PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
| | | | | | | | |
| (In Millions, Except Per Share Amounts) | | Year Ended December 31, |
| | 2015 | | 2014 |
REVENUES: | | | | |
| Timber | | $ | 724 |
| | $ | 767 |
|
| Real Estate | | 318 |
| | 289 |
|
| Manufacturing | | 350 |
| | 368 |
|
| Energy and Natural Resources | | 37 |
| | 34 |
|
| Other | | 16 |
| | 18 |
|
| Total Revenues | | 1,445 |
| | 1,476 |
|
| | | | | |
COSTS AND EXPENSES: | | | | |
| Cost of Goods Sold: | | | | |
| Timber | | 538 |
| | 555 |
|
| Real Estate | | 166 |
| | 151 |
|
| Manufacturing | | 307 |
| | 322 |
|
| Energy and Natural Resources | | 11 |
| | 10 |
|
| Other | | 15 |
| | 16 |
|
| Total Cost of Goods Sold | | 1,037 |
| | 1,054 |
|
| Selling, General and Administrative | | 150 |
| | 115 |
|
| Total Costs and Expenses | | 1,187 |
| | 1,169 |
|
| | | | | |
| Other Operating Income (Expense), net | | 16 |
| | 15 |
|
| | | | | |
| Operating Income | | 274 |
| | 322 |
|
| | | | | |
| Earnings from Unconsolidated Entities | | 83 |
| | 66 |
|
| | | | | |
| Interest Expense, net: | | | | |
| Interest Expense (Debt Obligations to Unrelated Parties) | | 105 |
| | 108 |
|
| Interest Expense (Note Payable to Timberland Venture) | | 58 |
| | 58 |
|
| Total Interest Expense, net | | 163 |
| | 166 |
|
| | | | | |
| Income before Income Taxes | | 194 |
| | 222 |
|
| | | | | |
| Provision (Benefit) for Income Taxes | | (3 | ) | | 8 |
|
| | | | | |
| Net Income | | $ | 197 |
| | $ | 214 |
|
| | | | | |
PER SHARE AMOUNTS: | | | | |
| | | | | |
| Net Income per Share – Basic | | $ | 1.12 |
| | $ | 1.21 |
|
| Net Income per Share – Diluted | | $ | 1.12 |
| | $ | 1.21 |
|
| | | | | |
| Weighted-Average Number of Shares Outstanding | | | | |
| – Basic | | 174.9 |
| | 176.7 |
|
| – Diluted | | 175.2 |
| | 177.0 |
|
| | | | | |
| | | | | |
| SUPPLEMENTAL INCOME STATEMENT INFORMATION: | | | | |
| Equity Earnings from Timberland Venture | | $ | 77 |
| | $ | 63 |
|
| Equity Earnings (Loss) from Real Estate Development Ventures | | 6 |
| | 3 |
|
| Earnings from Unconsolidated Entities | | $ | 83 |
| | $ | 66 |
|
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
| | | | | | | | |
| (In Millions, Except Per Share Amounts) | | Quarter Ended December 31, |
| | 2015 | | 2014 |
REVENUES: | | | | |
| Timber | | $ | 176 |
| | $ | 204 |
|
| Real Estate | | 55 |
| | 120 |
|
| Manufacturing | | 79 |
| | 93 |
|
| Energy and Natural Resources | | 13 |
| | 8 |
|
| Other | | — |
| | 3 |
|
| Total Revenues | | 323 |
| | 428 |
|
| | | | | |
COSTS AND EXPENSES: | | | | |
| Cost of Goods Sold: | | | | |
| Timber | | 133 |
| | 148 |
|
| Real Estate | | 22 |
| | 76 |
|
| Manufacturing | | 71 |
| | 81 |
|
| Energy and Natural Resources | | 3 |
| | 2 |
|
| Other | | 1 |
| | 2 |
|
| Total Cost of Goods Sold | | 230 |
| | 309 |
|
| Selling, General and Administrative | | 50 |
| | 33 |
|
| Total Costs and Expenses | | 280 |
| | 342 |
|
| | | | | |
| Other Operating Income (Expense), net | | 10 |
| | 6 |
|
| | | | | |
| Operating Income | | 53 |
| | 92 |
|
| | | | | |
| Earnings from Unconsolidated Entities | | 17 |
| | 22 |
|
| | | | | |
| Interest Expense, net: | | | | |
| Interest Expense (Debt Obligations to Unrelated Parties) | | 24 |
| | 27 |
|
| Interest Expense (Note Payable to Timberland Venture) | | 15 |
| | 15 |
|
| Total Interest Expense, net | | 39 |
| | 42 |
|
| | | | | |
| Income before Income Taxes | | 31 |
| | 72 |
|
| | | | | |
| Provision (Benefit) for Income Taxes | | (3 | ) | | 4 |
|
| | | | | |
| Net Income | | $ | 34 |
| | $ | 68 |
|
| | | | | |
PER SHARE AMOUNTS: | | | | |
| | | | | |
| Net Income per Share – Basic | | $ | 0.19 |
| | $ | 0.39 |
|
| Net Income per Share – Diluted | | $ | 0.19 |
| | $ | 0.39 |
|
| | | | | |
| Weighted-Average Number of Shares Outstanding | | | | |
| – Basic | | 173.8 |
| | 175.9 |
|
| – Diluted | | 174.2 |
| | 176.2 |
|
| | | | | |
| | | | | |
| SUPPLEMENTAL INCOME STATEMENT INFORMATION: | | | | |
| Equity Earnings from Timberland Venture | | $ | 18 |
| | $ | 15 |
|
| Equity Earnings (Loss) from Real Estate Development Ventures | | (1 | ) | | 7 |
|
| Earnings from Unconsolidated Entities | | $ | 17 |
| | $ | 22 |
|
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
| | | | | | | | |
| (In Millions, Except Per Share Amounts) | | December 31,
2015 | | December 31,
2014 |
ASSETS | | | | |
| Current Assets: | | | | |
| Cash and Cash Equivalents | | $ | 88 |
| | $ | 92 |
|
| Accounts Receivable | | 32 |
| | 38 |
|
| Inventories | | 57 |
| | 61 |
|
| Deferred Tax Asset | | 13 |
| | 6 |
|
| Assets Held for Sale | | 24 |
| | 98 |
|
| Other Current Assets | | 16 |
| | 15 |
|
| | | 230 |
| | 310 |
|
| | | | | |
| Timber and Timberlands, net | | 3,910 |
| | 4,009 |
|
| Minerals and Mineral Rights, net | | 281 |
| | 289 |
|
| Property, Plant and Equipment, net | | 113 |
| | 120 |
|
| Equity Investment in Timberland Venture | | 235 |
| | 217 |
|
| Equity Investment in Real Estate Development Ventures | | 102 |
| | 126 |
|
| Deferred Tax Asset | | 24 |
