23 million for our U.S. and Canadian other postretirement plans.

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•	be required to contribute approximately $16 million for our Canadian registered plan;

•	be required to contribute or make benefit payments for our Canadian nonregistered plans of $3 million;

•	make benefit payments of $19 million for our U.S. nonqualified pension plans; and

•	make benefit payments of $22 million for our U.S. and Canadian other postretirement plans.

•	acquisitions of property, equipment, timberlands and reforestation;

•	investments in or distribution from equity affiliates;

•	proceeds from sale of assets and operations; and

•	purchases and redemptions of short-term investments.

•	$(487) million in 2015,

•	$361 million in 2014 and

•	$(1,829) million in 2013.

•	net proceeds from the Real Estate Divestiture, net of cash divested in 2014; and

•	higher capital spending in 2015.

•	the acquisition of Longview Timber in 2013;

•	net proceeds from the Real Estate Divestiture, net of cash divested in 2014; and

•	higher capital spending in 2014.

•	future economic conditions,

•	environmental regulations,

•	changes in the composition of our business,

•	weather and

•	timing of equipment purchases.

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•	$19 million in 2015,

•	$28 million in 2014 and

•	$20 million in 2013.

•	issuances and payments of long-term debt,

•	borrowings and payments under revolving lines of credit,

•	changes in book overdrafts,

•	proceeds from stock offerings and option exercises and

•	payments of cash dividends and repurchasing stock.

•	$(1,145) million in 2015,

•	$(704) million in 2014 and

•	$762 million in 2013.

•	29 million common shares on June 24, 2013, at the price of $27.75 per share for net proceeds of $781 million;

•	4.4 million common shares on July 8, 2013, at the price of $27.75 per share for net proceeds of $116 million, in connection with the exercise of an overallotment option; and

•	13.8 million of our 6.375 percent Mandatory Convertible Preference Shares, Series A, par value $1.00 and liquidation preference of $50.00 per share on June 24, 2013, for net proceeds of $669 million.

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•	had no borrowings outstanding under our credit facility and

•	was in compliance with the credit facility covenants.

•	a minimum defined net worth of $3.0 billion;

•	a defined debt-to-total-capital ratio of 65 percent or less; and

•	ownership of, or long-term leases on, no less than four million acres of timberlands.

•	total Weyerhaeuser shareholders’ interest,

•	excluding accumulated comprehensive income (loss) related to pension and postretirement benefits,

•	minus Weyerhaeuser Company’s investment in our unrestricted subsidiaries.

•	total Weyerhaeuser Company debt

•	plus total defined net worth.

•	a defined net worth of $6.3 billion and

•	a defined debt-to-total-capital ratio of 44 percent.

•	$34 million in 2015,

•	$119 million in 2014 and

•	$162 million in 2013.

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•	$619 million in 2015,

•	$563 million in 2014 and

•	$458 million in 2013.

•	an increase in our quarterly dividend from 17 cents per share to 20 cents per share in April 2013;

•	an increase in our quarterly dividend from 20 cents per share to 22 cents per share in August 2013;

•	an increase in our quarterly dividend from 22 cents per share to 29 cents per share in August 2014; and

•	an increase in our quarterly dividend from 29 cents per share to 31 cents per share in August 2015.

•	85.88 cents per share in August 2013 and

•	79.69 cents per share in October 2013; February, April, August and October 2014; and February, May, August and October 2015.

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•	surety bonds,

•	letters of credit and guarantees and

•	information regarding variable interest entities.

•	historical experience and

•	assumptions we believe are appropriate and reasonable under current circumstances.

•	pension and postretirement benefit plans;

•	potential impairments of long-lived assets; and

•	legal, environmental and product liability reserves.

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•	expected long-term rate of return on plan assets,

•	discount rates,

•	anticipated trends in health care costs,

•	assumed increases in salaries and

•	mortality rates.

•	actual pension fund performance,

•	level of lump sum distributions,

•	plan changes and amendments,

•	changes in plan participation or coverage and

•	portfolio changes and restructuring.

•	expected long-term rate of return and

•	discount rates.

