Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' |
Entity Common Stock, Shares Outstanding | ' | 177,096,537 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Expense, net: | ' | ' |
Net Income | $30 | $56 |
PER SHARE AMOUNTS: | ' | ' |
Net Income per Share-Basic | $0.17 | $0.35 |
Net Income per Share-Diluted | $0.17 | $0.35 |
Weighted-Average Number of Shares Outstanding | ' | ' |
-Basic | 177 | 162.3 |
-Diluted | 177.3 | 162.8 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
REVENUES: | ' | ' |
Timber | 192 | 170 |
Real Estate | 23 | 78 |
Manufacturing | 90 | 86 |
Energy and Natural Resources | 9 | 6 |
Other | 3 | 0 |
Total Revenues | 317 | 340 |
COSTS AND EXPENSES: | ' | ' |
Timber | 138 | 124 |
Real Estate | 10 | 30 |
Manufacturing | 79 | 75 |
Energy and Natural Resources | 2 | 1 |
Other | 3 | 0 |
Total Cost of Goods Sold | 232 | 230 |
Selling, General and Administrative | 29 | 32 |
Total Costs and Expenses | 261 | 262 |
Other Operating Income (Expense), Net | 1 | 0 |
Operating Income | 57 | 78 |
Earnings from Unconsolidated Entities, net | 14 | 14 |
Interest Expense, net: | ' | ' |
Interest Expense (Debt Obligations to Unrelated Parties) | 27 | 21 |
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 |
Total Interest Expense, net | 41 | 35 |
Income before Income Taxes | 30 | 57 |
Provision (Benefit) for Income Taxes | 0 | 1 |
Net Income | 30 | 56 |
PER SHARE AMOUNTS: | ' | ' |
Net Income per Share-Basic | $0.17 | $0.35 |
Net Income per Share-Diluted | $0.17 | $0.35 |
Dividends Declared - per Common Share Outstanding | $0.44 | $0.42 |
Weighted-Average Number of Shares Outstanding | ' | ' |
-Basic | 177 | 162.3 |
-Diluted | 177.3 | 162.8 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
REVENUES: | ' | ' |
Timber | 192 | 170 |
Real Estate | 23 | 78 |
Manufacturing | 90 | 86 |
Energy and Natural Resources | 9 | 6 |
Other | 3 | 0 |
Total Revenues | 317 | 340 |
COSTS AND EXPENSES: | ' | ' |
Timber | 138 | 124 |
Real Estate | 10 | 30 |
Manufacturing | 79 | 75 |
Energy and Natural Resources | 2 | 1 |
Other | 3 | 0 |
Total Cost of Goods Sold | 232 | 230 |
Selling, General and Administrative | 29 | 32 |
Total Costs and Expenses | 261 | 262 |
Other Operating Income (Expense), Net | 1 | 0 |
Operating Income | 57 | 78 |
Earnings from Unconsolidated Entities, net | 14 | 14 |
Interest Expense, net: | ' | ' |
Total Interest Expense, net | 27 | 21 |
Income before Income Taxes | 44 | 71 |
Provision (Benefit) for Income Taxes | 0 | 1 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 70 |
Net Income Allocable to Series T-1 Preferred Interest | -14 | -14 |
Net Income | 30 | 56 |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
COSTS AND EXPENSES: | ' | ' |
Earnings from Unconsolidated Entities, net | 15 | 14 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
COSTS AND EXPENSES: | ' | ' |
Earnings from Unconsolidated Entities, net | 15 | 14 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
COSTS AND EXPENSES: | ' | ' |
Earnings from Unconsolidated Entities, net | -1 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
COSTS AND EXPENSES: | ' | ' |
Earnings from Unconsolidated Entities, net | ($1) | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $30 | $56 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Net Income | 30 | 56 |
Defined Benefit Pension Plans [Abstract] | ' | ' |
Amortization of Actuarial Loss Reclassified to Pension Expense | 0 | 1 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | ' | ' |
Unrealized Holding Gain (Losses) | 1 | 2 |
Other Comprehensive Income (Loss), before Tax | 1 | 3 |
Other Comprehensive Income (Loss), Tax | 0 | 0 |
Other Comprehensive Income (Loss), net of tax | 1 | 3 |
Total Comprehensive Income | 31 | 59 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Net Income | 30 | 56 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 70 |
Defined Benefit Pension Plans [Abstract] | ' | ' |
Amortization of Actuarial Loss Reclassified to Pension Expense | 0 | 1 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | ' | ' |
Unrealized Holding Gain (Losses) | 1 | 2 |
Other Comprehensive Income (Loss), before Tax | 1 | 3 |
Other Comprehensive Income (Loss), Tax | 0 | 0 |
Other Comprehensive Income (Loss), net of tax | 1 | 3 |
Total Comprehensive Income | $45 | $73 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $104 | $433 |
Accounts Receivable | 44 | 29 |
Inventories | 57 | 55 |
Deferred Tax Asset | 7 | 9 |
Assets Held for Sale | 77 | 92 |
Other Current Assets | 13 | 15 |
Total Current Assets | 302 | 633 |
Timber and Timberlands, net | 4,179 | 4,180 |
Minerals and Mineral Rights, net | 296 | 298 |
Property, Plant and Equipment, net | 115 | 118 |
Equity Investment in Timberland Venture | 198 | 211 |
Equity Investment in Real Estate Development Ventures | 142 | 139 |
Deferred Tax Asset | 19 | 17 |
Investment in Grantor Trusts (at Fair Value) | 46 | 45 |
Other Assets | 57 | 54 |
Total Assets | 5,354 | 5,695 |
Current Liabilities: | ' | ' |
Current Portion of Long-Term Debt | 0 | 0 |
Line of Credit | 180 | 467 |
Accounts Payable | 32 | 24 |
Interest Payable | 30 | 22 |
Wages Payable | 10 | 29 |
Taxes Payable | 11 | 10 |
Deferred Revenue | 18 | 26 |
Other Current Liabilities | 10 | 10 |
Total Current Liabilities | 291 | 588 |
Long-Term Debt | 2,414 | 2,414 |
Note Payable to Timberland Venture | 783 | 783 |
Other Liabilities | 78 | 78 |
Total Liabilities | 3,566 | 3,863 |
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) - 177.1 at March 31, 2014 and 177.0 at December 31, 2013 | 2 | 2 |
Additional Paid-In Capital | 2,947 | 2,942 |
Retained Earnings (Accumulated Deficit) | -221 | -173 |
Treasury Stock, at Cost, Common Shares - 27.0 at March 31, 2014 and 27.0 at December 31, 2013 | -942 | -940 |
Accumulated Other Comprehensive Income (Loss) | 2 | 1 |
Total Stockholders' Equity | 1,788 | 1,832 |
Total Liabilities and Stockholders' Equity | 5,354 | 5,695 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Current Assets: | ' | ' |
Cash and Cash Equivalents | 104 | 433 |
Accounts Receivable | 44 | 29 |
Inventories | 57 | 55 |
Deferred Tax Asset | 7 | 9 |
Assets Held for Sale | 77 | 92 |
Other Current Assets | 13 | 15 |
Total Current Assets | 302 | 633 |
Timber and Timberlands, net | 4,179 | 4,180 |
Minerals and Mineral Rights, net | 296 | 298 |
Property, Plant and Equipment, net | 115 | 118 |
Equity Investment in Timberland Venture | 198 | 211 |
Equity Investment in Real Estate Development Ventures | 142 | 139 |
Deferred Tax Asset | 19 | 17 |
Investment in Grantor Trusts (at Fair Value) | 47 | 46 |
Other Assets | 57 | 54 |
Total Assets | 5,355 | 5,696 |
Current Liabilities: | ' | ' |
Current Portion of Long-Term Debt | 0 | 0 |
Line of Credit | 180 | 467 |
Accounts Payable | 32 | 24 |
Interest Payable | 23 | 15 |
Wages Payable | 10 | 29 |
Taxes Payable | 11 | 10 |
Deferred Revenue | 18 | 26 |
Other Current Liabilities | 10 | 10 |
Total Current Liabilities | 284 | 581 |
Long-Term Debt | 2,414 | 2,414 |
Other Liabilities | 79 | 79 |
Total Liabilities | 2,777 | 3,074 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Accumulated Other Comprehensive Income (Loss) | 2 | 1 |
PARTNERSHIP CAPITAL | ' | ' |
Series T-1 Preferred Interest | 790 | 790 |
Partners' Capital (Common Partnership Interests) | 1,788 | 1,832 |
Total Partnership Capital | 2,578 | 2,622 |
Total Liabilities and Partnership Capital | $5,355 | $5,696 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per 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 | 75 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 300.6 | 300.6 |
Common Stock, Shares, Outstanding | 177.1 | 177 |
Treasury Stock, Shares | 27 | 27 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Other Marketable Securities Noncurrent Fair Value | $46 | $45 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $30 | $56 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 30 | 56 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ' | ' |
Depreciation, Depletion and Amortization | 32 | 26 |
Basis of Real Estate Sold | 6 | 25 |
Earnings from Unconsolidated Entities, net | -14 | -14 |
Distributions from Timberland Venture | 28 | 27 |
Deferred Income Taxes | 0 | 1 |
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | -2 | -3 |
Timber Deed Acquired | 0 | -18 |
Working Capital Changes Impacting Cash Flow: | ' | ' |
Like-Kind Exchange Funds | 0 | -53 |
Other Working Capital Changes | -24 | -52 |
Other | 1 | 6 |
Net Cash Provided By (Used In) Operating Activities | 57 | 1 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital Expenditures (Excluding Timberland Acquisitions) | -16 | -14 |
Timberlands Acquired | 0 | -2 |
Contribution to Real Estate Development Ventures | -4 | 0 |
Net Cash Provided By (Used In) Investing Activities | -20 | -16 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Dividends | -78 | -68 |
Borrowings on Line of Credit | 283 | 291 |
Repayments on Line of Credit | -570 | -117 |
Principal Payments and Retirement of Long-Term Debt | 0 | -174 |
Proceeds from Stock Option Exercises | 1 | 25 |
Acquisition of Treasury Stock | -2 | -2 |
Net Cash Provided By (Used In) Financing Activities | -366 | -45 |
Increase (Decrease) In Cash and Cash Equivalents | -329 | -60 |
Cash and Cash Equivalents: | ' | ' |
Beginning of Period | 433 | 356 |
End of Period | 104 | 296 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 30 | 56 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 70 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ' | ' |
Depreciation, Depletion and Amortization | 32 | 26 |
Basis of Real Estate Sold | 6 | 25 |
Earnings from Unconsolidated Entities, net | -14 | -14 |
Distributions from Timberland Venture | 28 | 27 |
Deferred Income Taxes | 0 | 1 |
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | -2 | -3 |
Timber Deed Acquired | 0 | -18 |
Working Capital Changes Impacting Cash Flow: | ' | ' |
Like-Kind Exchange Funds | 0 | -53 |
Other Working Capital Changes | -24 | -52 |
Other | 1 | 6 |
Net Cash Provided By (Used In) Operating Activities | 71 | 15 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital Expenditures (Excluding Timberland Acquisitions) | -16 | -14 |
Timberlands Acquired | 0 | -2 |
Contribution to Real Estate Development Ventures | -4 | 0 |
Net Cash Provided By (Used In) Investing Activities | -20 | -16 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Cash Distributions to Common Partners | -79 | -45 |
Cash Distributions for Series T-1 Preferred Interest | -14 | -14 |
Borrowings on Line of Credit | 283 | 291 |
Repayments on Line of Credit | -570 | -117 |
Principal Payments and Retirement of Long-Term Debt | 0 | -174 |
Net Cash Provided By (Used In) Financing Activities | -380 | -59 |
Increase (Decrease) In Cash and Cash Equivalents | -329 | -60 |
Cash and Cash Equivalents: | ' | ' |
Beginning of Period | 433 | 356 |
End of Period | $104 | $296 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
General. When we refer to “Plum Creek,” “the company,” “we,” “us,” or “our,” we mean Plum Creek Timber Company, Inc., a Delaware Corporation and a real estate investment trust, or “REIT,” and all of its wholly-owned consolidated subsidiaries. | |
The consolidated financial statements include all of the accounts of Plum Creek and its subsidiaries. At March 31, 2014, the company owned and managed approximately 6.7 million acres of timberlands in the Northwest, Southern, and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. Included in the 6.7 million acres are about 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 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. | |
