Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
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 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 6,067,944,931 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 174,307,568 | ||
Entity Well-known Seasoned Issuer | Yes | ||
PLUM CREEK TIMBERLANDS L P [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | Plum Creek Timberlands LP | ||
Entity Central Index Key | 1,296,350 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense, net: | |||
Net Income | $ 197 | $ 214 | $ 214 |
PER SHARE AMOUNTS: | |||
Net Income per Share-Basic | $ 1.12 | $ 1.21 | $ 1.30 |
Net Income per Share-Diluted | $ 1.12 | $ 1.21 | $ 1.30 |
Weighted-Average Number of Shares Outstanding | |||
-Basic | 174.9 | 176.7 | 164.6 |
-Diluted | 175.2 | 177 | 165 |
PLUM CREEK TIMBER CO INC [Member] | |||
REVENUES: | |||
Timber | $ 724 | $ 767 | $ 669 |
Real Estate | 318 | 289 | 286 |
Manufacturing | 350 | 368 | 362 |
Energy and Natural Resources | 37 | 34 | 23 |
Other | 16 | 18 | 0 |
Total Revenues | 1,445 | 1,476 | 1,340 |
COSTS AND EXPENSES: | |||
Timber | 538 | 555 | 495 |
Real Estate | 166 | 151 | 110 |
Manufacturing | 307 | 322 | 310 |
Energy and Natural Resources | 11 | 10 | 5 |
Other | 15 | 16 | 0 |
Total Cost of Goods Sold | 1,037 | 1,054 | 920 |
Selling, General and Administrative | 150 | 115 | 123 |
Total Costs and Expenses | 1,187 | 1,169 | 1,043 |
Other Operating Income (Expense), Net | 16 | 15 | (2) |
Operating Income (Loss) | 274 | 322 | 295 |
Earnings from Unconsolidated Entities | 83 | 66 | 63 |
Interest Expense, net: | |||
Interest Expense (Debt Obligations to Unrelated Parties) | 105 | 108 | 83 |
Interest Expense (Note Payable to Timberland Venture) | 58 | 58 | 58 |
Total Interest Expense, net | 163 | 166 | 141 |
Loss on Extinguishment of Debt | 0 | 0 | (4) |
Income before Income Taxes | 194 | 222 | 213 |
Provision (Benefit) for Income Taxes | (3) | 8 | (1) |
Net Income | $ 197 | $ 214 | $ 214 |
PER SHARE AMOUNTS: | |||
Net Income per Share-Basic | $ 1.12 | $ 1.21 | $ 1.30 |
Net Income per Share-Diluted | $ 1.12 | $ 1.21 | $ 1.30 |
Weighted-Average Number of Shares Outstanding | |||
-Basic | 174.9 | 176.7 | 164.6 |
-Diluted | 175.2 | 177 | 165 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
REVENUES: | |||
Timber | $ 724 | $ 767 | $ 669 |
Real Estate | 318 | 289 | 286 |
Manufacturing | 350 | 368 | 362 |
Energy and Natural Resources | 37 | 34 | 23 |
Other | 16 | 18 | 0 |
Total Revenues | 1,445 | 1,476 | 1,340 |
COSTS AND EXPENSES: | |||
Timber | 538 | 555 | 495 |
Real Estate | 166 | 151 | 110 |
Manufacturing | 307 | 322 | 310 |
Energy and Natural Resources | 11 | 10 | 5 |
Other | 15 | 16 | 0 |
Total Cost of Goods Sold | 1,037 | 1,054 | 920 |
Selling, General and Administrative | 150 | 115 | 123 |
Total Costs and Expenses | 1,187 | 1,169 | 1,043 |
Other Operating Income (Expense), Net | 16 | 15 | (2) |
Operating Income (Loss) | 274 | 322 | 295 |
Earnings from Unconsolidated Entities | 83 | 66 | 63 |
Interest Expense, net: | |||
Total Interest Expense, net | 105 | 108 | 83 |
Loss on Extinguishment of Debt | 0 | 0 | (4) |
Income before Income Taxes | 252 | 280 | 271 |
Provision (Benefit) for Income Taxes | (3) | 8 | (1) |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 255 | 272 | 272 |
Net Income Allocable to Series T-1 Preferred Interest | (58) | (58) | (58) |
Net Income | 197 | 214 | 214 |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
COSTS AND EXPENSES: | |||
Earnings from Unconsolidated Entities | 77 | 63 | 63 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
COSTS AND EXPENSES: | |||
Earnings from Unconsolidated Entities | 77 | 63 | 63 |
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
COSTS AND EXPENSES: | |||
Earnings from Unconsolidated Entities | 6 | 3 | 0 |
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
COSTS AND EXPENSES: | |||
Earnings from Unconsolidated Entities | $ 6 | $ 3 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $ 197 | $ 214 | $ 214 |
PLUM CREEK TIMBER CO INC [Member] | |||
Net Income | 197 | 214 | 214 |
Defined Benefit Pension Plans [Abstract] | |||
Actuarial Gain/(Loss) | (4) | (34) | 25 |
Amortization of the Net Actuarial Gain or Loss | 5 | 2 | 5 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | |||
Unrealized Holding Gains (Losses) | (3) | 1 | 5 |
Less: Reclassification to Net Income for Realized Gains or Losses | (10) | 0 | 0 |
Derivative Instruments [Abstract] | |||
Gain (Loss) on Cash Flow Hedge | 0 | 0 | 5 |
Less: Amortization of Gain Reclassified to Interest Expense | (1) | 0 | 0 |
Other Comprehensive Income (Loss) Before Tax | (13) | (31) | 40 |
Other Comprehensive Income (Loss), Tax | 0 | (7) | 7 |
Other Comprehensive Income (Loss), Net of Tax | (13) | (24) | 33 |
Total Comprehensive Income | 184 | 190 | 247 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Net Income | 197 | 214 | 214 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 255 | 272 | 272 |
Defined Benefit Pension Plans [Abstract] | |||
Actuarial Gain/(Loss) | (4) | (34) | 25 |
Amortization of the Net Actuarial Gain or Loss | 5 | 2 | 5 |
Unrealized Gains (Losses) on Grantor Trust Assets [Abstract] | |||
Unrealized Holding Gains (Losses) | (3) | 1 | 5 |
Less: Reclassification to Net Income for Realized Gains or Losses | (10) | 0 | 0 |
Derivative Instruments [Abstract] | |||
Gain (Loss) on Cash Flow Hedge | 0 | 0 | 5 |
Less: Amortization of Gain Reclassified to Interest Expense | (1) | 0 | 0 |
Other Comprehensive Income (Loss) Before Tax | (13) | (31) | 40 |
Other Comprehensive Income (Loss), Tax | 0 | (7) | 7 |
Other Comprehensive Income (Loss), Net of Tax | (13) | (24) | 33 |
Total Comprehensive Income | $ 242 | $ 248 | $ 305 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
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 |
Total Current Assets | 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 Portion of Long-Term Debt | 0 | 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 |
Total Current Liabilities | 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 | $ 0 | $ 0 |
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 TIMBERLANDS L P [Member] | ||
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 |
Total Current Assets | 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) | 55 | 49 |
Other Assets | 41 | 45 |
Total Assets | 4,991 | 5,188 |
Liabilities | ||
Current Portion of Long-Term Debt | 0 | 439 |
Line of Credit | 519 | 95 |
Accounts Payable | 22 | 27 |
Interest Payable | 12 | 15 |
Wages Payable | 31 | 31 |
Taxes Payable | 10 | 10 |
Deferred Revenue | 23 | 23 |
Other Current Liabilities | 46 | 10 |
Total Current Liabilities | 663 | 650 |
Long-Term Debt | 1,976 | 1,976 |
Other Liabilities | 84 | 101 |
Total Liabilities | $ 2,723 | $ 2,727 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Accumulated Other Comprehensive Income (Loss) | $ (36) | $ (23) |
PARTNERSHIP CAPITAL | ||
Series T-1 Preferred Interest | 790 | 790 |
Partners' Capital (Common Partnership Interests) | 1,478 | 1,671 |
Total Partnership Capital | 2,268 | 2,461 |
Total Liabilities and Partnership Capital | $ 4,991 | $ 5,188 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 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 | 75,000,000 | 75,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,634,566 | 300,600,000 |
Common Stock, Shares, Outstanding | 174,200,000 | 175,900,000 |
Treasury Stock, Shares | 30,800,000 | 28,300,000 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Other Marketable Securities Noncurrent Fair Value | $ 54 | $ 48 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity and Other Comprehensive Income - USD ($) $ in Millions | Total | PLUM CREEK TIMBER CO INC [Member] | PLUM CREEK TIMBER CO INC [Member]Common Stock [Member] | PLUM CREEK TIMBER CO INC [Member]Additional Paid-in Capital [Member] | PLUM CREEK TIMBER CO INC [Member]Retained Earnings (Accumulated Deficit) [Member] | PLUM CREEK TIMBER CO INC [Member]Treasury Stock [Member] | PLUM CREEK TIMBER CO INC [Member]AOCI Attributable to Parent [Member] | PLUM CREEK TIMBERLANDS L P [Member] | PLUM CREEK TIMBERLANDS L P [Member]Preferred Partnership Interest [Member] | PLUM CREEK TIMBERLANDS L P [Member]Common Partners' Capital [Member] | PLUM CREEK TIMBERLANDS L P [Member]AOCI Attributable to Parent [Member] |
Beginning Balance at Dec. 31, 2012 | $ 1,223 | $ 2 | $ 2,288 | $ (97) | $ (938) | $ (32) | |||||
Beginning Balance Shares at Dec. 31, 2012 | 162,000,000 | ||||||||||
Beginning Balance at Dec. 31, 2012 | $ 2,013 | $ 790 | $ 1,255 | $ (32) | |||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 272 | 272 | |||||||||
Net Income | $ 214 | 214 | 214 | 214 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 33 | 33 | 33 | 33 | |||||||
Dividends | (290) | (290) | |||||||||
Stock Option Exercises (Shares) | 1,000,000 | ||||||||||
Stock Option Exercises | 37 | $ 0 | 37 | ||||||||
Tax Benefit from Stock Incentive Plans | 1 | 1 | 1 | ||||||||
Shares Issued under Stock Incentive Plans (Shares) | 100,000 | ||||||||||
Shares Issued under Stock Incentive Plans | 0 | $ 0 | 0 | ||||||||
Share-based Compensation | $ 9 | 9 | |||||||||
Issuance of Common Stock (Shares) | 13,915,000 | 13,900,000 | |||||||||
Issuance of Common Stock | $ 607 | $ 0 | 607 | ||||||||
Common Stock Repurchased (Shares) | 0 | ||||||||||
Common Stock Repurchased | (2) | $ 0 | (2) | ||||||||
Net Income Allocation to Series T-1 Preferred Interest | 0 | 58 | (58) | ||||||||
Distributions to Partners (Common Partnership Interests) | (255) | (255) | |||||||||
Distributions for Series T-1 Preferred Interest | (58) | (58) | |||||||||
Capital Contributions from Parent | 617 | 617 | |||||||||
Ending Balance at Dec. 31, 2013 | 1,832 | $ 2 | 2,942 | (173) | (940) | 1 | |||||
Ending Balance Shares at Dec. 31, 2013 | 177,000,000 | ||||||||||
Ending Balance at Dec. 31, 2013 | 2,622 | 790 | 1,831 | 1 | |||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 272 | 272 | |||||||||
Net Income | 214 | 214 | 214 | 214 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (24) | (24) | (24) | (24) | |||||||
Dividends | (312) | (312) | |||||||||
Stock Option Exercises (Shares) | 100,000 | ||||||||||
Stock Option Exercises | 3 | $ 0 | 3 | ||||||||
Tax Benefit from Stock Incentive Plans | 0 | 0 | |||||||||
Shares Issued under Stock Incentive Plans (Shares) | 100,000 | ||||||||||
Shares Issued under Stock Incentive Plans | 0 | $ 0 | 0 | ||||||||
Share-based Compensation | $ 10 | 10 | |||||||||
Common Stock Repurchased (Shares) | (1,200,000) | (1,300,000) | |||||||||
Common Stock Repurchased | $ (52) | $ 0 | (52) | ||||||||
Net Income Allocation to Series T-1 Preferred Interest | 0 | 58 | (58) | ||||||||
Distributions to Partners (Common Partnership Interests) | (361) | (361) | |||||||||
Distributions for Series T-1 Preferred Interest | (58) | (58) | |||||||||
Capital Contributions from Parent | 10 | 10 | |||||||||
Ending Balance at Dec. 31, 2014 | $ 1,671 | $ 2 | 2,955 | (271) | (992) | (23) | |||||
Ending Balance Shares at Dec. 31, 2014 | 175,900,000 | 175,900,000 | |||||||||
Ending Balance at Dec. 31, 2014 | 2,461 | 790 | 1,694 | (23) | |||||||
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 255 | 255 | |||||||||
Net Income | $ 197 | $ 197 | 197 | 197 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (13) | (13) | (13) | (13) | |||||||
Dividends | (308) | (308) | |||||||||
Stock Option Exercises (Shares) | 600,000 | ||||||||||
Stock Option Exercises | 24 | $ 0 | 24 | ||||||||
Tax Benefit from Stock Incentive Plans | 0 | 0 | |||||||||
Shares Issued under Stock Incentive Plans (Shares) | 200,000 | ||||||||||
Shares Issued under Stock Incentive Plans | 0 | $ 0 | 0 | ||||||||
Share-based Compensation | $ 9 | 9 | |||||||||
Common Stock Repurchased (Shares) | (2,500,000) | (2,500,000) | |||||||||
Common Stock Repurchased | $ (102) | $ 0 | (102) | ||||||||
Net Income Allocation to Series T-1 Preferred Interest | 0 | 58 | (58) | ||||||||
Distributions to Partners (Common Partnership Interests) | (386) | (386) | |||||||||
Distributions for Series T-1 Preferred Interest | (58) | (58) | |||||||||
Capital Contributions from Parent | 9 | 9 | |||||||||
Ending Balance at Dec. 31, 2015 | $ 1,478 | $ 2 | $ 2,988 | $ (382) | $ (1,094) | $ (36) | |||||
Ending Balance Shares at Dec. 31, 2015 | 174,200,000 | 174,200,000 | |||||||||
Ending Balance at Dec. 31, 2015 | $ 2,268 | $ 790 | $ 1,514 | $ (36) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 197 | $ 214 | $ 214 |
PLUM CREEK TIMBER CO INC [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 197 | 214 | 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 and $4 Loss Related to Forest Fires in 2013) | 133 | 138 | 119 |
Basis of Real Estate Sold | 148 | 129 | 91 |
Earnings from Unconsolidated Entities | (83) | (66) | (63) |
Distributions from Timberland Venture | 59 | 57 | 56 |
Distributions from Real Estate Development Ventures | 6 | 2 | 0 |
Deferred Income Taxes | (8) | 4 | (3) |
Loss on Extinguishment of Debt | 0 | 0 | 4 |
Timber Deed Acquired | 0 | 0 | (18) |
Pension Plan Contributions | (9) | (9) | 0 |
Realized Gains from Sales of Marketable Securities | (10) | 0 | 0 |
Working Capital Changes | 9 | (11) | (17) |
Other | 21 | (1) | 21 |
Net Cash Provided By (Used In) Operating Activities | 463 | 457 | 404 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital Expenditures, Excluding Timberland Acquisitions (Includes $12 MDF Replacement Capital in 2014) | (82) | (89) | (71) |
Timberlands Acquired | (7) | 0 | (81) |
Minerals and Mineral Rights Acquired | 0 | 0 | (156) |
Contributions to Real Estate Development Ventures | (5) | (9) | 0 |
Distributions from Real Estate Development Ventures | 29 | 23 | 0 |
Insurance Recoveries (Property Damage) | 2 | 10 | 0 |
Payment for Acquisition of MeadWestvaco Timberland Assets, net | 0 | 0 | (221) |
Proceeds from Sale of Properties and Other Assets | 4 | 0 | 0 |
Investments in Assets Held in Grantor Trust | (39) | (1) | 0 |
Sales of Marketable Securities Held in Grantor Trust | 33 | 0 | 0 |
Other | (1) | 1 | 0 |
Net Cash Provided By (Used In) Investing Activities | (66) | (65) | (529) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends | (308) | (312) | (290) |
Borrowings on Line of Credit | 1,008 | 1,307 | 1,771 |
Repayments on Line of Credit | (584) | (1,679) | (1,408) |
Debt Issuance Costs | 0 | 0 | (1) |
Principal Payments and Retirement of Long-Term Debt | (439) | 0 | (513) |
Proceeds from Stock Option Exercises | 24 | 3 | 37 |
Acquisition of Treasury Stock | (102) | (52) | (2) |
Proceeds from Issuance of Common Stock, net | 0 | 0 | 607 |
Other | 0 | 0 | 1 |
Net Cash Provided By (Used In) Financing Activities | (401) | (733) | 202 |
Increase (Decrease) In Cash and Cash Equivalents | (4) | (341) | 77 |
Cash and Cash Equivalents: | |||
Beginning of Period | 92 | 433 | 356 |
End of Period | 88 | 92 | 433 |
Supplemental Cash Flow Information [Abstract] | |||
Interest - Debt Obligations To Unrelated Parties | 113 | 109 | 84 |
Interest - Note Payable to Timberland Venture | 58 | 58 | 58 |
Interest | 171 | 167 | 142 |
Income Taxes - Net | 7 | 5 | (1) |
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired | 0 | 0 | 860 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 197 | 214 | 214 |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | 255 | 272 | 272 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||
Depreciation, Depletion and Amortization (Includes $2 MDF Fire Impairment Loss in 2014 and $4 Loss Related to Forest Fires in 2013) | 133 | 138 | 119 |
Basis of Real Estate Sold | 148 | 129 | 91 |
Earnings from Unconsolidated Entities | (83) | (66) | (63) |
Distributions from Timberland Venture | 59 | 57 | 56 |
Distributions from Real Estate Development Ventures | 6 | 2 | 0 |
Deferred Income Taxes | (8) | 4 | (3) |
Loss on Extinguishment of Debt | 0 | 0 | 4 |
Timber Deed Acquired | 0 | 0 | (18) |
Pension Plan Contributions | (9) | (9) | 0 |
Realized Gains from Sales of Marketable Securities | (10) | 0 | 0 |
Working Capital Changes | 9 | (11) | (17) |
Other | 21 | (1) | 21 |
Net Cash Provided By (Used In) Operating Activities | 521 | 515 | 462 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital Expenditures, Excluding Timberland Acquisitions (Includes $12 MDF Replacement Capital in 2014) | (82) | (89) | (71) |
Timberlands Acquired | (7) | 0 | (81) |
Minerals and Mineral Rights Acquired | 0 | 0 | (156) |
Contributions to Real Estate Development Ventures | (5) | (9) | 0 |
Distributions from Real Estate Development Ventures | 29 | 23 | 0 |
Insurance Recoveries (Property Damage) | 2 | 10 | 0 |
Payment for Acquisition of MeadWestvaco Timberland Assets, net | 0 | 0 | (221) |
Proceeds from Sale of Properties and Other Assets | 4 | 0 | 0 |
Investments in Assets Held in Grantor Trust | (39) | (1) | 0 |
Sales of Marketable Securities Held in Grantor Trust | 33 | 0 | 0 |
Other | (1) | 1 | 0 |
Net Cash Provided By (Used In) Investing Activities | (66) | (65) | (529) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash Distributions to Common Partners | (386) | (361) | (255) |
Cash Distributions for Series T-1 Preferred Interest | (58) | (58) | (58) |
Borrowings on Line of Credit | 1,008 | 1,307 | 1,771 |
Repayments on Line of Credit | (584) | (1,679) | (1,408) |
Debt Issuance Costs | 0 | 0 | (1) |
Principal Payments and Retirement of Long-Term Debt | (439) | 0 | (513) |
Capital Contributions from Parent | 0 | 0 | 607 |
Other | 0 | 0 | 1 |
Net Cash Provided By (Used In) Financing Activities | (459) | (791) | 144 |
Increase (Decrease) In Cash and Cash Equivalents | (4) | (341) | 77 |
Cash and Cash Equivalents: | |||
Beginning of Period | 92 | 433 | 356 |
End of Period | 88 | 92 | 433 |
Supplemental Cash Flow Information [Abstract] | |||
Interest | 113 | 109 | 84 |
Income Taxes - Net | 7 | 5 | (1) |
Issuance of Note Payable to MWV as Consideration for Timberland Assets Acquired | $ 0 | $ 0 | $ 860 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Parenthetical) (Parentheticals) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | |
MDF Fire Impairment Loss | $ 2 |
MDF Replacement Capital | 12 |
PLUM CREEK TIMBERLANDS L P [Member] | |
MDF Fire Impairment Loss | 2 |
MDF Replacement Capital | $ 12 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Accounting Policies | ACCOUNTING POLICIES General. Plum Creek Timber Company, Inc. (“Plum Creek,” “the company,” “we,” “us,” or “our”), a Delaware Corporation, is a real estate investment trust, or “REIT”, for federal income tax purposes. Plum Creek Timber Company, Inc. is also the parent company of its wholly-owned subsidiary Plum Creek Timberlands, L.P. (“the Partnership”), a Delaware Limited Partnership. At December 31, 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. 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 December 31, 2015 , the company owned five 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. Weyerhaeuser Merger. On November 6, 2015, Plum Creek entered into an Agreement and Plan of Merger (the "Merger Agreement") with Weyerhaeuser Company (“Weyerhaeuser”) that is subject to shareholder approval. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Plum Creek will merge with and into Weyerhaeuser (the “Merger”) with Weyerhaeuser as the surviving corporation in the Merger. Upon completion of the Merger, Plum Creek stockholders will have the right to receive 1.60 shares (the “Exchange Ratio”) in common shares of Weyerhaeuser for each share of common stock of Plum Creek held. In connection with the merger, Weyerhaeuser will be assuming the assets and liabilities of Plum Creek. Under the Merger Agreement, Weyerhaeuser will assume all outstanding vested or unvested Plum Creek stock options, all outstanding vested or unvested Plum Creek restricted stock units and all outstanding Plum Creek deferred stock units. All such stock options, restricted stock units and deferred stock units will be converted into Weyerhaeuser stock options, restricted stock units and deferred stock units respectively, adjusted to give effect to the Exchange Ratio and subject to the same terms and conditions as such stock options, restricted stock units and deferred stock units had prior to being converted. On the date the Merger becomes effective, Plum Creek's qualified defined benefit pension plan and the two non-qualified defined benefit pension plans will be closed to new participants and frozen to all benefit accruals, including with respect to increases in compensation and additional benefit service. Furthermore, the Merger Agreement places certain restrictions on how Plum Creek conducts its business from the date of the agreement (November 6, 2015) to the closing of the merger (expected to be February 19, 2016 ). In general, Plum Creek is allowed to conduct its business in the normal course but generally has certain restrictions in the following areas: (1) declaring special dividends, (2) repurchasing outstanding shares of Plum Creek’s stock, (3) issuing additional shares of stock, (4) amending any material contracts (including any employee benefit and incentive plans), (5) making acquisitions, (6) selling assets, (7) incurring indebtedness, (8) making capital expenditures, (9) settling claims, and (10) entering into a new line of business. None of the above restrictions are expected to materially impact how Plum Creek currently conducts its business. For a detailed description of the terms of the merger, see the Agreement and Plan of Merger between Weyerhaeuser Company and Plum Creek Timber Company, Inc. incorporated by reference as Exhibit 2.5 under Item No. 15, Exhibits and Financial Statement Schedules. On February 12, 2016 , Plum Creek and Weyerhaeuser stockholders approved the Merger Agreement. The Merger is expected to close on February 19, 2016 . Basis of Presentation. The consolidated financial statements of the company include the accounts of Plum Creek Timber Company, Inc. and its controlled subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. All transactions are denominated in United States dollars. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Customer Concentrations. Annual revenues from the company’s largest customer accounted for 6% of total annual revenues in 2015 and 7% in both 2014 and 2013 . If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the company’s results of operations. Product Concentrations. Sales of the company’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the company’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the company’s results of operations. Revenue Recognition. Resources Revenue. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The company sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold primarily using pay-as-cut agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Manufacturing Revenue. Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling are recognized at the time of delivery. Real Estate Revenue. Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and the company has no continuing involvement with the property. For all of our real estate sales, the company receives the entire consideration in cash at closing. Also at closing, the risks and rewards of ownership transfer to the buyer and the company does not have a continuing involvement in our properties after they are sold. Therefore, real estate revenue is recognized at closing. Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. The company will occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, revenue is recognized once title and risk of loss have transferred to the buyer for individual properties and the properties sold cannot be returned for a refund. As deposits for future closings under multi-period contracts may be refunded under certain circumstances, the company treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the company sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. Energy and Natural Resources Revenue. Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the company is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the company is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the company based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the company’s leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. Accounts Receivable . Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at both December 31, 2015 and December 31, 2014 . Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. Like-Kind Exchanges . Plum Creek may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The company uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the company. Inventories . Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and hauling costs, road costs and production overhead. Timber and Timberlands . Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The company capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The company presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the company to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The company capitalizes timber deed acquisitions. The company presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be harvested over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. Minerals and Mineral Rights. Minerals and mineral rights are stated at cost less accumulated depletion. The company capitalizes the cost of obtaining minerals and mineral rights. The cost of minerals (primarily coal assets) are charged against income (depletion expense) using the units-of-production method, based on estimated recoverable reserves. The costs of mineral rights are charged against income (depletion expense) as the company recognizes royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. The company evaluates its minerals and mineral rights for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its mineral rights and coal assets to be a separate asset group based on identifiable cash flows. Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the company’s 6.3 million acres of timberlands 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 the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Costs associated with a specific real estate development project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The company will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate development projects with multiple parcels, the company determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. Properties developed by the company will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $9 million and $12 million at December 31, 2015 and 2014 , respectively. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). The company also incurs development costs on some timberlands that are currently still managed for timber operations. These consist of larger and more complicated projects needing more invested capital. These projects have a longer timeframe and are not expected to be sold or developed in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $39 million and $37 million at December 31, 2015 and December 31, 2014 , respectively, and are included in Timber and Timberlands. The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $24 million at December 31, 2015 and $98 million at December 31, 2014 . Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. The company evaluates its real estate development projects for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its real estate development projects to be a separate asset group based on identifiable cash flows. Accounting for Equity Method Investments. In 2013, the company and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the company made a capital contribution, in cash, of $152 million and WestRock Company contributed real estate development properties. The company accounts for this interest under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in the Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. In 2008 , the company contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The company accounts for these interests under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in our Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. The company evaluates its property, plant and equipment for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $17 million , $21 million , and $24 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Grantor Trusts . The company has a grantor trust that was established for deferred compensation and deferred Plum Creek shares (Plum Creek deferred stock units). See Note 11 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. Plum Creek maintains another grantor trust, which the company uses to fund its non-qualified pension plan obligation. See Notes 11 and 13 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the company’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The company uses the grant date fair values (the closing market price for its common stock) to value stock awards of restricted stock units and common stock. The company also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. Other Operating Income (Expense), net. The company will recognize gains and losses from sales of available for sale securities, miscellaneous asset sales, insurance recoveries, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 11 and Note 20 of the Notes to Consolidated Financial Statements. Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) New Accounting Pronouncements. There were no new accounting standards adopted by the company during 2015 that had a material impact on the company's financial condition, results of operations or cash flows. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Accounting Policies | ACCOUNTING POLICIES General. Plum Creek Timberlands, L.P. is a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. (“Parent”), a Delaware Corporation and a real estate investment trust, or “REIT”. References herein to “the Operating Partnership,” “we,” “us,” or “our” relate to Plum Creek Timberlands, L.P. and all of its wholly-owned consolidated subsidiaries; references to “Plum Creek” or “Parent” relate to Plum Creek Timber Company, Inc. and all of its wholly-owned consolidated subsidiaries. At December 31, 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. 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 December 31, 2015 , the Operating Partnership owned five 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. Weyerhaeuser Merger. On November 6, 2015, Plum Creek entered into an Agreement and Plan of Merger (the "Merger Agreement") with Weyerhaeuser Company (“Weyerhaeuser”) that is subject to shareholder approval. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Plum Creek will merge with and into Weyerhaeuser (the “Merger”) with Weyerhaeuser as the surviving corporation in the Merger. Upon completion of the Merger, Plum Creek stockholders will have the right to receive 1.60 shares (the “Exchange Ratio”) in common shares of Weyerhaeuser for each share of common stock of Plum Creek held. In connection with the merger, Weyerhaeuser will be assuming the assets and liabilities of Plum Creek. Under the Merger Agreement, Weyerhaeuser will assume all outstanding vested or unvested Plum Creek stock options, all outstanding vested or unvested Plum Creek restricted stock units and all outstanding Plum Creek deferred stock units. All such stock options, restricted stock units and deferred stock units will be converted into Weyerhaeuser stock options, restricted stock units and deferred stock units respectively, adjusted to give effect to the Exchange Ratio and subject to the same terms and conditions as such stock options, restricted stock units and deferred stock units had prior to being converted. On the date the Merger becomes effective, the Operating Partnership's qualified defined benefit pension plan and the two non-qualified defined benefit pension plans will be closed to new participants and frozen to all benefit accruals, including with respect to increases in compensation and additional benefit service. Furthermore, the Merger Agreement places certain restrictions on how Plum Creek conducts its business from the date of the agreement (November 6, 2015) to the closing of the merger (expected to be February 19, 2016 ). In general, Plum Creek is allowed to conduct its business in the normal course but generally has certain restrictions in the following areas: (1) declaring special dividends, (2) repurchasing outstanding shares of Plum Creek’s stock, (3) issuing additional shares of stock, (4) amending any material contracts (including any employee benefit and incentive plans), (5) making acquisitions, (6) selling assets, (7) incurring indebtedness, (8) making capital expenditures, (9) settling claims, and (10) entering into a new line of business. None of the above restrictions are expected to materially impact how the Operating Partnership currently conducts its business. For a detailed description of the terms of the merger, see the Agreement and Plan of Merger between Weyerhaeuser Company and Plum Creek Timber Company, Inc. incorporated by reference as Exhibit 2.5 under Item No. 15, Exhibits and Financial Statement Schedules. On February 12, 2016 , Plum Creek and Weyerhaeuser stockholders approved the Merger Agreement. The Merger is expected to close on February 19, 2016 . Basis of Presentation. The consolidated financial statements of the Operating Partnership include the accounts of Plum Creek Timberlands, L.P. and its controlled subsidiaries. The Operating Partnership is 100% owned by Plum Creek. Plum Creek has no assets or liabilities other than its direct and indirect ownership interests in Plum Creek Timberlands, L.P. and its interest in Plum Creek Ventures I, LLC (“PC Ventures”), a 100% owned subsidiary of Plum Creek. The Parent has no operations other than its investment in these subsidiaries and transactions in its own equity, such as the issuance and/or repurchase of common stock and the receipt of proceeds from stock option exercises. Intercompany transactions and accounts between Plum Creek Timberlands, L.P. and its subsidiaries have been eliminated in consolidation. All transactions are denominated in United States dollars. