WEYERHAEUSER CO
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Income Taxes
As a REIT, we generally are not subject to federal corporate level income taxes on REIT taxable income that is distributed to shareholders. Historical distributions to shareholders, including amounts and tax characteristics, are summarized in the table below.
| AMOUNTS PER SHARE | ||
|---|---|---|
| 2023 | 2022 | |
| Common - capital gain distribution | $1.66 | $1.59 |
| Common - ordinary dividend (qualified) | $— | $0.07 |
| Common - return of capital | $— | $0.51 |
We are required to pay corporate income taxes on earnings of our TRSs, which include our Wood Products segment and portions of our Timberlands and Real Estate & ENR segments' earnings. Our provision for income taxes is primarily driven by earnings generated by our TRSs.
WEYERHAEUSER COMPANY >2023 ANNUAL REPORT AND FORM 10-K 50
Our provision for income taxes the last two years was:
| | $98 million in 2023 and |
|---|---|
| | $425 million in 2022. |
Income tax expense decreased by $327 million compared to 2022 primarily due to decreases in our pretax earnings and effective income tax rate. During 2022, we recorded a $69 million tax benefit in connection with our early debt retirement and a $53 million tax benefit related to our noncash pension settlement charge.
Refer to Note 19: Income Taxes, Note 11: Long-Term Debt, Net and Note 8: Pension and Other Post-Employment Benefit Plans for further information.
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