Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PLUM CREEK TIMBER CO INC | |
Entity Central Index Key | 849,213 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 173,598,748 | |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Plum Creek Timberlands LP | |
Entity Central Index Key | 1,296,350 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Expense, net: | ||||
Net Income | $ 100 | $ 61 | $ 163 | $ 146 |
PER SHARE AMOUNTS: | ||||
Net Income per Share-Basic | $ 0.58 | $ 0.34 | $ 0.93 | $ 0.82 |
Net Income per Share-Diluted | $ 0.58 | $ 0.34 | $ 0.93 | $ 0.82 |
Weighted-Average Number of Shares Outstanding | ||||
-Basic | 174.3 | 176.8 | 175.2 | 177 |
-Diluted | 174.6 | 177.1 | 175.5 | 177.3 |
PLUM CREEK TIMBER CO INC [Member] | ||||
REVENUES: | ||||
Timber | $ 186 | $ 200 | $ 548 | $ 563 |
Real Estate | 129 | 69 | 263 | 169 |
Manufacturing | 85 | 91 | 271 | 275 |
Energy and Natural Resources | 8 | 8 | 24 | 26 |
Other | 6 | 7 | 16 | 15 |
Total Revenues | 414 | 375 | 1,122 | 1,048 |
COSTS AND EXPENSES: | ||||
Timber | 139 | 144 | 405 | 407 |
Real Estate | 43 | 35 | 144 | 75 |
Manufacturing | 76 | 78 | 236 | 241 |
Energy and Natural Resources | 3 | 3 | 8 | 8 |
Other | 4 | 6 | 14 | 14 |
Total Cost of Goods Sold | 265 | 266 | 807 | 745 |
Selling, General and Administrative | 35 | 23 | 100 | 82 |
Total Costs and Expenses | 300 | 289 | 907 | 827 |
Other Operating Income (Expense), net | 1 | 5 | 6 | 9 |
Operating Income | 115 | 91 | 221 | 230 |
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Interest Expense, net: | ||||
Interest Expense (Debt Obligations to Unrelated Parties) | 27 | 27 | 81 | 81 |
Interest Expense (Note Payable to Timberland Venture) | 14 | 14 | 43 | 43 |
Total Interest Expense, net | 41 | 41 | 124 | 124 |
Income before Income Taxes | 99 | 65 | 163 | 150 |
Provision (Benefit) for Income Taxes | (1) | 4 | 0 | 4 |
Net Income | $ 100 | $ 61 | $ 163 | $ 146 |
PER SHARE AMOUNTS: | ||||
Net Income per Share-Basic | $ 0.58 | $ 0.34 | $ 0.93 | $ 0.82 |
Net Income per Share-Diluted | 0.58 | 0.34 | 0.93 | 0.82 |
Dividends Declared - per Common Share Outstanding | $ 0.44 | $ 0.44 | $ 1.32 | $ 1.32 |
Weighted-Average Number of Shares Outstanding | ||||
-Basic | 174.3 | 176.8 | 175.2 | 177 |
-Diluted | 174.6 | 177.1 | 175.5 | 177.3 |
PLUM CREEK TIMBERLANDS L P [Member] | ||||
REVENUES: | ||||
Timber | $ 186 | $ 200 | $ 548 | $ 563 |
Real Estate | 129 | 69 | 263 | 169 |
Manufacturing | 85 | 91 | 271 | 275 |
Energy and Natural Resources | 8 | 8 | 24 | 26 |
Other | 6 | 7 | 16 | 15 |
Total Revenues | 414 | 375 | 1,122 | 1,048 |
COSTS AND EXPENSES: | ||||
Timber | 139 | 144 | 405 | 407 |
Real Estate | 43 | 35 | 144 | 75 |
Manufacturing | 76 | 78 | 236 | 241 |
Energy and Natural Resources | 3 | 3 | 8 | 8 |
Other | 4 | 6 | 14 | 14 |
Total Cost of Goods Sold | 265 | 266 | 807 | 745 |
Selling, General and Administrative | 35 | 23 | 100 | 82 |
Total Costs and Expenses | 300 | 289 | 907 | 827 |
Other Operating Income (Expense), net | 1 | 5 | 6 | 9 |
Operating Income | 115 | 91 | 221 | 230 |
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Interest Expense, net: | ||||
Total Interest Expense, net | 27 | 27 | 81 | 81 |
Income before Income Taxes | 113 | 79 | 206 | 193 |
Provision (Benefit) for Income Taxes | (1) | 4 | 0 | 4 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 114 | 75 | 206 | 189 |
Net Income Allocable to Series T-1 Preferred Interest | (14) | (14) | (43) | (43) |
Net Income | 100 | 61 | 163 | 146 |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
COSTS AND EXPENSES: | ||||
Earnings from Unconsolidated Entities | 19 | 16 | 59 | 48 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
COSTS AND EXPENSES: | ||||
Earnings from Unconsolidated Entities | 19 | 16 | 59 | 48 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
COSTS AND EXPENSES: | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
COSTS AND EXPENSES: | ||||
Earnings from Unconsolidated Entities | $ 6 | $ (1) | $ 7 | $ (4) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 100 | $ 61 | $ 163 | $ 146 |
PLUM CREEK TIMBER CO INC [Member] | ||||
Net Income | 100 | 61 | 163 | 146 |
Defined Benefit Pension Plans [Abstract] | ||||
Amortization of Actuarial Loss Reclassified to Pension Expense | 1 | 0 | 3 | 1 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | ||||
Unrealized Holding Gains (Losses) Arising During Period | (3) | 2 | (4) | 1 |
Reclassification for Amounts Recognized in Net Income | 0 | 0 | (1) | 0 |
Other Comprehensive Income (Loss), before Tax | (2) | 2 | (2) | 2 |
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) After Tax | (2) | 2 | (2) | 2 |
Comprehensive Income | 98 | 63 | 161 | 148 |
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Net Income | 100 | 61 | 163 | 146 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 114 | 75 | 206 | 189 |
Defined Benefit Pension Plans [Abstract] | ||||
Amortization of Actuarial Loss Reclassified to Pension Expense | 1 | 0 | 3 | 1 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | ||||
Unrealized Holding Gains (Losses) Arising During Period | (3) | 2 | (4) | 1 |
Reclassification for Amounts Recognized in Net Income | 0 | 0 | (1) | 0 |
Other Comprehensive Income (Loss), before Tax | (2) | 2 | (2) | 2 |
Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) After Tax | (2) | 2 | (2) | 2 |
Comprehensive Income | $ 112 | $ 77 | $ 204 | $ 191 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Current Assets: | ||
Cash and Cash Equivalents | $ 81 | $ 92 |
Accounts Receivable | 43 | 38 |
Inventories | 59 | 61 |
Deferred Tax Asset | 6 | 6 |
Assets Held for Sale | 39 | 98 |
Other Current Assets | 16 | 15 |
Total Current Assets | 244 | 310 |
Timber and Timberlands, net | 3,924 | 4,009 |
Minerals and Mineral Rights, net | 283 | 289 |
Property, Plant and Equipment, net | 113 | 120 |
Equity Investment in Timberland Venture | 217 | 217 |
Equity Investment in Real Estate Development Ventures | 107 | 126 |
Deferred Tax Asset | 28 | 23 |
Investment in Grantor Trusts ($45 and $48 at Fair Value in 2015 and 2014) | 45 | 48 |
Other Assets | 43 | 45 |
Total Assets | 5,004 | 5,187 |
Current Liabilities: | ||
Current Portion of Long-Term Debt | 439 | 439 |
Line of Credit | 42 | 95 |
Accounts Payable | 36 | 27 |
Interest Payable | 32 | 22 |
Wages Payable | 21 | 31 |
Taxes Payable | 17 | 10 |
Deferred Revenue | 30 | 23 |
Other Current Liabilities | 16 | 10 |
Total Current Liabilities | 633 | 657 |
Long-Term Debt | 1,976 | 1,976 |
Note Payable to Timberland Venture | 783 | 783 |
Other Liabilities | 106 | 100 |
Total Liabilities | $ 3,498 | $ 3,516 |
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) - 173.6 at September 30, 2015 and 175.9 at December 31, 2014 | 2 | 2 |
Additional Paid-In Capital | 2,963 | 2,955 |
Retained Earnings (Accumulated Deficit) | (340) | (271) |
Treasury Stock, at Cost, Common Shares - 30.8 at September 30, 2015 and 28.3 at December 31, 2014 | (1,094) | (992) |
Accumulated Other Comprehensive Income (Loss) | (25) | (23) |
Total Stockholders' Equity | 1,506 | 1,671 |
Total Liabilities and Stockholders' Equity | 5,004 | 5,187 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Current Assets: | ||
Cash and Cash Equivalents | 81 | 92 |
Accounts Receivable | 43 | 38 |
Inventories | 59 | 61 |
Deferred Tax Asset | 6 | 6 |
Assets Held for Sale | 39 | 98 |
Other Current Assets | 16 | 15 |
Total Current Assets | 244 | 310 |
Timber and Timberlands, net | 3,924 | 4,009 |
Minerals and Mineral Rights, net | 283 | 289 |
Property, Plant and Equipment, net | 113 | 120 |
Equity Investment in Timberland Venture | 217 | 217 |
Equity Investment in Real Estate Development Ventures | 107 | 126 |
Deferred Tax Asset | 28 | 23 |
Investment in Grantor Trusts ($45 and $48 at Fair Value in 2015 and 2014) | 46 | 49 |
Other Assets | 43 | 45 |
Total Assets | 5,005 | 5,188 |
Current Liabilities: | ||
Current Portion of Long-Term Debt | 439 | 439 |
Line of Credit | 42 | 95 |
Accounts Payable | 36 | 27 |
Interest Payable | 25 | 15 |
Wages Payable | 21 | 31 |
Taxes Payable | 17 | 10 |
Deferred Revenue | 30 | 23 |
Other Current Liabilities | 16 | 10 |
Total Current Liabilities | 626 | 650 |
Long-Term Debt | 1,976 | 1,976 |
Other Liabilities | 107 | 101 |
Total Liabilities | $ 2,709 | $ 2,727 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Accumulated Other Comprehensive Income (Loss) | $ (25) | $ (23) |
PARTNERSHIP CAPITAL | ||
Series T-1 Preferred Interest | 790 | 790 |
Partners' Capital (Common Partnership Interests) | 1,506 | 1,671 |
Total Partnership Capital | 2,296 | 2,461 |
Total Liabilities and Partnership Capital | $ 5,005 | $ 5,188 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 173.6 | 175.9 |
Treasury Stock, Shares | 30.8 | 28.3 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Other Marketable Securities Noncurrent Fair Value | $ 45 | $ 48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 163 | $ 146 |
PLUM CREEK TIMBER CO INC [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 163 | 146 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation, Depletion and Amortization (Includes $2 MDF Fire Impairment Loss in 2014) | 99 | 101 |
Basis of Real Estate Sold | 131 | 60 |
Earnings from Unconsolidated Entities | (66) | (44) |
Distributions from Timberland Venture | 59 | 57 |
Distributions from Real Estate Development Ventures | 7 | 0 |
Deferred Income Taxes | (5) | 2 |
Working Capital Changes | 25 | 3 |
Other | 9 | (3) |
Net Cash Provided By (Used In) Operating Activities | 422 | 322 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital Expenditures, Excluding Timberland Acquisitions (Includes $9 MDF Fire Replacement Capital in 2014) | (61) | (65) |
Timberlands Acquired | (7) | 0 |
Contributions to Real Estate Development Ventures | (5) | (9) |
Distributions from Real Estate Development Ventures | 24 | 5 |
Insurance Recoveries (Property Damage) | 2 | 3 |
Sales (Purchases) of Marketable Securities, net | 1 | 0 |
Other | (1) | 0 |
Net Cash Provided By (Used In) Investing Activities | (47) | (66) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends | (232) | (234) |
Borrowings on Line of Credit | 374 | 985 |
Repayments on Line of Credit | (427) | (1,300) |
Proceeds from Stock Option Exercises | 1 | 2 |
Acquisition of Treasury Stock | (102) | (52) |
Net Cash Provided By (Used In) Financing Activities | (386) | (599) |
Increase (Decrease) In Cash and Cash Equivalents | (11) | (343) |
Cash and Cash Equivalents: | ||
Beginning of Period | 92 | 433 |
End of Period | 81 | 90 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 163 | 146 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 206 | 189 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation, Depletion and Amortization (Includes $2 MDF Fire Impairment Loss in 2014) | 99 | 101 |
Basis of Real Estate Sold | 131 | 60 |
Earnings from Unconsolidated Entities | (66) | (44) |
Distributions from Timberland Venture | 59 | 57 |
Distributions from Real Estate Development Ventures | 7 | 0 |
Deferred Income Taxes | (5) | 2 |
Working Capital Changes | 25 | 3 |
Other | 9 | (3) |
Net Cash Provided By (Used In) Operating Activities | 465 | 365 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital Expenditures, Excluding Timberland Acquisitions (Includes $9 MDF Fire Replacement Capital in 2014) | (61) | (65) |
Timberlands Acquired | (7) | 0 |
Contributions to Real Estate Development Ventures | (5) | (9) |
Distributions from Real Estate Development Ventures | 24 | 5 |
Insurance Recoveries (Property Damage) | 2 | 3 |
Sales (Purchases) of Marketable Securities, net | 1 | 0 |
Other | (1) | 0 |
Net Cash Provided By (Used In) Investing Activities | (47) | (66) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash Distributions to Common Partners | (333) | (284) |
Cash Distributions for Series T-1 Preferred Interest | (43) | (43) |
Borrowings on Line of Credit | 374 | 985 |
Repayments on Line of Credit | (427) | (1,300) |
Net Cash Provided By (Used In) Financing Activities | (429) | (642) |
Increase (Decrease) In Cash and Cash Equivalents | (11) | (343) |
Cash and Cash Equivalents: | ||
Beginning of Period | 92 | 433 |
End of Period | $ 81 | $ 90 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows Parenthetical (Parentheticals) $ in Millions | 9 Months Ended |
Sep. 30, 2014USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | |
MDF Fire Impairment Loss | $ 2 |
MDF Replacement Capital | 9 |
PLUM CREEK TIMBERLANDS L P [Member] | |
MDF Fire Impairment Loss | 2 |