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Customer Concentrations. Annual revenues from the Operating Partnership’s largest customer accounted for 6% of total annual revenues in 2015 and 7% in both 2014 and 2013 . If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the Operating Partnership’s results of operations. Product Concentrations. Sales of the Operating Partnership’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the Operating Partnership’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the Operating Partnership’s results of operations. Revenue Recognition. Resources Revenue. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The Operating Partnership sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold primarily using pay-as-cut agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Manufacturing Revenue. Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling, are recognized at the time of delivery. Real Estate Revenue. Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and the Operating Partnership has no continuing involvement with the property. For all of our real estate sales, the Operating Partnership receives the entire consideration in cash at closing. Also at closing, the risks and rewards of ownership transfer to the buyer and the Operating Partnership does not have a continuing involvement in our properties after they are sold. Therefore, real estate revenue is recognized at closing. Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. The Operating Partnership will occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, revenue is recognized once title and risk of loss have transferred to the buyer for individual properties and the properties sold cannot be returned for a refund. As deposits for future closings under multi-period contracts may be refunded under certain circumstances, the Operating Partnership treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the Operating Partnership sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. Energy and Natural Resources Revenue. Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the Operating Partnership is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the Operating Partnership is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the Operating Partnership based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the Operating Partnership's leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. Accounts Receivable . Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at both December 31, 2015 and December 31, 2014 . Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. Like-Kind Exchanges . The Operating Partnership may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The Operating Partnership uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the Operating Partnership. Inventories . Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and hauling costs, road costs and production overhead. Timber and Timberlands . Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The Operating Partnership capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The Operating Partnership presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the Operating Partnership to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The Operating Partnership capitalizes timber deed acquisitions. The Operating Partnership presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be harvested over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. Minerals and Mineral Rights. Minerals and mineral rights are stated at cost less accumulated depletion. The Operating Partnership capitalizes the cost of obtaining minerals and mineral rights. The cost of minerals (primarily coal assets) are charged against income (depletion expense) using the units-of-production method, based on estimated recoverable reserves. The costs of mineral rights are charged against income (depletion expense) as the Operating Partnership recognizes royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. The Operating Partnership evaluates its minerals and mineral rights for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its mineral rights and coal assets to be a separate asset group based on identifiable cash flows. Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the Operating Partnership’s 6.3 million acres of timberlands 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 the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Costs associated with a specific real estate development project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The Operating Partnership will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate development projects with multiple parcels, the Operating Partnership determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. Properties developed by the Operating Partnership will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $9 million and $12 million at December 31, 2015 and 2014 , respectively. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). The Operating Partnership also incurs development costs on some timberlands that are currently still managed for timber operations. These consist of larger and more complicated projects needing more invested capital. These projects have a longer timeframe and are not expected to be sold or developed in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $39 million and $37 million at December 31, 2015 and December 31, 2014 , respectively, and are included in Timber and Timberlands. The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $24 million at December 31, 2015 and $98 million at December 31, 2014 . Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. The Operating Partnership evaluates its real estate development projects for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its real estate development projects to be a separate asset group based on identifiable cash flows. Accounting for Equity Method Investments. In 2013, the Operating Partnership and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the Operating Partnership made a capital contribution, in cash, of $152 million and WestRock Company contributed real estate development properties. The Operating Partnership accounts for this interest under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in the Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. In 2008 , a subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”), contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The Operating Partnership accounts for these interests under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in our Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. The Operating Partnership evaluates its property, plant and equipment for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $17 million , $21 million , and $24 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Grantor Trusts . The Operating Partnership has a grantor trust that was established for deferred compensation and deferred Plum Creek shares (Plum Creek deferred stock units). See Note 9 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. The Operating Partnership maintains another grantor trust, which the Operating Partnership uses to fund its non-qualified pension plan obligation. See Notes 9 and 11 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the Operating Partnership’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The Operating Partnership uses the grant date fair values (the closing market price for Plum Creek’s common stock) to value Plum Creek stock awards of restricted stock units and common stock. Plum Creek also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. Other Operating Income (Expense), net. The Operating Partnership will recognize gains and losses from sales of available for sale securities, miscellaneous asset sales, insurance recoveries, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 9 and Note 18 of the Notes to Consolidated Financial Statements. Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) New Accounting Pronouncements. There were no new accounting standards adopted by the Operating Partnership during 2015 that had a material impact on the Operating Partnership's financial condition, results of operations or cash flows. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 years ended December 31 (in millions, except per share amounts): 2015 2014 2013 Net Income Available to Common Stockholders $ 197 $ 214 $ 214 Denominator for Basic Earnings per Share 174.9 176.7 164.6 Effect of Dilutive Securities – Stock Options 0.2 0.2 0.3 Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan 0.1 0.1 0.1 Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities 175.2 177.0 165.0 Per Share Amounts: Net Income per Share - Basic $ 1.12 $ 1.21 $ 1.30 Net Income per Share - Diluted $ 1.12 $ 1.21 $ 1.30 Under the company's Stock Incentive Plan (See Note 14 of the Notes to Consolidated Financial Statements), the company grants restricted stock units, which prior to vesting, are entitled to non-forfeitable cash payments equal to dividends paid on the company's common shares. These awards are considered participating securities for purposes of computing basic and diluted earnings per share. Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the years ended December 31 (shares in millions): 2015 2014 2013 Number of Options 0.1 0.1 — Range of Exercise Prices $42.22 to 43.23 $42.98 to $43.23 N/A Expiration on or before May 2018 February 2018 N/A |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 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): December 31, 2015 December 31, 2014 Raw Materials (primarily logs) $ 15 $ 12 Work-In-Process 3 3 Finished Goods 24 31 42 46 Supplies 15 15 Total $ 57 $ 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): December 31, 2015 December 31, 2014 Raw Materials (primarily logs) $ 15 $ 12 Work-In-Process 3 3 Finished Goods 24 31 42 46 Supplies 15 15 Total $ 57 $ 61 |
Timber and Timberlands
Timber and Timberlands | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Timber and Timberlands | TIMBER AND TIMBERLANDS Timber and Timberlands consisted of the following (in millions): December 31, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,463 $ 2,518 Timber Deeds, net 67 83 Timberlands 1,380 1,408 Timber and Timberlands, net $ 3,910 $ 4,009 Timber and Timberlands. During 2015 , the company acquired approximately 7,000 acres of timberlands located in Maine for $7 million . The purchase was funded with cash and has been accounted for as an asset acquisition. Timberland dispositions during 2015 were approximately 287,000 acres, of which 153,000 acres were located in the Northern Resources Segment and 134,000 acres were located in the Southern Resources Segment. During 2014 , the company disposed of approximately 184,000 acres, of which 136,000 acres were located in the Northern Resources Segment and 48,000 acres were located in the Southern Resources Segment. Timber Deeds. The company owns two timber deeds in the Southern Resources Segment, both of which expire in 2020 . The volume acquired under these timber deeds, along with future growth, is being harvested over the term of the deeds. The company reflects the purchase price of timber deeds in the Consolidated Statements of Cash Flows as outflows under Cash Provided by Operating Activities. Impairments. The company's Real Estate Segment revenue consists of sales of higher and better use timberlands and sales of non-strategic timberlands. Occasionally, timberlands are sold at a loss. Each potential real estate sale is evaluated for a possible impairment in accordance with the accounting for long-lived assets classified as held for sale. At December 31, 2015 , the book basis of real estate held for sale was $24 million and was $98 million as of December 31, 2014 . Impairment losses are included in Cost of Goods Sold for Real Estate in our Consolidated Statements of Income. Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): 2015 2014 (A) 2013 Impairment Losses $ — $ 7 $ 4 Book Basis of Property $ — $ 46 $ 37 (A) During the fourth quarter of 2014, Plum Creek's Board of Directors approved the sale of approximately 165,000 acres of timberlands in Montana and Washington with a book basis of $122 million to The Nature Conservancy for $131 million . The sale closed in two phases - the first phase, which consisted of approximately 48,000 acres in Washington, closed in December 2014, and the second phase, which consisted of approximately 117,000 acres in Montana, closed in January 2015. Although the overall transaction resulted in a gain, the company recognized an impairment loss of $7 million during 2014 in connection with the Washington portion of the sale. The book basis of the Montana portion of the sale was recorded as Assets Held for Sale in the Consolidated Balance Sheets as of December 31, 2014. The fair values of the impaired assets were primarily determined based on external appraisals and an offer received from a third party. See Note 11 of the Notes to Consolidated Financial Statements. Multiple-Element Arrangements. As stated above, during the fourth quarter of 2014, our Board of Directors approved the sale of approximately 165,000 acres in Montana and Washington to The Nature Conservancy for a total sales price of $131 million . This sale closed in two phases with the sale of the Washington properties closing during the fourth quarter of 2014 and the sale of the Montana properties closing in January 2015. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Timber and Timberlands | TIMBER AND TIMBERLANDS Timber and Timberlands consisted of the following (in millions): December 31, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,463 $ 2,518 Timber Deeds, net 67 83 Timberlands 1,380 1,408 Timber and Timberlands, net $ 3,910 $ 4,009 Timber and Timberlands. During 2015 , the Operating Partnership acquired approximately 7,000 acres of timberlands located in Maine for $7 million . The purchase was funded with cash and has been accounted for as an asset acquisition. Timberland dispositions during 2015 were approximately 287,000 acres, of which 153,000 acres were located in the Northern Resources Segment and 134,000 acres were located in the Southern Resources Segment. During 2014 , the Operating Partnership disposed of approximately 184,000 acres, of which 136,000 acres were located in the Northern Resources Segment and 48,000 acres were located in the Southern Resources Segment. Timber Deeds. The Operating Partnership owns two timber deeds in the Southern Resources Segment, both of which expire in 2020 . The volume acquired under these timber deeds, along with future growth, is being harvested over the term of the deeds. The Operating Partnership reflects the purchase price of timber deeds in the Consolidated Statements of Cash Flows as outflows under Cash Provided by Operating Activities. Impairments. The Operating Partnership’s Real Estate Segment revenue consists of sales of higher and better use timberlands and sales of non-strategic timberlands. Occasionally, timberlands are sold at a loss. Each potential real estate sale is evaluated for a possible impairment in accordance with the accounting for long-lived assets classified as held for sale. At December 31, 2015 , the book basis of real estate held for sale was $24 million and was $98 million as of December 31, 2014 . Impairment losses are included in Cost of Goods Sold for Real Estate in our Consolidated Statements of Income. Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): 2015 2014 (A) 2013 Impairment Losses $ — $ 7 $ 4 Book Basis of Property $ — $ 46 $ 37 (A) During the fourth quarter of 2014, Plum Creek's Board of Directors approved the sale of approximately 165,000 acres of timberlands in Montana and Washington with a book basis of $122 million to The Nature Conservancy for $131 million . The sale closed in two phases - the first phase, which consisted of approximately 48,000 acres in Washington, closed in December 2014, and the second phase, which consisted of approximately 117,000 acres in Montana, closed in January 2015. Although the overall transaction resulted in a gain, the Operating Partnership recognized an impairment loss of $7 million during 2014 in connection with the Washington portion of the sale. The book basis of the Montana portion of the sale was recorded as Assets Held for Sale in the Consolidated Balance Sheets as of December 31, 2014. The fair values of the impaired assets were primarily determined based on external appraisals and an offer received from a third party. See Note 9 of the Notes to Consolidated Financial Statements. Multiple-Element Arrangements. As stated above, during the fourth quarter of 2014, our Board of Directors approved the sale of approximately 165,000 acres in Montana and Washington to The Nature Conservancy for a total sales price of $131 million . This sale closed in two phases with the sale of the Washington properties closing during the fourth quarter of 2014 and the sale of the Montana properties closing in January 2015. The total sales price of $131 million was allocated among the Montana and Washington properties based on an external appraisal. |
Minerals and Mineral Rights
Minerals and Mineral Rights | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Minerals and Mineral Rights | MINERALS AND MINERAL RIGHTS Minerals and Mineral Rights consisted of the following (in millions): December 31, 2015 December 31, 2014 Minerals, net $ 54 $ 55 Mineral Rights, net $ 227 $ 234 Minerals and Mineral Rights, net $ 281 $ 289 Minerals . In connection with the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) in 2013, the company acquired certain proven and probable coal reserves valued at $50 million , along with related surface lease intangibles valued at $7 million (see below). Depletion expense associated with the minerals owned by the company was approximately $1 million for each of the years ended December 31 , 2015 , 2014 and 2013. Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the company acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. The company's overriding royalty percentage associated with the aggregate reserves at the Georgia and South Carolina quarries declines after five years and declines further after ten years. The company treats each year under the royalty arrangement as a separate unit of account. Based on projected sales volume over the term of the arrangement, the company estimates a weighted-average overriding royalty percentage. The company recognizes revenue based on the weighted-average overriding royalty percentage and records deferred revenue for overriding royalties received in excess of the weighted-average percentage. Depletion and amortization expense associated with the above mineral rights and surface lease intangibles was $7 million , $6 million and $1 million for the years ending December 31, 2015 , 2014 and 2013, respectively. The following summarizes the estimated future depletion and amortization expense related to acquired intangibles held at December 31, 2015 (in millions): Year Depletion and Amortization Expense 2016 $ 7 2017 7 2018 7 2019 7 2020 7 Thereafter 192 Total $ 227 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Minerals and Mineral Rights | MINERALS AND MINERAL RIGHTS Minerals and Mineral Rights consisted of the following (in millions): December 31, 2015 December 31, 2014 Minerals, net $ 54 $ 55 Mineral Rights, net $ 227 $ 234 Minerals and Mineral Rights, net $ 281 $ 289 Minerals . In connection with the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) in 2013, the Operating Partnership acquired certain proven and probable coal reserves valued at $50 million , along with related surface lease intangibles valued at $7 million (see below). Depletion expense associated with the minerals owned by the Operating Partnership was approximately $1 million for each of the years ended December 31 , 2015 , 2014 and 2013. Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the Operating Partnership acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. The Operating Partnership's overriding royalty percentage associated with the aggregate reserves at the Georgia and South Carolina quarries declines after five years and declines further after ten years. The Operating Partnership treats each year under the royalty arrangement as a separate unit of account. Based on projected sales volume over the term of the arrangement, the Operating Partnership estimates a weighted-average overriding royalty percentage. The Operating Partnership recognizes revenue based on the weighted-average overriding royalty percentage and records deferred revenue for overriding royalties received in excess of the weighted-average percentage. Depletion and amortization expense associated with the above mineral rights and surface lease intangibles was $7 million , $6 million and $1 million for the years ending December 31, 2015 , 2014 and 2013, respectively. The following summarizes the estimated future depletion and amortization expense related to acquired intangibles held at December 31, 2015 (in millions): Year Depletion and Amortization Expense 2016 $ 7 2017 7 2018 7 2019 7 2020 7 Thereafter 192 Total $ 227 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS Intangible assets are included in “Other Assets” in our Consolidated Balance Sheets. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 Wind Power Leases. In connection with the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) in 2013, the company acquired certain wind power leases valued at $10 million . The value of the wind power leases is expected to be amortized on a straight-line basis over the twenty year term of the agreements. Fiber Supply Agreement. Also in connection with the timberland acquisition from WestRock Company, the company acquired a fiber supply agreement valued at $5 million . The value of the fiber supply agreement is expected to be amortized on a straight-line basis over the ten year term of the agreement. Amortization expense associated with the above intangible assets was $1 million in 2015 and 2014 and $0 in 2013 . The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 See also Note 5 of the Notes to Consolidated Financial Statements. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS Intangible assets are included in “Other Assets” in our Consolidated Balance Sheets. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 Wind Power Leases. In connection with the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) in 2013, the Operating Partnership acquired certain wind power leases valued at $10 million . The value of the wind power leases is expected to be amortized on a straight-line basis over the twenty year term of the agreements. Fiber Supply Agreement. Also in connection with the timberland acquisition from WestRock Company, the Operating Partnership acquired a fiber supply agreement valued at $5 million . The value of the fiber supply agreement is expected to be amortized on a straight-line basis over the ten year term of the agreement. Amortization expense associated with the above intangible assets was $1 million in 2015 and 2014 and $0 in 2013 . The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 See also Note 4 of the Notes to Consolidated Financial Statements. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 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): December 31, 2015 December 31, 2014 Land, Buildings and Improvements $ 92 $ 97 Machinery and Equipment 332 331 424 428 Accumulated Depreciation (311 ) (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): December 31, 2015 December 31, 2014 Land, Buildings and Improvements $ 92 $ 97 Machinery and Equipment 332 331 424 428 Accumulated Depreciation (311 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Income Taxes | INCOME TAXES Plum Creek has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. A REIT generally does not pay corporate-level income tax if it distributes 100% of its taxable income to shareholders and satisfies other organizational and operational requirements as set forth in the Internal Revenue Code. If a company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Plum Creek operates as a REIT through various wholly-owned subsidiaries and a joint venture partnership. The activities of the operating partnerships and joint venture partnership consist primarily of sales of standing timber under pay-as-cut sales contracts. The book basis of the REIT’s assets and liabilities exceeds its tax basis by approximately $2.0 billion at December 31, 2015 . 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 (see Note 17 of the Notes to Consolidated Financial Statements). Plum Creek’s taxable REIT subsidiaries file a consolidated federal income tax return. The company recognizes interest and penalties, if incurred, related to income taxes in the Provision for Income Taxes in the Consolidated Statements of Income. During the years ended December 31, 2015 , 2014 , and 2013 , amounts for interest and penalties included in the tax provision were insignificant. At December 31, 2015 , and December 31, 2014 , the company had no accrued interest or penalties related to income taxes. The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Current Income Taxes: Federal $ 5 $ 3 $ — State — 1 — Deferred Income Taxes: Federal (6 ) 4 (1 ) State (1 ) (2 ) — Benefit from Operating Loss Carryforward — — (1 ) Change to Valuation Allowance (1 ) 2 1 Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): 2015 2014 2013 Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% $ 68 $ 78 $ 75 REIT Income not Subject to Federal Tax (65 ) (58 ) (69 ) Change to Valuation Allowance (1 ) 2 1 State Income Tax Expense (Benefit), net of Federal Benefit (1 ) (1 ) (1 ) Permanent Book-Tax Differences (4 ) (13 ) (7 ) Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) The federal statutory income tax rate is 35% . The income generated by the activities of the REIT is generally not subject to federal income tax. The permanent book-tax differences consist primarily of differences in cost basis for certain properties contributed (sold for tax purposes) to the taxable REIT subsidiaries that were subsequently sold, in which the tax basis exceeded the book basis. Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): 2015 2014 2013 Income from Continuing Operations $ (3 ) $ 8 $ (1 ) Other Comprehensive Income — (7 ) 7 Additional Paid-In Capital (Share-Based Compensation) — — (1 ) Total Income Tax Provision (Benefit) $ (3 ) $ 1 $ 5 Deferred income taxes are provided for the temporary differences between the financial reporting basis and tax basis for the assets and liabilities of the taxable REIT subsidiaries. Certain prior period amounts have been reclassified to conform with current year presentation. The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): 2015 2014 Deferred Income Tax Assets: Net Operating Loss Carryforwards $ 12 $ 12 Accrued Compensation 11 9 Accrued Pension Benefits 16 16 Timber and Timberlands 18 16 Accrued Workers' Compensation Benefits 2 3 Other Accruals and Reserves 7 4 Valuation Allowance (11 ) (12 ) 55 48 Deferred Income Tax Liabilities: Machinery and Equipment (18 ) (19 ) (18 ) (19 ) Deferred Income Tax Asset, net $ 37 $ 29 The company has state net operating loss carryforwards for its taxable REIT subsidiaries of $279 million at December 31, 2015 , which includes a portion of net operating loss carryfowards related to the REIT (i.e. Plum Creek). REIT net operating losses are generated to the extent the deduction for dividends paid exceeds Plum Creek's taxable income. In certain states, the company files a combined tax return for the REIT and the taxable REIT subsidiaries (a unitary return) and, therefore, may be able to utilize a portion of the REIT's net operating losses. The company's total state net operating loss carryforward deferred income tax asset is $12 million at December 31, 2015 . The state net operating loss carryfowards will begin to expire in 2016 . At December 31, 2015 , the company had a valuation allowance of $11 million to reflect the estimated amount of deferred tax assets that may not be realized. The valuation allowance is related to certain state net operating loss carryforwards and other associated deferred tax assets that we do not believe it is more likely than not will be realized in future periods. The determination of the realization of deferred tax assets is based upon management's judgment of various future events and uncertainties, including the timing, nature and amount of future taxable income earned by certain wholly-owned subsidiaries. A valuation allowance is recognized if management believes it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The company has recorded gross deferred tax assets of $67 million (net of a $11 million valuation allowance) and $65 million (net of a $12 million valuation allowance) as of December 31, 2015 and December 31, 2014 , respectively. Management believes that due to the reversal of various taxable temporary differences and/or the planned execution of prudent and feasible tax planning strategies, sufficient taxable income can be generated to utilize the company's remaining deferred tax assets for which a valuation allowance was determined to be unnecessary. The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): 2015 2014 Current Deferred Income Tax Asset $ 13 $ 6 Non Current Deferred Income Tax Asset 24 23 Deferred Income Tax Asset, net $ 37 $ 29 As of December 31, 2015 and December 31, 2014 , we did not have any liabilities for unrecognized tax benefits. Except as described below, we believe the statute of limitations for tax assessments has expired for all tax years prior to 2011 . We continue to monitor the progress of ongoing income tax controversies. We do not currently believe there is a reasonable possibility of recording a liability for unrecognized tax benefits within the next twelve months. 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. We are confident in our position and believe that the proposed re-characterization of the Timberland Venture formation transaction by the IRS will ultimately be unsuccessful. We intend to vigorously contest this re-characterization. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Income Taxes | INCOME TAXES Plum Creek Timberlands, L.P. is a wholly-owned limited partnership and therefore, not subject to income tax. Plum Creek Timberlands, L.P.’s taxable income is allocated 100% (directly and indirectly) to its parent, Plum Creek Timber Company, Inc., which has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. A REIT generally does not pay corporate-level income tax if it distributes 100% of its taxable income to shareholders and satisfies other organizational and operational requirements as set forth in the Internal Revenue Code. If a company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The book basis of Plum Creek’s assets and liabilities exceeds its tax basis by approximately $2.0 billion at December 31, 2015 . 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 (see Note 15 of the Notes to Consolidated Financial Statements). 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 Operating Partnership recognizes interest and penalties, if incurred, related to income taxes in the Provision for Income Taxes in the Consolidated Statements of Income. During the years ended December 31, 2015 , 2014 and 2013 , amounts for interest and penalties included in the tax provision were insignificant. At December 31, 2015 , and December 31, 2014 , the Operating Partnership had no accrued interest or penalties related to income taxes. The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Current Income Taxes: Federal $ 5 $ 3 $ — State — 1 — Deferred Income Taxes: Federal (6 ) 4 (1 ) State (1 ) (2 ) — Benefit from Operating Loss Carryforward — — (1 ) Change to Valuation Allowance (1 ) 2 1 Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): 2015 2014 2013 Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% $ 68 $ 78 $ 75 REIT Income not Subject to Federal Tax (65 ) (58 ) (69 ) Change to Valuation Allowance (1 ) 2 1 State Income Tax Expense (Benefit), net of Federal Benefit (1 ) (1 ) (1 ) Permanent Book-Tax Differences (4 ) (13 ) (7 ) Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) The federal statutory income tax rate is 35% . The income generated by the activities of the REIT is generally not subject to federal income tax. The permanent book-tax differences consist primarily of differences in cost basis for certain properties contributed (sold for tax purposes) to the taxable REIT subsidiaries that were subsequently sold, in which the tax basis exceeded the book basis. Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): 2015 2014 2013 Income from Continuing Operations $ (3 ) $ 8 $ (1 ) Other Comprehensive Income — (7 ) 7 Additional Paid-In Capital (Share-Based Compensation) — — (1 ) Total Income Tax Provision (Benefit) $ (3 ) $ 1 $ 5 Deferred income taxes are provided for the temporary differences between the financial reporting basis and tax basis for the assets and liabilities of our various wholly-owned taxable REIT subsidiaries. Certain prior period amounts have been reclassified to conform with current year presentation. The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): 2015 2014 Deferred Income Tax Assets: Net Operating Loss Carryforwards $ 12 $ 12 Accrued Compensation 11 9 Accrued Pension Benefits 16 16 Timber and Timberlands 18 16 Accrued Workers' Compensation Benefits 2 3 Other Accruals and Reserves 7 4 Valuation Allowance (11 ) (12 ) 55 48 Deferred Income Tax Liabilities: Machinery and Equipment (18 ) (19 ) (18 ) (19 ) Deferred Income Tax Asset, net $ 37 $ 29 The Operating Partnership has state net operating loss carryforwards for its taxable REIT subsidiaries of $279 million at December 31, 2015 , which includes a portion of net operating loss carryfowards related to the REIT (i.e. Plum Creek). REIT net operating losses are generated to the extent the deduction for dividends paid exceeds Plum Creek's taxable income. In certain states, the Operating Partnership files a combined tax return for the REIT and the taxable REIT subsidiaries (a unitary return) and, therefore, may be able to utilize a portion of the REIT's net operating losses. The Operating Partnership's total state net operating loss carryforward deferred income tax asset is $12 million at December 31, 2015 . The state net operating loss carryfowards will begin to expire in 2016 . At December 31, 2015 , the Operating Partnership had a valuation allowance of $11 million to reflect the estimated amount of deferred tax assets that may not be realized. The valuation allowance is related to certain state net operating loss carryforwards and other associated deferred tax assets that we do not believe it is more likely than not will be realized in future periods. The determination of the realization of deferred tax assets is based upon management's judgment of various future events and uncertainties, including the timing, nature and amount of future taxable income earned by certain wholly-owned subsidiaries. A valuation allowance is recognized if management believes it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The Operating Partnership has recorded gross deferred tax assets of $67 million (net of a $11 million valuation allowance) and $65 million (net of a $12 million valuation allowance) as of December 31, 2015 and December 31, 2014 , respectively. Management believes that due to the reversal of various taxable temporary differences and/or the planned execution of prudent and feasible tax planning strategies, sufficient taxable income can be generated to utilize the company's remaining deferred tax assets for which a valuation allowance was determined to be unnecessary. The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): 2015 2014 Current Deferred Income Tax Asset $ 13 $ 6 Non Current Deferred Income Tax Asset 24 23 Deferred Income Tax Asset, net $ 37 $ 29 As of December 31, 2015 and December 31, 2014 , Plum Creek did not have any liabilities for unrecognized tax benefits. Except as described below, we believe the statute of limitations for tax assessments has expired for all tax years prior to 2011 . Plum Creek continues to monitor the progress of ongoing income tax controversies. We do not currently believe there is a reasonable possibility of recording a liability for unrecognized tax benefits within the next twelve months. 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. We are confident in our position and believe that the proposed re-characterization of the Timberland Venture formation transaction by the IRS will ultimately be unsuccessful. We intend to vigorously contest this re-characterization. |