| | 23 |
|
| Investment in Grantor Trusts (at Fair Value) | | 54 |
| | 48 |
|
| Other Assets | | 41 |
| | 45 |
|
| Total Assets | | $ | 4,990 |
| | $ | 5,187 |
|
| | | | | |
LIABILITIES | | | | |
| Current Liabilities: | | | | |
| Current Portion of Long-Term Debt | | $ | — |
| | $ | 439 |
|
| Line of Credit | | 519 |
| | 95 |
|
| Accounts Payable | | 22 |
| | 27 |
|
| Interest Payable | | 19 |
| | 22 |
|
| Wages Payable | | 31 |
| | 31 |
|
| Taxes Payable | | 10 |
| | 10 |
|
| Deferred Revenue | | 23 |
| | 23 |
|
| Other Current Liabilities | | 46 |
| | 10 |
|
| | | 670 |
| | 657 |
|
| | | | | |
| Long-Term Debt | | 1,976 |
| | 1,976 |
|
| Note Payable to Timberland Venture | | 783 |
| | 783 |
|
| Other Liabilities | | 83 |
| | 100 |
|
| Total Liabilities | | 3,512 |
| | 3,516 |
|
| | | | | |
| Commitments and Contingencies | | | | |
| | | | | |
STOCKHOLDERS’ EQUITY | | | | |
| Preferred Stock, $0.01 Par Value, Authorized Shares – 75.0, Outstanding – None | | — |
| | — |
|
| Common Stock, $0.01 Par Value, Authorized Shares – 300.6, Outstanding (net of Treasury Stock) – 174.2 at December 31, 2015 and 175.9 at December 31, 2014 | | 2 |
| | 2 |
|
| Additional Paid-In Capital | | 2,988 |
| | 2,955 |
|
| Retained Earnings (Accumulated Deficit) | | (382 | ) | | (271 | ) |
| Treasury Stock, at Cost, Common Shares – 30.8 at December 31, 2015 and 28.3 at December 31, 2014 | | (1,094 | ) | | (992 | ) |
| Accumulated Other Comprehensive Income (Loss) | | (36 | ) | | (23 | ) |
| Total Stockholders’ Equity | | 1,478 |
| | 1,671 |
|
| Total Liabilities and Stockholders’ Equity | | $ | 4,990 |
| | $ | 5,187 |
|
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
| | | | | | | | |
| | | Year Ended December 31, |
| (In Millions) | | 2015 | | 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| Net Income | | $ | 197 |
| | $ | 214 |
|
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | | | | |
| Depreciation, Depletion and Amortization (Includes $2 MDF Fire Impairment Loss in 2014) | | 133 |
| | 138 |
|
| Basis of Real Estate Sold | | 148 |
| | 129 |
|
| Earnings from Unconsolidated Entities | | (83 | ) | | (66 | ) |
| Distributions from Timberland Venture | | 59 |
| | 57 |
|
| Distributions from Real Estate Development Ventures | | 6 |
| | 2 |
|
| Deferred Income Taxes | | (8 | ) | | 4 |
|
| Pension Plan Contributions | | (9 | ) | | (9 | ) |
| Realized Gains from Sales of Marketable Securities | | (10 | ) | | — |
|
| Working Capital Changes | | 9 |
| | (11 | ) |
| Other | | 21 |
| | (1 | ) |
| Net Cash Provided By (Used In) Operating Activities | | 463 |
| | 457 |
|
| | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Capital Expenditures, Excluding Timberland Acquisitions (Includes $12 MDF Replacement Capital in 2014) | | (82 | ) | | (89 | ) |
| Timberlands Acquired | | (7 | ) | | — |
|
| Contributions to Real Estate Development Ventures | | (5 | ) | | (9 | ) |
| Distributions from Real Estate Development Ventures | | 29 |
| | 23 |
|
| Insurance Recoveries (Property Damage) | | 2 |
| | 10 |
|
| Proceeds from Sale of Properties and Other Assets | | 4 |
| | — |
|
| Investments in Assets Held in Grantor Trust | | (39 | ) | | (1 | ) |
| Sales of Marketable Securities Held in Grantor Trust | | 33 |
| | — |
|
| Other | | (1 | ) | | 1 |
|
| Net Cash Provided By (Used In) Investing Activities | | (66 | ) | | (65 | ) |
| | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
| Dividends | | (308 | ) | | (312 | ) |
| Borrowings on Line of Credit | | 1,008 |
| | 1,307 |
|
| Repayments on Line of Credit | | (584 | ) | | (1,679 | ) |
| Principal Payments and Retirement of Long-Term Debt | | (439 | ) | | — |
|
| Proceeds from Stock Option Exercises | | 24 |
| | 3 |
|
| Acquisition of Treasury Stock | | (102 | ) | | (52 | ) |
| Net Cash Provided By (Used In) Financing Activities | | (401 | ) | | (733 | ) |
| | | | | |
| Increase (Decrease) In Cash and Cash Equivalents | | (4 | ) | | (341 | ) |
| Cash and Cash Equivalents: | | | | |
| Beginning of Period | | 92 |
| | 433 |
|
| | | | | |
| End of Period | | $ | 88 |
| | $ | 92 |
|
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
| | | | | | | | |
| | | Quarter Ended December 31, |
| (In Millions) | | 2015 | | 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| Net Income | | $ | 34 |
| | $ | 68 |
|
| Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |
| |
|
| Depreciation, Depletion and Amortization | | 34 |
| | 37 |
|
| Basis of Real Estate Sold | | 17 |
| | 69 |
|
| Earnings from Unconsolidated Entities | | (17 | ) | | (22 | ) |
| Distributions from Real Estate Development Ventures | | (1 | ) | | 2 |
|
| Deferred Income Taxes | | (3 | ) | | 2 |
|
| Pension Plan Contributions | | (9 | ) | | (9 | ) |
| Realized Gains from Sales of Marketable Securities | | (9 | ) | | — |
|
| Working Capital Changes | | (16 | ) | | (15 | ) |
| Other | | 11 |
| | 3 |
|
| Net Cash Provided By (Used In) Operating Activities | | 41 |
| | 135 |
|
| | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Capital Expenditures, Excluding Timberland Acquisitions (Includes $3 MDF Fire Replacement Capital in 2014) | | (21 | ) | | (24 | ) |
| Timberlands Acquired | | — |
| | — |
|
| Distributions from Real Estate Development Ventures | | 5 |
| | 18 |
|
| Insurance Recoveries (Property Damage) | | — |
| | 7 |
|
| Proceeds from Sale of Properties and Other Assets | | 4 |
| | — |
|
| Investments in Assets Held in Grantor Trust | | (37 | ) | | (1 | ) |
| Sales of Marketable Securities Held in Grantor Trust | | 30 |
| | — |
|
| Other | | — |
| | 1 |
|
| Net Cash Provided By (Used In) Investing Activities | | (19 | ) | | 1 |
|
| | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
| Dividends | | (76 | ) | | (78 | ) |
| Borrowings on Line of Credit | | 634 |
| | 322 |
|
| Repayments on Line of Credit | | (157 | ) | | (379 | ) |
| Principal Payments and Retirement of Long-Term Debt | | (439 | ) | | — |
|
| Proceeds from Stock Option Exercises | | 23 |
| | 1 |
|
| Net Cash Provided By (Used In) Financing Activities | | (15 | ) | | (134 | ) |
| | | | | |
| Increase (Decrease) In Cash and Cash Equivalents | | 7 |
| | 2 |
|
| Cash and Cash Equivalents: | | | | |
| Beginning of Period | | 81 |
| | 90 |
|
| | | | | |
| End of Period | | $ | 88 |
| | $ | 92 |
|
PLUM CREEK TIMBER COMPANY, INC.
SEGMENT DATA
(UNAUDITED)
|
| | | | | | | | |
| | | Year Ended December 31, |
| (In Millions) | | 2015 | | 2014 |
| Revenues: | | | | |
| Northern Resources | | $ | 228 |
| | $ | 264 |
|
| Southern Resources | | 521 |
| | 531 |
|
| Real Estate | | 318 |
| | 289 |
|
| Manufacturing | | 350 |
| | 368 |
|
| Energy and Natural Resources | | 37 |
| | 34 |
|
| Other | | 16 |
| | 18 |
|
| Eliminations | | (25 | ) | | (28 | ) |
| Total Revenues | | $ | 1,445 |
| | $ | 1,476 |
|
| | | | | |
| Operating Income (Loss): | | | | |
| Northern Resources | | $ | 27 |
| | $ | 44 |
|
| Southern Resources | | 123 |
| | 137 |
|
| Real Estate | | 144 |
| | 133 |
|
Manufacturing (A) | | 35 |
| | 49 |
|
Energy and Natural Resources (B) | | 25 |
| | 25 |
|
Other (C) | | 6 |
| | 2 |
|
| Other Costs and Eliminations, net | | (80 | ) | | (65 | ) |
| Total Operating Income | | $ | 280 |
| | $ | 325 |
|
| | | | | |
Adjusted EBITDA by Segment: (D) | | | | |
| Northern Resources | | $ | 53 |
| | $ | 72 |
|
| Southern Resources | | 207 |
| | 219 |
|
| Real Estate | | 293 |
| | 263 |
|
| Manufacturing | | 45 |
| | 65 |
|
| Energy and Natural Resources | | 34 |
| | 33 |
|
| Other | | 25 |
| | 17 |
|
| Other Costs and Eliminations, net | | (78 | ) | | (64 | ) |
| Total | | $ | 579 |
| | $ | 605 |
|
(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. During 2015 and 2014, we recorded gains related to insurance recoveries of $3 million and $13 million, 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 our Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income.
(B) During the fourth quarter of 2014, the company agreed to terminate a land lease for consideration of $2 million from the lessor. The land lease had been accounted for as an operating lease. The $2 million consideration is reported as Other Operating Gain in our Energy and Natural Resources Segment as it was primarily for the release of mineral rights and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income.
(C) 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 $3 million were recorded for 2015 and 2014, respectively.
(D) Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities.
PLUM CREEK TIMBER COMPANY, INC.
SEGMENT DATA
(UNAUDITED)
|
| | | | | | | | |
| | | Quarter Ended December 31, |
| (In Millions) | | 2015 | | 2014 |
| Revenues: | | | | |
| Northern Resources | | $ | 56 |
| | $ | 66 |
|
| Southern Resources | | 128 |
| | 145 |
|
| Real Estate | | 55 |
| | 120 |
|
| Manufacturing | | 79 |
| | 93 |
|
| Energy and Natural Resources | | 13 |
| | 8 |
|
| Other | | — |
| | 3 |
|
| Eliminations | | (8 | ) | | (7 | ) |
| Total Revenues | | $ | 323 |
| | $ | 428 |
|
| | | | | |
| Operating Income (Loss): | | | | |
| Northern Resources | | $ | 5 |
| | $ | 10 |
|
| Southern Resources | | 27 |
| | 38 |
|
Real Estate | | 30 |
| | 42 |
|
Manufacturing (A) | | 4 |
| | 14 |
|
Energy and Natural Resources (B) | | 10 |
| | 7 |
|
Other (C) | | (1 | ) | | 7 |
|
| Other Costs and Eliminations, net | | (23 | ) | | (19 | ) |
| Total Operating Income | | $ | 52 |
| | $ | 99 |
|
| | | | | |
Adjusted EBITDA by Segment: (D) | | | | |
| Northern Resources | | $ | 11 |
| | $ | 17 |
|
| Southern Resources | | 49 |
| | 61 |
|
| Real Estate | | 48 |
| | 111 |
|
| Manufacturing | | 6 |
| | 18 |
|
| Energy and Natural Resources | | 12 |
| | 9 |
|
| Other | | 3 |
| | 19 |
|
| Other Costs and Eliminations, net | | (22 | ) | | (19 | ) |
| Total | | $ | 107 |
| | $ | 216 |
|
(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. During the fourth quarters of 2015 and 2014, we recorded gains related to insurance recoveries of $0 and $4 million, 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 our Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income.