Plum Creek has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code and, as such, generally does not pay corporate-level income tax. However, the company conducts certain non-REIT activities through various taxable REIT subsidiaries, which are subject to corporate-level income tax. These activities include our manufacturing operations, the harvesting and selling of logs, the development and/or sale of some of our higher value timberlands, our equity method investments in MWV-Charleston Land Partners, LLC, and our operating lease activities associated with our coal reserves. Plum Creek’s overall effective tax rate is lower than the federal statutory corporate rate due to Plum Creek’s status as a REIT. | |
Intercompany transactions and accounts have been eliminated in consolidation. All transactions are denominated in United States dollars. | |
The consolidated financial statements included in this Form 10-Q are unaudited and do not contain all of the information required by U.S. generally accepted accounting principles to be included in a full set of financial statements. The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The audited financial statements in the company’s 2013 Annual Report on Form 10-K include a summary of significant accounting policies of the company and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal and recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
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 March 31, 2014, the Operating Partnership owned and managed approximately 6.7 million acres of timberlands in the Northwest, Southern, and Northeast United States, and owned seven wood product conversion facilities in the Northwest United States. Included in the 6.7 million acres are about 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 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. | |
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. | |
Plum Creek Timber Company, Inc. has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code and, as such, generally does not pay corporate-level income tax. However, 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 selling of logs, the development and/or sale of some of our higher value timberlands, our equity method investments in MWV-Charleston Land Partners, LLC, and our operating lease activities associated with our coal reserves. The Operating Partnership’s tax provision includes the tax expense and/or benefit associated with Plum Creek’s 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 statutory corporate rate due to Plum Creek’s status as a REIT. | |
The consolidated financial statements included in this Form 10-Q are unaudited and do not contain all of the information required by U.S. generally accepted accounting principles to be included in a full set of financial statements. These interim consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements of Plum Creek Timberlands, L.P. for the three years ended December 31, 2013, which were included on Form 10-K of Plum Creek Timber Company, Inc. and filed with the SEC on February 28, 2014, and which include a summary of significant accounting policies of the Operating Partnership. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal and recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 quarterly periods ended March 31 (in millions, except per share amounts): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Income Available to Common Stockholders | $ | 30 | $ | 56 | ||||
Denominator for Basic Earnings per Share | 177 | 162.3 | ||||||
Effect of Dilutive Securities – Stock Options | 0.2 | 0.4 | ||||||
Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | ||||||
Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities | 177.3 | 162.8 | ||||||
Per Share Amounts: | ||||||||
Net Income Per Share – Basic | $ | 0.17 | $ | 0.35 | ||||
Net Income Per Share – Diluted | $ | 0.17 | $ | 0.35 | ||||
Under the company's Stock Incentive Plan, 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. | ||||||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 32 | 30 | ||||||
43 | 41 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 57 | $ | 55 | ||||
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): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 32 | 30 | ||||||
43 | 41 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 57 | $ | 55 | ||||
Timber_and_Timberlands
Timber and Timberlands | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Timber and Timberlands | ' | |||||||
Timber and Timberlands | ||||||||
Timber and Timberlands consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,630 | ||||
Timber Deeds, net | 93 | 95 | ||||||
Timberlands | 1,456 | 1,455 | ||||||
Timber and Timberlands, net | $ | 4,179 | $ | 4,180 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Timber and Timberlands | ' | |||||||
Timber and Timberlands | ||||||||
Timber and Timberlands consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,630 | ||||
Timber Deeds, net | 93 | 95 | ||||||
Timberlands | 1,456 | 1,455 | ||||||
Timber and Timberlands, net | $ | 4,179 | $ | 4,180 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 91 | ||||
Machinery and Equipment | 325 | 323 | ||||||
416 | 414 | |||||||
Accumulated Depreciation | (301 | ) | (296 | ) | ||||
Property, Plant and Equipment, net | $ | 115 | $ | 118 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 91 | ||||
Machinery and Equipment | 325 | 323 | ||||||
416 | 414 | |||||||
Accumulated Depreciation | (301 | ) | (296 | ) | ||||
Property, Plant and Equipment, net | $ | 115 | $ | 118 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Income Tax Disclosure [Text Block] | ' |
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. | |
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, the development and/or sale of some of the company's higher value timberlands, our equity method investments in MWV-Charleston Land Partners, LLC, and our operating lease activities associated with our coal reserves. Plum Creek's wholly-owned 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'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 and do not believe it is reasonably possible any material accrual will be made within the next twelve months. 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 Tax Disclosure [Text Block] | ' |
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. | |
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. | |
Plum Creek conducts certain activities through various wholly-owned taxable REIT subsidiaries, which are subject to corporate-level income tax. These activities include the Operating Partnership's manufacturing operations, the harvesting and sale of logs, the development and/or sale of some of its higher value timberlands, its equity method investments in MWV-Charleston Land Partners, LLC, and its operating lease activities associated with its coal reserves. Plum Creek's wholly-owned 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. | |
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 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 and do not believe it is reasonably possible any material accrual will be made within the next twelve months. 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. |
Borrowings
Borrowings | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Borrowings | ' | |||||||
Borrowings | ||||||||
Debt consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Variable Rate Debt | ||||||||
Term Credit Agreement (A) | $ | 225 | $ | 225 | ||||
Revolving Line of Credit (B) | 180 | 467 | ||||||
Fixed Rate Debt | ||||||||
Senior Notes | 1,329 | 1,329 | ||||||
Installment Note Payable | 860 | 860 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Total Debt | 3,377 | 3,664 | ||||||
Less: | ||||||||
Current Portion of Long-Term Debt | — | — | ||||||
Line of Credit | 180 | 467 | ||||||
Long-Term Portion | $ | 3,197 | $ | 3,197 | ||||
(A) | The company has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of March 31, 2014 and December 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both March 31, 2014 and December 31, 2013. | |||||||
(B) | The weighted-average interest rate for the borrowings on the line of credit was 1.35% and 1.37% as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014, we had $180 million of borrowings and $1 million of standby letters of credit outstanding; $519 million remained available for borrowing under our $700 million line of credit. As of April 1, 2014, $90 million of the borrowings outstanding under our line of credit was repaid. | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Borrowings | ' | |||||||
Borrowings | ||||||||
Debt consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Variable Rate Debt | ||||||||
Term Credit Agreement (A) | $ | 225 | $ | 225 | ||||
Revolving Line of Credit (B) | 180 | 467 | ||||||
Fixed Rate Debt | ||||||||
Senior Notes | 1,329 | 1,329 | ||||||
Installment Note Payable | 860 | 860 | ||||||
Total Debt | 2,594 | 2,881 | ||||||
Less: | ||||||||
Current Portion of Long-Term Debt | — | — | ||||||
Line of Credit | 180 | 467 | ||||||
Long-Term Portion | $ | 2,414 | $ | 2,414 | ||||
(A) | The Operating Partnership has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of March 31, 2014 and December 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both March 31, 2014 and December 31, 2013. | |||||||
(B) | The weighted-average interest rate for the borrowings on the line of credit was 1.35% and 1.37% as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014, we had $180 million of borrowings and $1 million of standby letters of credit outstanding; $519 million remained available for borrowing under our $700 million line of credit. As of April 1, 2014, $90 million of the borrowings outstanding under our line of credit was repaid. |
Stockholders_Equity
Stockholders' Equity (PLUM CREEK TIMBER CO INC [Member]) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||
The changes in the company’s stockholders’ equity accounts were as follows during 2014 (in millions): | |||||||||||||||||||||||||||
Common Stock | Retained | Accumulated | |||||||||||||||||||||||||
Earnings (Accumulated Deficit) | Other | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||
Shares | Dollars | Paid-in | Treasury | Income (Loss) | Total | ||||||||||||||||||||||
Capital | Stock | Equity | |||||||||||||||||||||||||
January 1, 2014 | 177 | $ | 2 | $ | 2,942 | $ | (173 | ) | $ | (940 | ) | $ | 1 | $ | 1,832 | ||||||||||||
Net Income | 30 | 30 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 1 | 1 | |||||||||||||||||||||||||
Dividends | (78 | ) | (78 | ) | |||||||||||||||||||||||
Stock Option Exercises | — | — | 1 | 1 | |||||||||||||||||||||||
Shares Issued under Stock Incentive Plans | 0.1 | — | — | — | |||||||||||||||||||||||
Share-based Compensation | 4 | 4 | |||||||||||||||||||||||||
Common Stock Repurchased | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||
March 31, 2014 | 177.1 | $ | 2 | $ | 2,947 | $ | (221 | ) | $ | (942 | ) | $ | 2 | $ | 1,788 | ||||||||||||
The changes in the company’s accumulated other comprehensive income by component, net of tax, were as follows during 2014 (in millions): | |||||||||||||||||||||||||||
Net Unrealized Holding Gains (Losses) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||||||||||||
January 1, 2014 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | 1 | — | — | 1 | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | — | — | — | |||||||||||||||||||||||
31-Mar-14 | $ | 14 | $ | (17 | ) | $ | 5 | $ | 2 | ||||||||||||||||||
Partners_Capital
Partners' Capital (PLUM CREEK TIMBERLANDS L P [Member]) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||
Partners' Capital | ' | |||||||||||||||
Partners’ Capital | ||||||||||||||||
