Fair Value of Financial Instruments The carrying amounts shown for the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments.
The fair value of the long term debt approximates its carrying value based on the variable nature of interest rates and current market rates available to the Company.
The fair value of foreign currency forward contracts is based on the net difference between the U. S.  dollars to be received or paid at the contracts’ settlement date and the U. S.  dollar value of the foreign currency to be sold or purchased at the current forward exchange rate.
Recently Issued Accounting Standards In June 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update which eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity.
It requires an entity to present total comprehensive income, which includes the components of net income and the components of other comprehensive income, either in a single continuous statement or in two separate but consecutive statements.
In December 2011, the FASB issued an amendment to this pronouncement which defers the specific requirement to present components of reclassifications of other comprehensive income on the face of the income statement.
These pronouncements are effective for financial statements issued for fiscal years, and interim periods within those years, beginning after December 15, 2011.
The Company believes the adoption of these pronouncements will not have a material impact on its consolidated financial statements.
In May 2011, the FASB issued an Accounting Standards Update which clarifies requirements for how to measure fair value and for disclosing information about fair value measurements common to accounting principles generally accepted in the United States of America and International Financial Reporting Standards.
This guidance is effective for interim and annual periods beginning on or after December 15, 2011.
The Company believes the adoption of this guidance will not have a material impact on its consolidated financial statements.3.
Inventories Inventories consisted of the following:
## Table 0 ##
4.
Acquisitions In July 2011, the Company acquired approximately 400.0 thousand square feet of office space comprising its corporate headquarters for $60.5 million.
The acquisition included land, buildings, tenant improvements and third party lease-related intangible assets.
As of the purchase date, 163.6 thousand square feet of the 400.0 thousand square feet acquired was leased to third party tenants.
These leases had remaining lease terms ranging from 9 months to 15 years on the purchase date.
The Company intends to occupy additional space as it becomes available.
Since the acquisition, the Company has invested $2.2 million in additional improvements.
The acquisition included the assumption of a $38.6 million loan secured by the property and the remaining purchase price was paid in cash funded primarily by a $25.0 million term loan borrowed in May 2011.
The carrying value of the assumed loan approximated its fair value on the date of the acquisition.
Refer to Note 7 for
The company has not recognized a liability under FASB Interpretation No.47, Accounting for Conditional Asset Retirement Obligations – an Interpretation of FASB Statement No.143 (Interpretation 47), for certain legal obligations, primarily special handling for the removal and disposal of encapsulated asbestos from facilities and equipment.
The fair value of such obligations cannot be reasonably estimated because the settlement dates are not reasonably determinable.
The company will establish a liability under Interpretation 47 at the time the fair value becomes reasonably estimable.
Guarantees Weyerhaeuser Company has guaranteed approximately $46 million of debt that expires in 2007, but is subject to an annual extension.
In addition, Weyerhaeuser Company sold its interest in a timberlands lease in the fourth quarter of 2005 and guaranteed the performance of the buyer/lessee.
The lease expires in 2023 and total future lease payments are approximately $26 million.
Weyerhaeuser Company recorded a $3 million liability as of the closing date of the sale.
As of December 31, 2006, the Real Estate and Related Assets segment has guaranteed approximately $25 million of debt of unconsolidated entities.
The debt guarantees expire as follows: $15 million in 2007, $9 million in 2009, and $1 million in 2010.
Warranties WRECO provides warranties on homes that vary depending on competitive industry practice as well as state and local laws.
The reserves for these warranties are determined by applying the provisions of Statement 5.
The liability was approximately $27 million and $16 million at December 31, 2006, and December 25, 2005, respectively.
The increase in the warranty liability during 2006 is due primarily to an increase in the expected warranty utilization rate based on additional analysis of historical claims activity that was performed in 2006.
Purchase Obligations Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on the company and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.
Purchase obligations exclude arrangements that the company can cancel without penalty.
As of December 31, 2006, Weyerhaeuser’s future commitments under non-cancelable purchase obligations were as follows: $459 million in 2007, $151 million in 2008, $87 million in 2009, $54 million in 2010, $54 million in 2011, and $540 million thereafter.