REIT Disclosures
REIT Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
REIT Disclosures | REIT DISCLOSURES Plum Creek has elected to be taxed as a REIT under sections 856-860 of the United States Internal Revenue Code. For the years 2015 , 2014 and 2013 , Plum Creek elected to designate all distributions as long-term capital gain dividends. As of and for the years ended December 31, 2015 , 2014 , and 2013 , Plum Creek has distributed all of its taxable income. The company has no undistributed capital gain or ordinary income as of December 31, 2015 . The table below summarizes the historical tax character of distributions to Plum Creek shareholders for the years ended December 31 (amounts per share): 2015 2014 2013 Capital Gain Dividend $ 1.76 $ 1.76 $ 1.74 Non-Taxable Return of Capital — — — Total Distributions $ 1.76 $ 1.76 $ 1.74 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Borrowings | BORROWINGS All of our borrowings, except the Note Payable to Timberland Venture, are made by Plum Creek Timberlands, L.P., the company’s wholly-owned operating partnership (“the Partnership”). Furthermore, all of the outstanding indebtedness of the Partnership is unsecured. Outstanding borrowings consist of the following (in millions): December 31, 2015 December 31, 2014 Line of Credit maturing 2019, 1.63% at 12/31/15, based on LIBOR plus 1.25% $ 519 $ 95 Term Credit Agreement due 2019, 1.92% at 12/31/15, based on LIBOR plus 1.50%. 225 225 Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% — 439 Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% 568 568 Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% 323 323 Installment Note Payable due 2023, 5.207% 860 860 Note Payable to Timberland Venture due 2018, 7.375% 783 783 Total Long-Term Debt 3,278 3,293 Less: Current Portion of Long-Term Debt — 439 Less: Line of Credit 519 95 Long-Term Portion $ 2,759 $ 2,759 Line of Credit. On December 28, 2015, the company amended its $700 million revolving line of credit agreement that matures on January 15, 2019 , increasing the borrowing capacity to $800 million . The weighted-average interest rate for the borrowings on the line of credit was 1.63% and 1.34% as of December 31, 2015 and December 31, 2014 , respectively. The interest rate on the line of credit is currently LIBOR plus 1.25% , including the facility fee. This rate can range from LIBOR plus 1% to LIBOR plus 2% depending on our debt ratings. Subject to customary covenants, the line of credit allows for borrowings from time to time up to $800 million , including up to $60 million of standby letters of credit. Borrowings on the line of credit fluctuate daily based on cash needs. As of December 31, 2015 , we had $519 million of borrowings and $1 million of standby letters of credit outstanding; $280 million remained available for borrowing under our line of credit. As of January 5, 2016 , $85 million of the borrowings under our line of credit was repaid. Term Credit Agreement. The company has a $225 million term credit agreement that matures on April 3, 2019 . The interest rate on the term credit agreement was 1.92% and 1.67% as of December 31, 2015 and 2014 , respectively. The interest rate on the term credit agreement is based on LIBOR plus 1.50% . After giving effect to patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both December 31, 2015 and 2014 . See " Patronage " below. The term loan agreement is subject to covenants that are substantially the same as those of our revolving line of credit. The term credit agreement allows for prepayment of the borrowings at any time prior to the maturity date without premium or penalty. Senior Notes. As of December 31, 2015 , the company had publicly issued and outstanding approximately $894 million aggregate principal amount of Senior Notes (“Public Debt”). The Public Debt is issued by the Partnership and is fully and unconditionally guaranteed by Plum Creek Timber Company, Inc. This amount includes $569 million of 4.70% Public Debt which matures in 2021 and $325 million of 3.25% Public Debt which matures in 2023 . The Senior Notes are redeemable prior to maturity; however, they are subject to a premium on redemption, which is based upon interest rates of U.S. Treasury securities having similar average maturities. The premium that would have been due upon early retirement approximated $91 million at December 31, 2015 and $114 million at December 31, 2014 . Plum Creek Timber Company, Inc. and the Partnership have filed a shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Plum Creek Timber Company, Inc., from time to time, may offer and sell any combination of preferred stock, common stock, depositary shares, warrants and guarantees, and the Partnership may from time to time, offer and sell debt securities. Installment Note Payable. The company has an $860 million installment note payable to MWV Community Development and Land Management, LLC ("MWV CDLM") which was issued in connection with the acquisition of certain timberland assets. Following the acquisition, MWV CDLM pledged the installment note to certain banks in the farm credit system. The annual interest rate on the installment note is fixed at 5.207% . After giving effect to patronage distributions, the company's effective net interest rate on the installment note was approximately 4.5% as of both December 31, 2015 and December 31, 2014 . See “ Patronage ” below. During the ten-year term of the note, interest is paid semi-annually with the principal due upon maturity. The installment note matures on December 6, 2023 , but may be extended at the request of the holder if the company at the time of the request intends to refinance all or a portion of the installment note for a term of five years or more. The installment note is generally not redeemable prior to maturity except in certain limited circumstances and could be subject to a premium on redemption. The installment note is subject to covenants similar to those of our revolving line of credit and term credit agreement. Note Payable to Timberland Venture. The company has a $783 million note payable to a timberland venture (a related party). The annual interest rate on the note payable is fixed at 7.375% . During the ten -year term of the note, interest is paid quarterly with the principal due upon maturity. The note matures on October 1, 2018 but may be extended until October 1, 2020 at the election of Plum Creek. The note is not redeemable prior to maturity. The note is structurally subordinated to all other indebtedness of the company at December 31, 2015 . See Note 17 of the Notes to Consolidated Financial Statements. Patronage. The company receives patronage refunds under the term credit agreement and the installment note payable. Patronage refunds are distributions of profits from banks in the farm credit system, which are cooperatives that are required to distribute profits to their members. Patronage distributions, which are made in either cash or stock, are received in the year after they were earned. The company earned approximately $8 million of patronage during both 2015 and 2014 . Patronage refunds are recorded as a reduction to interest expense in the year earned. Debt Principal Payments. During 2015, the company made debt principal payments of $439 million . Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2015 (in millions): Maturity Debt Agreements Note Payable to Timberland Venture Total 2016 $ — $ — $ — 2017 — — — 2018 — 783 783 2019 744 — 744 2020 — — — Thereafter 1,754 — 1,754 Total $ 2,498 $ 783 $ 3,281 Debt Covenants. The company's debt agreements contain various restrictive covenants, including requiring that we maintain certain interest coverage and maximum leverage ratios. The company’s term loan, revolving line of credit and installment note payable each contain a covenant restricting our ability to make any restricted payments, which includes dividend payments, if we are in default under our debt agreements. The company was in compliance with all of its borrowing agreement covenants as of December 31, 2015 . |
PLUM CREEK TIMBERLANDS L P [Member] | |
Borrowings | BORROWINGS Outstanding borrowings of the Operating Partnership, all of which are unsecured, consist of the following (in millions): December 31, 2015 December 31, 2014 Line of Credit maturing 2019, 1.63% at 12/31/15, based on LIBOR plus 1.25% $ 519 $ 95 Term Credit Agreement due 2019, 1.92% at 12/31/15, based on LIBOR plus 1.50%. 225 225 Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% — 439 Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% 568 568 Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% 323 323 Installment Note Payable due 2023, 5.207% 860 860 Total Long-Term Debt 2,495 2,510 Less: Current Portion of Long-Term Debt — 439 Less: Line of Credit 519 95 Long-Term Portion $ 1,976 $ 1,976 Line of Credit. On December 28, 2015, the Operating Partnership amended its $700 million revolving line of credit agreement that matures on January 15, 2019 , increasing the borrowing capacity to $800 million . The weighted-average interest rate for the borrowings on the line of credit was 1.63% and 1.34% as of December 31, 2015 and December 31, 2014 , respectively. The interest rate on the line of credit is currently LIBOR plus 1.25% , including the facility fee. This rate can range from LIBOR plus 1% to LIBOR plus 2% depending on our debt ratings. Subject to customary covenants, the line of credit allows for borrowings from time to time up to $800 million , including up to $60 million of standby letters of credit. Borrowings on the line of credit fluctuate daily based on cash needs. As of December 31, 2015 , we had $519 million of borrowings and $1 million of standby letters of credit outstanding; $280 million remained available for borrowing under our line of credit. As of January 5, 2016 , $85 million of the borrowings under our line of credit was repaid. Term Credit Agreement. The Operating Partnership has a $225 million term credit agreement that matures on April 3, 2019 . The interest rate on the term credit agreement was 1.92% and 1.67% as of December 31, 2015 and 2014 , respectively. The interest rate on the term credit agreement is based on LIBOR plus 1.50% . After giving effect to patronage distributions, the effective net interest rate on the term loan was approximately 1% as of both December 31, 2015 and 2014 . See " Patronage " below. The term loan agreement is subject to covenants that are substantially the same as those of our revolving line of credit. The term credit agreement allows for prepayment of the borrowings at any time prior to the maturity date without premium or penalty. Senior Notes. As of December 31, 2015 , the Operating Partnership had publicly issued and outstanding approximately $894 million aggregate principal amount of Senior Notes (“Public Debt”). The Public Debt is issued by the Partnership and is fully and unconditionally guaranteed by Plum Creek Timber Company, Inc. This amount includes $569 million of 4.70% Public Debt which matures in 2021 and $325 million of 3.25% Public Debt which matures in 2023 . The Senior Notes are redeemable prior to maturity; however, they are subject to a premium on redemption, which is based upon interest rates of U.S. Treasury securities having similar average maturities. The premium that would have been due upon early retirement approximated $91 million at December 31, 2015 and $114 million at December 31, 2014 . Plum Creek Timber Company, Inc. and the Operating Partnership have filed a shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Plum Creek Timber Company, Inc., from time to time, may offer and sell any combination of preferred stock, common stock, depositary shares, warrants and guarantees, and the Operating Partnership may from time to time, offer and sell debt securities. Installment Note Payable. The Operating Partnership has an $860 million installment note payable to MWV Community Development and Land Management, LLC ("MWV CDLM") which was issued in connection with the acquisition of certain timberland assets. Following the acquisition, MWV CDLM pledged the installment note to certain banks in the farm credit system. The annual interest rate on the installment note is fixed at 5.207% . After giving effect to patronage distributions, the Operating Partnership's effective net interest rate on the installment note was approximately 4.5% as of both December 31, 2015 and December 31, 2014 . See " Patronage " below. During the ten-year term of the note, interest is paid semi-annually with the principal due upon maturity. The installment note matures on December 6, 2023 , but may be extended at the request of the holder if the Operating Partnership at the time of the request intends to refinance all or a portion of the installment note for a term of five years or more. The installment note is generally not redeemable prior to maturity except in certain limited circumstances and could be subject to a premium on redemption. The installment note is subject to covenants similar to those of our revolving line of credit and term credit agreement. Patronage. The Operating Partnership receives patronage refunds under the term credit agreement and the installment note payable. Patronage refunds are distributions of profits from banks in the farm credit system, which are cooperatives that are required to distribute profits to their members. Patronage distributions, which are made in either cash or stock, are received in the year after they were earned. The Operating Partnership earned approximately $8 million of patronage during both 2015 and 2014 . Patronage refunds are recorded as a reduction to interest expense in the year earned. Debt Principal Payments. During 2015, the Operating Partnership made debt principal payments of $439 million . Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2015 (in millions): Maturity Debt Agreements 2016 $ — 2017 — 2018 — 2019 744 2020 — Thereafter 1,754 Total $ 2,498 Debt Covenants. The Operating Partnership's debt agreements contain various restrictive covenants, including requiring that we maintain certain interest coverage and maximum leverage ratios. The Operating Partnership’s term loan, revolving line of credit and installment note payable each contain a covenant restricting our ability to make any restricted payments, which includes dividend payments, if we are in default under our debt agreements. The Operating Partnership was in compliance with all of its borrowing agreement covenants as of December 31, 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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) $ 86 $ 86 Available-for-Sale Securities (B) 13 13 Trading Securities (B) 5 5 Total $ 104 $ 104 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 $88 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in the $54 million and $48 million of Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. At December 31, 2015 , investments in these mutual funds were approximately 54% in domestic (U.S.) equities, 2% in international equities, and 44% in debt securities. The remaining $36 million of the Investment in Grantor Trusts balance in the Consolidated Balance Sheets at December 31, 2015 is held in cash in order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the merger with Weyerhaeuser. See Notes 1 and 13 of the Notes to Consolidated Financial Statements. 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 years ended December 31, 2015 and December 31, 2014 . As of December 31, 2015 and 2014 , the amortized cost of the available-for-sale securities was approximately $12 million and $31 million , respectively. See Note 12 of the Notes to Consolidated Financial Statements. Available-for-sale securities valued at $30 million were sold during December 2015 in anticipation of benefit payouts in 2016 as a result of the pending merger with Weyerhaeuser. A gain of $10 million was recognized in connection with the sale. The $10 million gain along with $3 million of additional realized gains associated with securities held in the grantor trusts are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Notes 1 and 12 of the Notes to Consolidated Financial Statements. Trading Securities. Certain investments in the grantor trusts relate to the company's deferred compensation plans and are classified as trading securities. Deferred compensation amounts are invested in various money market, debt and equity mutual funds. The company plans to use these investments to fund deferred compensation obligations. Realized gains and losses and changes in unrealized gains and losses (and a corresponding amount of compensation expense) are recognized in the company's Consolidated Statements of Income. Deferred compensation obligations are included in Other Liabilities and were $5 million at both December 31, 2015 and 2014 . Changes in the fair value of trading securities were not material to the company's financial position or results of operations for the years ended December 31, 2015 and December 31, 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 December 31, 2015 Carrying Amount at December 31, 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) $ 891 $ — $ 917 $ — $ 917 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 519 — 519 — 519 Installment Note Payable (D) 860 — 896 — 896 Note Payable to Timberland Venture (E) 783 — — 869 869 Total Debt $ 3,278 $ — $ 2,557 $ 869 $ 3,426 Fair Value at December 31, 2014 Carrying Amount at December 31, 2014 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. The company’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2015. Summarized below are the Level 3 assets reported in the company's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31, 2014 (in millions): Adjusted Carrying Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) Net Gain (Loss) Timberlands Held for Sale (A) $46 $46 $(7) Total $(7) (A) During 2014, timberlands held for sale with a carrying value totaling $53 million were written down to their fair value (net of estimated selling costs) of $46 million , resulting in a loss of $7 million , which was included in earnings for the year ended December 31, 2014. These timberlands were sold in December 2014. See Note 4 of the Notes to Consolidated Financial Statements. The fair value for the property was based on an external appraisal. The external appraisal was derived using comparable sales. |
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) $ 86 $ 86 Available-for-Sale Securities (B) 13 13 Trading Securities (B) 5 5 Total $ 104 $ 104 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 $88 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in the $55 million and $49 million of Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. At December 31, 2015 , investments in these mutual funds were approximately 54% in domestic (U.S.) equities, 2% in international equities, and 44% in debt securities. The remaining $36 million of the Investment in Grantor Trusts balance in the Consolidated Balance Sheets at December 31, 2015 is held in cash in order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the merger with Weyerhaeuser. See Notes 1 and 11 of the Notes to Consolidated Financial Statements. 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 years ended December 31, 2015 and December 31, 2014 . As of December 31, 2015 and 2014 , the amortized cost of the available-for-sale securities was approximately $12 million and $31 million , respectively. See Note 10 of the Notes to Consolidated Financial Statements. Available-for-sale securities valued at $30 million were sold during December 2015 in anticipation of benefit payouts in 2016 as a result of the pending merger with Weyerhaeuser. A gain of $10 million was recognized in connection with the sale. The $10 million gain along with $3 million of additional realized gains associated with securities held in the grantor trusts are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Notes 1 and 10 of the Notes to Consolidated Financial Statements. Trading Securities. Certain investments in the grantor trusts relate to the Operating Partnership's deferred compensation plans and are classified as trading securities. Deferred compensation amounts are invested in various money market, debt and equity mutual funds. The Operating Partnership plans to use these investments to fund deferred compensation obligations. Realized gains and losses and changes in unrealized gains and losses (and a corresponding amount of compensation expense) are recognized in the Operating Partnership's Consolidated Statements of Income. Deferred compensation obligations are included in Other Liabilities and were $5 million at both December 31, 2015 and 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 years ended December 31, 2015 and December 31, 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 December 31, 2015 Carrying Amount at December 31, 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) $ 891 $ — $ 917 $ — $ 917 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 519 — 519 — 519 Installment Note Payable (D) 860 — 896 — 896 Total Debt $ 2,495 $ — $ 2,557 $ — $ 2,557 Fair Value at December 31, 2014 Carrying Amount at December 31, 2014 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. The Operating Partnership’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2015. Summarized below are the Level 3 assets reported in the Operating Partnership's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31, 2014 (in millions): Adjusted Carrying Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) Net Gain (Loss) Timberlands Held for Sale (A) $46 $46 $(7) Total $(7) (A) During 2014, timberlands held for sale with a carrying value totaling $53 million were written down to their fair value (net of estimated selling costs) of $46 million , resulting in a loss of $7 million , which was included in earnings for the year ended December 31, 2014. These timberlands were sold in December 2014. See Note 3 of the Notes to Consolidated Financial Statements. The fair value for the property was based on an external appraisal. The external appraisal was derived using comparable sales. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY At December 31, 2015 , Plum Creek had the following authorized capital of which 174.2 million shares of common stock were issued and outstanding: • 300,634,566 shares of common stock, par value $.01 per share; • 150,000,001 shares of excess stock, par value $.01 per share; and • 75,000,000 shares of preferred stock, par value $.01 per share. In 2013, the company completed an equity offering, resulting in the issuance of 13.9 million additional shares of common stock for net proceeds of $607 million . The proceeds from the equity offering were used to pay the cash portion of the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) and the acquisition related transaction fees, with the balance used to pay down approximately $376 million of the company's outstanding debt. The Board of Directors, from time to time, has authorized a share repurchase program. The table below summarizes the share repurchases pursuant to this program for the years ended December 31 : 2015 2014 Shares of Common Stock (in millions) 2.5 1.2 Total Cost of Shares (in millions) $ 100 $ 50 Average Cost per Share $ 40.30 $ 40.21 There were no share repurchases pursuant to the Board of Directors authorized share repurchase program in 2013. At December 31, 2015 , $200 million is available for share repurchases under the current Board of Directors authorization. See Note 1 of the Notes to Consolidated Financial Statements. Comprehensive Income Comprehensive income includes net income, actuarial gains and losses associated with our defined benefit pension plans, unrealized gains and losses on available-for-sale securities and a gain for the effective portion of a derivative transaction designated as a cash flow hedge. Comprehensive income was as follows for the years ended December 31 (in millions): Pretax Amount Tax Expense (Benefit) After-Tax Amount December 31, 2013 Net Income $ 214 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 5 $ — 5 Defined Benefit Pension Plans: Actuarial Gain (Loss) 25 6 19 Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Gain (Loss) on Cash Flow Hedge 5 — 5 Total Comprehensive Income $ 247 December 31, 2014 Net Income $ 214 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 1 $ — 1 Defined Benefit Pension Plans: Actuarial Gain (Loss) (34 ) (7 ) (27 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 2 — 2 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense — — — Total Comprehensive Income $ 190 December 31, 2015 Net Income $ 197 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ (3 ) $ — (3 ) Reclassification for Gains Recognized in Net Income (10 ) — (10 ) Defined Benefit Pension Plans: Actuarial Gain (Loss) (4 ) (1 ) (3 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense (1 ) — (1 ) Total Comprehensive Income $ 184 The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge (C) Total December 31, 2013 $ 13 $ (17 ) $ 5 $ 1 Other Comprehensive Income (Loss) before Reclassifications 1 (27 ) — (26 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 — 2 December 31, 2014 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) (3 ) — (6 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 4 (1 ) (7 ) December 31, 2015 $ 1 $ (41 ) $ 4 $ (36 ) (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. See Note 11 of the Notes to Consolidated Financial Statements. (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 13 of the Notes to Consolidated Financial Statements. (C) The gain on cash flow hedge is amortized as a reduction to Interest Expense (Debt Obligations to Unrelated Parties) in the Consolidated Statements of Income over its term of ten years. Cash Flow Hedge. In conjunction with the company's issuance of the $860 million installment note to MWV Community Development and Land Management, LLC in 2013 (see Note 10 of the Notes to Consolidated Financial Statements), the company entered into several forward treasury lock transactions to hedge against interest rate risk. The transactions are accounted for as cash flow hedges and the company received proceeds of $5 million that are reflected in Other Operating Activities on the Consolidated Statements of Cash Flows. The company recorded a gain of $5 million , the effective portion of the hedge, in Other Comprehensive Income. The company is not a party to any other derivative arrangements. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBERLANDS L P [Member] | |
Partners' Capital | PARTNERS' CAPITAL During 2008, PC Ventures I, LLC (“PC Ventures”), a 100% wholly-owned subsidiary of Plum Creek Timber Company, Inc., borrowed $783 million from an entity in which a subsidiary of the Operating Partnership has an equity interest (the Timberland Venture). See Note 15 of the Notes to Consolidated Financial Statements. PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest in the Operating Partnership (“Series T-1 Preferred Interest”). The Operating Partnership has no ownership interest in PC Ventures. The Series T-1 Preferred Interest provides for a return of 7.375% per annum (approximately $58 million ) on its contributed capital of $783 million . Distributions are payable on February 15th, May 15th, August 15th, and November 15th each year. The Series T-1 Preferred Interest is redeemable upon liquidation of the Operating Partnership. The Series T-1 Preferred Interest has a preference in liquidation over the Common Partnership Interests (Partners’ Capital) to the extent the Operating Partnership has available assets to distribute to the Series T-1 Preferred Interest. In 2013, Plum Creek completed an equity offering, resulting in the issuance of 13.9 million additional shares of common stock for net proceeds of $607 million . Following the equity offering, Plum Creek made a $607 million capital contribution to the Operating Partnership. The proceeds from this capital contribution were used by the Operating Partnership to pay the cash portion of the timberland acquisition from WestRock Company (formerly MeadWestvaco Corporation) and the acquisition related transaction fees, with the balance used to pay down approximately $376 million of the Operating Partnership’s outstanding debt. Comprehensive Income Comprehensive income includes net income, actuarial gains and losses associated with our defined benefit pension plans, unrealized gains and losses on available-for-sale securities and a gain for the effective portion of a derivative transaction designated as a cash flow hedge. Comprehensive income was as follows for the years ended December 31 (in millions): Pretax Amount Tax Expense (Benefit) After-Tax Amount December 31, 2013 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 272 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 5 $ — 5 Defined Benefit Pension Plans: Actuarial Gain (Loss) 25 6 19 Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Gain (Loss) on Cash Flow Hedge 5 — 5 Total Comprehensive Income $ 305 December 31, 2014 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 272 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 1 $ — 1 Defined Benefit Pension Plans: Actuarial Gain (Loss) (34 ) (7 ) (27 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 2 — 2 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense — — — Total Comprehensive Income $ 248 December 31, 2015 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 255 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ (3 ) $ — (3 ) Reclassification for Gains Recognized in Net Income (10 ) — (10 ) Defined Benefit Pension Plans: Actuarial Gain (Loss) (4 ) (1 ) (3 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense (1 ) — (1 ) Total Comprehensive Income $ 242 The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge (C) Total December 31, 2013 $ 13 $ (17 ) $ 5 $ 1 Other Comprehensive Income (Loss) before Reclassifications 1 (27 ) — (26 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 — 2 December 31, 2014 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) (3 ) — (6 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 4 (1 ) (7 ) December 31, 2015 $ 1 $ (41 ) $ 4 $ (36 ) (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. See Note 9 of the Notes to Consolidated Financial Statements. (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 11 of the Notes to Consolidated Financial Statements. (C) The gain on cash flow hedge is amortized as a reduction to Interest Expense (Debt Obligations to Unrelated Parties) in the Consolidated Statements of Income over its term of ten years. Cash Flow Hedge. In conjunction with the Operating Partnership's issuance of the $860 million installment note to MWV Community Development and Land Management, LLC in 2013 (see Note 8 of the Notes to Consolidated Financial Statements), the Operating Partnership entered into several forward treasury lock transactions to hedge against interest rate risk. The transactions are accounted for as cash flow hedges and the Operating Partnership received proceeds of $5 million that are reflected in Other Operating Activities on the Consolidated Statements of Cash Flows. The Operating Partnership recorded a gain of $5 million , the effective portion of the hedge, in Other Comprehensive Income. The Operating Partnership is not a party to any other derivative arrangements. |