•	the net compounded annual return of 8.0 percent achieved by our U.S. pension trust investment strategy the past 5 years and

•	current and expected valuation levels in the global equity and credit markets.

•	$24 million for our U.S. qualified pension plans and

•	$4 million for our Canadian registered pension plans.

•	4.5 percent for our U.S. pension plans — compared with 4.1 percent at December 31, 2014;

•	4.0 percent for our U.S. postretirement plans — compared with 3.6 percent at December 31, 2014;

•	4.0 percent for our Canadian pension plans — compared with 3.9 percent at December 31, 2014; and

•	3.9 percent for our Canadian postretirement plans — compared with 3.8 percent at December 31, 2014.

•	$35 million for our U.S. qualified pension plans and

•	$5 million for our Canadian registered pension plans.

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•	future cash flows,

•	residual values and

•	fair values of the assets.

•	probability of alternative outcomes,

•	product pricing,

•	raw material costs,

•	product sales and

•	discount rate.

•	it becomes probable that we will have to make payments and

•	the amount of loss can be reasonably estimated.

•	historical experience,

•	judgments about the potential actions of third party claimants and courts and

•	recommendations of legal counsel.

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•	scheduled principal repayments for the next five years and after,

•	weighted average interest rates for debt maturing in each of the next five years and after and

•	estimated fair values of outstanding obligations.

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•	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 various items.

•	consolidated financial statements,

•	our business segments,

•	foreign currency translation,

•	estimates, and

•	fair value measurements.

•	majority-owned domestic and foreign subsidiaries and

•	variable interest entities in which we are the primary beneficiary.

•	growing and harvesting timber; and

•	manufacturing, distributing and selling products made from trees.

•	pricing products transferred between our business segments at current market values and

•	allocating joint conversion and common facility costs according to usage by our business segment product lines.

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•	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.

•	reported amounts of assets, liabilities and equity;

•	disclosure of contingent assets and liabilities; and

•	reported amounts of revenues and expenses.

•	long-lived assets (asset groups) measured at fair value for an impairment assessment,

•	reporting units measured at fair value in the first step of a goodwill impairment test,

•	nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment assessment,

•	assets acquired and liabilities assumed in a business acquisition and

•	asset retirement obligations initially measured at fair value.

•	Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities.

•	Level 2 — Inputs are:

•	Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

•	accounting changes made upon our adoption of new accounting guidance and

•	our reclassification of certain balances and results from prior years to make them consistent with our current reporting.

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•	capital investments,

•	financing our business and

•	operations.

•	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.

•	Logging roads are generally amortized — as timber is harvested — at rates based on the volume of timber estimated to be removed.

•	Cost and accumulated depreciation of property sold or retired are removed from the accounts and the gain or loss is included in earnings.

•	reforestation,

•	depletion and

•	forest management in Canada.

•	15 years in the South and

•	30 years in the West.

•	fertilization,

•	vegetation and insect control,

•	pruning and precommercial thinning,

•	property taxes and

•	interest.

•	regulatory and environmental constraints,

•	our management strategies,

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•	inventory data improvements,

•	growth rate revisions and recalibrations and

•	known dispositions and inoperable acres.

•	granted by the provincial governments;

•	granted for initial periods of 15 to 25 years; and

•	renewable provided we meet reforestation, operating and management guidelines.

•	varies from province to province,

•	is tied to product market pricing and

•	depends upon the allocation of land management responsibilities in the license.

•	appraisals,

•	market pricing of comparable assets,

•	discounted value of estimated cash flows from the asset and

•	replacement values of comparable assets.

•	using a fair-value-based approach and

•	at least annually — at the beginning of the fourth quarter.

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•	future tax consequences due to differences between the carrying amounts for financial purposes and the tax bases of certain items and

•	operating loss and tax credit carryforwards.

•	determine when the differences between the 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.

•	cost of benefits provided in exchange for employees’ services rendered during the year;

•	interest cost of the obligations;

•	expected long-term return on fund 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 plan 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 market-related 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.

•	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.

•	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.