The changes in the Operating Partnership’s capital accounts were as follows during 2014 (in millions): | ||||||||||||||||
Preferred | Common | Accumulated | Total | |||||||||||||
Partnership | Partners’ | Other | Partnership | |||||||||||||
Interest | Capital | Comprehensive | Capital | |||||||||||||
Income (Loss) | ||||||||||||||||
January 1, 2014 | $ | 790 | $ | 1,831 | $ | 1 | $ | 2,622 | ||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 44 | ||||||||||||||
Other Comprehensive Income (Loss) | 1 | 1 | ||||||||||||||
Net Income Allocation to Series T-1 Preferred Interest | 14 | (14 | ) | — | ||||||||||||
Distributions to Partners (Common Partnership Interests) | (79 | ) | (79 | ) | ||||||||||||
Distributions for Series T-1 Preferred Interest | (14 | ) | (14 | ) | ||||||||||||
Capital Contributions from Parent | 4 | 4 | ||||||||||||||
March 31, 2014 | $ | 790 | $ | 1,786 | $ | 2 | $ | 2,578 | ||||||||
The changes in the Operating Partnership's accumulated other comprehensive income by component, net of tax, were as follows during 2014 (in millions): | ||||||||||||||||
Net Unrealized Holding Gains (Losses) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | |||||||||||||
January 1, 2014 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 1 | — | — | 1 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | — | — | — | ||||||||||||
31-Mar-14 | $ | 14 | $ | (17 | ) | $ | 5 | $ | 2 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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-Mar-14 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 99 | $ | 99 | |||||||||||||||||
Available-for-Sale Securities (B) | 41 | 41 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 145 | $ | 145 | |||||||||||||||||
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 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $104 million and $433 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013. At March 31, 2014, 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 March 31, 2014, the amortized cost of the available-for-sale securities was approximately $28 million. See Note 8 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 March 31, 2014 and December 31, 2013. 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 flows method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at March 31, 2014 | |||||||||||||||||||||
Carrying Amount at March 31, 2014 | 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 | $ | — | $ | 1,382 | $ | — | $ | 1,382 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 180 | — | 180 | — | 180 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 874 | — | 874 | ||||||||||||||||
Note Payable to Timberland Venture (E) | 783 | — | — | 913 | 913 | ||||||||||||||||
Total Debt | $ | 3,377 | $ | — | $ | 2,661 | $ | 913 | $ | 3,574 | |||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
31-Dec-13 | 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 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 845 | — | 845 | ||||||||||||||||
Note Payable to Timberland Venture (E) | 783 | — | — | 916 | 916 | ||||||||||||||||
Total Debt | $ | 3,664 | $ | — | $ | 2,898 | $ | 916 | $ | 3,814 | |||||||||||
(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 is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
(E) | 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. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the three-month periods ended March 31, 2014 and 2013. | |||||||||||||||||||||
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-Mar-14 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 99 | $ | 99 | |||||||||||||||||
Available-for-Sale Securities (B) | 41 | 41 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 145 | $ | 145 | |||||||||||||||||
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 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $104 million and $433 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013. At March 31, 2014, 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 March 31, 2014, the amortized cost of the available-for-sale securities was approximately $28 million. See Note 7 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 March 31, 2014 and December 31, 2013. 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 flows method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at March 31, 2014 | |||||||||||||||||||||
Carrying Amount at March 31, 2014 | 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 | $ | — | $ | 1,382 | $ | — | $ | 1,382 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 180 | — | 180 | — | 180 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 874 | — | 874 | ||||||||||||||||
Total Debt | $ | 2,594 | $ | — | $ | 2,661 | $ | — | $ | 2,661 | |||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
31-Dec-13 | 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 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 845 | — | 845 | ||||||||||||||||
Total Debt | $ | 2,881 | $ | — | $ | 2,898 | $ | — | $ | 2,898 | |||||||||||
(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 is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(D) | 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. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the three-month periods ended March 31, 2014 and 2013. |
Employee_Pension_Plans
Employee Pension Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Employee Pension Plans | ' | |||||||
Employee Pension Plans | ||||||||
The components of pension cost were as follows for the quarterly periods ended March 31 (in millions): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Service Cost | $ | 2 | $ | 2 | ||||
Interest Cost | 2 | 2 | ||||||
Expected Return on Plan Assets | (2 | ) | (2 | ) | ||||
Recognized Actuarial Loss | — | 1 | ||||||
Total Pension Cost | $ | 2 | $ | 3 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Employee Pension Plans | ' | |||||||
Employee Pension Plans | ||||||||
The components of pension cost were as follows for the quarterly periods ended March 31 (in millions): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Service Cost | $ | 2 | $ | 2 | ||||
Interest Cost | 2 | 2 | ||||||
Expected Return on Plan Assets | (2 | ) | (2 | ) | ||||
Recognized Actuarial Loss | — | 1 | ||||||
Total Pension Cost | $ | 2 | $ | 3 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
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 in Note 6, 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 Note 6 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving the company and its consolidated subsidiaries. | |
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 in Note 5, 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 Note 5 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving Plum Creek. | |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
Variable Interest Entities | |
Real Estate Development Ventures. The MWV-Charleston Land Partners, LLC (“MWV-CLP”) 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 MeadWestvaco Corporation ("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 company has committed to contribute capital of $44 million over the next seven years in connection with its interest in the Class B Properties. The company has not provided any financing for MWV-CLP other than its initial capital contribution of $152 million during 2013 and its ongoing capital calls under the LLC agreement. A capital contribution of $4 million was made during the three months ended March 31, 2014. The company does not intend to provide any other sources of financing for MWV-CLP. We account for our interest in MWV-CLP under the equity method of accounting. | |
We are not the primary beneficiary of MWV-CLP. The company 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 the 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 is $142 million as of March 31, 2014 and $139 million as of December 31, 2013, and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $142 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 $44 million over the next seven years. The company has a 50% ownership interest in the Class B Properties; and therefore, is entitled to 50% of the earnings or losses associated with these properties. Additionally, the company has a 5% ownership interest in the Class A Properties in which it is generally entitled to 5% of the earnings or losses associated with these properties. | |
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 company accounts for its interest in the Timberland Venture under the equity method of accounting. | |
The Timberland Venture 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, it 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 $198 million at March 31, 2014 and $211 million at December 31, 2013, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $198 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] | ' |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
Variable Interest Entities | |
Real Estate Development Ventures. The MWV-Charleston Land Partners, LLC (“MWV-CLP”) 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 MeadWestvaco Corporation ("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 $44 million over the next seven years in connection with its interest in the Class B Properties. The Operating Partnership has not provided any financing for MWV-CLP other than its initial capital contribution of $152 million during 2013 and its ongoing capital calls under the LLC agreement. A capital contribution of $4 million was made during the three months ended March 31, 2014. The Operating Partnership does not intend to provide any other sources of financing for MWV-CLP. The Operating Partnership accounts for its interest in MWV-CLP under the equity method of accounting. | |
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 the 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 is $142 million as of March 31, 2014 and $139 million as of December 31, 2013, and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $142 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 $44 million over the next seven years. The Operating Partnership has a 50% ownership interest in the Class B Properties; and therefore, is entitled to 50% of the earnings or losses associated with these properties. Additionally, the Operating Partnership has a 5% ownership interest in the Class A Properties in which it is generally entitled to 5% of the earnings or losses associated with these properties. | |
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, Plum Creek Ventures I, LLC (“PC Ventures”), a 100% wholly-owned subsidiary of Plum Creek Timber Company, Inc., 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. The Operating Partnership accounts for its interest in the Timberland Venture under the equity method of accounting. | |
The Timberland Venture 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, it 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 $198 million at March 31, 2014 and $211 million at December 31, 2013, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $198 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. |
Summarized_Income_Statement_In
Summarized Income Statement Information of the Timberland Venture | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Summarized Income Statement Information of Affiliate | ' | |||||||
Summarized Income Statement Information of the Timberland Venture | ||||||||