(B) During the fourth quarter of 2014, the company agreed to terminate a land lease for consideration of $2 million from the lessor. The land lease had been accounted for as an operating lease. The $2 million consideration is reported as Other Operating Gain in our Energy and Natural Resources Segment as it was primarily for the release of mineral rights and is included in Other Operating Income (Expense), net in the Consolidated Statements of Income.
(C) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income (Loss) for the Other Segment. An equity loss of $1 million and equity earnings of $7 million were recorded for the quarterly periods ended December 31, 2015 and December 31, 2014, respectively.
(D) Refer to the separate schedule, "Segment Data - Adjusted EBITDA" for reconciliations of Adjusted EBITDA to operating income and net cash provided by operating activities.
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2015 |
| | | | | 1st Qtr | | 2nd Qtr | | 3rd Qtr | | 4th Qtr | | YTD |
| Sales Realization | | Units | | | | | | | | | | |
| Southern Resources | | | | | | | | | | | | |
| Sawlog | | $/Ton Stumpage | | $ | 23 |
| | $ | 22 |
| | $ | 22 |
| | $ | 21 |
| | $ | 22 |
|
| Pulpwood | | $/Ton Stumpage | | $ | 13 |
| | $ | 13 |
| | $ | 13 |
| | $ | 13 |
| | $ | 13 |
|
| Northern Resources | | | | | | | | | | | | |
| Sawlog | | $/Ton Delivered | | $ | 86 |
| | $ | 79 |
| | $ | 82 |
| | $ | 79 |
| | $ | 82 |
|
| Pulpwood | | $/Ton Delivered | | $ | 48 |
| | $ | 47 |
| | $ | 50 |
| | $ | 49 |
| | $ | 49 |
|
| | | | | | | | | | | | | |
Lumber (1) | | $/MBF | | $ | 534 |
| | $ | 422 |
| | $ | 398 |
| | $ | 379 |
| | $ | 441 |
|
Plywood (1) | | $/MSF | | $ | 504 |
| | $ | 520 |
| | $ | 512 |
| | $ | 509 |
| | $ | 511 |
|
Fiberboard (1) | | $/MSF | | $ | 687 |
| | $ | 685 |
| | $ | 677 |
| | $ | 677 |
| | $ | 682 |
|
| | | | | | | | | | | | | |
| Sales Volume | | | | | | | | | | | | |
| Southern Resources | | | | | | | | | | | | |
| Sawlog | | 1,000 Tons | | 1,527 |
| | 1,499 |
| | 1,596 |
| | 1,483 |
| | 6,105 |
|
| Pulpwood | | 1,000 Tons | | 2,095 |
| | 2,270 |
| | 2,376 |
| | 2,309 |
| | 9,050 |
|
| Total Harvest | | | | 3,622 |
| | 3,769 |
| | 3,972 |
| | 3,792 |
| | 15,155 |
|
| Northern Resources | | | | | | | | | | | | |
| Sawlog | | 1,000 Tons | | 570 |
| | 434 |
| | 429 |
| | 472 |
| | 1,905 |
|
| Pulpwood | | 1,000 Tons | | 460 |
| | 306 |
| | 429 |
| | 394 |
| | 1,589 |
|
| Total Harvest | | | | 1,030 |
| | 740 |
| | 858 |
| | 866 |
| | 3,494 |
|
| | | | | | | | | | | | | |
| Lumber | | MBF | | 36,083 |
| | 30,510 |
| | 27,862 |
| | 25,888 |
| | 120,343 |
|
| Plywood | | MSF | | 47,530 |
| | 45,265 |
| | 45,532 |
| | 39,967 |
| | 178,294 |
|
| Fiberboard | | MSF | | 54,053 |
| | 59,374 |
| | 56,713 |
| | 51,362 |
| | 221,502 |
|
| | | | | | | | | | | | | |
| | | | | 2014 |
| | | | | 1st Qtr | | 2nd Qtr | | 3rd Qtr | | 4th Qtr | | YTD |
| Sales Realization | | Units | | | | | | | | | | |
| Southern Resources | | | | | | | | | | | | |
| Sawlog | | $/Ton Stumpage | | $ | 22 |
| | $ | 22 |
| | $ | 22 |
| | $ | 23 |
| | $ | 22 |
|
| Pulpwood | | $/Ton Stumpage | | $ | 12 |
| | $ | 12 |
| | $ | 12 |
| | $ | 13 |
| | $ | 12 |
|
| Northern Resources | | | | | | | | | | | | |
| Sawlog | | $/Ton Delivered | | $ | 86 |
| | $ | 83 |
| | $ | 86 |
| | $ | 86 |
| | $ | 85 |
|
| Pulpwood | | $/Ton Delivered | | $ | 43 |
| | $ | 41 |
| | $ | 46 |
| | $ | 45 |
| | $ | 44 |
|
| | | | | | | | | | | | | |
Lumber (1) | | $/MBF | | $ | 573 |
| | $ | 594 |
| | $ | 579 |
| | $ | 556 |
| | $ | 576 |
|
Plywood (1) | | $/MSF | | $ | 451 |
| | $ | 468 |
| | $ | 498 |
| | $ | 507 |
| | $ | 483 |
|
Fiberboard (1) | | $/MSF | | $ | 678 |
| | $ | 675 |
| | $ | 677 |
| | $ | 673 |
| | $ | 676 |
|
| | | | | | | | | | | | | |
| Sales Volume | | | | | | | | | | | | |
| Southern Resources | | | | | | | | | | | | |
| Sawlog | | 1,000 Tons | | 1,550 |
| | 1,619 |
| | 1,644 |
| | 1,657 |
| | 6,470 |
|
| Pulpwood | | 1,000 Tons | | 2,054 |
| | 2,159 |
| | 2,395 |
| | 2,675 |
| | 9,283 |
|
| Total Harvest | | | | 3,604 |
| | 3,778 |
| | 4,039 |
| | 4,332 |
| | 15,753 |
|
| Northern Resources | | | | | | | | | | | | |
| Sawlog | | 1,000 Tons | | 667 |
| | 499 |
| | 595 |
| | 549 |
| | 2,310 |
|
| Pulpwood | | 1,000 Tons | | 470 |
| | 248 |
| | 430 |
| | 427 |
| | 1,575 |
|
| Total Harvest | | | | 1,137 |
| | 747 |
| | 1,025 |
| | 976 |
| | 3,885 |
|
| | | | | | | | | | | | | |
| Lumber | | MBF | | 37,703 |
| | 39,697 |
| | 40,445 |
| | 36,020 |
| | 153,865 |
|
| Plywood | | MSF | | 39,188 |
| | 37,620 |
| | 46,693 |
| | 43,323 |
| | 166,824 |
|
| Fiberboard | | MSF | | 50,681 |
| | 54,831 |
| | 48,810 |
| | 49,704 |
| | 204,026 |
|
(1) Represents prices at mill level.
