Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'PLUM CREEK TIMBER CO INC | ' | ' |
Entity Central Index Key | '0000849213 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $6,683,462,748 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 177,094,071 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Plum Creek Timberlands LP | ' | ' |
Entity Central Index Key | '0001296350 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense, net: | ' | ' | ' |
Net Income | $214 | $203 | $193 |
PER SHARE AMOUNTS: | ' | ' | ' |
Net Income per Share-Basic | $1.30 | $1.25 | $1.19 |
Net Income per Share-Diluted | $1.30 | $1.25 | $1.19 |
Weighted-Average Number of Shares Outstanding | ' | ' | ' |
-Basic | 164.6 | 161.5 | 161.7 |
-Diluted | 165 | 161.9 | 162 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
REVENUES: | ' | ' | ' |
Timber | 669 | 641 | 572 |
Real Estate | 286 | 352 | 301 |
Manufacturing | 362 | 324 | 273 |
Energy and Natural Resources | 23 | 22 | 21 |
Total Revenues | 1,340 | 1,339 | 1,167 |
COSTS AND EXPENSES: | ' | ' | ' |
Timber | 495 | 498 | 445 |
Real Estate | 110 | 157 | 92 |
Manufacturing | 310 | 286 | 250 |
Energy and Natural Resources | 5 | 2 | 2 |
Total Cost of Goods Sold | 920 | 943 | 789 |
Selling, General and Administrative | 123 | 116 | 106 |
Total Costs and Expenses | 1,043 | 1,059 | 895 |
Other Operating Income (Expense), Net | -2 | 1 | 3 |
Operating Income (Loss) | 295 | 281 | 275 |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Equity Earnings from Real Estate Development Ventures | 0 | 0 | 0 |
Interest Expense, net: | ' | ' | ' |
Interest Expense (Debt Obligations to Unrelated Parties) | 83 | 82 | 81 |
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | 58 |
Total Interest Expense, net | 141 | 140 | 139 |
Loss on Extinguishment of Debt | -4 | 0 | 0 |
Income before Income Taxes | 213 | 200 | 192 |
Provision (Benefit) for Income Taxes | -1 | -3 | -1 |
Net Income | 214 | 203 | 193 |
PER SHARE AMOUNTS: | ' | ' | ' |
Net Income per Share-Basic | $1.30 | $1.25 | $1.19 |
Net Income per Share-Diluted | $1.30 | $1.25 | $1.19 |
Weighted-Average Number of Shares Outstanding | ' | ' | ' |
-Basic | 164.6 | 161.5 | 161.7 |
-Diluted | 165 | 161.9 | 162 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
REVENUES: | ' | ' | ' |
Timber | 669 | 641 | 572 |
Real Estate | 286 | 352 | 301 |
Manufacturing | 362 | 324 | 273 |
Energy and Natural Resources | 23 | 22 | 21 |
Total Revenues | 1,340 | 1,339 | 1,167 |
COSTS AND EXPENSES: | ' | ' | ' |
Timber | 495 | 498 | 445 |
Real Estate | 110 | 157 | 92 |
Manufacturing | 310 | 286 | 250 |
Energy and Natural Resources | 5 | 2 | 2 |
Total Cost of Goods Sold | 920 | 943 | 789 |
Selling, General and Administrative | 123 | 116 | 106 |
Total Costs and Expenses | 1,043 | 1,059 | 895 |
Other Operating Income (Expense), Net | -2 | 1 | 3 |
Operating Income (Loss) | 295 | 281 | 275 |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Equity Earnings from Real Estate Development Ventures | 0 | 0 | 0 |
Interest Expense, net: | ' | ' | ' |
Total Interest Expense, net | 83 | 82 | 81 |
Loss on Extinguishment of Debt | -4 | 0 | 0 |
Income before Income Taxes | 271 | 258 | 250 |
Provision (Benefit) for Income Taxes | -1 | -3 | -1 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 272 | 261 | 251 |
Net Income Allocable to Series T-1 Preferred Interest | -58 | -58 | -58 |
Net Income | $214 | $203 | $193 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $214 | $203 | $193 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Net Income | 214 | 203 | 193 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Plus: Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Less: Reclassification to Net Income for Realized Gains or Losses | 0 | 0 | 0 |
Gain (Loss) on Cash Flow Hedge | 5 | 0 | 0 |
Less: Amortization of Gain Reclassified to Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 40 | 4 | -30 |
Other Comprehensive Income (Loss), Tax | 7 | 1 | -6 |
Other Comprehensive Income (Loss), Net of Tax | 33 | 3 | -24 |
Total Comprehensive Income | 247 | 206 | 169 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Net Income | 214 | 203 | 193 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 272 | 261 | 251 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Plus: Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Less: Reclassification to Net Income for Realized Gains or Losses | 0 | 0 | 0 |
Gain (Loss) on Cash Flow Hedge | 5 | 0 | 0 |
Less: Amortization of Gain Reclassified to Interest Expense | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 40 | 4 | -30 |
Other Comprehensive Income (Loss), Tax | 7 | 1 | -6 |
Other Comprehensive Income (Loss), Net of Tax | 33 | 3 | -24 |
Total Comprehensive Income | $305 | $264 | $227 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Assets | ' | ' |
Cash and Cash Equivalents | $433 | $356 |
Accounts Receivable | 29 | 22 |
Inventories | 55 | 49 |
Deferred Tax Asset | 9 | 5 |
Assets Held for Sale | 92 | 61 |
Other Current Assets | 15 | 13 |
Total Current Assets | 633 | 506 |
Timber and Timberlands, net | 4,180 | 3,363 |
Minerals and Mineral Rights, net | 298 | 87 |
Property, Plant and Equipment, net | 118 | 127 |
Equity Investment in Timberland Venture | 211 | 204 |
Equity Method Investment in Real Estate Development Joint Ventures | 139 | 0 |
Deferred Tax Asset | 17 | 21 |
Investment in Grantor Trusts (at Fair Value) | 45 | 39 |
Other Assets | 54 | 37 |
Total Assets | 5,695 | 4,384 |
Liabilities | ' | ' |
Current Portion of Long-Term Debt | 0 | 248 |
Line of Credit | 467 | 104 |
Accounts Payable | 24 | 26 |
Interest Payable | 22 | 26 |
Wages Payable | 29 | 29 |
Taxes Payable | 10 | 9 |
Deferred Revenue | 26 | 23 |
Other Current Liabilities | 10 | 7 |
Total Current Liabilities | 588 | 472 |
Long-Term Debt | 2,414 | 1,815 |
Note Payable to Timberland Venture | 783 | 783 |
Other Liabilities | 78 | 91 |
Total Liabilities | 3,863 | 3,161 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred Stock, $0.01 Par Value, Authorized Shares - 75.0, Outstanding - None | 0 | 0 |
Common Stock, $0.01 Par Value, Authorized Shares - 300.6, Outstanding (net of Treasury Stock) - 177.0 at December 31, 2013 and 162.0 at December 31, 2012 | 2 | 2 |
Additional Paid-In Capital | 2,942 | 2,288 |
Retained Earnings (Accumulated Deficit) | -173 | -97 |
Treasury Stock, at Cost, Common Shares - 27.0 at December 31, 2013 and 26.9 at December 31, 2012 | -940 | -938 |
Accumulated Other Comprehensive Income (Loss) | 1 | -32 |
Total Stockholders' Equity | 1,832 | 1,223 |
Total Liabilities and Stockholders' Equity | 5,695 | 4,384 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Assets | ' | ' |
Cash and Cash Equivalents | 433 | 356 |
Accounts Receivable | 29 | 22 |
Inventories | 55 | 49 |
Deferred Tax Asset | 9 | 5 |
Assets Held for Sale | 92 | 61 |
Other Current Assets | 15 | 13 |
Total Current Assets | 633 | 506 |
Timber and Timberlands, net | 4,180 | 3,363 |
Minerals and Mineral Rights, net | 298 | 87 |
Property, Plant and Equipment, net | 118 | 127 |
Equity Investment in Timberland Venture | 211 | 204 |
Equity Method Investment in Real Estate Development Joint Ventures | 139 | 0 |
Deferred Tax Asset | 17 | 21 |
Investment in Grantor Trusts (at Fair Value) | 46 | 40 |
Other Assets | 54 | 37 |
Total Assets | 5,696 | 4,385 |
Liabilities | ' | ' |
Current Portion of Long-Term Debt | 0 | 248 |
Line of Credit | 467 | 104 |
Accounts Payable | 24 | 26 |
Interest Payable | 15 | 19 |
Wages Payable | 29 | 29 |
Taxes Payable | 10 | 9 |
Deferred Revenue | 26 | 23 |
Other Current Liabilities | 10 | 7 |
Total Current Liabilities | 581 | 465 |
Long-Term Debt | 2,414 | 1,815 |
Other Liabilities | 79 | 92 |
Total Liabilities | 3,074 | 2,372 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Accumulated Other Comprehensive Income (Loss) | 1 | -32 |
PARTNERSHIP CAPITAL | ' | ' |
Series T-1 Preferred Interest | 790 | 790 |
Partners' Capital (Common Partnership Interests) | 1,832 | 1,223 |
Total Partnership Capital | 2,622 | 2,013 |
Total Liabilities and Partnership Capital | $5,696 | $4,385 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 300,634,566 | 300,600,000 |
Common Stock, Shares, Outstanding | 177,000,000 | 162,000,000 |
Treasury Stock, Shares | 27,000,000 | 26,900,000 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Other Marketable Securities Noncurrent Fair Value | $45 | $39 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity and Other Comprehensive Income (USD $) | Total | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||
In Millions, except Share data | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Partnership Interest [Member] | Common Partners' Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Beginning Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | $2,164 | $790 | $1,385 | ($11) | ||
Beginning Balance at Dec. 31, 2010 | ' | 1,374 | 2 | 2,243 | 51 | -911 | -11 | ' | ' | ' | ' | ||
Beginning Balance Shares at Dec. 31, 2010 | ' | ' | 161,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | ' | ' | ' | ' | ' | ' | ' | 251 | ' | 251 | ' | ||
Net Income | 193 | 193 | ' | ' | 193 | ' | ' | 193 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Net of Tax | ' | -24 | ' | ' | ' | ' | -24 | -24 | ' | ' | -24 | ||
Dividends | ' | -272 | ' | ' | -272 | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises (Shares) | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises | ' | 10 | 0 | 10 | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans (Shares) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||
Share-based compensation | ' | 8 | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased (Shares) | ' | -700,000 | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased | ' | -26 | 0 | ' | ' | -26 | ' | ' | ' | ' | ' | ||
Tax Benefit from Stock Incentive Plans | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ||
Net Income Allocation to Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | 0 | 58 | -58 | ' | ||
Distributions to Partners (Common Partnership Interests) | ' | ' | ' | ' | ' | ' | ' | -288 | ' | -288 | ' | ||
Distributions for Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | -58 | -58 | ' | ' | ||
Capital Contributions from Parent | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 8 | ' | ||
Ending Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 2,053 | 790 | 1,298 | -35 | ||
Ending Balance at Dec. 31, 2011 | ' | 1,263 | 2 | 2,261 | -28 | -937 | -35 | ' | ' | ' | ' | ||
Ending Balance Shares at Dec. 31, 2011 | ' | ' | 161,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income | ' | 29 | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ||
Ending Balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 2,053 | 790 | 1,298 | -35 | ||
Beginning Balance at Dec. 31, 2011 | ' | 1,263 | 2 | 2,261 | -28 | -937 | -35 | ' | ' | ' | ' | ||
Beginning Balance Shares at Dec. 31, 2011 | ' | ' | 161,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | ' | ' | ' | ' | ' | ' | ' | 261 | ' | 261 | ' | ||
Net Income | 203 | 203 | ' | ' | 203 | ' | ' | 203 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Net of Tax | ' | 3 | ' | ' | ' | ' | 3 | 3 | ' | ' | 3 | ||
Dividends | ' | -272 | ' | ' | -272 | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises (Shares) | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises | ' | 18 | 0 | 18 | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans (Shares) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||
Share-based compensation | ' | 9 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased (Shares) | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased | ' | -1 | 0 | ' | ' | -1 | ' | ' | ' | ' | ' | ||
Tax Benefit from Stock Incentive Plans | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ||
Net Income Allocation to Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | 0 | 58 | -58 | ' | ||
Distributions to Partners (Common Partnership Interests) | ' | ' | ' | ' | ' | ' | ' | -255 | ' | -255 | ' | ||
Distributions for Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | -58 | -58 | ' | ' | ||
Capital Contributions from Parent | ' | ' | ' | ' | ' | ' | ' | 9 | ' | 9 | ' | ||
Ending Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 2,013 | 790 | 1,255 | -32 | ||
Ending Balance at Dec. 31, 2012 | ' | 1,223 | 2 | 2,288 | -97 | -938 | -32 | ' | ' | ' | ' | ||
Ending Balance Shares at Dec. 31, 2012 | ' | 162,000,000 | 162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income | ' | 79 | ' | ' | ' | ' | ' | 79 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 2,013 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2012 | ' | 1,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending Balance Shares at Dec. 31, 2012 | ' | 162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income | ' | 56 | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ||
Ending Balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 2,013 | 790 | 1,255 | -32 | ||
Beginning Balance at Dec. 31, 2012 | ' | 1,223 | 2 | 2,288 | -97 | -938 | -32 | ' | ' | ' | ' | ||
Beginning Balance Shares at Dec. 31, 2012 | ' | 162,000,000 | 162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | ' | ' | ' | ' | ' | ' | ' | 272 | ' | 272 | ' | ||
Net Income | 214 | 214 | ' | ' | 214 | ' | ' | 214 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Net of Tax | ' | 33 | ' | ' | ' | ' | 33 | 33 | ' | ' | 33 | ||
Dividends | ' | -290 | ' | ' | -290 | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises (Shares) | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Option Exercises | ' | 37 | 0 | 37 | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans (Shares) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares Issued under Stock Incentive Plans | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||
Share-based compensation | ' | 9 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Shares, New Issues | ' | 13,915,000 | 13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Value, New Issues | ' | 607 | 0 | 607 | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased (Shares) | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Stock Repurchased | ' | -2 | 0 | ' | ' | -2 | ' | ' | ' | ' | ' | ||
Tax Benefit from Stock Incentive Plans | ' | 1 | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | ||
Net Income Allocation to Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | 0 | 58 | -58 | ' | ||
Distributions to Partners (Common Partnership Interests) | ' | ' | ' | ' | ' | ' | ' | -255 | ' | -255 | ' | ||
Distributions for Series T-1 Preferred Interest | ' | ' | ' | ' | ' | ' | ' | -58 | -58 | ' | ' | ||
Capital Contributions from Parent | ' | ' | ' | ' | ' | ' | ' | 617 | ' | 617 | ' | ||
Ending Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 2,622 | 790 | 1,831 | 1 | ||
Ending Balance at Dec. 31, 2013 | ' | 1,832 | 2 | 2,942 | -173 | -940 | 1 | ' | ' | ' | ' | ||
Ending Balance Shares at Dec. 31, 2013 | ' | 177,000,000 | 177,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income | ' | 40 | [1] | ' | ' | ' | ' | ' | 40 | [2] | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 2,622 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2013 | ' | $1,832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending Balance Shares at Dec. 31, 2013 | ' | 177,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||
[2] | During the fourth quarter of 2013, the Operating Partnership prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 8 of the Notes to Consolidated Financial Statements. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income | $214 | $203 | $193 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income | 214 | 203 | 193 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ' | ' | ' |
Depreciation, Depletion and Amortization (Includes $4 million Loss Related to Forest Fires in 2013) | 119 | 114 | 96 |
Basis of Real Estate Sold | 91 | 138 | 77 |
Equity Earnings from Timberland Venture | -63 | -59 | -56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
Deferred Income Taxes | -3 | -3 | 0 |
Loss on Extinguishment of Debt | 4 | 0 | 0 |
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | -8 | -8 | 11 |
Timber Deed Acquired | -18 | -98 | -5 |
Pension Plan Contributions | 0 | -20 | -3 |
Working Capital Changes | -17 | 15 | -8 |
Other | 29 | 15 | 13 |
Net Cash Provided By (Used In) Operating Activities | 404 | 353 | 374 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital Expenditures (Excluding Timberland Acquisitions) | -71 | -72 | -70 |
Timberlands Acquired | -81 | -18 | -89 |
Minerals and Mineral Rights Acquired | -156 | -76 | -12 |
Payment for Acquisition of MeadWestvaco Timberland Assets, net | -221 | 0 | 0 |
Other | 0 | -1 | 0 |
Net Cash Provided By (Used In) Investing Activities | -529 | -167 | -171 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Dividends | -290 | -272 | -272 |
Borrowings on Line of Credit | 1,771 | 1,843 | 1,921 |
Repayments on Line of Credit | -1,408 | -2,087 | -1,739 |
Proceeds from Issuance of Long-term Debt | 0 | 773 | 0 |
Debt Issuance Costs | -1 | -5 | 0 |
Principal Payments and Retirement of Long-Term Debt | -513 | -353 | -95 |
Proceeds from Stock Option Exercises | 37 | 18 | 10 |
Acquisition of Treasury Stock | -2 | -1 | -26 |
Proceeds from Issuance of Common Stock, net | 607 | 0 | 0 |
Other | 1 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | 202 | -84 | -201 |
Increase (Decrease) In Cash and Cash Equivalents | 77 | 102 | 2 |
Cash and Cash Equivalents: | ' | ' | ' |
Beginning of Period | 356 | 254 | 252 |
End of Period | 433 | 356 | 254 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest - Debt Obligations To Unrelated Parties | 81 | 78 | 76 |
Interest - Note Payable to Timberland Venture | 58 | 58 | 58 |
Interest - Net | 139 | 136 | 134 |
Income Taxes - Net | -1 | 0 | 0 |
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired | 860 | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 272 | 261 | 251 |
Net Income | 214 | 203 | 193 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ' | ' | ' |
Depreciation, Depletion and Amortization (Includes $4 million Loss Related to Forest Fires in 2013) | 119 | 114 | 96 |
Basis of Real Estate Sold | 91 | 138 | 77 |
Equity Earnings from Timberland Venture | -63 | -59 | -56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
Deferred Income Taxes | -3 | -3 | 0 |
Loss on Extinguishment of Debt | 4 | 0 | 0 |
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | -8 | -8 | 11 |
Timber Deed Acquired | -18 | -98 | -5 |
Pension Plan Contributions | 0 | -20 | -3 |
Working Capital Changes | -17 | 15 | -8 |
Other | 29 | 15 | 13 |
Net Cash Provided By (Used In) Operating Activities | 462 | 411 | 432 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital Expenditures (Excluding Timberland Acquisitions) | -71 | -72 | -70 |
Timberlands Acquired | -81 | -18 | -89 |
Minerals and Mineral Rights Acquired | -156 | -76 | -12 |
Payment for Acquisition of MeadWestvaco Timberland Assets, net | -221 | 0 | 0 |
Other | 0 | -1 | 0 |
Net Cash Provided By (Used In) Investing Activities | -529 | -167 | -171 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Cash Distributions to Common Partners | -255 | -255 | -288 |
Cash Distributions for Series T-1 Preferred Interest | -58 | -58 | -58 |
Borrowings on Line of Credit | 1,771 | 1,843 | 1,921 |
Repayments on Line of Credit | -1,408 | -2,087 | -1,739 |
Proceeds from Issuance of Long-term Debt | 0 | 773 | 0 |
Debt Issuance Costs | -1 | -5 | 0 |
Principal Payments and Retirement of Long-Term Debt | -513 | -353 | -95 |
Capital Contributions from Parent | 607 | 0 | 0 |
Other | 1 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | 144 | -142 | -259 |
Increase (Decrease) In Cash and Cash Equivalents | 77 | 102 | 2 |
Cash and Cash Equivalents: | ' | ' | ' |
Beginning of Period | 356 | 254 | 252 |
End of Period | 433 | 356 | 254 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest - Net | 81 | 78 | 76 |
Income Taxes - Net | -1 | 0 | 0 |
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired | $860 | $0 | $0 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parenthetical) (Parentheticals) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Timber Casualty Loss, Fire | $4 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Timber Casualty Loss, Fire | $4 |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Accounting Policies | ' |
ACCOUNTING POLICIES | |
General. Plum Creek Timber Company, Inc. (“Plum Creek,” “the company,” “we,” “us,” or “our”), a Delaware Corporation, is a real estate investment trust, or “REIT”, for federal income tax purposes. Plum Creek Timber Company, Inc. is also the parent company of its wholly-owned subsidiary Plum Creek Timberlands, L.P. (“the Partnership”), a Delaware Limited Partnership. At December 31, 2013, the company owned and managed approximately 6.8 million acres of timberlands in the Northwest, Southern and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. In April 2013, the company resumed limited operations of its previously idled lumber mill. The facility was curtailed in June 2009 due to the sustained decline in lumber demand. Included in the 6.8 million acres are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. In addition, the company has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller acreage transactions over the near and medium term. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | |
Basis of Presentation. The consolidated financial statements of the company include the accounts of Plum Creek Timber Company, Inc. and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. All transactions are denominated in United States dollars. | |
Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Customer Concentrations. Annual revenues from the company’s largest customer accounted for 7% of total annual revenues in 2013, 2012, and 2011. If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the company’s results of operations. | |
Product Concentrations. Sales of the company’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the company’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the company’s results of operations. | |
Revenue Recognition. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The company sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold using pay-as-cut or timber deed sale agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Under a timber deed sale, the buyer agrees to purchase and harvest specified timber on a tract of land over the term of the contract (usually 18 months or less). Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer also pays the full purchase price when the contract is signed. Revenue from a timber deed sale is recognized when the contract is signed. | |
Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling are recognized at the time of delivery. | |
Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and we have no continuing involvement with the property. For substantially all of our real estate sales, we receive the entire consideration in cash at closing (“Cash Sales”). Also at closing, the risks and rewards of ownership transfer to the buyer and we do not have a continuing involvement in our properties after they are sold. We recognize revenue under the full accrual method for Cash Sales of real estate when the sale is consummated (i.e., at closing). | |
On occasion, we receive a portion of the real estate sale consideration in the form of a note receivable ("Credit Sales"). There were no Credit Sales during 2013, 2012 or 2011. Under these circumstances, we use the full accrual method of recognizing revenue if the buyer’s initial and continuing investment is adequate; otherwise, revenue is generally recognized under the cost recovery method or deposit method, depending on the circumstances. | |
Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. | |
We occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, once title and risk of loss have transferred to the buyer for individual properties, the properties sold cannot be returned for a refund. However, deposits for future closings under multi-period contracts may be refunded under certain circumstances. The company treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. | |
Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the company sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. | |
Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the company is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the company is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the company based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. | |
Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the company’s leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. | |
Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. | |
Accounts Receivable. Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at December 31, 2013 and $0.3 million at December 31, 2012. Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. | |
Like-Kind Exchanges. Plum Creek may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The company uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the company. | |
Inventories. Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and harvesting costs, road costs and production overhead. | |
Timber and Timberlands. Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The company capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The company presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the company to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The company capitalizes timber deed acquisitions. The company presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. | |
Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be available over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. | |
Minerals and Mineral Rights. The company purchased coal assets as part of the business acquisition completed on December 6, 2013. See Note 2 of the Notes to Consolidated Financial Statements. These assets were recorded at their fair value as of the date of acquisition. The coal assets are depleted using the units-of-production method, based on estimated recoverable reserves. | |
Mineral rights are stated at cost less accumulated depletion. The company capitalizes the cost of obtaining mineral rights. These costs are charged against income (depletion expense) as we recognize royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. | |
Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the company’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. | |
Costs associated with a specific real estate project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The company will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate projects with multiple parcels, the company determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. | |
Properties developed by the company will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $13 million at both December 31, 2013 and 2012. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). | |
Larger and more complicated projects needing more invested capital may be developed through third party ventures. These projects have a longer timeframe and are not expected to be sold in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $36 million and $34 million at December 31, 2013 and December 31, 2012, respectively, and are included in Timber and Timberlands as they are still managed for timber operations. | |
The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $92 million at December 31, 2013 and $61 million at December 31, 2012. Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. | |
Accounting for Equity Method Investments. On December 6, 2013, in conjunction with its purchase of timberlands from MeadWestvaco Corporation ("MWV"), the company and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the company made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties. The company accounts for this interest under the equity method of accounting. Joint venture earnings are recognized as Equity Earnings from Real Estate Development Joint Ventures in the Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. | |
In 2008, the company contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The company accounts for these interests under the equity method of accounting. Earnings are recognized as Equity Earnings from Timberland Venture in our Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. | |
Accounting for Unconsolidated Real Estate Joint Venture Arrangement. Under the terms of a joint venture arrangement entered into in 2006, the company received proceeds in connection with the sale of land to the joint venture and will receive additional contingent consideration as parcels of land are sold by the joint venture to third parties. Real estate revenue was recognized under the cost recovery method in connection with the sale of land to this joint venture. Under the cost recovery method, no profit is recognized until cash received from the buyer exceeds the book basis in the property sold. Proceeds in connection with the sale of land to the joint venture are recognized as Real Estate Revenue. | |
Joint venture earnings from the unconsolidated joint venture will be recognized under the equity method of accounting as a result of parcel sales by the joint venture to unrelated third parties. When they occur, joint venture earnings will be recognized as Equity Earnings from Real Estate Joint Ventures in our Consolidated Statements of Income. | |
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
The company evaluates its long-lived assets for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. | |
All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $24 million, $22 million, and $20 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Grantor Trusts. The company has a grantor trust that was established for deferred compensation and deferred Plum Creek shares. See Note 11 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. | |
Plum Creek maintains another grantor trust, which the company uses to fund its non-qualified pension plan obligation. See Notes 11 and 13 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the company’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. | |
Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. | |
Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The company uses the Black-Scholes-Merton option pricing model to value stock options and uses the grant date fair values (the closing market price for its common stock) to value other stock awards of restricted stock, restricted stock units, and common stock. The company also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. | |
Other Operating Income. Periodically the company will recognize gains and losses from miscellaneous asset sales, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 20 of the Notes to Consolidated Financial Statements. | |
Reclassifications. Certain prior year amounts have been reclassified to conform to the 2013 presentation. The reclassifications had no impact on operating income or net income. | |
New Accounting Pronouncements | |
Presentation of Items Reclassified from Accumulated Other Comprehensive Income (AOCI). In 2013, the FASB issued new guidance requiring entities to disclose in a single location (either on the face of the income statement or in the footnotes) the effects of reclassifications out of AOCI. For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on the company's available-for-sale securities, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items not reclassified in their entirety into net income, such as amortization of the actuarial net loss on the company's defined benefit pension plans, entities must provide a cross reference to the notes in other disclosures that already provide information about those amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption did not have a material impact on the company's financial position, results of operations or cash flows. See Note 12 of the Notes to Consolidated Financial Statements. | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Accounting Policies | ' |
ACCOUNTING POLICIES | |
General. Plum Creek Timberlands, L.P. is a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. (“Parent”), a Delaware Corporation and a real estate investment trust, or “REIT”. References herein to “the Operating Partnership,” “we,” “us,” or “our” relate to Plum Creek Timberlands, L.P. and all of its wholly-owned consolidated subsidiaries; references to “Plum Creek” or “Parent” relate to Plum Creek Timber Company, Inc. and all of its wholly-owned consolidated subsidiaries. | |
At December 31, 2013, the Operating Partnership owned and managed approximately 6.8 million acres of timberlands in the Northwest, Southern and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. In April 2013, the Operating Partnership resumed limited operations of its previously idled lumber mill. The facility was curtailed in June 2009 due to the sustained decline in lumber demand. Included in the 6.8 million acres are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. In addition, the Operating Partnership has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller acreage transactions over the near and medium term. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | |
Basis of Presentation. The consolidated financial statements of the Operating Partnership include the accounts of Plum Creek Timberlands, L.P. and its subsidiaries. The Operating Partnership is 100% owned by Plum Creek. Plum Creek has no assets or liabilities other than its direct and indirect ownership interests in Plum Creek Timberlands, L.P. and its interest in Plum Creek Ventures I, LLC (“PC Ventures”), a 100% owned subsidiary of Plum Creek. The Parent has no operations other than its investment in these subsidiaries and transactions in its own equity, such as the issuance and/or repurchase of common stock and the receipt of proceeds from stock option exercises. Intercompany transactions and accounts between Plum Creek Timberlands, L.P. and its subsidiaries have been eliminated in consolidation. All transactions are denominated in United States dollars. | |
Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Customer Concentrations. Annual revenues from the Operating Partnership’s largest customer accounted for 7% of total annual revenues in 2013, 2012, and 2011. If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the Operating Partnership’s results of operations. | |
Product Concentrations. Sales of the Operating Partnership’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the Operating Partnership’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the Operating Partnership’s results of operations. | |
Revenue Recognition. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The Operating Partnership sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold using pay-as-cut or timber deed sale agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Under a timber deed sale, the buyer agrees to purchase and harvest specified timber on a tract of land over the term of the contract (usually 18 months or less). Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer also pays the full purchase price when the contract is signed. Revenue from a timber deed sale is recognized when the contract is signed. | |
Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling, are recognized at the time of delivery. | |
Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and we have no continuing involvement with the property. For substantially all of our real estate sales, we receive the entire consideration in cash at closing (“Cash Sales”). Also at closing, the risks and rewards of ownership transfer to the buyer and we do not have a continuing involvement in our properties after they are sold. We recognize revenue under the full accrual method for Cash Sales of real estate when the sale is consummated (i.e., at closing). | |
On occasion, we receive a portion of the real estate sale consideration in the form of a note receivable ("Credit Sales"). There were no Credit Sales during 2013, 2012 or 2011. Under these circumstances, we use the full accrual method of recognizing revenue if the buyer’s initial and continuing investment is adequate; otherwise, revenue is generally recognized under the cost recovery method or deposit method, depending on the circumstances. | |
Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. | |
We occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, once title and risk of loss have transferred to the buyer for individual properties, the properties sold cannot be returned for a refund. However, deposits for future closings under multi-period contracts may be refunded under certain circumstances. The Operating Partnership treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. | |
Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the Operating Partnership sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. | |
Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the Operating Partnership is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the Operating Partnership is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the Operating Partnership based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. | |
Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the Operating Partnership's leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. | |
Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. | |
Accounts Receivable. Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at December 31, 2013 and $0.3 million at December 31, 2012. Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. | |
Like-Kind Exchanges. The Operating Partnership may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The Operating Partnership uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the Operating Partnership. | |
Inventories. Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and harvesting costs, road costs and production overhead. | |
Timber and Timberlands. Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The Operating Partnership capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The Operating Partnership presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the Operating Partnership to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The Operating Partnership capitalizes timber deed acquisitions. The Operating Partnership presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. | |
Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be available over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. | |
Minerals and Mineral Rights. The Operating Partnership purchased coal assets as part of the business acquisition completed on December 6, 2013. See Note 2 of the Notes to Consolidated Financial Statements. These assets were recorded at their fair value as of the date of acquisition. The coal assets are depleted using the units-of-production method, based on estimated recoverable reserves. | |
Mineral rights are stated at cost less accumulated depletion. The Operating Partnership capitalizes the cost of obtaining mineral rights. These costs are charged against income (depletion expense) as we recognize royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. | |
Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the Operating Partnership’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. | |
Costs associated with a specific real estate project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The Operating Partnership will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate projects with multiple parcels, the Operating Partnership determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. | |
Properties developed by the Operating Partnership will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $13 million at both December 31, 2013 and 2012. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). | |
Larger and more complicated projects needing more invested capital may be developed through third party ventures. These projects have a longer timeframe and are not expected to be sold in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $36 million and $34 million at December 31, 2013 and December 31, 2012, respectively, and are included in Timber and Timberlands as they are still managed for timber operations. | |
The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $92 million at December 31, 2013 and $61 million at December 31, 2012. Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. | |
Accounting for Equity Method Investments. On December 6, 2013, in conjunction with its purchase of timberlands from MeadWestvaco Corporation ("MWV"), the Operating Partnership and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the Operating Partnership made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties. The Operating Partnership accounts for this interest under the equity method of accounting. Joint venture earnings are recognized as Equity Earnings from Real Estate Development Joint Ventures in the Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. | |
In 2008, a subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”), contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The Operating Partnership accounts for these interests under the equity method of accounting. Earnings are recognized as Equity Earnings from Timberland Venture in our Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. | |
Accounting for Unconsolidated Real Estate Joint Venture Arrangement. Under the terms of a joint venture arrangement entered into in 2006, the Operating Partnership received proceeds in connection with the sale of land to the joint venture and will receive additional contingent consideration as parcels of land are sold by the joint venture to third parties. Real estate revenue was recognized under the cost recovery method in connection with the sale of land to this joint venture. Under the cost recovery method, no profit is recognized until cash received from the buyer exceeds the book basis in the property sold. Proceeds in connection with the sale of land to the joint venture are recognized as Real Estate Revenue. | |
Joint venture earnings from the unconsolidated joint venture will be recognized under the equity method of accounting as a result of parcel sales by the joint venture to unrelated third parties. When they occur, joint venture earnings will be recognized as Equity Earnings from Real Estate Joint Ventures in our Consolidated Statements of Income. | |
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
The Operating Partnership evaluates its long-lived assets for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. | |
All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $24 million, $22 million, and $20 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Grantor Trusts. The Operating Partnership has a grantor trust that was established for deferred compensation and deferred Plum Creek shares. See Note 9 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. | |
The Operating Partnership maintains another grantor trust, which the Operating Partnership uses to fund its non-qualified pension plan obligation. See Notes 9 and 11 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the Operating Partnership’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. | |
Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. | |
Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The Black-Scholes-Merton option pricing model is used to value Plum Creek stock options and the grant date fair values (the closing market price for Plum Creek’s common stock) are used to value other Plum Creek stock awards of restricted stock, restricted stock units, and common stock. Share-based awards that are classified and accounted for as liabilities also may be granted to any officer, director, employee, consultant, or advisor of the Operating Partnership. These awards are valued using a Monte Carlo simulation. | |
Other Operating Income. Periodically the Operating Partnership will recognize gains and losses from miscellaneous asset sales, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 18 of the Notes to Consolidated Financial Statements. | |
Reclassifications. Certain prior year amounts have been reclassified to conform to the 2013 presentation. The reclassifications had no impact on operating income or net income. | |
New Accounting Pronouncements | |
Presentation of Items Reclassified from Accumulated Other Comprehensive Income (AOCI). In 2013, the FASB issued new guidance requiring entities to disclose in a single location (either on the face of the income statement or in the footnotes) the effects of reclassifications out of AOCI. For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on the Operating Partnership's available-for-sale securities, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items not reclassified in their entirety into net income, such as amortization of the actuarial net loss on the Operating Partnership's defined benefit pension plans, entities must provide a cross reference to the notes in other disclosures that already provide information about those amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption did not have a material impact on the Operating Partnership's financial position, results of operations or cash flows. See Note 10 of the Notes to Consolidated Financial Statements. |
Business_Acquisition
Business Acquisition | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||
Business Acquisition [Line Items] | ' | ||||||||
Business Acquisition | ' | ||||||||
BUSINESS ACQUISITION | |||||||||
On December 6, 2013 ("the Acquisition Date"), the company acquired approximately 501,000 acres of timberlands in Alabama, Georgia, South Carolina, Virginia, and West Virginia from MeadWestvaco Corporation ("MWV") for $869 million. Certain minerals and wind power leases associated with the timberlands were also acquired for $65 million. The acquisition of the timberlands and related minerals and wind power leases ($934 million) was funded by an $860 million installment note payable and by $74 million in cash. In addition, the company and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the company made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties with an agreed-upon value of $531 million. The total purchase price for the MWV timberland assets, including amounts contributed to MWV-Charleston Land Partners, LLC, was $1.1 billion, which consisted of $226 million in cash ($221 million cash after considering post-closing adjustments) and an installment note payable of $860 million. | |||||||||
Prior to closing the acquisition, the company issued 13,915,000 shares of common stock on November 4, 2013. The net proceeds of $607 million from the equity offering were used to pay the cash portion of the acquisition and the acquisition related transaction costs, with the balance used to repay $376 million of outstanding debt obligations. | |||||||||
MWV-Charleston Land Partners, LLC ("MWV-CLP") consists of 109,000 acres of high-value rural lands and development-quality lands near Charleston, South Carolina. The company owns a 50% interest in 87,000 acres of high-value lands (agreed upon value of $279 million) for which MWV-CLP will pursue an entitlement and development strategy over the next several years. In addition, the company owns a 5% interest in approximately 22,000 acres of residential, commercial and industrial properties (agreed upon value of $252 million) that are actively being developed in the same market. An affiliate of MWV has been hired to manage the operations of MWV-CLP. | |||||||||
The acquisition of the MWV timberlands and related assets complements the company's existing ownership in the Southern U.S. and is expected to increase annual timber harvest volumes by nearly 3 million tons over the next five years. The timberlands, which have a long history of excellent forest management, are commingled with the company's existing timberlands and are located in attractive markets where the company would like to further expand its presence. Additionally, all of the timberlands acquired are certified under the SFISM program. The equity investment in MWV-CLP expands the company's portfolio of high-value rural timberlands, an asset for which the company has experience maximizing values. | |||||||||
The company has accounted for the acquisition as a purchase business combination. Under the purchase method, the assets of MWV that are being acquired, along with the company's equity investment in MWV-CLP, were recorded as of the Acquisition Date at their respective fair values. Plum Creek's investment in MWV-CLP will be accounted for under the equity method of accounting. See Note 17 of the Notes to Consolidated Financial Statements. Management considers the purchase price allocation to be preliminary, subject to the finalization of the valuation report and review of certain operating agreements obtained in the acquisition. Although management does not believe significant changes will occur, the identifiable assets and liabilities could change pending the finalization of these procedures. | |||||||||
The following table summarizes the assets acquired as of the acquisition date at fair value (in millions): | |||||||||
Assets Acquired: | Fair Value | ||||||||
Timber and Logging Roads | $ | 517 | |||||||
Timberlands | 352 | ||||||||
Minerals and Mineral Rights | 57 | ||||||||
Property, Plant and Equipment | 1 | ||||||||
Equity Method Investments | 139 | ||||||||
Intangible Assets | 15 | ||||||||
Deferred Tax Assets | 4 | ||||||||
Total Assets Acquired | $ | 1,085 | |||||||
Intangible Assets. The following table summarizes the purchased intangible assets subject to amortization (in millions): | |||||||||
Description | Fair Value | Amortization Period (in years) (B) | |||||||
Acquired Wind Leases | $ | 10 | 20 | ||||||
Acquired Land Leases(A) | 7 | 10 | |||||||
Fiber Supply Agreement | 5 | 10 | |||||||
Total Intangible Assets Acquired | $ | 22 | |||||||
(A) | The acquired land leases are associated with the acquired minerals and are included in Minerals and Mineral Rights, net on both the preceding Assets Acquired table and on the Consolidated Balance Sheets. | ||||||||
(B) | The amortization method for the purchased intangible assets approximates straight-line. | ||||||||
Acquisition Costs. The company recognized approximately $5 million of acquisition related costs that were expensed during 2013. These costs are included within Selling, General and Administrative Expenses in the Consolidated Statements of Income. | |||||||||
Actual and Pro Forma Impact of the Acquisition. The amount of revenue and net income included in the company's Consolidated Statements of Income from the Acquisition Date to December 31, 2013 are as follows (in millions): | |||||||||
Revenue | $ | 3 | |||||||
Net Income | $ | — | |||||||
The unaudited pro forma results presented below include the effects of the acquisition, including the share issuance and debt repayments discussed above, as if it had been consummated as of January 1, 2012. In addition to the historical revenues and expenses of the acquisition, the pro forma results include adjustments to conform the acquisition's timber depletion to the company's accounting method. Pro forma adjustments have been made for interest expense, including the note payable to finance the acquisition and the debt repaid following the common stock issuance. Pro forma adjustments include the elimination of substantially all of the historical income tax expense due primarily to Plum Creek's status as a REIT. Finally, pro forma adjustments have been made for mineral depletion and logging road depreciation, and for the equity earnings/(losses) that would have resulted from the company's equity method investment in MWV-CLP. No pro forma adjustments were made for timberland sales by MWV since the acres sold were not acquired by the company and were not included in the purchase price allocation. As a result, pro forma results for 2012 include revenue of $99 million and related cost of sales of $18 million from the sale of approximately 49,000 acres, and for 2013, pro forma results include revenue of $87 million and related cost of sales of $12 million from the sale of approximately 41,000 acres by MWV. The operating margin for future timberland sales from the acquisition is expected to be substantially lower than MWV's historical operating margin as a result of allocating a portion of the purchase price to timber and timberlands. The unaudited pro forma financial information has been prepared for comparative purposes only and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2012. | |||||||||
2013 | 2012 | ||||||||
Pro Forma Revenue | $ | 1,491 | $ | 1,513 | |||||
Pro Forma Net Income | $ | 253 | $ | 238 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||
Business Acquisition [Line Items] | ' | ||||||||
Business Acquisition | ' | ||||||||
BUSINESS ACQUISITION | |||||||||
On December 6, 2013 ("the Acquisition Date"), the Operating Partnership acquired approximately 501,000 acres of timberlands in Alabama, Georgia, South Carolina, Virginia, and West Virginia from MeadWestvaco Corporation ("MWV") for $869 million. Certain minerals and wind power leases associated with the timberlands were also acquired for $65 million. The acquisition of the timberlands and related minerals and wind power leases ($934 million) was funded by an $860 million installment note payable and by $74 million in cash. In addition, the Operating Partnership and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the Operating Partnership made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties with an agreed-upon value of $531 million. The total purchase price for the MWV timberland assets, including amounts contributed to MWV-Charleston Land Partners, LLC, was $1.1 billion, which consisted of $226 million in cash ($221 million cash after considering post-closing adjustments) and an installment note payable of $860 million. | |||||||||
Prior to closing the acquisition, Plum Creek issued 13,915,000 shares of common stock on November 4, 2013. The net proceeds of $607 million from the equity offering were contributed by Plum Creek to the Operating Partnership and were used to pay the cash portion of the acquisition and the acquisition related transaction costs, with the balance used to repay $376 million of outstanding debt obligations of the Operating Partnership. | |||||||||
MWV-Charleston Land Partners, LLC ("MWV-CLP") consists of 109,000 acres of high-value rural lands and development-quality lands near Charleston, South Carolina. The Operating Partnership owns a 50% interest in 87,000 acres of high-value lands (agreed upon value of $279 million) for which MWV-CLP will pursue an entitlement and development strategy over the next several years. In addition, the Operating Partnership owns a 5% interest in approximately 22,000 acres of residential, commercial and industrial properties (agreed upon value of $252 million) that are actively being developed in the same market. An affiliate of MWV has been hired to manage the operations of MWV-CLP. | |||||||||
The acquisition of the MWV timberlands and related assets complements the Operating Partnership's existing ownership in the Southern U.S. and is expected to increase annual timber harvest volumes by nearly 3 million tons over the next five years. The timberlands, which have a long history of excellent forest management, are commingled with the Operating Partnership's existing timberlands and are located in attractive markets where the Operating Partnership would like to further expand its presence. Additionally, all of the timberlands acquired are certified under the SFISM program. The equity investment in MWV-CLP expands the Operating Partnership's portfolio of high-value rural timberlands, an asset for which the Operating Partnership has experience maximizing values. | |||||||||
The Operating Partnership has accounted for the acquisition as a purchase business combination. Under the purchase method, the assets of MWV that are being acquired, along with the Operating Partnership's equity investment in MWV-CLP, were recorded as of the Acquisition Date at their respective fair values. The Operating Partnership's investment in MWV-CLP will be accounted for under the equity method of accounting. See Note 15 of the Notes to Consolidated Financial Statements. Management considers the purchase price allocation to be preliminary, subject to the finalization of the valuation report and review of certain operating agreements obtained in the acquisition. Although management does not believe significant changes will occur, the identifiable assets and liabilities could change pending the finalization of these procedures. | |||||||||