The earnings of the Timberland Venture are a significant component of consolidated earnings. See Note 12 of the Notes to Consolidated Financial Statements. Equity earnings for the Timberland Venture were $15 million for the three-month period ending March 31, 2014, and were $14 million for the three-month period ending March 31, 2013. Equity earnings includes the amortization of the difference between the book value of the company’s investment and its proportionate share of the Timberland Venture’s net assets of $2 million for each of the three-month periods ended March 31, 2014 and 2013. Furthermore, interest expense in connection with the loan from the Timberland Venture was $14 million for each of the three-month periods ended March 31, 2014 and 2013. The table below presents summarized income statement information for the Timberland Venture (in millions): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5 | $ | 4 | ||||
Cost of Goods Sold (A) | 5 | 4 | ||||||
Selling, General and Administrative Expenses | 1 | 2 | ||||||
Operating Income (Loss) | (1 | ) | (2 | ) | ||||
Interest Income, net | 14 | 14 | ||||||
Net Income before Allocation to Preferred and Common Interests | $ | 13 | $ | 12 | ||||
(A) | Cost of Goods Sold includes Depreciation, Depletion and Amortization of $5 million and $4 million for the three-month periods ended March 31, 2014 and 2013, respectively. | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Summarized Income Statement Information of Affiliate | ' | |||||||
Summarized Income Statement Information of the Timberland Venture | ||||||||
The earnings of the Timberland Venture are a significant component of consolidated earnings. See Note 11 of the Notes to Consolidated Financial Statements. Equity earnings for the Timberland Venture were $15 million for the three-month period ending March 31, 2014, and were $14 million for the three-month period ending March 31, 2013. Equity earnings includes the amortization of the difference between the book value of the Operating Partnership’s investment and its proportionate share of the Timberland Venture’s net assets of $2 million for each of the three-month periods ended March 31, 2014 and 2013. The table below presents summarized income statement information for the Timberland Venture (in millions): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5 | $ | 4 | ||||
Cost of Goods Sold (A) | 5 | 4 | ||||||
Selling, General and Administrative Expenses | 1 | 2 | ||||||
Operating Income (Loss) | (1 | ) | (2 | ) | ||||
Interest Income, net | 14 | 14 | ||||||
Net Income before Allocation to Preferred and Common Interests | $ | 13 | $ | 12 | ||||
(A) | Cost of Goods Sold includes Depreciation, Depletion and Amortization of $5 million and $4 million for the three-month periods ended March 31, 2014 and 2013, respectively. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
The tables below present information about reported segments for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources | Other (A) | Total (B) | ||||||||||||||||||||||
Resources | Resources | Estate | ||||||||||||||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||||||||||||||
External Revenues | $ | 69 | $ | 123 | $ | 23 | $ | 90 | $ | 9 | $ | 3 | $ | 317 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 8 | 18 | — | 3 | 2 | — | 31 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Operating Income (Loss) | 16 | 31 | 12 | 9 | 6 | (1 | ) | 73 | ||||||||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||||||||||||||
External Revenues | $ | 66 | $ | 104 | $ | 78 | $ | 86 | $ | 6 | $ | — | $ | 340 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 7 | 14 | — | 4 | — | — | 25 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 25 | — | — | — | 25 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | — | — | |||||||||||||||||||||
Operating Income (Loss) | 11 | 24 | 45 | 10 | 5 | — | 95 | |||||||||||||||||||||
(A) | The Other Segment for the quarter ending March 31, 2014, includes revenue and expenses associated with our new business of providing timber and wood-fiber procurement services, along with equity earnings (losses) associated with our investments in real estate development ventures. There were no similar activities for the quarter ending March 31, 2013. | |||||||||||||||||||||||||||
(B) | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||||||||
(C) | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million and $0 is included in Operating Income (Loss) for the Other Segment for the quarterly periods ended March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Total Segment Operating Income (from table above) | $ | 73 | $ | 95 | ||||||||||||||||||||||||
Corporate and Other Unallocated Expenses | (18 | ) | (17 | ) | ||||||||||||||||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | ||||||||||||||||||||||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||||||||||||||||||||||
Total Interest Expense, net | (41 | ) | (35 | ) | ||||||||||||||||||||||||
Income before Income Taxes | $ | 30 | $ | 57 | ||||||||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
The tables below present information about reported segments for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources | Other (A) | Total (B) | ||||||||||||||||||||||
Resources | Resources | Estate | ||||||||||||||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||||||||||||||
External Revenues | $ | 69 | $ | 123 | $ | 23 | $ | 90 | $ | 9 | $ | 3 | $ | 317 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 8 | 18 | — | 3 | 2 | — | 31 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Operating Income (Loss) | 16 | 31 | 12 | 9 | 6 | (1 | ) | 73 | ||||||||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||||||||||||||
External Revenues | $ | 66 | $ | 104 | $ | 78 | $ | 86 | $ | 6 | $ | — | $ | 340 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 7 | 14 | — | 4 | — | — | 25 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 25 | — | — | — | 25 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | — | — | |||||||||||||||||||||
Operating Income (Loss) | 11 | 24 | 45 | 10 | 5 | — | 95 | |||||||||||||||||||||
(A) | The Other Segment for the quarter ending March 31, 2014, includes revenue and expenses associated with our new business of providing timber and wood-fiber procurement services, along with equity earnings (losses) associated with our investments in real estate development ventures. There were no similar activities for the quarter ending March 31, 2013. | |||||||||||||||||||||||||||
(B) | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||||||||
(C) | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million and $0 is included in Operating Income (Loss) for the Other Segment for the quarterly periods ended March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||||||||||||||
A reconciliation of total segment operating income to income before income taxes is presented below for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Total Segment Operating Income (from table above) | $ | 73 | $ | 95 | ||||||||||||||||||||||||
Corporate and Other Unallocated Expenses | (18 | ) | (17 | ) | ||||||||||||||||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | ||||||||||||||||||||||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||||||||||||||||||||||
Interest Expense, net | (27 | ) | (21 | ) | ||||||||||||||||||||||||
Income before Income Taxes | $ | 44 | $ | 71 | ||||||||||||||||||||||||
Subsequent_Events
Subsequent Events (PLUM CREEK TIMBER CO INC [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
Quarterly Dividend. On May 6, 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 May 30, 2014 to stockholders of record on May 16, 2014. |
Supplemental_Disclosures
Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2014 | |
Supplemental Disclosures Abstract | ' |
Supplemental Disclosures | ' |
FINANCIAL STATEMENTS (CONTINUED) | |
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 March 31, 2014, 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. |
Basis_of_Presentation_Accounti
Basis of Presentation (Accounting Policies) (PLUM CREEK TIMBERLANDS L P [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | ' |
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. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 quarterly periods ended March 31 (in millions, except per share amounts): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Income Available to Common Stockholders | $ | 30 | $ | 56 | ||||
Denominator for Basic Earnings per Share | 177 | 162.3 | ||||||
Effect of Dilutive Securities – Stock Options | 0.2 | 0.4 | ||||||
Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | ||||||
Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities | 177.3 | 162.8 | ||||||
Per Share Amounts: | ||||||||
Net Income Per Share – Basic | $ | 0.17 | $ | 0.35 | ||||
Net Income Per Share – Diluted | $ | 0.17 | $ | 0.35 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Inventory [Line Items] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 32 | 30 | ||||||
43 | 41 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 57 | $ | 55 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Inventory [Line Items] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Raw Materials (primarily logs) | $ | 9 | $ | 9 | ||||
Work-In-Process | 2 | 2 | ||||||
Finished Goods | 32 | 30 | ||||||
43 | 41 | |||||||
Supplies | 14 | 14 | ||||||
Total | $ | 57 | $ | 55 | ||||
Timber_and_Timberlands_Tables
Timber and Timberlands (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Timber and Timberlands [Line Items] | ' | |||||||
Timber and Timberlands Tables | ' | |||||||
Timber and Timberlands consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,630 | ||||
Timber Deeds, net | 93 | 95 | ||||||
Timberlands | 1,456 | 1,455 | ||||||
Timber and Timberlands, net | $ | 4,179 | $ | 4,180 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Timber and Timberlands [Line Items] | ' | |||||||
Timber and Timberlands Tables | ' | |||||||
Timber and Timberlands consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Timber and Logging Roads, net | $ | 2,630 | $ | 2,630 | ||||
Timber Deeds, net | 93 | 95 | ||||||
Timberlands | 1,456 | 1,455 | ||||||
Timber and Timberlands, net | $ | 4,179 | $ | 4,180 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 91 | ||||
Machinery and Equipment | 325 | 323 | ||||||
416 | 414 | |||||||
Accumulated Depreciation | (301 | ) | (296 | ) | ||||
Property, Plant and Equipment, net | $ | 115 | $ | 118 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Property, Plant and Equipment [Line Items] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land, Buildings and Improvements | $ | 91 | $ | 91 | ||||
Machinery and Equipment | 325 | 323 | ||||||
416 | 414 | |||||||
Accumulated Depreciation | (301 | ) | (296 | ) | ||||
Property, Plant and Equipment, net | $ | 115 | $ | 118 | ||||
Borrowings_Tables
Borrowings (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Debt Instrument [Line Items] | ' | |||||||
Debt | ' | |||||||
Debt consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Variable Rate Debt | ||||||||
Term Credit Agreement (A) | $ | 225 | $ | 225 | ||||
Revolving Line of Credit (B) | 180 | 467 | ||||||
Fixed Rate Debt | ||||||||
Senior Notes | 1,329 | 1,329 | ||||||
Installment Note Payable | 860 | 860 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Total Debt | 3,377 | 3,664 | ||||||
Less: | ||||||||
Current Portion of Long-Term Debt | — | — | ||||||
Line of Credit | 180 | 467 | ||||||
Long-Term Portion | $ | 3,197 | $ | 3,197 | ||||
(A) | The company has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of March 31, 2014 and December 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both March 31, 2014 and December 31, 2013. | |||||||