Employee Pension and Retirement
Employee Pension and Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Employee Pension and Retirement Plans | EMPLOYEE PENSION AND RETIREMENT PLANS Pension Plan—General. The company provides defined benefit pension plans that cover substantially all employees of the company. Most of the company’s salaried and all hourly employees who complete one year of service in which they work at least 1,000 hours are eligible to participate in the plan. Participants vest after three years of service. The cash balance benefits for salaried employees are determined based primarily on certain percentages of compensation, age, years of service and interest accrued based on the 30-year Treasury bond rate. Participants who were employees of the company on September 1, 2000, earn benefits based on the greater of the cash balance formula or a monthly pension benefit that is principally based on the highest monthly average earnings during any consecutive sixty-month out of 120-month period and the number of years of service credit. The benefits to hourly employees are generally based on a fixed amount per year of service. The company maintains a qualified defined benefit pension plan and two non-qualified defined benefit pension plans. Assets related to the non-qualified plans are held in a grantor trust and are subject to the claims of creditors in the event of bankruptcy. As a result, pension assets for the non-qualified plans are not considered plan assets, and therefore, have not been netted against our pension liability. Pension assets for the non-qualified plans are included in “Investment in Grantor Trusts” and the related pension liability is included in “Other Current Liabilities” and “Other Liabilities” in our Consolidated Balance Sheets. Funded Status. The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): 2015 2014 Change in Benefit Obligation Benefit Obligation at Beginning of Period $ 218 $ 178 Service Cost 8 7 Interest Cost 8 8 Actuarial (Gain) Loss (7 ) 32 Benefits Paid (17 ) (7 ) Benefit Obligation at End of Period $ 210 $ 218 Change in Plan Assets Fair Value of Plan Assets at Beginning of Period $ 154 $ 144 Actual Return on Plan Assets (1 ) 7 Employer Contributions 10 10 Benefits Paid (17 ) (7 ) Fair Value of Plan Assets at End of Period 146 154 Funded Status—December 31 $ (64 ) $ (64 ) Amounts Recognized in the Consolidated Balance Sheet Other Current Liabilities $ (34 ) $ (5 ) Other Liabilities (30 ) (59 ) Total $ (64 ) $ (64 ) Note: The Benefit Obligation reflects both the qualified and non-qualified plans while the Plan Assets reflects only the qualified plan. The actuarial gain reflected in the change in benefit obligation for 2015 is due primarily to a change in the interest rate assumptions (increased discount rates) for measuring our pension liabilities as of December 31, 2015. The actuarial loss reflected in the change in benefit obligation for 2014 is due primarily to a change in the interest rate assumptions (decreased discount rates) for measuring our pension liabilities as of December 31, 2014, and to a lesser extent, a change in our mortality assumptions (plan participants are living longer). The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): Qualified Pension Plan Non-Qualified Pension Plans 2015 2014 2015 2014 Projected Benefit Obligation $ 156 $ 164 $ 53 $ 54 Accumulated Benefit Obligation 146 154 48 45 Plan Assets 146 154 N/A N/A Assets Held in the Grantor Trust N/A N/A 49 43 Pension contributions are significantly impacted by investment returns and changes in interest rates. It is generally the company’s policy to fund the qualified plan annually such that the fair value of plan assets equals or exceeds the actuarially computed accumulated benefit obligation (the approximate actuarially computed current pension obligation if the plan was discontinued) over a market cycle (generally 3 to 5 years). During 2015 , the company contributed $9 million to the qualified pension plan and contributed $7 million to its grantor trust associated with the non-qualified plans. During 2014 , the company contributed $9 million to the qualified pension plan and contributed $1 million to its grantor trust associated with the non-qualified plans. The company does not expect to make contributions to the qualified pension plan or to its grantor trust associated with the non-qualified plans in 2016 . Pension Cost and Assumptions. The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Service Cost $ 8 $ 7 $ 7 Interest Cost 8 8 8 Expected Return on Plan Assets (10 ) (9 ) (9 ) Recognized Actuarial Loss 5 2 5 Total Pension Cost $ 11 $ 8 $ 11 The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Net Actuarial Loss (Gain) $ 4 $ 34 $ (25 ) Amortization of Net Actuarial Loss (5 ) (2 ) (5 ) Total (Gain) Loss Recognized in Other Comprehensive Income $ (1 ) $ 32 $ (30 ) Combined Pension Cost Recognized in Comprehensive Income $ 10 $ 40 $ (19 ) Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): 2015 2014 Net Loss $ 53 $ 54 Deferred Tax Benefit $ (13 ) $ (13 ) During 2016 , the company expects $3 million of the $53 million net actuarial loss to be included as a component of our total pension cost. The qualified pension plan allows terminated employees to elect to receive pension benefits either as a lump-sum distribution or as annuity payments. The non-qualified plans only provide for lump-sum distributions. Management estimates that approximately half of the qualified plan participants will elect a lump-sum payment upon termination. Therefore, approximately 50% of the benefit obligation for the qualified plan is discounted based on high quality corporate bond yields while approximately 50% of the qualified plan and 100% of the non-qualified plans are discounted based on yields on 30-year U.S. Treasury bonds. Weighted-average assumptions used to determine the benefit obligation are as follows: December 31, 2015 December 31, 2014 Discount Rates Annuity Distributions 4.60 % 4.15 % Lump-Sum Distributions 3.03 % 3.04 % Rate of Compensation Increase 3.45 % 3.45 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 : 2015 2014 2013 Discount Rate 4.15 % 5.05 % 4.35 % Expected Long-Term Return on Plan Assets 7.00 % 7.25 % 7.25 % Rate of Compensation Increase 3.45 % 3.45 % 3.45 % To develop the expected long-term rate of return on plan assets assumption, the company considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns on each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. This resulted in the selection of the 7.00% assumption as of January 1, 2015 and the 7.25% assumption as of January 1, 2014 . The market related value of plan assets for the qualified plan is a calculated value that spreads unexpected investment returns over three years. The market-related value of assets held in a grantor trust for the non-qualified plans is fair market value. The market-related values are used to determine the amount of net actuarial loss/gain which is recognized as a component of pension cost. There has been no change in the method for determining the market-related value of assets since the prior valuation. The benefit obligation and net periodic pension cost are impacted by assumptions for plan participants' life expectancies. In determining the benefit obligation at December 31, 2014, the company updated its mortality assumptions to reflect increased life expectancies. The updated mortality assumptions did not impact the 2014 net periodic pension cost and did not significantly impact the 2015 net periodic pension costs. Investment Policies and Strategies. Investment allocation decisions are made to achieve maximum returns at a reasonable risk for the company’s pension assets over a full market cycle and are made without regard to future pension obligations. At December 31, 2015 , target allocations for the various asset classes are as follows: Large Capitalization Domestic Equities 32 % Small and Mid-Size Capitalization Domestic Equities 7 % International Equities 26 % Fixed Income 35 % The company currently uses actively managed funds and index funds, utilizing seven fund managers, to capture favorable returns in various asset classes and to diversify risk. All asset classes are invested in a diversified portfolio and fund managers are expected to be well diversified with respect to company, industry and economic sectors. Equity investments consist primarily of common stocks, common stock equivalents and preferred stock. Fixed income investments consist primarily of investments in U.S. treasuries, agencies of the U.S. Government, corporations, municipalities, banks, foreign bonds and other financial institutions. Pension assets are analyzed at least quarterly and rebalanced as needed to maintain the target allocations. Over a full market cycle, the investment goals (net of related fees) for the company’s various asset classes are as follows: • Large Cap. Domestic Equities—For actively managed funds performance should exceed the applicable benchmark (e.g., Russell 1000 Growth or Russell 1000 Value Indexes) by 0.50% per annum, while index funds should match the performance of the applicable benchmark (e.g. S&P 500 Index). • Small and Mid. Cap. Domestic Equities—For index funds performance should match the applicable benchmark (e.g. Russell 2000 Index). • International Equities—For actively managed funds performance should exceed the applicable benchmark (e.g. MSCI EAFE Index) by 1.00% per annum, while index funds should match the performance of the applicable benchmark (e.g. MSCI Emerging Markets Index). • Fixed Income Securities—Fund performance should exceed the applicable benchmark (e.g., Barclays Capital Aggregate Bond, Barclays Capital High Yield, or Barclays Capital U.S. Credit Indexes) by 0.25% per annum. Fair Value of Pension Plan Assets. The fair values of each major class of plan assets were as follows as of December 31, 2015 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 16 $ 16 Mutual Funds invested in: Large Cap. Domestic Equity Securities 14 — 14 Small and Mid. Cap. Domestic Equity Securities 10 — 10 International Equity Securities 31 — 31 Fixed Income Securities 6 — 6 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 30 30 Fixed Income Securities — 3 3 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 61 $ 85 $ 146 The fair values of each major class of plan assets were as follows as of December 31, 2014 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 1 $ 1 Mutual Funds invested in: Large Cap. Domestic Equity Securities 16 — 16 Small and Mid. Cap. Domestic Equity Securities 11 — 11 International Equity Securities 40 — 40 Fixed Income Securities 8 — 8 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 34 34 Fixed Income Securities — 8 8 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 75 $ 79 $ 154 The valuation techniques and inputs used to measure fair value for each major class of plan assets were as follows (there have been no changes in these techniques and inputs during the year ended December 31, 2015 ): • The money market fund is interest-bearing and is invested in a fund that is valued based on the fair value of a similar fund that is determined using net asset values. The net asset values are based on the fair value of the fund's underlying assets, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The unit price is based primarily on observable market data of the fund’s underlying assets. In order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the Merger with Weyerhaeuser, $16 million of the qualified plan assets are held in the money market fund as of December 31, 2015 . • The fair value of mutual funds is derived from quoted market prices in active markets at the measurement date. • The fair value of the underlying assets of the collective trust funds and limited partnership interest is determined using the net asset values. The net asset values are based on the fair value of the underlying assets, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The unit price is based primarily on observable market data of the fund’s underlying assets. Projected Benefit Payments. The following table presents expected future benefit payments projected based on the same assumptions used by the company to measure the benefit obligation and estimate future employee service (in millions): Year Projected Benefit Payments 2016 $ 46 2017 15 2018 14 2019 16 2020 15 2021 through 2025 75 Thrift and Profit Sharing Plan. The company sponsors an employee thrift and profit sharing plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all full-time employees. The company matches employee contributions of up to six percent of compensation at rates ranging from 35% to 100% , depending upon financial performance. The employer match was 100% for 2015 , 2014 and 2013 . Amounts charged to expense relating to the company’s thrift and profit sharing plan were $5 million in 2015 and 2014 and $4 million in 2013 . |
PLUM CREEK TIMBERLANDS L P [Member] | |
Employee Pension and Retirement Plans | EMPLOYEE PENSION AND RETIREMENT PLANS Pension Plan—General. Plum Creek Timberlands, L.P. sponsors defined benefit pension plans that cover substantially all employees of the Operating Partnership. Most of the Operating Partnership’s salaried and all hourly employees who complete one year of service in which they work at least 1,000 hours are eligible to participate in the plan. Participants vest after three years of service. The cash balance benefits for salaried employees are determined based primarily on certain percentages of compensation, age, years of service and interest accrued based on the 30-year Treasury bond rate. Participants who were employees of the Operating Partnership on September 1, 2000, earn benefits based on the greater of the cash balance formula or a monthly pension benefit that is principally based on the highest monthly average earnings during any consecutive sixty-month out of 120-month period and the number of years of service credit. The benefits to hourly employees are generally based on a fixed amount per year of service. The Operating Partnership maintains a qualified defined benefit pension plan and two non-qualified defined benefit pension plans. Assets related to the non-qualified plans are held in a grantor trust and are subject to the claims of creditors in the event of bankruptcy. As a result, pension assets for the non-qualified plans are not considered plan assets, and therefore, have not been netted against our pension liability. Pension assets for the non-qualified plans are included in “Investment in Grantor Trusts” and the related pension liability is included in “Other Current Liabilities” and “Other Liabilities” in our Consolidated Balance Sheets. Funded Status. The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): 2015 2014 Change in Benefit Obligation Benefit Obligation at Beginning of Period $ 218 $ 178 Service Cost 8 7 Interest Cost 8 8 Actuarial (Gain) Loss (7 ) 32 Benefits Paid (17 ) (7 ) Benefit Obligation at End of Period $ 210 $ 218 Change in Plan Assets Fair Value of Plan Assets at Beginning of Period $ 154 $ 144 Actual Return on Plan Assets (1 ) 7 Employer Contributions 10 10 Benefits Paid (17 ) (7 ) Fair Value of Plan Assets at End of Period 146 154 Funded Status—December 31 $ (64 ) $ (64 ) Amounts Recognized in the Consolidated Balance Sheet Other Current Liabilities $ (34 ) $ (5 ) Other Liabilities (30 ) (59 ) Total $ (64 ) $ (64 ) Note: The Benefit Obligation reflects both the qualified and non-qualified plans while the Plan Assets reflects only the qualified plan. The actuarial gain reflected in the change in benefit obligation for 2015 is due primarily to a change in the interest rate assumptions (increased discount rates) for measuring our pension liabilities as of December 31, 2015. The actuarial loss reflected in the change in benefit obligation for 2014 is due primarily to a change in the interest rate assumptions (decreased discount rates) for measuring our pension liabilities as of December 31, 2014, and to a lesser extent, a change in our mortality assumptions (plan participants are living longer). The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): Qualified Pension Plan Non-Qualified Pension Plans 2015 2014 2015 2014 Projected Benefit Obligation $ 156 $ 164 $ 53 $ 54 Accumulated Benefit Obligation 146 154 48 45 Plan Assets 146 154 N/A N/A Assets Held in the Grantor Trust N/A N/A 49 43 Pension contributions are significantly impacted by investment returns and changes in interest rates. It is generally the Operating Partnership’s policy to fund the qualified plan annually such that the fair value of plan assets equals or exceeds the actuarially computed accumulated benefit obligation (the approximate actuarially computed current pension obligation if the plan was discontinued) over a market cycle (generally 3 to 5 years). During 2015 , the Operating Partnership contributed $9 million to the qualified pension plan and contributed $7 million to its grantor trust associated with the non-qualified plans. During 2014 , the Operating Partnership contributed $9 million to the qualified pension plan and contributed $1 million to its grantor trust associated with the non-qualified plans. The Operating Partnership does not expect to make contributions to the qualified pension plan or to its grantor trust associated with the non-qualified plans in 2016 . Pension Cost and Assumptions. The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Service Cost $ 8 $ 7 $ 7 Interest Cost 8 8 8 Expected Return on Plan Assets (10 ) (9 ) (9 ) Recognized Actuarial Loss 5 2 5 Total Pension Cost $ 11 $ 8 $ 11 The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Net Actuarial Loss (Gain) $ 4 $ 34 $ (25 ) Amortization of Net Actuarial Loss (5 ) (2 ) (5 ) Total (Gain) Loss Recognized in Other Comprehensive Income $ (1 ) $ 32 $ (30 ) Combined Pension Cost Recognized in Comprehensive Income $ 10 $ 40 $ (19 ) Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): 2015 2014 Net Loss $ 53 $ 54 Deferred Tax Benefit $ (13 ) $ (13 ) During 2016 , the Operating Partnership expects $3 million of the $53 million net actuarial loss to be included as a component of our total pension cost. The qualified pension plan allows terminated employees to elect to receive pension benefits either as a lump-sum distribution or as annuity payments. The non-qualified plans only provide for lump-sum distributions. Management estimates that approximately half of the qualified plan participants will elect a lump-sum payment upon termination. Therefore, approximately 50% of the benefit obligation for the qualified plan is discounted based on high quality corporate bond yields while approximately 50% of the qualified plan and 100% of the non-qualified plans are discounted based on yields on 30-year U.S. Treasury bonds. Weighted-average assumptions used to determine the benefit obligation are as follows: December 31, 2015 December 31, 2014 Discount Rates Annuity Distributions 4.60 % 4.15 % Lump-Sum Distributions 3.03 % 3.04 % Rate of Compensation Increase 3.45 % 3.45 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 : 2015 2014 2013 Discount Rate 4.15 % 5.05 % 4.35 % Expected Long-Term Return on Plan Assets 7.00 % 7.25 % 7.25 % Rate of Compensation Increase 3.45 % 3.45 % 3.45 % To develop the expected long-term rate of return on plan assets assumption, the Operating Partnership considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns on each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption for the portfolio. This resulted in the selection of the 7.00% assumption as of January 1, 2015 and the 7.25% assumption as of January 1, 2014 . The market related value of plan assets for the qualified plan is a calculated value that spreads unexpected investment returns over three years. The market-related value of assets held in a grantor trust for the non-qualified plans is fair market value. The market-related values are used to determine the amount of net actuarial loss/gain which is recognized as a component of pension cost. There has been no change in the method for determining the market-related value of assets since the prior valuation. The benefit obligation and net periodic pension cost are impacted by assumptions for plan participants' life expectancies. In determining the benefit obligation at December 31, 2014, the Operating Partnership updated its mortality assumptions to reflect increased life expectancies. The updated mortality assumptions did not impact the 2014 net periodic pension cost and did not significantly impact the 2015 net periodic pension costs. Investment Policies and Strategies. Investment allocation decisions are made to achieve maximum returns at a reasonable risk for the Operating Partnership’s pension assets over a full market cycle and are made without regard to future pension obligations. At December 31, 2015 , target allocations for the various asset classes are as follows: Large Capitalization Domestic Equities 32 % Small and Mid-Size Capitalization Domestic Equities 7 % International Equities 26 % Fixed Income 35 % The Operating Partnership currently uses actively managed funds and index funds, utilizing seven fund managers, to capture favorable returns in various asset classes and to diversify risk. All asset classes are invested in a diversified portfolio and fund managers are expected to be well diversified with respect to company, industry and economic sectors. Equity investments consist primarily of common stocks, common stock equivalents and preferred stock. Fixed income investments consist primarily of investments in U.S. treasuries, agencies of the U.S. Government, corporations, municipalities, banks, foreign bonds and other financial institutions. Pension assets are analyzed at least quarterly and rebalanced as needed to maintain the target allocations. Over a full market cycle, the investment goals (net of related fees) for the Operating Partnership’s various asset classes are as follows: • Large Cap. Domestic Equities—For actively managed funds performance should exceed the applicable benchmark (e.g., Russell 1000 Growth or Russell 1000 Value Indexes) by 0.50% per annum, while index funds should match the performance of the applicable benchmark (e.g. S&P 500 Index). • Small and Mid. Cap. Domestic Equities—For index funds performance should match the applicable benchmark (e.g. Russell 2000 Index). • International Equities—For actively managed funds performance should exceed the applicable benchmark (e.g. MSCI EAFE Index) by 1.00% per annum, while index funds should match the performance of the applicable benchmark (e.g. MSCI Emerging Markets Index). • Fixed Income Securities—Fund performance should exceed the applicable benchmark (e.g., Barclays Capital Aggregate Bond, Barclays Capital High Yield, or Barclays Capital U.S. Credit Indexes) by 0.25% per annum. Fair Value of Pension Plan Assets. The fair values of each major class of plan assets were as follows as of December 31, 2015 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 16 $ 16 Mutual Funds invested in: Large Cap. Domestic Equity Securities 14 — 14 Small and Mid. Cap. Domestic Equity Securities 10 — 10 International Equity Securities 31 — 31 Fixed Income Securities 6 — 6 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 30 30 Fixed Income Securities — 3 3 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 61 $ 85 $ 146 The fair values of each major class of plan assets were as follows as of December 31, 2014 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 1 $ 1 Mutual Funds invested in: Large Cap. Domestic Equity Securities 16 — 16 Small and Mid. Cap. Domestic Equity Securities 11 — 11 International Equity Securities 40 — 40 Fixed Income Securities 8 — 8 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 34 34 Fixed Income Securities — 8 8 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 75 $ 79 $ 154 The valuation techniques and inputs used to measure fair value for each major class of plan assets were as follows (there have been no changes in these techniques and inputs during the year ended December 31, 2015 ): • The money market fund is interest-bearing and is invested in a fund that is valued based on the fair value of a similar fund that is determined using net asset values. The net asset values are based on the fair value of the fund's underlying assets, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The unit price is based primarily on observable market data of the fund’s underlying assets. In order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the Merger with Weyerhaeuser, $16 million of the qualified plan assets are held in the money market fund as of December 31, 2015 . • The fair value of mutual funds is derived from quoted market prices in active markets at the measurement date. • The fair value of the underlying assets of the collective trust funds and limited partnership interest is determined using the net asset values. The net asset values are based on the fair value of the underlying assets, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The unit price is based primarily on observable market data of the fund’s underlying assets. Projected Benefit Payments. The following table presents expected future benefit payments projected based on the same assumptions used by the Operating Partnership to measure the benefit obligation and estimate future employee service (in millions): Year Projected Benefit Payments 2016 $ 46 2017 15 2018 14 2019 16 2020 15 2021 through 2025 75 Thrift and Profit Sharing Plan. The Operating Partnership sponsors an employee thrift and profit sharing plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all full-time employees. The Operating Partnership matches employee contributions of up to six percent of compensation at rates ranging from 35% to 100% , depending upon financial performance. The employer match was 100% for 2015 , 2014 and 2013 . Amounts charged to expense relating to the Operating Partnership’s thrift and profit sharing plan were $5 million in 2015 and 2014 and $4 million in 2013 . |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS Plum Creek has a stockholder approved Stock Incentive Plan (“the Plan”) that provides for the award of shares of the company’s stock including, but not limited to, common stock awards, restricted stock units and value management awards. Under the Plan, there are 6.1 million shares of common stock reserved and eligible for issuance. At December 31, 2015 , 0.8 million shares of the 6.1 million reserved shares have been used and, therefore, 5.3 million shares remain available for future grants of common stock awards and restricted stock units or payments of vested value management awards. The number of shares to be issued in connection with value management awards is not determined until the end of their respective performance periods. New shares are issued for payment under the Plan for awards that pay out in shares or where the participant can elect payment in shares. Value Management Awards. Value management awards provide incentive compensation to participants that is contingent upon the company’s performance over a three -year period measured separately against the performance of peer groups consisting of forest products companies, the S&P 500 Index and the MSCI U.S. REIT Index over the same period. Value management awards are earned in whole or in part based on a sliding scale. No award is earned if the company's total shareholder return is below the 25th percentile of the peer group. The full value management award is earned if the company’s total shareholder return is above the 85th percentile . The value of an award between the 25th percentile and the 85th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100 , which equates performance to the 55th percentile . Amounts earned, if any, are paid in the quarter immediately following the end of the three -year performance period. Unless otherwise specified by the participant, each payment will be paid in cash, except that any officer not in compliance with the company’s stock ownership guidelines may be required to receive up to half of the payment value in the company’s common stock. To be entitled to the payment, a participant must be employed by the company on the last day of the performance period. Value management awards activity was as follows for the year ended December 31, 2015 : Units Nonvested, January 1, 2015 271,158 Granted 153,105 Vested (125,578 ) Forfeited (7,900 ) Nonvested, December 31, 2015 290,785 Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2015 (dollars in millions): Performance Period Outstanding Units Fair Value (A) Unrecognized Compensation Expense Maximum Award Value (B) 2013 to 2015 125,578 $ 7.7 $ — $ 25.1 2014 to 2016 138,130 $ 13.0 $ 4.3 $ 27.6 2015 to 2017 152,655 $ 21.8 $ 13.9 $ 30.5 (A) The estimated fair value includes unrecognized compensation expense. (B) Maximum award value is based on a unit value of $200 . Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three -year performance periods: Performance Period Payout Value per Unit Total Payout (millions) Payment Date 2013 to 2015 $ 61 $ 7.7 1st Quarter 2016 2012 to 2014 $ 3 $ 0.3 1st Quarter 2015 2011 to 2013 $ 35 $ 2.7 1st Quarter 2014 2010 to 2012 $ 0 $ 0.0 Not Earned Grants of value management awards are classified and accounted for as liabilities. As a result, the expense recognized over the performance period for value management awards will equal the fair value (i.e., cash value) of an award as of the last day of the performance period multiplied by the number of awards that are earned. The quarterly expense is recognized during the performance period based on the fair value of value management awards as of the end of the most recent quarter. Prior to the end of the performance period, compensation costs for value management awards are based on the awards’ most recent quarterly fair values and the number of months of service rendered during the performance period. Fair values for value management awards are computed based on our historical relative total shareholder return compared to the peer group from the beginning of the performance period to the end of the most recent quarter, and our simulated relative total shareholder return through the end of the performance period. The simulated total shareholder return of the company and the peer group is computed using a Monte Carlo simulation. The key assumptions used in the simulation of the company’s and the peer group’s total shareholder return are volatility, beta (the measure of how Plum Creek’s stock moves relative to the market as a whole) and risk-free interest rate. Restricted Stock Units. Under the Plan, restricted stock units may be awarded to certain directors, officers and employees of the company. The recipients of restricted stock units generally have the right to receive a cash amount equal to any dividends paid on the company’s common stock during the restriction period and upon vesting, the right to receive an equal number of shares of the company’s common stock. Restricted stock units generally vest over a four -year period at a rate of 25% per year. If employment is terminated prior to vesting, all unvested restricted stock units are forfeited. The weighted-average grant date fair value of restricted stock units granted for the years ended December 31 , 2015 , 2014 and 2013 was $44.77 , $42.04 and $47.93 , respectively. The fair value of restricted stock units is based on the closing price of the company’s common stock on the date of grant. Restricted stock unit activity was as follows for the year ended December 31, 2015 : Units Weighted- Average Grant Date Fair Value Nonvested, January 1, 2015 413,572 $ 43.30 Granted 190,485 $ 44.77 Vested (148,037 ) $ 42.72 Forfeited (9,845 ) $ 43.72 Nonvested, December 31, 2015 446,175 $ 44.11 The total fair value of restricted stock units that vested during the years ended December 31 , 2015 , 2014 and 2013 was approximately $7 million , $6 million and $5 million , respectively. Awards of Common Stock. Under the Plan, common stock of the company may be awarded to directors, officers and employees of the company. The common stock is granted without restriction or vesting provisions. During 2015 , 22,095 shares of common stock were granted/issued. The weighted-average grant date fair value of common stock awards granted for the years ended December 31, 2015 , 2014 and 2013 was $44.56 , $42.14 and $48.47 , respectively. The fair value of common stock awards is based on the closing price of Plum Creek's common stock on the date of grant. The total fair value of common stock awards that were issued during 2015 , 2014 and 2013 was $1 million in each year. Stock Options. Under the Plan, non-qualified stock options may be granted to directors, officers and employees of the company. Each stock option granted allows the recipient the right to purchase the company’s common stock at the fair market value of the company’s common stock on the date of grant. Generally, the stock options have a ten -year term and vest over a four -year period at a rate of 25% per year. Under the Plan, the exercise price of an option may not be reduced. No stock options have been awarded since 2011. Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2015 : Shares Subject to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Outstanding, January 1, 2015 1,846,298 $ 38.59 Granted — — Exercised/Surrendered (622,593 ) 38.08 Cancelled/Forfeited (3,000 ) 42.98 Outstanding, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Vested or Expected to Vest, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Exercisable, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): 2015 2014 2013 Proceeds from Stock Options Exercised $ 24 $ 3 $ 37 Intrinsic Value of Stock Options Exercised $ 6 $ 1 $ 12 Tax Benefit Related to Stock Options Exercised $ 1 $ — $ 2 Accounting for Share-Based Compensation. Share-based employee compensation cost is recognized based on fair value (see “Accounting for Share-Based Compensation” in Note 1 of the Notes to Consolidated Financial Statements). Stock options and most restricted stock units vest 25% per year over a four -year vesting period. Compensation cost related to these awards is recognized using the straight-line method over the four -year vesting period. The table below presents total compensation expense and recognized tax benefits for all share-based compensation plans (including both awards paid in stock and cash) for the years ended December 31 (in millions): 2015 2014 2013 Share-based Compensation Expense $ 28 $ 6 $ 13 Recognized Tax Benefits $ 5 $ 1 $ 2 At December 31, 2015 , there was $30 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately two years. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS All of Plum Creek’s activities are conducted through the Operating Partnership, therefore all share-based compensation expense is allocated to the Operating Partnership. Proceeds from the exercise of Plum Creek stock options are retained by Plum Creek Timber Company, Inc. Plum Creek Timber Company, Inc. has a stockholder approved Stock Incentive Plan ("the Plan") that provides for the award of shares of Plum Creek stock including, but not limited to, common stock awards, restricted stock units and value management awards. Under the Plan, there are 6.1 million shares of Plum Creek Timber Company, Inc. common stock reserved and eligible for issuance. At December 31, 2015 , 0.8 million shares of the 6.1 million reserved shares have been used and, therefore, 5.3 million shares remain available for future grants of common stock awards and restricted stock units or payments of vested value management awards. The number of shares to be issued in connection with value management awards is not determined until the end of their respective performance periods. New shares are issued for payment under the Plan for awards that pay out in shares or where the participant can elect payment in shares. Value Management Awards. Value management awards provide incentive compensation to participants that is contingent upon Plum Creek’s performance over a three -year period measured separately against the performance of peer groups consisting of forest products companies, the S&P 500 Index and the MSCI U.S. REIT Index over the same period. Value management awards are earned in whole or in part based on a sliding scale. No award is earned if Plum Creek’s total shareholder return is below the 25th percentile of the peer group. The full value management award is earned if Plum Creek’s total shareholder return is above the 85th percentile . The value of an award between the 25th percentile and the 85th percentile is based on a sliding scale between 0% and 200% of the face value. A unit has a face value of $100 , which equates performance to the 55th percentile . Amounts earned, if any, are paid in the quarter immediately following the end of the three -year performance period. Unless otherwise specified by the participant, each payment will be paid in cash, except that any officer not in compliance with Plum Creek’s stock ownership guidelines may be required to receive up to half of the payment value in Plum Creek’s common stock. To be entitled to the payment, a participant must be employed by the Operating Partnership on the last day of the performance period. Value management awards activity was as follows for the year ended December 31, 2015 : Units Nonvested, January 1, 2015 271,158 Granted 153,105 Vested (125,578 ) Forfeited (7,900 ) Nonvested, December 31, 2015 290,785 Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2015 (dollars in millions): Performance Period Outstanding Units Fair Value (A) Unrecognized Compensation Expense Maximum Award Value (B) 2013 to 2015 125,578 $ 7.7 $ — $ 25.1 2014 to 2016 138,130 $ 13.0 $ 4.3 $ 27.6 2015 to 2017 152,655 $ 21.8 $ 13.9 $ 30.5 (A) The estimated fair value includes unrecognized compensation expense. (B) Maximum award value is based on a unit value of $200 . Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three -year performance periods: Performance Period Payout Value per Unit Total Payout (millions) Payment Date 2013 to 2015 $ 61 $ 7.7 1st Quarter 2016 2012 to 2014 $ 3 $ 0.3 1st Quarter 2015 2011 to 2013 $ 35 $ 2.7 1st Quarter 2014 2010 to 2012 $ 0 $ 0.0 Not Earned Grants of value management awards are classified and accounted for as liabilities. As a result, the expense recognized over the performance period for value management awards will equal the fair value (i.e., cash value) of an award as of the last day of the performance period multiplied by the number of awards that are earned. The quarterly expense is recognized during the performance period based on the fair value of value management awards as of the end of the most recent quarter. Prior to the end of the performance period, compensation costs for value management awards are based on the awards’ most recent quarterly fair values and the number of months of service rendered during the performance period. Fair values for value management awards are computed based on Plum Creek’s historical relative total shareholder return compared to the peer group from the beginning of the performance period to the end of the most recent quarter, and its simulated relative total shareholder return through the end of the performance period. The simulated total shareholder return of Plum Creek and the peer group is computed using a Monte Carlo simulation. The key assumptions used in the simulation of Plum Creek’s and the peer group’s total shareholder return are volatility, beta (the measure of how Plum Creek’s stock moves relative to the market as a whole) and risk-free interest rate. Restricted Stock Units. Under the Plan, restricted stock units of Plum Creek Timber Company, Inc. may be awarded to certain directors, officers and employees of the Operating Partnership. The recipients of restricted stock units generally have the right to receive a cash amount equal to any dividends paid on Plum Creek’s common stock during the restriction period and upon vesting, the right to receive an equal number of shares of Plum Creek’s common stock. Restricted stock units generally vest over a four -year period at a rate of 25% per year. If employment is terminated prior to vesting, all unvested restricted stock units are forfeited. The weighted-average grant date fair value of restricted stock units granted for the years ended December 31 , 2015 , 2014 and 2013 was $44.77 , $42.04 and $47.93 , respectively. The fair value of restricted stock units is based on the closing price of Plum Creek’s common stock on the date of grant. Restricted stock unit activity was as follows for the year ended December 31, 2015 : Units Weighted- Average Grant Date Fair Value Nonvested, January 1, 2015 413,572 $ 43.30 Granted 190,485 $ 44.77 Vested (148,037 ) $ 42.72 Forfeited (9,845 ) $ 43.72 Nonvested, December 31, 2015 446,175 $ 44.11 The total fair value of restricted stock units that vested during the years ended December 31 , 2015 , 2014 and 2013 was approximately $7 million , $6 million and $5 million , respectively. Awards of Common Stock. Under the Plan, common stock of Plum Creek Timber Company, Inc. may be awarded to directors, officers and employees of the Operating Partnership. The common stock is granted without restriction or vesting provisions. During 2015 , 22,095 shares of Plum Creek common stock were granted/issued. The weighted-average grant date fair value of common stock awards granted for the years ended December 31, 2015 , 2014 , and 2013 was $44.56 , $42.14 and $48.47 , respectively. The fair value of common stock awards is based on the closing price of Plum Creek’s common stock on the date of grant. The total fair value of common stock awards that were issued during 2015 , 2014 and 2013 was $1 million in each year. Stock Options. Under the Plan, non-qualified stock options may be granted to directors, officers and employees of the Operating Partnership. Each stock option granted allows the recipient the right to purchase Plum Creek’s common stock at the fair market value of Plum Creek’s common stock on the date of grant. Generally, the stock options have a ten -year term and vest over a four -year period at a rate of 25% per year. Under the Plan, the exercise price of an option may not be reduced. No stock options have been awarded since 2011. Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2015 : Shares Subject to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Outstanding, January 1, 2015 1,846,298 $ 38.59 Granted — — Exercised/Surrendered (622,593 ) 38.08 Cancelled/Forfeited (3,000 ) 42.98 Outstanding, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Vested or Expected to Vest, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Exercisable, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): 2015 2014 2013 Proceeds from Stock Options Exercised $ 24 $ 3 $ 37 Intrinsic Value of Stock Options Exercised $ 6 $ 1 $ 12 Tax Benefit Related to Stock Options Exercised $ 1 $ — $ 2 Accounting for Share-Based Compensation. Share-based employee compensation cost is recognized based on fair value (see “Accounting for Share-Based Compensation” in Note 1 of the Notes to Consolidated Financial Statements). Stock options and most restricted stock units vest 25% per year over a four -year vesting period. Compensation cost related to these awards is recognized using the straight-line method over the four -year vesting period. The table below presents total compensation expense and recognized tax benefits for all share-based compensation plans (including both awards paid in stock and cash) for the years ended December 31 (in millions): 2015 2014 2013 Share-based Compensation Expense $ 28 $ 6 $ 13 Recognized Tax Benefits $ 5 $ 1 $ 2 At December 31, 2015 , there was $30 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately two years. |
Detail of Certain Balance Sheet
Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Details of Certain Balance Sheet Accounts Disclosure [Text Block] | DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Certain balance sheet accounts consisted of the following (in millions): December 31, 2015 December 31, 2014 Other Current Assets Prepaid Expenses $ 8 $ 8 Taxes Receivable 5 4 Deposits 2 2 Real Estate Development Properties 1 1 $ 16 $ 15 Other Non-Current Assets Real Estate Development Properties $ 9 $ 12 Unamortized Debt Issue Costs 6 7 Deposits 8 8 Intangible Assets 13 14 Other 5 4 $ 41 $ 45 Other Current Liabilities Long-Term Incentive Compensation $ 8 $ — Accrued Pension Liability 34 5 Workers’ Compensation 1 1 Other 3 4 $ 46 $ 10 Other Non-Current Liabilities Timber Obligations $ 4 $ 5 Deferred Compensation 5 5 Long-Term Incentive Compensation 16 4 Accrued Pension Liability 30 59 Deferred Revenue 15 12 Workers’ Compensation 4 7 Other 9 8 $ 83 $ 100 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Details of Certain Balance Sheet Accounts Disclosure [Text Block] | DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Certain balance sheet accounts consisted of the following (in millions): December 31, 2015 December 31, 2014 Other Current Assets Prepaid Expenses $ 8 $ 8 Taxes Receivable 5 4 Deposits 2 2 Real Estate Development Properties 1 1 $ 16 $ 15 Other Non-Current Assets Real Estate Development Properties $ 9 $ 12 Unamortized Debt Issue Costs 6 7 Deposits 8 8 Intangible Assets 13 14 Other 5 4 $ 41 $ 45 Other Current Liabilities Long-Term Incentive Compensation $ 8 $ — Accrued Pension Liability 34 5 Workers’ Compensation 1 1 Other 3 4 $ 46 $ 10 Other Non-Current Liabilities Timber Obligations $ 4 $ 5 Deferred Compensation 6 6 Long-Term Incentive Compensation 16 4 Accrued Pension Liability 30 59 Deferred Revenue 15 12 Workers’ Compensation 4 7 Other 9 8 $ 84 $ 101 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 8 , 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 8 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving the company and its consolidated subsidiaries. Contractual Obligations. The company has contracted to source logs and supply fiber with customers under long-term agreements at prevailing market rates. The agreements expire beginning in 2016 through 2038 , with the majority having various renewal options by either party. These renewal options are for periods ranging from two years to fifteen additional years. Lease Commitments. The company leases buildings and equipment under non–cancelable operating lease agreements. Operating lease expense was $5 million in 2015 and $4 million in both 2014 and 2013 . Additionally, the company has timber obligations related to certain timberlands where the company acquired title to standing timber at the inception of the leases. The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2015 (in millions): Operating Leases Timber Obligations 2016 $ 4 $ 1 2017 4 — 2018 4 — 2019 4 — 2020 4 — Thereafter 11 3 Total $ 31 $ 4 |
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 7 , management does not believe that these matters, individually or in the aggregate, are material. However, it is possible that one or more of these matters could become material in the future, and an unfavorable outcome in one or more of these matters could have a material negative financial impact on the Operating Partnership. See also Note 7 of the Notes to Consolidated Financial Statements for a discussion of a tax proceeding involving Plum Creek. Contractual Obligations. The Operating Partnership has contracted to source logs and supply fiber with customers under long-term agreements at prevailing market rates. The agreements expire beginning in 2016 through 2038 , with the majority having various renewal options by either party. These renewal options are for periods ranging from two years to fifteen additional years. Lease Commitments. The Operating Partnership leases buildings and equipment under non–cancelable operating lease agreements. Operating lease expense was $5 million in 2015 and $4 million in both 2014 and 2013 . Additionally, the Operating Partnership has timber obligations related to certain timberlands where the Operating Partnership acquired title to standing timber at the inception of the leases. The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2015 (in millions): Operating Leases Timber Obligations 2016 $ 4 $ 1 2017 4 — 2018 4 — 2019 4 — 2020 4 — Thereafter 11 3 Total $ 31 $ 4 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS Real Estate Development Ventures. On December 6, 2013 , the company and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company (MWV-Charleston Land Partners, LLC or “MWV-CLP”). Plum Creek contributed cash to MWV-CLP and WestRock Company contributed real estate development properties, which consisted of both residential and commercial properties currently under development (“Class A Properties”) and high-value development lands (“Class B Properties”). Plum Creek contributed $12 million in exchange for a 5% interest in Class A Properties and $140 million in exchange for a 50% interest in Class B Properties. WestRock Company contributed 22,000 acres of Class A Properties with an agreed upon value of $252 million in exchange for a 95% interest in Class A Properties and 87,000 acres of Class B Properties with an agreed upon value of $279 million in exchange for a 50% interest in Class B Properties. During 2015, the company’s ownership interest in the Class A Properties decreased to 3% due to capital calls by MWV-CLP for which the company declined to participate. An affiliate of WestRock Company has been hired to manage the day-to-day operations of MWV-CLP. Oversight of the Class A Properties is governed by a board of directors consisting of four members of which Plum Creek has one board member. Oversight of the Class B Properties is governed by a board of directors consisting of six members of which Plum Creek has three board members. The company uses the equity method of accounting for both its Class A and Class B interests. The total purchase price for the WestRock Company timberlands and related assets was $1.1 billion of which $139 million was allocated to our equity method investments in MWV-CLP. Our share of the book value of MWV-CLP’s net assets as of the acquisition date was approximately $52 million . This basis difference of $87 million will be amortized (i.e., additional expense) into equity earnings (loss) in future periods as the real estate properties are sold and/or as the timber on these properties is harvested. 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 Campbell Global LLC, contributed $783 million of cash in exchange for 91% of the Timberland Venture’s common interest. Following the contribution, the company borrowed $783 million from the Timberland Venture (“Note Payable to Timberland Venture”). The preferred interest is entitled to a cumulative preferred return equal to 7.875% per annum (approximately $56 million ). No distributions can be made on the common interests until all current period and prior period preferred returns have been paid. Preferred return distributions are payable on March 15th and September 15th each year. The annual interest rate on the Note Payable to Timberland Venture is fixed at 7.375% , resulting in annual interest expense of approximately $58 million . During the 10 -year term of the note, interest is paid quarterly with the principal due upon maturity. The activities of the Timberland Venture consist primarily of the ownership of timberlands and entering into cutting contracts with an affiliate of Campbell Global for the sale and harvesting of timber. An affiliate of Campbell Global is the manager of the Timberland Venture. The manager and the other member control the day-to-day operating decisions of the Timberland Venture. Plum Creek retains certain protective rights that require its consent before the Timberland Venture can take certain actions. For example, without Plum Creek’s consent and subject to certain exceptions, the Timberland Venture generally cannot sell properties, incur indebtedness, file for bankruptcy or enter into contracts with affiliates which are not arm’s length. No gain was recognized in connection with the contribution of the timberlands to the venture in 2008 . The book basis in the contributed timberlands was $174 million , and the company capitalized costs of $9 million in connection with the transfer. The Timberland Venture recorded the contributed timberlands at fair value, or $783 million . The difference between the beginning book basis in the venture ( $174 million ) and the company’s share of the equity in the net assets of the venture ( $783 million ) was allocated between standing timber ( $289 million ) and land ( $320 million ). In addition to the allocation of earnings to our common and preferred interests, the basis difference associated with standing timber is amortized into equity earnings based on the timber harvested during the period compared to the timber expected to be harvested over one timber rotation (approximately 27 years). The basis difference associated with land is recognized in equity earnings in the period in which timberlands are sold by the venture based on a per acre rate. Since the inception of the Timberland Venture through December 31, 2015 , the company has recognized $67 million in equity earnings related to the amortization of the basis difference. Both our preferred and common interests are accounted for based on the equity method of accounting. Equity earnings of the Timberland Venture are first allocated to our preferred interest to the extent of our preferred return with any excess earnings allocated among the common interests based on ownership percentage (i.e., 9% to our common interest). All of the equity earnings will be allocated to our preferred interest in years in which our preferred return equals or exceeds the earnings of the Timberland Venture. To the extent of any shortfall in equity earnings (cumulative preferred return in excess of allocated equity earnings), future years’ earnings will be allocated to our preferred interest when the earnings of the Timberland Venture exceed our preferred return. At December 31, 2015 , the cumulative shortfall in allocated equity earnings is $24 million . In addition to equity earnings associated with our common and preferred interests, equity earnings include the amortization of the difference between the book basis of our investment in the Timberland Venture and our share of the Timberland Venture’s net assets. Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 59 $ 54 $ 53 Common Interest — — — Amortization of Basis Difference 18 9 10 Total Equity Earnings from Timberland Venture $ 77 $ 63 $ 63 Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 56 $ 56 $ 55 Common Interest 3 1 1 Total Distributions from Timberland Venture $ 59 $ 57 $ 56 As of December 31, 2015 , the cumulative amount of equity earnings from the Timberland Venture reflected in consolidated Retained Earnings (Accumulated Deficit) in excess of cash distributions (i.e., undistributed equity earnings) was $51 million . The Timberland Venture can only be liquidated with the consent of both members. However, upon the nine year anniversary of the Timberland Venture, Plum Creek has the right for a six-month period to cause the Timberland Venture to redeem the other member’s interest. The other Timberland Venture member has a similar redemption right for six months after the seven year anniversary (October 1, 2015 to March 31, 2016). In 2016, the company agreed to extend the other member's redemption right through June 30, 2016 (October 1, 2015 to June 30, 2016). Upon liquidation or redemption, the members’ interests (i.e. capital accounts) will be adjusted to reflect the fair value of the Timberland Venture’s net assets. The adjustment would first be allocated to our preferred interest if there exists an accumulated shortfall in net income attributable to our preferred interest but only to the extent that the fair value of the net assets of the Timberland Venture exceed book basis. For the years ended December 31, 2015 , 2014 and 2013 , the Timberland Venture was considered a Significant Subsidiary in accordance with the financial reporting requirements of the Securities and Exchange Commission. Accordingly, the audited financial statements of the Timberland Venture are attached as an exhibit to the company’s 2015 Form 10-K filing. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Equity Method Investments | EQUITY METHOD INVESTMENTS Real Estate Development Ventures. On December 6, 2013 , the Operating Partnership and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company (MWV-Charleston Land Partners, LLC or “MWV-CLP”). The Operating Partnership contributed cash to MWV-CLP and WestRock Company contributed real estate development properties, which consisted of both residential and commercial properties currently under development (“Class A Properties”) and high-value development lands (“Class B Properties”). The Operating Partnership contributed $12 million in exchange for a 5% interest in Class A Properties and $140 million in exchange for a 50% interest in Class B Properties. WestRock Company contributed 22,000 acres of Class A Properties with an agreed upon value of $252 million in exchange for a 95% interest in Class A Properties and 87,000 acres of Class B Properties with an agreed upon value of $279 million in exchange for a 50% interest in Class B Properties. During 2015, the company’s ownership interest in the Class A Properties decreased to 3% due to capital calls by MWV-CLP for which the company declined to participate. An affiliate of WestRock Company has been hired to manage the day-to-day operations of MWV-CLP. Oversight of the Class A Properties is governed by a board of directors consisting of four members of which the Operating Partnership has one board member. Oversight of the Class B Properties is governed by a board of directors consisting of six members of which the Operating Partnership has three board members. The Operating Partnership uses the equity method of accounting for both its Class A and Class B interests. The total purchase price for the WestRock Company timberlands and related assets was $1.1 billion of which $139 million was allocated to our equity method investments in MWV-CLP. Our share of the book value of MWV-CLP’s net assets as of the acquisition date was approximately $52 million . This basis difference of $87 million will be amortized (i.e., additional expense) into equity earnings (loss) in future periods as the real estate properties are sold and/or as the timber on these properties is harvested. 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 Campbell Global LLC, contributed $783 million of cash in exchange for 91% of the Timberland Venture’s common interest. Following the formation of the Timberland Venture, PC Ventures borrowed $783 million from the Timberland Venture. PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership. See Note 10 of the Notes to Consolidated Financial Statements. PC Member’s preferred interest in the Timberland Venture is entitled to a cumulative preferred return equal to 7.875% per annum (approximately $56 million ). The Timberland Venture cannot make distributions on the common interests until all current period and prior period preferred returns have been paid. Preferred return distributions are payable on March 15th and September 15th each year. The activities of the Timberland Venture consist primarily of the ownership of timberlands and entering into cutting contracts with an affiliate of Campbell Global for the sale and harvesting of timber. An affiliate of Campbell Global is the manager of the Timberland Venture. The manager and the other member control the day-to-day operating decisions of the Timberland Venture. PC Member retains certain protective rights that require its consent before the Timberland Venture can take certain actions. For example, without PC Member’s consent and subject to certain exceptions, the Timberland Venture generally cannot sell properties, incur indebtedness, file for bankruptcy or enter into contracts with affiliates which are not arm’s length. No gain was recognized in connection with the contribution of the timberlands to the venture in 2008 . The book basis in the contributed timberlands was $174 million , and PC Member capitalized costs of $9 million in connection with the transfer. The Timberland Venture recorded the contributed timberlands at fair value, or $783 million . The difference between the beginning book basis in the venture ( $174 million ) and PC Member’s share of the equity in the net assets of the venture ( $783 million ) was allocated between standing timber ( $289 million ) and land ( $320 million ). In addition to the allocation of earnings to our common and preferred interests, the basis difference associated with standing timber is amortized into equity earnings based on the timber harvested during the period compared to the timber expected to be harvested over one timber rotation (approximately 27 years). The basis difference associated with land is recognized in equity earnings in the period in which timberlands are sold by the venture based on a per acre rate. Since the inception of the Timberland Venture through December 31, 2015 , the Operating Partnership has recognized $67 million in equity earnings related to the amortization of the basis difference. Both our preferred and common interests are accounted for based on the equity method of accounting. Equity earnings of the Timberland Venture are first allocated to our preferred interest to the extent of our preferred return with any excess earnings allocated among the common interests based on ownership percentage (i.e., 9% to our common interest). All of the equity earnings will be allocated to our preferred interest in years in which our preferred return equals or exceeds the earnings of the Timberland Venture. To the extent of any shortfall in equity earnings (cumulative preferred return in excess of allocated equity earnings), future years’ earnings will be allocated to our preferred interest when the earnings of the Timberland Venture exceed our preferred return. At December 31, 2015 , the cumulative shortfall in allocated equity earnings is $24 million . In addition to equity earnings associated with our common and preferred interests, equity earnings include the amortization of the difference between the book basis of our investment in the Timberland Venture and our share of the Timberland Venture’s net assets. Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 59 $ 54 $ 53 Common Interest — — — Amortization of Basis Difference 18 9 10 Total Equity Earnings from Timberland Venture $ 77 $ 63 $ 63 Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 56 $ 56 $ 55 Common Interest 3 1 1 Total Distributions from Timberland Venture $ 59 $ 57 $ 56 As of December 31, 2015 , the cumulative amount of equity earnings from the Timberland Venture reflected in consolidated Retained Earnings (Accumulated Deficit) in excess of cash distributions (i.e., undistributed equity earnings) was $51 million . The Timberland Venture can only be liquidated with the consent of both members. However, upon the nine year anniversary of the Timberland Venture, PC Member has the right for a six-month period to cause the Timberland Venture to redeem the other member’s interest. The other Timberland Venture member has a similar redemption right for six months after the seven year anniversary (October 1, 2015 to March 31, 2016). In 2016, the Operating Partnership agreed to extend the other member's redemption right through June 30, 2016 (October 1, 2015 to June 30, 2016). Upon liquidation or redemption, the members’ interests (i.e. capital accounts) will be adjusted to reflect the fair value of the Timberland Venture’s net assets. The adjustment would first be allocated to our preferred interest if there exists an accumulated shortfall in net income attributable to our preferred interest but only to the extent that the fair value of the net assets of the Timberland Venture exceed book basis. For the years ended December 31, 2015 , 2014 , and 2013 , the Timberland Venture was considered a Significant Subsidiary in accordance with the financial reporting requirements of the Securities and Exchange Commission. Accordingly, the audited financial statements of the Timberland Venture are attached as an exhibit to Plum Creek’s 2015 Form 10-K filing. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Real Estate Development Ventures. MWV-Charleston Land Partners, LLC (“MWV-CLP”) (see Note 17 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary activities of MWV-CLP are the active development of residential and commercial real estate on approximately 22,000 acres ("Class A Properties") and the identification, entitlement, marketing, and selling of approximately 56,000 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 Class B Properties, of which $29 million remained outstanding as of December 31, 2015 . The company does not intend to provide any other sources of financing for MWV-CLP. 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 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 $102 million at December 31, 2015 and $126 million at December 31, 2014 and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $102 million , our carrying amount of our investment, plus any future capital contributions we elect to contribute to MWV-CLP. At a minimum, the company has agreed to make capital contributions in connection with its interest in Class B Properties of $29 million over the next five 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 3% ownership interest in the Class A Properties in which it is generally entitled to 3% of the earnings or losses associated with these properties. Timberland Venture. The Timberland Venture (see Note 17 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary operating activities of the Timberland Venture consist of owning timberlands and entering into cutting contracts with an affiliate of the other member. Besides quarterly interest payments on the Note Payable to Timberland Venture, the company has not provided financing or other support to the venture. The venture generates sufficient cash from operating activities to finance its operations. We are not the primary beneficiary of the Timberland Venture. The company does not manage the day-to-day operations of the Timberland Venture, has only limited protective rights and its involvement is generally limited to receiving distributions on its preferred and common interests. We are not the primary beneficiary because we do not direct the activities that most significantly impact the Timberland Venture’s economic performance. We believe that the activities that most significantly impact the Timberland Venture’s economic performance include managing the timberlands along with the timing and extent of the harvesting activities, neither of which we control. The carrying amount of the investment is $235 million at December 31, 2015 and $217 million at December 31, 2014 , and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $235 million , the carrying amount of the investment. Generally, losses are first allocated among the common interests based on positive capital accounts in which we hold a 9% common interest. No losses are allocated to our preferred interest ( $705 million ) until the common interests have absorbed losses of approximately $861 million . |