The following table summarizes the assets acquired as of the acquisition date at fair value (in millions): | |||||||||
Assets Acquired: | Fair Value | ||||||||
Timber and Logging Roads | $ | 517 | |||||||
Timberlands | 352 | ||||||||
Minerals and Mineral Rights | 57 | ||||||||
Property, Plant and Equipment | 1 | ||||||||
Equity Method Investments | 139 | ||||||||
Intangible Assets | 15 | ||||||||
Deferred Tax Assets | 4 | ||||||||
Total Assets Acquired | $ | 1,085 | |||||||
Intangible Assets. The following table summarizes the purchased intangible assets subject to amortization (in millions): | |||||||||
Description | Fair Value | Amortization Period (in years) (B) | |||||||
Acquired Wind Leases | $ | 10 | 20 | ||||||
Acquired Land Leases(A) | 7 | 10 | |||||||
Fiber Supply Agreement | 5 | 10 | |||||||
Total Intangible Assets Acquired | $ | 22 | |||||||
(A) | The acquired land leases are associated with the acquired minerals and are included in Minerals and Mineral Rights, net on both the preceding Assets Acquired table and on the Consolidated Balance Sheets. | ||||||||
(B) | The amortization method for the purchased intangible assets approximates straight-line. | ||||||||
Acquisition Costs. The Operating Partnership recognized approximately $5 million of acquisition related costs that were expensed during 2013. These costs are included within Selling, General and Administrative Expenses in the Consolidated Statements of Income. | |||||||||
Actual and Pro Forma Impact of the Acquisition. The amount of revenue and net income included in the Operating Partnership's Consolidated Statements of Income from the Acquisition Date to December 31, 2013 are as follows (in millions): | |||||||||
Revenue | $ | 3 | |||||||
Net Income | $ | — | |||||||
The unaudited pro forma results presented below include the effects of the acquisition, including the share issuance, capital contribution from Plum Creek, and debt repayments discussed above, as if it had been consummated as of January 1, 2012. In addition to the historical revenues and expenses of the acquisition, the pro forma results include adjustments to conform the acquisition's timber depletion to the Operating Partnership's accounting method. Pro forma adjustments have been made for interest expense, including the note payable to finance the acquisition and the debt repaid following the capital contribution from Plum Creek. Pro forma adjustments include the elimination of substantially all of the historical income tax expense due primarily to Plum Creek's status as a REIT. Finally, pro forma adjustments have been made for mineral depletion and logging road depreciation, and for the equity earnings/(losses) that would have resulted from the Operating Partnership's equity method investment in MWV-CLP. No pro forma adjustments were made for timberland sales by MWV since the acres sold were not acquired by the Operating Partnership and were not included in the purchase price allocation. As a result, pro forma results for 2012 include revenue of $99 million and related cost of sales of $18 million from the sale of approximately 49,000 acres, and for 2013, pro forma results include revenue of $87 million and related cost of sales of $12 million from the sale of approximately 41,000 acres by MWV. The operating margin for future timberland sales from the acquisition is expected to be substantially lower than MWV's historical operating margin as a result of allocating a portion of the purchase price to timber and timberlands. The unaudited pro forma financial information has been prepared for comparative purposes only and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2012. | |||||||||
2013 | 2012 | ||||||||
Pro Forma Revenue | $ | 1,491 | $ | 1,513 | |||||
Pro Forma Net Income | $ | 253 | $ | 238 | |||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The following table sets forth the reconciliation of basic and diluted earnings per share for the years ended December 31 (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Income Available to Common Stockholders | $ | 214 | $ | 203 | $ | 193 | ||||||
Denominator for Basic Earnings per Share | 164.6 | 161.5 | 161.7 | |||||||||
Effect of Dilutive Securities – Stock Options | 0.3 | 0.3 | 0.2 | |||||||||
Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | 0.1 | |||||||||
Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities | 165 | 161.9 | 162 | |||||||||
Per Share Amounts: | ||||||||||||
Net Income per Share - Basic | $ | 1.3 | $ | 1.25 | $ | 1.19 | ||||||
Net Income per Share - Diluted | $ | 1.3 | $ | 1.25 | $ | 1.19 | ||||||
Under the company's Stock Incentive Plan (See Note 14 of the Notes to Consolidated Financial Statements), the company grants restricted stock units, which prior to vesting, are entitled to non-forfeitable cash payments equal to dividends paid on the company's common shares. These awards are considered participating securities for purposes of computing basic and diluted earnings per share. | ||||||||||||
Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the years ended December 31 (shares in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of Options | — | 0.9 | 1.5 | |||||||||
Range of Exercise Prices | N/A | $41.55 to $43.23 | $35.22 to $43.23 | |||||||||
Expiration on or before | N/A | Feb-21 | Feb-21 |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 30 | 24 | ||||||
41 | 35 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 55 | $ | 49 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 30 | 24 | ||||||
41 | 35 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 55 | $ | 49 | ||||
Timber_and_Timberlands
Timber and Timberlands | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Timber and Timberlands | ' | ||||||||||||
TIMBER AND TIMBERLANDS | |||||||||||||
Timber and Timberlands consisted of the following (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,169 | |||||||||
Timber Deeds, net | 95 | 92 | |||||||||||
Timberlands | 1,455 | 1,102 | |||||||||||
Timber and Timberlands, net | $ | 4,180 | $ | 3,363 | |||||||||
Timber and Timberlands. During 2013, the company acquired approximately 501,000 acres of timberlands in Alabama, Georgia, South Carolina, Virginia, and West Virginia from MeadWestvaco Corporation ("MWV") for $869 million. This acquisition was accounted for as a business combination and is described in Note 2 of the Notes to Consolidated Financial Statements. | |||||||||||||
Also during 2013, the company acquired approximately 50,000 acres of timberlands primarily located in Georgia and Alabama for a total of $81 million. These purchases were financed primarily from the company's line of credit and have been accounted for as asset acquisitions. Timberland dispositions during 2013 were approximately 168,000 acres, of which 66,000 acres were located in the Northern Resources Segment and 102,000 acres were located in the Southern Resources Segment. | |||||||||||||
During the third quarter of 2013, the company's Northern Resources Segment recognized a $4 million loss, representing the book basis of timber volume destroyed as a result of forest fires in Montana and Oregon. | |||||||||||||
During 2012, the company acquired approximately 13,000 acres of timberlands primarily located in Georgia and South Carolina for a total of $18 million. These purchases were funded with cash and have been accounted for as asset acquisitions. Timberland dispositions during 2012 were approximately 269,000 acres, of which 147,000 acres were located in the Northern Resources Segment and 122,000 acres were located in the Southern Resources Segment. | |||||||||||||
Timber Deeds. In March 2013, the company purchased a timber deed in the Southern Resources Segment for $18 million, which encompassed approximately 0.9 million tons of standing timber and expires in 2020. In January 2012, the company purchased a timber deed in the Southern Resources Segment for $103 million, $5 million of which was paid as a deposit in December 2011. This timber deed encompassed approximately 4.7 million tons of standing timber and has an eight-year term. | |||||||||||||
The volume acquired under a timber deed, along with future growth, is harvested over the term of the deed. The company reflects the purchase price of timber deeds in the Consolidated Statements of Cash Flows as outflows under Cash Provided by Operating Activities. | |||||||||||||
Impairments. The company's Real Estate Segment revenue consists of sales of higher and better use timberlands and sales of non-strategic timberlands. Occasionally, timberlands are sold at a loss. Each potential real estate sale is evaluated for a possible impairment in accordance with the accounting for long-lived assets classified as held for sale. At December 31, 2013, the book basis of real estate held for sale was $92 million and was $61 million as of December 31, 2012. Impairment losses are included in Cost of Goods Sold for Real Estate in our Consolidated Statements of Income. | |||||||||||||
Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Impairment Losses | $ | 4 | $ | — | $ | 1 | |||||||
Book Basis of Property | $ | 37 | $ | 4 | $ | 7 | |||||||
The fair values of the impaired assets were primarily determined based on external appraisals and an offer received from a third party. See Note 11 of the Notes to Consolidated Financial Statements. | |||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Timber and Timberlands | ' | ||||||||||||
TIMBER AND TIMBERLANDS | |||||||||||||
Timber and Timberlands consisted of the following (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,169 | |||||||||
Timber Deeds, net | 95 | 92 | |||||||||||
Timberlands | 1,455 | 1,102 | |||||||||||
Timber and Timberlands, net | $ | 4,180 | $ | 3,363 | |||||||||
Timber and Timberlands. During 2013, the Operating Partnership acquired approximately 501,000 acres of timberlands in Alabama, Georgia, South Carolina, Virginia, and West Virginia from MeadWestvaco Corporation ("MWV") for $869 million. This acquisition was accounted for as a business combination and is described in Note 2 of the Notes to Consolidated Financial Statements. | |||||||||||||
Also during 2013, the Operating Partnership acquired approximately 50,000 acres of timberlands primarily located in Georgia and Alabama for a total of $81 million. These purchases were financed primarily from the Operating Partnership's line of credit and have been accounted for as asset acquisitions. Timberland dispositions during 2013 were approximately 168,000 acres, of which 66,000 acres were located in the Northern Resources Segment and 102,000 acres were located in the Southern Resources Segment. | |||||||||||||
During the third quarter of 2013, the Operating Partnership's Northern Resources Segment recognized a $4 million loss, representing the book basis of timber volume destroyed as a result of forest fires in Montana and Oregon. | |||||||||||||
During 2012, the Operating Partnership acquired approximately 13,000 acres of timberlands primarily located in Georgia and South Carolina for a total of $18 million. These purchases were funded with cash and have been accounted for as asset acquisitions. Timberland dispositions during 2012 were approximately 269,000 acres, of which 147,000 acres were located in the Northern Resources Segment and 122,000 acres were located in the Southern Resources Segment. | |||||||||||||
Timber Deeds. In March 2013, the Operating Partnership purchased a timber deed in the Southern Resources Segment for $18 million, which encompassed approximately 0.9 million tons of standing timber and expires in 2020. In January 2012, the Operating Partnership purchased a timber deed in the Southern Resources Segment for $103 million, $5 million of which was paid as a deposit in December 2011. This timber deed encompassed approximately 4.7 million tons of standing timber and has an eight-year term. | |||||||||||||
The volume acquired under a timber deed, along with future growth, is harvested over the term of the deed. The Operating Partnership reflects the purchase price of timber deeds in the Consolidated Statements of Cash Flows as outflows under Cash Provided by Operating Activities. | |||||||||||||
Impairments. The Operating Partnership’s Real Estate Segment revenue consists of sales of higher and better use timberlands and sales of non-strategic timberlands. Occasionally, timberlands are sold at a loss. Each potential real estate sale is evaluated for a possible impairment in accordance with the accounting for long-lived assets classified as held for sale. At December 31, 2013, the book basis of real estate held for sale was $92 million and was $61 million as of December 31, 2012. Impairment losses are included in Cost of Goods Sold for Real Estate in our Consolidated Statements of Income. | |||||||||||||
Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Impairment Losses | $ | 4 | $ | — | $ | 1 | |||||||
Book Basis of Property | $ | 37 | $ | 4 | $ | 7 | |||||||
The fair values of the impaired assets were primarily determined based on external appraisals and an offer received from a third party. See Note 9 of the Notes to Consolidated Financial Statements. |
Minerals_and_Mineral_Rights
Minerals and Mineral Rights | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Schedule of Minerals and Mineral Rights [Line Items] | ' | |||||||
Minerals and Mineral Rights | ' | |||||||
MINERALS AND MINERAL RIGHTS | ||||||||
Minerals and Mineral Rights consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Minerals, net | $ | 60 | $ | 11 | ||||
Mineral Rights, net | $ | 238 | $ | 76 | ||||
Minerals and Mineral Rights, net | $ | 298 | $ | 87 | ||||
Minerals. In connection with the timberland acquisition from MeadWestvaco Corporation on December 6, 2013 (see Note 2 of the Notes to Consolidated Financial Statements), the company acquired certain proven and probable coal reserves along with related surface leases. The coal reserves had an acquisition date fair value of $50 million, and the surface leases had an acquisition date fair value of $7 million. Depletion expense associated with the minerals owned by the company was approximately $1 million for the year ended December 31, 2013.The value of the surface leases is included in the above table under Mineral Rights, net and is expected to be amortized on a straight-line basis over the next ten years. | ||||||||
Mineral Rights. In September 2013, the company acquired mineral rights in approximately 255 million tons of aggregate reserves at four quarries in Georgia for approximately $156 million. The company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire after 38 years. The company estimates that annual depletion expense related to these mineral rights will be approximately $4 million a year for each of the next five years. | ||||||||
On December 31, 2012, the company acquired mineral rights in approximately 144 million tons of aggregate reserves at four quarries in South Carolina for approximately $76 million. The company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire after 40 years. The company estimates that annual depletion expense related to these mineral rights will be approximately $2 million a year for each of the next five years. | ||||||||
The company's overriding royalty percentage associated with the 255 million tons of aggregate reserves and 144 million tons of aggregate reserves declines after five years and declines further after ten years. The company treats each year under the royalty arrangement as a separate unit of account. Based on projected sales volume over the term of the arrangements, the company estimates a weighted-average overriding royalty percentage. The company recognizes revenue based on the weighted-average overriding royalty percentage and records deferred revenue for overriding royalties received in excess of the weighted-average percentage. | ||||||||
Depletion expense associated with the above mineral rights was approximately $2 million for the year ending December 31, 2013. | ||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Schedule of Minerals and Mineral Rights [Line Items] | ' | |||||||
Minerals and Mineral Rights | ' | |||||||
MINERALS AND MINERAL RIGHTS | ||||||||
Minerals and Mineral Rights consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Minerals, net | $ | 60 | $ | 11 | ||||
Mineral Rights, net | $ | 238 | $ | 76 | ||||
Minerals and Mineral Rights, net | $ | 298 | $ | 87 | ||||
Minerals. In connection with the timberland acquisition from MeadWestvaco Corporation on December 6, 2013 (see Note 2 of the Notes to Consolidated Financial Statements), the Operating Partnership acquired certain proven and probable coal reserves along with related surface leases. The coal reserves had an acquisition date fair value of $50 million, and the surface leases had an acquisition date fair value of $7 million. Depletion expense associated with the minerals owned by the Operating Partnership was approximately $1 million for the year ended December 31, 2013. The value of the surface leases is included in the above table under Mineral Rights, net and is expected to be amortized on a straight-line basis over the next ten years. | ||||||||
Mineral Rights. In September 2013, the Operating Partnership acquired mineral rights in approximately 255 million tons of aggregate reserves at four quarries in Georgia for approximately $156 million. The Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire after 38 years. The Operating Partnership estimates that annual depletion expense related to these mineral rights will be approximately $4 million a year for each of the next five years. | ||||||||
On December 31, 2012, the Operating Partnership acquired mineral rights in approximately 144 million tons of aggregate reserves at four quarries in South Carolina for approximately $76 million. The Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire after 40 years. The Operating Partnership estimates that annual depletion expense related to these mineral rights will be approximately $2 million a year for each of the next five years. | ||||||||
The Operating Partnership's overriding royalty percentage associated with the 255 million tons of aggregate reserves and 144 million tons of aggregate reserves declines after five years and declines further after ten years. The Operating Partnership treats each year under the royalty arrangement as a separate unit of account. Based on projected sales volume over the term of the arrangements, the Operating Partnership estimates a weighted-average overriding royalty percentage. The Operating Partnership recognizes revenue based on the weighted-average overriding royalty percentage and records deferred revenue for overriding royalties received in excess of the weighted-average percentage. | ||||||||
Depletion expense associated with the above mineral rights was approximately $2 million for the year ending December 31, 2013. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 88 | ||||
Machinery and Equipment | 323 | 318 | ||||||
414 | 406 | |||||||
Accumulated Depreciation | (296 | ) | (279 | ) | ||||
Property, Plant and Equipment, net | $ | 118 | $ | 127 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 88 | ||||
Machinery and Equipment | 323 | 318 | ||||||
414 | 406 | |||||||
Accumulated Depreciation | (296 | ) | (279 | ) | ||||
Property, Plant and Equipment, net | $ | 118 | $ | 127 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Plum Creek has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. A REIT generally does not pay corporate-level income tax if it distributes 100% of its taxable income to shareholders and satisfies other organizational and operational requirements as set forth in the Internal Revenue Code. If a company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. | |||||||||||||
Plum Creek operates as a REIT through various wholly-owned subsidiaries and a joint venture partnership. The activities of the operating partnerships and joint venture partnership consist primarily of sales of standing timber under pay-as-cut sales contracts. The book basis of the REIT’s assets and liabilities exceeds its tax basis by approximately $1.7 billion at December 31, 2013. | |||||||||||||
Plum Creek conducts certain activities through various wholly-owned taxable REIT subsidiaries, which are subject to corporate-level income tax. These activities include the company’s manufacturing operations, the harvesting and sale of logs, and the development and/or sale of some of the company’s higher value timberlands. Additionally, in connection with the December 6, 2013, MeadWestvaco timberland acquisition (see Note 2 of the Notes to Consolidated Financial Statements), the proven and probable coal reserves, along with the company's investment in MWV-Charleston Land Partners, LLC, are held through a taxable REIT subsidiary. Plum Creek’s taxable REIT subsidiaries file a consolidated federal income tax return. | |||||||||||||
Prior to 2011, Plum Creek was generally subject to corporate-level tax (built-in gains tax) when the company made a taxable disposition of certain properties acquired in a 2001 merger. The built-in gains tax applied to gains recognized from such asset sales to the extent that the fair value of the property exceeded its tax basis at the merger date. Built-in gains tax was generally not payable on dispositions of property to the extent the proceeds from such dispositions were reinvested in qualifying like-kind replacement property. | |||||||||||||
The company recognizes interest and penalties, if incurred, related to income taxes in the Provision for Income Taxes in the Consolidated Statements of Income. During the years ended December 31, 2013, 2012, and 2011, amounts for interest and penalties included in the tax provision were insignificant. At December 31, 2013, and December 31, 2012, the company had no accrued interest or penalties related to income taxes. | |||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current Income Taxes: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | (2 | ) | |||||||||
Deferred Income Taxes: | |||||||||||||
Federal | (1 | ) | (3 | ) | — | ||||||||
State | — | — | — | ||||||||||
Benefit from Operating Loss Carryforward | (1 | ) | (1 | ) | (7 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $ | 75 | $ | 70 | $ | 67 | |||||||
REIT Income not Subject to Federal Tax | (69 | ) | (66 | ) | (68 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
State Income Tax Expense (Benefit), net of Federal Benefit | (1 | ) | (1 | ) | (6 | ) | |||||||
Tax Audit Settlements | — | — | 1 | ||||||||||
Permanent Book-Tax Differences | (7 | ) | (7 | ) | (3 | ) | |||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
The federal statutory income tax rate is 35%. The income generated by the activities of the REIT is generally not subject to federal income tax. The permanent book-tax differences consist primarily of differences in cost basis for certain properties contributed (sold for tax purposes) to the taxable REIT subsidiaries that were subsequently sold, in which the tax basis exceeded the book basis. | |||||||||||||
Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Other Comprehensive Income | 7 | 1 | (6 | ) | |||||||||
Additional Paid-In Capital (Share-Based Compensation) | (1 | ) | — | — | |||||||||
Total Income Tax Provision (Benefit) | $ | 5 | $ | (2 | ) | $ | (7 | ) | |||||
Deferred income taxes are provided for the temporary differences between the financial reporting basis and tax basis for the assets and liabilities of the taxable REIT subsidiaries. The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Income Tax Assets: | |||||||||||||
Federal and State Net Operating Loss Carryforwards | $ | 13 | $ | 19 | |||||||||
Accrued Compensation | 9 | 9 | |||||||||||
Accrued Pension Benefits | 9 | 14 | |||||||||||
Timber and Timberlands | 13 | 11 | |||||||||||
Accrued Workers' Compensation Benefits | 4 | 4 | |||||||||||
Other Accruals and Reserves | 7 | 1 | |||||||||||
Valuation Allowance | (10 | ) | (9 | ) | |||||||||
45 | 49 | ||||||||||||
Deferred Income Tax Liabilities: | |||||||||||||
Machinery and Equipment | (19 | ) | (23 | ) | |||||||||
(19 | ) | (23 | ) | ||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
The company has federal net operating loss carryforwards for its taxable REIT subsidiaries of $10 million at December 31, 2013. The company has state net operating loss carryforwards for its taxable REIT subsidiaries of $221 million at December 31, 2013, which includes a portion of net operating loss carryfowards related to the REIT (i.e. Plum Creek). REIT net operating losses are generated to the extent the deduction for dividends paid exceeds Plum Creek's taxable income. In certain states, the company files a combined tax return for the REIT and the taxable REIT subsidiaries (a unitary return) and, therefore, may be able to utilize a portion of the REIT's net operating losses. The company's combined federal and state net operating loss carryforward deferred income tax asset is $13 million at December 31, 2013. The net operating loss carryfowards will begin to expire in 2028. | |||||||||||||
At December 31, 2013, the company had a valuation allowance of $10 million to reflect the estimated amount of deferred tax assets that may not be realized. The valuation allowance is related primarily to certain state net operating loss carryforwards and other associated deferred tax assets that we do not believe it is more likely than not will be realized in future periods. The determination of the realization of deferred tax assets is based upon management's judgment of various future events and uncertainties, including the timing, nature and amount of future taxable income earned by certain wholly-owned subsidiaries. A valuation allowance is recognized if management believes it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The company has recorded gross deferred tax assets of $61 million (net of a $10 million valuation allowance) and $65 million (net of a $9 million valuation allowance) as of December 31, 2013 and December 31, 2012, respectively. Management believes that due to the reversal of various taxable temporary differences and/or the planned execution of prudent and feasible tax planning strategies, sufficient taxable income can be generated to utilize the company's remaining deferred tax assets for which a valuation allowance was determined to be unnecessary. | |||||||||||||
The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Current Deferred Income Tax Asset | $ | 9 | $ | 5 | |||||||||
Non Current Deferred Income Tax Asset | 17 | 21 | |||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
As of December 31, 2013 and December 31, 2012, we did not have any liabilities for unrecognized tax benefits. We believe the statute of limitations for tax assessments has expired for all tax years prior to 2008. We continue to monitor the progress of ongoing income tax controversies. We do not currently believe there is a reasonable possibility of recording a liability for unrecognized tax benefits within the next twelve months. | |||||||||||||
The company's 2008 federal income tax return is currently being audited by the Internal Revenue Service (“IRS”). The IRS has proposed an adjustment to the company's U.S. federal income tax treatment of the Timberland Venture formation transaction, which occurred on October 1, 2008, on the basis that the transfer of the timberlands to Southern Diversified Timber, LLC was a taxable transaction to the company at the time of the transfer rather than a nontaxable capital contribution to the Timberland Venture. The company has filed a protest with IRS Appeals. | |||||||||||||
If the IRS's position is upheld on administrative or judicial appeal, it could result in a maximum built-in gains tax liability of approximately $100 million. In addition, the company could be required to accelerate the distribution to its stockholders of up to $600 million of gain from the transaction. The company expects that as much as 80% of any such distribution could be made with the company's common stock, and stockholders would be subject to tax on the distribution at the applicable capital gains tax rate. The company would also be required to pay interest, which could be substantial, and, if applicable, penalties. | |||||||||||||
We believe the transfer of the timberlands was a nontaxable contribution to the Timberland Venture and not a taxable transaction. We have not accrued income taxes for financial reporting purposes with respect to this matter. We are confident in our position and believe that the proposed re-characterization of the Timberland Venture formation transaction by the IRS will ultimately be unsuccessful. We intend to vigorously contest this re-characterization. | |||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Plum Creek Timberlands, L.P. is a wholly-owned limited partnership and therefore, not subject to income tax. Plum Creek Timberlands, L.P.’s taxable income is allocated 100% (directly and indirectly) to its parent, Plum Creek Timber Company, Inc., which has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. A REIT generally does not pay corporate-level income tax if it distributes 100% of its taxable income to shareholders and satisfies other organizational and operational requirements as set forth in the Internal Revenue Code. If a company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The book basis of Plum Creek’s assets and liabilities exceeds its tax basis by approximately $1.7 billion at December 31, 2013. | |||||||||||||
The Operating Partnership conducts certain non-REIT activities through various wholly-owned taxable REIT subsidiaries, which are subject to corporate-level income tax. These activities include our manufacturing operations, the harvesting and sale of logs, and the development and/or sale of some of the Operating Partnership's higher value timberlands. Additionally, in connection with the December 6, 2013, MeadWestvaco timberland acquisition (see Note 2 of the Notes to Consolidated Financial Statements), the proven and probable coal reserves, along with the Operating Partnership's investment in MWV-Charleston Land Partners, LLC, are held through a taxable REIT subsidiary. The Operating Partnership’s tax provision includes the tax expense and/or benefit associated with Plum Creek’s wholly-owned taxable REIT subsidiaries, as well as any tax expense and/or benefit incurred by the REIT. The effective tax rate for the Operating Partnership is lower than the federal corporate statutory rate primarily due to Plum Creek’s status as a REIT. | |||||||||||||
Prior to 2011, Plum Creek was generally subject to corporate-level tax (built-in gains tax) when the Operating Partnership made a taxable disposition of certain properties acquired in a 2001 merger. The built-in gains tax applied to gains recognized from such asset sales to the extent that the fair value of the property exceeded its tax basis at the merger date. Built-in gains tax was generally not payable on dispositions of property to the extent the proceeds from such dispositions were reinvested in qualifying like-kind replacement property. | |||||||||||||
The Operating Partnership recognizes interest and penalties, if incurred, related to income taxes in the Provision for Income Taxes in the Consolidated Statements of Income. During the years ended December 31, 2013, 2012 and 2011, amounts for interest and penalties included in the tax provision were insignificant. At December 31, 2013, and December 31, 2012, the Operating Partnership had no accrued interest or penalties related to income taxes. | |||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current Income Taxes: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | (2 | ) | |||||||||
Deferred Income Taxes: | |||||||||||||
Federal | (1 | ) | (3 | ) | — | ||||||||
State | — | — | — | ||||||||||
Benefit from Operating Loss Carryforward | (1 | ) | (1 | ) | (7 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $ | 75 | $ | 70 | $ | 67 | |||||||
REIT Income not Subject to Federal Tax | (69 | ) | (66 | ) | (68 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
State Income Tax Expense (Benefit), net of Federal Benefit | (1 | ) | (1 | ) | (6 | ) | |||||||
Tax Audit Settlements | — | — | 1 | ||||||||||
Permanent Book-Tax Differences | (7 | ) | (7 | ) | (3 | ) | |||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
The federal statutory income tax rate is 35%. The income generated by the activities of the REIT is generally not subject to federal income tax. The permanent book-tax differences consist primarily of differences in cost basis for certain properties contributed (sold for tax purposes) to the taxable REIT subsidiaries that were subsequently sold, in which the tax basis exceeded the book basis. | |||||||||||||
Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Other Comprehensive Income | 7 | 1 | (6 | ) | |||||||||
Additional Paid-In Capital (Share-Based Compensation) | (1 | ) | — | — | |||||||||
Total Income Tax Provision (Benefit) | $ | 5 | $ | (2 | ) | $ | (7 | ) | |||||
Deferred income taxes are provided for the temporary differences between the financial reporting basis and tax basis for the assets and liabilities of our various wholly-owned taxable REIT subsidiaries. The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Income Tax Assets: | |||||||||||||
Federal and State Net Operating Loss Carryforwards | $ | 13 | $ | 19 | |||||||||
Accrued Compensation | 9 | 9 | |||||||||||
Accrued Pension Benefits | 9 | 14 | |||||||||||
Timber and Timberlands | 13 | 11 | |||||||||||
Accrued Workers' Compensation Benefits | 4 | 4 | |||||||||||
Other Accruals and Reserves | 7 | 1 | |||||||||||
Valuation Allowance | (10 | ) | (9 | ) | |||||||||
45 | 49 | ||||||||||||
Deferred Income Tax Liabilities: | |||||||||||||
Machinery and Equipment | (19 | ) | (23 | ) | |||||||||
(19 | ) | (23 | ) | ||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
The Operating Partnership has federal net operating loss carryforwards for its taxable REIT subsidiaries of $10 million at December 31, 2013. The Operating Partnership has state net operating loss carryforwards for its taxable REIT subsidiaries of $221 million at December 31, 2013, which includes a portion of net operating loss carryfowards related to the REIT (i.e. Plum Creek). REIT net operating losses are generated to the extent the deduction for dividends paid exceeds Plum Creek's taxable income. In certain states, the Operating Partnership files a combined tax return for the REIT and the taxable REIT subsidiaries (a unitary return) and, therefore, may be able to utilize a portion of the REIT's net operating losses. The Operating Partnership's combined federal and state net operating loss carryforward deferred income tax asset is $13 million at December 31, 2013. The net operating loss carryfowards will begin to expire in 2028. | |||||||||||||
At December 31, 2013, the Operating Partnership had a valuation allowance of $10 million to reflect the estimated amount of deferred tax assets that may not be realized. The valuation allowance is related primarily to certain state net operating loss carryforwards and other associated deferred tax assets that we do not believe it is more likely than not will be realized in future periods. The determination of the realization of deferred tax assets is based upon management's judgment of various future events and uncertainties, including the timing, nature and amount of future taxable income earned by certain wholly-owned subsidiaries. A valuation allowance is recognized if management believes it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The Operating Partnership has recorded gross deferred tax assets of $61 million (net of a $10 million valuation allowance) and $65 million (net of a $9 million valuation allowance) as of December 31, 2013 and December 31, 2012, respectively. Management believes that due to the reversal of various taxable temporary differences and/or the planned execution | |||||||||||||
of prudent and feasible tax planning strategies, sufficient taxable income can be generated to utilize the company's remaining deferred tax assets for which a valuation allowance was determined to be unnecessary. | |||||||||||||
The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Current Deferred Income Tax Asset | $ | 9 | $ | 5 | |||||||||
Non Current Deferred Income Tax Asset | 17 | 21 | |||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
As of December 31, 2013 and December 31, 2012, Plum Creek did not have any liabilities for unrecognized tax benefits. We believe the statute of limitations for tax assessments has expired for all tax years prior to 2008. Plum Creek continues to monitor the progress of ongoing income tax controversies. We do not currently believe there is a reasonable possibility of recording a liability for unrecognized tax benefits within the next twelve months. | |||||||||||||
Plum Creek's 2008 federal income tax return is currently being audited by the Internal Revenue Service (“IRS”). The IRS has proposed an adjustment to the Plum Creek's U.S. federal income tax treatment of the Timberland Venture formation transaction, which occurred on October 1, 2008, on the basis that the transfer of the timberlands to Southern Diversified Timber, LLC was a taxable transaction to Plum Creek at the time of the transfer rather than a nontaxable capital contribution to the Timberland Venture. Plum Creek has filed a protest with IRS Appeals. | |||||||||||||
If the IRS's position is upheld on administrative or judicial appeal, it could result in a maximum built-in gains tax liability of approximately $100 million. In addition, Plum Creek could be required to accelerate the distribution to its stockholders of up to $600 million of gain from the transaction. Plum Creek expects that as much as 80% of any such distribution could be made with Plum Creek's common stock, and stockholders would be subject to tax on the distribution at the applicable capital gains tax rate. Plum Creek would also be required to pay interest, which could be substantial, and, if applicable, penalties. | |||||||||||||
We believe the transfer of the timberlands was a nontaxable contribution to the Timberland Venture and not a taxable transaction. We have not accrued income taxes for financial reporting purposes with respect to this matter. We are confident in our position and believe that the proposed re-characterization of the Timberland Venture formation transaction by the IRS will ultimately be unsuccessful. We intend to vigorously contest this re-characterization. |
REIT_Disclosures
REIT Disclosures (PLUM CREEK TIMBER CO INC [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
REIT Disclosures | ' | ||||||||||||
REIT DISCLOSURES | |||||||||||||
Plum Creek has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. For the years 2013, 2012 and 2011, Plum Creek elected to designate all distributions as long-term capital gain dividends. As of and for the years ended December 31, 2013, 2012, and 2011, Plum Creek has distributed all of its taxable income. The company has no undistributed capital gain or ordinary income as of December 31, 2013. | |||||||||||||
The table below summarizes the historical tax character of distributions to Plum Creek shareholders for the years ended December 31 (amounts per share): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Capital Gain Dividend | $ | 1.74 | $ | 1.68 | $ | 1.68 | |||||||
Non-Taxable Return of Capital | — | — | — | ||||||||||
Total Distributions | $ | 1.74 | $ | 1.68 | $ | 1.68 | |||||||
Borrowings
Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||
Borrowings | ' | |||||||||||
BORROWINGS | ||||||||||||
All of our borrowings, except the Note Payable to Timberland Venture, are made by Plum Creek Timberlands, L.P., the company’s wholly-owned operating partnership (“the Partnership”). Furthermore, all of the outstanding indebtedness of the Partnership is unsecured. Outstanding borrowings consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Line of Credit maturing 2019, 1.37% at 12/31/13, based on LIBOR plus 1.25% | $ | 467 | $ | 104 | ||||||||
Term Credit Agreement due 2019, 1.66% at 12/31/13, based on LIBOR plus 1.50%. | 225 | 450 | ||||||||||
Senior Notes due 2013, 6.18% | — | 174 | ||||||||||
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% | — | 72 | ||||||||||
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% | 438 | 456 | ||||||||||
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% | — | 14 | ||||||||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% | 568 | 575 | ||||||||||
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% | 323 | 322 | ||||||||||
Installment Note Payable due 2023, 5.207% | 860 | — | ||||||||||
Note Payable to Timberland Venture due 2018, 7.375% | 783 | 783 | ||||||||||
Total Long-Term Debt | 3,664 | 2,950 | ||||||||||
Less: Current Portion of Long-Term Debt | — | 248 | ||||||||||
Less: Line of Credit | 467 | 104 | ||||||||||
Long-Term Portion | $ | 3,197 | $ | 2,598 | ||||||||
Line of Credit. On November 8, 2013, the company amended its $700 million revolving line of credit agreement which extended the maturity to January 15, 2019. The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.43% as of December 31, 2013 and December 31, 2012, respectively. The interest rate on the line of credit is based on LIBOR plus 1.25%, including the facility fee. This rate can range from LIBOR plus 1% to LIBOR plus 2% depending on our debt ratings. Subject to customary covenants, the line of credit allows for borrowings from time to time up to $700 million, including up to $60 million of standby letters of credit. Borrowings on the line of credit fluctuate daily based on cash needs. As of December 31, 2013, we had $467 million of borrowings and $1 million of standby letters of credit outstanding; $232 million remained available for borrowing under our line of credit. As of January 2, 2014, $416 million of the borrowings under our line of credit was repaid. The line of credit has been classified as a current liability in our Consolidated Balance Sheet as of December 31, 2013 because the company used a portion of its cash as of December 31, 2013 to repay the line. | ||||||||||||
Term Credit Agreement. On November 4, 2013, the company issued common stock and used a portion of the proceeds to repay $225 million in principal on the $450 million term credit agreement. The interest rate on the term credit agreement was 1.66% and 1.71% as of December 31, 2013 and 2012, respectively. The term credit agreement matures on April 3, 2019. The interest rate on the term credit agreement is based on LIBOR plus 1.50%. | ||||||||||||
The company receives patronage refunds under the term credit agreement. Patronage refunds are distributions of profits from banks in the farm credit system, which are cooperatives that are required to distribute profits to their members. After giving effect to patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both December 31, 2013 and 2012. The company received approximately $2 million in patronage distributions during 2013 that were earned during 2012. The company earned approximately $3 million of patronage distributions during 2013. The term loan agreement is subject to covenants that are substantially the same as those of our revolving line of credit. | ||||||||||||
Senior Notes. The company has outstanding Senior Notes with various maturities and fixed interest rates. During 2013, the company repaid all of its privately placed borrowings with various lenders ("Private Debt"). See Debt Principal Payments below for a discussion of these repayments. | ||||||||||||
As of December 31, 2013, the company had publicly issued and outstanding approximately $1.3 billion aggregate principal amount of Senior Notes (“Public Debt”). The Public Debt is issued by the Partnership and is fully and unconditionally guaranteed by Plum Creek Timber Company, Inc. This amount includes $439 million of 5.875% Public Debt which matures in 2015, $569 million of 4.70% Public Debt which matures in 2021 and $325 million of 3.25% Public Debt which matures in 2023. | ||||||||||||
The Senior Notes are redeemable prior to maturity; however, they are subject to a premium on redemption, which is based upon interest rates of U.S. Treasury securities having similar average maturities. The premium that would have been due upon early retirement approximated $117 million at December 31, 2013 and $242 million at December 31, 2012. | ||||||||||||
Senior Notes outstanding, including unamortized discount, consisted of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Senior Notes | ||||||||||||
Public Debt | $ | 1,329 | $ | 1,353 | ||||||||
Private Debt | — | 260 | ||||||||||
Total Senior Notes | $ | 1,329 | $ | 1,613 | ||||||||
Plum Creek Timber Company, Inc. and the Partnership have filed a shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Plum Creek Timber Company, Inc., from time to time, may offer and sell any combination of preferred stock, common stock, depositary shares, warrants and guarantees, and the Partnership may from time to time, offer and sell debt securities. The company intends to maintain a shelf registration statement with respect to such securities. | ||||||||||||
Installment Note Payable. On December 6, 2013, the company issued an $860 million installment note to MWV Community Development and Land Management, LLC ("MWV CDLM") in connection with the acquisition of certain timberland assets (see Note 2 of the Notes to Consolidated Financial Statements). Following the acquisition, MWV CDLM pledged the installment note to the banks in the farm credit system. The annual interest rate on the installment note is fixed at 5.207%. The company expects to receive patronage refunds under the installment note of approximately 0.64% annually. To hedge against interest rate risk, the company entered into several forward treasury lock transactions following the announcement of the acquisition on October 28, 2013. See Note 12 of the Notes to Consolidated Financial Statements. The forward treasury lock transactions were settled upon issuance of the installment note and the company recorded a gain of $5 million in Other Comprehensive Income which will be amortized as a reduction to interest expense over the term of the installment note. After giving effect to the expected patronage payments and the treasury lock transactions, the company's effective net interest rate is expected to be approximately 4.5%. | ||||||||||||
During the ten-year term of the note, interest is paid quarterly with the principal due upon maturity. The installment note matures on December 6, 2023, but may be extended at the request of the holder if the company at the time of the request intends to refinance all or a portion of the installment note for a term of five years or more. The installment note is generally not redeemable prior to maturity except in certain limited circumstances and could be subject to a premium on redemption. The installment note is subject to covenants similar to those of our revolving line of credit and term credit agreement. | ||||||||||||
Note Payable to Timberland Venture. The company has a $783 million note payable to a timberland venture (a related party). The annual interest rate on the note payable is fixed at 7.375%. During the ten-year term of the note, interest is paid quarterly with the principal due upon maturity. The note matures on October 1, 2018 but may be extended until October 1, 2020 at the election of Plum Creek. The note is not redeemable prior to maturity. The note is structurally subordinated to all other indebtedness of the company at December 31, 2013. See Note 17 of the Notes to Consolidated Financial Statements. | ||||||||||||
Debt Principal Payments. The table below summarizes the debt principal payments made for the years ended December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Public Debt | $ | 24 | $ | — | ||||||||
Private Debt | 260 | 3 | ||||||||||
Term Credit Agreement | 225 | 350 | ||||||||||
Total | $ | 509 | $ | 353 | ||||||||
During 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. | ||||||||||||
Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2013 (in millions): | ||||||||||||
Maturity | Debt | Note | Total | |||||||||
Agreements | Payable to | |||||||||||
Timberland | ||||||||||||
Venture | ||||||||||||
2014 | $ | — | $ | — | $ | — | ||||||
2015 | 439 | — | 439 | |||||||||
2016 | — | — | — | |||||||||
2017 | — | — | — | |||||||||
2018 | — | 783 | 783 | |||||||||
Thereafter | 2,446 | — | 2,446 | |||||||||
Total | $ | 2,885 | $ | 783 | $ | 3,668 | ||||||
Debt Covenants. The company's debt agreements contain various restrictive covenants, including requiring that we maintain certain interest coverage and maximum leverage ratios. The company’s term loan, revolving line of credit and installment note payable each contain a covenant restricting our ability to make any restricted payments, which includes dividend payments, if we are in default under our debt agreements. The company was in compliance with all of its borrowing agreement covenants as of December 31, 2013. | ||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||
Borrowings | ' | |||||||||||
BORROWINGS | ||||||||||||
Outstanding borrowings of the Operating Partnership, all of which are unsecured, consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Line of Credit maturing 2019, 1.37% at 12/31/13, based on LIBOR plus 1.25% | $ | 467 | $ | 104 | ||||||||
Term Credit Agreement due 2019, 1.66% at 12/31/13, based on LIBOR plus 1.50%. | 225 | 450 | ||||||||||
Senior Notes due 2013, 6.18% | — | 174 | ||||||||||
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% | — | 72 | ||||||||||
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% | 438 | 456 | ||||||||||
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% | — | 14 | ||||||||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% | 568 | 575 | ||||||||||
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% | 323 | 322 | ||||||||||
Installment Note Payable due 2023, 5.207% | 860 | — | ||||||||||
Total Long-Term Debt | 2,881 | 2,167 | ||||||||||
Less: Current Portion of Long-Term Debt | — | 248 | ||||||||||
Less: Line of Credit | 467 | 104 | ||||||||||
Long-Term Portion | $ | 2,414 | $ | 1,815 | ||||||||
Line of Credit. On November 8, 2013, the Operating Partnership amended its $700 million revolving line of credit agreement which extended the maturity to January 15, 2019. The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.43% as of December 31, 2013 and December 31, 2012, respectively. The interest rate on the line of credit is based on LIBOR plus 1.25%, including the facility fee. This rate can range from LIBOR plus 1% to LIBOR plus 2% depending on our debt ratings. Subject to customary covenants, the line of credit allows for borrowings from time to time up to $700 million, including up to $60 million of standby letters of credit. Borrowings on the line of credit fluctuate daily based on cash needs. As of December 31, 2013, we had $467 million of borrowings and $1 million of standby letters of credit outstanding; $232 million remained available for borrowing under our line of credit. As of January 2, 2014, $416 million of the borrowings under our line of credit was repaid. The line of credit has been classified as a current liability in our Consolidated Balance Sheet as of December 31, 2013 because the Operating Partnership used a portion of its cash as of December 31, 2013 to repay the line. | ||||||||||||
Term Credit Agreement. On November 4, 2013, Plum Creek Timber Company, Inc. issued common stock and used the proceeds to make a contribution to the Operating Partnership of $607 million. The Operating Partnership used a portion of the contribution to repay $225 million in principal on the $450 million term credit agreement. The interest rate on the term credit agreement was 1.66% and 1.71% as of December 31, 2013 and 2012, respectively. The term credit agreement matures on April 3, 2019. The interest rate on the term credit agreement is based on LIBOR plus 1.50%. | ||||||||||||
The Operating Partnership receives patronage refunds under the term credit agreement. Patronage refunds are distributions of profits from banks in the farm credit system, which are cooperatives that are required to distribute profits to their members. After giving effect to patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both December 31, 2013 and 2012. The Operating Partnership received approximately $2 million in patronage distributions during 2013 that were earned during 2012. The Operating Partnership earned approximately $3 million of patronage distributions during 2013. The term loan agreement is subject to covenants that are substantially the same as those of our revolving line of credit. | ||||||||||||
Senior Notes. The Operating Partnership has outstanding Senior Notes with various maturities and fixed interest rates. During 2013, the Operating Partnership repaid all of its privately placed borrowings with various lenders ("Private Debt"). See Debt Principal Payments below for a discussion of these repayments. | ||||||||||||
As of December 31, 2013, the Operating Partnership had publicly issued and outstanding approximately $1.3 billion aggregate principal amount of Senior Notes (“Public Debt”). The Public Debt is issued by the Partnership and is fully and unconditionally guaranteed by Plum Creek Timber Company, Inc. This amount includes $439 million of 5.875% Public Debt which matures in 2015, $569 million of 4.70% Public Debt which matures in 2021 and $325 million of 3.25% Public Debt which matures in 2023. | ||||||||||||
The Senior Notes are redeemable prior to maturity; however, they are subject to a premium on redemption, which is based upon interest rates of U.S. Treasury securities having similar average maturities. The premium that would have been due upon early retirement approximated $117 million at December 31, 2013 and $242 million at December 31, 2012. | ||||||||||||
Senior Notes outstanding, including unamortized discount, consisted of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Senior Notes | ||||||||||||
Public Debt | $ | 1,329 | $ | 1,353 | ||||||||
Private Debt | — | 260 | ||||||||||
Total Senior Notes | $ | 1,329 | $ | 1,613 | ||||||||
Plum Creek Timber Company, Inc. and the Operating Partnership have filed a shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Plum Creek Timber Company, Inc., from time to time, may offer and sell any combination of preferred stock, common stock, depositary shares, warrants and guarantees, and the Operating Partnership may from time to time, offer and sell debt securities. Plum Creek and the Operating Partnership intend to maintain a shelf registration statement with respect to such securities. | ||||||||||||
Installment Note Payable. On December 6, 2013, the Operating Partnership issued an $860 million installment note to MWV Community Development and Land Management, LLC ("MWV CDLM") in connection with the acquisition of certain timberland assets (see Note 2 of the Notes to Consolidated Financial Statements). Following the acquisition, MWV CDLM pledged the installment note to the banks in the farm credit system. The annual interest rate on the installment note is fixed at 5.207%. The Operating Partnership expects to receive patronage refunds under the installment note of approximately 0.64% annually. To hedge against interest rate risk, the Operating Partnership entered into several forward treasury lock transactions following the announcement of the acquisition on October 28, 2013. See Note 10 of the Notes to Consolidated Financial Statements. The forward treasury lock transactions were settled upon issuance of the installment note and the Operating Partnership recorded a gain of $5 million in Other Comprehensive Income which will be amortized as a reduction to interest expense over the term of the installment note. After giving effect to the expected patronage payments and the treasury lock transactions, the Operating Partnership's effective net interest rate is expected to be approximately 4.5%. | ||||||||||||