(B) | The weighted-average interest rate for the borrowings on the line of credit was 1.35% and 1.37% as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014, we had $180 million of borrowings and $1 million of standby letters of credit outstanding; $519 million remained available for borrowing under our $700 million line of credit. As of April 1, 2014, $90 million of the borrowings outstanding under our line of credit was repaid. | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Debt Instrument [Line Items] | ' | |||||||
Debt | ' | |||||||
Debt consisted of the following (in millions): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Variable Rate Debt | ||||||||
Term Credit Agreement (A) | $ | 225 | $ | 225 | ||||
Revolving Line of Credit (B) | 180 | 467 | ||||||
Fixed Rate Debt | ||||||||
Senior Notes | 1,329 | 1,329 | ||||||
Installment Note Payable | 860 | 860 | ||||||
Total Debt | 2,594 | 2,881 | ||||||
Less: | ||||||||
Current Portion of Long-Term Debt | — | — | ||||||
Line of Credit | 180 | 467 | ||||||
Long-Term Portion | $ | 2,414 | $ | 2,414 | ||||
(A) | The Operating Partnership has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of March 31, 2014 and December 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both March 31, 2014 and December 31, 2013. | |||||||
(B) | The weighted-average interest rate for the borrowings on the line of credit was 1.35% and 1.37% as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014, we had $180 million of borrowings and $1 million of standby letters of credit outstanding; $519 million remained available for borrowing under our $700 million line of credit. As of April 1, 2014, $90 million of the borrowings outstanding under our line of credit was repaid. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) (PLUM CREEK TIMBER CO INC [Member]) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ' | ||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||||||||||||
The changes in the company’s stockholders’ equity accounts were as follows during 2014 (in millions): | |||||||||||||||||||||||||||
Common Stock | Retained | Accumulated | |||||||||||||||||||||||||
Earnings (Accumulated Deficit) | Other | ||||||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||||
Shares | Dollars | Paid-in | Treasury | Income (Loss) | Total | ||||||||||||||||||||||
Capital | Stock | Equity | |||||||||||||||||||||||||
January 1, 2014 | 177 | $ | 2 | $ | 2,942 | $ | (173 | ) | $ | (940 | ) | $ | 1 | $ | 1,832 | ||||||||||||
Net Income | 30 | 30 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) | 1 | 1 | |||||||||||||||||||||||||
Dividends | (78 | ) | (78 | ) | |||||||||||||||||||||||
Stock Option Exercises | — | — | 1 | 1 | |||||||||||||||||||||||
Shares Issued under Stock Incentive Plans | 0.1 | — | — | — | |||||||||||||||||||||||
Share-based Compensation | 4 | 4 | |||||||||||||||||||||||||
Common Stock Repurchased | — | — | (2 | ) | (2 | ) | |||||||||||||||||||||
March 31, 2014 | 177.1 | $ | 2 | $ | 2,947 | $ | (221 | ) | $ | (942 | ) | $ | 2 | $ | 1,788 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||
The changes in the company’s accumulated other comprehensive income by component, net of tax, were as follows during 2014 (in millions): | |||||||||||||||||||||||||||
Net Unrealized Holding Gains (Losses) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | ||||||||||||||||||||||||
January 1, 2014 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | 1 | — | — | 1 | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | — | — | — | |||||||||||||||||||||||
31-Mar-14 | $ | 14 | $ | (17 | ) | $ | 5 | $ | 2 | ||||||||||||||||||
Partners_Capital_Tables
Partners' Capital (Tables) (PLUM CREEK TIMBERLANDS L P [Member]) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||
Partners' Capital [Line Items] | ' | |||||||||||||||
Schedule Of Components Of Partners' Capital | ' | |||||||||||||||
The changes in the Operating Partnership’s capital accounts were as follows during 2014 (in millions): | ||||||||||||||||
Preferred | Common | Accumulated | Total | |||||||||||||
Partnership | Partners’ | Other | Partnership | |||||||||||||
Interest | Capital | Comprehensive | Capital | |||||||||||||
Income (Loss) | ||||||||||||||||
January 1, 2014 | $ | 790 | $ | 1,831 | $ | 1 | $ | 2,622 | ||||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 44 | ||||||||||||||
Other Comprehensive Income (Loss) | 1 | 1 | ||||||||||||||
Net Income Allocation to Series T-1 Preferred Interest | 14 | (14 | ) | — | ||||||||||||
Distributions to Partners (Common Partnership Interests) | (79 | ) | (79 | ) | ||||||||||||
Distributions for Series T-1 Preferred Interest | (14 | ) | (14 | ) | ||||||||||||
Capital Contributions from Parent | 4 | 4 | ||||||||||||||
March 31, 2014 | $ | 790 | $ | 1,786 | $ | 2 | $ | 2,578 | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The changes in the Operating Partnership's accumulated other comprehensive income by component, net of tax, were as follows during 2014 (in millions): | ||||||||||||||||
Net Unrealized Holding Gains (Losses) | Defined Benefit Plan Actuarial Net Loss | Gain on Cash Flow Hedge | Total | |||||||||||||
January 1, 2014 | $ | 13 | $ | (17 | ) | $ | 5 | $ | 1 | |||||||
Other Comprehensive Income (Loss) before Reclassifications | 1 | — | — | 1 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | — | — | — | ||||||||||||
31-Mar-14 | $ | 14 | $ | (17 | ) | $ | 5 | $ | 2 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
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-Mar-14 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 99 | $ | 99 | |||||||||||||||||
Available-for-Sale Securities (B) | 41 | 41 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 145 | $ | 145 | |||||||||||||||||
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 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $104 million and $433 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013. At March 31, 2014, 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 flows method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at March 31, 2014 | |||||||||||||||||||||
Carrying Amount at March 31, 2014 | 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 | $ | — | $ | 1,382 | $ | — | $ | 1,382 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 180 | — | 180 | — | 180 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 874 | — | 874 | ||||||||||||||||
Note Payable to Timberland Venture (E) | 783 | — | — | 913 | 913 | ||||||||||||||||
Total Debt | $ | 3,377 | $ | — | $ | 2,661 | $ | 913 | $ | 3,574 | |||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
31-Dec-13 | 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 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 845 | — | 845 | ||||||||||||||||
Note Payable to Timberland Venture (E) | 783 | — | — | 916 | 916 | ||||||||||||||||
Total Debt | $ | 3,664 | $ | — | $ | 2,898 | $ | 916 | $ | 3,814 | |||||||||||
(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 is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. | ||||||||||||||||||||
(E) | 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. | ||||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
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-Mar-14 | at Reporting Date Using | ||||||||||||||||||||
Quoted Prices in Active | |||||||||||||||||||||
Markets of Identical Assets | |||||||||||||||||||||
(Level 1 Measurements) | |||||||||||||||||||||
Cash Equivalents (A) | $ | 99 | $ | 99 | |||||||||||||||||
Available-for-Sale Securities (B) | 41 | 41 | |||||||||||||||||||
Trading Securities (B) | 5 | 5 | |||||||||||||||||||
Total | $ | 145 | $ | 145 | |||||||||||||||||
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 | |||||||||||||||||
(A) | Consists of several money market funds and is included in the $104 million and $433 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(B) | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013. At March 31, 2014, 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 flows method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): | |||||||||||||||||||||
Fair Value at March 31, 2014 | |||||||||||||||||||||
Carrying Amount at March 31, 2014 | 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 | $ | — | $ | 1,382 | $ | — | $ | 1,382 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 180 | — | 180 | — | 180 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 874 | — | 874 | ||||||||||||||||
Total Debt | $ | 2,594 | $ | — | $ | 2,661 | $ | — | $ | 2,661 | |||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||||||
Carrying Amount at | Quoted Prices | Significant | Significant | Total | |||||||||||||||||
31-Dec-13 | 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 | |||||||||||
Term Credit Agreement (B) | 225 | — | 225 | — | 225 | ||||||||||||||||
Line of Credit (C) | 467 | — | 467 | — | 467 | ||||||||||||||||
Installment Note Payable (D) | 860 | — | 845 | — | 845 | ||||||||||||||||
Total Debt | $ | 2,881 | $ | — | $ | 2,898 | $ | — | $ | 2,898 | |||||||||||
(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 is estimated by adjusting the spread over LIBOR to a current market quote for comparable debt. | ||||||||||||||||||||
(C) | Fair value is estimated by adjusting the spread over LIBOR to a current market quote for comparable credit lines. | ||||||||||||||||||||
(D) | Fair value is estimated by adjusting the spread over the applicable Treasury rate to a current market quote for comparable debt. |
Employee_Pension_Plans_Tables
Employee Pension Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||
The components of pension cost were as follows for the quarterly periods ended March 31 (in millions): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Service Cost | $ | 2 | $ | 2 | ||||
Interest Cost | 2 | 2 | ||||||
Expected Return on Plan Assets | (2 | ) | (2 | ) | ||||
Recognized Actuarial Loss | — | 1 | ||||||
Total Pension Cost | $ | 2 | $ | 3 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||
The components of pension cost were as follows for the quarterly periods ended March 31 (in millions): | ||||||||
Quarter Ended March 31, | ||||||||
2014 | 2013 | |||||||
Service Cost | $ | 2 | $ | 2 | ||||
Interest Cost | 2 | 2 | ||||||
Expected Return on Plan Assets | (2 | ) | (2 | ) | ||||
Recognized Actuarial Loss | — | 1 | ||||||
Total Pension Cost | $ | 2 | $ | 3 | ||||
Summarized_Income_Statement_In1
Summarized Income Statement Information of the Timberland Venture (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||
Schedule of Summarized Income Statement of the Timberland Venture | ' | |||||||
The table below presents summarized income statement information for the Timberland Venture (in millions): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5 | $ | 4 | ||||
Cost of Goods Sold (A) | 5 | 4 | ||||||
Selling, General and Administrative Expenses | 1 | 2 | ||||||
Operating Income (Loss) | (1 | ) | (2 | ) | ||||
Interest Income, net | 14 | 14 | ||||||
Net Income before Allocation to Preferred and Common Interests | $ | 13 | $ | 12 | ||||
(A) | Cost of Goods Sold includes Depreciation, Depletion and Amortization of $5 million and $4 million for the three-month periods ended March 31, 2014 and 2013, respectively. | |||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||
Schedule of Summarized Income Statement of the Timberland Venture | ' | |||||||
The table below presents summarized income statement information for the Timberland Venture (in millions): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 5 | $ | 4 | ||||
Cost of Goods Sold (A) | 5 | 4 | ||||||
Selling, General and Administrative Expenses | 1 | 2 | ||||||
Operating Income (Loss) | (1 | ) | (2 | ) | ||||
Interest Income, net | 14 | 14 | ||||||
Net Income before Allocation to Preferred and Common Interests | $ | 13 | $ | 12 | ||||