PLUM CREEK TIMBERLANDS L P [Member] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Real Estate Development Ventures. MWV-Charleston Land Partners, LLC (“MWV-CLP”) (see Note 15 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary activities of MWV-CLP are the active development of residential and commercial real estate on approximately 22,000 acres ("Class A Properties") and the identification, entitlement, marketing, and selling of approximately 56,000 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 Class B Properties, of which $29 million remained outstanding as of December 31, 2015 . The Operating Partnership does not intend to provide any other sources of financing for MWV-CLP. The Operating Partnership is not the primary beneficiary of MWV-CLP. The Operating Partnership considers the activities that most significantly impact the economic performance of MWV-CLP to be the day-to-day operating decisions along with the oversight responsibilities for the real estate development projects and properties. 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 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 $102 million at December 31, 2015 and $126 million at December 31, 2014 and is reported in the Consolidated Balance Sheets as Equity Investment in Real Estate Development Ventures. Our maximum exposure to loss is $102 million , our carrying amount of our investment, plus any future capital contributions we elect to contribute to MWV-CLP. At a minimum, the Operating Partnership has agreed to make capital contributions in connection with its interest in Class B Properties of $29 million over the next five 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 3% ownership interest in the Class A Properties in which it is generally entitled to 3% of the earnings or losses associated with these properties. Timberland Venture. The Timberland Venture (see Note 15 of the Notes to Consolidated Financial Statements) is a variable interest entity. The primary operating activities of the Timberland Venture consist of owning timberlands and entering into cutting contracts with an affiliate of the other member. Besides quarterly distributions to PC Ventures which it uses to fund interest payments on the loan owed by PC Ventures, the Operating Partnership has not provided financing or other support to the venture. The venture generates sufficient cash from operating activities to finance its operations. We are not the primary beneficiary of the Timberland Venture. PC Member does not manage the day-to-day operations of the Timberland Venture, has only limited protective rights and its involvement is generally limited to receiving distributions on its preferred and common interests. We are not the primary beneficiary because we do not direct the activities that most significantly impact the Timberland Venture’s economic performance. We believe that the activities that most significantly impact the Timberland Venture’s economic performance include managing the timberlands along with the timing and extent of the harvesting activities, neither of which we control. The carrying amount of the investment is $ 235 million at December 31, 2015 and $217 million at December 31, 2014 , and it is reported in the Consolidated Balance Sheets as Equity Investment in Timberland Venture. Our maximum exposure to loss is $235 million , the carrying amount of the investment. Generally, losses are first allocated among the common interests based on positive capital accounts in which we hold a 9% common interest. No losses are allocated to our preferred interest ( $705 million ) until the common interests have absorbed losses of approximately $861 million . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The company has a common and preferred interest in Southern Diversified Timber, LLC (“the Timberland Venture”), which is accounted for under the equity method of accounting. See Note 17 of the Notes to Consolidated Financial Statements. Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Equity Earnings $ 77 $ 63 $ 63 Distributions 59 57 56 In 2008 , the company borrowed $783 million from the Timberland Venture for a 10 -year term at a fixed annual interest rate of 7.375% . The related party obligation is included in the Consolidated Balance Sheets as Note Payable to Timberland Venture. Interest expensed and paid with respect to the Note Payable to Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Interest Expense $ 58 $ 58 $ 58 Interest Payments 58 58 58 As a result, the company had accrued interest payable for the Note Payable to Timberland Venture of the following at December 31 (in millions): 2015 2014 Interest Payable (to related party) $ 7 $ 7 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Transactions with Parent. The Operating Partnership’s parent, Plum Creek Timber Company, Inc., provides share-based compensation plans that cover employees of the Operating Partnership (see Note 12 of the Notes to Consolidated Financial Statements). All of Plum Creek’s activities are conducted through the Operating Partnership. Therefore, all share-based compensation expense is allocated to the Operating Partnership. Transactions with Other Related Parties. A subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”) has a common and preferred interest in Southern Diversified Timber, LLC (“the Timberland Venture”), which is accounted for under the equity method of accounting. See Note 15 of the Notes to Consolidated Financial Statements. Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Equity Earnings $ 77 $ 63 $ 63 Distributions 59 57 56 In 2008 , PC Ventures borrowed $783 million from the Timberland Venture for a 10 -year term at a fixed annual interest rate of 7.375% . PC Ventures used the proceeds from the borrowing to make a $783 million capital contribution to the Operating Partnership in exchange for a Series T-1 Redeemable Preferred Limited Partnership Interest. See Note 10 of the Notes to Consolidated Financial Statements. The Operating Partnership made the following cash distributions to PC Ventures for the years ended December 31 (in millions): 2015 2014 2013 Cash Distributions $ 58 $ 58 $ 58 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Segment Information | SEGMENT INFORMATION The company is organized into seven operating segments based on the nature of the business activities of each component. Each operating segment has a separate management team. The measurement of operating segment results is generally consistent with the presentation of the Consolidated Statements of Income. Intersegment Revenues are recorded at market prices, which are determined at least quarterly, and are eliminated in the consolidated results. Several operating segments have sales outside of the U.S. (see Export Revenues), but the company does not hold any long-lived foreign assets. The company’s reportable segments are: (1) Northern Resources, (2) Southern Resources, (3) Real Estate, (4) Manufacturing, (5) Energy and Natural Resources, and (6) Other. The Other Segment is composed of two operating segments that do not meet the criteria to be individually reported or aggregated with another reportable segment. The company evaluates performance of the segments based on operating income before interest, unallocated corporate expenses and taxes. Asset information is not reported by segment, as the company does not produce such information internally. Northern Resources Segment. The Northern Resources Segment consists of timberlands located in Maine, Michigan, Montana, New Hampshire, Oregon, Vermont, Washington, West Virginia and Wisconsin. The Northern Resources Segment grows timber for sale primarily in domestic regional markets. Additionally, some logs are sold in export markets, mainly to China and Canada. The Northern Resources Segment sells softwood and hardwood sawlogs and softwood and hardwood pulpwood. Softwood and hardwood sawlogs are sold primarily to regional lumber and plywood manufacturers. Logs harvested in Montana are sold mostly to the company’s Manufacturing Segment (see Intersegment Revenues). Softwood and hardwood pulpwood is sold to regional paper and packaging manufacturers. Southern Resources Segment. The Southern Resources Segment consists of timberlands located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia. The Southern Resources Segment grows timber for sale in domestic regional markets. The Southern Resources Segment sells primarily softwood sawlogs and pulpwood. Additionally, some logs are sold in export markets, mainly to Europe and Asia. Softwood sawlogs are sold to regional lumber and plywood manufacturers. Softwood pulpwood is sold to regional paper and packaging manufacturers, producers of oriented strand board, and producers of wood pellets for use in bioenergy. Additionally, the Southern Resources Segment leases its timberlands to third parties on an annual basis for recreational purposes. Real Estate Segment. The Real Estate Segment consists of sales of higher value timberlands and non-strategic timberlands. We estimate that included in the company’s 6.3 million acres of timberlands 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, commercial and 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. The company has approximately 200,000 acres of non-strategic timberlands, which are expected to be sold in smaller scale transactions over the near and medium term. In addition to these 200,000 acres, the company may also make sales of non-strategic timberlands in larger scale transactions to commercial timberland buyers as opportunities arise. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Properties developed internally by the company will generally be low-intensity development limited to obtaining entitlements. Larger and more complicated projects needing more invested capital may be developed through third party ventures. Manufacturing Segment. The Manufacturing Segment consists of two lumber mills, two plywood mills, and one medium density fiberboard (“MDF”) facility in Montana. The lumber facilities produce boards, studs, and dimension lumber and the panel facilities produce high-quality plywood and MDF panels. All of these products are targeted to domestic wood products retailers, home construction, industrial customers, and to a lesser extent, for export primarily to Canada and Mexico. Residual chips that are not used internally may be sold to regional pulp and paper manufacturers. Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): 2015 2014 2013 Lumber $ 65 $ 109 $ 95 Plywood 97 87 92 MDF 188 172 175 Total $ 350 $ 368 $ 362 Energy and Natural Resources Segment. The Energy and Natural Resources Segment consists primarily of the net earnings derived from the company's non-timber natural resources, which includes overriding royalties in connection with the company's ownership of aggregate mineral rights. The overriding royalties are earned as the underlying aggregates are sold. These mineral rights exist at four quarries in South Carolina and four quarries in Georgia, all of which are operated by Vulcan Materials Company. The Energy and Natural Resources Segment also includes royalties from third-party lessees associated with the extraction of oil, natural gas, aggregates and other minerals, and wind leases from the lands the company owns. Additionally, the Energy and Natural Resources Segment includes revenues the company earns in connection with granting oil and gas exploration rights and communication and transportation rights of way, such as pipeline easements. Some of the Energy and Natural Resources Segment’s activities are conducted through the company's wholly-owned taxable REIT subsidiaries. Other Segment. The Other Segment includes revenues and expenses associated with our business of providing timber and wood-fiber procurement services by the harvesting and selling of trees from timberlands that are not owned by the company. Additionally, equity earnings associated with the company's investment in MWV-Charleston Land Partners, LLC (see Note 17 of the Notes to Consolidated Financial Statements) are reported in the Other Segment. These activities are conducted through our wholly-owned taxable REIT subsidiaries. There were no similar activities in 2013. The tables below present information about reported segments for the years ended December 31 (in millions): Northern Resources (A) Southern Resources Real Estate (B) Manufacturing (C) Energy and Natural Resources (D) Other (E) Total (F) 2015 External Revenues $ 203 $ 521 $ 318 $ 350 $ 37 $ 16 $ 1,445 Intersegment Revenues 25 — — — — — 25 Export Revenues 9 5 — 25 — — 39 Depreciation, Depletion and Amortization 26 84 1 10 9 — 130 Basis of Real Estate Sold — — 148 — — — 148 Other Operating Gain — — — 3 — — 3 Equity Earnings — — — — — 6 6 Operating Income 27 123 144 35 25 6 360 2014 External Revenues $ 236 $ 531 $ 289 $ 368 $ 34 $ 18 $ 1,476 Intersegment Revenues 28 — — — — — 28 Export Revenues 10 9 — 28 — — 47 Depreciation, Depletion and Amortization 28 82 1 14 8 — 133 Basis of Real Estate Sold — — 129 — — — 129 Other Operating Gain — — — 11 2 — 13 Equity Earnings — — — — — 3 3 Operating Income 44 137 133 49 25 2 390 2013 External Revenues $ 234 $ 435 $ 286 $ 362 $ 23 $ — $ 1,340 Intersegment Revenues 26 — — — — — 26 Export Revenues 15 6 — 29 — — 50 Depreciation, Depletion and Amortization 30 65 1 16 3 — 115 Basis of Real Estate Sold — — 91 — — — 91 Other Operating Gain — — — — 1 — 1 Equity Earnings — — — — — — — Operating Income 32 108 169 43 19 — 371 (A) During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in depreciation, depletion and amortization in the consolidated financial statements. (B) 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. The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of less than $1 million in 2015, $7 million in 2014 and $4 million in 2013. The 2014 impairment is related to the first phase of the transaction noted above which was closed in 2014 (See Note 4 of the Notes to Consolidated Financial Statements). Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. (C) During 2014, the company experienced a fire at its 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, the company 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 in Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (D) During 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 was primarily for the release of mineral rights. During 2013, the company sold certain mineral reserves for a gain of $1 million . These gains are reported as Other Operating Gain in our Energy and Natural Resources Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (E) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income for the Other Segment. Equity earnings of $ 6 million and $3 million were recorded for 2015 and 2014 , respectively. (F) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $3 million for both 2015 and 2014 and $4 million for 2013 . A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): 2015 2014 2013 Total Segment Operating Income $ 360 $ 390 $ 371 Corporate and Other Unallocated Expenses (93 ) (67 ) (73 ) Other Unallocated Operating Income (Expense), net 13 2 (3 ) Equity Earnings from Timberland Venture 77 63 63 Total Interest Expense, net (163 ) (166 ) (141 ) Loss on Extinguishment of Debt — — (4 ) Income before Income Taxes $ 194 $ 222 $ 213 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Segment Information | SEGMENT INFORMATION The Operating Partnership is organized into seven operating segments based on the nature of the business activities of each component. Each operating segment has a separate management team. The measurement of operating segment results is generally consistent with the presentation of the Consolidated Statements of Income. Intersegment Revenues are recorded at market prices, which are determined at least quarterly, and are eliminated in the consolidated results. Several operating segments have sales outside of the U.S. (see Export Revenues), but the Operating Partnership does not hold any long-lived foreign assets. The Operating Partnership’s reportable segments are: (1) Northern Resources, (2) Southern Resources, (3) Real Estate, (4) Manufacturing, (5) Energy and Natural Resources, and (6) Other. The Other Segment is composed of two operating segments that do not meet the criteria to be individually reported or aggregated with another reportable segment. The Operating Partnership evaluates performance of the segments based on operating income before interest, unallocated corporate expenses and taxes. Asset information is not reported by segment, as the Operating Partnership does not produce such information internally. Northern Resources Segment. The Northern Resources Segment consists of timberlands located in Maine, Michigan, Montana, New Hampshire, Oregon, Vermont, Washington, West Virginia and Wisconsin. The Northern Resources Segment grows timber for sale primarily in domestic regional markets. Additionally, some logs are sold in export markets, mainly to China and Canada. The Northern Resources Segment sells softwood and hardwood sawlogs and softwood and hardwood pulpwood. Softwood and hardwood sawlogs are sold primarily to regional lumber and plywood manufacturers. Logs harvested in Montana are sold mostly to the Operating Partnership’s Manufacturing Segment (see Intersegment Revenues). Softwood and hardwood pulpwood is sold to regional paper and packaging manufacturers. Southern Resources Segment. The Southern Resources Segment consists of timberlands located in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia. The Southern Resources Segment grows timber for sale in domestic regional markets. The Southern Resources Segment sells primarily softwood sawlogs and pulpwood. Additionally, some logs are sold in export markets, mainly to Europe and Asia. Softwood sawlogs are sold to regional lumber and plywood manufacturers. Softwood pulpwood is sold to regional paper and packaging manufacturers, producers of oriented strand board, and producers of wood pellets for use in bioenergy. Additionally, the Southern Resources Segment leases its timberlands to third parties on an annual basis for recreational purposes. Real Estate Segment. The Real Estate Segment consists of sales of higher value timberlands and non-strategic timberlands. We estimate that included in the Operating Partnership’s 6.3 million acres of timberlands 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, commercial and 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. The Operating Partnership has approximately 200,000 acres of non-strategic timberlands, which are expected to be sold in smaller scale transactions over the near and medium term. In addition to these 200,000 acres, the Operating Partnership may also make sales of non-strategic timberlands in larger scale transactions to commercial timberland buyers as opportunities arise. In the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Properties developed internally by the Operating Partnership will generally be low-intensity development limited to obtaining entitlements. Larger and more complicated projects needing more invested capital may be developed through third party ventures. Manufacturing Segment. The Manufacturing Segment consists of two lumber mills, two plywood mills, and one medium density fiberboard (“MDF”) facility in Montana. The lumber facilities produce boards, studs, and dimension lumber and the panel facilities produce high-quality plywood and MDF panels. All of these products are targeted to domestic wood products retailers, home construction, industrial customers, and to a lesser extent, for export primarily to Canada and Mexico. Residual chips that are not used internally may be sold to regional pulp and paper manufacturers. Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): 2015 2014 2013 Lumber $ 65 $ 109 $ 95 Plywood 97 87 92 MDF 188 172 175 Total $ 350 $ 368 $ 362 Energy and Natural Resources Segment. The Energy and Natural Resources Segment consists primarily of the net earnings derived from the Operating Partnership's non-timber natural resources, which includes overriding royalties in connection with the Operating Partnership's ownership of aggregate mineral rights. The overriding royalties are earned as the underlying aggregates are sold. These mineral rights exist at four quarries in South Carolina and four quarries in Georgia, all of which are operated by Vulcan Materials Company. The Energy and Natural Resources Segment also includes royalties from third-party lessees associated with the extraction of oil, natural gas, aggregates and other minerals, and wind leases from the lands the Operating Partnership owns. Additionally, the Energy and Natural Resources Segment includes revenues the Operating Partnership earns in connection with granting oil and gas exploration rights and communication and transportation rights of way, such as pipeline easements. Some of the Energy and Natural Resources Segment’s activities are conducted through the Operating Partnership's wholly-owned taxable REIT subsidiaries. Other Segment. The Other Segment includes revenues and expenses associated with our business of providing timber and wood-fiber procurement services by the harvesting and selling of trees from timberlands that are not owned by the Operating Partnership. Additionally, equity earnings associated with the Operating Partnership's investment in MWV-Charleston Land Partners, LLC (see Note 15 of the Notes to Consolidated Financial Statements) are reported in the Other Segment. These activities are conducted through our wholly-owned taxable REIT subsidiaries. There were no similar activities in 2013. The tables below present information about reported segments for the years ended December 31 (in millions): Northern Resources (A) Southern Resources Real Estate (B) Manufacturing (C) Energy and Natural Resources (D) Other (E) Total (F) 2015 External Revenues $ 203 $ 521 $ 318 $ 350 $ 37 $ 16 $ 1,445 Intersegment Revenues 25 — — — — — 25 Export Revenues 9 5 — 25 — — 39 Depreciation, Depletion and Amortization 26 84 1 10 9 — 130 Basis of Real Estate Sold — — 148 — — — 148 Other Operating Gain — — — 3 — — 3 Equity Earnings — — — — — 6 6 Operating Income 27 123 144 35 25 6 360 2014 External Revenues $ 236 $ 531 $ 289 $ 368 $ 34 $ 18 $ 1,476 Intersegment Revenues 28 — — — — — 28 Export Revenues 10 9 — 28 — — 47 Depreciation, Depletion and Amortization 28 82 1 14 8 — 133 Basis of Real Estate Sold — — 129 — — — 129 Other Operating Gain — — — 11 2 — 13 Equity Earnings — — — — — 3 3 Operating Income 44 137 133 49 25 2 390 2013 External Revenues $ 234 $ 435 $ 286 $ 362 $ 23 $ — $ 1,340 Intersegment Revenues 26 — — — — — 26 Export Revenues 15 6 — 29 — — 50 Depreciation, Depletion and Amortization 30 65 1 16 3 — 115 Basis of Real Estate Sold — — 91 — — — 91 Other Operating Gain — — — — 1 — 1 Equity Earnings — — — — — — — Operating Income 32 108 169 43 19 — 371 (A) During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in depreciation, depletion and amortization in the consolidated financial statements. (B) 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. The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of less than $1 million in 2015, $7 million in 2014 and $4 million in 2013. The 2014 impairment is related to the first phase of the transaction noted above which was closed in 2014 (See Note 3 of the Notes to Consolidated Financial Statements). Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. (C) During 2014, the Operating Partnership experienced a fire at its 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, the Operating Partnership 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 in Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (D) During 2014, the Operating Partnership 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 was primarily for the release of mineral rights. During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million . These gains are reported as Other Operating Gain in our Energy and Natural Resources Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (E) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income for the Other Segment. Equity earnings of $6 million and $3 million were recorded for 2015 and 2014 , respectively. (F) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $3 million for both 2015 and 2014 and $4 million for 2013 . A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): 2015 2014 2013 Total Segment Operating Income $ 360 $ 390 $ 371 Corporate and Other Unallocated Expenses (93 ) (67 ) (73 ) Other Unallocated Operating Income (Expense), net 13 2 (3 ) Equity Earnings from Timberland Venture 77 63 63 Interest Expense, net (105 ) (108 ) (83 ) Loss on Extinguishment of Debt — — (4 ) Income before Income Taxes $ 252 $ 280 $ 271 |
Unaudited Selected Quarterly Fi
Unaudited Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Unaudited Selected Quarterly Financial Data | UNAUDITED SELECTED QUARTERLY FINANCIAL DATA (In Millions, Except per Share Amounts) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 Revenues $ 406 $ 302 $ 414 $ 323 Gross Profit 91 75 149 93 Operating Income (A) 61 45 115 53 Net Income 42 21 100 34 Net Income per Share—Basic (B) $ 0.24 $ 0.12 $ 0.58 $ 0.19 Net Income per Share—Diluted (B) $ 0.24 $ 0.12 $ 0.58 $ 0.19 2014 Revenues $ 317 $ 356 $ 375 $ 428 Gross Profit 85 109 109 119 Operating Income (A) 57 82 91 92 Net Income 30 55 61 68 Net Income per Share—Basic (B) $ 0.17 $ 0.31 $ 0.34 $ 0.39 Net Income per Share—Diluted (B) $ 0.17 $ 0.31 $ 0.34 $ 0.39 (A) During the second quarter of 2014, the company experienced a fire at its 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, the company recorded a $3 million gain related to insurance recoveries, of which $2 million and $1 million was recorded in the second and third quarters of 2015, respectively. During 2014, the company recorded a $13 million gain related to insurance recoveries, of which $4 million , $5 million and $4 million was recorded in the second, third, and fourth quarters of 2014, respectively. Both the building and equipment loss and the insurance recoveries are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Note 20 of the Notes to Consolidated Financial Statements. (B) Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Unaudited Selected Quarterly Financial Data | UNAUDITED SELECTED QUARTERLY FINANCIAL DATA (In Millions) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 Revenues $ 406 $ 302 $ 414 $ 323 Gross Profit 91 75 149 93 Operating Income (A) 61 45 115 53 Net Income Available to Common Interest Partners 42 21 100 34 2014 Revenues $ 317 $ 356 $ 375 $ 428 Gross Profit 85 109 109 119 Operating Income (A) 57 82 91 92 Net Income Available to Common Interest Partners 30 55 61 68 (A) During the second quarter of 2014, the Operating Partnership experienced a fire at its 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, the Operating Partnership recorded a $3 million gain related to insurance recoveries, of which $2 million and $1 million was recorded in the second and third quarters of 2015, respectively. During 2014, the Operating Partnership recorded a $13 million gain related to insurance recoveries, of which $4 million , $5 million and $4 million was recorded in the second, third, and fourth quarters of 2014, respectively. Both the building and equipment loss and the insurance recoveries are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Note 18 of the Notes to Consolidated Financial Statements. |
Supplemental Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Disclosures Abstract | |
Supplemental Disclosures | Included in this item are the consolidated financial statements related to Plum Creek Timberlands, L.P., a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. These financial statements are provided pursuant to Rule 3-10 of Regulation S-X in connection with the shelf registration statement on Form S-3 filed in 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 December 31, 2015 , Plum Creek Timberlands, L.P. has publicly issued and outstanding $894 million aggregate principal amount of Senior Notes ("Public Debt") pursuant to the shelf registration statement. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
General | General. Plum Creek Timber Company, Inc. (“Plum Creek,” “the company,” “we,” “us,” or “our”), a Delaware Corporation, is a real estate investment trust, or “REIT”, for federal income tax purposes. Plum Creek Timber Company, Inc. is also the parent company of its wholly-owned subsidiary Plum Creek Timberlands, L.P. (“the Partnership”), a Delaware Limited Partnership. At December 31, 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. 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 December 31, 2015 , the company owned five 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. Weyerhaeuser Merger. On November 6, 2015, Plum Creek entered into an Agreement and Plan of Merger (the "Merger Agreement") with Weyerhaeuser Company (“Weyerhaeuser”) that is subject to shareholder approval. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Plum Creek will merge with and into Weyerhaeuser (the “Merger”) with Weyerhaeuser as the surviving corporation in the Merger. Upon completion of the Merger, Plum Creek stockholders will have the right to receive 1.60 shares (the “Exchange Ratio”) in common shares of Weyerhaeuser for each share of common stock of Plum Creek held. In connection with the merger, Weyerhaeuser will be assuming the assets and liabilities of Plum Creek. Under the Merger Agreement, Weyerhaeuser will assume all outstanding vested or unvested Plum Creek stock options, all outstanding vested or unvested Plum Creek restricted stock units and all outstanding Plum Creek deferred stock units. All such stock options, restricted stock units and deferred stock units will be converted into Weyerhaeuser stock options, restricted stock units and deferred stock units respectively, adjusted to give effect to the Exchange Ratio and subject to the same terms and conditions as such stock options, restricted stock units and deferred stock units had prior to being converted. On the date the Merger becomes effective, Plum Creek's qualified defined benefit pension plan and the two non-qualified defined benefit pension plans will be closed to new participants and frozen to all benefit accruals, including with respect to increases in compensation and additional benefit service. Furthermore, the Merger Agreement places certain restrictions on how Plum Creek conducts its business from the date of the agreement (November 6, 2015) to the closing of the merger (expected to be February 19, 2016 ). In general, Plum Creek is allowed to conduct its business in the normal course but generally has certain restrictions in the following areas: (1) declaring special dividends, (2) repurchasing outstanding shares of Plum Creek’s stock, (3) issuing additional shares of stock, (4) amending any material contracts (including any employee benefit and incentive plans), (5) making acquisitions, (6) selling assets, (7) incurring indebtedness, (8) making capital expenditures, (9) settling claims, and (10) entering into a new line of business. None of the above restrictions are expected to materially impact how Plum Creek currently conducts its business. For a detailed description of the terms of the merger, see the Agreement and Plan of Merger between Weyerhaeuser Company and Plum Creek Timber Company, Inc. incorporated by reference as Exhibit 2.5 under Item No. 15, Exhibits and Financial Statement Schedules. On February 12, 2016 , Plum Creek and Weyerhaeuser stockholders approved the Merger Agreement. The Merger is expected to close on February 19, 2016 . |
Basis of Presentation | Basis of Presentation. The consolidated financial statements of the company include the accounts of Plum Creek Timber Company, Inc. and its controlled subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. All transactions are denominated in United States dollars. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentrations Disclosure | Customer Concentrations. Annual revenues from the company’s largest customer accounted for 6% of total annual revenues in 2015 and 7% in both 2014 and 2013 . If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the company’s results of operations. Product Concentrations. Sales of the company’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the company’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the company’s results of operations. |