MDF Replacement Capital | $ 9 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 , the company owned and managed approximately 6.3 million acres of timberlands in the Northwest, Southern, and Northeast United States. Included in the 6.3 million acres are approximately 675,000 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 675,000 acres of higher value timberlands are approximately 500,000 acres we expect to sell for recreational uses, approximately 100,000 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 200,000 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. At September 30, 2015 , the company owned six wood product conversion facilities in the Northwest United States. In March 2015, due to the loss of a significant customer, the company permanently closed its remanufacturing facility in Meridian, Idaho. In October 2015, this facility was sold for $4 million , which approximated its net book value. 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, timber and wood fiber procurement services, coal leases, and the company's investment in real estate development ventures. 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, 2014 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 2014 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. Reclassifications. Certain prior year amounts have been reclassified to conform to the 2015 presentation. The reclassifications had no impact on operating income or net income. |
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 September 30, 2015 , the Operating Partnership owned and managed approximately 6.3 million acres of timberlands in the Northwest, Southern, and Northeast United States. Included in the 6.3 million acres are approximately 675,000 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 675,000 acres of higher value timberlands are approximately 500,000 acres we expect to sell for recreational uses, approximately 100,000 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 200,000 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. At September 30, 2015 , the Operating Partnership owned six wood product conversion facilities in the Northwest United States. In March 2015, due to the loss of a significant customer, the Operating Partnership permanently closed its remanufacturing facility in Meridian, Idaho. In October 2015, this facility was sold for $4 million , which approximated its net book value. 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 the Operating Partnership's higher value timberlands, timber and wood fiber procurement services, coal leases, and the Operating Partnership's investment in real estate development ventures. The Operating Partnership’s tax provision includes the tax expense and/or benefit associated with Plum Creek’s wholly-owned taxable REIT subsidiaries, as well as any tax expense and/or benefit incurred by the REIT. The effective tax rate for the Operating Partnership is lower than the federal corporate statutory rate primarily due to Plum Creek’s status as a REIT. 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, 2014 , which were included on Form 10-K of Plum Creek Timber Company, Inc. and filed with the SEC on February 26, 2015 , 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. Reclassifications. Certain prior year amounts have been reclassified to conform to the 2015 presentation. The reclassifications had no impact on operating income or net income. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine -month periods ended September 30 (in millions, except per share amounts): Quarter Ended September 30, 2015 2014 Net Income Available to Common Stockholders $ 100 $ 61 Denominator for Basic Earnings per Share 174.3 176.8 Effect of Dilutive Securities – Stock Options 0.2 0.2 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 174.6 177.1 Per Share Amounts: Net Income Per Share – Basic $ 0.58 $ 0.34 Net Income Per Share – Diluted $ 0.58 $ 0.34 Nine Months Ended September 30, 2015 2014 Net Income Available to Common Stockholders $ 163 $ 146 Denominator for Basic Earnings per Share 175.2 177.0 Effect of Dilutive Securities – Stock Options 0.2 0.2 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 175.5 177.3 Per Share Amounts: Net Income Per Share - Basic $ 0.93 $ 0.82 Net Income Per Share - Diluted $ 0.93 $ 0.82 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. Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the quarterly periods and nine -month periods ended September 30 (shares in millions): Quarter Ended September 30, 2015 2014 Number of Options 0.3 — Range of Exercise Prices $42.22 to $43.23 N/A Expiration on or before May 2018 N/A Nine Months Ended September 30, 2015 2014 Number of Options 0.1 — Range of Exercise Prices $42.22 to $43.23 N/A Expiration on or before May 2018 N/A |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Raw Materials (primarily logs) $ 13 $ 12 Work-In-Process 2 3 Finished Goods 29 31 44 46 Supplies 15 15 Total $ 59 $ 61 |
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): September 30, 2015 December 31, 2014 Raw Materials (primarily logs) $ 13 $ 12 Work-In-Process 2 3 Finished Goods 29 31 44 46 Supplies 15 15 Total $ 59 $ 61 |
Timber and Timberlands
Timber and Timberlands | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Timber and Timberlands | Timber and Timberlands Timber and Timberlands consisted of the following (in millions): September 30, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,474 $ 2,518 Timber Deeds, net 71 83 Timberlands 1,379 1,408 Timber and Timberlands, net $ 3,924 $ 4,009 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Timber and Timberlands | Timber and Timberlands Timber and Timberlands consisted of the following (in millions): September 30, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,474 $ 2,518 Timber Deeds, net 71 83 Timberlands 1,379 1,408 Timber and Timberlands, net $ 3,924 $ 4,009 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, Plant and Equipment consisted of the following (in millions): September 30, 2015 December 31, 2014 Land, Buildings and Improvements $ 93 $ 97 Machinery and Equipment 333 331 426 428 Accumulated Depreciation (313 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, Plant and Equipment consisted of the following (in millions): September 30, 2015 December 31, 2014 Land, Buildings and Improvements $ 93 $ 97 Machinery and Equipment 333 331 426 428 Accumulated Depreciation (313 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
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, timber and wood fiber procurement services, coal leases, and the company's investment in real estate development ventures. Plum Creek's taxable REIT subsidiaries file a consolidated federal income tax return. Prior to 2011, Plum Creek was generally subject to corporate-level tax (built-in gains tax) when the company made a taxable disposition of certain properties acquired in a 2001 merger. The built-in gains tax applied to gains recognized from such asset sales to the extent that the fair value of the property exceeded its tax basis at the merger date. Built-in gains tax was generally not payable on dispositions of property to the extent the proceeds from such dispositions were reinvested in qualifying like-kind replacement property. The company'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. Based on recent discussions with IRS Appeals, the company does not expect to reach a resolution with IRS Appeals and plans to file a petition in the United States Tax Court. If the IRS's position is upheld on 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 on the undistributed gain, which would 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. The Operating Partnership conducts certain non-REIT activities through various wholly-owned taxable REIT subsidiaries, which are subject to corporate-level income tax. These activities include our manufacturing operations, the harvesting and sale of logs, the development and/or sale of some of the Operating Partnership's higher value timberlands, timber and wood fiber procurement services, coal leases, and the Operating Partnership's investment in real estate development ventures. The Operating Partnership's tax provision includes the tax expense and/or benefit associated with Plum Creek's wholly-owned taxable REIT subsidiaries, as well as any tax expense and/or benefit incurred by the REIT. Prior to 2011, Plum Creek was generally subject to corporate-level tax (built-in gains tax) when the Operating Partnership made a taxable disposition of certain properties acquired in a 2001 merger. The built-in gains tax applied to gains recognized from such asset sales to the extent that the fair value of the property exceeded its tax basis at the merger date. Built-in gains tax was generally not payable on dispositions of property to the extent the proceeds from such dispositions were reinvested in qualifying like-kind replacement property. 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. Based on recent discussions with IRS Appeals, Plum Creek does not expect to reach a resolution with IRS Appeals and plans to file a petition in the United States Tax Court. If the IRS's position is upheld on 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 on the undistributed gain, which would 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 | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Borrowings | Borrowings Debt consisted of the following (in millions): September 30, 2015 December 31, 2014 Variable Rate Debt Term Credit Agreement (A) $ 225 $ 225 Revolving Line of Credit (B) 42 95 Fixed Rate Debt Senior Notes 1,330 1,330 Installment Note Payable 860 860 Note Payable to Timberland Venture 783 783 Total Debt 3,240 3,293 Less: Current Portion of Long-Term Debt 439 439 Line of Credit 42 95 Long-Term Portion $ 2,759 $ 2,759 (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 1.69% and 1.67% as of September 30, 2015 and December 31, 2014 , respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both September 30, 2015 and December 31, 2014 . (B) The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.34% as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , we had $42 million of borrowings and $1 million of standby letters of credit outstanding; $657 million remained available for borrowing under our $700 million line of credit. As of October 1, 2015 , all of the borrowings outstanding under our line of credit were repaid. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Borrowings | Borrowings Debt consisted of the following (in millions): September 30, 2015 December 31, 2014 Variable Rate Debt Term Credit Agreement (A) $ 225 $ 225 Revolving Line of Credit (B) 42 95 Fixed Rate Debt Senior Notes 1,330 1,330 Installment Note Payable 860 860 Total Debt 2,457 2,510 Less: Current Portion of Long-Term Debt 439 439 Line of Credit 42 95 Long-Term Portion $ 1,976 $ 1,976 (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 1.69% and 1.67% as of September 30, 2015 and December 31, 2014 , respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both September 30, 2015 and December 31, 2014 . (B) The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.34% as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , we had $42 million of borrowings and $1 million of standby letters of credit outstanding; $657 million remained available for borrowing under our $700 million line of credit. As of October 1, 2015 , all of the borrowings outstanding under our line of credit were repaid. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Stockholders' Equity | Stockholders’ Equity The changes in the company’s stockholders’ equity accounts were as follows during 2015 (in millions): Common Stock Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Shares Dollars Paid-in Capital Treasury Stock Total Equity January 1, 2015 175.9 $ 2 $ 2,955 $ (271 ) $ (992 ) $ (23 ) $ 1,671 Net Income 42 42 Other Comprehensive Income (Loss) (1 ) (1 ) Dividends (77 ) (77 ) Stock Option Exercises — — 1 1 Shares Issued under Stock Incentive Plans 0.2 — — — Share-based Compensation 3 3 Common Stock Repurchased (0.5 ) — (21 ) (21 ) March 31, 2015 175.6 $ 2 $ 2,959 $ (306 ) $ (1,013 ) $ (24 ) $ 1,618 Net Income 21 21 Other Comprehensive Income (Loss) 1 1 Dividends (78 ) (78 ) Share-based Compensation 2 2 Common Stock Repurchased (0.7 ) — (31 ) (31 ) June 30, 2015 174.9 $ 2 $ 2,961 $ (363 ) $ (1,044 ) $ (23 ) $ 1,533 Net Income 100 100 Other Comprehensive Income (Loss) (2 ) (2 ) Dividends (77 ) (77 ) Share-based Compensation 2 2 Common Stock Repurchased (1.3 ) — (50 ) (50 ) September 30, 2015 173.6 $ 2 $ 2,963 $ (340 ) $ (1,094 ) $ (25 ) $ 1,506 The changes in the company’s accumulated other comprehensive income (loss) by component, net of tax, were as follows during 2015 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge Total January 1, 2015 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (1 ) — — (1 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1 ) 1 — — March 31, 2015 $ 12 $ (41 ) $ 5 $ (24 ) Other Comprehensive Income (Loss) before Reclassifications — — — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 June 30, 2015 $ 12 $ (40 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) — — (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 September 30, 2015 $ 9 $ (39 ) $ 5 $ (25 ) (A) Unrealized holding gains are reclassified to Other Operating Income (Expense), net in the Consolidated Statements of Income when the related available for sale securities are sold. (B) Amortization of actuarial gains and losses on the company's defined benefit pension plans is included in the computation of pension cost. See Note 10 of the Notes to Consolidated Financial Statements. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBERLANDS L P [Member] | |