During the ten-year term of the note, interest is paid quarterly with the principal due upon maturity. The installment note matures on December 6, 2023, but may be extended at the request of the holder if the Operating Partnership at the time of the request intends to refinance all or a portion of the installment note for a term of five years or more. The installment note is generally not redeemable prior to maturity except in certain limited circumstances and could be subject to a premium on redemption. The installment note is subject to covenants similar to those of our revolving line of credit and term credit agreement. | ||||||||||||
Debt Principal Payments. The table below summarizes the debt principal payments made for the years ended December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Public Debt | $ | 24 | $ | — | ||||||||
Private Debt | 260 | 3 | ||||||||||
Term Credit Agreement | 225 | 350 | ||||||||||
Total | $ | 509 | $ | 353 | ||||||||
During 2013, the Operating Partnership prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. | ||||||||||||
Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2013 (in millions): | ||||||||||||
Maturity | Debt Agreements | |||||||||||
2014 | $ | — | ||||||||||
2015 | 439 | |||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
Thereafter | 2,446 | |||||||||||
Total | $ | 2,885 | ||||||||||
Debt Covenants. The Operating Partnership's debt agreements contain various restrictive covenants, including requiring that we maintain certain interest coverage and maximum leverage ratios. The Operating Partnership’s term loan, revolving line of credit and installment note payable each contain a covenant restricting our ability to make any restricted payments, which includes dividend payments, if we are in default under our debt agreements. The Operating Partnership was in compliance with all of its borrowing agreement covenants as of December 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis. The company’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the company’s financial statements at fair value, measured on a recurring basis (in millions): | |||||||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-13 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 428 | $ | 428 | |||||||||||||||||
Available-for-Sale Securities (B) | 40 | 40 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 473 | $ | 473 | |||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-12 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 354 | $ | 354 | |||||||||||||||||
Available-for-Sale Securities (B) | 34 | 34 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 393 | $ | 393 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $433 million and $356 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012. At December 31, 2013, investments in these mutual funds were approximately 45% in domestic (U.S.) equities, 25% in international equities and 30% in debt securities. | ||||||||||||||||||||
Available-for-Sale Securities. Certain investments in the grantor trusts relate to the company's non-qualified pension plans and are classified as available-for-sale securities. The company has invested in various money market, debt and equity mutual funds and plans to use these investments to fund its non-qualified pension obligations. Unrealized holding gains and losses are included as a component of accumulated other comprehensive income. The company records changes in unrealized holding gains and losses in Other Comprehensive Income, unless an other than temporary impairment has occurred, which is then charged to expense. Changes in the fair value of available-for-sale securities were not material to the company's financial position or results of operations. As of December 31, 2013, the amortized cost of the available-for-sale securities was approximately $28 million. See Note 12 of the Notes to Consolidated Financial Statements. | |||||||||||||||||||||
Trading Securities. Certain investments in the grantor trusts relate to the company's deferred compensation plans and are classified as trading securities. Deferred compensation amounts are invested in various money market, debt and equity mutual funds. The company plans to use these investments to fund deferred compensation obligations. Realized gains and losses and changes in unrealized gains and losses (and a corresponding amount of compensation expense) are recognized in the company's Consolidated Statements of Income. Deferred compensation obligations are included in Other Liabilities and were $5 million at both December 31, 2013 and 2012. Changes in the fair value of trading securities were not material to the company's financial position or results of operations. | |||||||||||||||||||||
Other Instruments. The carrying amount of notes receivable approximates fair value due to the short-term maturities of these instruments. Summarized below are the carrying amount and fair value of the company's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at December 31, 2013 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,329 | $ | — | $ | 1,361 | $ | — | $ | 1,361 | |||||||||||
Private Debt (B) | — | — | — | — | — | ||||||||||||||||
Term Credit Agreement (C) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (D) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (E) | 860 | — | 845 | — | 845 | ||||||||||||||||
Note Payable to Timberland Venture (F) | 783 | — | — | 916 | 916 | ||||||||||||||||
Total Debt | $ | 3,664 | $ | — | $ | 2,898 | $ | 916 | $ | 3,814 | |||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||||||
Carrying Amount at December 31, 2012 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,353 | $ | — | $ | 1,465 | $ | — | $ | 1,465 | |||||||||||
Private Debt (B) | 260 | — | 266 | — | 266 | ||||||||||||||||
Term Credit Agreement (C) | 450 | — | 450 | — | 450 | ||||||||||||||||
Line of Credit (D) | 104 | — | 104 | — | 104 | ||||||||||||||||
Installment Note Payable (E) | — | — | — | — | — | ||||||||||||||||
Note Payable to Timberland Venture (F) | 783 | — | — | 973 | 973 | ||||||||||||||||
Total Debt | $ | 2,950 | $ | — | $ | 2,285 | $ | 973 | $ | 3,258 | |||||||||||
(A) | Fair value of the company's Public Debt (publicly issued Senior Notes) is estimated using multiple market quotes for the company's public bonds. | ||||||||||||||||||||
(B) | Fair value of the company's Private Debt (Senior Notes with various maturities and fixed interest rates which are privately placed with various lenders) is estimated using market quotes for the company's Public Debt adjusted for the different maturities and an illiquidity premium. The Private Debt was repaid during the fourth quarter of 2013. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(E) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
(F) | Fair value is estimated by using market quotes for the company's Public Debt adjusted by an estimated risk premium for holding company debt and the different maturity. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The company’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Summarized below are the Level 3 assets reported in the company's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31 (in millions): | |||||||||||||||||||||
2013 | Fair Value Measurements | Net Gain (Loss) | |||||||||||||||||||
Using Significant | |||||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||||
(Level 3 Measurements) | |||||||||||||||||||||
Timberlands Held for Sale (A) | $37 | $37 | ($4) | ||||||||||||||||||
Total | ($4) | ||||||||||||||||||||
(A) | During 2013, timberlands held for sale for three different properties with a carrying value totaling $41 million were written down to their fair value (net of estimated selling costs) of $37 million, resulting in a loss of $4 million, which was included in earnings for the year ended December 31, 2013. The fair value for two of the properties was based on external appraisals which were derived from a combination of comparable sales and discounted future cash flows. The discounted future cash flows were based on estimated future timber prices and operating expenses. The fair value for the remaining property was based on an offer received by the company from a third party. | ||||||||||||||||||||
There were no material fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2012. See Note 5 of the Notes to Consolidated Financial Statements. | |||||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis. The Operating Partnership’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the Operating Partnership’s financial statements at fair value, measured on a recurring basis (in millions): | |||||||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-13 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 428 | $ | 428 | |||||||||||||||||
Available-for-Sale Securities (B) | 40 | 40 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 473 | $ | 473 | |||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-12 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 354 | $ | 354 | |||||||||||||||||
Available-for-Sale Securities (B) | 34 | 34 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 393 | $ | 393 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $433 million and $356 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012. At December 31, 2013, investments in these mutual funds were approximately 45% in domestic (U.S.) equities, 25% in international equities and 30% in debt securities. | ||||||||||||||||||||
Available-for-Sale Securities. Certain investments in the grantor trusts relate to the Operating Partnership's non-qualified pension plans and are classified as available-for-sale securities. The Operating Partnership has invested in various money market, debt and equity mutual funds and plans to use these investments to fund its non-qualified pension obligations. Unrealized holding gains and losses are included as a component of accumulated other comprehensive income. The Operating Partnership records changes in unrealized holding gains and losses in Other Comprehensive Income, unless an other than temporary impairment has occurred, which is then charged to expense. Changes in the fair value of available-for-sale securities were not material to the Operating Partnership's financial position or results of operations. As of December 31, 2013, the amortized cost of the available-for-sale securities was approximately $28 million. See Note 10 of the Notes to Consolidated Financial Statements. | |||||||||||||||||||||
Trading Securities. Certain investments in the grantor trusts relate to the Operating Partnership's deferred compensation plans and are classified as trading securities. Deferred compensation amounts are invested in various money market, debt and equity mutual funds. The Operating Partnership plans to use these investments to fund deferred compensation obligations. Realized gains and losses and changes in unrealized gains and losses (and a corresponding amount of compensation expense) are recognized in the Operating Partnership's Consolidated Statements of Income. Deferred compensation obligations are included in Other Liabilities and were $5 million at both December 31, 2013 and 2012. Changes in the fair value of trading securities were not material to the Operating Partnership's financial position or results of operations. | |||||||||||||||||||||
Other Instruments. The carrying amount of notes receivable approximates fair value due to the short-term maturities of these instruments. Summarized below are the carrying amount and fair value of the Operating Partnership's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at December 31, 2013 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,329 | $ | — | $ | 1,361 | $ | — | $ | 1,361 | |||||||||||
Private Debt (B) | — | — | — | — | — | ||||||||||||||||
Term Credit Agreement (C) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (D) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (E) | 860 | — | 845 | — | 845 | ||||||||||||||||
Total Debt | $ | 2,881 | $ | — | $ | 2,898 | $ | — | $ | 2,898 | |||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||||||
Carrying Amount at December 31, 2012 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,353 | $ | — | $ | 1,465 | $ | — | $ | 1,465 | |||||||||||
Private Debt (B) | 260 | — | 266 | — | 266 | ||||||||||||||||
Term Credit Agreement (C) | 450 | — | 450 | — | 450 | ||||||||||||||||
Line of Credit (D) | 104 | — | 104 | — | 104 | ||||||||||||||||
Installment Note Payable (E) | — | — | — | — | — | ||||||||||||||||
Total Debt | $ | 2,167 | $ | — | $ | 2,285 | $ | — | $ | 2,285 | |||||||||||
(A) | Fair value of the Operating Partnership's Public Debt (publicly issued Senior Notes) is estimated using multiple market quotes for the Operating Partnership's public bonds. | ||||||||||||||||||||
(B) | Fair value of the Operating Partnership's Private Debt (Senior Notes with various maturities and fixed interest rates which are privately placed with various lenders) is estimated using market quotes for the Operating Partnership's Public Debt adjusted for the different maturities and an illiquidity premium. The Private Debt was repaid during the fourth quarter of 2013. See Note 8 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(E) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Operating Partnership’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Summarized below are the Level 3 assets reported in the Operating Partnership's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31 (in millions): | |||||||||||||||||||||
2013 | Fair Value Measurements | Net Gain (Loss) | |||||||||||||||||||
Using Significant | |||||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||||
(Level 3 Measurements) | |||||||||||||||||||||
Timberlands Held for Sale (A) | $37 | $37 | ($4) | ||||||||||||||||||
Total | ($4) | ||||||||||||||||||||
(A) | During 2013, timberlands held for sale for three different properties with a carrying value totaling $41 million were written down to their fair value (net of estimated selling costs) of $37 million, resulting in a loss of $4 million, which was included in earnings for the year ended December 31, 2013. The fair value for two of the properties was based on external appraisals which were derived from a combination of comparable sales and discounted future cash flows. The discounted future cash flows were based on estimated future timber prices and operating expenses. The fair value for the remaining property was based on an offer received by the Operating Partnership from a third party. | ||||||||||||||||||||
There were no material fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2012. See Note 4 of the Notes to Consolidated Financial Statements. |
Stockholders_Equity
Stockholders' Equity (PLUM CREEK TIMBER CO INC [Member]) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||
At December 31, 2013, Plum Creek had the following authorized capital of which 177.0 million shares of common stock were issued and outstanding: | |||||||||||||||||
• | 300,634,566 shares of common stock, par value $.01 per share; | ||||||||||||||||
• | 150,000,001 shares of excess stock, par value $.01 per share; and | ||||||||||||||||
• | 75,000,000 shares of preferred stock, par value $.01 per share. | ||||||||||||||||
On November 4, 2013, the company completed an equity offering, resulting in the issuance of 13.9 million additional shares of common stock for net proceeds of $607 million. The proceeds from the equity offering were used to pay the cash portion of the timberland acquisition from MeadWestvaco Corporation and the acquisition related transaction fees, with the balance used to pay down approximately $376 million of the company's outstanding debt. See Notes 2 and 10 of the Notes to Consolidated Financial Statements. | |||||||||||||||||
The Board of Directors, from time to time, has authorized a share repurchase program. The table below summarizes the share repurchases pursuant to this program for the years ended December 31: | |||||||||||||||||
2011 | |||||||||||||||||
Shares of Common Stock (in millions) | 0.7 | ||||||||||||||||
Total Cost of Shares (in millions) | $ | 25 | |||||||||||||||
Average Cost per Share | $ | 34.84 | |||||||||||||||
There were no share repurchases pursuant to the Board of Directors authorized share repurchase program in 2013 or 2012. At December 31, 2013, $175 million is available for share repurchases under the current Board of Directors authorization. | |||||||||||||||||
Comprehensive Income | |||||||||||||||||
Comprehensive income includes net income, actuarial gains and losses associated with our defined benefit pension plans, unrealized gains and losses on available-for-sale securities and a gain for the effective portion of a derivative transaction designated as a cash flow hedge. Comprehensive income was as follows for the years ended December 31 (in millions): | |||||||||||||||||
Pretax | Tax Expense | After-Tax | |||||||||||||||
Amount | (Benefit) | Amount | |||||||||||||||
December 31, 2011 | |||||||||||||||||
Net Income | $ | 193 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | (1 | ) | $ | — | (1 | ) | ||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (31 | ) | (6 | ) | (25 | ) | |||||||||||
Reclassification to Net Income | 2 | — | 2 | ||||||||||||||
Total Comprehensive Income | $ | 169 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Net Income | $ | 203 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 2 | $ | — | 2 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (2 | ) | — | (2 | ) | ||||||||||||
Reclassification to Net Income | 4 | 1 | 3 | ||||||||||||||
Total Comprehensive Income | $ | 206 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Net Income | $ | 214 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 5 | $ | — | 5 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | 25 | 6 | 19 | ||||||||||||||
Reclassification to Net Income | 5 | 1 | 4 | ||||||||||||||
Derivative Gain (Loss) on Cash Flow Hedge | 5 | — | 5 | ||||||||||||||
Total Comprehensive Income | $ | 247 | |||||||||||||||
The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): | |||||||||||||||||
Net Unrealized Holding Gain (Loss) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||
31-Dec-11 | $ | 6 | $ | (41 | ) | $ | — | $ | (35 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 2 | (2 | ) | — | — | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 3 | — | 3 | |||||||||||||
31-Dec-12 | $ | 8 | $ | (40 | ) | $ | — | $ | (32 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 5 | 19 | 5 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 4 | — | 4 | |||||||||||||
31-Dec-13 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||
(A) | Amortization of actuarial gains and losses on the company's defined benefit pension plans is included in the computation of pension cost. See Note 13 of the Notes to Consolidated Financial Statements. | ||||||||||||||||
Cash Flow Hedge. On December 6, 2013, the company issued an $860 million installment note to MWV Community Development and Land Management, LLC ("MWV CDLM") in connection with the acquisition of certain timberland assets (see Notes 2 and 10 of the Notes to Consolidated Financial Statements). To hedge against interest rate risk, the company entered into several forward treasury lock transactions following the announcement of the acquisition on October 28, 2013. These transactions, which were executed prior to issuance of the installment note, are accounted for as cash flow hedges. These transactions settled on December 6, 2013, the date the installment note was issued, and the company received proceeds of $5 million that are reflected in Other Operating Activities on the Consolidated Statements of Cash Flows. The company recorded a gain of $5 million, the effective portion of the hedge, in Other Comprehensive Income. This gain will be amortized as a reduction to interest expense on the installment note over its term of ten years. The company is not a party to any other derivative arrangements. |
Partners_Capital
Partners' Capital (PLUM CREEK TIMBERLANDS L P [Member]) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Partners' Capital | ' | ||||||||||||||||
PARTNERS' CAPITAL | |||||||||||||||||
During 2008, PC Ventures I, LLC (“PC Ventures”), a 100% wholly-owned subsidiary of Plum Creek Timber Company, Inc., borrowed $783 million from an entity in which a subsidiary of the Operating Partnership has an equity interest (the Timberland Venture). See Note 15 of the Notes to Consolidated Financial Statements. PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest in the Operating Partnership (“Series T-1 Preferred Interest”). The Operating Partnership has no ownership interest in PC Ventures. | |||||||||||||||||
The Series T-1 Preferred Interest provides for a return of 7.375% per annum (approximately $58 million) on its contributed capital of $783 million. Distributions are payable on February 15th, May 15th, August 15th, and November 15th each year. The Series T-1 Preferred Interest is redeemable upon liquidation of the Operating Partnership. The Series T-1 Preferred Interest has a preference in liquidation over the Common Partnership Interests (Partners’ Capital) to the extent the Operating Partnership has available assets to distribute to the Series T-1 Preferred Interest. | |||||||||||||||||
On November 4, 2013, Plum Creek completed an equity offering, resulting in the issuance of 13.9 million shares of common stock for net proceeds of $607 million. Following the equity offering, Plum Creek made a $607 million capital contribution to the Operating Partnership. The proceeds from this capital contribution were used by the Operating Partnership to pay the cash portion of the timberland acquisition from MeadWestvaco Corporation and the acquisition related transaction fees, with the balance used to pay down approximately $376 million of the Operating Partnership’s outstanding debt. See Notes 2 and 8 of the Notes to Consolidated Financial Statements. | |||||||||||||||||
Comprehensive Income | |||||||||||||||||
Comprehensive income includes net income, actuarial gains and losses associated with our defined benefit pension plans, unrealized gains and losses on available-for-sale securities and a gain for the effective portion of a derivative transaction designated as a cash flow hedge. Comprehensive income was as follows for the years ended December 31 (in millions): | |||||||||||||||||
Pretax | Tax Expense | After-Tax | |||||||||||||||
Amount | (Benefit) | Amount | |||||||||||||||
December 31, 2011 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 251 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | (1 | ) | $ | — | (1 | ) | ||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (31 | ) | (6 | ) | (25 | ) | |||||||||||
Reclassification to Net Income | 2 | — | 2 | ||||||||||||||
Total Comprehensive Income | $ | 227 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 261 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 2 | $ | — | 2 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (2 | ) | — | (2 | ) | ||||||||||||
Reclassification to Net Income | 4 | 1 | 3 | ||||||||||||||
Total Comprehensive Income | $ | 264 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 272 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 5 | $ | — | 5 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | 25 | 6 | 19 | ||||||||||||||
Reclassification to Net Income | 5 | 1 | 4 | ||||||||||||||
Derivative Gain (Loss) on Cash Flow Hedge | 5 | — | 5 | ||||||||||||||
Total Comprehensive Income | $ | 305 | |||||||||||||||
The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): | |||||||||||||||||
Net Unrealized Holding Gain (Loss) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||
31-Dec-11 | $ | 6 | $ | (41 | ) | $ | — | $ | (35 | ) | |||||||
Other Comprehensive Income (Loss) before reclassifications | 2 | (2 | ) | — | — | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 3 | — | 3 | |||||||||||||
31-Dec-12 | $ | 8 | $ | (40 | ) | $ | — | $ | (32 | ) | |||||||
Other Comprehensive Income (Loss) before reclassifications | 5 | 19 | 5 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 4 | — | 4 | |||||||||||||
31-Dec-13 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||
(A) Amortization of actuarial gains and losses on the Operating Partnership’s defined benefit pension plans is | |||||||||||||||||
included in the computation of pension cost. See Note 11 of the Notes to Consolidated Financial Statements. | |||||||||||||||||
Cash Flow Hedge. On December 6, 2013, the Operating Partnership issued an $860 million installment note to MWV Community Development and Land Management, LLC ("MWV CDLM") in connection with the acquisition of certain timberland assets (see Notes 2 and 8 of the Notes to Consolidated Financial Statements). To hedge against interest rate risk, the Operating Partnership entered into several forward treasury lock transactions following the announcement of the acquisition on October 28, 2013. These transactions, which were executed prior to issuance of the installment note, are accounted for as cash flow hedges. These transactions settled on December 6, 2013, the date the installment note was issued, and the Operating Partnership received proceeds of $5 million that are reflected in Other Operating Activities on the Consolidated Statements of Cash Flows. The Operating Partnership recorded a gain of $5 million, the effective portion of the hedge, in Other Comprehensive Income. This gain will be amortized as a reduction to interest expense on the installment note over its term of ten years. The Operating Partnership is not a party to any other derivative arrangements. |
Employee_Pension_and_Retiremen
Employee Pension and Retirement Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Employee Pension and Retirement Plans | ' | ||||||||||||||||
EMPLOYEE PENSION AND RETIREMENT PLANS | |||||||||||||||||
Pension Plan—General. The company provides defined benefit pension plans that cover substantially all employees of the company. Most of the company’s salaried and all hourly employees who complete one year of service in which they work at least 1,000 hours are eligible to participate in the plan. Participants vest after three years of service. The cash balance benefits for salaried employees is determined based primarily on certain percentages of compensation, age, years of service and interest accrued based on the 30-year Treasury bond rate. Participants who were employees of the company on September 1, 2000, earn benefits based on the greater of the cash balance formula or a monthly pension benefit that is principally based on the highest monthly average earnings during any consecutive sixty-month out of 120-month period and the number of years of service credit. The benefits to hourly employees are generally based on a fixed amount per year of service. | |||||||||||||||||
The company maintains a qualified defined benefit pension plan and two non-qualified defined benefit pension plans. Assets related to the non-qualified plans are held in a grantor trust and are subject to the claims of creditors in the event of bankruptcy. As a result, pension assets for the non-qualified plans are not considered plan assets, and therefore, have not been netted against our pension liability. Pension assets for the non-qualified plans are included in “Investment in Grantor Trusts” and the related pension liability is included in “Other Current Liabilities” and “Other Liabilities” in our Consolidated Balance Sheets. | |||||||||||||||||
Funded Status. The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 181 | $ | 164 | |||||||||||||
Service Cost | 7 | 6 | |||||||||||||||
Interest Cost | 8 | 8 | |||||||||||||||
Actuarial (Gain) Loss | (12 | ) | 11 | ||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Benefit Obligation at End of Period | $ | 178 | $ | 181 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at Beginning of Period | $ | 128 | $ | 100 | |||||||||||||
Actual Return on Plan Assets | 22 | 16 | |||||||||||||||
Employer Contributions | — | 20 | |||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Fair Value of Plan Assets at End of Period | 144 | 128 | |||||||||||||||
Funded Status—December 31 | $ | (34 | ) | $ | (53 | ) | |||||||||||
Amounts Recognized in the Consolidated Balance Sheet | |||||||||||||||||
Other Assets | $ | 10 | $ | — | |||||||||||||
Other Current Liabilities | (5 | ) | (4 | ) | |||||||||||||
Other Liabilities | (39 | ) | (49 | ) | |||||||||||||
Total | $ | (34 | ) | $ | (53 | ) | |||||||||||
Note: The Benefit Obligation reflects both the qualified and non-qualified (supplemental) plans while the Plan Assets reflects only the qualified plan. The actuarial gain reflected in the change in benefit obligation for 2013 is due primarily to a change in the interest rate assumptions for measuring our pension liabilities as of December 31, 2013. The actuarial loss reflected in the change in benefit obligation for 2012 is due primarily to a change in the interest rate assumptions for measuring our pension liabilities as of December 31, 2012. | |||||||||||||||||
The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): | |||||||||||||||||
Qualified Pension Plan | Non-Qualified Pension Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Projected Benefit Obligation | $ | 134 | $ | 140 | $ | 44 | $ | 41 | |||||||||
Accumulated Benefit Obligation | 126 | 132 | 36 | 34 | |||||||||||||
Plan Assets | 144 | 128 | N/A | N/A | |||||||||||||
Assets Held in the Grantor Trust | N/A | N/A | 40 | 34 | |||||||||||||
Pension contributions are significantly impacted by investment returns and changes in interest rates. It is generally the company’s policy to fund the qualified plan annually such that the fair value of plan assets equals or exceeds the actuarially computed accumulated benefit obligation (the approximate actuarially computed current pension obligation if the plan was discontinued) over a market cycle (generally 3 to 5 years). During 2013, the company did not make any contributions to the qualified pension plan or to its grantor trust associated with the non-qualified plans. During 2012, the company contributed $20 million to the qualified pension plan and did not make any contributions to its grantor trust associated with the non-qualified plans. Based on current interest rates and expected returns, the company does not expect to make any contributions during 2014 to its qualified pension plan nor to its grantor trust associated with the non-qualified plans. | |||||||||||||||||
Pension Cost and Assumptions. The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service Cost | $ | 7 | $ | 6 | $ | 6 | |||||||||||
Interest Cost | 8 | 8 | 8 | ||||||||||||||
Expected Return on Plan Assets | (9 | ) | (7 | ) | (7 | ) | |||||||||||
Recognized Actuarial Loss | 5 | 4 | 2 | ||||||||||||||
Total Pension Cost | $ | 11 | $ | 11 | $ | 9 | |||||||||||
The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net Actuarial Loss (Gain) | $ | (25 | ) | $ | 2 | $ | 31 | ||||||||||
Amortization of Net Actuarial Loss | (5 | ) | (4 | ) | (2 | ) | |||||||||||
Total (Gain) Loss Recognized in Other Comprehensive Income | $ | (30 | ) | $ | (2 | ) | $ | 29 | |||||||||
Combined Pension Cost Recognized in Comprehensive Income | $ | (19 | ) | $ | 9 | $ | 38 | ||||||||||
Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net Loss | $ | 22 | $ | 52 | |||||||||||||
Deferred Tax Benefit | $ | (6 | ) | $ | (12 | ) | |||||||||||
During 2014, we expect $2 million of the $22 million net actuarial loss to be included as a component of our total pension cost. | |||||||||||||||||
The qualified pension plan allows terminated employees to elect to receive pension benefits either as a lump-sum distribution or as annuity payments. The non-qualified plans only provide for lump-sum distributions. Management estimates that approximately half of the qualified plan participants will elect a lump-sum payment upon termination. Therefore, approximately 50% of the benefit obligation for the qualified plan is discounted based on high quality corporate bond yields while approximately 50% of the qualified plan and 100% of the non-qualified plans are discounted based on yields on 30-year U.S. Treasury bonds. Weighted-average assumptions used to determine benefit obligation are as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Discount Rates | |||||||||||||||||
Annuity Distributions | 5.05 | % | 4.35 | % | |||||||||||||
Lump-Sum Distributions | 3.8 | % | 2.8 | % | |||||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | |||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount Rate | 4.35 | % | 4.95 | % | 5.9 | % | |||||||||||
Expected Long-Term Return on Plan Assets | 7.25 | % | 7.5 | % | 7.5 | % | |||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | 3.45 | % | |||||||||||
To develop the expected long-term rate of return on plan assets assumption, the company considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns on each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. This resulted in the selection of the 7.25% assumption as of January 1, 2013 and the 7.50% assumption as of January 1, 2012. | |||||||||||||||||
The market related value of plan assets for the qualified plan is a calculated value that spreads unexpected investment returns over three years. The market-related value of assets held in a grantor trust for the non-qualified plans is fair market value. There has been no change in the method for determining the market-related value of assets since the prior valuation. | |||||||||||||||||
Investment Policies and Strategies. Investment allocation decisions are made to achieve maximum returns at a reasonable risk for the company’s pension assets over a full market cycle and are made without regard to future pension obligations. At December 31, 2013, target allocations for the various asset classes are as follows: | |||||||||||||||||
Large Capitalization Domestic Equities | 32 | % | |||||||||||||||
Small and Mid-Size Capitalization Domestic Equities | 7 | % | |||||||||||||||
International Equities | 26 | % | |||||||||||||||
Fixed Income | 35 | % | |||||||||||||||
The company currently uses actively managed funds and index funds, utilizing six fund managers, to capture favorable returns in various asset classes and to diversify risk. Mutual funds invest in a diversified portfolio. Equity Securities and Collective Trust Funds are invested in a diversified portfolio whereby no more than 5% of an equity portfolio can be invested in a single company and fund managers are expected to be well diversified with respect to industry and economic sectors. Equity investments are limited to common stocks, common stock equivalents and preferred stock. Additionally, no more than 10% of a fixed income portfolio can be invested in a single issuer (other than U.S. treasuries). Fixed income investments are limited to U.S. treasuries, agencies of the U.S. Government, domestic corporations, municipalities, domestic banks and other U.S. financial institutions. Pension assets are analyzed at least quarterly and rebalanced as needed to maintain the target allocations. | |||||||||||||||||
Over a full market cycle, the investment goals (net of related fees) for the company’s various asset classes are as follows: | |||||||||||||||||
• | Large Cap. Domestic Equities—For actively managed funds performance should exceed the applicable benchmark (e.g., Russell 1000 Growth or Russell 1000 Value Indexes) by 0.50% per annum, while index funds should match the performance of the applicable benchmark (e.g. S&P 500 Index). | ||||||||||||||||
• | Small and Mid. Cap. Domestic Equities—For index funds performance should match the applicable benchmark (e.g. Russell 2000 Index). | ||||||||||||||||
• | International Equities—For actively managed funds performance should exceed the applicable benchmark (e.g. MSCI EAFE Index) by 1.00% per annum, while index funds should match the performance of the applicable benchmark (e.g. MSCI Emerging Markets Index). | ||||||||||||||||
• | Fixed Income Securities—Fund performance should exceed the applicable benchmark (e.g., Barclays Capital Aggregate Bond, Barclays Capital High Yield, or Barclays Capital U.S. Credit Indexes) by 0.25% per annum. | ||||||||||||||||
Fair Value of Pension Plan Assets. The fair values of each major class of plan assets were as follows as of December 31, 2013 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 16 | — | — | 16 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 11 | — | — | 11 | |||||||||||||
International Equity Securities | 38 | — | — | 38 | |||||||||||||
Fixed Income Securities | 40 | — | — | 40 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 32 | — | 32 | |||||||||||||
Fixed Income Securities | — | 7 | — | 7 | |||||||||||||
Total Investments Measured at Fair Value | $ | 105 | $ | 39 | $ | — | $ | 144 | |||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2012 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 14 | — | — | 14 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 9 | — | — | 9 | |||||||||||||
International Equity Securities | 34 | — | — | 34 | |||||||||||||
Fixed Income Securities | 39 | — | — | 39 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 26 | — | 26 | |||||||||||||
Fixed Income Securities | — | 6 | — | 6 | |||||||||||||
Total Investments Measured at Fair Value | $ | 96 | $ | 32 | $ | — | $ | 128 | |||||||||
The valuation techniques and inputs used to measure fair value for each major class of plan assets were as follows (there have been no changes in these techniques and inputs during the year ended December 31, 2013): | |||||||||||||||||
• | The fair value of equity securities (common stocks) and mutual funds is derived from quoted market prices in active markets at the measurement date. | ||||||||||||||||
• | The fair value of the underlying assets of the collective trust funds is determined using the net asset values. The net asset values are based on the fair value of the underlying assets of the funds, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The funds are traded on private markets that are not active; however, the unit price is based primarily on observable market data of the fund’s underlying assets. | ||||||||||||||||
Projected Benefit Payments. The following table presents expected future benefit payments projected based on the same assumptions used by the company to measure the benefit obligation and estimate future employee service (in millions): | |||||||||||||||||
Year | Projected Benefit | ||||||||||||||||
Payments | |||||||||||||||||
2014 | $ | 15 | |||||||||||||||
2015 | 14 | ||||||||||||||||
2016 | 16 | ||||||||||||||||
2017 | 22 | ||||||||||||||||
2018 | 14 | ||||||||||||||||
2019 through 2023 | 73 | ||||||||||||||||
Thrift and Profit Sharing Plan. The company sponsors an employee thrift and profit sharing plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all full-time employees. The company matches employee contributions of up to six percent of compensation at rates ranging from 35% to 100%, depending upon financial performance. | |||||||||||||||||
The employer match was 100% for 2013, 2012 and 2011. Amounts charged to expense relating to the company’s thrift and profit sharing plan were $4 million in 2013, 2012 and 2011. | |||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Employee Pension and Retirement Plans | ' | ||||||||||||||||
EMPLOYEE PENSION AND RETIREMENT PLANS | |||||||||||||||||
Pension Plan—General. Plum Creek Timberlands, L.P. sponsors defined benefit pension plans that cover substantially all employees of the Operating Partnership. Most of the Operating Partnership’s salaried and all hourly employees who complete one year of service in which they work at least 1,000 hours are eligible to participate in the plan. Participants vest after three years of service. The cash balance benefits for salaried employees is determined based primarily on certain percentages of compensation, age, years of service and interest accrued based on the 30-year Treasury bond rate. Participants who were employees of the Operating Partnership on September 1, 2000, earn benefits based on the greater of the cash balance formula or a monthly pension benefit that is principally based on the highest monthly average earnings during any consecutive sixty-month out of 120-month period and the number of years of service credit. The benefits to hourly employees are generally based on a fixed amount per year of service. | |||||||||||||||||
The Operating Partnership maintains a qualified defined benefit pension plan and two non-qualified defined benefit pension plans. Assets related to the non-qualified plans are held in a grantor trust and are subject to the claims of creditors in the event of bankruptcy. As a result, pension assets for the non-qualified plans are not considered plan assets, and therefore, have not been netted against our pension liability. Pension assets for the non-qualified plans are included in “Investment in Grantor Trusts” and the related pension liability is included in “Other Current Liabilities” and “Other Liabilities” in our Consolidated Balance Sheets. | |||||||||||||||||
Funded Status. The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 181 | $ | 164 | |||||||||||||
Service Cost | 7 | 6 | |||||||||||||||
Interest Cost | 8 | 8 | |||||||||||||||
Actuarial (Gain) Loss | (12 | ) | 11 | ||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Benefit Obligation at End of Period | $ | 178 | $ | 181 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at Beginning of Period | $ | 128 | $ | 100 | |||||||||||||
Actual Return on Plan Assets | 22 | 16 | |||||||||||||||
Employer Contributions | — | 20 | |||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Fair Value of Plan Assets at End of Period | 144 | 128 | |||||||||||||||
Funded Status—December 31 | $ | (34 | ) | $ | (53 | ) | |||||||||||
Amounts Recognized in the Consolidated Balance Sheet | |||||||||||||||||
Other Assets | $ | 10 | $ | — | |||||||||||||
Other Current Liabilities | (5 | ) | (4 | ) | |||||||||||||
Other Liabilities | (39 | ) | (49 | ) | |||||||||||||
Total | $ | (34 | ) | $ | (53 | ) | |||||||||||
Note: The Benefit Obligation reflects both the qualified and non-qualified (supplemental) plans while the Plan Assets reflects only the qualified plan. The actuarial gain reflected in the change in benefit obligation for 2013 is due primarily to a change in the interest rate assumptions for measuring our pension liabilities as of December 31, 2013. The actuarial loss reflected in the change in benefit obligation for 2012 is due primarily to a change in the interest rate assumptions for measuring our pension liabilities as of December 31, 2012. | |||||||||||||||||
The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): | |||||||||||||||||
Qualified Pension Plan | Non-Qualified Pension Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Projected Benefit Obligation | $ | 134 | $ | 140 | $ | 44 | $ | 41 | |||||||||
Accumulated Benefit Obligation | 126 | 132 | 36 | 34 | |||||||||||||
Plan Assets | 144 | 128 | N/A | N/A | |||||||||||||
Assets Held in the Grantor Trust | N/A | N/A | 40 | 34 | |||||||||||||
Pension contributions are significantly impacted by investment returns and changes in interest rates. It is generally the Operating Partnership’s policy to fund the qualified plan annually such that the fair value of plan assets equals or exceeds the actuarially computed accumulated benefit obligation (the approximate actuarially computed current pension obligation if the plan was discontinued) over a market cycle (generally 3 to 5 years). During 2013, the Operating Partnership did not make any contributions to the qualified pension plan or to its grantor trust associated with the non-qualified plans. During 2012, the Operating Partnership contributed $20 million to the qualified pension plan and did not make any contributions to its grantor trust associated with the non-qualified plans. Based on current interest rates and expected returns, the Operating Partnership does not expect to make any contributions during 2014 to its qualified pension plan nor to its grantor trust associated with the non-qualified plans. | |||||||||||||||||
Pension Cost and Assumptions. The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service Cost | $ | 7 | $ | 6 | $ | 6 | |||||||||||
Interest Cost | 8 | 8 | 8 | ||||||||||||||
Expected Return on Plan Assets | (9 | ) | (7 | ) | (7 | ) | |||||||||||
Recognized Actuarial Loss | 5 | 4 | 2 | ||||||||||||||
Total Pension Cost | $ | 11 | $ | 11 | $ | 9 | |||||||||||
The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net Actuarial Loss (Gain) | $ | (25 | ) | $ | 2 | $ | 31 | ||||||||||
Amortization of Net Actuarial Loss | (5 | ) | (4 | ) | (2 | ) | |||||||||||
Total (Gain) Loss Recognized in Other Comprehensive Income | $ | (30 | ) | $ | (2 | ) | $ | 29 | |||||||||
Combined Pension Cost Recognized in Comprehensive Income | $ | (19 | ) | $ | 9 | $ | 38 | ||||||||||
Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net Loss | $ | 22 | $ | 52 | |||||||||||||
Deferred Tax Benefit | $ | (6 | ) | $ | (12 | ) | |||||||||||
During 2014, we expect $2 million of the $22 million net actuarial loss to be included as a component of our total pension cost. | |||||||||||||||||
The qualified pension plan allows terminated employees to elect to receive pension benefits either as a lump-sum distribution or as annuity payments. The non-qualified plans only provide for lump-sum distributions. Management estimates that approximately half of the qualified plan participants will elect a lump-sum payment upon termination. Therefore, approximately 50% of the benefit obligation for the qualified plan is discounted based on high quality corporate bond yields while approximately 50% of the qualified plan and 100% of the non-qualified plans are discounted based on yields on 30-year U.S. Treasury bonds. Weighted-average assumptions used to determine benefit obligation are as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Discount Rates | |||||||||||||||||
Annuity Distributions | 5.05 | % | 4.35 | % | |||||||||||||
Lump-Sum Distributions | 3.8 | % | 2.8 | % | |||||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | |||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount Rate | 4.35 | % | 4.95 | % | 5.9 | % | |||||||||||
Expected Long-Term Return on Plan Assets | 7.25 | % | 7.5 | % | 7.5 | % | |||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | 3.45 | % | |||||||||||
To develop the expected long-term rate of return on plan assets assumption, the Operating Partnership considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns on each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. This resulted in the selection of the 7.25% assumption as of January 1, 2013 and the 7.50% assumption as of January 1, 2012. | |||||||||||||||||
The market related value of plan assets for the qualified plan is a calculated value that spreads unexpected investment returns over three years. The market-related value of assets held in a grantor trust for the non-qualified plans is fair market value. There has been no change in the method for determining the market-related value of assets since the prior valuation. | |||||||||||||||||
Investment Policies and Strategies. Investment allocation decisions are made to achieve maximum returns at a reasonable risk for the Operating Partnership’s pension assets over a full market cycle and are made without regard to future pension obligations. At December 31, 2013, target allocations for the various asset classes are as follows: | |||||||||||||||||
Large Capitalization Domestic Equities | 32 | % | |||||||||||||||
Small and Mid-Size Capitalization Domestic Equities | 7 | % | |||||||||||||||
International Equities | 26 | % | |||||||||||||||
Fixed Income | 35 | % | |||||||||||||||
The Operating Partnership currently uses actively managed funds and index funds, utilizing six fund managers, to capture favorable returns in various asset classes and to diversify risk. Mutual funds invest in a diversified portfolio. Equity Securities and Collective Trust Funds are invested in a diversified portfolio whereby no more than 5% of an equity portfolio can be invested in a single company and fund managers are expected to be well diversified with respect to industry and economic sectors. Equity investments are limited to common stocks, common stock equivalents and preferred stock. Additionally, no more than 10% of a fixed income portfolio can be invested in a single issuer (other than U.S. treasuries). Fixed income investments are limited to U.S. treasuries, agencies of the U.S. Government, domestic corporations, municipalities, domestic banks and other U.S. financial institutions. Pension assets are analyzed at least quarterly and rebalanced as needed to maintain the target allocations. | |||||||||||||||||
Over a full market cycle, the investment goals (net of related fees) for the Operating Partnership’s various asset classes are as follows: | |||||||||||||||||
• | Large Cap. Domestic Equities—For actively managed funds performance should exceed the applicable benchmark (e.g., Russell 1000 Growth or Russell 1000 Value Indexes) by 0.50% per annum, while index funds should match the performance of the applicable benchmark (e.g. S&P 500 Index). | ||||||||||||||||
• | Small and Mid. Cap. Domestic Equities—For index funds performance should match the applicable benchmark (e.g. Russell 2000 Index). | ||||||||||||||||
• | International Equities—For actively managed funds performance should exceed the applicable benchmark (e.g. MSCI EAFE Index) by 1.00% per annum, while index funds should match the performance of the applicable benchmark (e.g. MSCI Emerging Markets Index). | ||||||||||||||||
• | Fixed Income Securities—Fund performance should exceed the applicable benchmark (e.g., Barclays Capital Aggregate Bond, Barclays Capital High Yield, or Barclays Capital U.S. Credit Indexes) by 0.25% per annum. | ||||||||||||||||
Fair Value of Pension Plan Assets. The fair values of each major class of plan assets were as follows as of December 31, 2013 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 16 | — | — | 16 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 11 | — | — | 11 | |||||||||||||
International Equity Securities | 38 | — | — | 38 | |||||||||||||
Fixed Income Securities | 40 | — | — | 40 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 32 | — | 32 | |||||||||||||
Fixed Income Securities | — | 7 | — | 7 | |||||||||||||
Total Investments Measured at Fair Value | $ | 105 | $ | 39 | $ | — | $ | 144 | |||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2012 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 14 | — | — | 14 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 9 | — | — | 9 | |||||||||||||
International Equity Securities | 34 | — | — | 34 | |||||||||||||
Fixed Income Securities | 39 | — | — | 39 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 26 | — | 26 | |||||||||||||
Fixed Income Securities | — | 6 | — | 6 | |||||||||||||
Total Investments Measured at Fair Value | $ | 96 | $ | 32 | $ | — | $ | 128 | |||||||||
The valuation techniques and inputs used to measure fair value for each major class of plan assets were as follows (there have been no changes in these techniques and inputs during the year ended December 31, 2013): | |||||||||||||||||
• | The fair value of equity securities (common stocks) and mutual funds is derived from quoted market prices in active markets at the measurement date. | ||||||||||||||||
• | The fair value of the underlying assets of the collective trust funds is determined using the net asset values. The net asset values are based on the fair value of the underlying assets of the funds, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The funds are traded on private markets that are not active; however, the unit price is based primarily on observable market data of the fund’s underlying assets. | ||||||||||||||||
Projected Benefit Payments. The following table presents expected future benefit payments projected based on the same assumptions used by the Operating Partnership to measure the benefit obligation and estimate future employee service (in millions): | |||||||||||||||||
Year | Projected Benefit | ||||||||||||||||
Payments | |||||||||||||||||
2014 | $ | 15 | |||||||||||||||
2015 | 14 | ||||||||||||||||
2016 | 16 | ||||||||||||||||
2017 | 22 | ||||||||||||||||
2018 | 14 | ||||||||||||||||
2019 through 2023 | 73 | ||||||||||||||||
Thrift and Profit Sharing Plan. The Operating Partnership sponsors an employee thrift and profit sharing plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all full-time employees. The Operating Partnership matches employee contributions of up to six percent of compensation at rates ranging from 35% to 100%, depending upon financial performance. | |||||||||||||||||
The employer match was 100% for 2013, 2012 and 2011. Amounts charged to expense relating to the Operating Partnership’s thrift and profit sharing plan were $4 million in 2013, 2012 and 2011. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||
SHARE-BASED COMPENSATION PLANS | ||||||||||||||||
Plum Creek has a stockholder approved Stock Incentive Plan (“the Plan”) that provides for the award of shares of the company’s stock including, but not limited to, common stock awards, restricted stock units and value management awards. Under the Plan, there are 6.1 million shares of common stock reserved and eligible for issuance. At December 31, 2013, 0.3 million shares of the 6.1 million reserved shares have been used and, therefore, 5.8 million shares remain available for future grants of common stock awards and restricted stock units or payments of vested value management awards. The number of shares to be issued in connection with value management awards is not determined until the end of their respective performance periods. New shares are issued for payment under the Plan for awards that pay out in shares or where the participant can elect payment in shares. | ||||||||||||||||
Prior to 2012, awards of non-qualified stock options, restricted stock, restricted stock units, and value management awards were made under a stockholder approved plan. | ||||||||||||||||
Value Management Awards. Value management awards provide incentive compensation to participants that is contingent upon the company’s performance over a three-year period measured separately against the performance of peer groups consisting of forest products companies, the S&P 500 Index and the MSCI U.S. REIT Index over the same period. | ||||||||||||||||
Value management awards are earned in whole or in part based on a sliding scale. For the value management awards granted in 2013 and 2012, no award is earned if the company's total shareholder return is below the 25th percentile of the peer group. The full value management award is earned if the company’s total shareholder return is above the 85th percentile. The value of an award between the 25th percentile and the 85th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100. | ||||||||||||||||
For the value management awards granted in 2011, no award is earned if the company’s total shareholder return is below the 50th percentile of the peer group. The full value management award is earned if the company’s total shareholder return is above the 75th percentile. The value of an award between the 50th percentile and 75th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100. | ||||||||||||||||
Amounts earned, if any, are paid in the quarter immediately following the end of the three-year performance period. Unless otherwise specified by the participant, each payment will be paid in cash, except that any officer not in compliance with the company’s stock ownership guidelines is required to receive up to half of the payment value in the company’s common stock. Generally, to be entitled to the payment, a participant must be employed by the company on the last day of the performance period. | ||||||||||||||||
Value management awards activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | ||||||||||||||||
Balance at January 1, 2013 | 279,200 | |||||||||||||||
Grants | 134,463 | |||||||||||||||
Vested | (74,540 | ) | ||||||||||||||
Forfeitures | (7,010 | ) | ||||||||||||||
Balance at December 31, 2013 | 332,113 | |||||||||||||||
Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2013 (dollars in millions): | ||||||||||||||||
Performance Period | Outstanding | Fair Value (A) | Unrecognized | Maximum Award | ||||||||||||
Units | Compensation | Value (B) | ||||||||||||||
Expense | ||||||||||||||||
2011 to 2013 | 75,980 | $ | 2.7 | $ | 0 | $ | 15.2 | |||||||||
2012 to 2014 | 123,855 | $ | 9 | $ | 3.2 | $ | 24.8 | |||||||||
2013 to 2015 | 132,278 | $ | 9.7 | $ | 6 | $ | 26.5 | |||||||||
(A) | The estimated fair value includes unrecognized compensation expense. | |||||||||||||||