Operating Leases The company leases various equipment, office and wholesale space, and model homes under operating leases.
The equipment leases cover items including aircraft, vessels, rail and logging equipment, lift trucks, automobiles and office equipment.
The company recognized rent expense of approximately $188 million, $177 million and $181 million in 2006, 2005 and 2004, respectively.
FUTURE COMMITMENTS UNDER OPERATING LEASES
## Table 1 ##
NOTE 17: SHAREHOLDERS’ INTEREST Preferred and Preference Shares The company is authorized to issue: ?7,000,000 preferred shares having a par value of $1.00 per share, of which none were issued and outstanding at December 31, 2006, and December 25, 2005; and ?40,000,000 preference shares having a par value of $1.00 per share, of which none were issued and outstanding at December 31, 2006, and December 25, 2005.
The preferred and preference shares may be issued in one or more series with varying rights and preferences including dividend rates, redemption rights, conversion terms, sinking fund provisions, values in liquidation and voting rights.
When issued, the outstanding preferred and preference shares rank senior to outstanding common shares as to dividends and assets available on liquidation.
PART II MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the following exchanges under the symbol WY: ?
New York Stock Exchange ?
Chicago Stock Exchange Our exchangeable shares trade on the Toronto Stock Exchange under the symbol WYL.
As of December 31, 2006, there were approximately 11,471 holders of record of our common shares and 1,169 holders of record of our exchangeable shares.
Dividend per share data and the range of closing market prices for our common stock for each of the four quarters in 2006 and 2005 are included in Note 26 of “Notes to Consolidated Financial Statements.
” INFORMATION ABOUT SECURITIES AUTHORIZED FOR ISSUANCE UNDER OUR EQUITY COMPENSATION PLAN
## Table 2 ##
(1) Includes 286,520 performance share units at the maximum award level.
Because there is no exercise price associated with performance share units, such share units are not included in the weighted average price calculation.
(2) Includes 323,162 restricted stock units.
Because there is no exercise price associated with restricted stock units, such stock units are not included in the weighted average price calculation.
INFORMATION ABOUT COMMON STOCK REPURCHASES DURING 2006(1)
## Table 3 ##
(1) On October 21, 2005, we announced a stock repurchase program under which we are authorized by the Board of Directors to repurchase up to 18 million shares of our common stock.
As of December 31, 2006, we had repurchased 11 million shares under the program.
All common stock purchases under the program were made in open market transactions.
We expect to complete the common stock repurchase program within two years of the authorization.
Offsets to those factors were the following: ?
Selling, general and administrative expenses increased as a result of higher selling costs, information technology and variable compensation.
As a percentage of single-family revenues, the expenses remained relatively flat at 9.6 percent in 2005 compared to 9.5 percent in 2004.  ?
The sale of an option on land in 2004 resulted in a gain of $18 million.  ?
We recognized a pretax impairment charge of $33 million on unimproved land – compared with less than $1 million in 2004.  ?
Cost increases resulted from our mix of closed units and from higher prices for construction materials and transportation.
Our Outlook As of December 31, 2006, we have a backlog of single-family homes sold but not closed of approximately 3 months, compared to 5 months in backlog as of December 25, 2005.
We expect earnings from the Real Estate and Related Assets segment in the first quarter of 2007 to decline significantly from the fourth quarter of 2006 due to a seasonal reduction in single-family closings and lower single-family margins due to current market conditions.
We do not anticipate any significant land or lot sales in the first quarter of 2007.
CORPORATE AND OTHER Our Corporate and Other segment includes: ?
marine transportation – through Westwood Shipping Lines, a wholly-owned subsidiary; ?
timberlands, distribution and converting facilities located outside North America; and ?
general corporate support activities.
How We Did in 2006 We completed the disposition of our European composite panels with the sale of our Irish composite panel operations in December 2006.
In Uruguay, a new plywood mill started up in the spring of 2006 and our timberlands assets grew by approximately 23 percent over year end 2005.
In our general corporate support, we continued the migration of major information technology systems to a common technology platform and retired legacy stand-alone systems.
