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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

 

     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE FISCAL YEAR ENDED December 31, 2019

or

 

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM                      TO                     

COMMISSION FILE NUMBER 1-4825

WEYERHAEUSER COMPANY

A Washington CORPORATION

91-0470860

(IRS EMPLOYER IDENTIFICATION NO.)

220 OCCIDENTAL AVENUE SOUTH, SEATTLE, Washington 98104-7800 TELEPHONE (206) 539-3000

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

TITLE OF EACH CLASS

 

TRADING SYMBOL(S)

 

NAME OF EACH EXCHANGE

ON WHICH REGISTERED

Common Shares ($1.25 par value)

 

WY

 

New York Stock Exchange

 

 

 

 

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes      No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes      No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☒           Accelerated filer  ☐           Non-accelerated filer  

Smaller reporting company             Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes      No

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based on the closing sale price as of the last business day of the most recently completed second fiscal quarter ended on June 30, 2019, as reported on the New York Stock Exchange Composite Price Transactions, was approximately $19.6 billion.

As of February 3, 2020, 745,519 thousand shares of the registrant’s common stock ($1.25 par value) were outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Notice of 2020 Annual Meeting of Shareholders and Proxy Statement for the company’s Annual Meeting of Shareholders to be held May 15, 2020, are incorporated by reference into Part II and III.

 

WEYERHAEUSER COMPANY > 2019 ANNUAL REPORT AND FORM 10-K

 


Table of Contents

 

TABLE OF CONTENTS

PART I

 

PAGE

ITEM 1.

OUR BUSINESS

1

 

WE CAN TELL YOU MORE

1

 

WHO WE ARE

1

 

WHAT WE DO

2

 

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

18

 

NATURAL RESOURCE AND ENVIRONMENTAL MATTERS

19

 

FORWARD-LOOKING STATEMENTS

24

ITEM 1A.

RISK FACTORS

25

ITEM 1B.

UNRESOLVED STAFF COMMENTS

34

ITEM 2.

PROPERTIES

34

ITEM 3.

LEGAL PROCEEDINGS

34

ITEM 4.

MINE SAFETY DISCLOSURES — NOT APPLICABLE

 

PART II

 

 

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES

34

ITEM 6.

SELECTED FINANCIAL DATA

36

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (MD&A)

37

 

ECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS

37

 

FINANCIAL PERFORMANCE SUMMARY

38

 

RESULTS OF OPERATIONS

38

 

LIQUIDITY AND CAPITAL RESOURCES

44

 

OFF-BALANCE SHEET ARRANGEMENTS

47

 

ENVIRONMENTAL MATTERS, LEGAL PROCEEDINGS AND OTHER CONTINGENCIES

47

 

ACCOUNTING MATTERS

47

 

PERFORMANCE MEASURES

50

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

53

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

54

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

54

 

CONSOLIDATED STATEMENT OF OPERATIONS

55

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

56

 

CONSOLIDATED BALANCE SHEET

57

 

CONSOLIDATED STATEMENT OF CASH FLOWS

58

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

59

 

INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

60

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

61

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE

100

ITEM 9A.

CONTROLS AND PROCEDURES

100

ITEM 9B.

OTHER INFORMATION

102

PART III

 

 

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

103

ITEM 11.

EXECUTIVE AND DIRECTOR COMPENSATION

103

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS

103

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

103

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

103

 

 

 

PART IV

 

 

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

104

 

EXHIBITS

105

ITEM 16.

FORM 10-K SUMMARY

108

 

SIGNATURES

109

 

 

 

 


Table of Contents

 

OUR BUSINESS

We are one of the world's largest private owners of timberlands. We own or control 11.5 million acres of timberlands in the U.S. and manage an additional 14.0 million acres of timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. Our objective is to maximize the long-term value of timberlands we own. We analyze each timberland acre comprehensively to understand its highest-value use. We realize this value in many ways, particularly through growing and harvesting the trees, but also by selling properties when we can create incremental value. In addition, we focus on opportunities to realize value through lease and royalty agreements for the surface and subsurface rights that exist in our ownership.

We are also one of the largest manufacturers of wood products in North America. We manufacture and distribute high-quality wood products, including structural lumber, oriented strand board, engineered wood products and other specialty products. These products are primarily supplied to the residential, multi-family, industrial, light commercial as well as repair and remodel markets. We operate 35 manufacturing facilities in the United States and Canada.