(B) | Maximum award value is based on a unit value of $200. | |||||||||||||||
Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three-year performance periods: | ||||||||||||||||
Performance Period | Payout Value | Total Payout | Payment Date | |||||||||||||
per Unit | (millions) | |||||||||||||||
2011 to 2013 | $ | 35 | $ | 2.7 | 1st Quarter 2014 | |||||||||||
2010 to 2012 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2009 to 2011 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2008 to 2010 | $ | 0 | $ | 0 | Not Earned | |||||||||||
Grants of value management awards are classified and accounted for as liabilities. As a result, the expense recognized over the performance period for value management awards will equal the fair value (i.e., cash value) of an award as of the last day of the performance period multiplied by the number of awards that are earned. The quarterly expense is recognized during the performance period based on the fair value of value management awards as of the end of the most recent quarter. Prior to the end of the performance period, compensation costs for value management awards are based on the awards’ most recent quarterly fair values and the number of months of service rendered during the performance period. | ||||||||||||||||
Fair values for value management awards are computed based on our historical relative total shareholder return compared to the peer group from the beginning of the performance period to the end of the most recent quarter, and our simulated relative total shareholder return through the end of the performance period. The simulated total shareholder return of the company and the peer group is computed using a Monte Carlo simulation. The key assumptions used in the simulation of the company’s and the peer group’s total shareholder return are volatility, beta (the measure of how Plum Creek’s stock moves relative to the market as a whole) and risk-free interest rate. | ||||||||||||||||
Restricted Stock Units. Under the Plan, restricted stock units may be awarded to certain directors, officers and employees of the company. The recipients of restricted stock units generally have the right to receive a cash amount equal to any dividends paid on the company’s common stock during the restriction period and upon vesting, the right to receive an equal number of shares of the company’s common stock. Restricted stock units generally vest over a four-year period at a rate of 25% per year. If employment is terminated prior to vesting, all unvested restricted stock units are forfeited. The weighted-average grant date fair value of restricted stock units granted for the years ended December 31, 2013, 2012 and 2011 was $47.93, $39.00 and $41.45, respectively. The fair value of restricted stock units is based on the closing price of the company’s common stock on the date of grant. | ||||||||||||||||
Restricted stock unit activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | Weighted- | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance at January 1, 2013 | 311,038 | $ | 38.65 | |||||||||||||
Granted | 179,295 | $ | 47.93 | |||||||||||||
Vested | (112,408 | ) | $ | 37.7 | ||||||||||||
Forfeited | (11,792 | ) | $ | 42.81 | ||||||||||||
Balance at December 31, 2013 | 366,133 | $ | 43.35 | |||||||||||||
The total fair value of restricted stock units that vested during the years ended December 31, 2013, 2012 and 2011 was approximately $5 million, $4 million and $4 million, respectively. | ||||||||||||||||
Awards of Common Stock. In 2012, the company began granting awards of common stock. Under the Plan, common stock of the company may be awarded to directors, officers and employees of the company. The common stock is granted without restriction or vesting provisions. During 2013, 20,560 shares of common stock were granted/issued. The weighted-average grant date fair value of common stock awards granted for the years ended December 31, 2013 and 2012 was $48.47 and $38.93, respectively. The fair value of common stock awards is based on the closing price of Plum Creek's common stock on the date of grant. The total fair value of common stock awards that were issued during 2013 and 2012 was $1 million and $0.7 million, respectively. | ||||||||||||||||
Stock Options. Under the Plan, non-qualified stock options may be granted to any officer, director, employee, consultant or advisor of the company. Each stock option granted allows the recipient the right to purchase the company’s common stock at the fair market value of the company’s common stock on the date of grant. Generally, the stock options have a ten-year term and vest over a four-year period at a rate of 25% per year. Under the Plan, the exercise price of an option may not be reduced. No stock options have been awarded since 2011. | ||||||||||||||||
Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Subject to | Average | Average | Intrinsic Value | |||||||||||||
Options | Exercise | Remaining | (Millions) | |||||||||||||
Price | Contractual | |||||||||||||||
Life (Years) | ||||||||||||||||
Balance at January 1, 2013 | 2,917,707 | $ | 38.18 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised/Surrendered | (975,221 | ) | 37.62 | |||||||||||||
Cancelled/Forfeited | (13,525 | ) | 37.98 | |||||||||||||
Outstanding, December 31, 2013 | 1,928,961 | $ | 38.47 | 5 | $ | 16 | ||||||||||
Vested or Expected to Vest, December 31, 2013 | 1,884,787 | $ | 38.46 | 5 | $ | 15 | ||||||||||
Exercisable, December 31, 2013 | 1,524,709 | $ | 38.2 | 4.5 | $ | 13 | ||||||||||
The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from Stock Options Exercised | $ | 37 | $ | 18 | $ | 10 | ||||||||||
Intrinsic Value of Stock Options Exercised | $ | 12 | $ | 6 | $ | 4 | ||||||||||
Tax Benefit Related to Stock Options Exercised | $ | 2 | $ | 1 | $ | 1 | ||||||||||
The weighted-average measurement date fair values of stock option awards granted were computed using the Black-Scholes-Merton option valuation model with the following assumptions for the year ended December 31: | ||||||||||||||||
2011 | ||||||||||||||||
Expected Term (years) | 6 | |||||||||||||||
Risk-Free Interest Rate | 2.7 | % | ||||||||||||||
Volatility | 40.6 | % | ||||||||||||||
Dividend Yield | 4 | % | ||||||||||||||
Weighted-Average Measurement Date Fair Value | $ | 11.6 | ||||||||||||||
The expected term of the options represents the estimated period of time until exercise and is based on the vesting period of the award and the historical exercise experience of similar awards. All participants were assumed to have similar exercise behavior. Expected volatility is based on historical volatility over the approximate expected term of the option. | ||||||||||||||||
Restricted Stock. Under the Plan, restricted stock of the company may be awarded to certain directors, officers and employees of the company. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of for a period of time from the date on which the restricted stock was granted. The recipients of restricted stock generally have the rights of stockholders of the company with respect to voting and receipt of dividends during the restricted period. Restricted stock generally vests six months from the grant date. | ||||||||||||||||
No restricted stock has been granted since 2011. The weighted-average grant date fair value of restricted stock awards granted for the year ended December 31, 2011 was $41.99. The total fair value of restricted stock awards that vested during the year ended December 31, 2011 was $0.7 million. The fair value of restricted stock is based on the closing price of Plum Creek’s common stock on the date of grant. | ||||||||||||||||
Accounting for Share-Based Compensation. Share-based employee compensation cost is recognized based on fair value (see “Accounting for Share-Based Compensation” in Note 1 of the Notes to Consolidated Financial Statements). Stock options and most restricted stock units vest 25% per year over a four-year vesting period. Compensation cost related to these awards is recognized using the straight-line method over the four-year vesting period. Total compensation expense for all share-based compensation plans (including both awards paid in stock and cash) was approximately $13 million, $13 million and $10 million for the years ended December 31, 2013, 2012, and 2011, respectively. The company recognized $2 million in tax benefits associated with share-based compensation plans in 2013, 2012, and 2011. At December 31, 2013, there was $22 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately two years. | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||
Share-Based Compensation Plans | ' | |||||||||||||||
SHARE–BASED COMPENSATION PLANS | ||||||||||||||||
All of Plum Creek’s activities are conducted through the Operating Partnership, therefore all share-based compensation expense is allocated to the Operating Partnership. Proceeds from the exercise of Plum Creek stock options are retained by Plum Creek Timber Company, Inc. | ||||||||||||||||
Plum Creek Timber Company, Inc. has a stockholder approved Stock Incentive Plan ("the Plan") that provides for the award of shares of Plum Creek stock including, but not limited to, common stock awards, restricted stock units and value management awards. Under the Plan, there are 6.1 million shares of Plum Creek Timber Company, Inc. common stock reserved and eligible for issuance. At December 31, 2013, 0.3 million shares of the 6.1 million reserved shares have been used and, therefore, 5.8 million shares remain available for future grants of common stock awards and restricted stock units or payments of vested value management awards. The number of shares to be issued in connection with value management awards is not determined until the end of their respective performance periods. New shares are issued for payment under the Plan for awards that pay out in shares or where the participant can elect payment in shares. | ||||||||||||||||
Prior to 2012, awards of non-qualified stock options, restricted stock, restricted stock units, and value management awards were made under a stockholder approved plan. | ||||||||||||||||
Value Management Awards. Value management awards provide incentive compensation to participants that is contingent upon Plum Creek’s performance over a three-year period measured separately against the performance of peer groups consisting of forest products companies, the S&P 500 Index and the MSCI U.S. REIT Index over the same period. | ||||||||||||||||
Value management awards are earned in whole or in part based on a sliding scale. For the value management awards granted in 2013 and 2012, no award is earned if Plum Creek’s total shareholder return is below the 25th percentile of the peer group. The full value management award is earned if Plum Creek’s total shareholder return is above the 85th percentile. The value of an award between the 25th percentile and the 85th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100. | ||||||||||||||||
For the value management awards granted in 2011, no award is earned if Plum Creek's total shareholder return is below the 50th percentile of the peer group. The full value management award is earned if Plum Creek's total shareholder return is above the 75th percentile. The value of an award between the 50th percentile and 75th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100. | ||||||||||||||||
Amounts earned, if any, are paid in the quarter immediately following the end of the three-year performance period. Unless otherwise specified by the participant, each payment will be paid in cash, except that any officer not in compliance with Plum Creek’s stock ownership guidelines is required to receive up to half of the payment value in Plum Creek’s common stock. Generally, to be entitled to the payment, a participant must be employed by the Operating Partnership on the last day of the performance period. | ||||||||||||||||
Value management awards activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | ||||||||||||||||
Balance at January 1, 2013 | 279,200 | |||||||||||||||
Grants | 134,463 | |||||||||||||||
Vested | (74,540 | ) | ||||||||||||||
Forfeitures | (7,010 | ) | ||||||||||||||
Balance at December 31, 2013 | 332,113 | |||||||||||||||
Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2013 (dollars in millions): | ||||||||||||||||
Performance Period | Outstanding | Fair Value (A) | Unrecognized | Maximum Award | ||||||||||||
Units | Compensation | Value (B) | ||||||||||||||
Expense | ||||||||||||||||
2011 to 2013 | 75,980 | $ | 2.7 | $ | 0 | $ | 15.2 | |||||||||
2012 to 2014 | 123,855 | $ | 9 | $ | 3.2 | $ | 24.8 | |||||||||
2013 to 2015 | 132,278 | $ | 9.7 | $ | 6 | $ | 26.5 | |||||||||
(A) | The estimated fair value includes unrecognized compensation expense. | |||||||||||||||
(B) | Maximum award value is based on a unit value of $200. | |||||||||||||||
Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three-year performance periods: | ||||||||||||||||
Performance Period | Payout Value | Total Payout | Payment Date | |||||||||||||
per Unit | (millions) | |||||||||||||||
2011 to 2013 | $ | 35 | $ | 2.7 | 1st Quarter 2014 | |||||||||||
2010 to 2012 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2009 to 2011 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2008 to 2010 | $ | 0 | $ | 0 | Not Earned | |||||||||||
Grants of value management awards are classified and accounted for as liabilities. As a result, the expense recognized over the performance period for value management awards will equal the fair value (i.e., cash value) of an award as of the last day of the performance period multiplied by the number of awards that are earned. The quarterly expense is recognized during the performance period based on the fair value of value management awards as of the end of the most recent quarter. Prior to the end of the performance period, compensation costs for value management awards are based on the awards’ most recent quarterly fair values and the number of months of service rendered during the performance period. | ||||||||||||||||
Fair values for value management awards are computed based on Plum Creek’s historical relative total shareholder return compared to the peer group from the beginning of the performance period to the end of the most recent quarter, and its simulated relative total shareholder return through the end of the performance period. The simulated total shareholder return of Plum Creek and the peer group is computed using a Monte Carlo simulation. The key assumptions used in the simulation of Plum Creek’s and the peer group’s total shareholder return are volatility, beta (the measure of how Plum Creek’s stock moves relative to the market as a whole) and risk-free interest rate. | ||||||||||||||||
Restricted Stock Units. Under the Plan, restricted stock units of Plum Creek Timber Company, Inc. may be awarded to certain directors, officers and employees of the Operating Partnership. The recipients of restricted stock units generally have the right to receive a cash amount equal to any dividends paid on Plum Creek’s common stock during the restriction period and upon vesting, the right to receive an equal number of shares of Plum Creek’s common stock. Restricted stock units generally vest over a four-year period at a rate of 25% per year. If employment is terminated prior to vesting, all unvested restricted stock units are forfeited. The weighted-average grant date fair value of restricted stock units granted for the years ended December 31, 2013, 2012 and 2011 was $47.93, $39.00 and $41.45, respectively. The fair value of restricted stock units is based on the closing price of Plum Creek’s common stock on the date of grant. | ||||||||||||||||
Restricted stock unit activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | Weighted- | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance at January 1, 2013 | 311,038 | $ | 38.65 | |||||||||||||
Granted | 179,295 | $ | 47.93 | |||||||||||||
Vested | (112,408 | ) | $ | 37.7 | ||||||||||||
Forfeited | (11,792 | ) | $ | 42.81 | ||||||||||||
Balance at December 31, 2013 | 366,133 | $ | 43.35 | |||||||||||||
The total fair value of restricted stock units that vested during the years ended December 31, 2013, 2012 and 2011 was approximately $5 million, $4 million and $4 million, respectively. | ||||||||||||||||
Awards of Common Stock. In 2012, Plum Creek began granting awards of common stock. Under the Plan, common stock of Plum Creek Timber Company, Inc. may be awarded to directors, officers and employees of the Operating Partnership. The common stock is granted without restriction or vesting provisions. During 2013, 20,560 shares of Plum Creek common stock were granted/issued. The weighted-average grant date fair value of common stock awards granted for the years ended December 31, 2013 and 2012 was $48.47 and $38.93, respectively. The fair value of common stock awards is based on the closing price of Plum Creek’s common stock on the date of grant. The total fair value of common stock awards that were issued during 2013 and 2012 was $1 million and $0.7 million, respectively. | ||||||||||||||||
Stock Options. Under the Plan, non-qualified stock options may be granted to any officer, director, employee, consultant or advisor of the Operating Partnership. Each stock option granted allows the recipient the right to purchase Plum Creek’s common stock at the fair market value of Plum Creek’s common stock on the date of grant. Generally, the stock options have a ten-year term and vest over a four-year period at a rate of 25% per year. Under the Plan, the exercise price of an option may not be reduced. No stock options have been awarded since 2011. | ||||||||||||||||
Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Subject to | Average | Average | Intrinsic Value | |||||||||||||
Options | Exercise | Remaining | (Millions) | |||||||||||||
Price | Contractual | |||||||||||||||
Life (Years) | ||||||||||||||||
Balance at January 1, 2013 | 2,917,707 | $ | 38.18 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised/Surrendered | (975,221 | ) | 37.62 | |||||||||||||
Cancelled/Forfeited | (13,525 | ) | 37.98 | |||||||||||||
Outstanding, December 31, 2013 | 1,928,961 | $ | 38.47 | 5 | $ | 16 | ||||||||||
Vested or Expected to Vest, December 31, 2013 | 1,884,787 | $ | 38.46 | 5 | $ | 15 | ||||||||||
Exercisable, December 31, 2013 | 1,524,709 | $ | 38.2 | 4.5 | $ | 13 | ||||||||||
The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from Stock Options Exercised | $ | 37 | $ | 18 | $ | 10 | ||||||||||
Intrinsic Value of Stock Options Exercised | $ | 12 | $ | 6 | $ | 4 | ||||||||||
Tax Benefit Related to Stock Options Exercised | $ | 2 | $ | 1 | $ | 1 | ||||||||||
The weighted-average measurement date fair values of stock option awards granted were computed using the Black-Scholes-Merton option valuation model with the following assumptions for the year ended December 31: | ||||||||||||||||
2011 | ||||||||||||||||
Expected Term (years) | 6 | |||||||||||||||
Risk-Free Interest Rate | 2.7 | % | ||||||||||||||
Volatility | 40.6 | % | ||||||||||||||
Dividend Yield | 4 | % | ||||||||||||||
Weighted-Average Measurement Date Fair Value | $ | 11.6 | ||||||||||||||
The expected term of the options represents the estimated period of time until exercise and is based on the vesting period of the award and the historical exercise experience of similar awards. All participants were assumed to have similar exercise behavior. Expected volatility is based on historical volatility over the approximate expected term of the option. | ||||||||||||||||
Restricted Stock. Under the Plan, restricted stock of Plum Creek Timber Company, Inc. may be awarded to certain directors, officers and employees of the Operating Partnership. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of for a period of time from the date on which the restricted stock was granted. The recipients of restricted stock generally have the rights of stockholders of Plum Creek with respect to voting and receipt of dividends during the restricted period. Restricted stock generally vests six months from the grant date. | ||||||||||||||||
No restricted stock has been granted since 2011. The weighted-average grant date fair value of restricted stock awards granted for the year ended December 31, 2011 was $41.99. The total fair value of restricted stock awards that vested during the year ended December 31, 2011 was $0.7 million. The fair value of restricted stock is based on the closing price of Plum Creek’s common stock on the date of grant. | ||||||||||||||||
Accounting for Share-Based Compensation. Share-based employee compensation cost is recognized based on fair value (see “Accounting for Share-Based Compensation” in Note 1 of the Notes to Consolidated Financial Statements). Stock options and most restricted stock units vest 25% per year over a four-year vesting period. Compensation cost related to these awards is recognized using the straight-line method over the four-year vesting period. Total compensation expense for all share-based compensation plans (including both awards paid in stock and cash) was approximately $13 million, $13 million and $10 million for the years ended December 31, 2013, 2012, and 2011, respectively. The Operating Partnership recognized $2 million in tax benefits associated with share-based compensation plans in 2013, 2012, and 2011. At December 31, 2013, there was $22 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately two years. |
Detail_of_Certain_Balance_Shee
Detail of Certain Balance Sheet Accounts | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Details of Certain Balance Sheet Accounts Disclosure [Text Block] | ' | |||||||
DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS | ||||||||
Certain balance sheet accounts consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Other Current Assets | ||||||||
Prepaid Expenses | $ | 7 | $ | 8 | ||||
Taxes Receivable | 3 | 3 | ||||||
Notes Receivable | 3 | 1 | ||||||
Deposits | 2 | 1 | ||||||
$ | 15 | $ | 13 | |||||
Other Non-Current Assets | ||||||||
Real Estate Development Properties | $ | 13 | $ | 13 | ||||
Unamortized Debt Issue Costs | 9 | 11 | ||||||
Deposits | 8 | 5 | ||||||
Notes Receivable | — | 7 | ||||||
Qualified Pension Asset | 10 | — | ||||||
Intangible Assets | 14 | — | ||||||
Other | — | 1 | ||||||
$ | 54 | $ | 37 | |||||
Other Current Liabilities | ||||||||
Long-Term Incentive Compensation | $ | 3 | $ | — | ||||
Accrued Pension Liability | 5 | 4 | ||||||
Other | 2 | 3 | ||||||
$ | 10 | $ | 7 | |||||
Other Non-Current Liabilities | ||||||||
Timber Obligations | $ | 5 | $ | 5 | ||||
Deferred Compensation | 5 | 5 | ||||||
Long-Term Incentive Compensation | 8 | 7 | ||||||
Accrued Pension Liability | 39 | 49 | ||||||
Deferred Revenue | 7 | 14 | ||||||
Workers’ Compensation | 9 | 9 | ||||||
Other | 5 | 2 | ||||||
$ | 78 | $ | 91 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Details of Certain Balance Sheet Accounts Disclosure [Text Block] | ' | |||||||
DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS | ||||||||
Certain balance sheet accounts consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Other Current Assets | ||||||||
Prepaid Expenses | $ | 7 | $ | 8 | ||||
Taxes Receivable | 3 | 3 | ||||||
Notes Receivable | 3 | 1 | ||||||
Deposits | 2 | 1 | ||||||
$ | 15 | $ | 13 | |||||
Other Non-Current Assets | ||||||||
Real Estate Development Properties | $ | 13 | $ | 13 | ||||
Unamortized Debt Issue Costs | 9 | 11 | ||||||
Deposits | 8 | 5 | ||||||
Notes Receivable | — | 7 | ||||||
Qualified Pension Asset | 10 | — | ||||||
Intangible Assets | 14 | — | ||||||
Other | — | 1 | ||||||
$ | 54 | $ | 37 | |||||
Other Current Liabilities | ||||||||
Long-Term Incentive Compensation | $ | 3 | $ | — | ||||
Accrued Pension Liability | 5 | 4 | ||||||
Other | 2 | 3 | ||||||
$ | 10 | $ | 7 | |||||
Other Non-Current Liabilities | ||||||||
Timber Obligations | $ | 5 | $ | 5 | ||||
Deferred Compensation | 6 | 6 | ||||||
Long-Term Incentive Compensation | 8 | 7 | ||||||
Accrued Pension Liability | 39 | 49 | ||||||
Deferred Revenue | 7 | 14 | ||||||
Workers’ Compensation | 9 | 9 | ||||||
Other | 5 | 2 | ||||||
$ | 79 | $ | 92 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Contingencies. The company is subject to regulations regarding forest, harvest and manufacturing practices and is, from time to time, involved in various legal proceedings, including, but not limited to, environmental and regulatory matters, incidental to its business. Reserves have been established for any probable losses. Except as discussed elsewhere, management does not believe that these matters, individually or in the aggregate, are material. However, it is possible that one or more of these matters could become material in the future, and an unfavorable outcome in one or more of these matters could have a material negative financial impact on the company. See also Note 8 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving the company and its consolidated subsidiaries. | |||||||||
Contractual Obligations. The company has contracted to source logs and supply fiber with customers under long-term agreements at prevailing market rates. The agreements expire beginning in 2014 through 2023, with various renewal options by either party for periods ranging from two years to fifteen additional years. | |||||||||
Lease Commitments. The company leases buildings and equipment under non–cancelable operating lease agreements. Operating lease expense was $4 million in 2013 and $3 million in both 2012 and 2011. Additionally, the company has timber obligations related to certain timberlands where the company acquired title to standing timber at the inception of the leases. The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2013 (in millions): | |||||||||
Operating | Timber | ||||||||
Leases | Obligations | ||||||||
2014 | $ | 4 | $ | 1 | |||||
2015 | 4 | — | |||||||
2016 | 4 | — | |||||||
2017 | 3 | — | |||||||
2018 | 3 | — | |||||||
Thereafter | 16 | 4 | |||||||
Total | $ | 34 | $ | 5 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Contingencies. The Operating Partnership is subject to regulations regarding forest, harvest and manufacturing practices and is, from time to time, involved in various legal proceedings, including, but not limited to, environmental and regulatory matters, incidental to its business. Reserves have been established for any probable losses. Except as discussed elsewhere, management does not believe that these matters, individually or in the aggregate, are material. However, it is possible that one or more of these matters could become material in the future, and an unfavorable outcome in one or more of these matters could have a material negative financial impact on the Operating Partnership. See also Note 7 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving Plum Creek. | |||||||||
Contractual Obligations. The Operating Partnership has contracted to source logs and supply fiber with customers under long-term agreements at prevailing market rates. The agreements expire beginning in 2014 through 2023, with various renewal options by either party for periods ranging from two years to fifteen additional years. | |||||||||
Lease Commitments. The Operating Partnership leases buildings and equipment under non–cancelable operating lease agreements. Operating lease expense was $4 million in 2013 and $3 million in both 2012 and 2011. Additionally, the Operating Partnership has timber obligations related to certain timberlands where the Operating Partnership acquired title to standing timber at the inception of the leases. The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2013 (in millions): | |||||||||
Operating | Timber | ||||||||
Leases | Obligations | ||||||||
2014 | $ | 4 | $ | 1 | |||||
2015 | 4 | — | |||||||
2016 | 4 | — | |||||||
2017 | 3 | — | |||||||
2018 | 3 | — | |||||||
Thereafter | 16 | 4 | |||||||
Total | $ | 34 | $ | 5 | |||||
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Equity Method Investments | ' | ||||||||||||
EQUITY METHOD INVESTMENTS | |||||||||||||
Real Estate Development Joint Ventures. On December 6, 2013, in connection with the MeadWestvaco timberland acquisition (see Note 2 of the Notes to Consolidated Financial Statements) the company and MeadWestvaco Corporation (“MWV”) formed a limited liability company (MWV-Charleston Land Partners, LLC or “MWV-CLP”). Plum Creek contributed cash to MWV-CLP and MWV contributed real estate development properties, which consisted of both residential and commercial properties currently under development (“Class A Properties”) and high-value development lands (“Class B Properties”). Plum Creek contributed $12 million in exchange for a 5% interest in Class A Properties and $140 million in exchange for a 50% interest in Class B Properties. MWV contributed 22,000 acres of Class A Properties with an agreed upon value of $252 million in exchange for a 95% interest in Class A Properties and 87,000 acres of Class B Properties with an agreed upon value of $279 million in exchange for a 50% interest in Class B Properties. | |||||||||||||
An affiliate of MWV has been hired to manage the day-to-day operations of MWV-CLP. Oversight of the Class A Properties is governed by a board of directors consisting of four members of which Plum Creek has one board member. Oversight of the Class B Properties is governed by a board of directors consisting of six members of which Plum Creek has three board members. The company uses the equity method of accounting for both its Class A and Class B interests. | |||||||||||||
The total purchase price for the MeadWestvaco timberlands and related assets was $1.1 billion of which $139 million was allocated to our equity method investments in MWV-CLP. Our share of the book value of MWV-CLP’s net assets as of the acquisition date was approximately $46 million. This basis difference of $93 million will be amortized (i.e., additional expense) into equity earnings (loss) in future periods as the real estate properties are sold and/or as the timber on these properties is harvested. | |||||||||||||
The company’s equity earnings for MWV-CLP were $0 for the period from December 6, 2013 to December 31, 2013. Below is summarized financial information for MWV-CLP as of December 31, 2013 and for the period December 6, 2013 to December 31, 2013 (in millions): | |||||||||||||
December 31, 2013 | |||||||||||||
Balance Sheet of MWV-CLP | |||||||||||||
Current Assets | $ | 71 | |||||||||||
Noncurrent Assets | 253 | ||||||||||||
Current Liabilities | 10 | ||||||||||||
Noncurrent Liabilities | — | ||||||||||||
Statement of Operations of MWV-CLP | |||||||||||||
Revenues | $ | — | |||||||||||
Gross Profit | — | ||||||||||||
Selling, General and Administrative Expenses | 1 | ||||||||||||
Net Income (Loss) Allocable to Partners' Interests | (1 | ) | |||||||||||
Timberland Venture. In 2008, the company contributed 454,000 acres of timberlands located in its Southern Resources Segment to Southern Diversified Timber, LLC (“the Timberland Venture”) in exchange for a $705 million preferred interest and a 9% common interest valued at $78 million. The Timberland Venture’s other member, an affiliate of The Campbell Group LLC, contributed $783 million of cash in exchange for 91% of the Timberland Venture’s common interest. Following the contribution, the company borrowed $783 million from the Timberland Venture (“Note Payable to Timberland Venture”). | |||||||||||||
The preferred interest is entitled to a cumulative preferred return equal to 7.875% per annum (approximately $56 million). No distributions can be made on the common interests until all current period and prior period preferred returns have been paid. Preferred return distributions are payable on March 15th and September 15th each year. | |||||||||||||
The annual interest rate on the Note Payable to Timberland Venture is fixed at 7.375%, resulting in annual interest expense of approximately $58 million. During the 10-year term of the note, interest is paid quarterly with the principal due upon maturity. | |||||||||||||
The activities of the Timberland Venture consist primarily of the ownership of timberlands and entering into cutting contracts with an affiliate of The Campbell Group for the sale and harvesting of timber. An affiliate of The Campbell Group is the manager of the Timberland Venture. The manager and the other member control the day-to-day operating decisions of the Timberland Venture. Plum Creek retains certain protective rights that require its consent before the Timberland Venture can take certain actions. For example, without Plum Creek’s consent and subject to certain exceptions, the Timberland Venture generally cannot sell properties, incur indebtedness, file for bankruptcy or enter into contracts with affiliates which are not arm’s length. | |||||||||||||
No gain was recognized in connection with the contribution of the timberlands to the venture in 2008. The book basis in the contributed timberlands was $174 million, and the company capitalized costs of $9 million in connection with the transfer. The Timberland Venture recorded the contributed timberlands at fair value, or $783 million. The difference between the beginning book basis in the venture ($174 million) and the company’s share of the equity in the net assets of the venture ($783 million) was allocated between standing timber ($289 million) and land ($320 million). In addition to the allocation of earnings to our common and preferred interests, the basis difference associated with standing timber is amortized into equity earnings based on the timber harvested during the period compared to the timber expected to be harvested over one timber rotation (approximately 27 years). The basis difference associated with land is recognized in equity earnings in the period in which timberlands are sold by the venture based on a per acre rate. Since the inception of the Timberland Venture through December 31, 2013, the company has recognized $40 million in equity earnings related to the amortization of the basis difference. | |||||||||||||
Both our preferred and common interests are accounted for based on the equity method of accounting. Equity earnings of the Timberland Venture are first allocated to our preferred interest to the extent of our preferred return with any excess earnings allocated among the common interests based on ownership percentage (i.e., 9% to our common interest). All of the equity earnings will be allocated to our preferred interest in years in which our preferred return equals or exceeds the earnings of the Timberland Venture. To the extent of any shortfall in equity earnings (cumulative preferred return in excess of allocated equity earnings), future years’ earnings will be allocated to our preferred interest when the earnings of the Timberland Venture exceed our preferred return. At December 31, 2013, the cumulative shortfall in allocated equity earnings is $26 million. In addition to equity earnings associated with our common and preferred interests, equity earnings include the amortization of the difference between the book basis of our investment in the Timberland Venture and our share of the Timberland Venture’s net assets. Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 53 | $ | 51 | $ | 50 | |||||||
Common Interest | — | — | — | ||||||||||
Amortization of Basis Difference | 10 | 8 | 6 | ||||||||||
Total Equity Earnings from Timberland Venture | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 55 | $ | 56 | $ | 56 | |||||||
Common Interest | 1 | — | — | ||||||||||
Total Distributions from Timberland Venture | $ | 56 | $ | 56 | $ | 56 | |||||||
As of December 31, 2013 and December 31, 2012, the undistributed earnings from the Timberland Venture were $27 million and $20 million, respectively. | |||||||||||||
The Timberland Venture can only be liquidated with the consent of both members. However, upon the nine year anniversary of the Timberland Venture, Plum Creek has the right for a six-month period to cause the Timberland Venture to redeem the other member’s interest. The other Timberland Venture member has a similar redemption right after the seven year anniversary. Upon liquidation or redemption, the members’ interests (i.e. capital accounts) will be adjusted to reflect the fair value of the Timberland Venture’s net assets. The adjustment would first be allocated to our preferred interest if there exists an accumulated shortfall in net income attributable to our preferred interest but only to the extent that the fair value of the net assets of the Timberland Venture exceed book basis. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Timberland Venture was considered a Significant Subsidiary in accordance with the financial reporting requirements of the Securities and Exchange Commission. Accordingly, the audited financial statements of the Timberland Venture are attached as an exhibit to the company’s 2013 Form 10-K filing. | |||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Equity Method Investments | ' | ||||||||||||
EQUITY METHOD INVESTMENTS | |||||||||||||
Real Estate Development Joint Ventures. On December 6, 2013, in connection with the MeadWestvaco timberland acquisition (see Note 2 of the Notes to Consolidated Financial Statements) the Operating Partnership and MeadWestvaco Corporation (“MWV”) formed a limited liability company (MWV-Charleston Land Partners, LLC or “MWV-CLP”). The Operating Partnership contributed cash to MWV-CLP and MWV contributed real estate development properties, which consisted of both residential and commercial properties currently under development (“Class A Properties”) and high-value development lands (“Class B Properties”). The Operating Partnership contributed $12 million in exchange for a 5% interest in Class A Properties and $140 million in exchange for a 50% interest in Class B Properties. MWV contributed 22,000 acres of Class A Properties with an agreed upon value of $252 million in exchange for a 95% interest in Class A Properties and 87,000 acres of Class B Properties with an agreed upon value of $279 million in exchange for a 50% interest in Class B Properties. | |||||||||||||
An affiliate of MWV has been hired to manage the day-to-day operations of MWV-CLP. Oversight of the Class A Properties is governed by a board of directors consisting of four members of which the Operating Partnership has one board member. Oversight of the Class B Properties is governed by a board of directors consisting of six members of which the Operating Partnership has three board members. The Operating Partnership uses the equity method of accounting for both its Class A and Class B interests. | |||||||||||||
The total purchase price for the MeadWestvaco timberlands and related assets was $1.1 billion of which $139 million was allocated to our equity method investments in MWV-CLP. Our share of the book value of MWV-CLP’s net assets as of the acquisition date was approximately $46 million. This basis difference of $93 million will be amortized (i.e., additional expense) into equity earnings (loss) in future periods as the real estate properties are sold and/or as the timber on these properties is harvested. | |||||||||||||
The Operating Partnership’s equity earnings for MWV-CLP were $0 for the period from December 6, 2013 to December 31, 2013. Below is summarized financial information for MWV-CLP as of December 31, 2013 and for the period December 6, 2013 to December 31, 2013 (in millions): | |||||||||||||
December 31, 2013 | |||||||||||||
Balance Sheet of MWV-CLP | |||||||||||||
Current Assets | $ | 71 | |||||||||||
Noncurrent Assets | 253 | ||||||||||||
Current Liabilities | 10 | ||||||||||||
Noncurrent Liabilities | — | ||||||||||||
Statement of Operations of MWV-CLP | |||||||||||||
Revenues | $ | — | |||||||||||
Gross Profit | — | ||||||||||||
Selling, General and Administrative Expenses | 1 | ||||||||||||
Net Income (Loss) Allocable to Partners' Interests | (1 | ) | |||||||||||
Timberland Venture. In 2008, a subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”), contributed 454,000 acres of timberlands located in its Southern Resources Segment to Southern Diversified Timber, LLC (“the Timberland Venture”) in exchange for a $705 million preferred interest and a 9% common interest valued at $78 million. The Timberland Venture’s other member, an affiliate of The Campbell Group LLC, contributed $783 million of cash in exchange for 91% of the Timberland Venture’s common interest. Following the formation of the Timberland Venture, PC Ventures borrowed $783 million from the Timberland Venture. PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership. See Note 10 of the Notes to Consolidated Financial Statements. | |||||||||||||
PC Member’s preferred interest in the Timberland Venture is entitled to a cumulative preferred return equal to 7.875% per annum (approximately $56 million). The Timberland Venture cannot make distributions on the common interests until all current period and prior period preferred returns have been paid. Preferred return distributions are payable on March 15th and September 15th each year. | |||||||||||||
The activities of the Timberland Venture consist primarily of the ownership of timberlands and entering into cutting contracts with an affiliate of The Campbell Group for the sale and harvesting of timber. An affiliate of The Campbell Group is the manager of the Timberland Venture. The manager and the other member control the day-to-day operating decisions of the Timberland Venture. PC Member retains certain protective rights that require its consent before the Timberland Venture can take certain actions. For example, without PC Member’s consent and subject to certain exceptions, the Timberland Venture generally cannot sell properties, incur indebtedness, file for bankruptcy or enter into contracts with affiliates which are not arm’s length. | |||||||||||||
No gain was recognized in connection with the contribution of the timberlands to the venture in 2008. The book basis in the contributed timberlands was $174 million, and PC Member capitalized costs of $9 million in connection with the transfer. The Timberland Venture recorded the contributed timberlands at fair value, or $783 million. The difference between the beginning book basis in the venture ($174 million) and PC Member’s share of the equity in the net assets of the venture ($783 million) was allocated between standing timber ($289 million) and land ($320 million). In addition to the allocation of earnings to our common and preferred interests, the basis difference associated with standing timber is amortized into equity earnings based on the timber harvested during the period compared to the timber expected to be harvested over one timber rotation (approximately 27 years). The basis difference associated with land is recognized in equity earnings in the period in which timberlands are sold by the venture based on a per acre rate. Since the inception of the Timberland Venture through December 31, 2013, the Operating Partnership has recognized $40 million in equity earnings related to the amortization of the basis difference. | |||||||||||||
Both our preferred and common interests are accounted for based on the equity method of accounting. Equity earnings of the Timberland Venture are first allocated to our preferred interest to the extent of our preferred return with any excess earnings allocated among the common interests based on ownership percentage (i.e., 9% to our common interest). All of the equity earnings will be allocated to our preferred interest in years in which our preferred return equals or exceeds the earnings of the Timberland Venture. To the extent of any shortfall in equity earnings (cumulative preferred return in excess of allocated equity earnings), future years’ earnings will be allocated to our preferred interest when the earnings of the Timberland Venture exceed our preferred return. At December 31, 2013, the cumulative shortfall in allocated equity earnings is $26 million. In addition to equity earnings associated with our common and preferred interests, equity earnings include the amortization of the difference between the book basis of our investment in the Timberland Venture and our share of the Timberland Venture’s net assets. Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 53 | $ | 51 | $ | 50 | |||||||
Common Interest | — | — | — | ||||||||||
Amortization of Basis Difference | 10 | 8 | 6 | ||||||||||
Total Equity Earnings from Timberland Venture | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 55 | $ | 56 | $ | 56 | |||||||
Common Interest | 1 | — | — | ||||||||||
Total Distributions from Timberland Venture | $ | 56 | $ | 56 | $ | 56 | |||||||
As of December 31, 2013 and December 31, 2012, the undistributed earnings from the Timberland Venture were $27 million and $20 million, respectively. | |||||||||||||
The Timberland Venture can only be liquidated with the consent of both members. However, upon the nine year anniversary of the Timberland Venture, PC Member has the right for a six-month period to cause the Timberland Venture to redeem the other member’s interest. The other Timberland Venture member has a similar redemption right after the seven year anniversary. Upon liquidation or redemption, the members’ interests (i.e. capital accounts) will be adjusted to reflect the fair value of the Timberland Venture’s net assets. The adjustment would first be allocated to our preferred interest if there exists an accumulated shortfall in net income attributable to our preferred interest but only to the extent that the fair value of the net assets of the Timberland Venture exceed book basis. | |||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Timberland Venture was considered a Significant Subsidiary in accordance with the financial reporting requirements of the Securities and Exchange Commission. Accordingly, the audited financial statements of the Timberland Venture are attached as an exhibit to Plum Creek’s 2013 Form 10-K filing. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES | |
Real Estate Development Joint Ventures. The MWV-Charleston Land Partners, LLC (“MWV-CLP”) (see Note 17 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary activities of MWV-CLP are the active development of residential and commercial real estate on approximately 22,000 acres ("Class A Properties") and the identification, entitlement, marketing, and selling of approximately 87,000 acres of high-value rural and development-quality lands ("Class B Properties"). MWV-CLP is managed by an affiliate of MWV. MWV-CLP is financed by regular capital calls from the manager of MWV-CLP in proportion to a member’s ownership interest. If a member does not make a capital contribution, the member’s ownership interest is diluted. Plum Creek has committed to contribute capital of at least $48 million over the next seven years in connection with its interest in Class B Properties. Plum Creek has not provided any financing for MWV-CLP other than its initial capital contribution of $152 million and its ongoing capital calls under the LLC agreement. Plum Creek does not intend to provide any other sources of financing for MWV-CLP. | |
Plum Creek is not the primary beneficiary of MWV-CLP. Plum Creek considers the activities that most significantly impact the economic performance of MWV-CLP to be the day-to-day operating decisions along with the oversight responsibilities for the real estate development projects and properties. MWV has the power to direct the activities of MWV-CLP that most significantly impact its economic performance through its ability to manage the day-to-day operations of MWV-CLP. MWV also has the ability to control all management decisions associated with the 22,000 acres of Class A Properties through its majority representation on the board of directors for the Class A Properties and its joint control of the Class B Properties due to its equal representation on the board of directors for the Class B Properties. | |
The carrying amount of our investment in MWV-CLP as of December 31, 2013 is $139 million and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Joint Ventures. Our maximum exposure to loss is $139 million, our carrying amount of our investment, plus any future capital contributions we elect to contribute to MWV-CLP. At a minimum, the company has agreed to make capital contributions in connection with its interest in Class B Properties of $48 million over the next seven years. | |
Timberland Venture. The Timberland Venture (see Note 17 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary operating activities of the Timberland Venture consist of owning timberlands and entering into cutting contracts with an affiliate of the other member. Besides quarterly interest payments on the Note Payable to Timberland Venture, the company has not provided financing or other support to the venture. The venture generates sufficient cash from operating activities to finance its operations. | |
We are not the primary beneficiary of the Timberland Venture. The company does not manage the day-to-day operations of the Timberland Venture, has only limited protective rights and its involvement is generally limited to receiving distributions on its preferred and common interests. We are not the primary beneficiary because we do not direct the activities that most significantly impact the Timberland Venture’s economic performance. We believe that the activities that most significantly impact the Timberland Venture’s economic performance include managing the timberlands along with the timing and extent of the harvesting activities, neither of which we control. | |
The carrying amount of the investment is $211 million at December 31, 2013 and $204 million at December 31, 2012, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $211 million, the carrying amount of the investment. Generally, losses are first allocated among the common interests based on positive capital accounts in which we hold a 9% common interest. No losses are allocated to our preferred interest ($705 million) until the common interests have absorbed losses of approximately $861 million. | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES | |
Real Estate Development Joint Ventures. The MWV-Charleston Land Partners, LLC (“MWV-CLP”) (see Note 15 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary activities of MWV-CLP are the active development of residential and commercial real estate on approximately 22,000 acres ("Class A Properties") and the identification, entitlement, marketing, and selling of approximately 87,000 acres of high-value rural and development-quality lands ("Class B Properties"). MWV-CLP is managed by an affiliate of MWV. MWV-CLP is financed by regular capital calls from the manager of MWV-CLP in proportion to a member’s ownership interest. If a member does not make a capital contribution, the member’s ownership interest is diluted. The Operating Partnership has committed to contribute capital of at least $48 million over the next seven years in connection with its interest in Class B Properties. The Operating Partnership has not provided any financing for MWV-CLP other than its initial capital contribution of $152 million and its ongoing capital calls under the LLC agreement. The Operating Partnership does not intend to provide any other sources of financing for MWV-CLP. | |
The Operating Partnership is not the primary beneficiary of MWV-CLP. The Operating Partnership considers the activities that most significantly impact the economic performance of MWV-CLP to be the day-to-day operating decisions along with the oversight responsibilities for the real estate development projects and properties. MWV has the power to direct the activities of MWV-CLP that most significantly impact its economic performance through its ability to manage the day-to-day operations of MWV-CLP. MWV also has the ability to control all management decisions associated with the 22,000 acres of Class A Properties through its majority representation on the board of directors for the Class A Properties and its joint control of the Class B Properties due to its equal representation on the board of directors for the Class B Properties. | |
The carrying amount of our investment in MWV-CLP as of December 31, 2013 is $139 million and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Joint Ventures. Our maximum exposure to loss is $139 million, our carrying amount of our investment, plus any future capital contributions we elect to contribute to MWV-CLP. At a minimum, the Operating Partnership has agreed to make capital contributions in connection with its interest in Class B Properties of $48 million over the next seven years. | |
Timberland Venture. The Timberland Venture (see Note 15 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary operating activities of the Timberland Venture consist of owning timberlands and entering into cutting contracts with an affiliate of the other member. Besides quarterly distributions to PC Ventures which it uses to fund interest payments on the loan owed by PC Ventures, the Operating Partnership has not provided financing or other support to the venture. The venture generates sufficient cash from operating activities to finance its operations. | |
We are not the primary beneficiary of the Timberland Venture. PC Member does not manage the day-to-day operations of the Timberland Venture, has only limited protective rights and its involvement is generally limited to receiving distributions on its preferred and common interests. We are not the primary beneficiary because we do not direct the activities that most significantly impact the Timberland Venture’s economic performance. We believe that the activities that most significantly impact the Timberland Venture’s economic performance include managing the timberlands along with the timing and extent of the harvesting activities, neither of which we control. | |
The carrying amount of the investment is $211 million at December 31, 2013 and $204 million at December 31, 2012, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $211 million, the carrying amount of the investment. Generally, losses are first allocated among the common interests based on positive capital accounts in which we hold a 9% common interest. No losses are allocated to our preferred interest ($705 million) until the common interests have absorbed losses of approximately $861 million. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||
The company has a common and preferred interest in Southern Diversified Timber, LLC (“the Timberland Venture”), which is accounted for under the equity method of accounting. See Note 17 of the Notes to Consolidated Financial Statements. | |||||||||||||
Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity Earnings | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions | 56 | 56 | 56 | ||||||||||
In 2008, the company borrowed $783 million from the Timberland Venture for a 10-year term at a fixed annual interest rate of 7.375%. The related party obligation is included in the Consolidated Balance Sheet as Note Payable to Timberland Venture. Interest expensed and paid with respect to the Note Payable to Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest Expense | $ | 58 | $ | 58 | $ | 58 | |||||||
Interest Payments | 58 | 58 | 58 | ||||||||||
As a result, the company had accrued interest payable for the Note Payable to Timberland Venture of the following at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Interest Payable (to related party) | $ | 7 | $ | 7 | |||||||||
The company has an equity interest in MWV-Charleston Land Partners, LLC (“MWV-CLP”), which is accounted for under the equity method of accounting. See Note 17 of the Notes to Consolidated Financial Statements. During 2013, there were no significant transactions between the company and MWV-CLP. | |||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||
Transactions with Parent. The Operating Partnership’s parent, Plum Creek Timber Company, Inc., provides share-based compensation plans that cover employees of the Operating Partnership (see Note 12 of the Notes to Consolidated Financial Statements). All of Plum Creek’s activities are conducted through the Operating Partnership. Therefore, all share-based compensation expense is allocated to the Operating Partnership. | |||||||||||||