The segment’s performance is also affected by foreign exchange rate volatility, changes in our stock price and the associated variable compensation expense, and strategic initiatives outside the operating segments.
Here is a comparison of net sales and revenues and contribution to earnings for the last three years:

<table><tr><td></td><td>December 31,</td></tr><tr><td><i>(In thousands)</i></td><td>2011</td><td>2010</td></tr><tr><td>Finished goods</td><td>$323,606</td><td>$214,524</td></tr><tr><td>Raw materials</td><td>803</td><td>831</td></tr><tr><td>Total inventories</td><td>$324,409</td><td>$215,355</td></tr></table>
<table><tr><td></td><td> 2007</td><td> 2008</td><td> 2009</td><td> 2010</td><td> 2011</td><td> THEREAFTER</td></tr><tr><td>Weyerhaeuser</td><td>$97</td><td>$67</td><td>$53</td><td>$42</td><td>$36</td><td>$181</td></tr><tr><td>Real Estate and Related Assets</td><td>22</td><td>17</td><td>12</td><td>8</td><td>7</td><td>11</td></tr><tr><td></td><td>$119</td><td>$84</td><td>$65</td><td>$50</td><td>$43</td><td>$192</td></tr></table>
<table><tr><td></td><td> NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS (A)</td><td></td><td> WEIGHTED AVERAGE EXERCISE PRICEOF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS (B)</td><td> NUMBEROF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN COLUMN (A)) (C)</td></tr><tr><td>Equity compensation plans approved by security holders</td><td>14,471,437<sup></sup></td><td><sup>-1(2)</sup></td><td>$60.84</td><td>10,984,555</td></tr><tr><td>Equity compensation plans not approved by security holders</td><td>N/A</td><td></td><td>N/A</td><td>N/A</td></tr><tr><td>Total</td><td>14,471,437<sup></sup></td><td><sup>-1(2)</sup></td><td>$60.84</td><td>10,984,555</td></tr></table>
<table><tr><td></td><td> TOTAL NUMBER OF SHARES (ORUNITS) PURCHASED (A)</td><td> AVERAGE PRICE PAID PER SHARE (OR UNIT) (B)</td><td> TOTAL NUMBER OF SHARES (OR UNITS) PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS (C)</td><td> MAXIMUM NUMBER (OR APPROXIMATE DOLLAR VALUE) OF SHARES (OR UNITS) THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (D)</td></tr><tr><td> Common Stock Repurchases During the Third Quarter:</td><td></td><td></td><td></td><td></td></tr><tr><td>June 27 – July 30</td><td>—</td><td>$N/A</td><td>—</td><td>17,826,200</td></tr><tr><td>July 31 – August 27</td><td>452,600</td><td>$61.02</td><td>452,600</td><td>17,373,600</td></tr><tr><td>August 28 – September 24</td><td>4,894,500</td><td>$62.13</td><td>4,894,500</td><td>12,479,100</td></tr><tr><td>Total repurchases during third quarter</td><td>5,347,100</td><td>$62.04</td><td>5,347,100</td><td>12,479,100</td></tr><tr><td> Common Stock Repurchases During the Fourth Quarter:</td><td></td><td></td><td></td><td></td></tr><tr><td>September 25 – October 29</td><td>4,424,900</td><td>$61.62</td><td>4,424,900</td><td>8,054,200</td></tr><tr><td>October 30 – November 26</td><td>788,300</td><td>$63.82</td><td>788,300</td><td>7,265,900</td></tr><tr><td>November 27 – December 31</td><td>266,500</td><td>$63.85</td><td>266,500</td><td>6,999,400</td></tr><tr><td>Total repurchases during fourth quarter</td><td>5,479,700</td><td>$62.05</td><td>5,479,700</td><td>6,999,400</td></tr><tr><td>Total common stock repurchases during 2006</td><td>10,826,800</td><td>$62.04</td><td>10,826,800</td><td></td></tr></table>

Question: What is the value of the WEIGHTED AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS (B) for Equity compensation plans approved by security holders?
Answer: 60.84