Our company is a real estate investment trust (REIT).

Sustainability and citizenship are part of our core values. In addition to practicing sustainable forestry, we focus on increasing energy and resource efficiency, reducing greenhouse gas emissions, reducing water consumption, conserving natural resources and offering sustainable products that meet our customers' needs. We operate with world-class safety results, actively support the communities in which we operate and strive to communicate transparently with our investors and other stakeholders. We are the only North American forest products company included on the Dow Jones Sustainability North America Index, and we are also recognized for our leading performance in the areas of ethics, citizenship and gender equality.

In 2019, we generated $6.6 billion in net sales and employed approximately 9,400 people who serve customers worldwide.

This portion of our Annual Report on Form 10-K provides detailed information about who we are, what we do and where we are headed. Unless otherwise specified, current information reported in this Form 10-K is as of or for the fiscal year ended December 31, 2019.

We break out financial information such as revenues, earnings and assets by the business segments that form our company. We also discuss the geographic areas where we do business.

Throughout this Form 10-K, unless specified otherwise, references to “we,” “our,” “us” and “the company” refer to the consolidated company.

 

 

WE CAN TELL YOU MORE

 

AVAILABLE INFORMATION

We meet the information reporting requirements of the Securities Exchange Act of 1934 by filing periodic reports (annual reports on Form 10-K, quarterly reports on Form 10-Q), current reports on Form 8-K, proxy statements and other information with the Securities and Exchange Commission (SEC). These reports and statements, which contain information about our company’s business, financial results, corporate governance and other matters, as well as amendments to these reports and statements, are available at:

the SEC website — www.sec.gov and

our website (free of charge) — www.weyerhaeuser.com.

When we file or furnish information electronically with the SEC, it is also posted to our website.

 

 

WHO WE ARE

 

We were incorporated as Weyerhaeuser Timber Company in the state of Washington in January 1900, when Frederick Weyerhaeuser and 15 partners bought 900,000 acres of timberland. Today, we are working to be the world's premier timber, land and forest products company for our shareholders, customers and employees.

REAL ESTATE INVESTMENT TRUST (REIT) ELECTION

Starting with our 2010 fiscal year, we elected to be taxed as a REIT. REIT income can be distributed to shareholders without first paying corporate level tax, substantially eliminating the double taxation on income. We expect to derive most of our REIT income from our timberlands, including gains from the sales of our standing timber and rent from recreational leases. We continue to be required to pay federal corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and a portion of our Timberlands and Real Estate, Energy and Natural Resources segments.

WEYERHAEUSER COMPANY > 2019 ANNUAL REPORT AND FORM 10-K 1


Table of Contents

 

OUR BUSINESS SEGMENTS

In our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section you will find discussion of our overall performance results for our business segments, which are as follows:

Timberlands;

Real Estate, Energy and Natural Resources (Real Estate & ENR) and

Wood Products.

Detailed financial information about our business segments and our geographic locations is provided in Note 2: Business Segments and Note 22: Geographic Areas.

EFFECT OF MARKET CONDITIONS

The health of the U.S. housing market strongly affects the performance of all our business segments. Wood Products primarily sells into the new residential building and repair and remodel markets. Demand for logs from our Timberlands segment is affected by production levels of domestic wood-based building products as well as export markets. Real Estate is affected by local real estate market conditions, such as the level of supply or demand for properties sharing the same or similar characteristics as our timberlands. Energy and Natural Resources is affected by underlying demand for commodities, including oil, gas and minerals.

COMPETITION IN OUR MARKETS

We operate in highly competitive domestic and foreign markets, with numerous companies selling similar products. Many of our products also face competition from substitutes for wood products. We compete in our markets primarily through product quality, service levels and price. We are relentlessly focused on operational excellence, producing quality products customers want and are willing to pay for, at the lowest possible cost.

Our business segments’ competitive strategies are as follows:

Timberlands — Deliver maximum timber value from every acre we own or manage.

Real Estate & ENR — Deliver premiums to timberland value by identifying and monetizing higher and better use lands and capturing the full value of surface and subsurface assets.

Wood Products — Manufacture high-quality structural lumber, oriented strand board and engineered wood products, as well as deliver complementary building products for residential, multi-family, industrial and light commercial applications at competitive costs.