Partners' Capital | Partners’ Capital The changes in the Operating Partnership’s capital accounts were as follows during 2015 (in millions): Preferred Partnership Interest Common Partners’ Capital Accumulated Other Comprehensive Income (Loss) Total Partnership Capital January 1, 2015 $ 790 $ 1,694 $ (23 ) $ 2,461 Net Income before Allocation to Series T-1 Preferred Interest and Partners 56 56 Other Comprehensive Income (Loss) (1 ) (1 ) Net Income Allocation to Series T-1 Preferred Interest 14 (14 ) — Distributions to Partners (Common Partnership Interests) (97 ) (97 ) Distributions for Series T-1 Preferred Interest (14 ) (14 ) Capital Contributions from Parent 3 3 March 31, 2015 $ 790 $ 1,642 $ (24 ) $ 2,408 Net Income before Allocation to Series T-1 Preferred Interest and Partners 36 36 Other Comprehensive Income (Loss) 1 1 Net Income Allocation to Series T-1 Preferred Interest 15 (15 ) — Distributions to Partners (Common Partnership Interests) (109 ) (109 ) Distributions for Series T-1 Preferred Interest (15 ) (15 ) Capital Contributions from Parent 2 2 June 30, 2015 $ 790 $ 1,556 $ (23 ) $ 2,323 Net Income before Allocation to Series T-1 Preferred Interest and Partners 114 114 Other Comprehensive Income (Loss) (2 ) (2 ) Net Income Allocation to Series T-1 Preferred Interest 14 (14 ) — Distributions to Partners (Common Partnership Interests) (127 ) (127 ) Distributions for Series T-1 Preferred Interest (14 ) (14 ) Capital Contributions from Parent 2 2 September 30, 2015 $ 790 $ 1,531 $ (25 ) $ 2,296 The changes in the Operating Partnership's accumulated other comprehensive income (loss) by component, net of tax, were as follows during 2015 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge Total January 1, 2015 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (1 ) — — (1 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1 ) 1 — — March 31, 2015 $ 12 $ (41 ) $ 5 $ (24 ) Other Comprehensive Income (Loss) before Reclassifications — — — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 June 30, 2015 $ 12 $ (40 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) — — (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) — 1 — 1 September 30, 2015 $ 9 $ (39 ) $ 5 $ (25 ) (A) Unrealized holding gains are reclassified to Other Operating Income (Expense), net in the Consolidated Statements of Income when the related available for sale securities are sold. (B) Amortization of actuarial gains and losses on the Operating Partnership's defined benefit pension plans is included in the computation of pension cost. See Note 9 of the Notes to Consolidated Financial Statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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 at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 80 $ 80 Available-for-Sale Securities (B) 40 40 Trading Securities (B) 5 5 Total $ 125 $ 125 Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 90 $ 90 Available-for-Sale Securities (B) 43 43 Trading Securities (B) 5 5 Total $ 138 $ 138 (A) Consists of several money market funds and is included in the $81 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 . At September 30, 2015 , 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 for the quarters and nine -month periods ended September 30, 2015 and September 30, 2014 . As of both September 30, 2015 and December 31, 2014 , the amortized cost of the available-for-sale securities was approximately $31 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 September 30, 2015 and December 31, 2014 . Changes in the fair value of trading securities were not material to the company's financial position or results of operations for the quarters and nine -month periods ended September 30, 2015 and September 30, 2014 . Other Instruments. Summarized below are the carrying amount and fair value of the company's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): Fair Value at September 30, 2015 Carrying Amount at September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,377 $ — $ 1,377 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 42 — 42 — 42 Installment Note Payable (D) 860 — 905 — 905 Note Payable to Timberland Venture (E) 783 — — 885 885 Total Debt $ 3,240 $ — $ 2,549 $ 885 $ 3,434 Fair Value at December 31, 2014 Carrying Amount at Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,398 $ — $ 1,398 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 95 — 95 — 95 Installment Note Payable (D) 860 — 906 — 906 Note Payable to Timberland Venture (E) 783 — — 892 892 Total Debt $ 3,293 $ — $ 2,624 $ 892 $ 3,516 (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 nine -month periods ended September 30, 2015 and 2014 . |
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 at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 80 $ 80 Available-for-Sale Securities (B) 40 40 Trading Securities (B) 5 5 Total $ 125 $ 125 Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 90 $ 90 Available-for-Sale Securities (B) 43 43 Trading Securities (B) 5 5 Total $ 138 $ 138 (A) Consists of several money market funds and is included in the $81 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 . At September 30, 2015 , 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 for the quarters and nine -month periods ended September 30, 2015 and September 30, 2014 . As of both September 30, 2015 and December 31, 2014 , the amortized cost of the available-for-sale securities was approximately $31 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 September 30, 2015 and December 31, 2014 . Changes in the fair value of trading securities were not material to the Operating Partnership's financial position or results of operations for the quarters and nine -month periods ended September 30, 2015 and September 30, 2014 . Other Instruments. Summarized below are the carrying amount and fair value of the Operating Partnership's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): Fair Value at September 30, 2015 Carrying Amount at September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,377 $ — $ 1,377 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 42 — 42 — 42 Installment Note Payable (D) 860 — 905 — 905 Total Debt $ 2,457 $ — $ 2,549 $ — $ 2,549 Fair Value at December 31, 2014 Carrying Amount at Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,398 $ — $ 1,398 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 95 — 95 — 95 Installment Note Payable (D) 860 — 906 — 906 Total Debt $ 2,510 $ — $ 2,624 $ — $ 2,624 (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 nine -month periods ended September 30, 2015 and 2014 . |
Employee Pension Plans
Employee Pension Plans | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Employee Pension Plans | Employee Pension Plans The components of pension cost were as follows for the quarterly and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Service Cost $ 2 $ 2 Interest Cost 2 2 Expected Return on Plan Assets (2 ) (2 ) Recognized Actuarial Loss 1 — Total Pension Cost $ 3 $ 2 Nine Months Ended September 30, 2015 2014 Service Cost $ 6 $ 6 Interest Cost 7 6 Expected Return on Plan Assets (8 ) (7 ) Recognized Actuarial Loss 3 1 Total Pension Cost $ 8 $ 6 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Employee Pension Plans | Employee Pension Plans The components of pension cost were as follows for the quarterly and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Service Cost $ 2 $ 2 Interest Cost 2 2 Expected Return on Plan Assets (2 ) (2 ) Recognized Actuarial Loss 1 — Total Pension Cost $ 3 $ 2 Nine Months Ended September 30, 2015 2014 Service Cost $ 6 $ 6 Interest Cost 7 6 Expected Return on Plan Assets (8 ) (7 ) Recognized Actuarial Loss 3 1 Total Pension Cost $ 8 $ 6 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
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 | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities Real Estate Development Ventures. 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 57,000 acres of high-value rural and development-quality lands ("Class B Properties"). MWV-CLP is managed by an affiliate of WestRock Company (formerly MeadWestvaco Corporation). 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 made an initial capital contribution of $152 million in 2013. Also, during the years 2014 to 2020, the company agreed to make additional capital contributions of at least $48 million in connection with its interest in the Class B Properties, of which $34 million remained outstanding as of September 30, 2015 . 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. The company is 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. WestRock Company 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. WestRock Company 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 $107 million at September 30, 2015 and $126 million at December 31, 2014 , and it is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $107 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 the Class B Properties of $34 million over the next six 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 4% ownership interest in the Class A Properties in which it is generally entitled to 4% 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, 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 $217 million at both September 30, 2015 and December 31, 2014 , respectively, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $217 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. 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 57,000 acres of high-value rural and development-quality lands ("Class B Properties"). MWV-CLP is managed by an affiliate of WestRock Company (formerly MeadWestvaco Corporation). 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 made an initial capital contribution of $152 million in 2013. Also, during the years 2014 to 2020, the Operating Partnership agreed to make additional capital contributions of at least $48 million in connection with its interest in the Class B Properties, of which $34 million remained outstanding as of September 30, 2015 . 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. WestRock Company 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. WestRock Company 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 $107 million at September 30, 2015 and $126 million at December 31, 2014 , and it is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $107 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 the Class B Properties of $34 million over the next six 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 4% ownership interest in the Class A Properties in which it is generally entitled to 4% 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, 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 $217 million at both September 30, 2015 and December 31, 2014 , respectively, and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $217 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 Inf
Summarized Income Statement Information of the Timberland Venture | 9 Months Ended |
Sep. 30, 2015 | |