Transactions with Other Related Parties. A subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”) has a common and preferred interest in Southern Diversified Timber, LLC (“the Timberland Venture”), which is accounted for under the equity method of accounting. See Note 15 of the Notes to Consolidated Financial Statements. Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity Earnings | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions | 56 | 56 | 56 | ||||||||||
In 2008, PC Ventures borrowed $783 million from the Timberland Venture for a 10-year term at a fixed annual interest rate of 7.375%. PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest. See Note 10 of the Notes to Consolidated Financial Statements. The Operating Partnership made the following cash distributions to PC Ventures for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash Distributions | $ | 58 | $ | 58 | $ | 58 | |||||||
The Operating Partnership has an equity interest in MWV-Charleston Land Partners, LLC (“MWV-CLP”), which is accounted for under the equity method of accounting. See 15 of the Notes to Consolidated Financial Statements. During 2013, there were no significant transactions between the Operating Partnership and MWV-CLP. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||
Effective December 31, 2013, the company made several minor changes to its segment reporting. The company added a new reportable segment called “Energy and Natural Resources Segment.” See below for a general description of the Energy and Natural Resources Segment’s business activities and sources of revenue. No previously reported segment amounts have been restated since in prior periods the Other Segment consisted solely of the company's energy and natural resources business activities. Beginning in 2014, in connection with the new business of providing timber and wood-fiber procurement services, the company plans to report in our Other Segment business activities associated with the harvesting and selling of trees from timberlands that are not owned by the company. Additionally, the company plans to report in the Other Segment the equity earnings (losses) associated with the recently acquired investment in MWV-Charleston Land Partners, LLC (see Note 17 of the Notes to Consolidated Financial Statements). Also, effective December 31, 2013, the company changed the name of the “Manufactured Products Segment” to “Manufacturing Segment.” | ||||||||||||||||||||||||
The company is organized into five operating segments based on the nature of the business activities of each component. Each operating segment has a separate management team. The measurement of operating segment results is generally consistent with the presentation of the Consolidated Statements of Income. Intersegment Revenues are recorded at market prices, which are determined at least quarterly, and are eliminated in the consolidated results. Several operating segments have sales outside of the U.S. (see Export Revenues), but the company does not hold any long-lived foreign assets. These operating segments represent the company’s five reportable segments, which are: (1) Northern Resources, (2) Southern Resources, (3) Real Estate, (4) Manufacturing, and (5) Energy and Natural Resources. | ||||||||||||||||||||||||
The company evaluates performance of the segments based on operating income before interest, unallocated corporate expenses and taxes. Asset information is not reported by segment, as the company does not produce such information internally. | ||||||||||||||||||||||||
Northern Resources Segment. The Northern Resources Segment consists of timberlands located in Maine, Michigan, Montana, New Hampshire, Oregon, Vermont, Washington, West Virginia and Wisconsin. The Northern Resources Segment grows timber for sale primarily in domestic regional markets. Additionally, some logs are sold in export markets, mainly to China and Canada. The Northern Resources Segment sells softwood and hardwood sawlogs and softwood and hardwood pulpwood. Softwood and hardwood sawlogs are sold primarily to regional lumber and plywood manufacturers. Logs harvested in Montana are sold mostly to the company’s Manufacturing Segment (see Intersegment Revenues). Softwood and hardwood pulpwood is sold to regional paper and packaging manufacturers. | ||||||||||||||||||||||||
Southern Resources Segment. The Southern Resources Segment consists of timberlands located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia. The Southern Resources Segment grows timber for sale in domestic regional markets. The Southern Resources Segment sells primarily softwood sawlogs and pulpwood. Additionally, some logs are sold in export markets, mainly to Europe and Asia. Softwood sawlogs are sold to regional lumber and plywood manufacturers. Softwood pulpwood is sold to regional paper and packaging manufacturers, producers of oriented strand board, and producers of wood pellets for use in bioenergy. Additionally, the Southern Resources Segment leases its timberlands to third parties on an annual basis for recreational purposes. | ||||||||||||||||||||||||
Real Estate Segment. The Real Estate Segment consists of sales of higher value timberlands and non-strategic timberlands. We estimate that included in the company’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation, commercial and residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. The company has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller scale transactions over the near and medium term. In addition to these 300,000 acres, the company may also make sales of non-strategic timberlands in larger scale transactions to commercial timberland buyers as opportunities arise. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | ||||||||||||||||||||||||
Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Properties developed internally by the company will generally be low-intensity development limited to obtaining entitlements. Larger and more complicated projects needing more invested capital may be developed through third party ventures. | ||||||||||||||||||||||||
Manufacturing Segment. The Manufacturing Segment consists of two lumber mills, two plywood mills, two medium density fiberboard (“MDF”) facilities in Montana and one lumber remanufacturing facility in Idaho. The lumber facilities produce boards, studs, and dimension lumber and the panel facilities produce high-quality plywood and MDF panels. All of these products are targeted to domestic wood products retailers, home construction, industrial customers, and to a lesser extent, for export primarily to Canada and Mexico. Residual chips that are not used internally may be sold to regional pulp and paper manufacturers. Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Lumber | $ | 95 | $ | 78 | $ | 77 | ||||||||||||||||||
Plywood | 92 | 91 | 75 | |||||||||||||||||||||
MDF | 175 | 155 | 121 | |||||||||||||||||||||
Total | $ | 362 | $ | 324 | $ | 273 | ||||||||||||||||||
Energy and Natural Resources Segment. The Energy and Natural Resources Segment consists primarily of income derived from the company's non-timber natural resources. The Segment includes overriding royalties and related expenses in connection with the company's ownership of aggregate mineral rights. The overriding royalties are earned as the underlying aggregates are sold. These mineral rights exist at four quarries in South Carolina and four quarries in Georgia, all of which are operated by Vulcan Materials Company. The Segment also includes royalties from third-party lessees and related expenses associated with the extraction of oil, natural gas, aggregates and other minerals, and wind leases from the lands the company owns. Additionally, the Energy and Natural Resources Segment includes revenues the company earns in connection with granting oil and gas exploration rights and communication and transportation rights of way. Some of the Energy and Natural Resources Segment’s activities are conducted through the company's wholly-owned taxable REIT subsidiaries. | ||||||||||||||||||||||||
The tables below present information about reported segments for the years ended December 31 (in millions): | ||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources(C) | Total(D) | |||||||||||||||||||
Resources(A) | Resources | Estate(B) | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
External Revenues | $ | 234 | $ | 435 | $ | 286 | $ | 362 | $ | 23 | $ | 1,340 | ||||||||||||
Intersegment Revenues | 26 | — | — | — | — | 26 | ||||||||||||||||||
Export Revenues | 15 | 6 | — | 29 | — | 50 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 30 | 65 | 1 | 16 | 3 | 115 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 91 | — | — | 91 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 1 | 1 | ||||||||||||||||||
Operating Income | 32 | 108 | 169 | 43 | 19 | 371 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
External Revenues | $ | 224 | $ | 417 | $ | 352 | $ | 324 | $ | 22 | $ | 1,339 | ||||||||||||
Intersegment Revenues | 22 | — | — | — | — | 22 | ||||||||||||||||||
Export Revenues | 19 | 2 | — | 32 | — | 53 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 67 | 1 | 15 | 1 | 110 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 138 | — | — | 138 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | — | — | ||||||||||||||||||
Operating Income | 20 | 90 | 187 | 29 | 19 | 345 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
External Revenues | $ | 213 | $ | 359 | $ | 301 | $ | 273 | $ | 21 | $ | 1,167 | ||||||||||||
Intersegment Revenues | 20 | — | — | — | — | 20 | ||||||||||||||||||
Export Revenues | 26 | — | — | 25 | — | 51 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 51 | 2 | 13 | — | 92 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 77 | — | — | 77 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 2 | 2 | ||||||||||||||||||
Operating Income | 24 | 74 | 195 | 15 | 21 | 329 | ||||||||||||||||||
(A) | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||||||||||||||||||||
(B) | The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||||||||||||
(C) | During 2013, the company sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||||||||||||
During 2011, the company received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | ||||||||||||||||||||||||
(D) | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. | |||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Segment Operating Income | $ | 371 | $ | 345 | $ | 329 | ||||||||||||||||||
Corporate and Other Unallocated Expenses | (73 | ) | (65 | ) | (55 | ) | ||||||||||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | 1 | 1 | ||||||||||||||||||||
Operating Income | 295 | 281 | 275 | |||||||||||||||||||||
Equity Earnings from Timberland Venture | 63 | 59 | 56 | |||||||||||||||||||||
Total Interest Expense, net | (141 | ) | (140 | ) | (139 | ) | ||||||||||||||||||
Loss on Extinguishment of Debt | (4 | ) | — | — | ||||||||||||||||||||
Income before Income Taxes | $ | 213 | $ | 200 | $ | 192 | ||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||
Effective December 31, 2013, the Operating Partnership made several minor changes to its segment reporting. The Operating Partnership added a new reportable segment called “Energy and Natural Resources Segment.” See below for a general description of the Energy and Natural Resources Segment’s business activities and sources of revenue. No previously reported segment amounts have been restated since in prior periods the Other Segment consisted solely of the Operating Partnership's energy and natural resources business activities. Beginning in 2014, in connection with the new business of providing timber and wood-fiber procurement services, the Operating Partnership plans to report in our Other Segment business activities associated with the harvesting and selling of trees from timberlands that are not owned by the Operating Partnership. Additionally, the Operating Partnership plans to report in the Other Segment the equity earnings (losses) associated with the recently acquired investment in MWV-Charleston Land Partners, LLC (see Note 15 of the Notes to Consolidated Financial Statements). Also, effective December 31, 2013, the Operating Partnership changed the name of the “Manufactured Products Segment” to “Manufacturing Segment.” | ||||||||||||||||||||||||
The Operating Partnership is organized into five operating segments based on the nature of the business activities of each component. Each operating segment has a separate management team. The measurement of operating segment results is generally consistent with the presentation of the Consolidated Statements of Income. Intersegment Revenues are recorded at market prices, which are determined at least quarterly, and are eliminated in the consolidated results. Several operating segments have sales outside of the U.S. (see Export Revenues), but the Operating Partnership does not hold any long-lived foreign assets. These operating segments represent the Operating Partnership’s five reportable segments, which are: (1) Northern Resources, (2) Southern Resources, (3) Real Estate, (4) Manufacturing, and (5) Energy and Natural Resources. | ||||||||||||||||||||||||
The Operating Partnership evaluates performance of the segments based on operating income before interest, unallocated corporate expenses and taxes. Asset information is not reported by segment, as the Operating Partnership does not produce such information internally. | ||||||||||||||||||||||||
Northern Resources Segment. The Northern Resources Segment consists of timberlands located in Maine, Michigan, Montana, New Hampshire, Oregon, Vermont, Washington, West Virginia and Wisconsin. The Northern Resources Segment grows timber for sale primarily in domestic regional markets. Additionally, some logs are sold in export markets, mainly to China and Canada. The Northern Resources Segment sells softwood and hardwood sawlogs and softwood and hardwood pulpwood. Softwood and hardwood sawlogs are sold primarily to regional lumber and plywood manufacturers. Logs harvested in Montana are sold mostly to the Operating Partnership’s Manufacturing Segment (see Intersegment Revenues). Softwood and hardwood pulpwood is sold to regional paper and packaging manufacturers. | ||||||||||||||||||||||||
Southern Resources Segment. The Southern Resources Segment consists of timberlands located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia. The Southern Resources Segment grows timber for sale in domestic regional markets. The Southern Resources Segment sells primarily softwood sawlogs and pulpwood. Additionally, some logs are sold in export markets, mainly to Europe and Asia. Softwood sawlogs are sold to regional lumber and plywood manufacturers. Softwood pulpwood is sold to regional paper and packaging manufacturers, producers of oriented strand board, and producers of wood pellets for use in bioenergy. Additionally, the Southern Resources Segment leases its timberlands to third parties on an annual basis for recreational purposes. | ||||||||||||||||||||||||
Real Estate Segment. The Real Estate Segment consists of sales of higher value timberlands and non-strategic timberlands. We estimate that included in the Operating Partnership’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation, commercial and residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. The Operating Partnership has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller scale transactions over the near and medium term. In addition to these 300,000 acres, the Operating Partnership may also make sales of non-strategic timberlands in larger scale transactions to commercial timberland buyers as opportunities arise. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | ||||||||||||||||||||||||
Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Properties developed internally by the Operating Partnership will generally be low-intensity development limited to obtaining entitlements. Larger and more complicated projects needing more invested capital may be developed through third party ventures. | ||||||||||||||||||||||||
Manufacturing Segment. The Manufacturing Segment consists of two lumber mills, two plywood mills, two medium density fiberboard (“MDF”) facilities in Montana and one lumber remanufacturing facility in Idaho. The lumber facilities produce boards, studs, and dimension lumber and the panel facilities produce high-quality plywood and MDF panels. All of these products are targeted to domestic wood products retailers, home construction, industrial customers, and to a lesser extent, for export primarily to Canada and Mexico. Residual chips that are not used internally may be sold to regional pulp and paper manufacturers. Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Lumber | $ | 95 | $ | 78 | $ | 77 | ||||||||||||||||||
Plywood | 92 | 91 | 75 | |||||||||||||||||||||
MDF | 175 | 155 | 121 | |||||||||||||||||||||
Total | $ | 362 | $ | 324 | $ | 273 | ||||||||||||||||||
Energy and Natural Resources Segment. The Energy and Natural Resources Segment consists primarily of income derived from the Operating Partnership's non-timber natural resources. The Segment includes overriding royalties and related expenses in connection with the Operating Partnership's ownership of aggregate mineral rights. The overriding royalties are earned as the underlying aggregates are sold. These mineral rights exist at four quarries in South Carolina and four quarries in Georgia, all of which are operated by Vulcan Materials Company. The Segment also includes royalties from third-party lessees and related expenses associated with the extraction of oil, natural gas, aggregates and other minerals, and wind leases from the lands the Operating Partnership owns. Additionally, the Energy and Natural Resources Segment includes revenues the Operating Partnership earns in connection with granting oil and gas exploration rights and communication and transportation rights of way. Some of the Energy and Natural Resources Segment’s activities are conducted through the Operating Partnership's wholly-owned taxable REIT subsidiaries. | ||||||||||||||||||||||||
The tables below present information about reported segments for the years ended December 31 (in millions): | ||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources(C) | Total(D) | |||||||||||||||||||
Resources(A) | Resources | Estate(B) | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
External Revenues | $ | 234 | $ | 435 | $ | 286 | $ | 362 | $ | 23 | $ | 1,340 | ||||||||||||
Intersegment Revenues | 26 | — | — | — | — | 26 | ||||||||||||||||||
Export Revenues | 15 | 6 | — | 29 | — | 50 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 30 | 65 | 1 | 16 | 3 | 115 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 91 | — | — | 91 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 1 | 1 | ||||||||||||||||||
Operating Income | 32 | 108 | 169 | 43 | 19 | 371 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
External Revenues | $ | 224 | $ | 417 | $ | 352 | $ | 324 | $ | 22 | $ | 1,339 | ||||||||||||
Intersegment Revenues | 22 | — | — | — | — | 22 | ||||||||||||||||||
Export Revenues | 19 | 2 | — | 32 | — | 53 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 67 | 1 | 15 | 1 | 110 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 138 | — | — | 138 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | — | — | ||||||||||||||||||
Operating Income | 20 | 90 | 187 | 29 | 19 | 345 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
External Revenues | $ | 213 | $ | 359 | $ | 301 | $ | 273 | $ | 21 | $ | 1,167 | ||||||||||||
Intersegment Revenues | 20 | — | — | — | — | 20 | ||||||||||||||||||
Export Revenues | 26 | — | — | 25 | — | 51 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 51 | 2 | 13 | — | 92 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 77 | — | — | 77 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 2 | 2 | ||||||||||||||||||
Operating Income | 24 | 74 | 195 | 15 | 21 | 329 | ||||||||||||||||||
(A) | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||||||||||||||||||||
(B) | The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||||||||||||
(C) | During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||||||||||||
During 2011, the Operating Partnership received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | ||||||||||||||||||||||||
(D) | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. | |||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Segment Operating Income | $ | 371 | $ | 345 | $ | 329 | ||||||||||||||||||
Corporate and Other Unallocated Expenses | (73 | ) | (65 | ) | (55 | ) | ||||||||||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | 1 | 1 | ||||||||||||||||||||
Operating Income | 295 | 281 | 275 | |||||||||||||||||||||
Equity Earnings from Timberland Venture | 63 | 59 | 56 | |||||||||||||||||||||
Interest Expense, net | (83 | ) | (82 | ) | (81 | ) | ||||||||||||||||||
Loss on Extinguishment of Debt | (4 | ) | — | — | ||||||||||||||||||||
Income before Income Taxes | $ | 271 | $ | 258 | $ | 250 | ||||||||||||||||||
Subsequent_Events
Subsequent Events (PLUM CREEK TIMBER CO INC [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
Quarterly Dividend. On February 4, 2014, the Board of Directors authorized the company to make a dividend payment of $0.44 per share, or approximately $78 million, which will be paid on February 28, 2014 to stockholders of record on February 14, 2014. |
Unaudited_Selected_Quarterly_F
Unaudited Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Unaudited Selected Quarterly Financial Data | ' | ||||||||||||||||
UNAUDITED SELECTED QUARTERLY FINANCIAL DATA | |||||||||||||||||
(In Millions, Except per Share Amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter (B) | |||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 340 | $ | 303 | $ | 366 | $ | 331 | |||||||||
Gross Profit | 110 | 90 | 122 | 98 | |||||||||||||
Operating Income | 78 | 62 | 91 | 64 | |||||||||||||
Net Income | 56 | 46 | 72 | 40 | |||||||||||||
Net Income per Share—Basic (A) | $ | 0.35 | $ | 0.28 | $ | 0.44 | $ | 0.24 | |||||||||
Net Income per Share—Diluted (A) | $ | 0.35 | $ | 0.28 | $ | 0.44 | $ | 0.24 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 337 | $ | 294 | $ | 354 | $ | 354 | |||||||||
Gross Profit | 78 | 81 | 110 | 127 | |||||||||||||
Operating Income | 50 | 55 | 79 | 97 | |||||||||||||
Net Income | 29 | 36 | 59 | 79 | |||||||||||||
Net Income per Share—Basic (A) | $ | 0.18 | $ | 0.22 | $ | 0.36 | $ | 0.49 | |||||||||
Net Income per Share—Diluted (A) | $ | 0.18 | $ | 0.22 | $ | 0.36 | $ | 0.49 | |||||||||
(A) | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. | ||||||||||||||||
(B) | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Unaudited Selected Quarterly Financial Data | ' | ||||||||||||||||
UNAUDITED SELECTED QUARTERLY FINANCIAL DATA | |||||||||||||||||
(In Millions) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter (A) | |||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 340 | $ | 303 | $ | 366 | $ | 331 | |||||||||
Gross Profit | 110 | 90 | 122 | 98 | |||||||||||||
Operating Income | 78 | 62 | 91 | 64 | |||||||||||||
Net Income Available to Common Interest Partners | 56 | 46 | 72 | 40 | |||||||||||||
2012 | |||||||||||||||||
Revenues | $ | 337 | $ | 294 | $ | 354 | $ | 354 | |||||||||
Gross Profit | 78 | 81 | 110 | 127 | |||||||||||||
Operating Income | 50 | 55 | 79 | 97 | |||||||||||||
Net Income Available to Common Interest Partners | 29 | 36 | 59 | 79 | |||||||||||||
(A) | During the fourth quarter of 2013, the Operating Partnership prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 8 of the Notes to Consolidated Financial Statements. |
Supplemental_Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Disclosures Abstract | ' |
Supplemental Disclosures | ' |
Included in this item are the consolidated financial statements related to Plum Creek Timberlands, L.P., a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. These financial statements are provided pursuant to Rule 3-10 of Regulation S-X in connection with the shelf registration statement on Form S-3 filed in December of 2011 pursuant to which Plum Creek Timberlands, L.P. has registered and from time to time may offer and sell debt securities. As of December 31, 2013, Plum Creek Timberlands, L.P. has publicly issued and outstanding $1,333 million aggregate principal amount of Senior Notes ("Public Debt") pursuant to the shelf registration statement. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
General | ' |
General. Plum Creek Timber Company, Inc. (“Plum Creek,” “the company,” “we,” “us,” or “our”), a Delaware Corporation, is a real estate investment trust, or “REIT”, for federal income tax purposes. Plum Creek Timber Company, Inc. is also the parent company of its wholly-owned subsidiary Plum Creek Timberlands, L.P. (“the Partnership”), a Delaware Limited Partnership. At December 31, 2013, the company owned and managed approximately 6.8 million acres of timberlands in the Northwest, Southern and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. In April 2013, the company resumed limited operations of its previously idled lumber mill. The facility was curtailed in June 2009 due to the sustained decline in lumber demand. Included in the 6.8 million acres are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. In addition, the company has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller acreage transactions over the near and medium term. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | |
Basis of Presentation | ' |
Basis of Presentation. The consolidated financial statements of the company include the accounts of Plum Creek Timber Company, Inc. and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. All transactions are denominated in United States dollars. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentrations Disclosure | ' |
Customer Concentrations. Annual revenues from the company’s largest customer accounted for 7% of total annual revenues in 2013, 2012, and 2011. If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the company’s results of operations. | |
Product Concentrations. Sales of the company’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the company’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the company’s results of operations. | |
Revenue Recognition | ' |
Revenue Recognition. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The company sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold using pay-as-cut or timber deed sale agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Under a timber deed sale, the buyer agrees to purchase and harvest specified timber on a tract of land over the term of the contract (usually 18 months or less). Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer also pays the full purchase price when the contract is signed. Revenue from a timber deed sale is recognized when the contract is signed. | |
Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling are recognized at the time of delivery. | |
Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and we have no continuing involvement with the property. For substantially all of our real estate sales, we receive the entire consideration in cash at closing (“Cash Sales”). Also at closing, the risks and rewards of ownership transfer to the buyer and we do not have a continuing involvement in our properties after they are sold. We recognize revenue under the full accrual method for Cash Sales of real estate when the sale is consummated (i.e., at closing). | |
On occasion, we receive a portion of the real estate sale consideration in the form of a note receivable ("Credit Sales"). There were no Credit Sales during 2013, 2012 or 2011. Under these circumstances, we use the full accrual method of recognizing revenue if the buyer’s initial and continuing investment is adequate; otherwise, revenue is generally recognized under the cost recovery method or deposit method, depending on the circumstances. | |
Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. | |
We occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, once title and risk of loss have transferred to the buyer for individual properties, the properties sold cannot be returned for a refund. However, deposits for future closings under multi-period contracts may be refunded under certain circumstances. The company treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. | |
Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the company sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. | |
Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the company is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the company is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the company based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. | |
Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the company’s leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. | |
Accounts Receivable | ' |
Accounts Receivable. Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at December 31, 2013 and $0.3 million at December 31, 2012. Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. | |
Like-Kind Exchanges | ' |
Like-Kind Exchanges. Plum Creek may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The company uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the company. | |
Inventories | ' |
Inventories. Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and harvesting costs, road costs and production overhead. | |
Timber and Timberlands | ' |
Timber and Timberlands. Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The company capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The company presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the company to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The company capitalizes timber deed acquisitions. The company presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. | |
Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be available over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. | |
Minerals Policy | ' |
The company purchased coal assets as part of the business acquisition completed on December 6, 2013. See Note 2 of the Notes to Consolidated Financial Statements. These assets were recorded at their fair value as of the date of acquisition. The coal assets are depleted using the units-of-production method, based on estimated recoverable reserves. | |
Mineral Rights | ' |
Mineral rights are stated at cost less accumulated depletion. The company capitalizes the cost of obtaining mineral rights. These costs are charged against income (depletion expense) as we recognize royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. | |
Real Estate Held for Development and Sale, Policy | ' |
Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the company’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. | |
Costs associated with a specific real estate project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The company will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate projects with multiple parcels, the company determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. | |
Properties developed by the company will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $13 million at both December 31, 2013 and 2012. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). | |
Larger and more complicated projects needing more invested capital may be developed through third party ventures. These projects have a longer timeframe and are not expected to be sold in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $36 million and $34 million at December 31, 2013 and December 31, 2012, respectively, and are included in Timber and Timberlands as they are still managed for timber operations. | |
The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $92 million at December 31, 2013 and $61 million at December 31, 2012. Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. | |
Accounting for Equity Method Investments | ' |
Accounting for Equity Method Investments. On December 6, 2013, in conjunction with its purchase of timberlands from MeadWestvaco Corporation ("MWV"), the company and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the company made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties. The company accounts for this interest under the equity method of accounting. Joint venture earnings are recognized as Equity Earnings from Real Estate Development Joint Ventures in the Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. | |
In 2008, the company contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The company accounts for these interests under the equity method of accounting. Earnings are recognized as Equity Earnings from Timberland Venture in our Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. | |
Accounting for Real Estate Joint Venture Arrangements | ' |
Accounting for Unconsolidated Real Estate Joint Venture Arrangement. Under the terms of a joint venture arrangement entered into in 2006, the company received proceeds in connection with the sale of land to the joint venture and will receive additional contingent consideration as parcels of land are sold by the joint venture to third parties. Real estate revenue was recognized under the cost recovery method in connection with the sale of land to this joint venture. Under the cost recovery method, no profit is recognized until cash received from the buyer exceeds the book basis in the property sold. Proceeds in connection with the sale of land to the joint venture are recognized as Real Estate Revenue. | |
Joint venture earnings from the unconsolidated joint venture will be recognized under the equity method of accounting as a result of parcel sales by the joint venture to unrelated third parties. When they occur, joint venture earnings will be recognized as Equity Earnings from Real Estate Joint Ventures in our Consolidated Statements of Income. | |
Property, Plant, and Equipment | ' |
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
The company evaluates its long-lived assets for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. | |
All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $24 million, $22 million, and $20 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Grantor Trusts | ' |
Grantor Trusts. The company has a grantor trust that was established for deferred compensation and deferred Plum Creek shares. See Note 11 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. | |
Plum Creek maintains another grantor trust, which the company uses to fund its non-qualified pension plan obligation. See Notes 11 and 13 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the company’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. | |
Accounting for Share-Based Compensation | ' |
Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The company uses the Black-Scholes-Merton option pricing model to value stock options and uses the grant date fair values (the closing market price for its common stock) to value other stock awards of restricted stock, restricted stock units, and common stock. The company also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. | |
Other Operating Income | ' |
Other Operating Income. Periodically the company will recognize gains and losses from miscellaneous asset sales, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 20 of the Notes to Consolidated Financial Statements. | |
Reclassifications | ' |
Reclassifications. Certain prior year amounts have been reclassified to conform to the 2013 presentation. The reclassifications had no impact on operating income or net income. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
Presentation of Items Reclassified from Accumulated Other Comprehensive Income (AOCI). In 2013, the FASB issued new guidance requiring entities to disclose in a single location (either on the face of the income statement or in the footnotes) the effects of reclassifications out of AOCI. For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on the company's available-for-sale securities, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items not reclassified in their entirety into net income, such as amortization of the actuarial net loss on the company's defined benefit pension plans, entities must provide a cross reference to the notes in other disclosures that already provide information about those amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption did not have a material impact on the company's financial position, results of operations or cash flows. See Note 12 of the Notes to Consolidated Financial Statements. | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
General | ' |
General. Plum Creek Timberlands, L.P. is a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. (“Parent”), a Delaware Corporation and a real estate investment trust, or “REIT”. References herein to “the Operating Partnership,” “we,” “us,” or “our” relate to Plum Creek Timberlands, L.P. and all of its wholly-owned consolidated subsidiaries; references to “Plum Creek” or “Parent” relate to Plum Creek Timber Company, Inc. and all of its wholly-owned consolidated subsidiaries. | |
At December 31, 2013, the Operating Partnership owned and managed approximately 6.8 million acres of timberlands in the Northwest, Southern and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. In April 2013, the Operating Partnership resumed limited operations of its previously idled lumber mill. The facility was curtailed in June 2009 due to the sustained decline in lumber demand. Included in the 6.8 million acres are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. In addition, the Operating Partnership has approximately 300,000 acres of non-strategic timberlands, which are expected to be sold in smaller acreage transactions over the near and medium term. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. | |
Basis of Presentation | ' |
Basis of Presentation. The consolidated financial statements of the Operating Partnership include the accounts of Plum Creek Timberlands, L.P. and its subsidiaries. The Operating Partnership is 100% owned by Plum Creek. Plum Creek has no assets or liabilities other than its direct and indirect ownership interests in Plum Creek Timberlands, L.P. and its interest in Plum Creek Ventures I, LLC (“PC Ventures”), a 100% owned subsidiary of Plum Creek. The Parent has no operations other than its investment in these subsidiaries and transactions in its own equity, such as the issuance and/or repurchase of common stock and the receipt of proceeds from stock option exercises. Intercompany transactions and accounts between Plum Creek Timberlands, L.P. and its subsidiaries have been eliminated in consolidation. All transactions are denominated in United States dollars. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentrations Disclosure | ' |
Customer Concentrations. Annual revenues from the Operating Partnership’s largest customer accounted for 7% of total annual revenues in 2013, 2012, and 2011. If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the Operating Partnership’s results of operations. | |
Product Concentrations. Sales of the Operating Partnership’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the Operating Partnership’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the Operating Partnership’s results of operations | |
Revenue Recognition | ' |
Revenue Recognition. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The Operating Partnership sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold using pay-as-cut or timber deed sale agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Under a timber deed sale, the buyer agrees to purchase and harvest specified timber on a tract of land over the term of the contract (usually 18 months or less). Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer also pays the full purchase price when the contract is signed. Revenue from a timber deed sale is recognized when the contract is signed. | |
Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling, are recognized at the time of delivery. | |
Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and we have no continuing involvement with the property. For substantially all of our real estate sales, we receive the entire consideration in cash at closing (“Cash Sales”). Also at closing, the risks and rewards of ownership transfer to the buyer and we do not have a continuing involvement in our properties after they are sold. We recognize revenue under the full accrual method for Cash Sales of real estate when the sale is consummated (i.e., at closing). | |
On occasion, we receive a portion of the real estate sale consideration in the form of a note receivable ("Credit Sales"). There were no Credit Sales during 2013, 2012 or 2011. Under these circumstances, we use the full accrual method of recognizing revenue if the buyer’s initial and continuing investment is adequate; otherwise, revenue is generally recognized under the cost recovery method or deposit method, depending on the circumstances. | |
Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. | |
We occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, once title and risk of loss have transferred to the buyer for individual properties, the properties sold cannot be returned for a refund. However, deposits for future closings under multi-period contracts may be refunded under certain circumstances. The Operating Partnership treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. | |
Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the Operating Partnership sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. | |
Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the Operating Partnership is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the Operating Partnership is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the Operating Partnership based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. | |
Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the Operating Partnership's leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds | |
Accounts Receivable | ' |
Accounts Receivable. Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at December 31, 2013 and $0.3 million at December 31, 2012. Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible | |
Like-Kind Exchanges | ' |
Like-Kind Exchanges. The Operating Partnership may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The Operating Partnership uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the Operating Partnership | |
Inventories | ' |
Inventories. Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and harvesting costs, road costs and production overhead | |
Timber and Timberlands | ' |
Timber and Timberlands. Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The Operating Partnership capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The Operating Partnership presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the Operating Partnership to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The Operating Partnership capitalizes timber deed acquisitions. The Operating Partnership presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. | |
Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be available over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales | |
Minerals Policy | ' |
The Operating Partnership purchased coal assets as part of the business acquisition completed on December 6, 2013. See Note 2 of the Notes to Consolidated Financial Statements. These assets were recorded at their fair value as of the date of acquisition. The coal assets are depleted using the units-of-production method, based on estimated recoverable reserves. | |
Mineral Rights | ' |
Mineral rights are stated at cost less accumulated depletion. The Operating Partnership capitalizes the cost of obtaining mineral rights. These costs are charged against income (depletion expense) as we recognize royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. | |
Real Estate Held for Development and Sale, Policy | ' |
Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the Operating Partnership’s 6.8 million acres of timberlands are approximately 800,000 acres of higher value timberlands, which are expected to be sold and/or developed over the next fifteen years for recreational, conservation or residential purposes. Included within the 800,000 acres of higher value timberlands are approximately 600,000 acres we expect to sell for recreational uses, approximately 125,000 acres we expect to sell for conservation and approximately 75,000 acres that are identified as having development potential. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. | |
Costs associated with a specific real estate project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The Operating Partnership will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate projects with multiple parcels, the Operating Partnership determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. | |
Properties developed by the Operating Partnership will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $13 million at both December 31, 2013 and 2012. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). | |
Larger and more complicated projects needing more invested capital may be developed through third party ventures. These projects have a longer timeframe and are not expected to be sold in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $36 million and $34 million at December 31, 2013 and December 31, 2012, respectively, and are included in Timber and Timberlands as they are still managed for timber operations. | |
The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $92 million at December 31, 2013 and $61 million at December 31, 2012. Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands | |
Accounting for Equity Method Investments | ' |
Accounting for Equity Method Investments. On December 6, 2013, in conjunction with its purchase of timberlands from MeadWestvaco Corporation ("MWV"), the Operating Partnership and MWV formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the Operating Partnership made a capital contribution, in cash, of $152 million and MWV contributed real estate development properties. The Operating Partnership accounts for this interest under the equity method of accounting. Joint venture earnings are recognized as Equity Earnings from Real Estate Development Joint Ventures in the Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. | |
In 2008, a subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”), contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The Operating Partnership accounts for these interests under the equity method of accounting. Earnings are recognized as Equity Earnings from Timberland Venture in our Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements | |
Accounting for Real Estate Joint Venture Arrangements | ' |
Accounting for Unconsolidated Real Estate Joint Venture Arrangement. Under the terms of a joint venture arrangement entered into in 2006, the Operating Partnership received proceeds in connection with the sale of land to the joint venture and will receive additional contingent consideration as parcels of land are sold by the joint venture to third parties. Real estate revenue was recognized under the cost recovery method in connection with the sale of land to this joint venture. Under the cost recovery method, no profit is recognized until cash received from the buyer exceeds the book basis in the property sold. Proceeds in connection with the sale of land to the joint venture are recognized as Real Estate Revenue. | |
Joint venture earnings from the unconsolidated joint venture will be recognized under the equity method of accounting as a result of parcel sales by the joint venture to unrelated third parties. When they occur, joint venture earnings will be recognized as Equity Earnings from Real Estate Joint Ventures in our Consolidated Statements of Income. | |
Property, Plant, and Equipment | ' |
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. | |
The Operating Partnership evaluates its long-lived assets for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. | |
All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $24 million, $22 million, and $20 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Grantor Trusts | ' |
Grantor Trusts. The Operating Partnership has a grantor trust that was established for deferred compensation and deferred Plum Creek shares. See Note 9 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. | |
The Operating Partnership maintains another grantor trust, which the Operating Partnership uses to fund its non-qualified pension plan obligation. See Notes 9 and 11 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the Operating Partnership’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. | |
Accounting for Share-Based Compensation | ' |
Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The Black-Scholes-Merton option pricing model is used to value Plum Creek stock options and the grant date fair values (the closing market price for Plum Creek’s common stock) are used to value other Plum Creek stock awards of restricted stock, restricted stock units, and common stock. Share-based awards that are classified and accounted for as liabilities also may be granted to any officer, director, employee, consultant, or advisor of the Operating Partnership. These awards are valued using a Monte Carlo simulation. | |
Other Operating Income | ' |
Other Operating Income. Periodically the Operating Partnership will recognize gains and losses from miscellaneous asset sales, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 18 of the Notes to Consolidated Financial Statements. | |
Reclassifications | ' |
Reclassifications. Certain prior year amounts have been reclassified to conform to the 2013 presentation. The reclassifications had no impact on operating income or net income. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
Presentation of Items Reclassified from Accumulated Other Comprehensive Income (AOCI). In 2013, the FASB issued new guidance requiring entities to disclose in a single location (either on the face of the income statement or in the footnotes) the effects of reclassifications out of AOCI. For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on the Operating Partnership's available-for-sale securities, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items not reclassified in their entirety into net income, such as amortization of the actuarial net loss on the Operating Partnership's defined benefit pension plans, entities must provide a cross reference to the notes in other disclosures that already provide information about those amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2012, and interim periods within those years. The adoption did not have a material impact on the Operating Partnership's financial position, results of operations or cash flows. See Note 10 of the Notes to Consolidated Financial Statements. |
Business_Acquisition_Tables
Business Acquisition (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||
Business Acquisition [Line Items] | ' | ||||||||
Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
The following table summarizes the assets acquired as of the acquisition date at fair value (in millions): | |||||||||
Assets Acquired: | Fair Value | ||||||||
Timber and Logging Roads | $ | 517 | |||||||
Timberlands | 352 | ||||||||
Minerals and Mineral Rights | 57 | ||||||||
Property, Plant and Equipment | 1 | ||||||||
Equity Method Investments | 139 | ||||||||
Intangible Assets | 15 | ||||||||
Deferred Tax Assets | 4 | ||||||||
Total Assets Acquired | $ | 1,085 | |||||||
Intangible Assets Acquired [Table Text Block] | ' | ||||||||
The following table summarizes the purchased intangible assets subject to amortization (in millions): | |||||||||
Description | Fair Value | Amortization Period (in years) (B) | |||||||
Acquired Wind Leases | $ | 10 | 20 | ||||||
Acquired Land Leases(A) | 7 | 10 | |||||||
Fiber Supply Agreement | 5 | 10 | |||||||
Total Intangible Assets Acquired | $ | 22 | |||||||
(A) | The acquired land leases are associated with the acquired minerals and are included in Minerals and Mineral Rights, net on both the preceding Assets Acquired table and on the Consolidated Balance Sheets. | ||||||||
(B) | The amortization method for the purchased intangible assets approximates straight-line. | ||||||||
Actual Impact of Acquisition [Table Text Block] | ' | ||||||||
The amount of revenue and net income included in the company's Consolidated Statements of Income from the Acquisition Date to December 31, 2013 are as follows (in millions): | |||||||||
Revenue | $ | 3 | |||||||
Net Income | $ | — | |||||||
Pro Forma Information [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Pro Forma Revenue | $ | 1,491 | $ | 1,513 | |||||
Pro Forma Net Income | $ | 253 | $ | 238 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||
Business Acquisition [Line Items] | ' | ||||||||
Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||
The following table summarizes the assets acquired as of the acquisition date at fair value (in millions): | |||||||||
Assets Acquired: | Fair Value | ||||||||
Timber and Logging Roads | $ | 517 | |||||||
Timberlands | 352 | ||||||||
Minerals and Mineral Rights | 57 | ||||||||
Property, Plant and Equipment | 1 | ||||||||
Equity Method Investments | 139 | ||||||||
Intangible Assets | 15 | ||||||||
Deferred Tax Assets | 4 | ||||||||
Total Assets Acquired | $ | 1,085 | |||||||
Intangible Assets Acquired [Table Text Block] | ' | ||||||||
The following table summarizes the purchased intangible assets subject to amortization (in millions): | |||||||||
Description | Fair Value | Amortization Period (in years) (B) | |||||||
Acquired Wind Leases | $ | 10 | 20 | ||||||
Acquired Land Leases(A) | 7 | 10 | |||||||
Fiber Supply Agreement | 5 | 10 | |||||||
Total Intangible Assets Acquired | $ | 22 | |||||||
Actual Impact of Acquisition [Table Text Block] | ' | ||||||||
The amount of revenue and net income included in the Operating Partnership's Consolidated Statements of Income from the Acquisition Date to December 31, 2013 are as follows (in millions): | |||||||||
Revenue | $ | 3 | |||||||
Net Income | $ | — | |||||||
Pro Forma Information [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Pro Forma Revenue | $ | 1,491 | $ | 1,513 | |||||
Pro Forma Net Income | $ | 253 | $ | 238 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The following table sets forth the reconciliation of basic and diluted earnings per share for the years ended December 31 (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Income Available to Common Stockholders | $ | 214 | $ | 203 | $ | 193 | ||||||
Denominator for Basic Earnings per Share | 164.6 | 161.5 | 161.7 | |||||||||
Effect of Dilutive Securities – Stock Options | 0.3 | 0.3 | 0.2 | |||||||||
Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | 0.1 | |||||||||
Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities | 165 | 161.9 | 162 | |||||||||
Per Share Amounts: | ||||||||||||
Net Income per Share - Basic | $ | 1.3 | $ | 1.25 | $ | 1.19 | ||||||
Net Income per Share - Diluted | $ | 1.3 | $ | 1.25 | $ | 1.19 | ||||||
Antidilutive Options | ' | |||||||||||
Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the years ended December 31 (shares in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of Options | — | 0.9 | 1.5 | |||||||||
Range of Exercise Prices | N/A | $41.55 to $43.23 | $35.22 to $43.23 | |||||||||
Expiration on or before | N/A | Feb-21 | Feb-21 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 30 | 24 | ||||||
41 | 35 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 55 | $ | 49 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 30 | 24 | ||||||
41 | 35 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 55 | $ | 49 | ||||
Timber_and_Timberlands_Tables
Timber and Timberlands (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Timber and Timberlands Tables | ' | ||||||||||||
Timber and Timberlands consisted of the following (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,169 | |||||||||
Timber Deeds, net | 95 | 92 | |||||||||||
Timberlands | 1,455 | 1,102 | |||||||||||
Timber and Timberlands, net | $ | 4,180 | $ | 3,363 | |||||||||
Impairment Losses Table | ' | ||||||||||||
Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Impairment Losses | $ | 4 | $ | — | $ | 1 | |||||||
Book Basis of Property | $ | 37 | $ | 4 | $ | 7 | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Timber and Timberlands Tables | ' | ||||||||||||
Timber and Timberlands consisted of the following (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,169 | |||||||||
Timber Deeds, net | 95 | 92 | |||||||||||