OUR EMPLOYEES

We have approximately 9,400 employees. Of these employees, approximately 2,400 are members of unions covered by multi-year collective-bargaining agreements.

 

 

WHAT WE DO

 

This section provides information about how we:

grow and harvest trees,

maximize the value of every acre we own and

manufacture and sell wood products.

For each of our business segments, we provide details about what we do, where we do it, how much we sell and where we are headed.

TIMBERLANDS

Our Timberlands segment manages 11.5 million acres of private commercial timberlands in the U.S. We own 10.8 million of those acres and control the remaining acres through long-term contracts. In addition, we have renewable, long-term licenses on 14.0 million acres of Canadian timberlands.

WHAT WE DO

Forestry Management

Our Timberlands segment:

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

manages our timberlands as the trees grow to maturity;

harvests trees to be converted into lumber, wood products, pellets, pulp and paper;

WEYERHAEUSER COMPANY > 2019 ANNUAL REPORT AND FORM 10-K 2


Table of Contents

 

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 seek to maximize the returns from our timberlands by selling delivered logs and through stumpage sales to both internal and external customers. We leverage our expertise in forestry using research and planning systems to optimize log production and innovative planting and harvesting techniques across varying terrain. We use intensive, customized silviculture to increase forest productivity and returns while managing our forests on a sustainable basis. We use our scale, infrastructure and supply chain expertise to deliver reliable and consistent supply to our customers.

Competitive factors within each of our market areas generally include price, species, grade, quality, proximity to wood consuming facilities and the ability to consistently meet customer requirements. We compete in the marketplace through our ability to provide customers with a consistent and reliable supply of high-quality logs at scale volumes and competitive prices. Our customers also value our status as a Sustainable Forestry Initiative® (SFI) certified supplier.

Sustainable Forestry Practices

We manage our forests intensively to maximize the value of every acre and produce a sustainable supply of wood fiber for our customers. At the same time, we are careful to protect biological diversity, water quality and other ecosystem values. Our working forests also provide unique environmental, cultural, historical and recreational value. We work hard to protect these and other qualities, while still managing our forests to produce financially mature timber. We follow regulatory requirements, voluntary standards and certify 100 percent of our North American timberlands under the SFI Forest Management Standard.

Canadian Forestry Operations

In Canada, we manage timberlands under long-term licenses that provide the primary source of the raw material for our manufacturing facilities in various provinces. When we harvest trees, we pay the provinces at stumpage rates set by the government. We transfer logs to our manufacturing facilities at cost and do not generate any significant profit from the harvest of timber from the licensed acres in Canada.

Timberlands Products

 

PRODUCTS

HOW THEY’RE USED

Delivered logs:

• Grade logs

• Fiber logs

Grade logs are made into lumber, plywood, veneer and other products used in residential homes, commercial structures, furniture, industrial and decorative applications. Fiber logs are sold to pulp, paper and oriented strand board mills to make products used for printing, writing, packaging, homebuilding and consumer products, as well as into renewable energy and pellets.

Timber

Standing timber is sold to third parties through stumpage sales.

Recreational leases

Timberlands are leased or permitted for recreational purposes.

Other products

Seed and seedlings grown in the U.S. and wood chips.

 

HOW WE MEASURE OUR PRODUCT

We use multiple units of measure when transacting business including:

Thousand board feet (MBF) — used in the West to measure the expected lumber recovery from a tree or log and

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.

We report Timberlands volumes in ton equivalents.

WHERE WE DO IT

As of December 31, 2019, we sustainably managed timberlands in 19 states. This included owned or contracted acres in the following locations:

2.9 million acres in the western U.S. (Oregon and Washington);

6.8 million acres in the southern U.S. (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Texas and Virginia) and

1.8 million acres in the northern U.S. (Maine, Montana, New Hampshire, Vermont, West Virginia and Wisconsin).

In Canada, we manage timberlands under long-term licenses that provide raw material for our manufacturing facilities. These licenses are in Alberta, British Columbia, Ontario and Saskatchewan.

Our total timber inventory — including timber on owned and contracted land — is approximately 595 million tons. The amount of timber inventory does not translate into an amount of lumber or panel products because the quantity of end products varies according to the species, size and quality of the timber and will change over time as these variables adjust.