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 $59 million for the nine -month period ending September 30, 2015 and were $ 48 million for the nine -month period ending September 30, 2014 . 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. For the nine -month periods ended September 30, 2015 and September 30, 2014 , amortization of basis difference was $15 million and $ 7 million , respectively. Furthermore, interest expense in connection with the loan from the Timberland Venture was $43 million for each of the nine -month periods ended September 30, 2015 and 2014 . The table below presents summarized income statement information for the Timberland Venture (in millions): Nine Months Ended September 30, 2015 2014 Revenues $ 17 $ 15 Cost of Goods Sold (A) 12 14 Selling, General and Administrative Expenses 4 3 Operating Income (Loss) 1 (2 ) Interest Income, net 43 43 Net Income before Allocation to Preferred and Common Interests $ 44 $ 41 (A) Cost of Goods Sold includes Depreciation, Depletion and Amortization of $11 million and $13 million for the nine -month periods ended September 30, 2015 and 2014 , 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 $59 million for the nine -month period ending September 30, 2015 and were $ 48 million for the nine -month period ending September 30, 2014 . 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. For the nine -month periods ended September 30, 2015 and September 30, 2014 , amortization of basis difference was $15 million and $7 million , respectively. The table below presents summarized income statement information for the Timberland Venture (in millions): Nine Months Ended September 30, 2015 2014 Revenues $ 17 $ 15 Cost of Goods Sold (A) 12 14 Selling, General and Administrative Expenses 4 3 Operating Income (Loss) 1 (2 ) Interest Income, net 43 43 Net Income before Allocation to Preferred and Common Interests $ 44 $ 41 (A) Cost of Goods Sold includes Depreciation, Depletion and Amortization of $11 million and $13 million for the nine -month periods ended September 30, 2015 and 2014 , respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Segment Information | Segment Information The tables below present information about reported segments for the quarterly and nine -month periods ended September 30 (in millions): Northern Resources Southern Resources Real Estate Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Quarter Ended September 30, 2015 External Revenues $ 50 $ 136 $ 129 $ 85 $ 8 $ 6 $ 414 Intersegment Revenues 5 — — — — — 5 Depreciation, Depletion and Amortization 7 21 — 3 3 — 34 Basis of Real Estate Sold — — 39 — — — 39 Other Operating Gain — — — 1 — — 1 Equity Earnings (Loss) — — — — — 6 6 Operating Income (Loss) 6 33 84 8 5 6 142 Quarter Ended September 30, 2014 External Revenues $ 64 $ 136 $ 69 $ 91 $ 8 $ 7 $ 375 Intersegment Revenues 7 — — — — — 7 Depreciation, Depletion and Amortization 7 22 1 3 2 — 35 Basis of Real Estate Sold — — 29 — — — 29 Other Operating Gain — — — 5 — — 5 Equity Earnings (Loss) — — — — — (1 ) (1 ) Operating Income (Loss) 13 35 34 16 6 (1 ) 103 Northern Resources Southern Resources Real Estate (D) Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Nine Months Ended September 30, 2015 External Revenues $ 155 $ 393 $ 263 $ 271 $ 24 $ 16 $ 1,122 Intersegment Revenues 17 — — — — — 17 Depreciation, Depletion and Amortization 20 62 — 8 7 — 97 Basis of Real Estate Sold — — 131 — — — 131 Other Operating Gain — — — 3 — — 3 Equity Earnings (Loss) — — — — — 7 7 Operating Income (Loss) 22 96 114 31 15 7 285 Nine Months Ended September 30, 2014 External Revenues $ 177 $ 386 $ 169 $ 275 $ 26 $ 15 $ 1,048 Intersegment Revenues 21 — — — — — 21 Depreciation, Depletion and Amortization 21 59 1 12 6 — 99 Basis of Real Estate Sold — — 60 — — — 60 Other Operating Gain — — — 7 — — 7 Equity Earnings (Loss) — — — — — (4 ) (4 ) Operating Income (Loss) 34 99 91 35 18 (5 ) 272 (A) During the second quarter of 2014, we experienced a fire at our MDF facility and recorded a $2 million loss representing the net book value of the building and equipment damaged or destroyed by the fire. We recorded gains related to insurance recoveries of $1 million and $5 million for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively and recorded insurance gains of $3 million and $9 million for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. Insurance recoveries were received for costs incurred to rebuild or replace the damaged building and equipment and for business interruption costs. Both the building and equipment loss and the insurance recoveries are reported as Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (B) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income (Loss) for the Other Segment. Equity earnings of $6 million and an equity loss of $1 million were recorded for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and equity earnings of $7 million and an equity loss of $4 million were recorded for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. (C) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $0 for each of the quarterly periods ended September 30, 2015 and September 30, 2014 , and $2 million for each of the nine -month periods ended September 30, 2015 and September 30, 2014 . (D) In January 2015, the company closed the second phase of a two-phase transaction with The Nature Conservancy, selling approximately 117,000 acres in Montana for $85 million . The first phase of the transaction, a sale of approximately 48,000 acres in Washington, closed in 2014. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. A reconciliation of total segment operating income to income before income taxes is presented below for the quarterly and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Total Segment Operating Income $ 142 $ 103 Corporate and Other Unallocated Expenses (21 ) (13 ) Other Unallocated Operating Income (Expense), net — — Equity Earnings from Timberland Venture 19 16 Total Interest Expense, net (41 ) (41 ) Income before Income Taxes $ 99 $ 65 Nine Months Ended September 30, 2015 2014 Total Segment Operating Income $ 285 $ 272 Corporate and Other Unallocated Expenses (60 ) (48 ) Other Unallocated Operating Income (Expense), net 3 2 Equity Earnings from Timberland Venture 59 48 Total Interest Expense, net (124 ) (124 ) Income before Income Taxes $ 163 $ 150 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Segment Information | Segment Information The tables below present information about reported segments for the quarterly and nine -month periods ended September 30 (in millions): Northern Resources Southern Resources Real Estate Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Quarter Ended September 30, 2015 External Revenues $ 50 $ 136 $ 129 $ 85 $ 8 $ 6 $ 414 Intersegment Revenues 5 — — — — — 5 Depreciation, Depletion and Amortization 7 21 — 3 3 — 34 Basis of Real Estate Sold — — 39 — — — 39 Other Operating Gain — — — 1 — — 1 Equity Earnings (Loss) — — — — — 6 6 Operating Income (Loss) 6 33 84 8 5 6 142 Quarter Ended September 30, 2014 External Revenues $ 64 $ 136 $ 69 $ 91 $ 8 $ 7 $ 375 Intersegment Revenues 7 — — — — — 7 Depreciation, Depletion and Amortization 7 22 1 3 2 — 35 Basis of Real Estate Sold — — 29 — — — 29 Other Operating Gain — — — 5 — — 5 Equity Earnings (Loss) — — — — — (1 ) (1 ) Operating Income (Loss) 13 35 34 16 6 (1 ) 103 Northern Resources Southern Resources Real Estate (D) Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Nine Months Ended September 30, 2015 External Revenues $ 155 $ 393 $ 263 $ 271 $ 24 $ 16 $ 1,122 Intersegment Revenues 17 — — — — — 17 Depreciation, Depletion and Amortization 20 62 — 8 7 — 97 Basis of Real Estate Sold — — 131 — — — 131 Other Operating Gain — — — 3 — — 3 Equity Earnings (Loss) — — — — — 7 7 Operating Income (Loss) 22 96 114 31 15 7 285 Nine Months Ended September 30, 2014 External Revenues $ 177 $ 386 $ 169 $ 275 $ 26 $ 15 $ 1,048 Intersegment Revenues 21 — — — — — 21 Depreciation, Depletion and Amortization 21 59 1 12 6 — 99 Basis of Real Estate Sold — — 60 — — — 60 Other Operating Gain — — — 7 — — 7 Equity Earnings (Loss) — — — — — (4 ) (4 ) Operating Income (Loss) 34 99 91 35 18 (5 ) 272 (A) During the second quarter of 2014, we experienced a fire at our MDF facility and recorded a $2 million loss representing the net book value of the building and equipment damaged or destroyed by the fire. We recorded gains related to insurance recoveries of $1 million and $5 million for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and recorded insurance gains of $3 million and $9 million for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. Insurance recoveries were received for costs incurred to rebuild or replace the damaged building and equipment and for business interruption costs. Both the building and equipment loss and the insurance recoveries are reported as Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (B) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income (Loss) for the Other Segment. Equity earnings of $6 million and an equity loss of $1 million were recorded for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and equity earnings of $7 million and an equity loss of $4 million were recorded for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. (C) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $0 for each of the quarterly periods ended September 30, 2015 and September 30, 2014 , and $2 million for each of the nine -month periods ended September 30, 2015 and September 30, 2014 . (D) In January 2015, the Operating Partnership closed the second phase of a two-phase transaction with The Nature Conservancy, selling approximately 117,000 acres in Montana for $85 million . The first phase of the transaction, a sale of approximately 48,000 acres in Washington, closed in 2014. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. A reconciliation of total segment operating income to income before income taxes is presented below for the quarterly and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Total Segment Operating Income $ 142 $ 103 Corporate and Other Unallocated Expenses (21 ) (13 ) Other Unallocated Operating Income (Expense), net — — Equity Earnings from Timberland Venture 19 16 Interest Expense, net (27 ) (27 ) Income before Income Taxes $ 113 $ 79 Nine Months Ended September 30, 2015 2014 Total Segment Operating Income $ 285 $ 272 Corporate and Other Unallocated Expenses (60 ) (48 ) Other Unallocated Operating Income (Expense), net 3 2 Equity Earnings from Timberland Venture 59 48 Interest Expense, net (81 ) (81 ) Income before Income Taxes $ 206 $ 193 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Subsequent Events [Text Block] | Subsequent Events Quarterly Dividend. On November 3, 2015 , the Board of Directors authorized the company to make a dividend payment of $0.44 per share, or approximately $77 million , which will be paid on November 30, 2015 to stockholders of record on November 13, 2015 . |
Supplemental Disclosures
Supplemental Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
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 November of 2014 pursuant to which Plum Creek Timberlands, L.P. has registered and from time to time may offer and sell debt securities. As of September 30, 2015 , 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) | 9 Months Ended |
Sep. 30, 2015 | |
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) | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine -month periods ended September 30 (in millions, except per share amounts): Quarter Ended September 30, 2015 2014 Net Income Available to Common Stockholders $ 100 $ 61 Denominator for Basic Earnings per Share 174.3 176.8 Effect of Dilutive Securities – Stock Options 0.2 0.2 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 174.6 177.1 Per Share Amounts: Net Income Per Share – Basic $ 0.58 $ 0.34 Net Income Per Share – Diluted $ 0.58 $ 0.34 Nine Months Ended September 30, 2015 2014 Net Income Available to Common Stockholders $ 163 $ 146 Denominator for Basic Earnings per Share 175.2 177.0 Effect of Dilutive Securities – Stock Options 0.2 0.2 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 175.5 177.3 Per Share Amounts: Net Income Per Share - Basic $ 0.93 $ 0.82 Net Income Per Share - Diluted $ 0.93 $ 0.82 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the quarterly periods and nine -month periods ended September 30 (shares in millions): Quarter Ended September 30, 2015 2014 Number of Options 0.3 — Range of Exercise Prices $42.22 to $43.23 N/A Expiration on or before May 2018 N/A Nine Months Ended September 30, 2015 2014 Number of Options 0.1 — Range of Exercise Prices $42.22 to $43.23 N/A Expiration on or before May 2018 N/A |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Raw Materials (primarily logs) $ 13 $ 12 Work-In-Process 2 3 Finished Goods 29 31 44 46 Supplies 15 15 Total $ 59 $ 61 |
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): September 30, 2015 December 31, 2014 Raw Materials (primarily logs) $ 13 $ 12 Work-In-Process 2 3 Finished Goods 29 31 44 46 Supplies 15 15 Total $ 59 $ 61 |
Timber and Timberlands (Tables)
Timber and Timberlands (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Timber and Timberlands [Line Items] | |
Timber and Timberlands Tables | Timber and Timberlands consisted of the following (in millions): September 30, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,474 $ 2,518 Timber Deeds, net 71 83 Timberlands 1,379 1,408 Timber and Timberlands, net $ 3,924 $ 4,009 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Timber and Timberlands [Line Items] | |