Timberlands | 1,455 | 1,102 | |||||||||||
Timber and Timberlands, net | $ | 4,180 | $ | 3,363 | |||||||||
Impairment Losses Table | ' | ||||||||||||
Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Impairment Losses | $ | 4 | $ | — | $ | 1 | |||||||
Book Basis of Property | $ | 37 | $ | 4 | $ | 7 | |||||||
Minerals_and_Mineral_Rights_Ta
Minerals and Mineral Rights (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Schedule of Minerals and Mineral Rights [Line Items] | ' | |||||||
Schedule of Minerals and Mineral Rights [Table Text Block] | ' | |||||||
Minerals and Mineral Rights consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Minerals, net | $ | 60 | $ | 11 | ||||
Mineral Rights, net | $ | 238 | $ | 76 | ||||
Minerals and Mineral Rights, net | $ | 298 | $ | 87 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Schedule of Minerals and Mineral Rights [Line Items] | ' | |||||||
Schedule of Minerals and Mineral Rights [Table Text Block] | ' | |||||||
Minerals and Mineral Rights consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Minerals, net | $ | 60 | $ | 11 | ||||
Mineral Rights, net | $ | 238 | $ | 76 | ||||
Minerals and Mineral Rights, net | $ | 298 | $ | 87 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 88 | ||||
Machinery and Equipment | 323 | 318 | ||||||
414 | 406 | |||||||
Accumulated Depreciation | (296 | ) | (279 | ) | ||||
Property, Plant and Equipment, net | $ | 118 | $ | 127 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 88 | ||||
Machinery and Equipment | 323 | 318 | ||||||
414 | 406 | |||||||
Accumulated Depreciation | (296 | ) | (279 | ) | ||||
Property, Plant and Equipment, net | $ | 118 | $ | 127 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current Income Taxes: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | (2 | ) | |||||||||
Deferred Income Taxes: | |||||||||||||
Federal | (1 | ) | (3 | ) | — | ||||||||
State | — | — | — | ||||||||||
Benefit from Operating Loss Carryforward | (1 | ) | (1 | ) | (7 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $ | 75 | $ | 70 | $ | 67 | |||||||
REIT Income not Subject to Federal Tax | (69 | ) | (66 | ) | (68 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
State Income Tax Expense (Benefit), net of Federal Benefit | (1 | ) | (1 | ) | (6 | ) | |||||||
Tax Audit Settlements | — | — | 1 | ||||||||||
Permanent Book-Tax Differences | (7 | ) | (7 | ) | (3 | ) | |||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Allocation of Income Tax Benefit | ' | ||||||||||||
Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Other Comprehensive Income | 7 | 1 | (6 | ) | |||||||||
Additional Paid-In Capital (Share-Based Compensation) | (1 | ) | — | — | |||||||||
Total Income Tax Provision (Benefit) | $ | 5 | $ | (2 | ) | $ | (7 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Income Tax Assets: | |||||||||||||
Federal and State Net Operating Loss Carryforwards | $ | 13 | $ | 19 | |||||||||
Accrued Compensation | 9 | 9 | |||||||||||
Accrued Pension Benefits | 9 | 14 | |||||||||||
Timber and Timberlands | 13 | 11 | |||||||||||
Accrued Workers' Compensation Benefits | 4 | 4 | |||||||||||
Other Accruals and Reserves | 7 | 1 | |||||||||||
Valuation Allowance | (10 | ) | (9 | ) | |||||||||
45 | 49 | ||||||||||||
Deferred Income Tax Liabilities: | |||||||||||||
Machinery and Equipment | (19 | ) | (23 | ) | |||||||||
(19 | ) | (23 | ) | ||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
Deferred Income Tax Asset (Liability) Classification | ' | ||||||||||||
The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Current Deferred Income Tax Asset | $ | 9 | $ | 5 | |||||||||
Non Current Deferred Income Tax Asset | 17 | 21 | |||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current Income Taxes: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | (2 | ) | |||||||||
Deferred Income Taxes: | |||||||||||||
Federal | (1 | ) | (3 | ) | — | ||||||||
State | — | — | — | ||||||||||
Benefit from Operating Loss Carryforward | (1 | ) | (1 | ) | (7 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $ | 75 | $ | 70 | $ | 67 | |||||||
REIT Income not Subject to Federal Tax | (69 | ) | (66 | ) | (68 | ) | |||||||
Change to Valuation Allowance | 1 | 1 | 8 | ||||||||||
State Income Tax Expense (Benefit), net of Federal Benefit | (1 | ) | (1 | ) | (6 | ) | |||||||
Tax Audit Settlements | — | — | 1 | ||||||||||
Permanent Book-Tax Differences | (7 | ) | (7 | ) | (3 | ) | |||||||
Provision (Benefit) for Income Taxes on Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Allocation of Income Tax Benefit | ' | ||||||||||||
Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from Continuing Operations | $ | (1 | ) | $ | (3 | ) | $ | (1 | ) | ||||
Other Comprehensive Income | 7 | 1 | (6 | ) | |||||||||
Additional Paid-In Capital (Share-Based Compensation) | (1 | ) | — | — | |||||||||
Total Income Tax Provision (Benefit) | $ | 5 | $ | (2 | ) | $ | (7 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Income Tax Assets: | |||||||||||||
Federal and State Net Operating Loss Carryforwards | $ | 13 | $ | 19 | |||||||||
Accrued Compensation | 9 | 9 | |||||||||||
Accrued Pension Benefits | 9 | 14 | |||||||||||
Timber and Timberlands | 13 | 11 | |||||||||||
Accrued Workers' Compensation Benefits | 4 | 4 | |||||||||||
Other Accruals and Reserves | 7 | 1 | |||||||||||
Valuation Allowance | (10 | ) | (9 | ) | |||||||||
45 | 49 | ||||||||||||
Deferred Income Tax Liabilities: | |||||||||||||
Machinery and Equipment | (19 | ) | (23 | ) | |||||||||
(19 | ) | (23 | ) | ||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
Deferred Income Tax Asset (Liability) Classification | ' | ||||||||||||
The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Current Deferred Income Tax Asset | $ | 9 | $ | 5 | |||||||||
Non Current Deferred Income Tax Asset | 17 | 21 | |||||||||||
Deferred Income Tax Asset, net | $ | 26 | $ | 26 | |||||||||
REIT_Disclosures_Tables
REIT Disclosures (Tables) (PLUM CREEK TIMBER CO INC [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Historical Tax Character of Distributions to Shareholders | ' | ||||||||||||
The table below summarizes the historical tax character of distributions to Plum Creek shareholders for the years ended December 31 (amounts per share): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Capital Gain Dividend | $ | 1.74 | $ | 1.68 | $ | 1.68 | |||||||
Non-Taxable Return of Capital | — | — | — | ||||||||||
Total Distributions | $ | 1.74 | $ | 1.68 | $ | 1.68 | |||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||
Outstanding borrowings consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Line of Credit maturing 2019, 1.37% at 12/31/13, based on LIBOR plus 1.25% | $ | 467 | $ | 104 | ||||||||
Term Credit Agreement due 2019, 1.66% at 12/31/13, based on LIBOR plus 1.50%. | 225 | 450 | ||||||||||
Senior Notes due 2013, 6.18% | — | 174 | ||||||||||
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% | — | 72 | ||||||||||
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% | 438 | 456 | ||||||||||
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% | — | 14 | ||||||||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% | 568 | 575 | ||||||||||
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% | 323 | 322 | ||||||||||
Installment Note Payable due 2023, 5.207% | 860 | — | ||||||||||
Note Payable to Timberland Venture due 2018, 7.375% | 783 | 783 | ||||||||||
Total Long-Term Debt | 3,664 | 2,950 | ||||||||||
Less: Current Portion of Long-Term Debt | — | 248 | ||||||||||
Less: Line of Credit | 467 | 104 | ||||||||||
Long-Term Portion | $ | 3,197 | $ | 2,598 | ||||||||
Schedule of Senior Notes Outstanding | ' | |||||||||||
Senior Notes outstanding, including unamortized discount, consisted of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Senior Notes | ||||||||||||
Public Debt | $ | 1,329 | $ | 1,353 | ||||||||
Private Debt | — | 260 | ||||||||||
Total Senior Notes | $ | 1,329 | $ | 1,613 | ||||||||
Schedule of Debt Principal Payments [Table Text Block] | ' | |||||||||||
Debt Principal Payments. The table below summarizes the debt principal payments made for the years ended December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Public Debt | $ | 24 | $ | — | ||||||||
Private Debt | 260 | 3 | ||||||||||
Term Credit Agreement | 225 | 350 | ||||||||||
Total | $ | 509 | $ | 353 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||
Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2013 (in millions): | ||||||||||||
Maturity | Debt | Note | Total | |||||||||
Agreements | Payable to | |||||||||||
Timberland | ||||||||||||
Venture | ||||||||||||
2014 | $ | — | $ | — | $ | — | ||||||
2015 | 439 | — | 439 | |||||||||
2016 | — | — | — | |||||||||
2017 | — | — | — | |||||||||
2018 | — | 783 | 783 | |||||||||
Thereafter | 2,446 | — | 2,446 | |||||||||
Total | $ | 2,885 | $ | 783 | $ | 3,668 | ||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||
Outstanding borrowings of the Operating Partnership, all of which are unsecured, consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Line of Credit maturing 2019, 1.37% at 12/31/13, based on LIBOR plus 1.25% | $ | 467 | $ | 104 | ||||||||
Term Credit Agreement due 2019, 1.66% at 12/31/13, based on LIBOR plus 1.50%. | 225 | 450 | ||||||||||
Senior Notes due 2013, 6.18% | — | 174 | ||||||||||
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% | — | 72 | ||||||||||
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% | 438 | 456 | ||||||||||
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% | — | 14 | ||||||||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% | 568 | 575 | ||||||||||
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% | 323 | 322 | ||||||||||
Installment Note Payable due 2023, 5.207% | 860 | — | ||||||||||
Total Long-Term Debt | 2,881 | 2,167 | ||||||||||
Less: Current Portion of Long-Term Debt | — | 248 | ||||||||||
Less: Line of Credit | 467 | 104 | ||||||||||
Long-Term Portion | $ | 2,414 | $ | 1,815 | ||||||||
Schedule of Senior Notes Outstanding | ' | |||||||||||
Senior Notes outstanding, including unamortized discount, consisted of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Senior Notes | ||||||||||||
Public Debt | $ | 1,329 | $ | 1,353 | ||||||||
Private Debt | — | 260 | ||||||||||
Total Senior Notes | $ | 1,329 | $ | 1,613 | ||||||||
Schedule of Debt Principal Payments [Table Text Block] | ' | |||||||||||
Debt Principal Payments. The table below summarizes the debt principal payments made for the years ended December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Public Debt | $ | 24 | $ | — | ||||||||
Private Debt | 260 | 3 | ||||||||||
Term Credit Agreement | 225 | 350 | ||||||||||
Total | $ | 509 | $ | 353 | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||
Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2013 (in millions): | ||||||||||||
Maturity | Debt Agreements | |||||||||||
2014 | $ | — | ||||||||||
2015 | 439 | |||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
Thereafter | 2,446 | |||||||||||
Total | $ | 2,885 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||||||
Level 1 Assets Reported in the Company's Financial Statements at Fair Value, Measured on a Recurring Basis | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis. The company’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the company’s financial statements at fair value, measured on a recurring basis (in millions): | |||||||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-13 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 428 | $ | 428 | |||||||||||||||||
Available-for-Sale Securities (B) | 40 | 40 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 473 | $ | 473 | |||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-12 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 354 | $ | 354 | |||||||||||||||||
Available-for-Sale Securities (B) | 34 | 34 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 393 | $ | 393 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $433 million and $356 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012. At December 31, 2013, investments in these mutual funds were approximately 45% in domestic (U.S.) equities, 25% in international equities and 30% in debt securities. | ||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Other Instruments. The carrying amount of notes receivable approximates fair value due to the short-term maturities of these instruments. Summarized below are the carrying amount and fair value of the company's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at December 31, 2013 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,329 | $ | — | $ | 1,361 | $ | — | $ | 1,361 | |||||||||||
Private Debt (B) | — | — | — | — | — | ||||||||||||||||
Term Credit Agreement (C) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (D) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (E) | 860 | — | 845 | — | 845 | ||||||||||||||||
Note Payable to Timberland Venture (F) | 783 | — | — | 916 | 916 | ||||||||||||||||
Total Debt | $ | 3,664 | $ | — | $ | 2,898 | $ | 916 | $ | 3,814 | |||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||||||
Carrying Amount at December 31, 2012 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,353 | $ | — | $ | 1,465 | $ | — | $ | 1,465 | |||||||||||
Private Debt (B) | 260 | — | 266 | — | 266 | ||||||||||||||||
Term Credit Agreement (C) | 450 | — | 450 | — | 450 | ||||||||||||||||
Line of Credit (D) | 104 | — | 104 | — | 104 | ||||||||||||||||
Installment Note Payable (E) | — | — | — | — | — | ||||||||||||||||
Note Payable to Timberland Venture (F) | 783 | — | — | 973 | 973 | ||||||||||||||||
Total Debt | $ | 2,950 | $ | — | $ | 2,285 | $ | 973 | $ | 3,258 | |||||||||||
(A) | Fair value of the company's Public Debt (publicly issued Senior Notes) is estimated using multiple market quotes for the company's public bonds. | ||||||||||||||||||||
(B) | Fair value of the company's Private Debt (Senior Notes with various maturities and fixed interest rates which are privately placed with various lenders) is estimated using market quotes for the company's Public Debt adjusted for the different maturities and an illiquidity premium. The Private Debt was repaid during the fourth quarter of 2013. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(E) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
(F) | Fair value is estimated by using market quotes for the company's Public Debt adjusted by an estimated risk premium for holding company debt and the different maturity. | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The company’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Summarized below are the Level 3 assets reported in the company's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31 (in millions): | |||||||||||||||||||||
2013 | Fair Value Measurements | Net Gain (Loss) | |||||||||||||||||||
Using Significant | |||||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||||
(Level 3 Measurements) | |||||||||||||||||||||
Timberlands Held for Sale (A) | $37 | $37 | ($4) | ||||||||||||||||||
Total | ($4) | ||||||||||||||||||||
(A) | During 2013, timberlands held for sale for three different properties with a carrying value totaling $41 million were written down to their fair value (net of estimated selling costs) of $37 million, resulting in a loss of $4 million, which was included in earnings for the year ended December 31, 2013. The fair value for two of the properties was based on external appraisals which were derived from a combination of comparable sales and discounted future cash flows. The discounted future cash flows were based on estimated future timber prices and operating expenses. The fair value for the remaining property was based on an offer received by the company from a third party. | ||||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||||||
Level 1 Assets Reported in the Company's Financial Statements at Fair Value, Measured on a Recurring Basis | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis. The Operating Partnership’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the Operating Partnership’s financial statements at fair value, measured on a recurring basis (in millions): | |||||||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-13 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 428 | $ | 428 | |||||||||||||||||
Available-for-Sale Securities (B) | 40 | 40 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 473 | $ | 473 | |||||||||||||||||
Balance at | Fair Value Measurements | ||||||||||||||||||||
31-Dec-12 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 354 | $ | 354 | |||||||||||||||||
Available-for-Sale Securities (B) | 34 | 34 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 393 | $ | 393 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $433 million and $356 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012. At December 31, 2013, investments in these mutual funds were approximately 45% in domestic (U.S.) equities, 25% in international equities and 30% in debt securities. | ||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Other Instruments. The carrying amount of notes receivable approximates fair value due to the short-term maturities of these instruments. Summarized below are the carrying amount and fair value of the Operating Partnership's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at December 31, 2013 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,329 | $ | — | $ | 1,361 | $ | — | $ | 1,361 | |||||||||||
Private Debt (B) | — | — | — | — | — | ||||||||||||||||
Term Credit Agreement (C) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (D) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (E) | 860 | — | 845 | — | 845 | ||||||||||||||||
Total Debt | $ | 2,881 | $ | — | $ | 2,898 | $ | — | $ | 2,898 | |||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||||||
Carrying Amount at December 31, 2012 | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Public Debt (A) | $ | 1,353 | $ | — | $ | 1,465 | $ | — | $ | 1,465 | |||||||||||
Private Debt (B) | 260 | — | 266 | — | 266 | ||||||||||||||||
Term Credit Agreement (C) | 450 | — | 450 | — | 450 | ||||||||||||||||
Line of Credit (D) | 104 | — | 104 | — | 104 | ||||||||||||||||
Installment Note Payable (E) | — | — | — | — | — | ||||||||||||||||
Total Debt | $ | 2,167 | $ | — | $ | 2,285 | $ | — | $ | 2,285 | |||||||||||
(A) | Fair value of the Operating Partnership's Public Debt (publicly issued Senior Notes) is estimated using multiple market quotes for the Operating Partnership's public bonds. | ||||||||||||||||||||
(B) | Fair value of the Operating Partnership's Private Debt (Senior Notes with various maturities and fixed interest rates which are privately placed with various lenders) is estimated using market quotes for the Operating Partnership's Public Debt adjusted for the different maturities and an illiquidity premium. The Private Debt was repaid during the fourth quarter of 2013. See Note 8 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(E) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Operating Partnership’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Summarized below are the Level 3 assets reported in the Operating Partnership's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31 (in millions): | |||||||||||||||||||||
2013 | Fair Value Measurements | Net Gain (Loss) | |||||||||||||||||||
Using Significant | |||||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||||
(Level 3 Measurements) | |||||||||||||||||||||
Timberlands Held for Sale (A) | $37 | $37 | ($4) | ||||||||||||||||||
Total | ($4) | ||||||||||||||||||||
(A) | During 2013, timberlands held for sale for three different properties with a carrying value totaling $41 million were written down to their fair value (net of estimated selling costs) of $37 million, resulting in a loss of $4 million, which was included in earnings for the year ended December 31, 2013. The fair value for two of the properties was based on external appraisals which were derived from a combination of comparable sales and discounted future cash flows. The discounted future cash flows were based on estimated future timber prices and operating expenses. The fair value for the remaining property was based on an offer received by the Operating Partnership from a third party. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) (PLUM CREEK TIMBER CO INC [Member]) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Share Repurchase Program Disclosure [Table Text Block] | ' | ||||||||||||||||
The table below summarizes the share repurchases pursuant to this program for the years ended December 31: | |||||||||||||||||
2011 | |||||||||||||||||
Shares of Common Stock (in millions) | 0.7 | ||||||||||||||||
Total Cost of Shares (in millions) | $ | 25 | |||||||||||||||
Average Cost per Share | $ | 34.84 | |||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Comprehensive income was as follows for the years ended December 31 (in millions): | |||||||||||||||||
Pretax | Tax Expense | After-Tax | |||||||||||||||
Amount | (Benefit) | Amount | |||||||||||||||
December 31, 2011 | |||||||||||||||||
Net Income | $ | 193 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | (1 | ) | $ | — | (1 | ) | ||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (31 | ) | (6 | ) | (25 | ) | |||||||||||
Reclassification to Net Income | 2 | — | 2 | ||||||||||||||
Total Comprehensive Income | $ | 169 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Net Income | $ | 203 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 2 | $ | — | 2 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (2 | ) | — | (2 | ) | ||||||||||||
Reclassification to Net Income | 4 | 1 | 3 | ||||||||||||||
Total Comprehensive Income | $ | 206 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Net Income | $ | 214 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 5 | $ | — | 5 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | 25 | 6 | 19 | ||||||||||||||
Reclassification to Net Income | 5 | 1 | 4 | ||||||||||||||
Derivative Gain (Loss) on Cash Flow Hedge | 5 | — | 5 | ||||||||||||||
Total Comprehensive Income | $ | 247 | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): | |||||||||||||||||
Net Unrealized Holding Gain (Loss) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||
31-Dec-11 | $ | 6 | $ | (41 | ) | $ | — | $ | (35 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 2 | (2 | ) | — | — | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 3 | — | 3 | |||||||||||||
31-Dec-12 | $ | 8 | $ | (40 | ) | $ | — | $ | (32 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 5 | 19 | 5 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 4 | — | 4 | |||||||||||||
31-Dec-13 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||
Partners_Capital_Tables
Partners' Capital (Tables) (PLUM CREEK TIMBERLANDS L P [Member]) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Comprehensive income was as follows for the years ended December 31 (in millions): | |||||||||||||||||
Pretax | Tax Expense | After-Tax | |||||||||||||||
Amount | (Benefit) | Amount | |||||||||||||||
December 31, 2011 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 251 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | (1 | ) | $ | — | (1 | ) | ||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (31 | ) | (6 | ) | (25 | ) | |||||||||||
Reclassification to Net Income | 2 | — | 2 | ||||||||||||||
Total Comprehensive Income | $ | 227 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 261 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 2 | $ | — | 2 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | (2 | ) | — | (2 | ) | ||||||||||||
Reclassification to Net Income | 4 | 1 | 3 | ||||||||||||||
Total Comprehensive Income | $ | 264 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ | 272 | |||||||||||||||
Unrealized Holding Gains (Losses) | $ | 5 | $ | — | 5 | ||||||||||||
Defined Benefit Plans: | |||||||||||||||||
Actuarial Gain (Loss) | 25 | 6 | 19 | ||||||||||||||
Reclassification to Net Income | 5 | 1 | 4 | ||||||||||||||
Derivative Gain (Loss) on Cash Flow Hedge | 5 | — | 5 | ||||||||||||||
Total Comprehensive Income | $ | 305 | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): | |||||||||||||||||
Net Unrealized Holding Gain (Loss) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||
31-Dec-11 | $ | 6 | $ | (41 | ) | $ | — | $ | (35 | ) | |||||||
Other Comprehensive Income (Loss) before reclassifications | 2 | (2 | ) | — | — | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 3 | — | 3 | |||||||||||||
31-Dec-12 | $ | 8 | $ | (40 | ) | $ | — | $ | (32 | ) | |||||||
Other Comprehensive Income (Loss) before reclassifications | 5 | 19 | 5 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) | — | 4 | — | 4 | |||||||||||||
31-Dec-13 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||
Employee_Pension_and_Retiremen1
Employee Pension and Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||||||||||
The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 181 | $ | 164 | |||||||||||||
Service Cost | 7 | 6 | |||||||||||||||
Interest Cost | 8 | 8 | |||||||||||||||
Actuarial (Gain) Loss | (12 | ) | 11 | ||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Benefit Obligation at End of Period | $ | 178 | $ | 181 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at Beginning of Period | $ | 128 | $ | 100 | |||||||||||||
Actual Return on Plan Assets | 22 | 16 | |||||||||||||||
Employer Contributions | — | 20 | |||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Fair Value of Plan Assets at End of Period | 144 | 128 | |||||||||||||||
Funded Status—December 31 | $ | (34 | ) | $ | (53 | ) | |||||||||||
Amounts Recognized in the Consolidated Balance Sheet | |||||||||||||||||
Other Assets | $ | 10 | $ | — | |||||||||||||
Other Current Liabilities | (5 | ) | (4 | ) | |||||||||||||
Other Liabilities | (39 | ) | (49 | ) | |||||||||||||
Total | $ | (34 | ) | $ | (53 | ) | |||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||
The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): | |||||||||||||||||
Qualified Pension Plan | Non-Qualified Pension Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Projected Benefit Obligation | $ | 134 | $ | 140 | $ | 44 | $ | 41 | |||||||||
Accumulated Benefit Obligation | 126 | 132 | 36 | 34 | |||||||||||||
Plan Assets | 144 | 128 | N/A | N/A | |||||||||||||
Assets Held in the Grantor Trust | N/A | N/A | 40 | 34 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service Cost | $ | 7 | $ | 6 | $ | 6 | |||||||||||
Interest Cost | 8 | 8 | 8 | ||||||||||||||
Expected Return on Plan Assets | (9 | ) | (7 | ) | (7 | ) | |||||||||||
Recognized Actuarial Loss | 5 | 4 | 2 | ||||||||||||||
Total Pension Cost | $ | 11 | $ | 11 | $ | 9 | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net Actuarial Loss (Gain) | $ | (25 | ) | $ | 2 | $ | 31 | ||||||||||
Amortization of Net Actuarial Loss | (5 | ) | (4 | ) | (2 | ) | |||||||||||
Total (Gain) Loss Recognized in Other Comprehensive Income | $ | (30 | ) | $ | (2 | ) | $ | 29 | |||||||||
Combined Pension Cost Recognized in Comprehensive Income | $ | (19 | ) | $ | 9 | $ | 38 | ||||||||||
Amounts Included in Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net Loss | $ | 22 | $ | 52 | |||||||||||||
Deferred Tax Benefit | $ | (6 | ) | $ | (12 | ) | |||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation are as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Discount Rates | |||||||||||||||||
Annuity Distributions | 5.05 | % | 4.35 | % | |||||||||||||
Lump-Sum Distributions | 3.8 | % | 2.8 | % | |||||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | |||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount Rate | 4.35 | % | 4.95 | % | 5.9 | % | |||||||||||
Expected Long-Term Return on Plan Assets | 7.25 | % | 7.5 | % | 7.5 | % | |||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | 3.45 | % | |||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||
At December 31, 2013, target allocations for the various asset classes are as follows: | |||||||||||||||||
Large Capitalization Domestic Equities | 32 | % | |||||||||||||||
Small and Mid-Size Capitalization Domestic Equities | 7 | % | |||||||||||||||
International Equities | 26 | % | |||||||||||||||
Fixed Income | 35 | % | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2013 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 16 | — | — | 16 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 11 | — | — | 11 | |||||||||||||
International Equity Securities | 38 | — | — | 38 | |||||||||||||
Fixed Income Securities | 40 | — | — | 40 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 32 | — | 32 | |||||||||||||
Fixed Income Securities | — | 7 | — | 7 | |||||||||||||
Total Investments Measured at Fair Value | $ | 105 | $ | 39 | $ | — | $ | 144 | |||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2012 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 14 | — | — | 14 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 9 | — | — | 9 | |||||||||||||
International Equity Securities | 34 | — | — | 34 | |||||||||||||
Fixed Income Securities | 39 | — | — | 39 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 26 | — | 26 | |||||||||||||
Fixed Income Securities | — | 6 | — | 6 | |||||||||||||
Total Investments Measured at Fair Value | $ | 96 | $ | 32 | $ | — | $ | 128 | |||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||
The following table presents expected future benefit payments projected based on the same assumptions used by the company to measure the benefit obligation and estimate future employee service (in millions): | |||||||||||||||||
Year | Projected Benefit | ||||||||||||||||
Payments | |||||||||||||||||
2014 | $ | 15 | |||||||||||||||
2015 | 14 | ||||||||||||||||
2016 | 16 | ||||||||||||||||
2017 | 22 | ||||||||||||||||
2018 | 14 | ||||||||||||||||
2019 through 2023 | 73 | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | ||||||||||||||||
The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 181 | $ | 164 | |||||||||||||
Service Cost | 7 | 6 | |||||||||||||||
Interest Cost | 8 | 8 | |||||||||||||||
Actuarial (Gain) Loss | (12 | ) | 11 | ||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Benefit Obligation at End of Period | $ | 178 | $ | 181 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at Beginning of Period | $ | 128 | $ | 100 | |||||||||||||
Actual Return on Plan Assets | 22 | 16 | |||||||||||||||
Employer Contributions | — | 20 | |||||||||||||||
Benefits Paid | (6 | ) | (8 | ) | |||||||||||||
Fair Value of Plan Assets at End of Period | 144 | 128 | |||||||||||||||
Funded Status—December 31 | $ | (34 | ) | $ | (53 | ) | |||||||||||
Amounts Recognized in the Consolidated Balance Sheet | |||||||||||||||||
Other Assets | $ | 10 | $ | — | |||||||||||||
Other Current Liabilities | (5 | ) | (4 | ) | |||||||||||||
Other Liabilities | (39 | ) | (49 | ) | |||||||||||||
Total | $ | (34 | ) | $ | (53 | ) | |||||||||||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||
The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): | |||||||||||||||||
Qualified Pension Plan | Non-Qualified Pension Plans | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Projected Benefit Obligation | $ | 134 | $ | 140 | $ | 44 | $ | 41 | |||||||||
Accumulated Benefit Obligation | 126 | 132 | 36 | 34 | |||||||||||||
Plan Assets | 144 | 128 | N/A | N/A | |||||||||||||
Assets Held in the Grantor Trust | N/A | N/A | 40 | 34 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service Cost | $ | 7 | $ | 6 | $ | 6 | |||||||||||
Interest Cost | 8 | 8 | 8 | ||||||||||||||
Expected Return on Plan Assets | (9 | ) | (7 | ) | (7 | ) | |||||||||||
Recognized Actuarial Loss | 5 | 4 | 2 | ||||||||||||||
Total Pension Cost | $ | 11 | $ | 11 | $ | 9 | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Net Actuarial Loss (Gain) | $ | (25 | ) | $ | 2 | $ | 31 | ||||||||||
Amortization of Net Actuarial Loss | (5 | ) | (4 | ) | (2 | ) | |||||||||||
Total (Gain) Loss Recognized in Other Comprehensive Income | $ | (30 | ) | $ | (2 | ) | $ | 29 | |||||||||
Combined Pension Cost Recognized in Comprehensive Income | $ | (19 | ) | $ | 9 | $ | 38 | ||||||||||
Amounts Included in Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net Loss | $ | 22 | $ | 52 | |||||||||||||
Deferred Tax Benefit | $ | (6 | ) | $ | (12 | ) | |||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligation are as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Discount Rates | |||||||||||||||||
Annuity Distributions | 5.05 | % | 4.35 | % | |||||||||||||
Lump-Sum Distributions | 3.8 | % | 2.8 | % | |||||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | |||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount Rate | 4.35 | % | 4.95 | % | 5.9 | % | |||||||||||
Expected Long-Term Return on Plan Assets | 7.25 | % | 7.5 | % | 7.5 | % | |||||||||||
Rate of Compensation Increase | 3.45 | % | 3.45 | % | 3.45 | % | |||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||
At December 31, 2013, target allocations for the various asset classes are as follows: | |||||||||||||||||
Large Capitalization Domestic Equities | 32 | % | |||||||||||||||
Small and Mid-Size Capitalization Domestic Equities | 7 | % | |||||||||||||||
International Equities | 26 | % | |||||||||||||||
Fixed Income | 35 | % | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2013 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 16 | — | — | 16 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 11 | — | — | 11 | |||||||||||||
International Equity Securities | 38 | — | — | 38 | |||||||||||||
Fixed Income Securities | 40 | — | — | 40 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 32 | — | 32 | |||||||||||||
Fixed Income Securities | — | 7 | — | 7 | |||||||||||||
Total Investments Measured at Fair Value | $ | 105 | $ | 39 | $ | — | $ | 144 | |||||||||
The fair values of each major class of plan assets were as follows as of December 31, 2012 (in millions): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money Market Funds | $ | — | $ | — | $ | — | $ | — | |||||||||
Mutual Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | 14 | — | — | 14 | |||||||||||||
Small and Mid. Cap. Domestic Equity Securities | 9 | — | — | 9 | |||||||||||||
International Equity Securities | 34 | — | — | 34 | |||||||||||||
Fixed Income Securities | 39 | — | — | 39 | |||||||||||||
Collective Trust Funds invested in: | |||||||||||||||||
Large Cap. Domestic Equity Securities | — | 26 | — | 26 | |||||||||||||
Fixed Income Securities | — | 6 | — | 6 | |||||||||||||
Total Investments Measured at Fair Value | $ | 96 | $ | 32 | $ | — | $ | 128 | |||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||
The following table presents expected future benefit payments projected based on the same assumptions used by the Operating Partnership to measure the benefit obligation and estimate future employee service (in millions): | |||||||||||||||||
Year | Projected Benefit | ||||||||||||||||
Payments | |||||||||||||||||
2014 | $ | 15 | |||||||||||||||
2015 | 14 | ||||||||||||||||
2016 | 16 | ||||||||||||||||
2017 | 22 | ||||||||||||||||
2018 | 14 | ||||||||||||||||
2019 through 2023 | 73 | ||||||||||||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||||||||||
Value management awards activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | ||||||||||||||||
Balance at January 1, 2013 | 279,200 | |||||||||||||||
Grants | 134,463 | |||||||||||||||
Vested | (74,540 | ) | ||||||||||||||
Forfeitures | (7,010 | ) | ||||||||||||||
Balance at December 31, 2013 | 332,113 | |||||||||||||||
Summary of Outstanding Value Management Awards | ' | |||||||||||||||
Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2013 (dollars in millions): | ||||||||||||||||
Performance Period | Outstanding | Fair Value (A) | Unrecognized | Maximum Award | ||||||||||||
Units | Compensation | Value (B) | ||||||||||||||
Expense | ||||||||||||||||
2011 to 2013 | 75,980 | $ | 2.7 | $ | 0 | $ | 15.2 | |||||||||
2012 to 2014 | 123,855 | $ | 9 | $ | 3.2 | $ | 24.8 | |||||||||
2013 to 2015 | 132,278 | $ | 9.7 | $ | 6 | $ | 26.5 | |||||||||
(A) | The estimated fair value includes unrecognized compensation expense. | |||||||||||||||
(B) | Maximum award value is based on a unit value of $200. | |||||||||||||||
Summary of Earned and Paid Value Management Awards For Three Year Periods | ' | |||||||||||||||
Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three-year performance periods: | ||||||||||||||||
Performance Period | Payout Value | Total Payout | Payment Date | |||||||||||||
per Unit | (millions) | |||||||||||||||
2011 to 2013 | $ | 35 | $ | 2.7 | 1st Quarter 2014 | |||||||||||
2010 to 2012 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2009 to 2011 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2008 to 2010 | $ | 0 | $ | 0 | Not Earned | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||
Restricted stock unit activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | Weighted- | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance at January 1, 2013 | 311,038 | $ | 38.65 | |||||||||||||
Granted | 179,295 | $ | 47.93 | |||||||||||||
Vested | (112,408 | ) | $ | 37.7 | ||||||||||||
Forfeited | (11,792 | ) | $ | 42.81 | ||||||||||||
Balance at December 31, 2013 | 366,133 | $ | 43.35 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Subject to | Average | Average | Intrinsic Value | |||||||||||||
Options | Exercise | Remaining | (Millions) | |||||||||||||
Price | Contractual | |||||||||||||||
Life (Years) | ||||||||||||||||
Balance at January 1, 2013 | 2,917,707 | $ | 38.18 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised/Surrendered | (975,221 | ) | 37.62 | |||||||||||||
Cancelled/Forfeited | (13,525 | ) | 37.98 | |||||||||||||
Outstanding, December 31, 2013 | 1,928,961 | $ | 38.47 | 5 | $ | 16 | ||||||||||
Vested or Expected to Vest, December 31, 2013 | 1,884,787 | $ | 38.46 | 5 | $ | 15 | ||||||||||
Exercisable, December 31, 2013 | 1,524,709 | $ | 38.2 | 4.5 | $ | 13 | ||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | ' | |||||||||||||||
The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from Stock Options Exercised | $ | 37 | $ | 18 | $ | 10 | ||||||||||
Intrinsic Value of Stock Options Exercised | $ | 12 | $ | 6 | $ | 4 | ||||||||||
Tax Benefit Related to Stock Options Exercised | $ | 2 | $ | 1 | $ | 1 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The weighted-average measurement date fair values of stock option awards granted were computed using the Black-Scholes-Merton option valuation model with the following assumptions for the year ended December 31: | ||||||||||||||||
2011 | ||||||||||||||||
Expected Term (years) | 6 | |||||||||||||||
Risk-Free Interest Rate | 2.7 | % | ||||||||||||||
Volatility | 40.6 | % | ||||||||||||||
Dividend Yield | 4 | % | ||||||||||||||
Weighted-Average Measurement Date Fair Value | $ | 11.6 | ||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||||||||||
Value management awards activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | ||||||||||||||||
Balance at January 1, 2013 | 279,200 | |||||||||||||||
Grants | 134,463 | |||||||||||||||
Vested | (74,540 | ) | ||||||||||||||
Forfeitures | (7,010 | ) | ||||||||||||||
Balance at December 31, 2013 | 332,113 | |||||||||||||||
Summary of Outstanding Value Management Awards | ' | |||||||||||||||
Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2013 (dollars in millions): | ||||||||||||||||
Performance Period | Outstanding | Fair Value (A) | Unrecognized | Maximum Award | ||||||||||||
Units | Compensation | Value (B) | ||||||||||||||
Expense | ||||||||||||||||
2011 to 2013 | 75,980 | $ | 2.7 | $ | 0 | $ | 15.2 | |||||||||
2012 to 2014 | 123,855 | $ | 9 | $ | 3.2 | $ | 24.8 | |||||||||
2013 to 2015 | 132,278 | $ | 9.7 | $ | 6 | $ | 26.5 | |||||||||
(A) | The estimated fair value includes unrecognized compensation expense. | |||||||||||||||
(B) | Maximum award value is based on a unit value of $200. | |||||||||||||||
Summary of Earned and Paid Value Management Awards For Three Year Periods | ' | |||||||||||||||
Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three-year performance periods: | ||||||||||||||||
Performance Period | Payout Value | Total Payout | Payment Date | |||||||||||||
per Unit | (millions) | |||||||||||||||
2011 to 2013 | $ | 35 | $ | 2.7 | 1st Quarter 2014 | |||||||||||
2010 to 2012 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2009 to 2011 | $ | 0 | $ | 0 | Not Earned | |||||||||||
2008 to 2010 | $ | 0 | $ | 0 | Not Earned | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||
Restricted stock unit activity was as follows for the year ended December 31, 2013: | ||||||||||||||||
Units | Weighted- | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Balance at January 1, 2013 | 311,038 | $ | 38.65 | |||||||||||||
Granted | 179,295 | $ | 47.93 | |||||||||||||
Vested | (112,408 | ) | $ | 37.7 | ||||||||||||
Forfeited | (11,792 | ) | $ | 42.81 | ||||||||||||
Balance at December 31, 2013 | 366,133 | $ | 43.35 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Subject to | Average | Average | Intrinsic Value | |||||||||||||
Options | Exercise | Remaining | (Millions) | |||||||||||||
Price | Contractual | |||||||||||||||
Life (Years) | ||||||||||||||||
Balance at January 1, 2013 | 2,917,707 | $ | 38.18 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised/Surrendered | (975,221 | ) | 37.62 | |||||||||||||
Cancelled/Forfeited | (13,525 | ) | 37.98 | |||||||||||||
Outstanding, December 31, 2013 | 1,928,961 | $ | 38.47 | 5 | $ | 16 | ||||||||||
Vested or Expected to Vest, December 31, 2013 | 1,884,787 | $ | 38.46 | 5 | $ | 15 | ||||||||||
Exercisable, December 31, 2013 | 1,524,709 | $ | 38.2 | 4.5 | $ | 13 | ||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | ' | |||||||||||||||
The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from Stock Options Exercised | $ | 37 | $ | 18 | $ | 10 | ||||||||||
Intrinsic Value of Stock Options Exercised | $ | 12 | $ | 6 | $ | 4 | ||||||||||
Tax Benefit Related to Stock Options Exercised | $ | 2 | $ | 1 | $ | 1 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The weighted-average measurement date fair values of stock option awards granted were computed using the Black-Scholes-Merton option valuation model with the following assumptions for the year ended December 31: | ||||||||||||||||
2011 | ||||||||||||||||
Expected Term (years) | 6 | |||||||||||||||
Risk-Free Interest Rate | 2.7 | % | ||||||||||||||
Volatility | 40.6 | % | ||||||||||||||
Dividend Yield | 4 | % | ||||||||||||||
Weighted-Average Measurement Date Fair Value | $ | 11.6 | ||||||||||||||
Detail_of_Certain_Balance_Shee1
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | |||||||
Certain balance sheet accounts consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Other Current Assets | ||||||||
Prepaid Expenses | $ | 7 | $ | 8 | ||||
Taxes Receivable | 3 | 3 | ||||||
Notes Receivable | 3 | 1 | ||||||
Deposits | 2 | 1 | ||||||
$ | 15 | $ | 13 | |||||
Other Non-Current Assets | ||||||||
Real Estate Development Properties | $ | 13 | $ | 13 | ||||
Unamortized Debt Issue Costs | 9 | 11 | ||||||
Deposits | 8 | 5 | ||||||
Notes Receivable | — | 7 | ||||||
Qualified Pension Asset | 10 | — | ||||||
Intangible Assets | 14 | — | ||||||
Other | — | 1 | ||||||
$ | 54 | $ | 37 | |||||
Other Current Liabilities | ||||||||
Long-Term Incentive Compensation | $ | 3 | $ | — | ||||
Accrued Pension Liability | 5 | 4 | ||||||
Other | 2 | 3 | ||||||
$ | 10 | $ | 7 | |||||
Other Non-Current Liabilities | ||||||||
Timber Obligations | $ | 5 | $ | 5 | ||||
Deferred Compensation | 5 | 5 | ||||||
Long-Term Incentive Compensation | 8 | 7 | ||||||
Accrued Pension Liability | 39 | 49 | ||||||
Deferred Revenue | 7 | 14 | ||||||
Workers’ Compensation | 9 | 9 | ||||||
Other | 5 | 2 | ||||||
$ | 78 | $ | 91 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | |||||||
Certain balance sheet accounts consisted of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Other Current Assets | ||||||||
Prepaid Expenses | $ | 7 | $ | 8 | ||||
Taxes Receivable | 3 | 3 | ||||||
Notes Receivable | 3 | 1 | ||||||
Deposits | 2 | 1 | ||||||
$ | 15 | $ | 13 | |||||
Other Non-Current Assets | ||||||||
Real Estate Development Properties | $ | 13 | $ | 13 | ||||
Unamortized Debt Issue Costs | 9 | 11 | ||||||
Deposits | 8 | 5 | ||||||
Notes Receivable | — | 7 | ||||||
Qualified Pension Asset | 10 | — | ||||||
Intangible Assets | 14 | — | ||||||
Other | — | 1 | ||||||
$ | 54 | $ | 37 | |||||
Other Current Liabilities | ||||||||
Long-Term Incentive Compensation | $ | 3 | $ | — | ||||
Accrued Pension Liability | 5 | 4 | ||||||
Other | 2 | 3 | ||||||
$ | 10 | $ | 7 | |||||
Other Non-Current Liabilities | ||||||||
Timber Obligations | $ | 5 | $ | 5 | ||||
Deferred Compensation | 6 | 6 | ||||||
Long-Term Incentive Compensation | 8 | 7 | ||||||
Accrued Pension Liability | 39 | 49 | ||||||
Deferred Revenue | 7 | 14 | ||||||
Workers’ Compensation | 9 | 9 | ||||||
Other | 5 | 2 | ||||||
$ | 79 | $ | 92 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||
Future Minimum Operating Lease Payments and Obligations | ' | ||||||||
The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2013 (in millions): | |||||||||
Operating | Timber | ||||||||
Leases | Obligations | ||||||||
2014 | $ | 4 | $ | 1 | |||||
2015 | 4 | — | |||||||
2016 | 4 | — | |||||||
2017 | 3 | — | |||||||
2018 | 3 | — | |||||||
Thereafter | 16 | 4 | |||||||
Total | $ | 34 | $ | 5 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||
Future Minimum Operating Lease Payments and Obligations | ' | ||||||||
The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2013 (in millions): | |||||||||
Operating | Timber | ||||||||
Leases | Obligations | ||||||||
2014 | $ | 4 | $ | 1 | |||||
2015 | 4 | — | |||||||
2016 | 4 | — | |||||||
2017 | 3 | — | |||||||
2018 | 3 | — | |||||||
Thereafter | 16 | 4 | |||||||
Total | $ | 34 | $ | 5 | |||||
Equity_Method_Investment_Table
Equity Method Investment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Schedule of Equity Method Investments Summarized Financial Information [Table Text Block] | ' | ||||||||||||
Below is summarized financial information for MWV-CLP as of December 31, 2013 and for the period December 6, 2013 to December 31, 2013 (in millions): | |||||||||||||
December 31, 2013 | |||||||||||||
Balance Sheet of MWV-CLP | |||||||||||||
Current Assets | $ | 71 | |||||||||||
Noncurrent Assets | 253 | ||||||||||||
Current Liabilities | 10 | ||||||||||||
Noncurrent Liabilities | — | ||||||||||||
Statement of Operations of MWV-CLP | |||||||||||||
Revenues | $ | — | |||||||||||
Gross Profit | — | ||||||||||||
Selling, General and Administrative Expenses | 1 | ||||||||||||
Net Income (Loss) Allocable to Partners' Interests | (1 | ) | |||||||||||
Equity Earnings for the Timberland Venture | ' | ||||||||||||
Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 53 | $ | 51 | $ | 50 | |||||||
Common Interest | — | — | — | ||||||||||
Amortization of Basis Difference | 10 | 8 | 6 | ||||||||||
Total Equity Earnings from Timberland Venture | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 55 | $ | 56 | $ | 56 | |||||||
Common Interest | 1 | — | — | ||||||||||
Total Distributions from Timberland Venture | $ | 56 | $ | 56 | $ | 56 | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ||||||||||||
Schedule of Equity Method Investments Summarized Financial Information [Table Text Block] | ' | ||||||||||||
Below is summarized financial information for MWV-CLP as of December 31, 2013 and for the period December 6, 2013 to December 31, 2013 (in millions): | |||||||||||||
December 31, 2013 | |||||||||||||
Balance Sheet of MWV-CLP | |||||||||||||
Current Assets | $ | 71 | |||||||||||
Noncurrent Assets | 253 | ||||||||||||
Current Liabilities | 10 | ||||||||||||
Noncurrent Liabilities | — | ||||||||||||
Statement of Operations of MWV-CLP | |||||||||||||
Revenues | $ | — | |||||||||||
Gross Profit | — | ||||||||||||
Selling, General and Administrative Expenses | 1 | ||||||||||||
Net Income (Loss) Allocable to Partners' Interests | (1 | ) | |||||||||||
Equity Earnings for the Timberland Venture | ' | ||||||||||||
Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 53 | $ | 51 | $ | 50 | |||||||
Common Interest | — | — | — | ||||||||||
Amortization of Basis Difference | 10 | 8 | 6 | ||||||||||
Total Equity Earnings from Timberland Venture | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Preferred Interest | $ | 55 | $ | 56 | $ | 56 | |||||||
Common Interest | 1 | — | — | ||||||||||
Total Distributions from Timberland Venture | $ | 56 | $ | 56 | $ | 56 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||
Equity Earnings and Distributions | ' | ||||||||||||
Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity Earnings | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions | 56 | 56 | 56 | ||||||||||
Interest Expense and Payments | ' | ||||||||||||
Interest expensed and paid with respect to the Note Payable to Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest Expense | $ | 58 | $ | 58 | $ | 58 | |||||||
Interest Payments | 58 | 58 | 58 | ||||||||||
Interest Payable to Timberland Venture | ' | ||||||||||||
As a result, the company had accrued interest payable for the Note Payable to Timberland Venture of the following at December 31 (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Interest Payable (to related party) | $ | 7 | $ | 7 | |||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||
Equity Earnings and Distributions | ' | ||||||||||||
Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity Earnings | $ | 63 | $ | 59 | $ | 56 | |||||||
Distributions | 56 | 56 | 56 | ||||||||||
Schedule of Cash Distributions | ' | ||||||||||||
The Operating Partnership made the following cash distributions to PC Ventures for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash Distributions | $ | 58 | $ | 58 | $ | 58 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||||||||||
Revenues From Manufactured Products By Product Line [Textblock] | ' | |||||||||||||||||||||||
Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Lumber | $ | 95 | $ | 78 | $ | 77 | ||||||||||||||||||
Plywood | 92 | 91 | 75 | |||||||||||||||||||||
MDF | 175 | 155 | 121 | |||||||||||||||||||||
Total | $ | 362 | $ | 324 | $ | 273 | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
The tables below present information about reported segments for the years ended December 31 (in millions): | ||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources(C) | Total(D) | |||||||||||||||||||
Resources(A) | Resources | Estate(B) | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
External Revenues | $ | 234 | $ | 435 | $ | 286 | $ | 362 | $ | 23 | $ | 1,340 | ||||||||||||
Intersegment Revenues | 26 | — | — | — | — | 26 | ||||||||||||||||||
Export Revenues | 15 | 6 | — | 29 | — | 50 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 30 | 65 | 1 | 16 | 3 | 115 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 91 | — | — | 91 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 1 | 1 | ||||||||||||||||||
Operating Income | 32 | 108 | 169 | 43 | 19 | 371 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
External Revenues | $ | 224 | $ | 417 | $ | 352 | $ | 324 | $ | 22 | $ | 1,339 | ||||||||||||
Intersegment Revenues | 22 | — | — | — | — | 22 | ||||||||||||||||||
Export Revenues | 19 | 2 | — | 32 | — | 53 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 67 | 1 | 15 | 1 | 110 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 138 | — | — | 138 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | — | — | ||||||||||||||||||
Operating Income | 20 | 90 | 187 | 29 | 19 | 345 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
External Revenues | $ | 213 | $ | 359 | $ | 301 | $ | 273 | $ | 21 | $ | 1,167 | ||||||||||||
Intersegment Revenues | 20 | — | — | — | — | 20 | ||||||||||||||||||
Export Revenues | 26 | — | — | 25 | — | 51 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 51 | 2 | 13 | — | 92 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 77 | — | — | 77 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 2 | 2 | ||||||||||||||||||
Operating Income | 24 | 74 | 195 | 15 | 21 | 329 | ||||||||||||||||||
(A) | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||||||||||||||||||||
(B) | The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||||||||||||
(C) | During 2013, the company sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||||||||||||
During 2011, the company received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | ||||||||||||||||||||||||
(D) | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. | |||||||||||||||||||||||
Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes | ' | |||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Segment Operating Income | $ | 371 | $ | 345 | $ | 329 | ||||||||||||||||||
Corporate and Other Unallocated Expenses | (73 | ) | (65 | ) | (55 | ) | ||||||||||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | 1 | 1 | ||||||||||||||||||||
Operating Income | 295 | 281 | 275 | |||||||||||||||||||||
Equity Earnings from Timberland Venture | 63 | 59 | 56 | |||||||||||||||||||||
Total Interest Expense, net | (141 | ) | (140 | ) | (139 | ) | ||||||||||||||||||
Loss on Extinguishment of Debt | (4 | ) | — | — | ||||||||||||||||||||
Income before Income Taxes | $ | 213 | $ | 200 | $ | 192 | ||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||||||||||
Revenues From Manufactured Products By Product Line [Textblock] | ' | |||||||||||||||||||||||
Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Lumber | $ | 95 | $ | 78 | $ | 77 | ||||||||||||||||||
Plywood | 92 | 91 | 75 | |||||||||||||||||||||
MDF | 175 | 155 | 121 | |||||||||||||||||||||
Total | $ | 362 | $ | 324 | $ | 273 | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
The tables below present information about reported segments for the years ended December 31 (in millions): | ||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources(C) | Total(D) | |||||||||||||||||||
Resources(A) | Resources | Estate(B) | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
External Revenues | $ | 234 | $ | 435 | $ | 286 | $ | 362 | $ | 23 | $ | 1,340 | ||||||||||||
Intersegment Revenues | 26 | — | — | — | — | 26 | ||||||||||||||||||
Export Revenues | 15 | 6 | — | 29 | — | 50 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 30 | 65 | 1 | 16 | 3 | 115 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 91 | — | — | 91 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 1 | 1 | ||||||||||||||||||
Operating Income | 32 | 108 | 169 | 43 | 19 | 371 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
External Revenues | $ | 224 | $ | 417 | $ | 352 | $ | 324 | $ | 22 | $ | 1,339 | ||||||||||||
Intersegment Revenues | 22 | — | — | — | — | 22 | ||||||||||||||||||
Export Revenues | 19 | 2 | — | 32 | — | 53 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 67 | 1 | 15 | 1 | 110 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 138 | — | — | 138 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | — | — | ||||||||||||||||||
Operating Income | 20 | 90 | 187 | 29 | 19 | 345 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
External Revenues | $ | 213 | $ | 359 | $ | 301 | $ | 273 | $ | 21 | $ | 1,167 | ||||||||||||
Intersegment Revenues | 20 | — | — | — | — | 20 | ||||||||||||||||||
Export Revenues | 26 | — | — | 25 | — | 51 | ||||||||||||||||||
Depreciation, Depletion and Amortization | 26 | 51 | 2 | 13 | — | 92 | ||||||||||||||||||
Basis of Real Estate Sold | — | — | 77 | — | — | 77 | ||||||||||||||||||
Other Operating Gain | — | — | — | — | 2 | 2 | ||||||||||||||||||
Operating Income | 24 | 74 | 195 | 15 | 21 | 329 | ||||||||||||||||||
(A) | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||||||||||||||||||||
(B) | The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||||||||||||
(C) | During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||||||||||||
During 2011, the Operating Partnership received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | ||||||||||||||||||||||||
(D) | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. | |||||||||||||||||||||||
Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes | ' | |||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Total Segment Operating Income | $ | 371 | $ | 345 | $ | 329 | ||||||||||||||||||
Corporate and Other Unallocated Expenses | (73 | ) | (65 | ) | (55 | ) | ||||||||||||||||||
Other Unallocated Operating Income (Expense), net | (3 | ) | 1 | 1 | ||||||||||||||||||||
Operating Income | 295 | 281 | 275 | |||||||||||||||||||||
Equity Earnings from Timberland Venture | 63 | 59 | 56 | |||||||||||||||||||||
Interest Expense, net | (83 | ) | (82 | ) | (81 | ) | ||||||||||||||||||