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We maintain our timber inventory in an integrated resource inventory system and geographic information system (GIS). The resource inventory component of the system is proprietary and is largely based on internally developed methods, including growth and yield models developed by our research and development organization. The GIS component is based on GIS software that is viewed as the standard in our industry.

Timber inventory data collection and verification techniques include the use of industry standard field sampling procedures as well as proprietary remote sensing technologies in some geographies. The data is collected and maintained at the timber stand level.

We also own and operate nurseries and seed orchards in Alabama, Arkansas, Georgia, Louisiana, Mississippi, Oregon, South Carolina and Washington.

Summary of 2019 Standing Timber Inventory

 

GEOGRAPHIC AREA

 

MILLIONS OF TONS AT

DECEMBER 31, 2019

 

 

 

TOTAL INVENTORY(1)

 

U.S.:

 

 

 

 

West

 

 

 

 

Douglas fir/Cedar

 

 

161

 

Whitewood

 

 

31

 

Hardwood

 

 

13

 

 

 

 

 

 

Total West

 

 

205

 

South

 

 

 

 

Southern yellow pine

 

 

258

 

Hardwood

 

 

82

 

 

 

 

 

 

Total South

 

 

340

 

North

 

 

 

 

Conifer

 

 

25

 

Hardwood

 

 

25

 

 

 

 

 

 

Total North

 

 

50

 

 

 

 

 

 

Total Company

 

 

595

 

 

 

 

 

 

 

(1)

Inventory includes all conservation and non-harvestable areas.

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Summary of 2019 Timberland Locations

 

GEOGRAPHIC AREA

 

THOUSANDS OF ACRES AT

DECEMBER 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEE

OWNERSHIP

 

 

LONG-TERM

CONTRACTS

 

 

TOTAL

ACRES(1)

 

U.S.:

 

 

 

 

 

 

 

 

 

 

 

 

West

 

 

 

 

 

 

 

 

 

 

 

 

Oregon

 

 

1,591

 

 

 

 

 

 

1,591

 

Washington

 

 

1,297

 

 

 

 

 

 

1,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total West

 

 

2,888

 

 

 

 

 

 

2,888

 

South

 

 

 

 

 

 

 

 

 

 

 

 

Alabama

 

 

385

 

 

 

201

 

 

 

586

 

Arkansas

 

 

1,208

 

 

 

18

 

 

 

1,226

 

Florida

 

 

222

 

 

 

83

 

 

 

305

 

Georgia

 

 

601

 

 

 

50

 

 

 

651

 

Louisiana

 

 

1,017

 

 

 

351

 

 

 

1,368

 

Mississippi

 

 

1,128

 

 

 

52

 

 

 

1,180

 

North Carolina

 

 

561

 

 

 

 

 

 

561

 

Oklahoma

 

 

494

 

 

 

 

 

 

494

 

South Carolina

 

 

275

 

 

 

 

 

 

275

 

Texas

 

 

16

 

 

 

2

 

 

 

18

 

Virginia

 

 

123

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total South

 

 

6,030

 

 

 

757

 

 

 

6,787

 

North

 

 

 

 

 

 

 

 

 

 

 

 

Maine

 

 

834

 

 

 

 

 

 

834

 

Montana(2)

 

 

631

 

 

 

 

 

 

631

 

New Hampshire

 

 

24

 

 

 

 

 

 

24

 

Vermont

 

 

86

 

 

 

 

 

 

86

 

West Virginia

 

 

255

 

 

 

 

 

 

255

 

Wisconsin

 

 

4

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total North

 

 

1,834

 

 

 

 

 

 

1,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company

 

 

10,752

 

 

 

757

 

 

 

11,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Acres include all conservation and non-harvestable areas.

(2)

In December 2019, we announced an agreement to sell our Montana timberlands. The sale is expected to close in second quarter 2020. Refer to Note 4: Divestitures and Assets Held for Sale for further information on the Montana timberlands sale.

 

We provide a year-round flow of logs to internal and external customers. We sell grade and fiber logs to manufacturers that produce a diverse range of products. We also sell standing timber to third parties and lease land for recreational purposes. Our timberlands are generally well located to take advantage of road, logging and transportation systems for efficient delivery of logs to customers.