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•	the distribution of shares of WRECO to our shareholders in exchange for 59 million shares of our common stock; and

•	the merger of WRECO into a special purpose subsidiary of TRI Pointe, with WRECO surviving the merger and becoming a wholly-owned subsidiary of TRI Pointe.

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•	29 million common shares on June 24, 2013, at the price of $27.75 per share for net proceeds of $781 million;

•	4.4 million common shares on July 8, 2013, at the price of $27.75 per share for net proceeds of $116 million, in connection with the exercise of an overallotment option; and

•	13.8 million of our 6.375 percent Mandatory Convertible Preference Shares, Series A, par value $1.00 and liquidation preference of $50.00 per share on June 24, 2013, for net proceeds of $669 million. See Note 16: Shareholders' Interest for more information.

•	$0.89 in 2015,

•	$3.20 in 2014 and

•	$0.95 in 2013.

•	$0.89 in 2015,

•	$3.18 in 2014 and

•	$0.95 in 2013.

•	how we calculate basic and diluted net earnings per share and

•	shares excluded from dilutive effect.

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•	weighted average number of our outstanding common shares and

•	the effect of our outstanding dilutive potential common shares.

•	outstanding stock options,

•	restricted stock units,

•	performance share units and

•	preference shares.

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•	Timberlands — 15 years;

•	Wood products manufacturing facilities — 20 years; and

•	Pulp mills — 25 years.

•	$314 million in 2015,

•	$332 million in 2014 and

•	$332 million in 2013.

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•	$197 million in 2015,

•	$195 million in 2014 and

•	$203 million in 2013.

•	$46 million at December 31, 2015; and

•	$75 million at December 31, 2014.

•	types of plans we sponsor,

•	significant transactions and events affecting plans we sponsor,

•	funded status of plans we sponsor,

•	pension assets,

•	activity of plans we sponsor and

•	actuarial assumptions.

•	qualified — plans that qualify under the Internal Revenue Code; and

•	nonqualified — plans for select employees that provide additional benefits not qualified under the Internal Revenue Code.

•	registered — plans that are registered under the Income Tax Act and applicable provincial pension acts; and

•	nonregistered — plans for select employees that provide additional benefits that may not be registered under the Income Tax Act or provincial pension acts.

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•

We recognized a $9 million charge in third quarter 2014 for curtailments and special termination benefits. Of this amount, $6 million is included in the net gain on the Real Estate Divestiture and is presented in "Earnings from discontinued operations, net of income taxes" in our Consolidated Statement of Operations. The remaining $3 million is included in "Charges for restructuring, closures and impairments" in our Consolidated Statement of Operations.

•

The funded status of our U.S. qualified pension plan was reduced by $291 million primarily as a result of a decline in the discount rate used to calculate the projected benefit obligation and also due to asset performance and curtailment and special terminations. The discount rate used to remeasure the pension plans’ liabilities was changed from a rate of 4.9 percent at December 31, 2013 to rates reflective of current bond rates on the remeasurement date. A discount rate of 4.4 percent was used as of July 7, 2014. There was no change to the expected rate of return assumption.

•	Deferred tax liabilities decreased $108 million.

•	Total equity decreased $183 million for changes in "Cumulative other comprehensive loss", reflecting the net effect of the items discussed above. Amounts deferred in cumulative other comprehensive loss will be amortized into net periodic pension cost (credits) in future periods.

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•	$5.5 billion in projected benefit obligations,

•	$5.4 billion in accumulated benefit obligations and

•	assets with a fair value of $4.7 billion.

•	$6.6 billion in projected benefit obligations,

•	$6.5 billion in accumulated benefit obligations and

•	assets with a fair value of $5.6 billion.

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•	$6.1 billion at December 31, 2015; and

•	$6.5 billion at December 31, 2014.

•	U.S. Pension Trust — funds our U.S. qualified pension plans;

•	Canadian Pension Trust — funds our Canadian registered pension plans; and

•	Retirement Compensation Arrangements — fund a portion of our Canadian nonregistered pension plans.