(A) | Cost of Goods Sold includes Depreciation, Depletion and Amortization of $5 million and $4 million for the three-month periods ended March 31, 2014 and 2013, respectively. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
PLUM CREEK TIMBER CO INC [Member] | ' | |||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||||||
The tables below present information about reported segments for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources | Other (A) | Total (B) | ||||||||||||||||||||||
Resources | Resources | Estate | ||||||||||||||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||||||||||||||
External Revenues | $ | 69 | $ | 123 | $ | 23 | $ | 90 | $ | 9 | $ | 3 | $ | 317 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 8 | 18 | — | 3 | 2 | — | 31 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Operating Income (Loss) | 16 | 31 | 12 | 9 | 6 | (1 | ) | 73 | ||||||||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||||||||||||||
External Revenues | $ | 66 | $ | 104 | $ | 78 | $ | 86 | $ | 6 | $ | — | $ | 340 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 7 | 14 | — | 4 | — | — | 25 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 25 | — | — | — | 25 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | — | — | |||||||||||||||||||||
Operating Income (Loss) | 11 | 24 | 45 | 10 | 5 | — | 95 | |||||||||||||||||||||
(A) | The Other Segment for the quarter ending March 31, 2014, includes revenue and expenses associated with our new business of providing timber and wood-fiber procurement services, along with equity earnings (losses) associated with our investments in real estate development ventures. There were no similar activities for the quarter ending March 31, 2013. | |||||||||||||||||||||||||||
(B) | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||||||||
(C) | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million and $0 is included in Operating Income (Loss) for the Other Segment for the quarterly periods ended March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||||||||||||||
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 quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Total Segment Operating Income (from table above) | $ | 73 | $ | 95 | ||||||||||||||||||||||||
Corporate and Other Unallocated Expenses | (18 | ) | (17 | ) | ||||||||||||||||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | ||||||||||||||||||||||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||||||||||||||||||||||
Total Interest Expense, net | (41 | ) | (35 | ) | ||||||||||||||||||||||||
Income before Income Taxes | $ | 30 | $ | 57 | ||||||||||||||||||||||||
PLUM CREEK TIMBERLANDS L P [Member] | ' | |||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||||||
The tables below present information about reported segments for the quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Northern | Southern | Real | Manufacturing | Energy and Natural Resources | Other (A) | Total (B) | ||||||||||||||||||||||
Resources | Resources | Estate | ||||||||||||||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||||||||||||||
External Revenues | $ | 69 | $ | 123 | $ | 23 | $ | 90 | $ | 9 | $ | 3 | $ | 317 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 8 | 18 | — | 3 | 2 | — | 31 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | (1 | ) | (1 | ) | |||||||||||||||||||
Operating Income (Loss) | 16 | 31 | 12 | 9 | 6 | (1 | ) | 73 | ||||||||||||||||||||
Quarter Ended March 31, 2013 | ||||||||||||||||||||||||||||
External Revenues | $ | 66 | $ | 104 | $ | 78 | $ | 86 | $ | 6 | $ | — | $ | 340 | ||||||||||||||
Intersegment Revenues | 8 | — | — | — | — | — | 8 | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 7 | 14 | — | 4 | — | — | 25 | |||||||||||||||||||||
Basis of Real Estate Sold | — | — | 25 | — | — | — | 25 | |||||||||||||||||||||
Equity Loss (C) | — | — | — | — | — | — | — | |||||||||||||||||||||
Operating Income (Loss) | 11 | 24 | 45 | 10 | 5 | — | 95 | |||||||||||||||||||||
(A) | The Other Segment for the quarter ending March 31, 2014, includes revenue and expenses associated with our new business of providing timber and wood-fiber procurement services, along with equity earnings (losses) associated with our investments in real estate development ventures. There were no similar activities for the quarter ending March 31, 2013. | |||||||||||||||||||||||||||
(B) | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||||||||
(C) | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million and $0 is included in Operating Income (Loss) for the Other Segment for the quarterly periods ended March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||||||||||||||
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 quarterly periods ended March 31 (in millions): | ||||||||||||||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Total Segment Operating Income (from table above) | $ | 73 | $ | 95 | ||||||||||||||||||||||||
Corporate and Other Unallocated Expenses | (18 | ) | (17 | ) | ||||||||||||||||||||||||
Other Unallocated Operating Income (Expense), net | 1 | — | ||||||||||||||||||||||||||
Equity Earnings from Timberland Venture | 15 | 14 | ||||||||||||||||||||||||||
Interest Expense, net | (27 | ) | (21 | ) | ||||||||||||||||||||||||
Income before Income Taxes | $ | 44 | $ | 71 | ||||||||||||||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) | Mar. 31, 2014 |
acre | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Basis of Presentation [Line Items] | ' |
Timber and Timberlands, net (acres) | 6,700,000 |
Product conversion facilities owned in the Northwest United States | 7 |
Higher and better use timberlands, which are expected to be sold and/or developed, acres | 800,000 |
Land Expect To Sell For Recreational Uses In Acres | 600,000 |
Land Expect To Sell For Conservation In Acres | 125,000 |
Land Designated With Development Potential In Acres | 75,000 |
Total acres of non-strategic timberlands | 300,000 |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Basis of Presentation [Line Items] | ' |
Percentage Of Ownership | 100.00% |
Timber and Timberlands, net (acres) | 6,700,000 |
Product conversion facilities owned in the Northwest United States | 7 |
Higher and better use timberlands, which are expected to be sold and/or developed, acres | 800,000 |
Land Expect To Sell For Recreational Uses In Acres | 600,000 |
Land Expect To Sell For Conservation In Acres | 125,000 |
Land Designated With Development Potential In Acres | 75,000 |
Total acres of non-strategic timberlands | 300,000 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net Income Available to Common Stockholders | $30 | $56 |
Denominator for Basic Earnings per Share | 177 | 162.3 |
Effect of Dilutive Securities - Stock Options | 0.2 | 0.4 |
Effect of Dilutive Securities - Restricted Stock Units and Value Management Plan | 0.1 | 0.1 |
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | 177.3 | 162.8 |
Net Income per Share-Basic | $0.17 | $0.35 |
Net Income per Share-Diluted | $0.17 | $0.35 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials (primarily logs) | $9 | $9 |
Work-In-Process | 2 | 2 |
Finished Goods | 32 | 30 |
Inventory Raw Materials Finished Goods And Work In Process | 43 | 41 |
Supplies | 14 | 14 |
Total | 57 | 55 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Raw Materials (primarily logs) | 9 | 9 |
Work-In-Process | 2 | 2 |
Finished Goods | 32 | 30 |
Inventory Raw Materials Finished Goods And Work In Process | 43 | 41 |
Supplies | 14 | 14 |
Total | $57 | $55 |
Timber_and_Timberlands_Timber_
Timber and Timberlands (Timber and Timberlands Table) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Timber and Timberlands [Line Items] | ' | ' |
Timber and Logging Roads, net | $2,630 | $2,630 |
Timber Deeds, net | 93 | 95 |
Timberlands | 1,456 | 1,455 |
Timber and Timberlands, net | 4,179 | 4,180 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Timber and Timberlands [Line Items] | ' | ' |
Timber and Logging Roads, net | 2,630 | 2,630 |
Timber Deeds, net | 93 | 95 |
Timberlands | 1,456 | 1,455 |
Timber and Timberlands, net | $4,179 | $4,180 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment Table) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Land, Buildings and Improvements | $91 | $91 |
Machinery and Equipment | 325 | 323 |
Property, Plant and Equipment, gross | 416 | 414 |
Accumulated Depreciation | -301 | -296 |
Property, Plant and Equipment, net | 115 | 118 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Land, Buildings and Improvements | 91 | 91 |
Machinery and Equipment | 325 | 323 |
Property, Plant and Equipment, gross | 416 | 414 |
Accumulated Depreciation | -301 | -296 |
Property, Plant and Equipment, net | $115 | $118 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
PLUM CREEK TIMBER CO INC [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax Liability from Potential Adjustment | $100 |
Gain from Potential Tax Adjustment | 600 |
Percentage of Gain Distributed in Common Stock | 80.00% |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax Liability from Potential Adjustment | 100 |
Gain from Potential Tax Adjustment | $600 |
Percentage of Gain Distributed in Common Stock | 80.00% |
Borrowings_Schedule_of_Debt_an
Borrowings (Schedule of Debt and Parenthetical Information) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 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] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [Member] | Term Credit Agreement 1 [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 TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Senior Notes | $1,329 | ' | $1,329 | ' | $1,329 | ' | $1,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Installment Note Payable | 860 | ' | 860 | ' | 860 | ' | 860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Note Payable to Timberland Venture | 783 | ' | 783 | 783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term Debt | 3,377 | ' | 3,664 | ' | 2,594 | ' | 2,881 | ' | ' | ' | ' | ' | ' | 225 | [1] | 225 | [1] | 225 | [1] | 225 | [1] | ||||
Current Portion of Long-Term Debt | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of Credit | 180 | ' | 467 | ' | 180 | ' | 467 | 180 | [2] | 467 | [2] | ' | 180 | [2] | 467 | [2] | ' | ' | ' | ' | ' | ||||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ||||||||
Long Term Portion Of Total Borrowings | 3,197 | ' | 3,197 | ' | 2,414 | ' | 2,414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Term Credit Agreement, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 1.66% | 1.65% | 1.66% | ||||||||
Effective Interest Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Apr-19 | ' | 3-Apr-19 | ' | ||||||||
Line of Credit, Remained Available | ' | ' | ' | ' | ' | ' | ' | 519 | ' | ' | 519 | ' | ' | ' | ' | ' | ' | ||||||||
Line of Credit Capacity | ' | ' | ' | ' | ' | ' | ' | 700 | ' | ' | 700 | ' | ' | ' | ' | ' | ' | ||||||||
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | 1.35% | 1.37% | ' | 1.35% | 1.37% | ' | ' | ' | ' | ' | ||||||||
Line of Credit Facility, Decrease, Repayments | $570 | $117 | ' | ' | $570 | $117 | ' | ' | ' | $90 | ' | ' | $90 | ' | ' | ' | ' | ||||||||
[1] | The company has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of MarchB 31, 2014 and DecemberB 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both MarchB 31, 2014 and DecemberB 31, 2013. | ||||||||||||||||||||||||
[2] | The weighted-average interest rate for the borrowings on the line of credit was 1.35% and 1.37% as of MarchB 31, 2014 and DecemberB 31, 2013, respectively. As of MarchB 31, 2014, we had $180 million of borrowings and $1 million of standby letters of credit outstanding; $519 million remained available for borrowing under our $700 million line of credit. As of AprilB 1, 2014, $90 million of the borrowings outstanding under our line of credit was repaid. |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Components Of Stockholders Equity) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Net Income | $30 | $56 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance Shares | 177 | ' |