Western United States

Our Western timberlands are well situated to serve the wood products and pulp markets in Oregon and Washington. Additionally, our location on the West Coast provides access to higher-value export markets for Douglas fir and whitewood logs to Japan, China and Korea. Our largest export market is Japan, where Douglas fir is the preferred species for higher-valued post and beam homebuilding. The size and quality of our Western timberlands, coupled with their proximity to several deep-water port facilities, competitively positions us to meet the needs of Pacific Rim log markets. For the year ended December 31, 2019, we sold 28 percent of our total Western log sales volume internally.

Our holdings are composed primarily of Douglas fir, a species highly valued for its structural strength, stiffness and appearance. Most of our lands are located on the west side of the Cascade Mountain Range with soil and rainfall conditions considered favorable for growing this species. Approximately 80 percent of our lands are in established Douglas fir plantations. Our remaining holdings include a mix of whitewood and hardwood.

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Our management systems and supply chain expertise provide us a competitive operating advantage in a number of areas including forestry and research, harvesting, marketing and logistics. Additionally, our scale, diversity of timberlands ownership and infrastructure on the West Coast allow us to consistently and reliably supply logs to our internal and external customers year-round.

We sell recreational use permits covering approximately 2 million acres of our owned Western timberlands.

2019 Western U.S. Inventory by Species

 

2019 Western U.S. Inventory by Age / Species

 

The average age of timber harvested from our Western timberlands in 2019 was 50 years. In accordance with our sustainable forestry practices, we harvest approximately 2 percent of our Western acreage each year.

Southern United States

Our Southern timberland ownership, covering 11 states, is well situated to serve domestic wood products and pulp markets, including third-party customers and our own mills. For the year ended December 31, 2019, we sold 24 percent of our total Southern log sales volume internally. Additionally, our Atlantic and Gulf coastal locations position us to serve an emerging Asian log export market. Our log inventory is comprised of 76 percent Southern yellow pine and 24 percent hardwoods.

Operationally, we focus on efficiently harvesting and hauling logs from our ownership and capitalizing on our scale and supply chain expertise to consistently and reliably serve a broad range of customers through seasonal and weather-related events year-round.

We lease approximately 95 percent of our owned Southern acreage for recreational purposes.

2019 Southern U.S. Inventory by Species

 

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2019 Southern U.S. Inventory by Age / Species

 

The average age of timber harvested from our Southern timberlands in 2019 was 29 years. In accordance with our sustainable forestry practices, we harvest approximately 3 percent of our acreage each year in the South.

Northern United States

We are one of the largest private owners of northern hardwood timberlands. Our Northern acres contain a diverse mix of temperate broadleaf hardwoods and mixed conifer species across timberlands located in six states. We grow over 50 species and market over 500 product grades to a diverse mix of customers.

Our large-diameter cherry, red oak and hard maple sawlogs and veneer logs serve domestic and export furniture markets. Our maple and other appearance woods are used in furniture and high-value decorative applications. In addition to high-value hardwood sawlogs, our mix includes hardwood fiber logs for pulp and oriented strand board applications. Hardwood pulpwood is a significant market in the Northern region and we have long-term supply agreements, primarily at market rates, for nearly 95 percent of our hardwood pulp production.

We also grow softwood logs that supply our lumber and plywood mills and other customers. Our competitive advantages include a merchandising program to capture the value of the premium hardwood logs.

Regeneration is predominantly natural, augmented by planting where appropriate.

2019 Northern U.S. Inventory by Species

 

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2019 Northern U.S. Inventory by Age / Species

 

The average age of timber harvested from our Northern timberlands in 2019 was 63 years. Timber harvested in the North is sold predominantly as delivered logs to domestic mills, including our manufacturing facilities. For the year ended December 31, 2019, we sold 9 percent of our total Northern log sales volume internally. In accordance with our sustainable forestry practices, we harvest approximately 1 percent of our acreage each year in the North.

Canada — Licensed Forestlands

We manage forestlands in Canada under long-term licenses from the provincial governments to secure volume for our manufacturing facilities in various provinces. The provincial governments regulate the volume of timber that may be harvested each year through Annual Allowable Cuts (AAC), which are updated every 10 years. As of December 31, 2019, our AAC by province was:

Alberta — 2,221 thousand tons,

British Columbia — 547 thousand tons,

Ontario — 154 thousand tons and

Saskatchewan — 633 thousand tons.