Loss on Extinguishment of Debt | (4 | ) | — | — | ||||||||||||||||||||
Income before Income Taxes | $ | 271 | $ | 258 | $ | 250 | ||||||||||||||||||
Unaudited_Selected_Quarterly_F1
Unaudited Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
(In Millions, Except per Share Amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter (B) | |||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 340 | $ | 303 | $ | 366 | $ | 331 | |||||||||
Gross Profit | 110 | 90 | 122 | 98 | |||||||||||||
Operating Income | 78 | 62 | 91 | 64 | |||||||||||||
Net Income | 56 | 46 | 72 | 40 | |||||||||||||
Net Income per Share—Basic (A) | $ | 0.35 | $ | 0.28 | $ | 0.44 | $ | 0.24 | |||||||||
Net Income per Share—Diluted (A) | $ | 0.35 | $ | 0.28 | $ | 0.44 | $ | 0.24 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 337 | $ | 294 | $ | 354 | $ | 354 | |||||||||
Gross Profit | 78 | 81 | 110 | 127 | |||||||||||||
Operating Income | 50 | 55 | 79 | 97 | |||||||||||||
Net Income | 29 | 36 | 59 | 79 | |||||||||||||
Net Income per Share—Basic (A) | $ | 0.18 | $ | 0.22 | $ | 0.36 | $ | 0.49 | |||||||||
Net Income per Share—Diluted (A) | $ | 0.18 | $ | 0.22 | $ | 0.36 | $ | 0.49 | |||||||||
(A) | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. | ||||||||||||||||
(B) | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
(In Millions) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter (A) | |||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 340 | $ | 303 | $ | 366 | $ | 331 | |||||||||
Gross Profit | 110 | 90 | 122 | 98 | |||||||||||||
Operating Income | 78 | 62 | 91 | 64 | |||||||||||||
Net Income Available to Common Interest Partners | 56 | 46 | 72 | 40 | |||||||||||||
2012 | |||||||||||||||||
Revenues | $ | 337 | $ | 294 | $ | 354 | $ | 354 | |||||||||
Gross Profit | 78 | 81 | 110 | 127 | |||||||||||||
Operating Income | 50 | 55 | 79 | 97 | |||||||||||||
Net Income Available to Common Interest Partners | 29 | 36 | 59 | 79 | |||||||||||||
(A) | During the fourth quarter of 2013, the Operating Partnership prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 8 of the Notes to Consolidated Financial Statements. |
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | MWV-CLP [Member] | MWV-CLP [Member] | Timberland Venture [Member] | Timberland Venture [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
Year | Land Improvements [Member] | Year | Land Improvements [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
mill | mill | acre | acre | Building [Member] | Machinery and Equipment [Member] | Building [Member] | Machinery and Equipment [Member] | Building [Member] | Machinery and Equipment [Member] | Building [Member] | Machinery and Equipment [Member] | |||||||||||||||
acre | acre | |||||||||||||||||||||||||
Timber and Timberlands, net (acres) | 6,800,000 | ' | ' | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product conversion facilities owned in the Northwest United States | 7 | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Higher and better use timberlands, which are expected to be sold and/or developed, acres | 800,000 | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total acres of non-strategic timberlands | 300,000 | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue concentration from the company's largest customer (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Sales | $0 | $0 | $0 | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | 0.2 | 0.3 | ' | ' | 0.2 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization and amortization period of major roads (years) | 30 | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization and amortization period of logging roads (years) | 6 | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land expect to sell for recreational uses (acres) | 600,000 | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land expect to sell for conservation (acres) | 125,000 | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land With Development Potential (Acres) | 75,000 | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Inventory Land and Land Development Costs | 13 | 13 | ' | ' | 13 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Land and Land Development Costs | 36 | 34 | ' | ' | 36 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held for Sale | 92 | 61 | ' | ' | 92 | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Contribution to LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed Acres Of Timberlands To Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 454,000 | 454,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred interest in venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705 | 705 | ' | ' | ' | ' | ' | ' | ' | ' |
Common interest in venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 78 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '19 years | ' | ' | ' | '19 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '3 years | '20 years | '3 years | '45 years | '20 years | '45 years | '20 years |
Depreciation expense | $24 | $22 | $20 | ' | $24 | $22 | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisition_Narrative
Business Acquisition (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 06, 2013 | |
T | acre | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' |
Timberlands Acquired (Acres) | ' | ' | ' | 501,000 |
Timberlands Value Purchase and Sale Agreement | ' | ' | ' | $869,000,000 |
Non-Timberland Assets Value Purchase and Sale Agreement | ' | ' | ' | 65,000,000 |
Total Acquired Assets Value Purchase and Sale Agreement | ' | ' | ' | 934,000,000 |
Noncash Consideration (Installment Note Payable) | ' | ' | ' | 860,000,000 |
Total Purchase Price | 1,100,000,000 | ' | ' | ' |
Total Purchase Price Paid in Cash (gross) | 226,000,000 | ' | ' | 74,000,000 |
Total Purchase Price Paid in Cash (after post-closing adjustments) | 221,000,000 | ' | ' | ' |
Date of Equity (Common Stock) Issuance | 4-Nov-13 | ' | ' | ' |
Common Stock Issued | 13,915,000 | ' | ' | ' |
Proceeds from Issuance of Common Stock, net | 607,000,000 | 0 | 0 | ' |
Debt Repayments from Equity Offering Proceeds | 376,000,000 | ' | ' | ' |
Annual Harvest Increase From Acquisition (tons) | 3,000,000 | ' | ' | ' |
Harvest Volume Increase From Acquisition (years) | '5 years | ' | ' | ' |
Acquisition Related Costs | 5,000,000 | ' | ' | ' |
PLUM CREEK TIMBER CO INC [Member] | MWV-CLP [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 152,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | 531,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 109,000 |
PLUM CREEK TIMBER CO INC [Member] | MWV-CLP (Class B Properties) [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 140,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | 279,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 87,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 50.00% |
PLUM CREEK TIMBER CO INC [Member] | MWV-CLP (Class A Properties) [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 12,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | 252,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 22,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 5.00% |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' |
Timberlands Acquired (Acres) | ' | ' | ' | 501,000 |
Timberlands Value Purchase and Sale Agreement | ' | ' | ' | 869,000,000 |
Non-Timberland Assets Value Purchase and Sale Agreement | ' | ' | ' | 65,000,000 |
Total Acquired Assets Value Purchase and Sale Agreement | ' | ' | ' | 934,000,000 |
Noncash Consideration (Installment Note Payable) | ' | ' | ' | 860,000,000 |
Total Purchase Price | 1,100,000,000 | ' | ' | ' |
Total Purchase Price Paid in Cash (gross) | 226,000,000 | ' | ' | 74,000,000 |
Total Purchase Price Paid in Cash (after post-closing adjustments) | 221,000,000 | ' | ' | ' |
Capital Contributions from Parent | 607,000,000 | 0 | 0 | ' |
Debt Repayments from Equity Offering Proceeds | 376,000,000 | ' | ' | ' |
Annual Harvest Increase From Acquisition (tons) | 3,000,000 | ' | ' | ' |
Harvest Volume Increase From Acquisition (years) | '5 years | ' | ' | ' |
Acquisition Related Costs | 5,000,000 | ' | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | MWV-CLP [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 152,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | 531,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 109,000 |
PLUM CREEK TIMBERLANDS L P [Member] | MWV-CLP (Class B Properties) [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 140,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | 279,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 87,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 50.00% |
PLUM CREEK TIMBERLANDS L P [Member] | MWV-CLP (Class A Properties) [Member] | ' | ' | ' | ' |
Schedule of Business Acquisitions [Line Items] | ' | ' | ' | ' |
Capital Contribution to LLC | 12,000,000 | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | $252,000,000 |
Development Lands in Joint Venture (acres) | ' | ' | ' | 22,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 5.00% |
Business_Acquisition_Schedule_
Business Acquisition (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Timber And Logging Roads | $2,630 | $517 | $2,169 |
Timberlands | 1,455 | 352 | 1,102 |
Minerals and Mineral Rights | 298 | 57 | 87 |
Property, Plant and Equipment | ' | 1 | ' |
Equity Method Investments | 139 | 139 | 0 |
Intangible Assets | ' | 15 | ' |
Deferred Tax Assets | ' | 4 | ' |
Total Assets Acquired | ' | 1,085 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Timber And Logging Roads | 2,630 | 517 | 2,169 |
Timberlands | 1,455 | 352 | 1,102 |
Minerals and Mineral Rights | 298 | 57 | 87 |
Property, Plant and Equipment | ' | 1 | ' |
Equity Method Investments | 139 | 139 | 0 |
Intangible Assets | ' | 15 | ' |
Deferred Tax Assets | ' | 4 | ' |
Total Assets Acquired | ' | $1,085 | ' |
Business_Acquisition_Schedule_1
Business Acquisition (Schedule of Finite-Lived Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 06, 2013 | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Fair Value | ' | $22 | ||
PLUM CREEK TIMBER CO INC [Member] | Acquired Wind Leases [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '20 years | [1] | ' | |
Fair Value | ' | 10 | ||
PLUM CREEK TIMBER CO INC [Member] | Acquired Land Leases [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '10 years | [1],[2] | ' | |
Fair Value | ' | 7 | [2] | |
PLUM CREEK TIMBER CO INC [Member] | Fiber Supply Agreement [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '10 years | [1] | ' | |
Fair Value | ' | 5 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Fair Value | ' | 22 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Acquired Wind Leases [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '20 years | [1] | ' | |
Fair Value | ' | 10 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Acquired Land Leases [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '10 years | [1],[2] | ' | |
Fair Value | ' | 7 | [2] | |
PLUM CREEK TIMBERLANDS L P [Member] | Fiber Supply Agreement [Member] | ' | ' | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Amortization Period (in years) | '10 years | [1] | ' | |
Fair Value | ' | $5 | ||
[1] | The amortization method for the purchased intangible assets approximates straight-line. | |||
[2] | The acquired land leases are associated with the acquired minerals and are included in Minerals and Mineral Rights, net on both the preceding Assets Acquired table and on the Consolidated Balance Sheets. |
Business_Acquisition_Actual_Im
Business Acquisition (Actual Impact of Acquisition) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Revenue of Acquiree since Acquisition Date | $3 |
Earnings or Loss of Acquiree since Acquisition Date | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Revenue of Acquiree since Acquisition Date | 3 |
Earnings or Loss of Acquiree since Acquisition Date | $0 |
Business_Acquisition_Pro_Forma
Business Acquisition (Pro Forma Information) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Pro Forma Revenue | $1,491 | $1,513 |
Pro Forma Net Income (Loss) | 253 | 238 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Pro Forma Revenue | 1,491 | 1,513 |
Pro Forma Net Income (Loss) | 253 | 238 |
MeadWestvaco Assets [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Pro Forma Revenue | 87 | 99 |
Pro Forma Cost of Sales | 12 | 18 |
Land Dispositions, Pro Forma (Acres) | 41,000 | 49,000 |
MeadWestvaco Assets [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Pro Forma Revenue | 87 | 99 |
Pro Forma Cost of Sales | $12 | $18 |
Land Dispositions, Pro Forma (Acres) | 41,000 | 49,000 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Net Income Available to Common Stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $214 | $203 | $193 | ||||||||
Denominator for Basic Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | 164.6 | 161.5 | 161.7 | ||||||||
Effect of Dilutive Securities - Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.3 | 0.2 | ||||||||
Effect of Dilutive Securities - Restricted Stock, Restricted Stock Units and Value Management Plan | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | 0.1 | ||||||||
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | ' | ' | ' | ' | ' | ' | ' | ' | 165 | 161.9 | 162 | ||||||||
Net Income per Share-Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.25 | $1.19 | ||||||||
Net Income per Share-Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.25 | $1.19 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net Income Available to Common Stockholders | $40 | [1] | $72 | $46 | $56 | $79 | $59 | $36 | $29 | $214 | $203 | $193 | |||||||
Denominator for Basic Earnings per Share | ' | ' | ' | ' | ' | ' | ' | ' | 164.6 | 161.5 | 161.7 | ||||||||
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | ' | ' | ' | ' | ' | ' | ' | ' | 165 | 161.9 | 162 | ||||||||
Net Income per Share-Basic | $0.24 | [2] | $0.44 | [2] | $0.28 | [2] | $0.35 | [2] | $0.49 | [2] | $0.36 | [2] | $0.22 | [2] | $0.18 | [2] | $1.30 | $1.25 | $1.19 |
Net Income per Share-Diluted | $0.24 | [2] | $0.44 | [2] | $0.28 | [2] | $0.35 | [2] | $0.49 | [2] | $0.36 | [2] | $0.22 | [2] | $0.18 | [2] | $1.30 | $1.25 | $1.19 |
[1] | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||
[2] | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. |
Earnings_Per_Share_Schedule_of1
Earnings Per Share (Schedule of Antidilutive Options) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Number of Options | 0 | 0.9 | 1.5 |
Range of Exercise Prices | 'N/A | '$41.55B toB $43.23 | '$35.22B toB $43.23 |
Expiration on or before | 'N/A | 'February 2021 | 'February 2021 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Raw Materials (primarily logs) | $9 | $9 |
Work-In-Process | 2 | 2 |
Finished Goods | 30 | 24 |
Total before Supplies | 41 | 35 |
Supplies | 14 | 14 |
Total | 55 | 49 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Raw Materials (primarily logs) | 9 | 9 |
Work-In-Process | 2 | 2 |
Finished Goods | 30 | 24 |
Total before Supplies | 41 | 35 |
Supplies | 14 | 14 |
Total | $55 | $49 |
Timber_and_Timberlands_Timber_
Timber and Timberlands (Timber and Timberlands and Impairment Losses Tables) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 06, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' |
Timber and Logging Roads, net | $2,630 | $2,169 | ' | $517 |
Timber Deed, net | 95 | 92 | ' | ' |
Timberlands | 1,455 | 1,102 | ' | 352 |
Timber and Timberlands, net | 4,180 | 3,363 | ' | ' |
Impairment Losses | 4 | 0 | 1 | ' |
Book Basis Of Property | 37 | 4 | 7 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' |
Timber and Logging Roads, net | 2,630 | 2,169 | ' | 517 |
Timber Deed, net | 95 | 92 | ' | ' |
Timberlands | 1,455 | 1,102 | ' | 352 |
Timber and Timberlands, net | 4,180 | 3,363 | ' | ' |
Impairment Losses | 4 | 0 | 1 | ' |
Book Basis Of Property | $37 | $4 | $7 | ' |
Timber_and_Timberlands_Narrati
Timber and Timberlands (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 06, 2013 |
acre | T | acre | ||
T | acre | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' |
Land Acquisition-Business Combination (Acres) | ' | ' | ' | 501,000 |
Timberlands Value Purchase and Sale Agreement | ' | ' | ' | $869 |
Land Acquisitions (Acres) | 50,000 | 13,000 | ' | ' |
Payments to Acquire Timberlands | 81 | 18 | 89 | ' |
Land Dispositions (Acres) | 168,000 | 269,000 | ' | ' |
Timber Casualty Loss, Fire | 4 | ' | ' | ' |
Payments to Acquire Timber Deeds | 18 | 98 | 5 | ' |
TimberDeedTonsPurchased | 900,000 | 4,700,000 | ' | ' |
Timber Deed Cutting Contract Term | ' | ' | '8 years | ' |
Total Payments to Acquire Timber Deeds Including Deposits | ' | 103 | ' | ' |
Assets Held for Sale | 92 | 61 | ' | ' |
PLUM CREEK TIMBER CO INC [Member] | Northern Resources [Member] | ' | ' | ' | ' |
Land Dispositions (Acres) | 66,000 | 147,000 | ' | ' |
PLUM CREEK TIMBER CO INC [Member] | Southern Resources [Member] | ' | ' | ' | ' |
Land Dispositions (Acres) | 102,000 | 122,000 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' |
Land Acquisition-Business Combination (Acres) | ' | ' | ' | 501,000 |
Timberlands Value Purchase and Sale Agreement | ' | ' | ' | 869 |
Land Acquisitions (Acres) | 50,000 | 13,000 | ' | ' |
Payments to Acquire Timberlands | 81 | 18 | 89 | ' |
Land Dispositions (Acres) | 168,000 | 269,000 | ' | ' |
Timber Casualty Loss, Fire | 4 | ' | ' | ' |
Payments to Acquire Timber Deeds | 18 | 98 | 5 | ' |
TimberDeedTonsPurchased | 900,000 | 4,700,000 | ' | ' |
Timber Deed Cutting Contract Term | ' | ' | '8 years | ' |
Total Payments to Acquire Timber Deeds Including Deposits | ' | 103 | ' | ' |
Assets Held for Sale | $92 | $61 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | Northern Resources [Member] | ' | ' | ' | ' |
Land Dispositions (Acres) | 66,000 | 147,000 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | Southern Resources [Member] | ' | ' | ' | ' |
Land Dispositions (Acres) | 102,000 | 122,000 | ' | ' |
Minerals_and_Mineral_Rights_De
Minerals and Mineral Rights (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | ||||
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Georgia Quarries [Member] | Georgia Quarries [Member] | South Carolina Quarries [Member] | South Carolina Quarries [Member] | South Carolina Quarries [Member] | South Carolina Quarries [Member] | Acquired Land Leases [Member] | Acquired Land Leases [Member] | Acquired Land Leases [Member] | Acquired Land Leases [Member] | Coal [Member] | Coal [Member] | Coal [Member] | Coal [Member] | |||||
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
T | T | T | T | |||||||||||||||||||||
Schedule of Minerals and Mineral Rights [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquired Surface Lease, Amount | ' | $22 | ' | ' | $22 | ' | ' | ' | ' | ' | ' | ' | ' | $7 | [1] | ' | $7 | [1] | ' | ' | ' | ' | ||
Depletion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ||||
Minerals, net | 60 | ' | 11 | 60 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | 50 | ||||
Mineral Rights, net | 238 | ' | 76 | 238 | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Minerals and Mineral Rights, net | 298 | 57 | 87 | 298 | 57 | 87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Aggregate Reserves Tons Purchased | ' | ' | ' | ' | ' | ' | 255,000,000 | 255,000,000 | 144,000,000 | ' | 144,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights Acquired | ' | ' | ' | ' | ' | ' | 156 | 156 | 76 | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortization of Intangible Assets | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Useful Life | ' | ' | ' | ' | ' | ' | '38 years | '38 years | '40 years | ' | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Estimated Depletion Expense, Next Twelve Months | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Estimated Depletion Expense, Year Two | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Estimated Depletion Expense, Year Three | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Estimated Depletion Expense, Year Four | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mineral Rights, Estimated Depletion Expense, Year Five | ' | ' | ' | ' | ' | ' | $4 | $4 | ' | $2 | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amortization Period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | [1],[2] | ' | '10 years | [1],[2] | ' | ' | ' | ' | ' | ||
[1] | The acquired land leases are associated with the acquired minerals and are included in Minerals and Mineral Rights, net on both the preceding Assets Acquired table and on the Consolidated Balance Sheets. | |||||||||||||||||||||||
[2] | The amortization method for the purchased intangible assets approximates straight-line. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment Table) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Land, Buildings and Improvements | $91 | $88 |
Machinery and Equipment | 323 | 318 |
Property, Plant and Equipment, gross | 414 | 406 |
Accumulated Depreciation | -296 | -279 |
Property, Plant and Equipment, net | 118 | 127 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Land, Buildings and Improvements | 91 | 88 |
Machinery and Equipment | 323 | 318 |
Property, Plant and Equipment, gross | 414 | 406 |
Accumulated Depreciation | -296 | -279 |
Property, Plant and Equipment, net | $118 | $127 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
REIT's book basis exceeding tax basis | $1,700,000,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | 0 |
Accrued interest or penalties related to income taxes | 0 | 0 | ' |
Federal statutory income tax rate | 35.00% | ' | ' |
Federal Operating Loss Carryforwards | 10,000,000 | ' | ' |
State Operating Loss Carryforwards | 221,000,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 13,000,000 | 19,000,000 | ' |
Operating Loss Carryforwards, Expiration Dates (Year) | '2028 | ' | ' |
Valuation Allowance | 10,000,000 | 9,000,000 | ' |
Deferred tax gross assets | 61,000,000 | 65,000,000 | ' |
Unrecognized Tax Benefits | 0 | 0 | ' |
Open Tax Year | '2008 | ' | ' |
Tax Liability from Potential Adjustment | 100,000,000 | ' | ' |
Gain from Potential Tax Adjustment | 600,000,000 | ' | ' |
Percentage of Gain Distrbuted in Common Stock | 80.00% | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
REIT's book basis exceeding tax basis | 1,700,000,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | 0 |
Accrued interest or penalties related to income taxes | 0 | 0 | ' |
Federal statutory income tax rate | 35.00% | ' | ' |
Federal Operating Loss Carryforwards | 10,000,000 | ' | ' |
State Operating Loss Carryforwards | 221,000,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 13,000,000 | 19,000,000 | ' |
Operating Loss Carryforwards, Expiration Dates (Year) | '2028 | ' | ' |
Valuation Allowance | 10,000,000 | 9,000,000 | ' |
Deferred tax gross assets | 61,000,000 | 65,000,000 | ' |
Unrecognized Tax Benefits | 0 | 0 | ' |
Open Tax Year | '2008 | ' | ' |
Tax Liability from Potential Adjustment | 100,000,000 | ' | ' |
Gain from Potential Tax Adjustment | $600,000,000 | ' | ' |
Percentage of Gain Distrbuted in Common Stock | 80.00% | ' | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Federal-Current | $0 | $0 | $0 |
State-Current | 0 | 0 | -2 |
Federal-Deferred | -1 | -3 | 0 |
State-Deferred | 0 | 0 | 0 |
Benefit from Operating Loss Carryforward | -1 | -1 | -7 |
Change to Valuation Allowance | 1 | 1 | 8 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | -1 | -3 | -1 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Federal-Current | 0 | 0 | 0 |
State-Current | 0 | 0 | -2 |
Federal-Deferred | -1 | -3 | 0 |
State-Deferred | 0 | 0 | 0 |
Benefit from Operating Loss Carryforward | -1 | -1 | -7 |
Change to Valuation Allowance | 1 | 1 | 8 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | ($1) | ($3) | ($1) |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $75 | $70 | $67 |
REIT Income not Subject to Federal Tax | -69 | -66 | -68 |
Change to Valuation Allowance | 1 | 1 | 8 |
State Income Tax Expense (Benefit), net of Federal Benefit | -1 | -1 | -6 |
Tax Audit Settlements | 0 | 0 | 1 |
Permanent Book-Tax Differences | -7 | -7 | -3 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | -1 | -3 | -1 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | 75 | 70 | 67 |
REIT Income not Subject to Federal Tax | -69 | -66 | -68 |
Change to Valuation Allowance | 1 | 1 | 8 |
State Income Tax Expense (Benefit), net of Federal Benefit | -1 | -1 | -6 |
Tax Audit Settlements | 0 | 0 | 1 |
Permanent Book-Tax Differences | -7 | -7 | -3 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | ($1) | ($3) | ($1) |
Income_Taxes_Schedule_of_Alloc
Income Taxes (Schedule of Allocation of Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | ($1) | ($3) | ($1) |
Other Comprehensive Income | 7 | 1 | -6 |
Additional Paid-In Capital (Share-Based Compensation | -1 | 0 | 0 |
Total Income Tax Expense (Benefit) | 5 | -2 | -7 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | -1 | -3 | -1 |
Other Comprehensive Income | 7 | 1 | -6 |
Additional Paid-In Capital (Share-Based Compensation | -1 | 0 | 0 |
Total Income Tax Expense (Benefit) | $5 | ($2) | ($7) |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Deferred Income Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Federal and State Net Operating Loss Carryforwards | $13 | $19 |
Accrued Compensation | 9 | 9 |
Accrued Pension Benefits | 9 | 14 |
Timber and Timberlands | 13 | 11 |
Accrued Worker's Compensation Benefits | 4 | 4 |
Other Accruals and Reserves | 7 | 1 |
Valuation Allowance | -10 | -9 |
Deferred income tax assets, Total | 45 | 49 |
Machinery and Equipment | -19 | -23 |
Deferred income tax liabilities, Total | -19 | -23 |
Deferred Income Tax Asset, net | 26 | 26 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Federal and State Net Operating Loss Carryforwards | 13 | 19 |
Accrued Compensation | 9 | 9 |
Accrued Pension Benefits | 9 | 14 |
Timber and Timberlands | 13 | 11 |
Accrued Worker's Compensation Benefits | 4 | 4 |
Other Accruals and Reserves | 7 | 1 |
Valuation Allowance | -10 | -9 |
Deferred income tax assets, Total | 45 | 49 |
Machinery and Equipment | -19 | -23 |
Deferred income tax liabilities, Total | -19 | -23 |
Deferred Income Tax Asset, net | $26 | $26 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Income Tax Asset (Liability) Classification) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Current Deferred Income Tax Asset | $9 | $5 |
Non Current Deferred Income Tax Asset | 17 | 21 |
Deferred Income Tax Asset, net | 26 | 26 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Current Deferred Income Tax Asset | 9 | 5 |
Non Current Deferred Income Tax Asset | 17 | 21 |
Deferred Income Tax Asset, net | $26 | $26 |
REIT_Disclosures_Details
REIT Disclosures (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Capital Gain Dividend | $1.74 | $1.68 | $1.68 |
Non-Taxable Return of Capital | $0 | $0 | $0 |
Total Distributions | $1.74 | $1.68 | $1.68 |
Borrowings_Schedule_of_Debt_an
Borrowings (Schedule of Debt and Parenthetical Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | $3,664 | ' | $2,950 |
Current Portion of Long-Term Debt | 0 | ' | 248 |
Line of Credit | 467 | ' | 104 |
Long Term Portion Of Total Borrowings | 3,197 | ' | 2,598 |
Long-term Portion | 2,414 | ' | 1,815 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 2,881 | ' | 2,167 |
Current Portion of Long-Term Debt | 0 | ' | 248 |
Line of Credit | 467 | ' | 104 |
Long-term Portion | 2,414 | ' | 1,815 |
Term Credit Agreement [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 225 | ' | 450 |
Debt Instrument, Maturity Date | 3-Apr-19 | ' | ' |
Debt Instrument, Interest Rate at Period End | 1.66% | ' | ' |
Debt Instrument, Interest Rate Terms | 'LIBOR plus 1.50% | ' | ' |
Term Credit Agreement [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 225 | ' | 450 |
Debt Instrument, Maturity Date | 3-Apr-19 | ' | ' |
Debt Instrument, Interest Rate at Period End | 1.66% | ' | 1.71% |
Debt Instrument, Interest Rate Terms | 'LIBOR plus 1.50% | ' | ' |
Senior Notes due 2013, 6.18% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 0 | ' | 174 |
Debt Instrument, Maturity Date | 21-Jan-13 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.18% | ' | ' |
Senior Notes due 2013, 6.18% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 0 | ' | 174 |
Debt Instrument, Maturity Date | 21-Jan-13 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.18% | ' | ' |
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 0 | ' | 72 |
Debt Instrument, Maturity Date | 1-Oct-13 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.76% | ' | ' |
Debt Instrument, Unamortized Discount | 0.1 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 8.05% | ' | ' |
Senior Notes due 2013, 7.76% less unamortized discount of $0.1 at 12/31/12, effective rate of 8.05% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 0 | ' | 72 |
Debt Instrument, Maturity Date | 1-Oct-13 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.76% | ' | ' |
Debt Instrument, Unamortized Discount | 0.1 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 8.05% | ' | ' |
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 438 | ' | 456 |
Debt Instrument, Maturity Date | 15-Nov-15 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ' | ' |
Debt Instrument, Unamortized Discount | 1.7 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | ' | ' |
Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 438 | ' | 456 |
Debt Instrument, Maturity Date | 15-Nov-15 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ' | ' |
Debt Instrument, Unamortized Discount | 1.7 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 6.10% | ' | ' |
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 0 | ' | 14 |
Debt Instrument, Maturity Date | 13-Nov-16 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.05% | ' | ' |
Debt Instrument, Maturity Date Range, Start | 13-Nov-13 | ' | ' |
Debt Instrument, Maturity Date Range, End | 13-Nov-16 | ' | ' |
Senior Notes due 2016, mature serially 2013 to 2016, 8.05% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 0 | ' | 14 |
Debt Instrument, Maturity Date | 13-Nov-16 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.05% | ' | ' |
Debt Instrument, Maturity Date Range, Start | 13-Nov-13 | ' | ' |
Debt Instrument, Maturity Date Range, End | 13-Nov-16 | ' | ' |
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 568 | ' | 575 |
Debt Instrument, Maturity Date | 15-Mar-21 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ' | ' |
Debt Instrument, Unamortized Discount | 0.3 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ' | ' |
Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 568 | ' | 575 |
Debt Instrument, Maturity Date | 15-Mar-21 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ' | ' |
Debt Instrument, Unamortized Discount | 0.3 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ' | ' |
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 323 | ' | 322 |
Debt Instrument, Maturity Date | 15-Mar-23 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ' | ' |
Debt Instrument, Unamortized Discount | 2.4 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ' | ' |
Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 323 | ' | 322 |
Debt Instrument, Maturity Date | 15-Mar-23 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ' | ' |
Debt Instrument, Unamortized Discount | 2.4 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ' | ' |
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 860 | ' | 0 |
Debt Instrument, Maturity Date | 6-Dec-23 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.21% | ' | ' |
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Total | 860 | ' | 0 |
Debt Instrument, Maturity Date | 6-Dec-23 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.21% | ' | ' |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Total | 783 | ' | 783 |
Debt Instrument, Maturity Date | 1-Oct-18 | ' | ' |
Related Party Transaction, Rate | 7.38% | 7.38% | ' |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Line of Credit | 467 | ' | 104 |
Debt Instrument, Maturity Date | 15-Jan-19 | ' | ' |
Debt, Weighted Average Interest Rate | 1.37% | ' | 1.43% |
Line of Credit Facility, Interest Rate Description | 'LIBOR plus 1.25% | ' | ' |
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Line of Credit | $467 | ' | $104 |
Debt Instrument, Maturity Date | 15-Jan-19 | ' | ' |
Debt, Weighted Average Interest Rate | 1.37% | ' | 1.43% |
Line of Credit Facility, Interest Rate Description | 'LIBOR plus 1.25% | ' | ' |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Public Debt [Member] | Public Debt [Member] | Public Debt [Member] | Public Debt [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% [Member] | Senior Notes due 2021, 4.70% less unamortized discount of $0.3 at 12/31/13, effective rate of 4.71% [Member] | Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% [Member] | Senior Notes due 2023, 3.25% less unamortized discount of $2.4 at 12/31/13, effective rate of 3.34% [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Installment Note Payable [Member] | Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% [Member] | Senior Notes due 2015, 5.875% less unamortized discount of $1.7 at 12/31/13, effective rate of 6.10% [Member] | Note Payable to Timberland Venture [Member] | Note Payable to Timberland Venture [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Debt [Member] | Debt [Member] | |
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||||
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700 | ' | $700 | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Apr-19 | ' | ' | ' | 3-Apr-19 | 3-Apr-19 | ' | 15-Mar-21 | 15-Mar-21 | 15-Mar-23 | 15-Mar-23 | 6-Dec-23 | ' | 6-Dec-23 | ' | 15-Nov-15 | 15-Nov-15 | 1-Oct-18 | ' | 15-Jan-19 | ' | 15-Jan-19 | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.37% | 1.43% | 1.37% | 1.43% | ' | ' | ' | ' | ' | ' |
Line of Credit, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 1.25% | ' | 'LIBOR plus 1.25% | ' | 'LIBOR plus 1% | 'LIBOR plus 1% | 'LIBOR plus 2% | 'LIBOR plus 2% | ' | ' |
Letter of Credit, Standby | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | 60 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Outstanding | 467 | 104 | 467 | 104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467 | 104 | 467 | 104 | ' | ' | ' | ' | ' | ' |
Line of Credit, Remained available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 232 | ' | 232 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Decrease, Repayments | 509 | 353 | 509 | 353 | ' | 225 | 350 | 225 | 350 | 24 | 0 | 24 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt, Original Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Decrease, Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 416 |
Capital Contributions from Parent | ' | ' | 607 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Patronage Refunds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Patronage Earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Interest Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | 1.00% | 1.00% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 4.70% | 3.25% | 3.25% | 5.21% | ' | 5.21% | ' | 5.88% | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Patronage Refunds, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.64% | ' | 0.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from Hedge | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium due up early retirement of senior notes | 117 | 242 | 117 | 242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Credit Agreement, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.66% | 1.71% | ' | ' | 1.66% | 1.66% | 1.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Credit Agreement, Interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 1.50% | ' | ' | ' | 'LIBOR plus 1.50% | 'LIBOR plus 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | ' | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 569 | 569 | 325 | 325 | ' | ' | ' | ' | 439 | 439 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment Note Payable | 860 | ' | 860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 860 | 0 | 860 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 860 | ' | 860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Payable to Timberland Venture | $783 | $783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $783 | $783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Payable Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.38% | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Schedule_Of_Senior_
Borrowings (Schedule Of Senior Notes Outstanding) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Senior Notes | $1,329 | $1,613 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Senior Notes | 1,329 | 1,613 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Senior Notes | 1,329 | 1,353 |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Senior Notes | 1,329 | 1,353 |
Private Debt Including Unamortized Discount [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Senior Notes | 0 | 260 |
Private Debt Including Unamortized Discount [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Senior Notes | $0 | $260 |
Borrowings_Schedule_of_Debt_Pr
Borrowings (Schedule of Debt Principal Payments and Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Debt Instrument, Decrease, Repayments | $509 | $353 | ' |
Loss on Extinguishment of Debt | 4 | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Debt Instrument, Decrease, Repayments | 509 | 353 | ' |
Loss on Extinguishment of Debt | 4 | 0 | 0 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Early Repayment Of Debt | 24 | ' | ' |
Debt Instrument, Decrease, Repayments | 24 | 0 | ' |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Early Repayment Of Debt | 24 | ' | ' |
Debt Instrument, Decrease, Repayments | 24 | 0 | ' |
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Early Repayment Of Debt | 10 | ' | ' |
Debt Instrument, Decrease, Repayments | 260 | 3 | ' |
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Early Repayment Of Debt | 10 | ' | ' |
Debt Instrument, Decrease, Repayments | 260 | 3 | ' |
Term Credit Agreement [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Early Repayment Of Debt | 225 | ' | ' |
Debt Instrument, Decrease, Repayments | 225 | 350 | ' |
Term Credit Agreement [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Early Repayment Of Debt | 225 | ' | ' |
Debt Instrument, Decrease, Repayments | $225 | $350 | ' |
Borrowings_Schedule_of_Aggrega
Borrowings (Schedule of Aggregate Maturities On Debt Agreements) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Total | $3,664 | $2,950 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Total | 2,881 | 2,167 |
Debt Agreements [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
2014 | 0 | ' |
2015 | 439 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 2,446 | ' |
Total | 2,885 | ' |
Debt Agreements [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
2014 | 0 | ' |
2015 | 439 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 2,446 | ' |
Total | 2,885 | ' |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 783 | ' |
Thereafter | 0 | ' |
Total | 783 | ' |
Total Debt Maturities [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
2014 | 0 | ' |
2015 | 439 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 783 | ' |
Thereafter | 2,446 | ' |
Total | $3,668 | ' |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 1 Assets Reported in the Company's Financial Statements at Fair Value, Measured on a Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | $433 | $356 | $254 | $252 | ||
Domestic Portion of Mutual Funds (percentage) | 45.00% | ' | ' | ' | ||
International Portion of Mutual Funds (percentage) | 25.00% | ' | ' | ' | ||
Debt Securities Portion of Mutual Funds (percentage) | 30.00% | ' | ' | ' | ||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 433 | 356 | 254 | 252 | ||
Domestic Portion of Mutual Funds (percentage) | 45.00% | ' | ' | ' | ||
International Portion of Mutual Funds (percentage) | 25.00% | ' | ' | ' | ||
Debt Securities Portion of Mutual Funds (percentage) | 30.00% | ' | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ||
Cash Equivalents | 428 | [1] | 354 | [1] | ' | ' |
Available-for-Sale Securities | 40 | [2] | 34 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Investments, Fair Value Disclosure | 473 | 393 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ||
Cash Equivalents | 428 | [1] | 354 | [1] | ' | ' |
Available-for-Sale Securities | 40 | [2] | 34 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Investments, Fair Value Disclosure | 473 | 393 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ||
Cash Equivalents | 428 | [1] | 354 | [1] | ' | ' |
Available-for-Sale Securities | 40 | [2] | 34 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Investments, Fair Value Disclosure | 473 | 393 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ||
Cash Equivalents | 428 | [1] | 354 | [1] | ' | ' |
Available-for-Sale Securities | 40 | [2] | 34 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Investments, Fair Value Disclosure | $473 | $393 | ' | ' | ||
[1] | Consists of several money market funds and is included in the $433 million and $356 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at DecemberB 31, 2013 and DecemberB 31, 2012, respectively. | |||||
[2] | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at DecemberB 31, 2013 and DecemberB 31, 2012. At DecemberB 31, 2013, investments in these mutual funds were approximately 45% in domestic (U.S.) equities, 25% in international equities and 30% in debt securities. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $28 | ' |
Deferred Compensation Obligations Included in Other Liabilities | 5 | 5 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 28 | ' |
Deferred Compensation Obligations Included in Other Liabilities | 6 | 6 |
Trading Securities [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Deferred Compensation Obligations Included in Other Liabilities | 5 | 5 |
Trading Securities [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Deferred Compensation Obligations Included in Other Liabilities | $5 | $5 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | $1,329,000,000 | $1,613,000,000 |
Debt Instrument, Fair Value Disclosure | 3,814,000,000 | 3,258,000,000 |
Long-term Debt | 3,664,000,000 | 2,950,000,000 |
Line of Credit | 467,000,000 | 104,000,000 |
Installment Note Payable | 860,000,000 | ' |
Note Payable to Timberland Venture | 783,000,000 | 783,000,000 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,898,000,000 | 2,285,000,000 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 916,000,000 | 973,000,000 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | 1,329,000,000 | 1,613,000,000 |
Debt Instrument, Fair Value Disclosure | 2,898,000,000 | 2,285,000,000 |
Long-term Debt | 2,881,000,000 | 2,167,000,000 |
Line of Credit | 467,000,000 | 104,000,000 |
Installment Note Payable | 860,000,000 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,898,000,000 | 2,285,000,000 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | 1,329,000,000 | 1,353,000,000 |
Debt Instrument, Fair Value Disclosure | 1,361,000,000 | 1,465,000,000 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,361,000,000 | 1,465,000,000 |
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | 1,329,000,000 | 1,353,000,000 |
Debt Instrument, Fair Value Disclosure | 1,361,000,000 | 1,465,000,000 |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,361,000,000 | 1,465,000,000 |
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | 0 | 260,000,000 |
Debt Instrument, Fair Value Disclosure | 0 | 266,000,000 |
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 266,000,000 |
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | 0 | 260,000,000 |
Debt Instrument, Fair Value Disclosure | 0 | 266,000,000 |
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 266,000,000 |
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 225,000,000 | 450,000,000 |
Long-term Debt | 225,000,000 | 450,000,000 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 225,000,000 | 450,000,000 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 225,000,000 | 450,000,000 |
Long-term Debt | 225,000,000 | 450,000,000 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 225,000,000 | 450,000,000 |
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Line of Credit | 467,000,000 | 104,000,000 |
Lines of Credit, Fair Value Disclosure | 467,000,000 | 104,000,000 |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 0 | 0 |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 467,000,000 | 104,000,000 |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 0 | 0 |
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Line of Credit | 467,000,000 | 104,000,000 |
Lines of Credit, Fair Value Disclosure | 467,000,000 | 104,000,000 |
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 0 | 0 |
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 467,000,000 | 104,000,000 |
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | 0 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Installment Note Payable | 860,000,000 | 0 |
Notes Payable, Fair Value Disclosure | 845,000,000 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 845,000,000 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Installment Note Payable | 860,000,000 | 0 |
Notes Payable, Fair Value Disclosure | 845,000,000 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 845,000,000 | 0 |
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 916,000,000 | 973,000,000 |
Long-term Debt | 783,000,000 | ' |
Note Payable to Timberland Venture | 783,000,000 | 783,000,000 |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $916,000,000 | $973,000,000 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Assets and Liabilities Measured on a Non-Recurring Basis (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Book Basis Of Property Before Impairment Recognition | $41 | ' | ' |
Book Basis Of Property After Impairment Recognition | 37 | 4 | 7 |
Impairment Losses On Nonstrategic Timberlands | -4 | 0 | -1 |
Total Net Gain Loss On Assets Or Liabilities Measured At Fair Value On A Nonrecurring Basis | -4 | ' | ' |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair Value Of Certain Non Strategic Timberlands | 37 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Book Basis Of Property Before Impairment Recognition | 41 | ' | ' |
Book Basis Of Property After Impairment Recognition | 37 | 4 | 7 |
Impairment Losses On Nonstrategic Timberlands | -4 | 0 | -1 |
Total Net Gain Loss On Assets Or Liabilities Measured At Fair Value On A Nonrecurring Basis | -4 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair Value Of Certain Non Strategic Timberlands | $37 | ' | ' |
Stockholders_Equity_Narratives
Stockholders' Equity (Narratives) (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Common Stock Shares Issued and Outstanding | 177,000,000 | 162,000,000 | ' |
Common Stock, Shares Authorized | 300,634,566 | 300,600,000 | ' |
Common Stock, par value | $0.01 | $0.01 | ' |
Excess Stock, Shares Authorized | 150,000,001 | ' | ' |
Excess Stock, par value | $0.01 | ' | ' |
Preferred Stock, Shares Authorized | 75,000,000 | 75,000,000 | ' |
Preferred Stock, par value | $0.01 | $0.01 | ' |
Sale of Stock, Transaction Date | 4-Nov-13 | ' | ' |
Stock Issued During Period, Shares, New Issues | 13,915,000 | ' | ' |
Proceeds from Issuance of Common Stock, net | $607 | $0 | $0 |
Debt Repayments from Equity Offering Proceeds | 376 | ' | ' |
Remaining Authorized Amount Available for Share Repurchases | 175 | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' |
Installment Note Payable | 860 | ' | ' |
Business Acquisition, Date of Acquisition Announcement | 28-Oct-13 | ' | ' |
Proceeds From Hedge | 5 | ' | ' |
Gain from Hedge | $5 | ' | ' |
Stockholders_Equity_Stockholde
Stockholders' Equity (Stockholders Equity) (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Shares of Common Stock | 0.7 |
Stock Repurchased During Period Under Board Plan Value | $25 |
Average Cost per Share | $34.84 |
Stockholders_Equity_Comprehens
Stockholders' Equity (Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $214 | $203 | $193 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 40 | [1] | 72 | 46 | 56 | 79 | 59 | 36 | 29 | 214 | 203 | 193 |
Unrealized Holding Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | -1 | |
Actuarial Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 25 | -2 | -31 | |
Reclassification to Net Income for Actuarial Gains or Losses | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 | 2 | |
Gain (Loss) on Cash Flow Hedge | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 0 | 0 | |
Total Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 206 | 169 | |
Pretax Amount [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized Holding Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | -1 | |
Actuarial Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 25 | -2 | -31 | |
Reclassification to Net Income for Actuarial Gains or Losses | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 | 2 | |
Gain (Loss) on Cash Flow Hedge | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | |
Tax Expense (Benefit) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized Holding Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Actuarial Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 0 | -6 | |
Reclassification to Net Income for Actuarial Gains or Losses | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 0 | |
Gain (Loss) on Derivatives Arising During Period, Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
After Tax Amount [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 214 | 203 | 193 | |
Unrealized Holding Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | -1 | |
Actuarial Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19 | -2 | -25 | |
Reclassification to Net Income for Actuarial Gains or Losses | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 2 | |
Gain (Loss) on Derivatives Arising During Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | |
Total Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | $247 | $206 | $169 | |
[1] | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. |
Stockholders_Equity_Components
Stockholders' Equity (Components of Accumulated Other Comprehensive Income Net of Tax) (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $1 | ($32) | ($35) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 29 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 3 | ' | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 13 | 8 | 6 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17 | -40 | -41 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19 | -2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | [1] | 3 | [1] | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | $0 | ' | ||
[1] | Amortization of actuarial gains and losses on the company's defined benefit pension plans is included in the computation of pension cost. See Note 13 of the Notes to Consolidated Financial Statements. |
Partners_Capital_Narrative_Det
Partners' Capital (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' |
Capital Contribution | ' | ' | ' | $783 |
Capital Contributions from Parent Nonrecurring Transactions | 607 | 0 | 0 | ' |
Debt Repayments from Equity Offering Proceeds | 376 | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' |
Installment Note Payable | 860 | ' | ' | ' |
Business Acquisition, Date of Acquisition Announcement | 28-Oct-13 | ' | ' | ' |
Proceeds From Hedge | 5 | ' | ' | ' |
Gain from Hedge | 5 | ' | ' | ' |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' |
Sale of Stock, Transaction Date | 4-Nov-13 | ' | ' | ' |
Note Payable to Timberland Venture | 783 | 783 | ' | ' |
Stock Issued During Period, Shares, New Issues | 13,915,000 | ' | ' | ' |
Proceeds from Issuance of Common Stock, net | 607 | 0 | 0 | ' |
Debt Repayments from Equity Offering Proceeds | 376 | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' |
Installment Note Payable | 860 | ' | ' | ' |
Business Acquisition, Date of Acquisition Announcement | 28-Oct-13 | ' | ' | ' |
Proceeds From Hedge | 5 | ' | ' | ' |
Gain from Hedge | 5 | ' | ' | ' |
PC Ventures [Member] | ' | ' | ' | ' |
Note Payable to Timberland Venture | ' | ' | ' | 783 |
Series T-1 Preferred Interest Return per Annum | ' | ' | ' | 7.38% |
Distributions for Series T-1 Preferred Interests | ' | ' | ' | $58 |
Partners_Capital_Comprehensive
Partners' Capital (Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Net Income (Loss) before Allocation to Series T-1 Preferred Interest and Partners | $272 | $261 | $251 |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Gain (Loss) on Cash Flow Hedge | 5 | 0 | 0 |
Total Comprehensive Income | 305 | 264 | 227 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Gain (Loss) on Cash Flow Hedge | 5 | 0 | 0 |
Total Comprehensive Income | 247 | 206 | 169 |
Pretax Amount [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Gain (Loss) on Cash Flow Hedge | 5 | ' | ' |
Pretax Amount [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 25 | -2 | -31 |
Reclassification to Net Income for Actuarial Gains or Losses | 5 | 4 | 2 |
Gain (Loss) on Cash Flow Hedge | 5 | ' | ' |
Tax Expense (Benefit) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 0 | 0 | 0 |
Actuarial Gain/(Loss) | 6 | 0 | -6 |
Reclassification to Net Income for Actuarial Gains or Losses | 1 | 1 | 0 |
Gain (Loss) on Derivatives Arising During Period, Tax | 0 | ' | ' |
Tax Expense (Benefit) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 0 | 0 | 0 |
Actuarial Gain/(Loss) | 6 | 0 | -6 |
Reclassification to Net Income for Actuarial Gains or Losses | 1 | 1 | 0 |
Gain (Loss) on Derivatives Arising During Period, Tax | 0 | ' | ' |
After Tax Amount [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Net Income (Loss) before Allocation to Series T-1 Preferred Interest and Partners | 272 | 261 | 251 |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 19 | -2 | -25 |
Reclassification to Net Income for Actuarial Gains or Losses | 4 | 3 | 2 |
Gain (Loss) on Derivatives Arising During Period, Net of Tax | 5 | ' | ' |
Total Comprehensive Income | 305 | 264 | 227 |
After Tax Amount [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Unrealized Holding Gains (Losses) | 5 | 2 | -1 |
Actuarial Gain/(Loss) | 19 | -2 | -25 |
Reclassification to Net Income for Actuarial Gains or Losses | 4 | 3 | 2 |
Gain (Loss) on Derivatives Arising During Period, Net of Tax | 5 | ' | ' |
Total Comprehensive Income | $247 | $206 | $169 |
Partners_Capital_Components_of
Partners' Capital (Components of Accumulated Other Comprehensive Income Net of Tax) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $1 | ($32) | ($35) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 29 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 3 | ' | ||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1 | -32 | -35 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 29 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 3 | ' | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 13 | 8 | 6 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 13 | 8 | 6 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ||
Accumulated Defined Benefit Plans Adjustment [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17 | -40 | -41 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19 | -2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | [1] | 3 | [1] | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17 | -40 | -41 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19 | -2 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | [2] | 3 | [2] | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ' | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 5 | 0 | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | $0 | ' | ||
[1] | Amortization of actuarial gains and losses on the company's defined benefit pension plans is included in the computation of pension cost. See Note 13 of the Notes to Consolidated Financial Statements. | ||||
[2] | Amortization of actuarial gains and losses on the Operating Partnershipbs defined benefit pension plans is included in the computation of pension cost. See Note 11 of the Notes to Consolidated Financial Statements. |
Employee_Pension_and_Retiremen2
Employee Pension and Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
H | |||
Year | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Year of service | 1 | ' | ' |