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| | | 2015 |
| | | 1st Qtr | | 2nd Qtr | | 3rd Qtr | | 4th Qtr | | YTD |
| Acres Sold | | | | | | | | | | |
| Small Non-strategic | | 2,060 |
| | 1,515 |
| | 1,060 |
| | 12,420 |
| | 17,055 |
|
Large Non-strategic (1) | | — |
| | — |
| | 97,715 |
| | — |
| | 97,715 |
|
Conservation (2) | | 121,160 |
| | 6,610 |
| | — |
| | 4,605 |
| | 132,375 |
|
| HBU/Recreation | | 8,010 |
| | 8,005 |
| | 3,735 |
| | 16,955 |
| | 36,705 |
|
| Development Properties | | — |
| | — |
| | — |
| | — |
| | — |
|
| Conservation Easements | | n/a |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
|
| | | 131,230 |
| | 16,130 |
| | 102,510 |
| | 33,980 |
| | 283,850 |
|
| Price per Acre | | | | | | | | | | |
| Small Non-strategic | | $ | 1,335 |
| | $ | 955 |
| | $ | 650 |
| | $ | 1,390 |
| | $ | 1,300 |
|
| Large Non-strategic | | $ | — |
| | $ | — |
| | $ | 1,230 |
| | $ | — |
| | $ | 1,230 |
|
| Conservation | | $ | 728 |
| | $ | 860 |
| | $ | — |
| | $ | 800 |
| | $ | 740 |
|
| HBU/Recreation | | $ | 2,210 |
| | $ | 2,255 |
| | $ | 2,015 |
| | $ | 1,905 |
| | $ | 2,060 |
|
| Development Properties | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| Conservation Easements | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 665 |
| | $ | 665 |
|
| | | | | | | | | | | |
| Revenue, ($ millions) | | | | | | | | | | |
| Small Non-strategic | | $ | 3 |
| | $ | 1 |
| | $ | 1 |
| | $ | 17 |
| | $ | 22 |
|
| Large Non-strategic | | $ | — |
| | $ | — |
| | $ | 120 |
| | $ | — |
| | $ | 120 |
|
| Conservation | | $ | 88 |
| | $ | 6 |
| | $ | — |
| | $ | 4 |
| | $ | 98 |
|
| HBU/Recreation | | $ | 18 |
| | $ | 18 |
| | $ | 8 |
| | $ | 32 |
| | $ | 76 |
|
| Development Properties | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| Conservation Easements | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2 |
| | $ | 2 |
|
| | | $ | 109 |
| | $ | 25 |
| | $ | 129 |
| | $ | 55 |
| | $ | 318 |
|
| | | | | | | | | | | |
Basis of Real Estate Sold (3) | | $ | 83 |
| | $ | 9 |
| | $ | 39 |
| | $ | 17 |
| | $ | 148 |
|
| | | 2014 |
| | | 1st Qtr | | 2nd Qtr (4) | | 3rd Qtr | | 4th Qtr | | YTD |
| Acres Sold | | | | | | | | | | |
| Small Non-strategic | | 3,035 |
| | 23,640 |
| | 3,245 |
| | 545 |
| | 30,465 |
|
Large Non-strategic (1) | | — |
| | — |
| | — |
| | 22,920 |
| | 22,920 |
|
Conservation (2) | | 3,415 |
| | 11,875 |
| | 2,455 |
| | 48,270 |
| | 66,015 |
|
| HBU/Recreation | | 4,125 |
| | 31,530 |
| | 25,775 |
| | 3,185 |
| | 64,615 |
|
| Development Properties | | — |
| | — |
| | — |
| | — |
| | — |
|
| Conservation Easements | | n/a |
| | n/a |
| | n/a |
| | n/a |
| | n/a |
|
| | | 10,575 |
| | 67,045 |
| | 31,475 |
| | 74,920 |
| | 184,015 |
|
| Price per Acre | | | | | | | | | | |
| Small Non-strategic | | $ | 1,325 |
| | $ | 790 |
| | $ | 1,030 |
| | $ | 1,300 |
| | $ | 880 |
|
| Large Non-strategic | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2,845 |
| | $ | 2,845 |
|
| Conservation | | $ | 1,685 |
| | $ | 635 |
| | $ | 1,230 |
| | $ | 950 |
| | $ | 945 |
|
| HBU/Recreation | | $ | 2,200 |
| | $ | 1,485 |
| | $ | 2,445 |
| | $ | 2,545 |
| | $ | 1,965 |
|
| Development Properties | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| Conservation Easements | | $ | 340 |
| | $ | 300 |
| | $ | — |
| | $ | — |
| | $ | 320 |
|
| | | | | | | | | | | |
| Revenue, ($ millions) | | | | | | | | | | |
| Small Non-strategic | | $ | 4 |
| | $ | 19 |
| | $ | 3 |
| | $ | 1 |
| | $ | 27 |
|
| Large Non-strategic | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 65 |
| | $ | 65 |
|
| Conservation | | $ | 6 |
| | $ | 8 |
| | $ | 3 |
| | $ | 46 |
| | $ | 63 |
|
| HBU/Recreation | | $ | 9 |
| | $ | 46 |
| | $ | 63 |
| | $ | 8 |
| | $ | 126 |
|
| Development Properties | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
| Conservation Easements | | $ | 4 |
| | $ | 4 |
| | $ | — |
| | $ | — |
| | $ | 8 |
|
| | | $ | 23 |
| | $ | 77 |
| | $ | 69 |
| | $ | 120 |
| | $ | 289 |
|
| | | | | | | | | | | |
Basis of Real Estate Sold (3) | | $ | 6 |
| | $ | 25 |
| | $ | 29 |
| | $ | 69 |
| | $ | 129 |
|
Plum Creek Timber Company, Inc.