When the volume is harvested, we pay the province for that volume at stumpage rates set by the government. The harvested logs are transferred to our manufacturing facilities at cost (stumpage plus harvest, haul and overhead costs less any margin on selling logs to third parties). Any profit from harvesting the log through converting to finished products is recognized at the respective mill in our Wood Products segment.

In 2019, we changed the way we report our Canadian Forestlands operations. As a result, we no longer report related intersegment sales in the Timberlands segment and we now record the minimal associated third-party log sales in the Wood Products segment. These collective transactions did not contribute any earnings to the Timberlands or Wood Products segment. We have conformed prior year presentations with the current year.

Summary of License Arrangements

 

GEOGRAPHIC AREA

 

THOUSANDS OF

ACRES AT

DECEMBER 31, 2019

 

TOTAL ACRES

 

Province:

 

 

 

 

Alberta

 

 

5,399

 

British Columbia

 

 

1,014

 

Ontario(1)

 

 

2,574

 

Saskatchewan(1)

 

 

4,987

 

 

 

 

 

 

Total Canada

 

 

13,974

 

 

 

 

 

 

 

(1)

License is managed by partnership.

HOW MUCH WE HARVEST

Our fee harvest volumes are managed sustainably across all regions to ensure the preservation of long-term economic value of the timber and to capture maximum value from the markets. This is accomplished by ensuring annual harvest schedules target financially mature timber and reforestation activities align with the growing of timber through its life cycle to financial maturity.

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Five-Year Summary of Timberlands Fee Harvest Volumes

 

FEE HARVEST VOLUMES IN THOUSANDS OF TONS(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

West

 

 

9,237

 

 

 

9,571

 

 

 

10,083

 

 

 

11,083

 

 

 

10,563

 

South

 

 

26,278

 

 

 

26,708

 

 

 

27,149

 

 

 

26,343

 

 

 

14,113

 

North(2)

 

 

2,042

 

 

 

2,129

 

 

 

2,205

 

 

 

2,044

 

 

 

 

Uruguay(3)

 

 

 

 

 

 

 

 

822

 

 

 

1,119

 

 

 

980

 

Other(4)

 

 

 

 

 

 

 

 

1,384

 

 

 

701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

37,557

 

 

 

38,408

 

 

 

41,643

 

 

 

41,290

 

 

 

25,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In February 2016, we merged with Plum Creek.

(2)

In November 2019, we sold our Michigan timberlands. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(3)

Our Uruguay operations were divested in September 2017. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(4)

Other consisted of volumes managed for the Twin Creeks Venture. Our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017. For additional information see Note 8: Related Parties.

Five-Year Summary of Timberlands Fee Harvest Volumes - Percentage of Grade and Fiber

 

PERCENTAGE OF GRADE AND FIBER(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

West

 

Grade

 

 

89

%

 

 

90

%

 

 

89

%

 

 

87

%

 

 

87

%

 

Fiber

 

 

11

%

 

 

10

%

 

 

11

%

 

 

13

%

 

 

13

%

South

 

Grade

 

 

49

%

 

 

51

%

 

 

52

%

 

 

52

%

 

 

59

%

 

Fiber

 

 

51

%

 

 

49

%

 

 

48

%

 

 

48

%

 

 

41

%

North(2)

 

Grade

 

 

37

%

 

 

46

%

 

 

49

%

 

 

47

%

 

 

%

 

Fiber

 

 

63

%

 

 

54

%

 

 

51

%

 

 

53

%

 

 

%

Uruguay(3)

 

Grade

 

 

%

 

 

%

 

 

69

%

 

 

66

%

 

 

65

%

 

Fiber

 

 

%

 

 

%

 

 

31

%

 

 

34

%

 

 

35

%

Other(4)

 

Grade

 

 

%

 

 

%

 

 

47

%

 

 

45

%

 

 

%

 

Fiber

 

 

%

 

 

%

 

 

53

%

 

 

55

%

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Grade

 

 

59

%

 

 

62

%

 

 

63

%

 

 

64

%

 

 

73

%

 

Fiber

 

 

41

%

 

 

38

%

 

 

37

%

 

 

36

%

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In February 2016, we merged with Plum Creek.