Beginning Balance | 1,832 | ' |
Net Income | 30 | 56 |
Other Comprehensive Income (Loss), net of tax | 1 | 3 |
Dividends | -78 | ' |
Stock Option Exercises | 1 | ' |
Shares Issued under Stock Incentive Plans | 0 | ' |
Share-based Compensation | 4 | ' |
Common Stock Repurchased | -2 | ' |
Ending Balance Shares | 177.1 | ' |
Ending Balance | 1,788 | ' |
Common Stock [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance Shares | 177 | ' |
Beginning Balance | 2 | ' |
Stock Option Exercises (in shares) | 0 | ' |
Stock Option Exercises | 0 | ' |
Shares Issued under Stock Incentive Plans (shares) | 0.1 | ' |
Shares Issued under Stock Incentive Plans | 0 | ' |
Stock Repurchased During Period, Shares | 0 | ' |
Common Stock Repurchased | 0 | ' |
Ending Balance Shares | 177.1 | ' |
Ending Balance | 2 | ' |
Paid-in Capital [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance | 2,942 | ' |
Stock Option Exercises | 1 | ' |
Shares Issued under Stock Incentive Plans | 0 | ' |
Share-based Compensation | 4 | ' |
Ending Balance | 2,947 | ' |
Retained Earnings (Accumulated Deficit) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance | -173 | ' |
Net Income | 30 | ' |
Dividends | -78 | ' |
Ending Balance | -221 | ' |
Treasury Stock [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance | -940 | ' |
Common Stock Repurchased | -2 | ' |
Ending Balance | -942 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning Balance | 1 | ' |
Other Comprehensive Income (Loss), net of tax | 1 | ' |
Ending Balance | $2 | ' |
Stockholders_Equity_Accumulate
Stockholders' Equity Accumulated Other Comprehensive Income (Details) (PLUM CREEK TIMBER CO INC [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $2 | $1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 14 | 13 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17 | -17 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | ' |
Partners_Capital_Schedule_Of_C
Partners' Capital (Schedule Of Components Of Partners' Capital) (Details) (PLUM CREEK TIMBERLANDS L P [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Partners' Capital [Line Items] | ' | ' |
Beginning Balances | $2,622 | ' |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | 70 |
Other Comprehensive Income (Loss), net of tax | 1 | 3 |
Net Income Allocation to Series T-1 Preferred Interest | 0 | ' |
Distributions to Partners (Common Partnership Interests) | -79 | ' |
Distributions for Series T-1 Preferred Interest | -14 | ' |
Capital Contributions from Parent | 4 | ' |
Ending Balances | 2,578 | ' |
Preferred Partnership Interest [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Beginning Balances | 790 | ' |
Net Income Allocation to Series T-1 Preferred Interest | 14 | ' |
Distributions for Series T-1 Preferred Interest | -14 | ' |
Ending Balances | 790 | ' |
Common Partners' Capital [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Beginning Balances | 1,831 | ' |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 44 | ' |
Net Income Allocation to Series T-1 Preferred Interest | -14 | ' |
Distributions to Partners (Common Partnership Interests) | -79 | ' |
Capital Contributions from Parent | 4 | ' |
Ending Balances | 1,786 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Beginning Balances | 1 | ' |
Other Comprehensive Income (Loss), net of tax | 1 | ' |
Ending Balances | $2 | ' |
Partners_Capital_Accumulated_O
Partners' Capital Accumulated Other Comprehensive Income (Details) (PLUM CREEK TIMBERLANDS L P [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Partners' Capital [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $2 | $1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 14 | 13 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17 | -17 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Partners' Capital [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | $104 | $433 | $296 | $356 | ||
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] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 104 | 433 | 296 | 356 | ||
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] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash Equivalents | 99 | [1] | 428 | [1] | ' | ' |
Available-for-Sale Securities | 41 | [2] | 40 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Total | 145 | 473 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash Equivalents | 99 | [1] | 428 | [1] | ' | ' |
Available-for-Sale Securities | 41 | [2] | 40 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Total | 145 | 473 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash Equivalents | 99 | [1] | 428 | [1] | ' | ' |
Available-for-Sale Securities | 41 | [2] | 40 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Total | 145 | 473 | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Cash Equivalents | 99 | [1] | 428 | [1] | ' | ' |
Available-for-Sale Securities | 41 | [2] | 40 | [2] | ' | ' |
Trading Securities | 5 | [2] | 5 | [2] | ' | ' |
Total | $145 | $473 | ' | ' | ||
[1] | Consists of several money market funds and is included in the $104 million and $433 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at MarchB 31, 2014 and DecemberB 31, 2013, respectively. | |||||
[2] | Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at MarchB 31, 2014 and DecemberB 31, 2013. At MarchB 31, 2014, 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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $28 | ' |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 28 | ' |
Categories of Investments, Marketable Securities, Trading Securities [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred Compensation Obligations Included in Other Liabilities | 5 | 5 |
Categories of Investments, Marketable Securities, Trading Securities [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred Compensation Obligations Included in Other Liabilities | $5 | $5 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Liabilities Measured on a Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | ||
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 | $1,329,000,000 | ' | ||
Debt Instrument, Fair Value Disclosure | 3,574,000,000 | 3,814,000,000 | ' | ||
Line of Credit, Current | 180,000,000 | 467,000,000 | ' | ||
Installment Note Payable | 860,000,000 | 860,000,000 | ' | ||
Note Payable to Timberland Venture | 783,000,000 | 783,000,000 | 783,000,000 | ||
Long-term Debt | 3,377,000,000 | 3,664,000,000 | ' | ||
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 | 2,661,000,000 | 2,898,000,000 | ' | ||
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 | 913,000,000 | 916,000,000 | ' | ||
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 | 1,329,000,000 | ' | ||
Debt Instrument, Fair Value Disclosure | 2,661,000,000 | 2,898,000,000 | ' | ||
Line of Credit, Current | 180,000,000 | 467,000,000 | ' | ||
Installment Note Payable | 860,000,000 | 860,000,000 | ' | ||
Long-term Debt | 2,594,000,000 | 2,881,000,000 | ' | ||
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 | 2,661,000,000 | 2,898,000,000 | ' | ||
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 | 1,329,000,000 | ' | ||
Debt Instrument, Fair Value Disclosure | 1,382,000,000 | 1,361,000,000 | ' | ||
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 | 1,382,000,000 | 1,361,000,000 | ' | ||
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 | 1,329,000,000 | ' | ||
Debt Instrument, Fair Value Disclosure | 1,382,000,000 | 1,361,000,000 | ' | ||
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 | 1,382,000,000 | 1,361,000,000 | ' | ||
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 | ' | ||
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 | 225,000,000 | ' | ||
Long-term Debt | 225,000,000 | [1] | 225,000,000 | [1] | ' |
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 | 225,000,000 | ' | ||
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 | 225,000,000 | ' | ||
Long-term Debt | 225,000,000 | [1] | 225,000,000 | [1] | ' |
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 | 225,000,000 | ' | ||
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, Current | 180,000,000 | 467,000,000 | ' | ||
Lines of Credit, Fair Value Disclosure | 180,000,000 | 467,000,000 | ' | ||
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 | 180,000,000 | 467,000,000 | ' | ||
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, Current | 180,000,000 | 467,000,000 | ' | ||
Lines of Credit, Fair Value Disclosure | 180,000,000 | 467,000,000 | ' | ||
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 | 180,000,000 | 467,000,000 | ' | ||
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 | 860,000,000 | ' | ||
Notes Payable, Fair Value Disclosure | 874,000,000 | 845,000,000 | ' | ||
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 | 874,000,000 | 845,000,000 | ' | ||
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 | 860,000,000 | ' | ||
Notes Payable, Fair Value Disclosure | 874,000,000 | 845,000,000 | ' | ||
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 | 874,000,000 | 845,000,000 | ' | ||
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 | 913,000,000 | 916,000,000 | ' | ||
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 | $913,000,000 | $916,000,000 | ' | ||
[1] | The company has a $225 million term credit agreement that matures on April 3, 2019. The interest rate on the $225 million term credit agreement was 1.65% and 1.66% as of MarchB 31, 2014 and DecemberB 31, 2013, respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both MarchB 31, 2014 and DecemberB 31, 2013. |
Employee_Pension_Plans_Compone
Employee Pension Plans (Component of Pension Cost Recognized in Net Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service Cost | $2 | $2 |
Interest Cost | 2 | 2 |
Expected Return on Plan Assets | -2 | -2 |
Recognized Actuarial Loss | 0 | 1 |
Total Pension Cost | 2 | 3 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service Cost | 2 | 2 |
Interest Cost | 2 | 2 |
Expected Return on Plan Assets | -2 | -2 |
Recognized Actuarial Loss | 0 | 1 |
Total Pension Cost | $2 | $3 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 |
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] | PC Ventures [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [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] | |
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] | 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] | ||||||||
acre | acre | acre | acre | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBERLANDS L P [Member] | acre | acre | ||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land Designated With Development Potential In Acres | 75,000 | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | 22,000 | 22,000 | ' | 87,000 | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Financial or Other Support, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44 | ' | $44 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity Financial or Other Support Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 | ' | '7 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 152 | ' | ' | ' | ' | ' | ' |
Contribution to Real Estate Development Ventures | 4 | 0 | ' | ' | 4 | 0 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Investment in Real Estate Development Ventures | 142 | ' | 139 | ' | 142 | ' | ' | 139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed Acres of Timberlands to Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 454,000 | ' | 454,000 | ' |