Notes to Land Sale Statistics
(Unaudited)
(1) During the third quarter of 2015 the company sold 97,715 acres of Large Non-strategic lands located in Florida for $120 million. During the fourth quarter of 2014, the company sold 15,185 acres of Large Non-strategic lands located in Alabama for $36.2 million and 7,735 acres of Large Non-strategic lands located in Oregon for $29.0 million.
(2) During the first quarter of 2015 the company sold 117,400 acres in Montana for $85.1 million. During the fourth quarter of 2014, the company sold 47,800 acres in Washington for $45.6 million.
(3) Includes $37.1 million in the third quarter of 2015 for a 97,715 acre sale located in Florida, and $71.8 million in the first quarter of 2015 for a 117,400 acre sale located in Montana. Also includes $50 million in the fourth quarter of 2014 for a 47,800 acre sale located in Washington, $4 million in the fourth quarter of 2014 for a 7,735 acre sale located in Oregon and $11.5 million in the fourth quarter of 2014 for a 15,185 Large Non-strategic sale located in Alabama. Includes $12 million in the second quarter of 2014 for a 49,400 acre sale located in Wisconsin.
(4) During the second quarter of 2014, the company sold approximately 49,400 acres in Wisconsin for $45.3 million. The transaction consisted of approximately 22,400 acres of HBU/ Recreation property with an estimated value of $28.7 million, approximately 17,000 acres of Small Non-strategic property with an estimated value of $11.6 million and approximately 10,000 acres of Conservation property with an estimated value of $5.0 million.
Plum Creek Timber Company, Inc.
Acreage Ownership by State
December 31, 2015
(Unaudited)
|
| | | |
| Alabama | | 137,000 |
|
| Arkansas | | 708,000 |
|
| Florida | | 315,000 |
|
| Georgia | | 775,000 |
|
| Louisiana | | 395,000 |
|
| Maine | | 852,000 |
|
| Michigan | | 567,000 |
|
| Mississippi | | 570,000 |
|
| Montana | | 769,000 |
|
| New Hampshire | | 24,000 |
|
| North Carolina | | 3,000 |
|
| Oregon | | 334,000 |
|
| South Carolina | | 332,000 |
|
| Texas | | 2,000 |
|
| Vermont | | 86,000 |
|
| Virgina | | 125,000 |
|
| Washington | | 29,000 |
|
| West Virginia | | 258,000 |
|
| Wisconsin | | 4,000 |
|
| Total | | 6,285,000 |
|
PLUM CREEK TIMBER COMPANY, INC.
MEDIUM DENSITY FIBERBOARD ("MDF") FACILITY FIRE - OPERATING RESULTS IMPACT
December 31, 2015
(UNAUDITED)
On June 10, 2014, we experienced a fire at our MDF facility. Production at the facility resumed on July 10, 2014. The schedule below details the components that impacted operating income in each quarter of 2014 and 2015, and for each of the full years.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2014 | | 2015 |
| (In Millions) | | 2nd Qtr | | 3rd Qtr | | 4th Qtr | | Total | | 1st Qtr | | 2nd Qtr | | 3rd Qtr | | 4th Qtr | | Total |
| Impacts on Operating Results: | | | | | | | | | | | | | | | | | | |
| Foregone MDF Income | | $ | (4 | ) | | $ | — |
| | $ | — |
| | $ | (4 | ) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
Business Interruption Recoveries(1) | | $ | — |
| | $ | — |
| | $ | 3 |
| | $ | 3 |
| | $ | — |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | 1 |
|
| Loss on Property, Plant and Equipment | | $ | (2 | ) | | $ | — |
| | $ | — |
| | $ | (2 | ) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
Property Insurance Recoveries(1) | | $ | 4 |
| | $ | 5 |
| | $ | 1 |
| | $ | 10 |
| | $ | — |
| | $ | 1 |
| | $ | 1 |
| | $ | — |
| | $ | 2 |
|
| Net Impact on Manufacturing Operating Income | | $ | (2 | ) | | $ | 5 |
| | $ | 4 |
| | $ | 7 |
| | $ | — |
| | $ | 2 |
| | $ | 1 |
| | $ | — |
| | $ | 3 |
|
| Impact on Net Income | | $ | (1 | ) | | $ | 3 |
| | $ | 2 |
| | $ | 4 |
| | $ | — |
| | $ | 1 |
| | $ | 1 |
| | $ | — |
| | $ | 2 |
|
| Impact on Diluted EPS | | $ | (0.01 | ) | | $ | 0.02 |
| | $ | 0.01 |
| | $ | 0.02 |
| | $ | — |
| | $ | 0.01 |
| | $ | — |
| | $ | — |
| | $ | 0.01 |
|
(1) The insurance recoveries reflect the impact of our cumulative $1 million deductible. Business interruption recoveries of $3 million and $1 million were recorded in the fourth quarter of 2014 and the second quarter of 2015, respectively, when the cash payments were received. Property insurance recoveries were recorded as repair expenditures were incurred by the company. As of December 31, 2015 $16 million of cash payments from insurance recoveries have been received.
Plum Creek Timber Company, Inc.
Segment Data - Adjusted EBITDA
Reconciliation of Operating Income and Net Cash
Provided by Operating Activities
(Unaudited)
We define Adjusted EBITDA as earnings from continuing operations, excluding Equity Earnings from the Timberland Venture, and before interest expense (including any gains or losses from extinguishment of debt), taxes, depreciation, depletion, amortization, and basis in real estate sold. In addition to including Equity Earnings or Loss from Real Estate Development Ventures in Adjusted EBITDA, we also include, as an add back to Operating Income for the Other Segment, our proportional share of depreciation, depletion, amortization, and basis in real estate sold from this equity method investment. Adjusted EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (U.S. GAAP) and the items excluded from Adjusted EBITDA are significant components of our consolidated financial statements.