Revenue Recognition | Revenue Recognition. Resources Revenue. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The company sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold primarily using pay-as-cut agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Manufacturing Revenue. Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling are recognized at the time of delivery. Real Estate Revenue. Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and the company has no continuing involvement with the property. For all of our real estate sales, the company receives the entire consideration in cash at closing. Also at closing, the risks and rewards of ownership transfer to the buyer and the company does not have a continuing involvement in our properties after they are sold. Therefore, real estate revenue is recognized at closing. Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. The company will occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, revenue is recognized once title and risk of loss have transferred to the buyer for individual properties and the properties sold cannot be returned for a refund. As deposits for future closings under multi-period contracts may be refunded under certain circumstances, the company treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the company sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. Energy and Natural Resources Revenue. Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the company is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the company is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the company based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the company’s leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. |
Cash and Cash Equivalents | Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. |
Accounts Receivable | Accounts Receivable . Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at both December 31, 2015 and December 31, 2014 . Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. |
Like-Kind Exchanges | Like-Kind Exchanges . Plum Creek may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The company uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the company. |
Inventories | Inventories . Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and hauling costs, road costs and production overhead. |
Timber and Timberlands | Timber and Timberlands . Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The company capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The company presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the company to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The company capitalizes timber deed acquisitions. The company presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be harvested over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. |
Minerals and Mineral Rights Policy | Minerals and Mineral Rights. Minerals and mineral rights are stated at cost less accumulated depletion. The company capitalizes the cost of obtaining minerals and mineral rights. The cost of minerals (primarily coal assets) are charged against income (depletion expense) using the units-of-production method, based on estimated recoverable reserves. The costs of mineral rights are charged against income (depletion expense) as the company recognizes royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. The company evaluates its minerals and mineral rights for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its mineral rights and coal assets to be a separate asset group based on identifiable cash flows. |
Real Estate Held for Development and Sale, Policy | Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the company’s 6.3 million acres of timberlands 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 the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Costs associated with a specific real estate development project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The company will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate development projects with multiple parcels, the company determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. Properties developed by the company will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $9 million and $12 million at December 31, 2015 and 2014 , respectively. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). The company also incurs development costs on some timberlands that are currently still managed for timber operations. These consist of larger and more complicated projects needing more invested capital. These projects have a longer timeframe and are not expected to be sold or developed in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $39 million and $37 million at December 31, 2015 and December 31, 2014 , respectively, and are included in Timber and Timberlands. The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $24 million at December 31, 2015 and $98 million at December 31, 2014 . Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. The company evaluates its real estate development projects for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its real estate development projects to be a separate asset group based on identifiable cash flows. |
Accounting for Equity Method Investments | Accounting for Equity Method Investments. In 2013, the company and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the company made a capital contribution, in cash, of $152 million and WestRock Company contributed real estate development properties. The company accounts for this interest under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in the Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. In 2008 , the company contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The company accounts for these interests under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in our Consolidated Statements of Income. See Note 17 of the Notes to Consolidated Financial Statements. |
Property, Plant, and Equipment | Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. The company evaluates its property, plant and equipment for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The company considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $17 million , $21 million , and $24 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Grantor Trusts | Grantor Trusts . The company has a grantor trust that was established for deferred compensation and deferred Plum Creek shares (Plum Creek deferred stock units). See Note 11 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. Plum Creek maintains another grantor trust, which the company uses to fund its non-qualified pension plan obligation. See Notes 11 and 13 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the company’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. |
Shipping and Handling Costs | Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. |
Accounting for Share-Based Compensation | Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The company uses the grant date fair values (the closing market price for its common stock) to value stock awards of restricted stock units and common stock. The company also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. |
Other Operating Income | Other Operating Income (Expense), net. The company will recognize gains and losses from sales of available for sale securities, miscellaneous asset sales, insurance recoveries, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 11 and Note 20 of the Notes to Consolidated Financial Statements. Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) |
New Accounting Pronouncements | New Accounting Pronouncements. There were no new accounting standards adopted by the company during 2015 that had a material impact on the company's financial condition, results of operations or cash flows. |
PLUM CREEK TIMBERLANDS L P [Member] | |
General | General. Plum Creek Timberlands, L.P. is a Delaware Limited Partnership and a wholly-owned subsidiary of Plum Creek Timber Company, Inc. (“Parent”), a Delaware Corporation and a real estate investment trust, or “REIT”. References herein to “the Operating Partnership,” “we,” “us,” or “our” relate to Plum Creek Timberlands, L.P. and all of its wholly-owned consolidated subsidiaries; references to “Plum Creek” or “Parent” relate to Plum Creek Timber Company, Inc. and all of its wholly-owned consolidated subsidiaries. At December 31, 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. 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 December 31, 2015 , the Operating Partnership owned five 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. Weyerhaeuser Merger. On November 6, 2015, Plum Creek entered into an Agreement and Plan of Merger (the "Merger Agreement") with Weyerhaeuser Company (“Weyerhaeuser”) that is subject to shareholder approval. The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Plum Creek will merge with and into Weyerhaeuser (the “Merger”) with Weyerhaeuser as the surviving corporation in the Merger. Upon completion of the Merger, Plum Creek stockholders will have the right to receive 1.60 shares (the “Exchange Ratio”) in common shares of Weyerhaeuser for each share of common stock of Plum Creek held. In connection with the merger, Weyerhaeuser will be assuming the assets and liabilities of Plum Creek. Under the Merger Agreement, Weyerhaeuser will assume all outstanding vested or unvested Plum Creek stock options, all outstanding vested or unvested Plum Creek restricted stock units and all outstanding Plum Creek deferred stock units. All such stock options, restricted stock units and deferred stock units will be converted into Weyerhaeuser stock options, restricted stock units and deferred stock units respectively, adjusted to give effect to the Exchange Ratio and subject to the same terms and conditions as such stock options, restricted stock units and deferred stock units had prior to being converted. On the date the Merger becomes effective, the Operating Partnership's qualified defined benefit pension plan and the two non-qualified defined benefit pension plans will be closed to new participants and frozen to all benefit accruals, including with respect to increases in compensation and additional benefit service. Furthermore, the Merger Agreement places certain restrictions on how Plum Creek conducts its business from the date of the agreement (November 6, 2015) to the closing of the merger (expected to be February 19, 2016 ). In general, Plum Creek is allowed to conduct its business in the normal course but generally has certain restrictions in the following areas: (1) declaring special dividends, (2) repurchasing outstanding shares of Plum Creek’s stock, (3) issuing additional shares of stock, (4) amending any material contracts (including any employee benefit and incentive plans), (5) making acquisitions, (6) selling assets, (7) incurring indebtedness, (8) making capital expenditures, (9) settling claims, and (10) entering into a new line of business. None of the above restrictions are expected to materially impact how the Operating Partnership currently conducts its business. For a detailed description of the terms of the merger, see the Agreement and Plan of Merger between Weyerhaeuser Company and Plum Creek Timber Company, Inc. incorporated by reference as Exhibit 2.5 under Item No. 15, Exhibits and Financial Statement Schedules. On February 12, 2016 , Plum Creek and Weyerhaeuser stockholders approved the Merger Agreement. The Merger is expected to close on February 19, 2016 . |
Basis of Presentation | Basis of Presentation. The consolidated financial statements of the Operating Partnership include the accounts of Plum Creek Timberlands, L.P. and its controlled subsidiaries. The Operating Partnership is 100% owned by Plum Creek. Plum Creek has no assets or liabilities other than its direct and indirect ownership interests in Plum Creek Timberlands, L.P. and its interest in Plum Creek Ventures I, LLC (“PC Ventures”), a 100% owned subsidiary of Plum Creek. The Parent has no operations other than its investment in these subsidiaries and transactions in its own equity, such as the issuance and/or repurchase of common stock and the receipt of proceeds from stock option exercises. Intercompany transactions and accounts between Plum Creek Timberlands, L.P. and its subsidiaries have been eliminated in consolidation. All transactions are denominated in United States dollars. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentrations Disclosure | Customer Concentrations. Annual revenues from the Operating Partnership’s largest customer accounted for 6% of total annual revenues in 2015 and 7% in both 2014 and 2013 . If market conditions for wood products were to deteriorate, the loss of this customer could have a significant effect on the Operating Partnership’s results of operations. Product Concentrations. Sales of the Operating Partnership’s timber and wood products are dependent upon the economic conditions of the housing, repair and remodeling, industrial, and pulp and paper industries. Sales of the Operating Partnership’s timberlands are dependent upon the general economic conditions in the United States, interest rates and the availability of buyer financing from financial institutions, not-for-profit organizations and government sources. As a result of these product concentrations, a prolonged decline in these markets could have a significant impact on the Operating Partnership’s results of operations. |
Revenue Recognition | Revenue Recognition. Resources Revenue. Timber sales revenues are recognized when legal ownership and the risk of loss transfers to the purchaser and the quantity sold is determinable. The Operating Partnership sells timber under delivered log agreements as well as through sales of standing timber (or “stumpage”). For delivered sales, revenue, which includes amounts billed for shipping and handling (logging and hauling of timber), is recognized when the log is delivered to the customer. Stumpage is sold primarily using pay-as-cut agreements. Under a pay-as-cut sales contract, the purchaser acquires the right to harvest specified timber on a tract, at an agreed upon price per unit. The sale and any related advances are recognized as revenue as the purchaser harvests the timber on the tract. Manufacturing Revenue. Revenues generated from the sale of lumber, plywood, medium density fiberboard (“MDF”) and related by-products (primarily wood chips), and amounts billed for shipping and handling, are recognized at the time of delivery. Real Estate Revenue. Revenue from the sale of real estate is recognized when the sale has been consummated, the buyer’s initial and ongoing payments are adequate, the risks and rewards of owning the property have transferred to the buyer, and the Operating Partnership has no continuing involvement with the property. For all of our real estate sales, the Operating Partnership receives the entire consideration in cash at closing. Also at closing, the risks and rewards of ownership transfer to the buyer and the Operating Partnership does not have a continuing involvement in our properties after they are sold. Therefore, real estate revenue is recognized at closing. Revenue from real estate development projects is generally recognized under the full accrual method of accounting because sales generally do not commence until the project is completed. Broker commissions and closing costs of our Real Estate Segment are included in Cost of Goods Sold. The Operating Partnership will occasionally sell timberlands to a single buyer under a multi-period contract covering a series of prescheduled closings and/or options. Under these multi-period contracts, revenue is recognized once title and risk of loss have transferred to the buyer for individual properties and the properties sold cannot be returned for a refund. As deposits for future closings under multi-period contracts may be refunded under certain circumstances, the Operating Partnership treats each closing under a multi-period arrangement as a separate sale. Revenue in connection with a multi-period contract is generally recognized at closing equal to the lesser of the non-refundable consideration received or an allocation of total consideration based on fair value. Revenue generated from real estate sales includes the sale of higher value timberlands, non-strategic timberlands and large blocks of timberlands. In some of these transactions, the Operating Partnership sells timberlands that qualify for like-kind (tax-deferred) exchange treatment under the Internal Revenue Code. Substantially all of these sales involve a third party intermediary, whereby the third party intermediary receives proceeds related to the property sold and then reinvests the proceeds in like-kind property. The proceeds are recorded as revenue when the third party intermediary receives them. See “Like-Kind Exchanges”. Energy and Natural Resources Revenue. Overriding royalties earned in connection with aggregate mineral rights are recognized as revenue when the underlying aggregates are sold and the Operating Partnership is entitled to its share of the gross selling price. Additionally, royalties from aggregates leases and oil and gas leases are recognized as revenue when the underlying minerals are sold and the Operating Partnership is entitled to its share of the gross selling price. Generally, the mineral owners and lessees make payments to the Operating Partnership based on a percentage of the gross sales price of the minerals they sell. For overriding royalty and lease agreements with varying royalty percentages, revenue recognition is based on the relative-selling-price method, which may result in the deferral of revenue to future periods. Also, included within oil and gas royalties are lease bonus payments, which are typically paid upon the execution of a lease. Lease bonus payments are initially recorded as deferred revenue and are generally recognized as revenue over the period the lessee is entitled to explore for oil and gas. Certain of the Operating Partnership's leases are also subject to minimum annual payments. In some cases, lessees must make minimum annual or quarterly payments which are generally recoupable over certain time periods. These minimum payments are recorded as deferred revenue when received. The deferred revenue attributable to the minimum payment is recognized as royalty revenue when the lessee recoups the minimum payment through production. The deferred revenue is also recognized as revenue upon the expiration of the lessee’s ability to recoup the payments. |
Cash and Cash Equivalents | Cash and Cash Equivalents. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. Substantially all of the cash and cash equivalents are invested in money market funds. |
Accounts Receivable | Accounts Receivable . Accounts receivable is presented net of an allowance for doubtful accounts of $0.2 million at both December 31, 2015 and December 31, 2014 . Accounts are deemed past due based on payment terms. The allowance for doubtful accounts represents management’s estimate and is based on historical losses, recent collection history, credit ratings of individual customers and existing economic conditions. Delinquent accounts are charged against the allowance for doubtful accounts to the extent and at the time they are deemed uncollectible. |
Like-Kind Exchanges | Like-Kind Exchanges . The Operating Partnership may enter into like-kind (tax-deferred) exchange transactions to acquire and sell assets, principally timberlands. These transactions may include both forward (timberlands sold, followed by reinvestment of proceeds to acquire timberlands) and reverse (timberlands purchased, followed by receipt of proceeds from timberland sales) like-kind exchanges. The Operating Partnership uses a qualified escrow and/or trust account to facilitate like-kind exchange transactions. Funds from forward like-kind exchange transactions are restricted from being used until the funds are either successfully reinvested in timber and timberlands or the exchange fails and the proceeds are distributed to the Operating Partnership. |
Inventories | Inventories . Logs, work-in-process and finished goods are stated at the lower of cost or market using the average cost method. A separate lower of cost or market analysis is prepared for each product line (i.e. lumber, plywood and MDF). Net realizable value is determined based on actual selling prices at the end of the accounting period. Losses on firm purchase commitments for logs are recorded when the related manufactured finished products are expected to be sold at a loss based on current product prices. Supplies inventories are stated at cost. Costs for manufactured inventories include raw materials, labor, supplies, energy, depreciation and production overhead. Cost of log inventories include timber depletion, stumpage, associated logging and hauling costs, road costs and production overhead. |
Timber and Timberlands | Timber and Timberlands . Timber (including timber deeds and logging roads) and timberlands are stated at cost less accumulated depletion for timber previously harvested and accumulated road amortization. The Operating Partnership capitalizes timber and timberland purchases along with reforestation costs and other costs associated with the planting and growing of timber, such as site preparation, growing or purchases of seedlings, planting, fertilization, herbicide application and the thinning of tree stands to improve growth. The Operating Partnership presents timber and timberland purchases and the capitalized costs described above under Investing Activities on the Consolidated Statements of Cash Flows. A timber deed, also called timber cutting rights, allows the Operating Partnership to harvest timber on timberlands it does not own over a specific time period (currently less than 10 years). The Operating Partnership capitalizes timber deed acquisitions. The Operating Partnership presents timber deed acquisitions under Operating Activities on the Consolidated Statements of Cash Flows. Timber carrying costs, such as real estate taxes, insect control, wildlife control, leases of timberlands (other than lease payments for the purchase of standing timber, in which case the payments are capitalized) and forest management personnel salaries and fringe benefits, are expensed as incurred. Costs of major roads are capitalized and amortized over 30 years. Costs for roads that are built to access multiple logging sites over numerous years are capitalized and amortized over 6 years. Costs for roads built to access a single logging site are expensed as incurred. Costs attributable to timber harvested, or depletion, are charged against income as trees are harvested. Depletion rates are determined annually based on the relationship between net carrying value of the timber plus certain capitalizable silviculture costs expected to be incurred over the harvest cycle and total timber volume estimated to be harvested over the harvest cycle. The depletion rate does not include an estimate for either future reforestation costs associated with a stand’s final harvest or future volume in connection with the replanting of a stand subsequent to its final harvest. Net carrying value of the timber and timberlands is used to compute the gain or loss in connection with timberland sales. |
Minerals and Mineral Rights Policy | Minerals and Mineral Rights. Minerals and mineral rights are stated at cost less accumulated depletion. The Operating Partnership capitalizes the cost of obtaining minerals and mineral rights. The cost of minerals (primarily coal assets) are charged against income (depletion expense) using the units-of-production method, based on estimated recoverable reserves. The costs of mineral rights are charged against income (depletion expense) as the Operating Partnership recognizes royalty income from the sale of the products extracted from the quarries. Depletion rates are determined annually based on the relationship between the net carrying value of the mineral rights over the estimated remaining tons of mineral reserves. The Operating Partnership evaluates its minerals and mineral rights for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its mineral rights and coal assets to be a separate asset group based on identifiable cash flows. |
Real Estate Held for Development and Sale, Policy | Higher and Better Use Timberlands / Real Estate Development. We estimate that included in the Operating Partnership’s 6.3 million acres of timberlands 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 the meantime, all of our timberlands continue to be managed productively in our business of growing and selling timber. Some of our real estate activities, including our real estate development business, are conducted through our wholly-owned taxable REIT subsidiaries. Costs associated with a specific real estate development project are capitalized when management estimates that it is probable that a project will be successful. Both external and internal expenditures directly associated with the specific real estate project are capitalized. The Operating Partnership will capitalize improvements and other development costs, including interest costs and property taxes, during the development period. General real estate development costs not related to a specific project and costs incurred before management has concluded that it is probable that a project will be successful (e.g. investigatory costs) are expensed as incurred. For real estate development projects with multiple parcels, the Operating Partnership determines the cost of the individual lots sold by allocating the historical cost of the land, timber, development and common construction costs on a relative sales value. Properties developed by the Operating Partnership will generally be low-intensity development limited to activities associated with obtaining entitlements. Capitalized real estate development costs, including the book basis in the related timber and timberlands associated with these developments, were $9 million and $12 million at December 31, 2015 and 2014 , respectively. Substantially all of these properties are expected to be sold beyond one year and are included in Other Assets (non-current). The Operating Partnership also incurs development costs on some timberlands that are currently still managed for timber operations. These consist of larger and more complicated projects needing more invested capital. These projects have a longer timeframe and are not expected to be sold or developed in the near term. The capitalized development costs for these projects and the book basis of the related timber and timberlands were $39 million and $37 million at December 31, 2015 and December 31, 2014 , respectively, and are included in Timber and Timberlands. The book basis of timberlands that are considered held for sale are presented in the Consolidated Balance Sheet as Assets Held for Sale. The total book basis for assets held for sale was $24 million at December 31, 2015 and $98 million at December 31, 2014 . Generally, timberlands that are under contract to sell or are listed for sale through an independent broker or by a taxable REIT subsidiary and are expected to be sold within the next year are considered assets held for sale. The book basis of timberlands that do not meet the held for sale criteria is included in Timber and Timberlands. The Operating Partnership evaluates its real estate development projects for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its real estate development projects to be a separate asset group based on identifiable cash flows. |
Accounting for Equity Method Investments | Accounting for Equity Method Investments. In 2013, the Operating Partnership and WestRock Company (formerly MeadWestvaco Corporation) formed a limited liability company ("MWV-Charleston Land Partners, LLC") for which the Operating Partnership made a capital contribution, in cash, of $152 million and WestRock Company contributed real estate development properties. The Operating Partnership accounts for this interest under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in the Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. In 2008 , a subsidiary of the Operating Partnership, Plum Creek Timber Operations I, LLC (“PC Member”), contributed 454,000 acres of timberlands located in its Southern Resources Segment to a timberland venture in exchange for a $705 million preferred interest and a $78 million common interest. The Operating Partnership accounts for these interests under the equity method of accounting. Earnings are recognized as Earnings from Unconsolidated Entities in our Consolidated Statements of Income. See Note 15 of the Notes to Consolidated Financial Statements. |
Property, Plant, and Equipment | Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Replacements of major units of property are capitalized, and the replaced units are retired. Replacement of minor components of property and repair and maintenance costs are charged to expense as incurred. The Operating Partnership evaluates its property, plant and equipment for potential impairment whenever circumstances indicate the book basis of an asset group may not be recoverable. The Operating Partnership considers each of its manufacturing facilities to be a separate asset group based on identifiable cash flows. All property, plant and equipment other than manufacturing machinery (for lumber, plywood and MDF) are depreciated using the straight-line method over the estimated useful lives of the related assets. Manufacturing machinery and equipment are depreciated on either a straight-line basis or a units-of-production basis, which approximates a straight-line basis. Useful lives are 19 years for land improvements, 20 to 45 years for buildings, and 3 to 20 years for machinery and equipment. Leasehold improvements are depreciated over the lease term or estimated useful life, whichever is shorter. The cost and related accumulated depreciation of property sold or retired are removed from the accounts and any gain or loss is recorded. Depreciation expense, excluding impairment charges, was $17 million , $21 million , and $24 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Grantor Trusts | Grantor Trusts . The Operating Partnership has a grantor trust that was established for deferred compensation and deferred Plum Creek shares (Plum Creek deferred stock units). See Note 9 of the Notes to Consolidated Financial Statements. Deferred compensation assets, which include money market and mutual fund investments, are classified as “trading securities” and are carried at market value. Realized gains and losses and changes in unrealized gains and losses and a corresponding amount of compensation expense are recorded in the Consolidated Statements of Income. The Operating Partnership maintains another grantor trust, which the Operating Partnership uses to fund its non-qualified pension plan obligation. See Notes 9 and 11 of the Notes to Consolidated Financial Statements. Money market and mutual fund investments held by this trust are classified as “available for sale securities.” The investments are carried at market values on the Operating Partnership’s Consolidated Balance Sheets. Realized gains and losses are recognized in the Consolidated Statements of Income; changes in unrealized gains and losses are recorded as other comprehensive income or loss, unless an other than temporary impairment has occurred, in which case an impairment loss is recognized in the Consolidated Statements of Income. |
Shipping and Handling Costs | Shipping and Handling Costs. Costs incurred for the transportation of timber and manufactured products are included in Cost of Goods Sold. |
Accounting for Share-Based Compensation | Accounting for Share-Based Compensation. All share-based payments to employees are recognized in the income statement based on their fair values. The Operating Partnership uses the grant date fair values (the closing market price for Plum Creek’s common stock) to value Plum Creek stock awards of restricted stock units and common stock. Plum Creek also grants share-based awards that are classified and accounted for as liabilities. These awards are valued using a Monte Carlo simulation. |
Other Operating Income | Other Operating Income (Expense), net. The Operating Partnership will recognize gains and losses from sales of available for sale securities, miscellaneous asset sales, insurance recoveries, litigation settlements and other items which are reported in our Consolidated Statements of Income as Other Operating Income (Expense), net. See Note 9 and Note 18 of the Notes to Consolidated Financial Statements. Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) |
New Accounting Pronouncements | New Accounting Pronouncements. There were no new accounting standards adopted by the Operating Partnership during 2015 that had a material impact on the Operating Partnership's financial condition, results of operations or cash flows. |
Accounting Policies Other Opera
Accounting Policies Other Operating Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Other Operating Income and Expense [Table Text Block] | Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) |
PLUM CREEK TIMBERLANDS L P [Member] | |