•	directly in a diversified mix of nontraditional investments; and

•	indirectly through derivatives to promote effective use of capital, increase returns and manage associated risk.

•	cash and short-term investments,

•	hedge funds,

•	private equity,

•	real estate fund investments and

•	common and preferred stocks.

•	equity index derivatives,

•	fixed income derivatives and

•	swaps and other derivative instruments.

•	returns earned on our direct investments and

•	returns earned on the derivatives we use.

•	50 percent to our investments in a portfolio of equities; and

•	50 percent to a noninterest-bearing refundable tax account held by the Canada Revenue Agency — as required by Canadian tax rules.

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•	selection and diversification of managers and strategies,

•	use of limited-liability vehicles,

•	diversification and

•	constraining risk profiles to predefined limits on the percentage of pension trust assets that can be invested in certain categories.

•	diversification of counterparties,

•	predefined settlement and margining provisions and

•	documented agreements.

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•	be required to contribute approximately $16 million for our Canadian registered plan;

•	be required to contribute or make benefit payments for our Canadian nonregistered plans of $3 million; and

•	make benefit payments of approximately $19 million for our U.S. nonqualified pension plans.

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•	discount rates in the U.S. and Canada, including discount rates used to value lump sum distributions;

•	rates of compensation increases for our salaried and hourly employees in the U.S. and Canada; and

•	estimated percentages of eligible retirees who will elect lump sum payments of benefits.

•	discount rates in the U.S. and Canada, including discount rates used to value lump sum distributions;

•	expected returns on our plan assets;

•	rates of compensation increases for our salaried and hourly employees in the U.S. and Canada; and

•	estimated percentages of eligible retirees who will elect lump sum payments of benefits.

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•	qualified and registered pension plans and

•	nonregistered plans.

•	a 7.2 percent assumed return from direct investments and

•	a 1.7 percent assumed return from derivatives.

•	requires a high degree of judgment,

•	uses our historical fund returns as a base and

•	places added weight on more recent pension plan asset performance.

•	historical experience and

•	future return expectations.

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•	6.3 percent in the U.S. and

•	5.6 percent in Canada.

•	a percentage of the employer contributions paid into the plan on the eligible employee's behalf or

•	a formula considering an eligible employee's service, the total contributions paid on their behalf plus a benefit based on the value of an eligible employee's account.

•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•	If we choose to stop participating in some of the multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

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•	$4 million in 2015,

•	$4 million in 2014 and

•	$4 million in 2013.

•	$21 million in 2015,

•	$20 million in 2014 and

•	$20 million in 2013.

•	Assets of the SPEs are not available to satisfy our liabilities or obligations.

•	Liabilities of the SPEs are not our liabilities or obligations.

•	Interest expense on SPE notes of:

•	Interest income on SPE investments of:

•	$253 million in 2019 and

•	$362 million in 2020.

•	$209 million in 2019 and

•	$302 million in 2020.

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•	lines of credit and

•	other letters of credit and surety bonds.

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•	long-term debt and the portion due within one year and

•	long-term debt maturities.

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•	debt and

•	other financial instruments.

•	market approach — based on quoted market prices we received for the same types and issues of our debt; or

•	income approach — based on the discounted value of the future cash flows using market yields for the same type and comparable issues of debt.

•	the short-term nature of these instruments,

•	carrying short-term investments at expected net realizable value and

•	the allowance for doubtful accounts.

•	legal proceedings,

•	environmental matters and

•	commitments and other contingencies.

•	site remediation and

•	asset retirement obligations.

•	are a party to various proceedings related to the cleanup of hazardous waste sites and

•	have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated.

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•	new information on any site concerning implementation of remediation alternatives,

•	updates on prior cost estimates and new sites and

•	costs incurred to remediate sites.

•	is much less certain than the estimates on which our accruals currently are based, and

•	uses assumptions that are less favorable to us among the range of reasonably possible outcomes.

•	assumed we will not bear the entire cost of remediation of every site,

•	took into account the ability of other potentially responsible parties to participate, and

•	considered each party’s financial condition and probable contribution on a per-site basis.