We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in real estate sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.
A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:
|
| | | | | | | | | | | | | | | | |
| | | Year Ended December 31, 2015 |
| | | | | | | | | |
| | | Operating Income | | Depreciation, Depletion and Amortization | | Basis of Real Estate Sold | | Adjusted EBITDA |
By Segment (1) | | | | | | | | |
| Northern Resources | | $ | 27 |
| | $ | 26 |
| | $ | — |
| | $ | 53 |
|
| Southern Resources | | 123 |
| | 84 |
| | — |
| | 207 |
|
| Real Estate | | 144 |
| | 1 |
| | 148 |
| | 293 |
|
| Manufacturing | | 35 |
| | 10 |
| | — |
| | 45 |
|
| Energy and Natural Resources | | 25 |
| | 9 |
| | — |
| | 34 |
|
| Other | | 6 |
| | 1 |
| | 18 |
| | 25 |
|
| Other Costs and Eliminations | | (93 | ) | | 2 |
| | — |
| | (91 | ) |
| Other Unallocated Operating Income (Expense), net | | 13 |
| | — |
| | — |
| | 13 |
|
| Total | | $ | 280 |
| | $ | 133 |
| | $ | 166 |
| | $ | 579 |
|
| | | | | | | | | |
Reconciliation to Net Income (2) | | | | | | | | |
| Equity Earnings from Timberland Venture | | 77 |
| | | | | | |
| Interest Expense | | (163 | ) | | | | | | |
| (Provision) Benefit for Income Taxes | | 3 |
| | | | | | |
| Net Income | | $ | 197 |
| | | | | | |
| | | | | | | | | |
Reconciliation to Net Cash Provided By Operating Activities (1) | | | | | | | | |
| Net Cash Flows from Operations | | | | | | | | $ | 463 |
|
| Interest Expense | | | | | | | | 163 |
|
| Amortization of Debt Costs | | | | | | | | (1 | ) |
| Provision / (Benefit) for Income Taxes | | | | | | | | (3 | ) |
| Distributions from Timberland Venture | | | | | | | | (59 | ) |
| Distributions from Real Estate Development Ventures | | | | | | | | (6 | ) |
| Equity Earnings, Depletion, Amortization, and Basis of Real Estate Sold from Real Estate Development Ventures | | | | | | | | 25 |
|
| Deferred Income Taxes | | | | | | | | 8 |
|
| Gain on Sale of Properties and Other Assets | | | | | | | | — |
|
| Timber Deed Acquired | | | | | | | | — |
|
| Pension Plan Contributions | | | | | | | | 9 |
|
| Realized Gains from Sales of Marketable Securities | | | | | | | | 10 |
|
| Working Capital Changes | | | | | | | | (9 | ) |
| Other | | | | | | | | (21 | ) |
| Adjusted EBITDA | | | | | | | | $ | 579 |
|
| | | | | | | | | |
(1) Includes Equity Earnings from Real Estate Development Ventures ($6 million) in Operating Income for the Other Segment, along with our proportional share of depreciation, depletion, amortization ($1 million), and basis in real estate sold ($18 million) from this equity method investment.
(2) Includes reconciling items not allocated to segments for financial reporting purposes.
|
| | | | | | | | | | | | | | | | |
| | | Year Ended December 31, 2014 |
| | | | | | | | | |
| | | Operating Income | | Depreciation, Depletion and Amortization | | Basis of Real Estate Sold | | Adjusted EBITDA |
By Segment (1) | | | | | | | | |
| Northern Resources | | $ | 44 |
| | $ | 28 |
| | $ | — |
| | $ | 72 |
|
| Southern Resources | | 137 |
| | 82 |
| | — |
| | 219 |
|
| Real Estate | | 133 |
| | 1 |
| | 129 |
| | 263 |
|
| Manufacturing | | 49 |
| | 16 |
| | — |
| | 65 |
|
| Energy and Natural Resources | | 25 |
| | 8 |
| | — |
| | 33 |
|
| Other | | 2 |
| | 2 |
| | 13 |
| | 17 |
|
| Other Costs and Eliminations | | (67 | ) | | 1 |
| | — |
| | (66 | ) |
| Other Unallocated Operating Income (Expense), net | | 2 |
| | — |
| | — |
| | 2 |
|
| Total | | $ | 325 |
| | $ | 138 |
| | $ | 142 |
| | $ | 605 |
|
| | | | | | | | | |
Reconciliation to Net Income (2) | | | | | | | | |
| Equity Earnings from Timberland Venture | | 63 |
| | | | | | |
| Interest Expense | | (166 | ) | | | | | | |
| (Provision) Benefit for Income Taxes | | (8 | ) | | | | | | |
| Net Income | | $ | 214 |
| | | | | | |
| | | | | | | | | |
Reconciliation to Net Cash Provided By Operating Activities (1) | | | | | | | | |
| Net Cash Flows from Operations | | | | | | | | $ | 457 |
|
| Interest Expense | | | | | | | | 166 |
|
| Amortization of Debt Costs | | | | | | | | (2 | ) |
| Provision / (Benefit) for Income Taxes | | | | | | | | 8 |
|
| Distributions from Timberland Venture | | | | | | | | (57 | ) |
| Distributions from Real Estate Development Ventures | | | | | | | | (2 | ) |
| Equity Earnings, Depletion, Amortization, and Basis of Real Estate Sold from Real Estate Development Ventures | | | | | | | | 18 |
|
| Deferred Income Taxes | | | | | | | | (4 | ) |
| Gain on Sale of Properties and Other Assets | | | | | | | | — |
|
| Timber Deed Acquired | | | | | | | | — |
|
| Pension Plan Contributions | | | | | | | | 9 |
|
| Working Capital Changes | | | | | | | | 11 |
|
| Other | | | | | | | | 1 |
|
| Adjusted EBITDA | | | | | | | | $ | 605 |
|
| | | | | | | | | |
(1) Includes Equity Earnings from Real Estate Development Ventures ($3 million) in Operating Income for the Other Segment, along with our proportional share of depreciation, depletion, amortization ($2 million), and basis in real estate sold ($13 million) from this equity method investment.