Preferred interest in venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705 | ' | 705 | ' |
Common Interest in Venture (Percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | 9.00% | ' |
Common Interest in Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78 | ' | 78 | ' |
Proceeds from Partnership Contribution | ' | ' | ' | ' | ' | ' | 783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 783 | ' | 783 | ' |
Other Partnership Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91.00% | ' | 91.00% | ' |
Amount borrowed from the Timberland Venture | 783 | ' | 783 | 783 | ' | ' | ' | ' | 783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Investment in Timberland Venture | 198 | ' | 211 | ' | 198 | ' | ' | 211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure to loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | 142 | 142 | ' | ' | ' | ' |
Total Common Interests in Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $861 | ' | $861 |
Summarized_Income_Statement_In2
Summarized Income Statement Information of the Timberland Venture (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | $14 | $14 | ||
Amortization of Basis Difference | 2 | 2 | ||
Interest Expense, Related Party | 14 | 14 | ||
Revenues | 5 | 4 | ||
Cost of Goods Sold | 5 | [1] | 4 | [1] |
Selling, General and Administrative Expenses | 1 | 2 | ||
Operating Income (Loss) | -1 | -2 | ||
Interest Income, net | 14 | 14 | ||
Net Income before Allocation to Preferred and Common Interests | 13 | 12 | ||
Depreciation, Depletion and Amortization included in Cost of Goods Sold | 5 | 4 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 14 | 14 | ||
Amortization of Basis Difference | 2 | 2 | ||
Revenues | 5 | 4 | ||
Cost of Goods Sold | 5 | [1] | 4 | [1] |
Selling, General and Administrative Expenses | 1 | 2 | ||
Operating Income (Loss) | -1 | -2 | ||
Interest Income, net | 14 | 14 | ||
Net Income before Allocation to Preferred and Common Interests | 13 | 12 | ||
Depreciation, Depletion and Amortization included in Cost of Goods Sold | 5 | 4 | ||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 15 | 14 | ||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | $15 | $14 | ||
[1] | Cost of Goods Sold includes Depreciation, Depletion and Amortization of $5 million and $4 million for the three-month periods ended MarchB 31, 2014 and 2013, respectively. |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | $32 | $26 |
Earnings from Unconsolidated Entities, net | 14 | 14 |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | 32 | 26 |
Earnings from Unconsolidated Entities, net | 14 | 14 |
Corporate Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | 1 | 1 |
Corporate Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation, Depletion and Amortization | 1 | 1 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Earnings from Unconsolidated Entities, net | -1 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Earnings from Unconsolidated Entities, net | ($1) | $0 |
Segment_Information_Summary_of
Segment Information (Summary of Reported Segments) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | $317 | $340 | ||
Depreciation, Depletion and Amortization | 32 | 26 | ||
Basis of Real Estate Sold | 6 | 25 | ||
Earnings from Unconsolidated Entities, net | 14 | 14 | ||
Operating Income (Loss) | 57 | 78 | ||
PLUM CREEK TIMBER CO INC [Member] | Northern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 69 | 66 | ||
Intersegment Revenues | 8 | 8 | ||
Depreciation, Depletion and Amortization | 8 | 7 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 16 | 11 | ||
PLUM CREEK TIMBER CO INC [Member] | Southern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 123 | 104 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 18 | 14 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 31 | 24 | ||
PLUM CREEK TIMBER CO INC [Member] | Real Estate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 23 | 78 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 0 | 0 | ||
Basis of Real Estate Sold | 6 | 25 | ||
Operating Income (Loss) | 12 | 45 | ||
PLUM CREEK TIMBER CO INC [Member] | Manufacturing [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 90 | 86 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 3 | 4 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 9 | 10 | ||
PLUM CREEK TIMBER CO INC [Member] | Energy and Natural Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 9 | 6 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 2 | 0 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 6 | 5 | ||
PLUM CREEK TIMBER CO INC [Member] | Other Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 3 | [1] | 0 | [1] |
Intersegment Revenues | 0 | [1] | 0 | [1] |
Depreciation, Depletion and Amortization | 0 | [1] | 0 | [1] |
Basis of Real Estate Sold | 0 | [1] | 0 | [1] |
Operating Income (Loss) | -1 | [1] | 0 | [1] |
PLUM CREEK TIMBER CO INC [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 317 | [2] | 340 | [2] |
Intersegment Revenues | 8 | [2] | 8 | [2] |
Depreciation, Depletion and Amortization | 31 | [2] | 25 | [2] |
Basis of Real Estate Sold | 6 | [2] | 25 | [2] |
Operating Income (Loss) | 73 | [2] | 95 | [2] |
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 317 | 340 | ||
Depreciation, Depletion and Amortization | 32 | 26 | ||
Basis of Real Estate Sold | 6 | 25 | ||
Earnings from Unconsolidated Entities, net | 14 | 14 | ||
Operating Income (Loss) | 57 | 78 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Northern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 69 | 66 | ||
Intersegment Revenues | 8 | 8 | ||
Depreciation, Depletion and Amortization | 8 | 7 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 16 | 11 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Southern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 123 | 104 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 18 | 14 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 31 | 24 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Real Estate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 23 | 78 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 0 | 0 | ||
Basis of Real Estate Sold | 6 | 25 | ||
Operating Income (Loss) | 12 | 45 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Manufacturing [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 90 | 86 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 3 | 4 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 9 | 10 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Energy and Natural Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 9 | 6 | ||
Intersegment Revenues | 0 | 0 | ||
Depreciation, Depletion and Amortization | 2 | 0 | ||
Basis of Real Estate Sold | 0 | 0 | ||
Operating Income (Loss) | 6 | 5 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Other Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 3 | [1] | 0 | [1] |
Intersegment Revenues | 0 | [1] | 0 | [1] |
Depreciation, Depletion and Amortization | 0 | [1] | 0 | [1] |
Basis of Real Estate Sold | 0 | [1] | 0 | [1] |
Operating Income (Loss) | -1 | [1] | 0 | [1] |
PLUM CREEK TIMBERLANDS L P [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
External Revenues | 317 | [2] | 340 | [2] |
Intersegment Revenues | 8 | [2] | 8 | [2] |
Depreciation, Depletion and Amortization | 31 | [2] | 25 | [2] |
Basis of Real Estate Sold | 6 | [2] | 25 | [2] |
Operating Income (Loss) | 73 | [2] | 95 | [2] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | -1 | 0 | ||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Northern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Southern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Real Estate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Manufacturing [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Energy and Natural Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Other Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | -1 | [1],[3] | 0 | [1],[3] |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | -1 | [2],[3] | 0 | [2],[3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | -1 | 0 | ||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Northern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Southern Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Real Estate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Manufacturing [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Energy and Natural Resources [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 0 | [3] | 0 | [3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Other Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | -1 | [1],[3] | 0 | [1],[3] |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | ($1) | [2],[3] | $0 | [2],[3] |
[1] | The Other Segment for the quarter ending MarchB 31, 2014, includes revenue and expenses associated with our new business of providing timber and wood-fiber procurement services, along with equity earnings (losses) associated with our investments in real estate development ventures. There were no similar activities for the quarter ending MarchB 31, 2013. | |||
[2] | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended MarchB 31, 2014 and MarchB 31, 2013. | |||
[3] | For Segment reporting, Equity Loss from Real Estate Development Ventures of $1 million and $0 is included in Operating Income (Loss) for the Other Segment for the quarterly periods ended MarchB 31, 2014 and MarchB 31, 2013, respectively. |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | $57 | $78 | ||
Earnings from Unconsolidated Entities, net | 14 | 14 | ||
Total Interest Expense, net | -41 | -35 | ||
Income before Income Taxes | 30 | 57 | ||
PLUM CREEK TIMBER CO INC [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | 73 | [1] | 95 | [1] |
PLUM CREEK TIMBER CO INC [Member] | Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | -18 | -17 | ||
PLUM CREEK TIMBER CO INC [Member] | Other Unallocated Operating Income Expense Net [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | 1 | 0 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | 57 | 78 | ||
Earnings from Unconsolidated Entities, net | 14 | 14 | ||
Total Interest Expense, net | -27 | -21 | ||
Income before Income Taxes | 44 | 71 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Operating Segments [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | 73 | [1] | 95 | [1] |
PLUM CREEK TIMBERLANDS L P [Member] | Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | -18 | -17 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Other Unallocated Operating Income Expense Net [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating Income (Loss) | 1 | 0 | ||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | 15 | 14 | ||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Earnings from Unconsolidated Entities, net | $15 | $14 | ||
[1] | Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $1 million for each of the quarterly periods ended MarchB 31, 2014 and MarchB 31, 2013. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], PLUM CREEK TIMBER CO INC [Member], USD $) | 6-May-14 |
In Millions, except Per Share data, unless otherwise specified | |
Subsequent Event [Member] | PLUM CREEK TIMBER CO INC [Member] | ' |
Dividends Payable [Line Items] | ' |
Dividend Payment per Share | $0.44 |
Dividend Payment, Approximately | $78 |
Supplemental_Disclosures_Detai
Supplemental Disclosures (Details) (PLUM CREEK TIMBERLANDS L P [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
PLUM CREEK TIMBERLANDS L P [Member] | ' |
Supplemental Disclosures [Line Items] | ' |
Senior Notes Short and Long Term Aggregate | $1,333 |