Timber and Timberlands Tables | Timber and Timberlands consisted of the following (in millions): September 30, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,474 $ 2,518 Timber Deeds, net 71 83 Timberlands 1,379 1,408 Timber and Timberlands, net $ 3,924 $ 4,009 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Land, Buildings and Improvements $ 93 $ 97 Machinery and Equipment 333 331 426 428 Accumulated Depreciation (313 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
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): September 30, 2015 December 31, 2014 Land, Buildings and Improvements $ 93 $ 97 Machinery and Equipment 333 331 426 428 Accumulated Depreciation (313 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Debt Instrument [Line Items] | |
Debt | Debt consisted of the following (in millions): September 30, 2015 December 31, 2014 Variable Rate Debt Term Credit Agreement (A) $ 225 $ 225 Revolving Line of Credit (B) 42 95 Fixed Rate Debt Senior Notes 1,330 1,330 Installment Note Payable 860 860 Note Payable to Timberland Venture 783 783 Total Debt 3,240 3,293 Less: Current Portion of Long-Term Debt 439 439 Line of Credit 42 95 Long-Term Portion $ 2,759 $ 2,759 (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 1.69% and 1.67% as of September 30, 2015 and December 31, 2014 , respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both September 30, 2015 and December 31, 2014 . (B) The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.34% as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , we had $42 million of borrowings and $1 million of standby letters of credit outstanding; $657 million remained available for borrowing under our $700 million line of credit. As of October 1, 2015 , all of the borrowings outstanding under our line of credit were repaid. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Debt Instrument [Line Items] | |
Debt | Debt consisted of the following (in millions): September 30, 2015 December 31, 2014 Variable Rate Debt Term Credit Agreement (A) $ 225 $ 225 Revolving Line of Credit (B) 42 95 Fixed Rate Debt Senior Notes 1,330 1,330 Installment Note Payable 860 860 Total Debt 2,457 2,510 Less: Current Portion of Long-Term Debt 439 439 Line of Credit 42 95 Long-Term Portion $ 1,976 $ 1,976 (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 1.69% and 1.67% as of September 30, 2015 and December 31, 2014 , respectively. After giving effect to expected patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both September 30, 2015 and December 31, 2014 . (B) The weighted-average interest rate for the borrowings on the line of credit was 1.37% and 1.34% as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 , we had $42 million of borrowings and $1 million of standby letters of credit outstanding; $657 million remained available for borrowing under our $700 million line of credit. As of October 1, 2015 , all of the borrowings outstanding under our line of credit were repaid. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) - PLUM CREEK TIMBER CO INC [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | The changes in the company’s stockholders’ equity accounts were as follows during 2015 (in millions): Common Stock Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Shares Dollars Paid-in Capital Treasury Stock Total Equity January 1, 2015 175.9 $ 2 $ 2,955 $ (271 ) $ (992 ) $ (23 ) $ 1,671 Net Income 42 42 Other Comprehensive Income (Loss) (1 ) (1 ) Dividends (77 ) (77 ) Stock Option Exercises — — 1 1 Shares Issued under Stock Incentive Plans 0.2 — — — Share-based Compensation 3 3 Common Stock Repurchased (0.5 ) — (21 ) (21 ) March 31, 2015 175.6 $ 2 $ 2,959 $ (306 ) $ (1,013 ) $ (24 ) $ 1,618 Net Income 21 21 Other Comprehensive Income (Loss) 1 1 Dividends (78 ) (78 ) Share-based Compensation 2 2 Common Stock Repurchased (0.7 ) — (31 ) (31 ) June 30, 2015 174.9 $ 2 $ 2,961 $ (363 ) $ (1,044 ) $ (23 ) $ 1,533 Net Income 100 100 Other Comprehensive Income (Loss) (2 ) (2 ) Dividends (77 ) (77 ) Share-based Compensation 2 2 Common Stock Repurchased (1.3 ) — (50 ) (50 ) September 30, 2015 173.6 $ 2 $ 2,963 $ (340 ) $ (1,094 ) $ (25 ) $ 1,506 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the company’s accumulated other comprehensive income (loss) by component, net of tax, were as follows during 2015 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge Total January 1, 2015 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (1 ) — — (1 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1 ) 1 — — March 31, 2015 $ 12 $ (41 ) $ 5 $ (24 ) Other Comprehensive Income (Loss) before Reclassifications — — — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 June 30, 2015 $ 12 $ (40 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) — — (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 September 30, 2015 $ 9 $ (39 ) $ 5 $ (25 ) (A) Unrealized holding gains are reclassified to Other Operating Income (Expense), net in the Consolidated Statements of Income when the related available for sale securities are sold. (B) Amortization of actuarial gains and losses on the company's defined benefit pension plans is included in the computation of pension cost. See Note 10 of the Notes to Consolidated Financial Statements. |
Partners' Capital (Tables)
Partners' Capital (Tables) - PLUM CREEK TIMBERLANDS L P [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Partners' Capital [Line Items] | |
Schedule Of Components Of Partners' Capital | The changes in the Operating Partnership’s capital accounts were as follows during 2015 (in millions): Preferred Partnership Interest Common Partners’ Capital Accumulated Other Comprehensive Income (Loss) Total Partnership Capital January 1, 2015 $ 790 $ 1,694 $ (23 ) $ 2,461 Net Income before Allocation to Series T-1 Preferred Interest and Partners 56 56 Other Comprehensive Income (Loss) (1 ) (1 ) Net Income Allocation to Series T-1 Preferred Interest 14 (14 ) — Distributions to Partners (Common Partnership Interests) (97 ) (97 ) Distributions for Series T-1 Preferred Interest (14 ) (14 ) Capital Contributions from Parent 3 3 March 31, 2015 $ 790 $ 1,642 $ (24 ) $ 2,408 Net Income before Allocation to Series T-1 Preferred Interest and Partners 36 36 Other Comprehensive Income (Loss) 1 1 Net Income Allocation to Series T-1 Preferred Interest 15 (15 ) — Distributions to Partners (Common Partnership Interests) (109 ) (109 ) Distributions for Series T-1 Preferred Interest (15 ) (15 ) Capital Contributions from Parent 2 2 June 30, 2015 $ 790 $ 1,556 $ (23 ) $ 2,323 Net Income before Allocation to Series T-1 Preferred Interest and Partners 114 114 Other Comprehensive Income (Loss) (2 ) (2 ) Net Income Allocation to Series T-1 Preferred Interest 14 (14 ) — Distributions to Partners (Common Partnership Interests) (127 ) (127 ) Distributions for Series T-1 Preferred Interest (14 ) (14 ) Capital Contributions from Parent 2 2 September 30, 2015 $ 790 $ 1,531 $ (25 ) $ 2,296 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the Operating Partnership's accumulated other comprehensive income (loss) by component, net of tax, were as follows during 2015 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge Total January 1, 2015 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (1 ) — — (1 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1 ) 1 — — March 31, 2015 $ 12 $ (41 ) $ 5 $ (24 ) Other Comprehensive Income (Loss) before Reclassifications — — — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 1 — 1 June 30, 2015 $ 12 $ (40 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) — — (3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (A) — 1 — 1 September 30, 2015 $ 9 $ (39 ) $ 5 $ (25 ) (A) Unrealized holding gains are reclassified to Other Operating Income (Expense), net in the Consolidated Statements of Income when the related available for sale securities are sold. (B) Amortization of actuarial gains and losses on the Operating Partnership's defined benefit pension plans is included in the computation of pension cost. See Note 9 of the Notes to Consolidated Financial Statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 80 $ 80 Available-for-Sale Securities (B) 40 40 Trading Securities (B) 5 5 Total $ 125 $ 125 Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 90 $ 90 Available-for-Sale Securities (B) 43 43 Trading Securities (B) 5 5 Total $ 138 $ 138 (A) Consists of several money market funds and is included in the $81 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 . At September 30, 2015 , 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. Summarized below are the carrying amount and fair value of the company's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): Fair Value at September 30, 2015 Carrying Amount at September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,377 $ — $ 1,377 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 42 — 42 — 42 Installment Note Payable (D) 860 — 905 — 905 Note Payable to Timberland Venture (E) 783 — — 885 885 Total Debt $ 3,240 $ — $ 2,549 $ 885 $ 3,434 Fair Value at December 31, 2014 Carrying Amount at Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,398 $ — $ 1,398 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 95 — 95 — 95 Installment Note Payable (D) 860 — 906 — 906 Note Payable to Timberland Venture (E) 783 — — 892 892 Total Debt $ 3,293 $ — $ 2,624 $ 892 $ 3,516 (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 at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 80 $ 80 Available-for-Sale Securities (B) 40 40 Trading Securities (B) 5 5 Total $ 125 $ 125 Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 90 $ 90 Available-for-Sale Securities (B) 43 43 Trading Securities (B) 5 5 Total $ 138 $ 138 (A) Consists of several money market funds and is included in the $81 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 . At September 30, 2015 , 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. Summarized below are the carrying amount and fair value of the Operating Partnership's debt (estimated using the discounted cash flow method) along with the categorization under the fair value hierarchy in the Accounting Standards Codification (in millions): Fair Value at September 30, 2015 Carrying Amount at September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,377 $ — $ 1,377 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 42 — 42 — 42 Installment Note Payable (D) 860 — 905 — 905 Total Debt $ 2,457 $ — $ 2,549 $ — $ 2,549 Fair Value at December 31, 2014 Carrying Amount at Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Public Debt (A) $ 1,330 $ — $ 1,398 $ — $ 1,398 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 95 — 95 — 95 Installment Note Payable (D) 860 — 906 — 906 Total Debt $ 2,510 $ — $ 2,624 $ — $ 2,624 (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) | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Service Cost $ 2 $ 2 Interest Cost 2 2 Expected Return on Plan Assets (2 ) (2 ) Recognized Actuarial Loss 1 — Total Pension Cost $ 3 $ 2 Nine Months Ended September 30, 2015 2014 Service Cost $ 6 $ 6 Interest Cost 7 6 Expected Return on Plan Assets (8 ) (7 ) Recognized Actuarial Loss 3 1 Total Pension Cost $ 8 $ 6 |
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 and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Service Cost $ 2 $ 2 Interest Cost 2 2 Expected Return on Plan Assets (2 ) (2 ) Recognized Actuarial Loss 1 — Total Pension Cost $ 3 $ 2 Nine Months Ended September 30, 2015 2014 Service Cost $ 6 $ 6 Interest Cost 7 6 Expected Return on Plan Assets (8 ) (7 ) Recognized Actuarial Loss 3 1 Total Pension Cost $ 8 $ 6 |
Summarized Income Statement I35