(2) Includes reconciling items not allocated to segments for financial reporting purposes.
|
| | | | | | | | | | | | | | | | |
| | | Quarter Ended December 31, 2015 |
| | | | | | | | | |
| | | Operating Income | | Depreciation, Depletion and Amortization | | Basis of Real Estate Sold | | Adjusted EBITDA |
By Segment (1) | | | | | | | | |
| Northern Resources | | $ | 5 |
| | $ | 6 |
| | $ | — |
| | $ | 11 |
|
| Southern Resources | | 27 |
| | 22 |
| | — |
| | 49 |
|
| Real Estate | | 30 |
| | 1 |
| | 17 |
| | 48 |
|
| Manufacturing | | 4 |
| | 2 |
| | — |
| | 6 |
|
| Energy and Natural Resources | | 10 |
| | 2 |
| | — |
| | 12 |
|
| Other | | (1 | ) | | — |
| | 4 |
| | 3 |
|
| Other Costs and Eliminations | | (33 | ) | | 1 |
| | — |
| | (32 | ) |
| Other Unallocated Operating Income (Expense), net | | 10 |
| | — |
| | — |
| | 10 |
|
| Total | | $ | 52 |
| | $ | 34 |
| | $ | 21 |
| | $ | 107 |
|
| | | | | | | | | |
Reconciliation to Net Income (2) | | | | | | | | |
| Equity Earnings from Timberland Venture | | 18 |
| | | | | | |
| Interest Expense | | (39 | ) | | | | | | |
| (Provision) Benefit for Income Taxes | | 3 |
| | | | | | |
| Net Income | | $ | 34 |
| | | | | | |
| | | | | | | | | |
Reconciliation to Net Cash Provided By Operating Activities (1) | | | | | | | | |
| Net Cash Flows from Operations | | | | | | | | $ | 41 |
|
| Interest Expense | | | | | | | | 39 |
|
| Amortization of Debt Costs | | | | | | | | — |
|
| Provision / (Benefit) for Income Taxes | | | | | | | | (3 | ) |
| Distributions from Timberland Venture | | | | | | | | — |
|
| Distributions from Real Estate Development Ventures | | | | | | | | 1 |
|
| Equity Earnings, Depletion, Amortization, and Basis of Real Estate Sold from Real Estate Development Ventures | | | | | | | | 3 |
|
| Deferred Income Taxes | | | | | | | | 3 |
|
| Gain on Sale of Properties and Other Assets | | | | | | | | — |
|
| Timber Deed Acquired | | | | | | | | — |
|
| Pension Plan Contributions | | | | | | | | 9 |
|
| Realized Gains from Sales of Marketable Securities | | | | | | | | 9 |
|
| Working Capital Changes | | | | | | | | 16 |
|
| Other | | | | | | | | (11 | ) |
| Adjusted EBITDA | | | | | | | | $ | 107 |
|
| | | | | | | | | |
(1) Includes Equity Loss from Real Estate Development Ventures ($1 million) in Operating Income for the Other Segment, along with our proportional share of depreciation, depletion, amortization ($0), and basis in real estate sold ($4 million) from this equity method investment.
(2) Includes reconciling items not allocated to segments for financial reporting purposes.
|
| | | | | | | | | | | | | | | | |
| | | Quarter Ended December 31, 2014 |
| | | | | | | | | |
| | | Operating Income | | Depreciation, Depletion and Amortization | | Basis of Real Estate Sold | | Adjusted EBITDA |
By Segment (1) | | | | | | | | |
| Northern Resources | | $ | 10 |
| | $ | 7 |
| | $ | — |
| | $ | 17 |
|
| Southern Resources | | 38 |
| | 23 |
| | — |
| | 61 |
|
| Real Estate | | 42 |
| | — |
| | 69 |
| | 111 |
|
| Manufacturing | | 14 |
| | 4 |
| | — |
| | 18 |
|
| Energy and Natural Resources | | 7 |
| | 2 |
| | — |
| | 9 |
|
| Other | | 7 |
| | 1 |
| | 11 |
| | 19 |
|
| Other Costs and Eliminations | | (19 | ) | | — |
| | — |
| | (19 | ) |
| Other Unallocated Operating Income (Expense), net | | — |
| | — |
| | — |
| | — |
|
| Total | | $ | 99 |
| | $ | 37 |
| | $ | 80 |
| | $ | 216 |
|
| | | | | | | | | |
Reconciliation to Net Income (2) | | | | | | | | |
| Equity Earnings from Timberland Venture | | 15 |
| | | | | | |
| Interest Expense | | (42 | ) | | | | | | |
| (Provision) Benefit for Income Taxes | | (4 | ) | | | | | | |
| Net Income | | $ | 68 |
| | | | | | |
| | | | | | | | | |
Reconciliation to Net Cash Provided By Operating Activities (1) | | | | | | | | |
| Net Cash Flows from Operations | | | | | | | | $ | 135 |
|
| Interest Expense | | | | | | | | 42 |
|
| Amortization of Debt Costs | | | | | | | | (1 | ) |
| Provision / (Benefit) for Income Taxes | | | | | | | | 4 |
|
| Distributions from Timberland Venture | | | | | | | | — |
|
| Distributions from Real Estate Development Ventures | | | | | | | | (2 | ) |
| Equity Earnings, Depletion, Amortization, and Basis of Real Estate Sold from Real Estate Development Ventures | | | | | | | | 19 |
|
| Deferred Income Taxes | | | | | | | | (2 | ) |
| Gain on Sale of Properties and Other Assets | | | | | | | | — |
|
| Timber Deed Acquired | | | | | | | | — |
|
| Pension Plan Contributions | | | | | | | | 9 |
|
| Working Capital Changes | | | | | | | | 15 |
|
| Other | | | | | | | | (3 | ) |
| Adjusted EBITDA | | | | | | | | $ | 216 |
|
| | | | | | | | | |
(1) Includes Equity Earnings from Real Estate Development Ventures ($7 million) in Operating Income for the Other Segment, along with our proportional share of depreciation, depletion, amortization ($1 million), and basis in real estate sold ($11 million) from this equity method investment.
(2) Includes reconciling items not allocated to segments for financial reporting purposes.