•	guarantees of debt and performance,

•	purchase obligations for goods and services and

•	operating leases.

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•	are enforceable and legally binding,

•	specify all significant terms and

•	cannot be canceled without penalty.

•	fixed or minimum quantities to be purchased,

•	fixed, minimum or variable price provisions, and

•	an approximate timing for the transaction.

•	stumpage and log purchases,

•	energy and

•	other service and supply contracts.

•	various equipment, including logging equipment, lift trucks, automobiles and office equipment; and

•	office and wholesale space.

•	preferred and preference shares,

•	common shares,

•	share-repurchase programs and

•	cumulative other comprehensive income (loss).

•	dividend rates,

•	redemption rights,

•	conversion terms,

•	sinking-fund provisions,

•	values in liquidation and

•	voting rights.

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•	new shares are issued,

•	stock options are exercised,

•	restricted stock units or performance share units vest,

•	stock-equivalent units are paid out,

•	shares are tendered,

•	shares are repurchased or

•	shares are canceled.

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•	$31 million in 2015,

•	$40 million in 2014 and

•	$42 million in 2013.

•	$3 million in 2014 and

•	$5 million in 2013.

•	our Long-Term Incentive Compensation Plan (2013 Plan),

•	how we account for share-based awards,

•	tax benefits of share-based awards,

•	types of share-based compensation and

•	unrecognized share-based compensation.

•	stock options,

•	stock appreciation rights,

•	restricted stock,

•	restricted stock units,

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•	performance shares and

•	performance share units.

•	An individual participant may receive a grant of up to 2 million shares in any one calendar year.

•	The exercise price is required to be the market price on the date of the grant.

•	An individual participant may receive a grant of up to 1 million shares annually.

•	No participant may be granted awards that exceed $10 million earned in a 12 month period.

•	issue new stock into the marketplace and

•	generally do not repurchase shares in connection with issuing new awards.

•	all options, restricted stock units, and performance share units outstanding at December 31, 2015 under the 2013 Plan and 2004 Plan; and

•	all remaining options, restricted stock units, and performance share units that could be granted under the 2013 Plan.

•	use a fair-value-based measurement for share-based awards, and

•	recognize the cost of share-based awards in our consolidated financial statements.

•	Awards that vest upon retirement — the required service period ends on the date an employee is eligible for retirement, including early retirement.

•	Awards that continue to vest following job elimination or the sale of a business — the required service period ends on the date the employment from the company is terminated.

•	$8 million in 2015,

•	$11 million in 2014, and

•	$10 million in 2013.

•	$1 million in 2014 and

•	$2 million in 2013.

•	restricted shares and restricted share units vest,

•	performance shares and performance share units vest,

•	stock options are exercised and

•	stock appreciation rights are exercised.

•	$4 million in 2015,

•	$10 million in 2014 and

•	$13 million in 2013.

•	$2 million in 2014 and

•	$2 million in 2013.

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•	stock options,

•	restricted stock units,

•	performance share units,

•	stock appreciation rights and

•	deferred compensation stock equivalent units.

•	vest over four years of continuous service and

•	must be exercised within 10 years of the grant-date.

•	vest ratably over four years;

•	vest or continue to vest in the event of death while employed or disability;

•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one year anniversary of the grant;

•	continue to vest for one year in the event of involuntary termination when the retirement criteria has not been met; and

•	stop vesting for all other situations including early retirement prior to age 62.

•	historical data — for option exercise time and employee terminations;

•	a Monte-Carlo simulation — for how long we expect granted options to be outstanding; and

•	the U.S. Treasury yield curve — for the risk-free rate. We use a yield curve over a period matching the expected term of the grant.

•	implied volatilities from traded options on our stock,

•	historical volatility of our stock and

•	other factors.

•	are eligible for retirement;

•	will become eligible for retirement during the vesting period; or

•	whose employment is terminated during the vesting period due to job elimination or the sale of a business.

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•	$13 million in 2015,

•	$55 million in 2014 and

•	$61 million in 2013.

•	$14 million in 2015,

•	$16 million in 2014 and

•	$14 million in 2013.