Summarized Income Statement Information of the Timberland Venture (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | The table below presents summarized income statement information for the Timberland Venture (in millions): Nine Months Ended September 30, 2015 2014 Revenues $ 17 $ 15 Cost of Goods Sold (A) 12 14 Selling, General and Administrative Expenses 4 3 Operating Income (Loss) 1 (2 ) Interest Income, net 43 43 Net Income before Allocation to Preferred and Common Interests $ 44 $ 41 (A) Cost of Goods Sold includes Depreciation, Depletion and Amortization of $11 million and $13 million for the nine -month periods ended September 30, 2015 and 2014 , respectively. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | The table below presents summarized income statement information for the Timberland Venture (in millions): Nine Months Ended September 30, 2015 2014 Revenues $ 17 $ 15 Cost of Goods Sold (A) 12 14 Selling, General and Administrative Expenses 4 3 Operating Income (Loss) 1 (2 ) Interest Income, net 43 43 Net Income before Allocation to Preferred and Common Interests $ 44 $ 41 (A) Cost of Goods Sold includes Depreciation, Depletion and Amortization of $11 million and $13 million for the nine -month periods ended September 30, 2015 and 2014 , respectively. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine -month periods ended September 30 (in millions): Northern Resources Southern Resources Real Estate Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Quarter Ended September 30, 2015 External Revenues $ 50 $ 136 $ 129 $ 85 $ 8 $ 6 $ 414 Intersegment Revenues 5 — — — — — 5 Depreciation, Depletion and Amortization 7 21 — 3 3 — 34 Basis of Real Estate Sold — — 39 — — — 39 Other Operating Gain — — — 1 — — 1 Equity Earnings (Loss) — — — — — 6 6 Operating Income (Loss) 6 33 84 8 5 6 142 Quarter Ended September 30, 2014 External Revenues $ 64 $ 136 $ 69 $ 91 $ 8 $ 7 $ 375 Intersegment Revenues 7 — — — — — 7 Depreciation, Depletion and Amortization 7 22 1 3 2 — 35 Basis of Real Estate Sold — — 29 — — — 29 Other Operating Gain — — — 5 — — 5 Equity Earnings (Loss) — — — — — (1 ) (1 ) Operating Income (Loss) 13 35 34 16 6 (1 ) 103 Northern Resources Southern Resources Real Estate (D) Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Nine Months Ended September 30, 2015 External Revenues $ 155 $ 393 $ 263 $ 271 $ 24 $ 16 $ 1,122 Intersegment Revenues 17 — — — — — 17 Depreciation, Depletion and Amortization 20 62 — 8 7 — 97 Basis of Real Estate Sold — — 131 — — — 131 Other Operating Gain — — — 3 — — 3 Equity Earnings (Loss) — — — — — 7 7 Operating Income (Loss) 22 96 114 31 15 7 285 Nine Months Ended September 30, 2014 External Revenues $ 177 $ 386 $ 169 $ 275 $ 26 $ 15 $ 1,048 Intersegment Revenues 21 — — — — — 21 Depreciation, Depletion and Amortization 21 59 1 12 6 — 99 Basis of Real Estate Sold — — 60 — — — 60 Other Operating Gain — — — 7 — — 7 Equity Earnings (Loss) — — — — — (4 ) (4 ) Operating Income (Loss) 34 99 91 35 18 (5 ) 272 (A) During the second quarter of 2014, we experienced a fire at our MDF facility and recorded a $2 million loss representing the net book value of the building and equipment damaged or destroyed by the fire. We recorded gains related to insurance recoveries of $1 million and $5 million for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively and recorded insurance gains of $3 million and $9 million for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. Insurance recoveries were received for costs incurred to rebuild or replace the damaged building and equipment and for business interruption costs. Both the building and equipment loss and the insurance recoveries are reported as Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (B) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income (Loss) for the Other Segment. Equity earnings of $6 million and an equity loss of $1 million were recorded for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and equity earnings of $7 million and an equity loss of $4 million were recorded for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. (C) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $0 for each of the quarterly periods ended September 30, 2015 and September 30, 2014 , and $2 million for each of the nine -month periods ended September 30, 2015 and September 30, 2014 . (D) In January 2015, the company closed the second phase of a two-phase transaction with The Nature Conservancy, selling approximately 117,000 acres in Montana for $85 million . The first phase of the transaction, a sale of approximately 48,000 acres in Washington, closed in 2014. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. |
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 and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Total Segment Operating Income $ 142 $ 103 Corporate and Other Unallocated Expenses (21 ) (13 ) Other Unallocated Operating Income (Expense), net — — Equity Earnings from Timberland Venture 19 16 Total Interest Expense, net (41 ) (41 ) Income before Income Taxes $ 99 $ 65 Nine Months Ended September 30, 2015 2014 Total Segment Operating Income $ 285 $ 272 Corporate and Other Unallocated Expenses (60 ) (48 ) Other Unallocated Operating Income (Expense), net 3 2 Equity Earnings from Timberland Venture 59 48 Total Interest Expense, net (124 ) (124 ) Income before Income Taxes $ 163 $ 150 |
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 and nine -month periods ended September 30 (in millions): Northern Resources Southern Resources Real Estate Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Quarter Ended September 30, 2015 External Revenues $ 50 $ 136 $ 129 $ 85 $ 8 $ 6 $ 414 Intersegment Revenues 5 — — — — — 5 Depreciation, Depletion and Amortization 7 21 — 3 3 — 34 Basis of Real Estate Sold — — 39 — — — 39 Other Operating Gain — — — 1 — — 1 Equity Earnings (Loss) — — — — — 6 6 Operating Income (Loss) 6 33 84 8 5 6 142 Quarter Ended September 30, 2014 External Revenues $ 64 $ 136 $ 69 $ 91 $ 8 $ 7 $ 375 Intersegment Revenues 7 — — — — — 7 Depreciation, Depletion and Amortization 7 22 1 3 2 — 35 Basis of Real Estate Sold — — 29 — — — 29 Other Operating Gain — — — 5 — — 5 Equity Earnings (Loss) — — — — — (1 ) (1 ) Operating Income (Loss) 13 35 34 16 6 (1 ) 103 Northern Resources Southern Resources Real Estate (D) Manufacturing (A) Energy and Natural Resources Other (B) Total (C) Nine Months Ended September 30, 2015 External Revenues $ 155 $ 393 $ 263 $ 271 $ 24 $ 16 $ 1,122 Intersegment Revenues 17 — — — — — 17 Depreciation, Depletion and Amortization 20 62 — 8 7 — 97 Basis of Real Estate Sold — — 131 — — — 131 Other Operating Gain — — — 3 — — 3 Equity Earnings (Loss) — — — — — 7 7 Operating Income (Loss) 22 96 114 31 15 7 285 Nine Months Ended September 30, 2014 External Revenues $ 177 $ 386 $ 169 $ 275 $ 26 $ 15 $ 1,048 Intersegment Revenues 21 — — — — — 21 Depreciation, Depletion and Amortization 21 59 1 12 6 — 99 Basis of Real Estate Sold — — 60 — — — 60 Other Operating Gain — — — 7 — — 7 Equity Earnings (Loss) — — — — — (4 ) (4 ) Operating Income (Loss) 34 99 91 35 18 (5 ) 272 (A) During the second quarter of 2014, we experienced a fire at our MDF facility and recorded a $2 million loss representing the net book value of the building and equipment damaged or destroyed by the fire. We recorded gains related to insurance recoveries of $1 million and $5 million for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and recorded insurance gains of $3 million and $9 million for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. Insurance recoveries were received for costs incurred to rebuild or replace the damaged building and equipment and for business interruption costs. Both the building and equipment loss and the insurance recoveries are reported as Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (B) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income (Loss) for the Other Segment. Equity earnings of $6 million and an equity loss of $1 million were recorded for the quarterly periods ended September 30, 2015 and September 30, 2014 , respectively, and equity earnings of $7 million and an equity loss of $4 million were recorded for the nine -month periods ended September 30, 2015 and September 30, 2014 , respectively. (C) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $0 for each of the quarterly periods ended September 30, 2015 and September 30, 2014 , and $2 million for each of the nine -month periods ended September 30, 2015 and September 30, 2014 . (D) In January 2015, the Operating Partnership closed the second phase of a two-phase transaction with The Nature Conservancy, selling approximately 117,000 acres in Montana for $85 million . The first phase of the transaction, a sale of approximately 48,000 acres in Washington, closed in 2014. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. |
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 and nine -month periods ended September 30 (in millions): Quarter Ended September 30, 2015 2014 Total Segment Operating Income $ 142 $ 103 Corporate and Other Unallocated Expenses (21 ) (13 ) Other Unallocated Operating Income (Expense), net — — Equity Earnings from Timberland Venture 19 16 Interest Expense, net (27 ) (27 ) Income before Income Taxes $ 113 $ 79 Nine Months Ended September 30, 2015 2014 Total Segment Operating Income $ 285 $ 272 Corporate and Other Unallocated Expenses (60 ) (48 ) Other Unallocated Operating Income (Expense), net 3 2 Equity Earnings from Timberland Venture 59 48 Interest Expense, net (81 ) (81 ) Income before Income Taxes $ 206 $ 193 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ in Millions | 1 Months Ended | |
Oct. 31, 2015USD ($) | Sep. 30, 2015a | |
PLUM CREEK TIMBER CO INC [Member] | ||
Basis of Presentation [Line Items] | ||
Timber and Timberlands, net (acres) | 6,300,000 | |
Higher and better use timberlands, which are expected to be sold and/or developed, acres | 675,000 | |
Land Expect To Sell For Recreational Uses In Acres | 500,000 | |
Land Expect To Sell For Conservation In Acres | 100,000 | |
Land Designated With Development Potential In Acres | 75,000 | |
Total acres of non-strategic timberlands | 200,000 | |
Product conversion facilities owned in the Northwest United States | 6 | |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Basis of Presentation [Line Items] | ||
Timber and Timberlands, net (acres) | 6,300,000 | |
Higher and better use timberlands, which are expected to be sold and/or developed, acres | 675,000 | |
Land Expect To Sell For Recreational Uses In Acres | 500,000 | |
Land Expect To Sell For Conservation In Acres | 100,000 | |
Land Designated With Development Potential In Acres | 75,000 | |
Total acres of non-strategic timberlands | 200,000 | |
Product conversion facilities owned in the Northwest United States | 6 | |
Percentage Of Ownership | 100.00% | |
Subsequent Event [Member] | PLUM CREEK TIMBER CO INC [Member] | ||
Basis of Presentation [Line Items] | ||
Proceeds from Sale of Property Held-for-sale | $ | $ 4 | |
Subsequent Event [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||
Basis of Presentation [Line Items] | ||
Proceeds from Sale of Property Held-for-sale | $ | $ 4 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income Available to Common Stockholders | $ 100 | $ 61 | $ 163 | $ 146 |
Denominator for Basic Earnings per Share | 174.3 | 176.8 | 175.2 | 177 |
Effect of Dilutive Securities - Stock Options | 0.2 | 0.2 | 0.2 | 0.2 |
Effect of Dilutive Securities - Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | 0.1 | 0.1 |
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | 174.6 | 177.1 | 175.5 | 177.3 |
Net Income per Share-Basic | $ 0.58 | $ 0.34 | $ 0.93 | $ 0.82 |
Net Income per Share-Diluted | $ 0.58 | $ 0.34 | $ 0.93 | $ 0.82 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Schedule of Antidilutive Options) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0 | 0.1 | 0 |
Range Of Exercise Prices | $42.22 to $43.23 | N/A | $42.22 to $43.23 | N/A |
Expiration Of Antidilutive Options | May 2,018 | N/A | May 2,018 | N/A |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Inventory [Line Items] | ||
Raw Materials (primarily logs) | $ 13 | $ 12 |
Work-In-Process | 2 | 3 |
Finished Goods | 29 | 31 |
Inventory Raw Materials Finished Goods And Work In Process | 44 | 46 |
Supplies | 15 | 15 |
Total | 59 | 61 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Inventory [Line Items] | ||
Raw Materials (primarily logs) | 13 | 12 |
Work-In-Process | 2 | 3 |
Finished Goods | 29 | 31 |
Inventory Raw Materials Finished Goods And Work In Process | 44 | 46 |
Supplies | 15 | 15 |
Total | $ 59 | $ 61 |
Timber and Timberlands (Timber
Timber and Timberlands (Timber and Timberlands Table) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Timber and Timberlands [Line Items] | ||
Timber and Logging Roads, net | $ 2,474 | $ 2,518 |
Timber Deeds, net | 71 | 83 |
Timberlands | 1,379 | 1,408 |
Timber and Timberlands, net | 3,924 | 4,009 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Timber and Timberlands [Line Items] | ||
Timber and Logging Roads, net | 2,474 | 2,518 |
Timber Deeds, net | 71 | 83 |
Timberlands | 1,379 | 1,408 |
Timber and Timberlands, net | $ 3,924 | $ 4,009 |
Property, Plant and Equipment42
Property, Plant and Equipment (Property, Plant and Equipment Table) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land, Buildings and Improvements | $ 93 | $ 97 |
Machinery and Equipment | 333 | 331 |
Property, Plant and Equipment, gross | 426 | 428 |
Accumulated Depreciation | (313) | (308) |
Property, Plant and Equipment, net | 113 | 120 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land, Buildings and Improvements | 93 | 97 |
Machinery and Equipment | 333 | 331 |
Property, Plant and Equipment, gross | 426 | 428 |
Accumulated Depreciation | (313) | (308) |
Property, Plant and Equipment, net | $ 113 | $ 120 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | Sep. 30, 2015USD ($) |