Hours of service, minimum | 1,000 | ' | ' |
Years of service, vesting | 3 | ' | ' |
Contributed to the qualified pension plan | $0 | $20 | ' |
Contributions to the Non-Qualified Pension Plan | 0 | 0 | ' |
Expected contributions to the qualified pension plan, minimum range | 0 | ' | ' |
Expected contributions to the qualified pension plan, maximum range | 0 | ' | ' |
Expected contributions to the non-qualified pension plan, minimum range | 0 | ' | ' |
Expected contributions to the non-qualified pension plan, maximum range | 0 | ' | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2 | ' | ' |
Net Actuarial Loss (Gain) | 22 | 52 | ' |
Expected long-term rate of return on plan assets | 7.25% | 7.50% | 7.50% |
Percentage of equity portfolio that can be invested in a single company | 5.00% | ' | ' |
Percentage of fixed income portfolio that can be invested in a single issuer | 10.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 6.00% | ' | ' |
Employer contribution rates, minimum (percentage) | 35.00% | ' | ' |
Employer contribution rates, maximum (percentage) | 100.00% | ' | ' |
Thrift and profit sharing plan expenses | 4 | 4 | 4 |
Defined Contribution Plan Percentage of Employee Contributions Matched by Employer | 100.00% | 100.00% | 100.00% |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Year of service | 1 | ' | ' |
Hours of service, minimum | 1,000 | ' | ' |
Years of service, vesting | 3 | ' | ' |
Contributed to the qualified pension plan | 0 | 20 | ' |
Contributions to the Non-Qualified Pension Plan | 0 | 0 | ' |
Expected contributions to the qualified pension plan, minimum range | 0 | ' | ' |
Expected contributions to the qualified pension plan, maximum range | 0 | ' | ' |
Expected contributions to the non-qualified pension plan, minimum range | 0 | ' | ' |
Expected contributions to the non-qualified pension plan, maximum range | 0 | ' | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2 | ' | ' |
Net Actuarial Loss (Gain) | 22 | 52 | ' |
Expected long-term rate of return on plan assets | 7.25% | 7.50% | 7.50% |
Percentage of equity portfolio that can be invested in a single company | 5.00% | ' | ' |
Percentage of fixed income portfolio that can be invested in a single issuer | 10.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 6.00% | ' | ' |
Employer contribution rates, minimum (percentage) | 35.00% | ' | ' |
Employer contribution rates, maximum (percentage) | 100.00% | ' | ' |
Thrift and profit sharing plan expenses | $4 | $4 | $4 |
Defined Contribution Plan Percentage of Employee Contributions Matched by Employer | 100.00% | 100.00% | 100.00% |
Employee_Pension_and_Retiremen3
Employee Pension and Retirement Plans (Change in Benefit Obligation and Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Service Cost | $7 | $6 | $6 |
Interest Cost | 8 | 8 | 8 |
Fair Value of Plan Assets at Beginning of Period | 128 | ' | ' |
Employer Contributions | 0 | 20 | ' |
Fair Value of Plan Assets at End of Period | 144 | 128 | ' |
Funded Status-December 31 | -34 | -53 | ' |
Noncurrent Assets | 10 | 0 | ' |
Current Liabilities | -5 | -4 | ' |
Noncurrent Liabilities | -39 | -49 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Service Cost | 7 | 6 | 6 |
Interest Cost | 8 | 8 | 8 |
Fair Value of Plan Assets at Beginning of Period | 128 | ' | ' |
Employer Contributions | 0 | 20 | ' |
Fair Value of Plan Assets at End of Period | 144 | 128 | ' |
Funded Status-December 31 | -34 | -53 | ' |
Noncurrent Assets | 10 | 0 | ' |
Current Liabilities | -5 | -4 | ' |
Noncurrent Liabilities | -39 | -49 | ' |
Change In Benefit Obligation [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Benefit Obligation at Beginning of Period | 181 | 164 | ' |
Service Cost | 7 | 6 | ' |
Interest Cost | 8 | 8 | ' |
Actuarial (Gain) Loss | -12 | 11 | ' |
Benefits Paid | -6 | -8 | ' |
Benefit Obligation at End of Period | 178 | 181 | ' |
Change In Benefit Obligation [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Benefit Obligation at Beginning of Period | 181 | 164 | ' |
Service Cost | 7 | 6 | ' |
Interest Cost | 8 | 8 | ' |
Actuarial (Gain) Loss | -12 | 11 | ' |
Benefits Paid | -6 | -8 | ' |
Benefit Obligation at End of Period | 178 | 181 | ' |
Change In Fair Value Of Plan Assets [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Period | 128 | 100 | ' |
Actual Return on Plan Assets | 22 | 16 | ' |
Employer Contributions | 0 | 20 | ' |
Benefits Paid | -6 | -8 | ' |
Fair Value of Plan Assets at End of Period | 144 | 128 | ' |
Change In Fair Value Of Plan Assets [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Fair Value of Plan Assets at Beginning of Period | 128 | 100 | ' |
Actual Return on Plan Assets | 22 | 16 | ' |
Employer Contributions | 0 | 20 | ' |
Benefits Paid | -6 | -8 | ' |
Fair Value of Plan Assets at End of Period | $144 | $128 | ' |
Employee_Pension_and_Retiremen4
Employee Pension and Retirement Plans (Accumulated and Projected Benefit Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | $144 | $128 |
PLUM CREEK TIMBER CO INC [Member] | Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation | 134 | 140 |
Accumulated Benefit Obligation | 126 | 132 |
Fair Value of Plan Assets | 144 | 128 |
PLUM CREEK TIMBER CO INC [Member] | Non-Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation | 44 | 41 |
Accumulated Benefit Obligation | 36 | 34 |
Assets Held in the Grantor Trust | 40 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Plan Assets | 144 | 128 |
PLUM CREEK TIMBERLANDS L P [Member] | Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation | 134 | 140 |
Accumulated Benefit Obligation | 126 | 132 |
Fair Value of Plan Assets | 144 | 128 |
PLUM CREEK TIMBERLANDS L P [Member] | Non-Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit Obligation | 44 | 41 |
Accumulated Benefit Obligation | 36 | 34 |
Assets Held in the Grantor Trust | $40 | $34 |
Employee_Pension_and_Retiremen5
Employee Pension and Retirement Plans (Components of Pension Cost Recognized in Net Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Service Cost | $7 | $6 | $6 |
Interest Cost | 8 | 8 | 8 |
Expected Return on Plan Assets | -9 | -7 | -7 |
Recognized Actuarial Loss | 5 | 4 | 2 |
Total Pension Cost | 11 | 11 | 9 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Service Cost | 7 | 6 | 6 |
Interest Cost | 8 | 8 | 8 |
Expected Return on Plan Assets | -9 | -7 | -7 |
Recognized Actuarial Loss | 5 | 4 | 2 |
Total Pension Cost | $11 | $11 | $9 |
Employee_Pension_and_Retiremen6
Employee Pension and Retirement Plans (Components of Pension Cost Recognized in Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Net Actuarial (Gain) Loss Recognized in Comprehensive Income | ($25) | $2 | $31 |
Amortization of the Net Actuarial Gain or Loss | -5 | -4 | -2 |
Total (Gain) Loss Recognized in Other Comprehensive Income | -30 | -2 | 29 |
Combined Pension Cost Recognized in Comprehensive Income | -19 | 9 | 38 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Net Actuarial (Gain) Loss Recognized in Comprehensive Income | -25 | 2 | 31 |
Amortization of the Net Actuarial Gain or Loss | -5 | -4 | -2 |
Total (Gain) Loss Recognized in Other Comprehensive Income | -30 | -2 | 29 |
Combined Pension Cost Recognized in Comprehensive Income | ($19) | $9 | $38 |
Employee_Pension_and_Retiremen7
Employee Pension and Retirement Plans (Amounts Included in Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Net Actuarial Loss (Gain) | $22 | $52 |
Deferred Tax Benefit | -6 | -12 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Net Actuarial Loss (Gain) | 22 | 52 |
Deferred Tax Benefit | ($6) | ($12) |
Employee_Pension_and_Retiremen8
Employee Pension and Retirement Plans (Weighted Average Assumption Used to Determine Benefit Obligations) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Annuity Distributions | 5.05% | 4.35% |
Lump-Sum Distributions | 3.80% | 2.80% |
Rate of Compensation Increase | 3.45% | 3.45% |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Annuity Distributions | 5.05% | 4.35% |
Lump-Sum Distributions | 3.80% | 2.80% |
Rate of Compensation Increase | 3.45% | 3.45% |
Employee_Pension_and_Retiremen9
Employee Pension and Retirement Plans (Weighted Average Assumption Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Discount Rate | 4.35% | 4.95% | 5.90% |
Expected Long-Term Return on Plan Assets | 7.25% | 7.50% | 7.50% |
Rate of Compensation Increase | 3.45% | 3.45% | 3.45% |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Discount Rate | 4.35% | 4.95% | 5.90% |
Expected Long-Term Return on Plan Assets | 7.25% | 7.50% | 7.50% |
Rate of Compensation Increase | 3.45% | 3.45% | 3.45% |
Recovered_Sheet1
Employee Pension and Retirement Plans (Target Allocations for the Various Asset Classes) (Details) | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Large Capitalization Domestic Equities | 32.00% |
Small and Mid-Size Capitalization Domestic Equities | 7.00% |
International Equities | 26.00% |
Fixed Income | 35.00% |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Large Capitalization Domestic Equities | 32.00% |
Small and Mid-Size Capitalization Domestic Equities | 7.00% |
International Equities | 26.00% |
Fixed Income | 35.00% |
Recovered_Sheet2
Employee Pension and Retirement Plans (Fair Values of Each Major Category of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Total Investments Measured at Fair Value | $144 | $128 |
PLUM CREEK TIMBER CO INC [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 16 | 14 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 11 | 9 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 38 | 34 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 40 | 39 |
PLUM CREEK TIMBER CO INC [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 32 | 26 |
PLUM CREEK TIMBER CO INC [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 7 | 6 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | ' | ' |
Total Investments Measured at Fair Value | 105 | 96 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 16 | 14 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 11 | 9 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 38 | 34 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 40 | 39 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Total Investments Measured at Fair Value | 39 | 32 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 32 | 26 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 7 | 6 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Total Investments Measured at Fair Value | 144 | 128 |
PLUM CREEK TIMBERLANDS L P [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 16 | 14 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 11 | 9 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 38 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 40 | 39 |
PLUM CREEK TIMBERLANDS L P [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 32 | 26 |
PLUM CREEK TIMBERLANDS L P [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 7 | 6 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | ' | ' |
Total Investments Measured at Fair Value | 105 | 96 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 16 | 14 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 11 | 9 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 38 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 40 | 39 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Total Investments Measured at Fair Value | 39 | 32 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 32 | 26 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 7 | 6 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Money Market Funds [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ' | ' |
Total Investments Measured at Fair Value | $0 | $0 |
Recovered_Sheet3
Employee Pension and Retirement Plans (Future Benefit Payments Projected Based on the Same Assumptions Used to Measure the Benefit Obligation and Estimate Future Employee Service) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
PLUM CREEK TIMBER CO INC [Member] | ' |
2014 | $15 |
2015 | 14 |
2016 | 16 |
2017 | 22 |
2018 | 14 |
2019 through 2023 | 73 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
2014 | 15 |
2015 | 14 |
2016 | 16 |
2017 | 22 |
2018 | 14 |
2019 through 2023 | $73 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Value Management Awards Activity) (Details) (Value Management Awards [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Beginning Balance | 279,200 |
Granted | 134,463 |
Vested | -74,540 |
Forfeited | -7,010 |
Ending Balance | 332,113 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Beginning Balance | 279,200 |
Granted | 134,463 |
Vested | -74,540 |
Forfeited | -7,010 |
Ending Balance | 332,113 |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans (Summary of Outstanding Value Management Awards) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, except Share data, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | |
Unrecognized Compensation Expense | $22 | |
PLUM CREEK TIMBERLANDS L P [Member] | ' | |
Unrecognized Compensation Expense | 22 | |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | |
Outstanding Units | 75,980 | |
Fair Value | 2.7 | [1] |
Unrecognized Compensation Expense | 0 | |
Maximum Award Value | 15.2 | [2] |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | |
Outstanding Units | 75,980 | |
Fair Value | 2.7 | [1] |
Unrecognized Compensation Expense | 0 | |
Maximum Award Value | 15.2 | [2] |
Performance Period 2012 to 2014 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | |
Outstanding Units | 123,855 | |
Fair Value | 9 | [1] |
Unrecognized Compensation Expense | 3.2 | |
Maximum Award Value | 24.8 | [2] |
Performance Period 2012 to 2014 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | |
Outstanding Units | 123,855 | |
Fair Value | 9 | [1] |
Unrecognized Compensation Expense | 3.2 | |
Maximum Award Value | 24.8 | [2] |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | |
Outstanding Units | 132,278 | |
Fair Value | 9.7 | [1] |
Unrecognized Compensation Expense | 6 | |
Maximum Award Value | 26.5 | [2] |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | |
Outstanding Units | 132,278 | |
Fair Value | 9.7 | [1] |
Unrecognized Compensation Expense | 6 | |
Maximum Award Value | $26.50 | [2] |
[1] | The estimated fair value includes unrecognized compensation expense. | |
[2] | Maximum award value is based on a unit value of $200. |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans (Summary of Earned and Paid Value Management Awards for Three Year Periods) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' |
Payout Value per Unit | 35 |
Total Payout (millions) | $2.70 |
Payment Date | '1st Quarter 2014 |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' |
Payout Value per Unit | 35 |
Total Payout (millions) | 2.7 |
Payment Date | '1st Quarter 2014 |
Performance Period 2010 to 2012 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | 0 |
Payment Date | 'Not Earned |
Performance Period 2010 to 2012 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | 0 |
Payment Date | 'Not Earned |
Performance Period 2009 to 2011 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | 0 |
Payment Date | 'Not Earned |
Performance Period 2009 to 2011 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | 0 |
Payment Date | 'Not Earned |
Performance Period 2008 to 2010 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | 0 |
Payment Date | 'Not Earned |
Performance Period 2008 to 2010 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' |
Payout Value per Unit | 0 |
Total Payout (millions) | $0 |
Payment Date | 'Not Earned |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans Share-Based Compensation Plans (Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 311,038 | ' | ' |
Beginning Balance Weighted- Average Grant Date Fair Value | $38.65 | ' | ' |
Granted | 179,295 | ' | ' |
Granted Weighted- Average Grant Date Fair Value | $47.93 | $39 | $41.45 |
Vested | -112,408 | ' | ' |
Vested Weighted- Average Grant Date Fair Value | $37.70 | ' | ' |
Forfeited | -11,792 | ' | ' |
Forfeited Weighted- Average Grant Date Fair Value | $42.81 | ' | ' |
Ending Balance | 366,133 | 311,038 | ' |
Ending Balance Weighted- Average Grant Date Fair Value | $43.35 | $38.65 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance | 311,038 | ' | ' |
Beginning Balance Weighted- Average Grant Date Fair Value | $38.65 | ' | ' |
Granted | 179,295 | ' | ' |
Granted Weighted- Average Grant Date Fair Value | $47.93 | $39 | $41.45 |
Vested | -112,408 | ' | ' |
Vested Weighted- Average Grant Date Fair Value | $37.70 | ' | ' |
Forfeited | -11,792 | ' | ' |
Forfeited Weighted- Average Grant Date Fair Value | $42.81 | ' | ' |
Ending Balance | 366,133 | 311,038 | ' |
Ending Balance Weighted- Average Grant Date Fair Value | $43.35 | $38.65 | ' |
ShareBased_Compensation_Plans_5
Share-Based Compensation Plans Share-Based Compensation Plans (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Options Outstanding at Beginning of Year | 2,917,707 |
Weighted Average Exercise Price for Stock Options Outstanding at Beginning of Year | $38.18 |
Granted Shares Subject to Options | 0 |
Granted Weighted- Average Exercise Price | $0 |
Exercised/Surrendered Shares Subject to Options | -975,221 |
Exercised/Surrendered Weighted- Average Exercise Price | $37.62 |
Cancelled/Forfeited Shares Subject to Options | -13,525 |
Cancelled/Forfeited Weighted-Average Exercise Price | $37.98 |
Stock Options Outstanding at End of Year | 1,928,961 |
Weighted Average Exercise Price for Stock Options Outstanding at End of Year | $38.47 |
Outstanding, Weighted- Average Remaining Contractual Life (Years) | '5 years 0 months |
Outstanding, Aggregate Intrinsic Value (Millions) | $16 |
Vested or Expected to Vest, Shares Subject to Options | 1,884,787 |
Vested or Expected to Vest, Weighted- Average Exercise Price | $38.46 |
Vested or Expected to Vest, Weighted- Average Remaining Contractual Life (Years) | '5 years 0 months |
Vested or Expected to Vest, Aggregate Intrinsic Value (Millions) | 15 |
Exercisable, Shares Subject to Options | 1,524,709 |
Exercisable, Weighted- Average Exercise Price | $38.20 |
Exercisable, Weighted- Average Remaining Contractual Life (Years) | '4 years 6 months |
Exercisable, Aggregate Intrinsic Value (Millions) | 13 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Options Outstanding at Beginning of Year | 2,917,707 |
Weighted Average Exercise Price for Stock Options Outstanding at Beginning of Year | $38.18 |
Granted Shares Subject to Options | 0 |
Granted Weighted- Average Exercise Price | $0 |
Exercised/Surrendered Shares Subject to Options | -975,221 |
Exercised/Surrendered Weighted- Average Exercise Price | $37.62 |
Cancelled/Forfeited Shares Subject to Options | -13,525 |
Cancelled/Forfeited Weighted-Average Exercise Price | $37.98 |
Stock Options Outstanding at End of Year | 1,928,961 |
Weighted Average Exercise Price for Stock Options Outstanding at End of Year | $38.47 |
Outstanding, Weighted- Average Remaining Contractual Life (Years) | '5 years 0 months |
Outstanding, Aggregate Intrinsic Value (Millions) | 16 |
Vested or Expected to Vest, Shares Subject to Options | 1,884,787 |
Vested or Expected to Vest, Weighted- Average Exercise Price | $38.46 |
Vested or Expected to Vest, Weighted- Average Remaining Contractual Life (Years) | '5 years 0 months |
Vested or Expected to Vest, Aggregate Intrinsic Value (Millions) | 15 |
Exercisable, Shares Subject to Options | 1,524,709 |
Exercisable, Weighted- Average Exercise Price | $38.20 |
Exercisable, Weighted- Average Remaining Contractual Life (Years) | '4 years 6 months |
Exercisable, Aggregate Intrinsic Value (Millions) | $13 |
ShareBased_Compensation_Plans_6
Share-Based Compensation Plans (Schedule of Stock Activity Related to Stock Options Exercised During the Period) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Proceeds from Stock Options Exercised | $37 | $18 | $10 |
Stock Option [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Proceeds from Stock Options Exercised | 37 | 18 | 10 |
Intrinsic Value of Stock Options Exercised | 12 | 6 | 4 |
Tax Benefit Related to Stock Options Exercised | 2 | 1 | 1 |
Stock Option [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Proceeds from Stock Options Exercised | 37 | 18 | 10 |
Intrinsic Value of Stock Options Exercised | 12 | 6 | 4 |
Tax Benefit Related to Stock Options Exercised | $2 | $1 | $1 |
ShareBased_Compensation_Plans_7
Share-Based Compensation Plans (Assumptions For Computing Fair Values of Stock Option Awards Granted) (Details) (Stock Option [Member], USD $) | 12 Months Ended |
Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Expected Term (years) | '6 years |
Risk-Free Interest Rate | 2.70% |
Volatility | 40.60% |
Dividend Yield | 4.00% |
Weighted-Average Measurement Date Fair Value | $11.60 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Expected Term (years) | '6 years |
Risk-Free Interest Rate | 2.70% |
Volatility | 40.60% |
Dividend Yield | 4.00% |
Weighted-Average Measurement Date Fair Value | $11.60 |
ShareBased_Compensation_Plans_8
Share-Based Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Shares of common stock reserved and eligible for issuance | 6,100,000 | ' | ' |
Shares of common stock used during the period | 300,000 | ' | ' |
Shares of common stock remain available for grants | 5,800,000 | ' | ' |
Total compensation expense for the share-based compensation plans | $13,000,000 | $13,000,000 | $10,000,000 |
Tax benefits recognized associated with share-based compensation plans | 2,000,000 | 2,000,000 | 2,000,000 |
Unrecognized Compensation Expense | 22,000,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Shares of common stock reserved and eligible for issuance | 6,100,000 | ' | ' |
Shares of common stock used during the period | 300,000 | ' | ' |
Shares of common stock remain available for grants | 5,800,000 | ' | ' |
Total compensation expense for the share-based compensation plans | 13,000,000 | 13,000,000 | 10,000,000 |
Tax benefits recognized associated with share-based compensation plans | 2,000,000 | 2,000,000 | 2,000,000 |
Unrecognized Compensation Expense | 22,000,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | $47.93 | $39 | $41.45 |
Fair value of restricted stock vested during the period | 5,000,000 | 4,000,000 | 4,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 179,295 | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | $47.93 | $39 | $41.45 |
Fair value of restricted stock vested during the period | 5,000,000 | 4,000,000 | 4,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 179,295 | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Common Stock Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | $48.47 | $38.93 | ' |
Fair value of restricted stock vested during the period | 1,000,000 | 700,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,560 | ' | ' |
Common Stock Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | $48.47 | $38.93 | ' |
Fair value of restricted stock vested during the period | 1,000,000 | 700,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,560 | ' | ' |
Stock Option [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Term of Stock Options | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Stock Option [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Payment Award, Award Vesting Rights | 25.00% | ' | ' |
Term of Stock Options | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Restricted Stock [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | $41.99 |
Fair value of restricted stock vested during the period | ' | ' | 700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '6 months | ' | ' |
Restricted Stock [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | $41.99 |
Fair value of restricted stock vested during the period | ' | ' | 700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '6 months | ' | ' |
Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Value Management Award Unit Face Value | 100 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Value Management Award Unit Face Value | $100 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Minimum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Payout Value per Unit | 0 | ' | ' |
Minimum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Payout Value per Unit | 0 | ' | ' |
Maximum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Payout Value per Unit | 200 | ' | ' |
Maximum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Payout Value per Unit | 200 | ' | ' |
Detail_of_Certain_Balance_Shee2
Detail of Certain Balance Sheet Accounts (Schedule of Details of Certain Balance Sheet Accounts)(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' |
Prepaid Expense, Current | $7 | $8 |
Taxes Receivable | 3 | 3 |
Notes Receivable | 3 | 1 |
Deposits, Current | 2 | 1 |
Total Other Current Assets | 15 | 13 |
Other Assets, Noncurrent [Abstract] | ' | ' |
Real Estate Inventory Land and Land Development Costs | 13 | 13 |
Unamortized Debt Issue Costs | 9 | 11 |
Deposits | 8 | 5 |
Notes Receivable | 0 | 7 |
Qualified Pension Asset | 10 | 0 |
Intangible Assets | 14 | 0 |
Other Assets, Noncurrent | 0 | 1 |
Total Other Non-Current Assets | 54 | 37 |
Other Liabilities, Current [Abstract] | ' | ' |
Long-Term Incentive Compensation | 3 | 0 |
Accrued Pension Liability | 5 | 4 |
Other Liabilities, Current | 2 | 3 |
Total Other Current Liabilities | 10 | 7 |
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Timber Obligations | 5 | 5 |
Deferred Compensation | 5 | 5 |
Long-Term Incentive Compensation | 8 | 7 |
Accrued Pension Liability | 39 | 49 |
Deferred Revenue | 7 | 14 |
Workers' Compensation | 9 | 9 |
Other Liabilities, Noncurrent | 5 | 2 |
Total Other Non-Current Liabilities | 78 | 91 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' |
Prepaid Expense, Current | 7 | 8 |
Taxes Receivable | 3 | 3 |
Notes Receivable | 3 | 1 |
Deposits, Current | 2 | 1 |
Total Other Current Assets | 15 | 13 |
Other Assets, Noncurrent [Abstract] | ' | ' |
Real Estate Inventory Land and Land Development Costs | 13 | 13 |
Unamortized Debt Issue Costs | 9 | 11 |
Deposits | 8 | 5 |
Notes Receivable | 0 | 7 |
Qualified Pension Asset | 10 | 0 |
Intangible Assets | 14 | 0 |
Other Assets, Noncurrent | 0 | 1 |
Total Other Non-Current Assets | 54 | 37 |
Other Liabilities, Current [Abstract] | ' | ' |
Long-Term Incentive Compensation | 3 | 0 |
Accrued Pension Liability | 5 | 4 |
Other Liabilities, Current | 2 | 3 |
Total Other Current Liabilities | 10 | 7 |
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Timber Obligations | 5 | 5 |
Deferred Compensation | 6 | 6 |
Long-Term Incentive Compensation | 8 | 7 |
Accrued Pension Liability | 39 | 49 |
Deferred Revenue | 7 | 14 |
Workers' Compensation | 9 | 9 |
Other Liabilities, Noncurrent | 5 | 2 |
Total Other Non-Current Liabilities | $79 | $92 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Operating lease expense | $4 | $3 | $3 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 1 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due in Two Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due in Three Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 3 | ' | ' |
Capital Leases, Future Minimum Payments Due in Four Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 3 | ' | ' |
Capital Leases, Future Minimum Payments Due in Five Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 16 | ' | ' |
Capital Leases, Future Minimum Payments Due Thereafter | 4 | ' | ' |
Operating Leases, Future Minimum Payments Due | 34 | ' | ' |
Capital Leases, Future Minimum Payments Due | 5 | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Operating lease expense | 4 | 3 | 3 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 1 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due in Two Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 4 | ' | ' |
Capital Leases, Future Minimum Payments Due in Three Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 3 | ' | ' |
Capital Leases, Future Minimum Payments Due in Four Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 3 | ' | ' |
Capital Leases, Future Minimum Payments Due in Five Years | 0 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 16 | ' | ' |
Capital Leases, Future Minimum Payments Due Thereafter | 4 | ' | ' |
Operating Leases, Future Minimum Payments Due | 34 | ' | ' |
Capital Leases, Future Minimum Payments Due | $5 | ' | ' |
Equity_Method_Investment_Narra
Equity Method Investment (Narrative)(Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 06, 2013 | |
acre | |||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' | ' |
Land With Development Potential (Acres) | 75,000 | ' | ' | ' | ' |
Total Purchase Price | $1,100,000,000 | ' | ' | ' | ' |
Equity Method Investment in Real Estate Development Joint Ventures | 139,000,000 | 0 | ' | ' | 139,000,000 |
Equity Earnings from Real Estate Development Ventures | 0 | 0 | 0 | ' | ' |
Equity Earnings from Timberland Venture | 63,000,000 | 59,000,000 | 56,000,000 | ' | ' |
Amount borrowed from the Timberland Venture | 783,000,000 | 783,000,000 | ' | ' | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Acquisition Date | 6-Dec-13 | ' | ' | ' | ' |
Land With Development Potential (Acres) | 75,000 | ' | ' | ' | ' |
Total Purchase Price | 1,100,000,000 | ' | ' | ' | ' |
Equity Method Investment in Real Estate Development Joint Ventures | 139,000,000 | 0 | ' | ' | 139,000,000 |
Equity Earnings from Real Estate Development Ventures | 0 | 0 | 0 | ' | ' |
Equity Earnings from Timberland Venture | 63,000,000 | 59,000,000 | 56,000,000 | ' | ' |
Proceeds from Partnership Contribution | ' | ' | ' | 783,000,000 | ' |
PC Ventures [Member] | ' | ' | ' | ' | ' |
Amount borrowed from the Timberland Venture | ' | ' | ' | 783,000,000 | ' |
Stated interest rate | ' | ' | ' | 7.38% | ' |
Preferred Interest [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Annual Preferred Interest Return | ' | ' | ' | 7.88% | ' |
Approximate Amount Of Cumulative Preferred Return Per Annum | ' | ' | ' | 56,000,000 | ' |
Preferred Interest [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Annual Preferred Interest Return | ' | ' | ' | 7.88% | ' |
Approximate Amount Of Cumulative Preferred Return Per Annum | ' | ' | ' | 56,000,000 | ' |
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 12,000,000 | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | ' | 5.00% |
Land With Development Potential (Acres) | ' | ' | ' | ' | 22,000 |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 252,000,000 |
Other Partnership Ownership Percentage | ' | ' | ' | ' | 95.00% |
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 12,000,000 | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | ' | 5.00% |
Land With Development Potential (Acres) | ' | ' | ' | ' | 22,000 |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 252,000,000 |
Other Partnership Ownership Percentage | ' | ' | ' | ' | 95.00% |
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 140,000,000 | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | ' | 50.00% |
Land With Development Potential (Acres) | ' | ' | ' | ' | 87,000 |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 279,000,000 |
Other Partnership Ownership Percentage | ' | ' | ' | ' | 50.00% |
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 140,000,000 | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | ' | 50.00% |
Land With Development Potential (Acres) | ' | ' | ' | ' | 87,000 |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 279,000,000 |
Other Partnership Ownership Percentage | ' | ' | ' | ' | 50.00% |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 152,000,000 | ' | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 531,000,000 |
Equity Method Investment in Real Estate Development Joint Ventures | 139,000,000 | ' | ' | ' | ' |
Equity Method Investment, Underlying Equity in Net Assets | ' | ' | ' | ' | 46,000,000 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | ' | ' | 93,000,000 |
Equity Earnings from Real Estate Development Ventures | 0 | ' | ' | ' | ' |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | 152,000,000 | ' | ' | ' | ' |
Equity Method Investment Agreed Upon Value | ' | ' | ' | ' | 531,000,000 |
Equity Method Investment in Real Estate Development Joint Ventures | 139,000,000 | ' | ' | ' | ' |
Equity Method Investment, Underlying Equity in Net Assets | ' | ' | ' | ' | 46,000,000 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | ' | ' | ' | ' | 93,000,000 |
Equity Earnings from Real Estate Development Ventures | 0 | ' | ' | ' | ' |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | 9.00% | ' |
Equity Method Investment, Underlying Equity in Net Assets | ' | ' | ' | 783,000,000 | ' |
Equity Earnings from Timberland Venture | 63,000,000 | 59,000,000 | 56,000,000 | ' | ' |
Contributed Acres Of Timberlands To Venture | ' | ' | ' | 454,000 | ' |
Preferred interest in venture | ' | ' | ' | 705,000,000 | ' |
Common interest in venture | ' | ' | ' | 78,000,000 | ' |
Proceeds from Partnership Contribution | ' | ' | ' | 783,000,000 | ' |
Other Partnership Ownership Percentage | ' | ' | ' | 91.00% | ' |
Book basis of timberlands contributed | ' | ' | ' | 174,000,000 | ' |
Capitalized costs in connection with transfer | ' | ' | ' | 9,000,000 | ' |
Fair value of timberlands contributed | ' | ' | ' | 783,000,000 | ' |
Difference Between Carrying Amount and Underlying Equity Allocated to Standing Timber | ' | ' | ' | 289,000,000 | ' |
Difference Between Carrying Amount and Underlying Equity Allocated to Land | ' | ' | ' | 320,000,000 | ' |
Accumulated Amortization of Basis Difference | 40,000,000 | ' | ' | ' | ' |
Cumulative Shortfall in Allocated Equity Earnings | 26,000,000 | ' | ' | ' | ' |
Undistributed Earnings from Equity Method Investees | 27,000,000 | 20,000,000 | ' | ' | ' |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' |
Common Interest, Ownership Percentage | ' | ' | ' | 9.00% | ' |
Equity Method Investment, Underlying Equity in Net Assets | ' | ' | ' | 783,000,000 | ' |
Equity Earnings from Timberland Venture | 63,000,000 | 59,000,000 | 56,000,000 | ' | ' |
Contributed Acres Of Timberlands To Venture | ' | ' | ' | 454,000 | ' |
Preferred interest in venture | ' | ' | ' | 705,000,000 | ' |
Common interest in venture | ' | ' | ' | 78,000,000 | ' |
Proceeds from Partnership Contribution | ' | ' | ' | 783,000,000 | ' |
Other Partnership Ownership Percentage | ' | ' | ' | 91.00% | ' |
Book basis of timberlands contributed | ' | ' | ' | 174,000,000 | ' |
Capitalized costs in connection with transfer | ' | ' | ' | 9,000,000 | ' |
Fair value of timberlands contributed | ' | ' | ' | 783,000,000 | ' |
Difference Between Carrying Amount and Underlying Equity Allocated to Standing Timber | ' | ' | ' | 289,000,000 | ' |
Difference Between Carrying Amount and Underlying Equity Allocated to Land | ' | ' | ' | 320,000,000 | ' |
Accumulated Amortization of Basis Difference | 40,000,000 | ' | ' | ' | ' |
Cumulative Shortfall in Allocated Equity Earnings | 26,000,000 | ' | ' | ' | ' |
Undistributed Earnings from Equity Method Investees | 27,000,000 | 20,000,000 | ' | ' | ' |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' |
Amount borrowed from the Timberland Venture | 783,000,000 | ' | ' | 783,000,000 | ' |
Stated interest rate | 7.38% | ' | ' | 7.38% | ' |
Interest payments related to the notes | ' | ' | ' | $58,000,000 | ' |
Timberland_Venture_Equity_Meth
Timberland Venture - Equity Method Investment (Equity Earnings for the Timberland Venture) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Earnings from Timberland Venture | $63 | $59 | $56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
PLUM CREEK TIMBER CO INC [Member] | Timberland Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Earnings From Preferred Interest | 53 | 51 | 50 |
Equity Earnings From Common Interest | 0 | 0 | 0 |
Amortization Of Basis Difference | 10 | 8 | 6 |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Preferred Interest Distributions | 55 | 56 | 56 |
Common Interest Distributions | 1 | 0 | 0 |
Distributions from Timberland Venture | 56 | 56 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | Timberland Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Earnings From Preferred Interest | 53 | 51 | 50 |
Equity Earnings From Common Interest | 0 | 0 | 0 |
Amortization Of Basis Difference | 10 | 8 | 6 |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Preferred Interest Distributions | 55 | 56 | 56 |
Common Interest Distributions | 1 | 0 | 0 |
Distributions from Timberland Venture | $56 | $56 | $56 |
Equity_Method_Investments_MWVC
Equity Method Investments MWV-CLP - Equity Method Investment (Summarized Financial Information) (Details) (MWV-CLP [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Current Assets | $71 |
Noncurrent Assets | 253 |
Current Liabilities | 10 |
Noncurrent Liabilities | 0 |
Revenue | 0 |
Gross Profit (Loss) | 0 |
Selling General and Administrative Expenses | 1 |
Net Income (Loss) Allocable to Partners' Interest | -1 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Current Assets | 71 |
Noncurrent Assets | 253 |
Current Liabilities | 10 |
Noncurrent Liabilities | 0 |
Revenue | 0 |
Gross Profit (Loss) | 0 |
Selling General and Administrative Expenses | 1 |
Net Income (Loss) Allocable to Partners' Interest | ($1) |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | MWV-CLP (Class A Properties) [Member] | MWV-CLP (Class A Properties) [Member] | MWV-CLP (Class A Properties) [Member] | MWV-CLP (Class A Properties) [Member] | MWV-CLP (Class B Properties) [Member] | MWV-CLP (Class B Properties) [Member] | MWV-CLP (Class B Properties) [Member] | MWV-CLP (Class B Properties) [Member] | MWV-CLP [Member] | MWV-CLP [Member] | MWV-CLP [Member] | MWV-CLP [Member] | Timberland Venture [Member] | Timberland Venture [Member] | Timberland Venture [Member] | Timberland Venture [Member] | Timberland Venture [Member] | Timberland Venture [Member] | |
acre | acre | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
acre | acre | acre | acre | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||||||||
Harvest Volume Increase From Acquisition (years) | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land With Development Potential (Acres) | 75,000 | ' | ' | 75,000 | ' | ' | ' | 22,000 | ' | 22,000 | ' | 87,000 | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Financial or Other Support, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48 | ' | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity Financial or Other Support Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | 12 | ' | 12 | ' | 140 | ' | 140 | ' | 152 | 152 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment in Real Estate Development Joint Ventures | 139 | 139 | 0 | 139 | 139 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 139 | 139 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Investment in Timberland Venture | 211 | ' | 204 | 211 | ' | 204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure to loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139 | 139 | ' | ' | ' | ' | 211 | 211 |
Common Interest, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | 9.00% | ' | 9.00% | ' | ' |
Preferred interest in venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705 | ' | 705 | ' | ' |
Total Common Interests in Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $861 | ' | $861 | ' | ' | ' |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2008 |
In Millions, unless otherwise specified | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PC Ventures [Member] | Note Payable to Timberland Venture [Member] | Note Payable to Timberland Venture [Member] |
PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Amount borrowed from the Timberland Venture | $783 | $783 | ' | $783 | $783 | $783 |
Note Payable Interest rate | ' | ' | ' | 7.38% | 7.38% | 7.38% |
Proceeds from Partnership Contribution | ' | ' | $783 | ' | ' | ' |
Related_Party_Transactions_Equ
Related Party Transactions (Equity Earnings and Distribution) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Equity Earnings from Timberland Venture | $63 | $59 | $56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Distributions from Timberland Venture | 56 | 56 | 56 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Equity Earnings from Timberland Venture | 63 | 59 | 56 |
Distributions from Timberland Venture | $56 | $56 | $56 |
Related_Party_Transactions_Not
Related Party Transactions (Notes Payable) (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' |
Interest Expense, Related Party | $58 | $58 | $58 |
Interest Payments to Related Party | $58 | $58 | $58 |
Related_Party_Transactions_Cas
Related Party Transactions (Cash Distribution) (Details) (PLUM CREEK TIMBERLANDS L P [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' |
Cash payments related to Series T-1 Redeemable Preferred Partnership Interest | $58 | $58 | $58 |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions (Interest Payable) (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Related Party Interest Payable Current | $7 | $7 |
Segment_Information_Revenues_F
Segment Information (Revenues From Manufactured Products by Product Line) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $331 | $366 | $303 | $340 | $354 | $354 | $294 | $337 | $1,340 | $1,339 | $1,167 |
Manufacturing Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 362 | 324 | 273 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 331 | 366 | 303 | 340 | 354 | 354 | 294 | 337 | 1,340 | 1,339 | 1,167 |
Manufacturing Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 362 | 324 | 273 |
Lumber [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 95 | 78 | 77 |
Lumber [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 95 | 78 | 77 |
Plywood [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 91 | 75 |
Plywood [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 91 | 75 |
MDF [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 175 | 155 | 121 |
MDF [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $175 | $155 | $121 |
Segment_Information_Summary_of
Segment Information (Summary of Reported Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | $119 | $114 | $96 | |||
Operating Income (Loss) | 64 | 91 | 62 | 78 | 97 | 79 | 55 | 50 | 295 | 281 | 275 | |||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 119 | 114 | 96 | |||
Operating Income (Loss) | 64 | 91 | 62 | 78 | 97 | 79 | 55 | 50 | 295 | 281 | 275 | |||
Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 234 | [1] | 224 | [1] | 213 | [1] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26 | [1] | 22 | [1] | 20 | [1] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15 | [1] | 19 | [1] | 26 | [1] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30 | [1] | 26 | [1] | 26 | [1] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 32 | [1] | 20 | [1] | 24 | [1] |
Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 234 | [1] | 224 | [1] | 213 | [1] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26 | [1] | 22 | [1] | 20 | [1] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15 | [1] | 19 | [1] | 26 | [1] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30 | [1] | 26 | [1] | 26 | [1] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 32 | [1] | 20 | [1] | 24 | [1] |
Southern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 435 | 417 | 359 | |||
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 2 | 0 | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 67 | 51 | |||
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 90 | 74 | |||
Southern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 435 | 417 | 359 | |||
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 2 | 0 | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 67 | 51 | |||
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 90 | 74 | |||
Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 286 | [2] | 352 | [2] | 301 | [2] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [2] | 1 | [2] | 2 | [2] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 91 | [2] | 138 | [2] | 77 | [2] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 169 | [2] | 187 | [2] | 195 | [2] |
Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 286 | [3] | 352 | [3] | 301 | [3] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [3] | 1 | [3] | 2 | [3] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 91 | [3] | 138 | [3] | 77 | [3] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [3] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 169 | [3] | 187 | [3] | 195 | [3] |
Manufactured Products [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 362 | 324 | 273 | |||
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 32 | 25 | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 13 | |||
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 43 | 29 | 15 | |||
Manufactured Products [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 362 | 324 | 273 | |||
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 32 | 25 | |||
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 13 | |||
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 43 | 29 | 15 | |||
Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 23 | [4] | 22 | [4] | 21 | [4] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [4] | 1 | [4] | 0 | [4] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [4] | 0 | [4] | 2 | [4] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19 | [4] | 19 | [4] | 21 | [4] |
Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 23 | [5] | 22 | [5] | 21 | [5] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [5] | 1 | [5] | 0 | [5] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [5] | 0 | [5] | 2 | [5] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19 | [5] | 19 | [5] | 21 | [5] |
Operating Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,340 | [6] | 1,339 | [6] | 1,167 | [6] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26 | [6] | 22 | [6] | 20 | [6] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 50 | [6] | 53 | [6] | 51 | [6] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 115 | [6] | 110 | [6] | 92 | [6] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 91 | [6] | 138 | [6] | 77 | [6] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [6] | 0 | [6] | 2 | [6] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 371 | [6] | 345 | [6] | 329 | [6] |
Operating Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
External Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,340 | [6] | 1,339 | [6] | 1,167 | [6] |
Intersegment Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26 | [6] | 22 | [6] | 20 | [6] |
Export Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 50 | [6] | 53 | [6] | 51 | [6] |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 115 | [6] | 110 | [6] | 92 | [6] |
Basis of Real Estate Sold | ' | ' | ' | ' | ' | ' | ' | ' | 91 | [6] | 138 | [6] | 77 | [6] |
Other Operating Gain | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [6] | 0 | [6] | 2 | [6] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | $371 | [6] | $345 | [6] | $329 | [6] |
[1] | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||||||||||
[2] | The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||
[3] | The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||||||||||
[4] | During 2013, the company sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. During 2011, the company received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||
[5] | During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. During 2011, the Operating Partnership received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||||||||||
[6] | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | $64 | $91 | $62 | $78 | $97 | $79 | $55 | $50 | $295 | $281 | $275 | |||
Equity Earnings from Timberland Venture | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 59 | 56 | |||
Total Interest Expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -141 | -140 | -139 | |||
Loss on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 0 | 0 | |||
Income before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 213 | 200 | 192 | |||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | 64 | 91 | 62 | 78 | 97 | 79 | 55 | 50 | 295 | 281 | 275 | |||
Equity Earnings from Timberland Venture | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 59 | 56 | |||
Total Interest Expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -83 | -82 | -81 | |||
Loss on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 0 | 0 | |||
Income before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 271 | 258 | 250 | |||
Operating Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 371 | [1] | 345 | [1] | 329 | [1] |
Operating Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 371 | [1] | 345 | [1] | 329 | [1] |
Unallocated Amount to Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -73 | -65 | -55 | |||
Unallocated Amount to Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -73 | -65 | -55 | |||
Other Unallocated Operating Income Expense Net [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 1 | 1 | |||
Other Unallocated Operating Income Expense Net [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($3) | $1 | $1 | |||
[1] | Consolidated depreciation, depletion and amortization includes unallocated corporate depreciation of $4 million for 2013, 2012 and 2011. |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
acre | ||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Timber And Timberlands Acres Owned | 6,800,000 | ' | ' | |||
Higher Value Timberlands Which Are Expected To Be Sold And Or Developed Acres | 800,000 | ' | ' | |||
Land Expect To Sell For Recreational Uses | 600,000 | ' | ' | |||
LandExpectToSellForConservationInAcres | 125,000 | ' | ' | |||
Land With Development Potential (Acres) | 75,000 | ' | ' | |||
Non Strategic Timberlands Which Are Expected To Be Sold Acres | 300,000 | ' | ' | |||
Timber Casualty Loss, Fire | $4 | ' | ' | |||
Depreciation, Depletion and Amortization | 119 | 114 | 96 | |||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Timber And Timberlands Acres Owned | 6,800,000 | ' | ' | |||
Higher Value Timberlands Which Are Expected To Be Sold And Or Developed Acres | 800,000 | ' | ' | |||
Land Expect To Sell For Recreational Uses | 600,000 | ' | ' | |||
LandExpectToSellForConservationInAcres | 125,000 | ' | ' | |||
Land With Development Potential (Acres) | 75,000 | ' | ' | |||
Non Strategic Timberlands Which Are Expected To Be Sold Acres | 300,000 | ' | ' | |||
Timber Casualty Loss, Fire | 4 | ' | ' | |||
Depreciation, Depletion and Amortization | 119 | 114 | 96 | |||
Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Timber Casualty Loss, Fire | 4 | ' | ' | |||
Depreciation, Depletion and Amortization | 30 | [1] | 26 | [1] | 26 | [1] |
Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Timber Casualty Loss, Fire | 4 | ' | ' | |||
Depreciation, Depletion and Amortization | 30 | [1] | 26 | [1] | 26 | [1] |
Unallocated Amount to Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Depreciation, Depletion and Amortization | 4 | 4 | 4 | |||
Unallocated Amount to Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Depreciation, Depletion and Amortization | 4 | 4 | 4 | |||
Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Asset Impairment Charges | 4 | 1 | 1 | |||
Depreciation, Depletion and Amortization | 1 | [2] | 1 | [2] | 2 | [2] |
Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Asset Impairment Charges | 4 | 1 | 1 | |||
Depreciation, Depletion and Amortization | 1 | [3] | 1 | [3] | 2 | [3] |
Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Gain on settlement of a dispute that related to certain mineral rights | ' | ' | 2 | |||
Gain (Loss) on Sale of Minerals | 1 | ' | ' | |||
Depreciation, Depletion and Amortization | 3 | [4] | 1 | [4] | 0 | [4] |
Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Gain on settlement of a dispute that related to certain mineral rights | ' | ' | 2 | |||
Gain (Loss) on Sale of Minerals | 1 | ' | ' | |||
Depreciation, Depletion and Amortization | 3 | [5] | 1 | [5] | 0 | [5] |
Manufactured Products [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | |||
Depreciation, Depletion and Amortization | 16 | 15 | 13 | |||
Manufactured Products [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | |||
Depreciation, Depletion and Amortization | $16 | $15 | $13 | |||
[1] | During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in deprecation, depletion and amortization in the consolidated financial statements. | |||||
[2] | The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||
[3] | The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of $4 million in 2013, $1 million in 2012 and $1 million in 2011. Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. | |||||
[4] | During 2013, the company sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. During 2011, the company received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. | |||||
[5] | During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million. This gain is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. During 2011, the Operating Partnership received a payment of $2 million for the settlement of a dispute that related to certain mineral rights. The payment is reported as Other Operating Gain in our Energy and Natural Resources Segment and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income. |
Subsequent_Events_Details
Subsequent Events (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' |
Dividends Payable, Date Declared, Day, Month and Year | 4-Feb-14 |
Dividend Payment per Share | $0.44 |
Dividend Payment, Approximately | $78 |
Dividends Payable, Date to be Paid, Day, Month and Year | 28-Feb-14 |
Stockholders of Record Date | 14-Feb-14 |
Unaudited_Selected_Quarterly_F2
Unaudited Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $214 | $203 | $193 | ||||||||
Net Income per Share-Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.25 | $1.19 | ||||||||
Net Income per Share-Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.25 | $1.19 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | 0 | ||||||||
Revenues | 331 | 366 | 303 | 340 | 354 | 354 | 294 | 337 | 1,340 | 1,339 | 1,167 | ||||||||
Gross Profit | 98 | 122 | 90 | 110 | 127 | 110 | 81 | 78 | ' | ' | ' | ||||||||
Operating Income (Loss) | 64 | 91 | 62 | 78 | 97 | 79 | 55 | 50 | 295 | 281 | 275 | ||||||||
Net Income | 40 | [1] | 72 | 46 | 56 | 79 | 59 | 36 | 29 | 214 | 203 | 193 | |||||||
Net Income per Share-Basic | $0.24 | [2] | $0.44 | [2] | $0.28 | [2] | $0.35 | [2] | $0.49 | [2] | $0.36 | [2] | $0.22 | [2] | $0.18 | [2] | $1.30 | $1.25 | $1.19 |
Net Income per Share-Diluted | $0.24 | [2] | $0.44 | [2] | $0.28 | [2] | $0.35 | [2] | $0.49 | [2] | $0.36 | [2] | $0.22 | [2] | $0.18 | [2] | $1.30 | $1.25 | $1.19 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | 0 | ||||||||
Revenues | 331 | 366 | 303 | 340 | 354 | 354 | 294 | 337 | 1,340 | 1,339 | 1,167 | ||||||||
Gross Profit | 98 | 122 | 90 | 110 | 127 | 110 | 81 | 78 | ' | ' | ' | ||||||||
Operating Income (Loss) | 64 | 91 | 62 | 78 | 97 | 79 | 55 | 50 | 295 | 281 | 275 | ||||||||
Net Income | 40 | [3] | 72 | 46 | 56 | 79 | 59 | 36 | 29 | 214 | 203 | 193 | |||||||
Private Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ||||||||
Private Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ||||||||
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ||||||||
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ||||||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ||||||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Early Repayment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | $225 | ' | ' | ||||||||
[1] | During the fourth quarter of 2013, the company prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 10 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||
[2] | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. | ||||||||||||||||||
[3] | During the fourth quarter of 2013, the Operating Partnership prepaid approximately $10 million of principal of Private Debt, $24 million of principal of Public Debt and $225 million of principal of the term credit agreement. These prepayments resulted in a $4 million loss. The $4 million loss is classified as Loss on Extinguishment of Debt in the Consolidated Statements of Income. See Note 8 of the Notes to Consolidated Financial Statements. |
Supplemental_Disclosures_Detai
Supplemental Disclosures (Details) (PLUM CREEK TIMBERLANDS L P [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Senior Notes Short and Long-Term Aggregate | $1,333 |