(2)

In November 2019, we sold our Michigan timberlands. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(3)

Our Uruguay operations were divested in September 2017. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(4)

Other consisted of volumes managed for the Twin Creeks Venture. Our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017. For additional information see Note 8: Related Parties.

HOW MUCH WE SELL

Our net sales to unaffiliated customers over the last two years were:

$1.6 billion in 2019 and

$1.9 billion in 2018.

Our intersegment sales over the last two years were:

$503 million in 2019 and

$537 million in 2018.

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Five-Year Summary of Net Sales for Timberlands

 

NET SALES IN MILLIONS OF DOLLARS(1)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Net sales to unaffiliated customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivered logs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West

 

$

740

 

 

$

987

 

 

$

915

 

 

$

865

 

 

$

830

 

South

 

 

640

 

 

 

625

 

 

 

616

 

 

 

566

 

 

 

241

 

North(3)

 

 

92

 

 

 

99

 

 

 

95

 

 

 

91

 

 

 

 

Other(4)

 

 

 

 

 

 

 

 

23

 

 

 

14

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,472

 

 

 

1,711

 

 

 

1,649

 

 

 

1,536

 

 

 

1,084

 

Stumpage and pay-as-cut timber

 

 

42

 

 

 

59

 

 

 

73

 

 

 

85

 

 

 

37

 

Uruguay operations(5)

 

 

 

 

 

 

 

 

63

 

 

 

79

 

 

 

87

 

Recreational lease revenue

 

 

61

 

 

 

59

 

 

 

59

 

 

 

44

 

 

 

25

 

Other products(6)

 

 

43

 

 

 

44

 

 

 

49

 

 

 

36

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal net sales to unaffiliated customers

 

 

1,618

 

 

 

1,873

 

 

 

1,893

 

 

 

1,780

 

 

 

1,249

 

Intersegment net sales

 

 

503

 

 

 

537

 

 

 

522

 

 

 

592

 

 

 

560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,121

 

 

$

2,410

 

 

$

2,415

 

 

$

2,372

 

 

$

1,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In February 2016, we merged with Plum Creek.

(2)

In 2019, we changed the way we report our Canadian Forestlands operations. As a result, we no longer report related intersegment sales in the Timberlands segment and we now record the minimal associated third-party log sales in the Wood Products segment. These collective transactions did not contribute any earnings to the Timberlands segment. We have conformed prior year presentations with the current year.

(3)

In November 2019, we sold our Michigan timberlands. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(4)

Other delivered logs included sales from timberlands managed for the Twin Creeks Venture. Our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017. For additional information see Note 8: Related Parties.

(5)

Our Uruguay operations were divested in September 2017. Refer to Note 4: Divestitures and Assets Held for Sale for further information on this divestiture.

(6)

Other products include sales of seeds and seedlings from our nursery operations and wood chips.

Five-Year Trend for Total Net Sales in Timberlands

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Percentage of 2019 Sales Dollars to Unaffiliated Customers

Log Sales Volume

Our sales volume includes fee timber, as well as logs purchased in the open market. Domestic and export logs are sold at market prices to both unaffiliated customers and our internal mills.

Our log sales volumes to unaffiliated customers over the last two years were:

26,963 thousand tons in 2019 and

27,494 thousand tons in 2018.

We sell three grades of logs — domestic grade, domestic fiber and export. Factors that may affect log sales in each of these categories include:

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 wood chips by pulp, containerboard mills, pellet mills and oriented strand board mills and

export log sales — the level of housing starts in Japan and construction in China, as well as availability of logs from other countries, particularly for China.

Five-Year Summary of Log Sales Volume to Unaffiliated Customers

 

SALES VOLUME IN THOUSANDS(1)(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Logs – tons:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West

 

 

7,173

 

 

 

7,858

 

 

 

8,202

 

 

 

8,713

 

 

 

8,212

 

South

 

 

18,232

 

 

 

18,008

 

 

 

17,895

 

 

 

15,967

 

 

 

6,480

 

North(3)

 

 

1,558

 

 

 

1,628

 

 

 

1,574

 

 

 

1,500

 

 

 

 

Uruguay (4)

 

 

 

 

 

 

 

 

291

 

 

 

470

 

 

 

714

 

Other (5)

 

 

 

 

 

 

 

 

693

 

 

 

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

26,963

 

 

 

27,494

 

 

 

28,655