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 In
Borrowings (Schedule of Debt Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2008 | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 1,330 | $ 1,330 | |||
Installment Note Payable | 860 | 860 | |||
Note Payable to Timberland Venture | 783 | 783 | $ 783 | ||
Long-term Debt | 3,240 | 3,293 | |||
Current Portion of Long-Term Debt | 439 | 439 | |||
Line of Credit | 42 | 95 | |||
Long Term Portion Of Total Borrowings | 2,759 | 2,759 | |||
Line of Credit Facility, Decrease, Repayments | 427 | $ 1,300 | |||
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 1,330 | 1,330 | |||
Installment Note Payable | 860 | 860 | |||
Long-term Debt | 2,457 | 2,510 | |||
Current Portion of Long-Term Debt | 439 | 439 | |||
Line of Credit | 42 | 95 | |||
Long Term Portion Of Total Borrowings | 1,976 | 1,976 | |||
Line of Credit Facility, Decrease, Repayments | 427 | $ 1,300 | |||
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit | 42 | $ 95 | |||
Letters of Credit Outstanding, Amount | 1 | ||||
Line of Credit, Remained Available | 657 | ||||
Line of Credit Capacity | $ 700 | ||||
Debt, Weighted Average Interest Rate | 1.37% | 1.34% | |||
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Decrease, Repayments | $ 42 | ||||
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit | $ 42 | $ 95 | |||
Letters of Credit Outstanding, Amount | 1 | ||||
Line of Credit, Remained Available | 657 | ||||
Line of Credit Capacity | $ 700 | ||||
Debt, Weighted Average Interest Rate | 1.37% | 1.34% | |||
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Decrease, Repayments | $ 42 | ||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 225 | $ 225 | |||
Term Credit Agreement, Interest | 1.69% | 1.67% | |||
Effective Interest Rate, Percentage | 1.00% | 1.00% | |||
Debt Instrument, Maturity Date | Apr. 3, 2019 | ||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 225 | $ 225 | |||
Term Credit Agreement, Interest | 1.69% | 1.67% | |||
Effective Interest Rate, Percentage | 1.00% | 1.00% | |||
Debt Instrument, Maturity Date | Apr. 3, 2019 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Components Of Stockholders Equity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | $ 100 | $ 61 | $ 163 | $ 146 | ||
PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance Shares | 175.9 | 175.9 | ||||
Beginning Balance | 1,533 | $ 1,618 | $ 1,671 | $ 1,671 | ||
Net Income | 100 | 21 | 42 | 61 | 163 | 146 |
Other Comprehensive Income (Loss), net of tax | (2) | 1 | (1) | $ 2 | $ (2) | $ 2 |
Dividends | (77) | (78) | (77) | |||
Stock Option Exercises | 1 | |||||
Shares Issued under Stock Incentive Plans | 0 | |||||
Share-based Compensation | 2 | 2 | 3 | |||
Common Stock Repurchased | $ (50) | (31) | (21) | |||
Ending Balance Shares | 173.6 | 173.6 | ||||
Ending Balance | $ 1,506 | $ 1,533 | $ 1,618 | $ 1,506 | ||
Common Stock [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance Shares | 174.9 | 175.6 | 175.9 | 175.9 | ||
Beginning Balance | $ 2 | $ 2 | $ 2 | $ 2 | ||
Stock Option Exercises (in shares) | 0 | |||||
Stock Option Exercises | $ 0 | |||||
Shares Issued under Stock Incentive Plans (shares) | 0.2 | |||||
Shares Issued under Stock Incentive Plans | $ 0 | |||||
Stock Repurchased During Period, Shares | (1.3) | (0.7) | (0.5) | |||
Common Stock Repurchased | $ 0 | $ 0 | $ 0 | |||
Ending Balance Shares | 173.6 | 174.9 | 175.6 | 173.6 | ||
Ending Balance | $ 2 | $ 2 | $ 2 | $ 2 | ||
Paid-in Capital [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 2,961 | 2,959 | 2,955 | 2,955 | ||
Stock Option Exercises | 1 | |||||
Shares Issued under Stock Incentive Plans | 0 | |||||
Share-based Compensation | 2 | 2 | 3 | |||
Ending Balance | 2,963 | 2,961 | 2,959 | 2,963 | ||
Retained Earnings (Accumulated Deficit) [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | (363) | (306) | (271) | (271) | ||
Net Income | 100 | 21 | 42 | |||
Dividends | (77) | (78) | (77) | |||
Ending Balance | (340) | (363) | (306) | (340) | ||
Treasury Stock [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | (1,044) | (1,013) | (992) | (992) | ||
Common Stock Repurchased | (50) | (31) | (21) | |||
Ending Balance | (1,094) | (1,044) | (1,013) | (1,094) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | (23) | (24) | (23) | (23) | ||
Other Comprehensive Income (Loss), net of tax | (2) | 1 | (1) | |||
Ending Balance | $ (25) | $ (23) | $ (24) | $ (25) |
Stockholders' Equity Accumulate
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - PLUM CREEK TIMBER CO INC [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (23) | $ (24) | $ (23) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 0 |
Ending Balance | (25) | (23) | (24) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 12 | 12 | 14 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | (1) |
Ending Balance | 9 | 12 | 12 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (40) | (41) | (42) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 1 |
Ending Balance | (39) | (40) | (41) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 5 | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Ending Balance | $ 5 | $ 5 | $ 5 |
Partners' Capital (Schedule Of
Partners' Capital (Schedule Of Components Of Partners' Capital) (Details) - PLUM CREEK TIMBERLANDS L P [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning Balances | $ 2,323 | $ 2,408 | $ 2,461 | $ 2,461 | ||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 114 | 36 | 56 | $ 75 | 206 | $ 189 |
Other Comprehensive Income (Loss), net of tax | (2) | 1 | (1) | $ 2 | (2) | 2 |
Net Income Allocation to Series T-1 Preferred Interest | 0 | 0 | 0 | |||
Distributions to Partners (Common Partnership Interests) | (127) | (109) | (97) | (333) | (284) | |
Distributions for Series T-1 Preferred Interest | (14) | (15) | (14) | (43) | $ (43) | |
Capital Contributions from Parent | 2 | 2 | 3 | |||
Ending Balances | 2,296 | 2,323 | 2,408 | 2,296 | ||
Preferred Partnership Interest [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning Balances | 790 | 790 | 790 | 790 | ||
Net Income Allocation to Series T-1 Preferred Interest | 14 | 15 | 14 | |||
Distributions for Series T-1 Preferred Interest | (14) | (15) | (14) | |||
Ending Balances | 790 | 790 | 790 | 790 | ||
Common Partners' Capital [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning Balances | 1,556 | 1,642 | 1,694 | 1,694 | ||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 114 | 36 | 56 | |||
Net Income Allocation to Series T-1 Preferred Interest | (14) | (15) | (14) | |||
Distributions to Partners (Common Partnership Interests) | (127) | (109) | (97) | |||
Capital Contributions from Parent | 2 | 2 | 3 | |||
Ending Balances | 1,531 | 1,556 | 1,642 | 1,531 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Beginning Balances | (23) | (24) | (23) | (23) | ||
Other Comprehensive Income (Loss), net of tax | (2) | 1 | (1) | |||
Ending Balances | $ (25) | $ (23) | $ (24) | $ (25) |
Partners' Capital Accumulated O
Partners' Capital Accumulated Other Comprehensive Income (Details) - PLUM CREEK TIMBERLANDS L P [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (23) | $ (24) | $ (23) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 0 |
Ending Balance | (25) | (23) | (24) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 12 | 12 | 14 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | (1) |
Ending Balance | 9 | 12 | 12 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (40) | (41) | (42) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 1 | 1 |
Ending Balance | (39) | (40) | (41) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 5 | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Ending Balance | $ 5 | $ 5 | $ 5 |
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 ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents | $ 81 | $ 92 | $ 90 | $ 433 |
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 | $ 81 | 92 | $ 90 | $ 433 |
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 | $ 80 | 90 | ||
Available-for-Sale Securities | 40 | 43 | ||
Trading Securities | 5 | 5 | ||
Total | 125 | 138 | ||
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 | 80 | 90 | ||
Available-for-Sale Securities | 40 | 43 | ||
Trading Securities | 5 | 5 | ||
Total | 125 | 138 | ||
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 | 80 | 90 | ||
Available-for-Sale Securities | 40 | 43 | ||
Trading Securities | 5 | 5 | ||
Total | 125 | 138 | ||
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 | 80 | 90 | ||
Available-for-Sale Securities | 40 | 43 | ||
Trading Securities | 5 | 5 | ||
Total | $ 125 | $ 138 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
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 | $ 31 | $ 31 |
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 | 31 | 31 |
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 Va
Fair Value Measurements Fair Value, Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2008 |
PLUM CREEK TIMBER CO INC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | $ 1,330 | $ 1,330 | |
Debt Instrument, Fair Value Disclosure | 3,434 | 3,516 | |
Line of Credit, Current | 42 | 95 | |
Installment Note Payable | 860 | 860 | |
Note Payable to Timberland Venture | 783 | 783 | $ 783 |
Long-term Debt | 3,240 | 3,293 | |
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 | 2,549 | 2,624 | |
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 | 885 | 892 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Senior Notes | 1,330 | 1,330 | |
Debt Instrument, Fair Value Disclosure | 2,549 | 2,624 | |
Line of Credit, Current | 42 | 95 | |
Installment Note Payable | 860 | 860 | |
Long-term Debt | 2,457 | 2,510 | |
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 | 2,549 | 2,624 | |
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 | 1,330 | 1,330 | |
Debt Instrument, Fair Value Disclosure | 1,377 | 1,398 | |
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 | 1,377 | 1,398 | |
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 | 1,330 | 1,330 | |
Debt Instrument, Fair Value Disclosure | 1,377 | 1,398 | |
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 | 1,377 | 1,398 | |
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 | 225 | |
Long-term Debt | 225 | 225 | |
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 | 225 | |
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 | 225 | |
Long-term Debt | 225 | 225 | |
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 | 225 | |
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 | 42 | 95 | |
Lines of Credit, Fair Value Disclosure | 42 | 95 | |
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 | 42 | 95 | |
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 | 42 | 95 | |
Lines of Credit, Fair Value Disclosure | 42 | 95 | |
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 | 42 | 95 | |
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 | 860 | |
Notes Payable, Fair Value Disclosure | 905 | 906 | |
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 | 905 | 906 | |
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 | 860 | |
Notes Payable, Fair Value Disclosure | 905 | 906 | |
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 | 905 | 906 | |
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 | 885 | 892 | |
Note Payable to Timberland Venture | 783 | 783 | |
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 | $ 885 | $ 892 |
Employee Pension Plans (Compone
Employee Pension Plans (Component of Pension Cost Recognized in Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 2 | $ 2 | $ 6 | $ 6 |
Interest Cost | 2 | 2 | 7 | 6 |
Expected Return on Plan Assets | (2) | (2) | (8) | (7) |
Recognized Actuarial Loss | 1 | 0 | 3 | 1 |
Total Pension Cost | 3 | 2 | 8 | 6 |
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 2 | 2 | 6 | 6 |
Interest Cost | 2 | 2 | 7 | 6 |
Expected Return on Plan Assets | (2) | (2) | (8) | (7) |
Recognized Actuarial Loss | 1 | 0 | 3 | 1 |
Total Pension Cost | $ 3 | $ 2 | $ 8 | $ 6 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)a | Dec. 31, 2013USD ($) | Dec. 31, 2008USD ($)a | Dec. 31, 2014USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 75,000 | |||
Equity Investment in Real Estate Development Ventures | $ 107 | $ 126 | ||
Amount borrowed from the Timberland Venture | 783 | $ 783 | 783 | |
Equity Investment in Timberland Venture | $ 217 | 217 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 75,000 | |||
Equity Investment in Real Estate Development Ventures | $ 107 | 126 | ||
Proceeds from Partnership Contribution | 783 | |||
Equity Investment in Timberland Venture | 217 | $ 217 | ||