•	vest ratably over four years;

•	immediately vest in the event of death while employed or disability;

•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one year anniversary of the grant;

•	continue vesting for one year in the event of involuntary termination when the retirement has not been met; and

•	will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.

•	$30.14 in 2014 and

•	$30.54 in 2013.

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•	$14 million in 2015,

•	$16 million in 2014 and

•	$14 million in 2013.

•	our relative total shareholder return (TSR) ranking measured against the S&P 500 over a three year period and

•	our relative TSR ranking measured against an industry peer group of companies over a three year period.

•	vest 100 percent on the third anniversary of the grant date as long as the individual remains employed by the company;

•	fully vest in the event the participant dies or becomes disabled while employed;

•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one year anniversary of the grant;

•	continue vesting for one year in the event of involuntary termination when the retirement criteria has not been met and the employee has met the second anniversary of the grant date; and

•	will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.

•	Weyerhaeuser’s cash flow during the first year determined the initial number of units earned and

•	Weyerhaeuser’s relative total shareholder return (TSR) ranking in the S&P 500 during the first two years is used to adjust the initial number of units earned up or down by 20 percent.

•	vest 50 percent, 25 percent and 25 percent on the second, third and fourth anniversaries of the grant-date, respectively, as long as the individual remains employed by the company;

•	fully vest in the event the participant dies or becomes disabled while employed;

•	continue to vest upon retirement at an age of at least 62, but a portion of the grant is forfeited if retirement occurs before the one year anniversary of the grant;

•	continue vesting for one year in the event of involuntary termination when the retirement has not been met; and

•	will be forfeited upon termination of employment in all other situations including early retirement prior to age 62.

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•	$9 million in 2015

•	$7 million in 2014

•	$5 million in 2013

•	receives the benefit as a cash award and

•	does not purchase the underlying stock.

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•	$1 million in 2015,

•	$2 million in 2014 and

•	$4 million in 2013.

•	may choose to defer all or part of their bonus into stock-equivalent units;

•	may choose to defer part of their salary, except for executive officers; and

•	receive a 15 percent premium if the deferral is for at least five years.

•	receive a portion of their annual retainer fee in the form of restricted stock units, which vest over one year and may be deferred into stock-equivalent units;

•	may choose to defer some or all of the remainder of their annual retainer fee into stock-equivalent units; and

•	do not receive a premium for their deferrals.

•	liability-classified awards and

•	re-measured to fair value at every reporting date.

•	1,003,053 as of December 31, 2015;

•	944,966 as of December 31, 2014; and

•	915,160 as of December 31, 2013.

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•	2015 — We recognized an impairment charge of $13 million related to a nonstrategic asset held in Unallocated Items. The fair value of the asset was determined using significant unobservable inputs (Level 3) based on a discounted cash flow model. The asset was subsequently sold for no gain during 2015.

•	2013 — charges include:

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•	includes both recurring and occasional income and expense items and

•	can fluctuate from year to year.

•	earnings before income taxes,

•	provision for income taxes,

•	effective income tax rate,

•	deferred tax assets and liabilities and

•	unrecognized tax benefits.

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•	net operating loss and credit carryforwards,

•	valuation allowances and

•	reinvestment of undistributed earnings.

•	U.S. REIT - $433 million, which expire from 2030 through 2035,

•	U.S. TRS - $29 million, which expires in 2035,

•	State - $299 million, which expire from 2024 through 2035; and

•	Foreign - $142 million, which expire from 2016 through 2032.

•	U.S. TRS - $93 million, which expire from 2019 through 2035,

•	State - $43 million, which expire from 2016 through 2029, and $46 million, which do not expire; and

•	Foreign - $6 million, which expire from 2016 through 2032.

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•	sales to unaffiliated customers,

•	export sales from the U.S., and

•	long-lived assets.

•	pulp, liquid packaging board, logs, lumber and wood chips to Japan;

•	pulp, logs and lumber to other Pacific Rim countries; and

•	pulp and plywood to Europe.

•	goodwill,

•	timber and timberlands and

•	property and equipment, including construction in progress.

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