PC Ventures [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Amount borrowed from the Timberland Venture | $ 783 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 217 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | $ 217 | |||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 22,000 | |||
Equity Method Investment, Ownership Percentage | 4.00% | |||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 22,000 | |||
Equity Method Investment, Ownership Percentage | 4.00% | |||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 57,000 | |||
Variable Interest Entity, Financial or Other Support, Amount | $ 48 | |||
Additional Capital Contributions Outstanding | $ 34 | |||
Variable Interest Entity, Financial or Other Support, Period Committed | 6 years | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Land Designated With Development Potential In Acres | a | 57,000 | |||
Variable Interest Entity, Financial or Other Support, Amount | 48 | |||
Additional Capital Contributions Outstanding | $ 34 | |||
Variable Interest Entity, Financial or Other Support, Period Committed | 6 years | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Payments to Acquire Equity Method Investments | 152 | |||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Payments to Acquire Equity Method Investments | $ 152 | |||
MWV-CLP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | $ 107 | |||
MWV-CLP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Exposure to Loss | 107 | |||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Contributed Acres of Timberlands to Venture | a | 454,000 | |||
Preferred Interest in Venture | $ 705 | |||
Common Interest in Venture (Percent) | 9.00% | |||
Common Interest in Venture | $ 78 | |||
Proceeds from Partnership Contribution | $ 783 | |||
Other Partnership Ownership Percentage | 91.00% | |||
Total Common Interests in Venture | 861 | |||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Contributed Acres of Timberlands to Venture | a | 454,000 | |||
Preferred Interest in Venture | $ 705 | |||
Common Interest in Venture (Percent) | 9.00% | |||
Common Interest in Venture | $ 78 | |||
Proceeds from Partnership Contribution | $ 783 | |||
Other Partnership Ownership Percentage | 91.00% | |||
Total Common Interests in Venture | $ 861 |
Summarized Income Statement I54
Summarized Income Statement Information of the Timberland Venture (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Unconsolidated Entities | $ 25 | $ 15 | $ 66 | $ 44 |
Amortization of Basis Difference | 15 | 7 | ||
Interest Expense, Related Party | 14 | 14 | 43 | 43 |
Revenues | 17 | 15 | ||
Cost of Goods Sold | 12 | 14 | ||
Selling, General and Administrative Expenses | 4 | 3 | ||
Operating Income (Loss) | 1 | (2) | ||
Interest Income, net | 43 | 43 | ||
Net Income before Allocation to Preferred and Common Interests | 44 | 41 | ||
Depreciation, Depletion and Amortization included in Cost of Goods Sold | 11 | 13 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Amortization of Basis Difference | 15 | 7 | ||
Revenues | 17 | 15 | ||
Cost of Goods Sold | 12 | 14 | ||
Selling, General and Administrative Expenses | 4 | 3 | ||
Operating Income (Loss) | 1 | (2) | ||
Interest Income, net | 43 | 43 | ||
Net Income before Allocation to Preferred and Common Interests | 44 | 41 | ||
Depreciation, Depletion and Amortization included in Cost of Goods Sold | 11 | 13 | ||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Unconsolidated Entities | 19 | 16 | 59 | 48 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from Unconsolidated Entities | $ 19 | $ 16 | $ 59 | $ 48 |
Segment Information (Summary of
Segment Information (Summary of Reported Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | $ 414 | $ 375 | $ 1,122 | $ 1,048 |
Depreciation, Depletion and Amortization | 99 | 101 | ||
Basis of Real Estate Sold | 131 | 60 | ||
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Operating Income (Loss) | 115 | 91 | 221 | 230 |
PLUM CREEK TIMBER CO INC [Member] | Northern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 50 | 64 | 155 | 177 |
Intersegment Revenues | 5 | 7 | 17 | 21 |
Depreciation, Depletion and Amortization | 7 | 7 | 20 | 21 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 6 | 13 | 22 | 34 |
PLUM CREEK TIMBER CO INC [Member] | Southern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 136 | 136 | 393 | 386 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 21 | 22 | 62 | 59 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 33 | 35 | 96 | 99 |
PLUM CREEK TIMBER CO INC [Member] | Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 129 | 69 | 263 | 169 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 1 | 0 | 1 |
Basis of Real Estate Sold | 39 | 29 | 131 | 60 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 84 | 34 | 114 | 91 |
PLUM CREEK TIMBER CO INC [Member] | Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 85 | 91 | 271 | 275 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 3 | 3 | 8 | 12 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 1 | 5 | 3 | 7 |
Operating Income (Loss) | 8 | 16 | 31 | 35 |
PLUM CREEK TIMBER CO INC [Member] | Energy and Natural Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 8 | 8 | 24 | 26 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 3 | 2 | 7 | 6 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 5 | 6 | 15 | 18 |
PLUM CREEK TIMBER CO INC [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 6 | 7 | 16 | 15 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 6 | (1) | 7 | (5) |
PLUM CREEK TIMBER CO INC [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 414 | 375 | 1,122 | 1,048 |
Intersegment Revenues | 5 | 7 | 17 | 21 |
Depreciation, Depletion and Amortization | 34 | 35 | 97 | 99 |
Basis of Real Estate Sold | 39 | 29 | 131 | 60 |
Other Operating Gain | 1 | 5 | 3 | 7 |
Operating Income (Loss) | 142 | 103 | 285 | 272 |
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 414 | 375 | 1,122 | 1,048 |
Depreciation, Depletion and Amortization | 99 | 101 | ||
Basis of Real Estate Sold | 131 | 60 | ||
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Operating Income (Loss) | 115 | 91 | 221 | 230 |
PLUM CREEK TIMBERLANDS L P [Member] | Northern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 50 | 64 | 155 | 177 |
Intersegment Revenues | 5 | 7 | 17 | 21 |
Depreciation, Depletion and Amortization | 7 | 7 | 20 | 21 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 6 | 13 | 22 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | Southern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 136 | 136 | 393 | 386 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 21 | 22 | 62 | 59 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 33 | 35 | 96 | 99 |
PLUM CREEK TIMBERLANDS L P [Member] | Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 129 | 69 | 263 | 169 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 1 | 0 | 1 |
Basis of Real Estate Sold | 39 | 29 | 131 | 60 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 84 | 34 | 114 | 91 |
PLUM CREEK TIMBERLANDS L P [Member] | Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 85 | 91 | 271 | 275 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 3 | 3 | 8 | 12 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 1 | 5 | 3 | 7 |
Operating Income (Loss) | 8 | 16 | 31 | 35 |
PLUM CREEK TIMBERLANDS L P [Member] | Energy and Natural Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 8 | 8 | 24 | 26 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 3 | 2 | 7 | 6 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 5 | 6 | 15 | 18 |
PLUM CREEK TIMBERLANDS L P [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 6 | 7 | 16 | 15 |
Intersegment Revenues | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 |
Basis of Real Estate Sold | 0 | 0 | 0 | 0 |
Other Operating Gain | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 6 | (1) | 7 | (5) |
PLUM CREEK TIMBERLANDS L P [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Revenues | 414 | 375 | 1,122 | 1,048 |
Intersegment Revenues | 5 | 7 | 17 | 21 |
Depreciation, Depletion and Amortization | 34 | 35 | 97 | 99 |
Basis of Real Estate Sold | 39 | 29 | 131 | 60 |
Other Operating Gain | 1 | 5 | 3 | 7 |
Operating Income (Loss) | 142 | 103 | 285 | 272 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Northern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Southern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Energy and Natural Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Northern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Southern Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Real Estate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Energy and Natural Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from Unconsolidated Entities | $ 6 | $ (1) | $ 7 | $ (4) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)a | Sep. 30, 2014USD ($) | Dec. 31, 2014a | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
MDF Fire Impairment Loss | $ 2 | ||||
Land Sales | $ 129 | $ 69 | $ 263 | 169 | |
Depreciation, Depletion and Amortization | 99 | 101 | |||
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
MDF Fire Impairment Loss | 2 | ||||
Land Sales | 129 | 69 | 263 | 169 | |
Depreciation, Depletion and Amortization | 99 | 101 | |||
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 | |
Other Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 | |
Other Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 | |
Corporate Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 2 | 2 | |
Corporate Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 2 | 2 | |
Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
MDF Fire Impairment Loss | 2 | ||||
Insurance Recoveries | 1 | 5 | 3 | 9 | |
Depreciation, Depletion and Amortization | 3 | 3 | 8 | 12 | |
Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
MDF Fire Impairment Loss | 2 | ||||
Insurance Recoveries | 1 | 5 | 3 | 9 | |
Depreciation, Depletion and Amortization | 3 | 3 | 8 | 12 | |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) | |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) | |
MWV-CLP [Member] | Other Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) | |
MWV-CLP [Member] | Other Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | 6 | (1) | 7 | (4) | |
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | 0 | |
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from Unconsolidated Entities | $ 0 | $ 0 | 0 | $ 0 | |
Montana TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Sales | $ 85 | ||||
Land Dispositions (Acres) | a | 117,000 | ||||
Montana TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Sales | $ 85 | ||||
Land Dispositions (Acres) | a | 117,000 | ||||
Washington TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Dispositions (Acres) | a | 48,000 | ||||
Washington TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Dispositions (Acres) | a | 48,000 | ||||
Total TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Sales | $ 131 | ||||
Total TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Land Sales | $ 131 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating Income (Loss) | $ 115 | $ 91 | $ 221 | $ 230 |
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Total Interest Expense, net | (41) | (41) | (124) | (124) |
Income before Income Taxes | 99 | 65 | 163 | 150 |
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) | 142 | 103 | 285 | 272 |
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) | (21) | (13) | (60) | (48) |
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) | 0 | 0 | 3 | 2 |
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating Income (Loss) | 115 | 91 | 221 | 230 |
Earnings from Unconsolidated Entities | 25 | 15 | 66 | 44 |
Total Interest Expense, net | (27) | (27) | (81) | (81) |
Income before Income Taxes | 113 | 79 | 206 | 193 |
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) | 142 | 103 | 285 | 272 |
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) | (21) | (13) | (60) | (48) |
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) | 0 | 0 | 3 | 2 |
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 | 19 | 16 | 59 | 48 |
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 | $ 19 | $ 16 | $ 59 | $ 48 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - PLUM CREEK TIMBER CO INC [Member] $ / shares in Units, $ in Millions | Nov. 03, 2015USD ($)$ / shares |
Dividends Payable [Line Items] | |
Dividend Payment per Share | $ / shares | $ 0.44 |
Dividend Payment, Approximately | $ 77 |
Supplemental Disclosures (Detai
Supplemental Disclosures (Details) $ in Millions | Sep. 30, 2015USD ($) |
PLUM CREEK TIMBERLANDS L P [Member] | |
Supplemental Disclosures [Line Items] | |
Senior Notes Short and Long Term Aggregate | $ 1,333 |