Other Operating Income and Expense [Table Text Block] | Other Operating Income (Expense), net consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Realized Gains from Grantor Trust Investments $ 13 $ 2 $ 1 Gain on Insurance Settlements 3 13 1 MDF Fire Impairment Loss — (2 ) — Loss on Early Termination of an Equipment Lease — — (5 ) Other — 2 1 Total Other Operating Income (Expense), net $ 16 $ 15 $ (2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 (in millions, except per share amounts): 2015 2014 2013 Net Income Available to Common Stockholders $ 197 $ 214 $ 214 Denominator for Basic Earnings per Share 174.9 176.7 164.6 Effect of Dilutive Securities – Stock Options 0.2 0.2 0.3 Effect of Dilutive Securities – Restricted Stock Units and Value Management Plan 0.1 0.1 0.1 Denominator for Diluted Earnings per Share – Adjusted for Dilutive Securities 175.2 177.0 165.0 Per Share Amounts: Net Income per Share - Basic $ 1.12 $ 1.21 $ 1.30 Net Income per Share - Diluted $ 1.12 $ 1.21 $ 1.30 |
Antidilutive Options | Antidilutive options were excluded for certain periods from the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the common shares. Antidilutive options were as follows for the years ended December 31 (shares in millions): 2015 2014 2013 Number of Options 0.1 0.1 — Range of Exercise Prices $42.22 to 43.23 $42.98 to $43.23 N/A Expiration on or before May 2018 February 2018 N/A |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): December 31, 2015 December 31, 2014 Raw Materials (primarily logs) $ 15 $ 12 Work-In-Process 3 3 Finished Goods 24 31 42 46 Supplies 15 15 Total $ 57 $ 61 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, accounted for using the lower of average cost or market, consisted of the following (in millions): December 31, 2015 December 31, 2014 Raw Materials (primarily logs) $ 15 $ 12 Work-In-Process 3 3 Finished Goods 24 31 42 46 Supplies 15 15 Total $ 57 $ 61 |
Timber and Timberlands (Tables)
Timber and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Timber and Timberlands Tables | Timber and Timberlands consisted of the following (in millions): December 31, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,463 $ 2,518 Timber Deeds, net 67 83 Timberlands 1,380 1,408 Timber and Timberlands, net $ 3,910 $ 4,009 |
Impairment Losses Table | Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): 2015 2014 (A) 2013 Impairment Losses $ — $ 7 $ 4 Book Basis of Property $ — $ 46 $ 37 (A) During the fourth quarter of 2014, Plum Creek's Board of Directors approved the sale of approximately 165,000 acres of timberlands in Montana and Washington with a book basis of $122 million to The Nature Conservancy for $131 million . The sale closed in two phases - the first phase, which consisted of approximately 48,000 acres in Washington, closed in December 2014, and the second phase, which consisted of approximately 117,000 acres in Montana, closed in January 2015. Although the overall transaction resulted in a gain, the company recognized an impairment loss of $7 million during 2014 in connection with the Washington portion of the sale. The book basis of the Montana portion of the sale was recorded as Assets Held for Sale in the Consolidated Balance Sheets as of December 31, 2014. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Timber and Timberlands Tables | Timber and Timberlands consisted of the following (in millions): December 31, 2015 December 31, 2014 Timber and Logging Roads, net $ 2,463 $ 2,518 Timber Deeds, net 67 83 Timberlands 1,380 1,408 Timber and Timberlands, net $ 3,910 $ 4,009 |
Impairment Losses Table | Impairment losses recorded for the potential sale of timberlands and the associated book basis after the impairment recognition were as follows for the years ended December 31 (in millions): 2015 2014 (A) 2013 Impairment Losses $ — $ 7 $ 4 Book Basis of Property $ — $ 46 $ 37 (A) During the fourth quarter of 2014, Plum Creek's Board of Directors approved the sale of approximately 165,000 acres of timberlands in Montana and Washington with a book basis of $122 million to The Nature Conservancy for $131 million . The sale closed in two phases - the first phase, which consisted of approximately 48,000 acres in Washington, closed in December 2014, and the second phase, which consisted of approximately 117,000 acres in Montana, closed in January 2015. Although the overall transaction resulted in a gain, the Operating Partnership recognized an impairment loss of $7 million during 2014 in connection with the Washington portion of the sale. The book basis of the Montana portion of the sale was recorded as Assets Held for Sale in the Consolidated Balance Sheets as of December 31, 2014. |
Minerals and Mineral Rights (Ta
Minerals and Mineral Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Schedule of Minerals and Mineral Rights [Table Text Block] | Minerals and Mineral Rights consisted of the following (in millions): December 31, 2015 December 31, 2014 Minerals, net $ 54 $ 55 Mineral Rights, net $ 227 $ 234 Minerals and Mineral Rights, net $ 281 $ 289 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the company acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Schedule of Minerals and Mineral Rights [Table Text Block] | Minerals and Mineral Rights consisted of the following (in millions): December 31, 2015 December 31, 2014 Minerals, net $ 54 $ 55 Mineral Rights, net $ 227 $ 234 Minerals and Mineral Rights, net $ 281 $ 289 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the Operating Partnership acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 |
Total Mineral Rights and Surface Leases [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future depletion and amortization expense related to acquired intangibles held at December 31, 2015 (in millions): Year Depletion and Amortization Expense 2016 $ 7 2017 7 2018 7 2019 7 2020 7 Thereafter 192 Total $ 227 |
Total Mineral Rights and Surface Leases [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Minerals and Mineral Rights [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future depletion and amortization expense related to acquired intangibles held at December 31, 2015 (in millions): Year Depletion and Amortization Expense 2016 $ 7 2017 7 2018 7 2019 7 2020 7 Thereafter 192 Total $ 227 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the company is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the company acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Mineral Rights . Mineral rights and surface lease intangibles, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Mineral Rights - South Carolina (A) $ 76 $ (4 ) $ 72 $ 76 $ (2 ) $ 74 Mineral Rights - Georgia (B) 156 (9 ) 147 156 (5 ) 151 Surface Leases (C) 10 (2 ) 8 10 (1 ) 9 Total Mineral Rights $ 242 $ (15 ) $ 227 $ 242 $ (8 ) $ 234 (A) Relates to mineral rights in aggregate reserves at four quarries in South Carolina in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from the quarries. Our mineral rights expire in 2052 . (B) Relates to mineral rights in aggregate reserves at four quarries in Georgia in which the Operating Partnership is entitled to an overriding royalty in connection with the gross proceeds from the sale of crushed stone from these quarries. Our mineral rights expire in 2051 . (C) In connection with the timberland acquisition from WestRock Company, the Operating Partnership acquired certain proven and probable coal reserves (see above) along with the related surface leases of $7 million . These surface lease intangibles are being amortized over ten years. The value of the surface leases is included in Mineral Rights, net. Intangible Assets, all of which are finite-lived, consisted of the following (in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Wind Power Leases $ 10 $ (1 ) $ 9 $ 10 $ (1 ) $ 9 Fiber Supply Agreement 5 (1 ) 4 5 — 5 Total $ 15 $ (2 ) $ 13 $ 15 $ (1 ) $ 14 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following summarizes the estimated future amortization expense related to intangible assets held at December 31, 2015 (in millions): Year Amortization Expense 2016 $ 1 2017 1 2018 1 2019 1 2020 1 Thereafter 8 Total $ 13 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Property, Plant and Equipment | Property, Plant and Equipment consisted of the following (in millions): December 31, 2015 December 31, 2014 Land, Buildings and Improvements $ 92 $ 97 Machinery and Equipment 332 331 424 428 Accumulated Depreciation (311 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Property, Plant and Equipment | Property, Plant and Equipment consisted of the following (in millions): December 31, 2015 December 31, 2014 Land, Buildings and Improvements $ 92 $ 97 Machinery and Equipment 332 331 424 428 Accumulated Depreciation (311 ) (308 ) Property, Plant and Equipment, net $ 113 $ 120 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Current Income Taxes: Federal $ 5 $ 3 $ — State — 1 — Deferred Income Taxes: Federal (6 ) 4 (1 ) State (1 ) (2 ) — Benefit from Operating Loss Carryforward — — (1 ) Change to Valuation Allowance (1 ) 2 1 Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): 2015 2014 2013 Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% $ 68 $ 78 $ 75 REIT Income not Subject to Federal Tax (65 ) (58 ) (69 ) Change to Valuation Allowance (1 ) 2 1 State Income Tax Expense (Benefit), net of Federal Benefit (1 ) (1 ) (1 ) Permanent Book-Tax Differences (4 ) (13 ) (7 ) Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) |
Allocation of Income Tax Benefit | Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): 2015 2014 2013 Income from Continuing Operations $ (3 ) $ 8 $ (1 ) Other Comprehensive Income — (7 ) 7 Additional Paid-In Capital (Share-Based Compensation) — — (1 ) Total Income Tax Provision (Benefit) $ (3 ) $ 1 $ 5 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): 2015 2014 Deferred Income Tax Assets: Net Operating Loss Carryforwards $ 12 $ 12 Accrued Compensation 11 9 Accrued Pension Benefits 16 16 Timber and Timberlands 18 16 Accrued Workers' Compensation Benefits 2 3 Other Accruals and Reserves 7 4 Valuation Allowance (11 ) (12 ) 55 48 Deferred Income Tax Liabilities: Machinery and Equipment (18 ) (19 ) (18 ) (19 ) Deferred Income Tax Asset, net $ 37 $ 29 |
Deferred Income Tax Asset (Liability) Classification | The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): 2015 2014 Current Deferred Income Tax Asset $ 13 $ 6 Non Current Deferred Income Tax Asset 24 23 Deferred Income Tax Asset, net $ 37 $ 29 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following for the years ended December 31 (in millions): 2015 2014 2013 Current Income Taxes: Federal $ 5 $ 3 $ — State — 1 — Deferred Income Taxes: Federal (6 ) 4 (1 ) State (1 ) (2 ) — Benefit from Operating Loss Carryforward — — (1 ) Change to Valuation Allowance (1 ) 2 1 Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision (benefit) for income taxes is reconciled as follows to the federal statutory rate for the years ended December 31 (in millions): 2015 2014 2013 Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% $ 68 $ 78 $ 75 REIT Income not Subject to Federal Tax (65 ) (58 ) (69 ) Change to Valuation Allowance (1 ) 2 1 State Income Tax Expense (Benefit), net of Federal Benefit (1 ) (1 ) (1 ) Permanent Book-Tax Differences (4 ) (13 ) (7 ) Provision (Benefit) for Income Taxes on Income from Continuing Operations $ (3 ) $ 8 $ (1 ) |
Allocation of Income Tax Benefit | Total income tax provision (benefit) was allocated as follows for the years ended December 31 (in millions): 2015 2014 2013 Income from Continuing Operations $ (3 ) $ 8 $ (1 ) Other Comprehensive Income — (7 ) 7 Additional Paid-In Capital (Share-Based Compensation) — — (1 ) Total Income Tax Provision (Benefit) $ (3 ) $ 1 $ 5 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities are as follows at December 31 (in millions): 2015 2014 Deferred Income Tax Assets: Net Operating Loss Carryforwards $ 12 $ 12 Accrued Compensation 11 9 Accrued Pension Benefits 16 16 Timber and Timberlands 18 16 Accrued Workers' Compensation Benefits 2 3 Other Accruals and Reserves 7 4 Valuation Allowance (11 ) (12 ) 55 48 Deferred Income Tax Liabilities: Machinery and Equipment (18 ) (19 ) (18 ) (19 ) Deferred Income Tax Asset, net $ 37 $ 29 |
Deferred Income Tax Asset (Liability) Classification | The net deferred income tax asset is classified on our Consolidated Balance Sheets as follows at December 31 (in millions): 2015 2014 Current Deferred Income Tax Asset $ 13 $ 6 Non Current Deferred Income Tax Asset 24 23 Deferred Income Tax Asset, net $ 37 $ 29 |
REIT Disclosures (Tables)
REIT Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Historical Tax Character of Distributions to Shareholders | The table below summarizes the historical tax character of distributions to Plum Creek shareholders for the years ended December 31 (amounts per share): 2015 2014 2013 Capital Gain Dividend $ 1.76 $ 1.76 $ 1.74 Non-Taxable Return of Capital — — — Total Distributions $ 1.76 $ 1.76 $ 1.74 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Debt [Table Text Block] | Outstanding borrowings consist of the following (in millions): December 31, 2015 December 31, 2014 Line of Credit maturing 2019, 1.63% at 12/31/15, based on LIBOR plus 1.25% $ 519 $ 95 Term Credit Agreement due 2019, 1.92% at 12/31/15, based on LIBOR plus 1.50%. 225 225 Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% — 439 Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% 568 568 Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% 323 323 Installment Note Payable due 2023, 5.207% 860 860 Note Payable to Timberland Venture due 2018, 7.375% 783 783 Total Long-Term Debt 3,278 3,293 Less: Current Portion of Long-Term Debt — 439 Less: Line of Credit 519 95 Long-Term Portion $ 2,759 $ 2,759 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2015 (in millions): Maturity Debt Agreements Note Payable to Timberland Venture Total 2016 $ — $ — $ — 2017 — — — 2018 — 783 783 2019 744 — 744 2020 — — — Thereafter 1,754 — 1,754 Total $ 2,498 $ 783 $ 3,281 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Debt [Table Text Block] | Outstanding borrowings of the Operating Partnership, all of which are unsecured, consist of the following (in millions): December 31, 2015 December 31, 2014 Line of Credit maturing 2019, 1.63% at 12/31/15, based on LIBOR plus 1.25% $ 519 $ 95 Term Credit Agreement due 2019, 1.92% at 12/31/15, based on LIBOR plus 1.50%. 225 225 Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% — 439 Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% 568 568 Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% 323 323 Installment Note Payable due 2023, 5.207% 860 860 Total Long-Term Debt 2,495 2,510 Less: Current Portion of Long-Term Debt — 439 Less: Line of Credit 519 95 Long-Term Portion $ 1,976 $ 1,976 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt Maturities. The aggregate maturities on all debt agreements are as follows as of December 31, 2015 (in millions): Maturity Debt Agreements 2016 $ — 2017 — 2018 — 2019 744 2020 — Thereafter 1,754 Total $ 2,498 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Level 1 Assets Reported in the Company's Financial Statements at Fair Value, Measured on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis. The company’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the company’s financial statements at fair value, measured on a recurring basis (in millions): Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 86 $ 86 Available-for-Sale Securities (B) 13 13 Trading Securities (B) 5 5 Total $ 104 $ 104 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 $88 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in the $54 million and $48 million of Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. At December 31, 2015 , investments in these mutual funds were approximately 54% in domestic (U.S.) equities, 2% in international equities, and 44% in debt securities. The remaining $36 million of the Investment in Grantor Trusts balance in the Consolidated Balance Sheets at December 31, 2015 is held in cash in order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the merger with Weyerhaeuser. See Notes 1 and 13 of the Notes to Consolidated Financial Statements. |
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 December 31, 2015 Carrying Amount at December 31, 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) $ 891 $ — $ 917 $ — $ 917 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 519 — 519 — 519 Installment Note Payable (D) 860 — 896 — 896 Note Payable to Timberland Venture (E) 783 — — 869 869 Total Debt $ 3,278 $ — $ 2,557 $ 869 $ 3,426 Fair Value at December 31, 2014 Carrying Amount at December 31, 2014 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. |
Fair Value Measurements, Nonrecurring [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The company’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2015. Summarized below are the Level 3 assets reported in the company's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31, 2014 (in millions): Adjusted Carrying Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) Net Gain (Loss) Timberlands Held for Sale (A) $46 $46 $(7) Total $(7) (A) During 2014, timberlands held for sale with a carrying value totaling $53 million were written down to their fair value (net of estimated selling costs) of $46 million , resulting in a loss of $7 million , which was included in earnings for the year ended December 31, 2014. These timberlands were sold in December 2014. See Note 4 of the Notes to Consolidated Financial Statements. The fair value for the property was based on an external appraisal. The external appraisal was derived using comparable sales. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Level 1 Assets Reported in the Company's Financial Statements at Fair Value, Measured on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis. The Operating Partnership’s fair value measurements of its cash equivalents, available-for-sale securities, and trading securities, measured on a recurring basis, are categorized as Level 1 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 1 valuation is based on quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities. Summarized below are the Level 1 assets reported in the Operating Partnership’s financial statements at fair value, measured on a recurring basis (in millions): Balance at Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements) Cash Equivalents (A) $ 86 $ 86 Available-for-Sale Securities (B) 13 13 Trading Securities (B) 5 5 Total $ 104 $ 104 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 $88 million and $92 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. (B) Consists of several mutual funds and is included in the $55 million and $49 million of Investment in Grantor Trusts in the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 , respectively. At December 31, 2015 , investments in these mutual funds were approximately 54% in domestic (U.S.) equities, 2% in international equities, and 44% in debt securities. The remaining $36 million of the Investment in Grantor Trusts balance in the Consolidated Balance Sheets at December 31, 2015 is held in cash in order to minimize market risk associated with expected benefit payouts that will be made in 2016 to employees terminated as a result of the merger with Weyerhaeuser. See Notes 1 and 11 of the Notes to Consolidated Financial Statements. |
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 December 31, 2015 Carrying Amount at December 31, 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) $ 891 $ — $ 917 $ — $ 917 Term Credit Agreement (B) 225 — 225 — 225 Line of Credit (C) 519 — 519 — 519 Installment Note Payable (D) 860 — 896 — 896 Total Debt $ 2,495 $ — $ 2,557 $ — $ 2,557 Fair Value at December 31, 2014 Carrying Amount at December 31, 2014 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. |
Fair Value Measurements, Nonrecurring [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Operating Partnership’s fair value measurements of its assets and liabilities, measured on a nonrecurring basis, are categorized as Level 3 measurements under the fair value hierarchy in the Accounting Standards Codification. A Level 3 valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no fair value measurements of assets or liabilities measured on a nonrecurring basis during the year ended December 31, 2015. Summarized below are the Level 3 assets reported in the Operating Partnership's financial statements at fair value, measured on a nonrecurring basis, during the year ended December 31, 2014 (in millions): Adjusted Carrying Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Measurements) Net Gain (Loss) Timberlands Held for Sale (A) $46 $46 $(7) Total $(7) (A) During 2014, timberlands held for sale with a carrying value totaling $53 million were written down to their fair value (net of estimated selling costs) of $46 million , resulting in a loss of $7 million , which was included in earnings for the year ended December 31, 2014. These timberlands were sold in December 2014. See Note 3 of the Notes to Consolidated Financial Statements. The fair value for the property was based on an external appraisal. The external appraisal was derived using comparable sales. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) - PLUM CREEK TIMBER CO INC [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Share Repurchase Program Disclosure [Table Text Block] | The table below summarizes the share repurchases pursuant to this program for the years ended December 31 : 2015 2014 Shares of Common Stock (in millions) 2.5 1.2 Total Cost of Shares (in millions) $ 100 $ 50 Average Cost per Share $ 40.30 $ 40.21 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Comprehensive income was as follows for the years ended December 31 (in millions): Pretax Amount Tax Expense (Benefit) After-Tax Amount December 31, 2013 Net Income $ 214 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 5 $ — 5 Defined Benefit Pension Plans: Actuarial Gain (Loss) 25 6 19 Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Gain (Loss) on Cash Flow Hedge 5 — 5 Total Comprehensive Income $ 247 December 31, 2014 Net Income $ 214 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 1 $ — 1 Defined Benefit Pension Plans: Actuarial Gain (Loss) (34 ) (7 ) (27 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 2 — 2 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense — — — Total Comprehensive Income $ 190 December 31, 2015 Net Income $ 197 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ (3 ) $ — (3 ) Reclassification for Gains Recognized in Net Income (10 ) — (10 ) Defined Benefit Pension Plans: Actuarial Gain (Loss) (4 ) (1 ) (3 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense (1 ) — (1 ) Total Comprehensive Income $ 184 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge (C) Total December 31, 2013 $ 13 $ (17 ) $ 5 $ 1 Other Comprehensive Income (Loss) before Reclassifications 1 (27 ) — (26 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 — 2 December 31, 2014 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) (3 ) — (6 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 4 (1 ) (7 ) December 31, 2015 $ 1 $ (41 ) $ 4 $ (36 ) (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. See Note 11 of the Notes to Consolidated Financial Statements. (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 13 of the Notes to Consolidated Financial Statements. (C) The gain on cash flow hedge is amortized as a reduction to Interest Expense (Debt Obligations to Unrelated Parties) in the Consolidated Statements of Income over its term of ten years. |
Partners' Capital (Tables)
Partners' Capital (Tables) - PLUM CREEK TIMBERLANDS L P [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Comprehensive income was as follows for the years ended December 31 (in millions): Pretax Amount Tax Expense (Benefit) After-Tax Amount December 31, 2013 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 272 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 5 $ — 5 Defined Benefit Pension Plans: Actuarial Gain (Loss) 25 6 19 Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Gain (Loss) on Cash Flow Hedge 5 — 5 Total Comprehensive Income $ 305 December 31, 2014 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 272 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ 1 $ — 1 Defined Benefit Pension Plans: Actuarial Gain (Loss) (34 ) (7 ) (27 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 2 — 2 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense — — — Total Comprehensive Income $ 248 December 31, 2015 Net Income before Allocation to Series T-1 Preferred Interest and Partners $ 255 Unrealized Gains (Losses) on Grantor Trust Assets: Unrealized Holding Gains (Losses) Arising During Period $ (3 ) $ — (3 ) Reclassification for Gains Recognized in Net Income (10 ) — (10 ) Defined Benefit Pension Plans: Actuarial Gain (Loss) (4 ) (1 ) (3 ) Plus: Amortization of Actuarial Loss Reclassified to Pension Expense 5 1 4 Derivative Instruments: Less: Amortization of Gain Reclassified to Interest Expense (1 ) — (1 ) Total Comprehensive Income $ 242 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income, net of tax, were as follows at December 31 (in millions): Net Unrealized Holding Gain (Loss) (A) Defined Benefit Plan Actuarial Net Loss (B) Gain on Cash Flow Hedge (C) Total December 31, 2013 $ 13 $ (17 ) $ 5 $ 1 Other Comprehensive Income (Loss) before Reclassifications 1 (27 ) — (26 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 — 2 December 31, 2014 $ 14 $ (42 ) $ 5 $ (23 ) Other Comprehensive Income (Loss) before Reclassifications (3 ) (3 ) — (6 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 4 (1 ) (7 ) December 31, 2015 $ 1 $ (41 ) $ 4 $ (36 ) (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. See Note 9 of the Notes to Consolidated Financial Statements. (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 11 of the Notes to Consolidated Financial Statements. (C) The gain on cash flow hedge is amortized as a reduction to Interest Expense (Debt Obligations to Unrelated Parties) in the Consolidated Statements of Income over its term of ten years. |
Employee Pension and Retireme46
Employee Pension and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Net Funded Status [Table Text Block] | The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): 2015 2014 Change in Benefit Obligation Benefit Obligation at Beginning of Period $ 218 $ 178 Service Cost 8 7 Interest Cost 8 8 Actuarial (Gain) Loss (7 ) 32 Benefits Paid (17 ) (7 ) Benefit Obligation at End of Period $ 210 $ 218 Change in Plan Assets Fair Value of Plan Assets at Beginning of Period $ 154 $ 144 Actual Return on Plan Assets (1 ) 7 Employer Contributions 10 10 Benefits Paid (17 ) (7 ) Fair Value of Plan Assets at End of Period 146 154 Funded Status—December 31 $ (64 ) $ (64 ) Amounts Recognized in the Consolidated Balance Sheet Other Current Liabilities $ (34 ) $ (5 ) Other Liabilities (30 ) (59 ) Total $ (64 ) $ (64 ) |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): Qualified Pension Plan Non-Qualified Pension Plans 2015 2014 2015 2014 Projected Benefit Obligation $ 156 $ 164 $ 53 $ 54 Accumulated Benefit Obligation 146 154 48 45 Plan Assets 146 154 N/A N/A Assets Held in the Grantor Trust N/A N/A 49 43 |
Schedule of Net Benefit Costs [Table Text Block] | The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Service Cost $ 8 $ 7 $ 7 Interest Cost 8 8 8 Expected Return on Plan Assets (10 ) (9 ) (9 ) Recognized Actuarial Loss 5 2 5 Total Pension Cost $ 11 $ 8 $ 11 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Net Actuarial Loss (Gain) $ 4 $ 34 $ (25 ) Amortization of Net Actuarial Loss (5 ) (2 ) (5 ) Total (Gain) Loss Recognized in Other Comprehensive Income $ (1 ) $ 32 $ (30 ) Combined Pension Cost Recognized in Comprehensive Income $ 10 $ 40 $ (19 ) |
Amounts Included in Accumulated Other Comprehensive Income | Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): 2015 2014 Net Loss $ 53 $ 54 Deferred Tax Benefit $ (13 ) $ (13 ) |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine the benefit obligation are as follows: December 31, 2015 December 31, 2014 Discount Rates Annuity Distributions 4.60 % 4.15 % Lump-Sum Distributions 3.03 % 3.04 % Rate of Compensation Increase 3.45 % 3.45 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 : 2015 2014 2013 Discount Rate 4.15 % 5.05 % 4.35 % Expected Long-Term Return on Plan Assets 7.00 % 7.25 % 7.25 % Rate of Compensation Increase 3.45 % 3.45 % 3.45 % |
Schedule of Allocation of Plan Assets [Table Text Block] | At December 31, 2015 , target allocations for the various asset classes are as follows: Large Capitalization Domestic Equities 32 % Small and Mid-Size Capitalization Domestic Equities 7 % International Equities 26 % Fixed Income 35 % |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The fair values of each major class of plan assets were as follows as of December 31, 2015 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 16 $ 16 Mutual Funds invested in: Large Cap. Domestic Equity Securities 14 — 14 Small and Mid. Cap. Domestic Equity Securities 10 — 10 International Equity Securities 31 — 31 Fixed Income Securities 6 — 6 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 30 30 Fixed Income Securities — 3 3 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 61 $ 85 $ 146 The fair values of each major class of plan assets were as follows as of December 31, 2014 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 1 $ 1 Mutual Funds invested in: Large Cap. Domestic Equity Securities 16 — 16 Small and Mid. Cap. Domestic Equity Securities 11 — 11 International Equity Securities 40 — 40 Fixed Income Securities 8 — 8 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 34 34 Fixed Income Securities — 8 8 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 75 $ 79 $ 154 |
Schedule of Expected Benefit Payments [Table Text Block] | The following table presents expected future benefit payments projected based on the same assumptions used by the company to measure the benefit obligation and estimate future employee service (in millions): Year Projected Benefit Payments 2016 $ 46 2017 15 2018 14 2019 16 2020 15 2021 through 2025 75 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Net Funded Status [Table Text Block] | The following table provides a reconciliation of benefit obligations, plan assets, and funded status of the plans for the years ended December 31 (in millions): 2015 2014 Change in Benefit Obligation Benefit Obligation at Beginning of Period $ 218 $ 178 Service Cost 8 7 Interest Cost 8 8 Actuarial (Gain) Loss (7 ) 32 Benefits Paid (17 ) (7 ) Benefit Obligation at End of Period $ 210 $ 218 Change in Plan Assets Fair Value of Plan Assets at Beginning of Period $ 154 $ 144 Actual Return on Plan Assets (1 ) 7 Employer Contributions 10 10 Benefits Paid (17 ) (7 ) Fair Value of Plan Assets at End of Period 146 154 Funded Status—December 31 $ (64 ) $ (64 ) Amounts Recognized in the Consolidated Balance Sheet Other Current Liabilities $ (34 ) $ (5 ) Other Liabilities (30 ) (59 ) Total $ (64 ) $ (64 ) |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The following table sets forth the benefit obligation, accumulated benefit obligation, plan assets, and assets held in the grantor trust for the qualified and non-qualified pension plans as of December 31 (in millions): Qualified Pension Plan Non-Qualified Pension Plans 2015 2014 2015 2014 Projected Benefit Obligation $ 156 $ 164 $ 53 $ 54 Accumulated Benefit Obligation 146 154 48 45 Plan Assets 146 154 N/A N/A Assets Held in the Grantor Trust N/A N/A 49 43 |
Schedule of Net Benefit Costs [Table Text Block] | The components of pension cost recognized in net income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Service Cost $ 8 $ 7 $ 7 Interest Cost 8 8 8 Expected Return on Plan Assets (10 ) (9 ) (9 ) Recognized Actuarial Loss 5 2 5 Total Pension Cost $ 11 $ 8 $ 11 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The components of pension cost recognized in comprehensive income are as follows for the years ended December 31 (in millions): 2015 2014 2013 Net Actuarial Loss (Gain) $ 4 $ 34 $ (25 ) Amortization of Net Actuarial Loss (5 ) (2 ) (5 ) Total (Gain) Loss Recognized in Other Comprehensive Income $ (1 ) $ 32 $ (30 ) Combined Pension Cost Recognized in Comprehensive Income $ 10 $ 40 $ (19 ) |
Amounts Included in Accumulated Other Comprehensive Income | Amounts included in accumulated other comprehensive income are as follows as of December 31 (in millions): 2015 2014 Net Loss $ 53 $ 54 Deferred Tax Benefit $ (13 ) $ (13 ) |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine the benefit obligation are as follows: December 31, 2015 December 31, 2014 Discount Rates Annuity Distributions 4.60 % 4.15 % Lump-Sum Distributions 3.03 % 3.04 % Rate of Compensation Increase 3.45 % 3.45 % Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 : 2015 2014 2013 Discount Rate 4.15 % 5.05 % 4.35 % Expected Long-Term Return on Plan Assets 7.00 % 7.25 % 7.25 % Rate of Compensation Increase 3.45 % 3.45 % 3.45 % |
Schedule of Allocation of Plan Assets [Table Text Block] | At December 31, 2015 , target allocations for the various asset classes are as follows: Large Capitalization Domestic Equities 32 % Small and Mid-Size Capitalization Domestic Equities 7 % International Equities 26 % Fixed Income 35 % |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The fair values of each major class of plan assets were as follows as of December 31, 2015 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 16 $ 16 Mutual Funds invested in: Large Cap. Domestic Equity Securities 14 — 14 Small and Mid. Cap. Domestic Equity Securities 10 — 10 International Equity Securities 31 — 31 Fixed Income Securities 6 — 6 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 30 30 Fixed Income Securities — 3 3 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 61 $ 85 $ 146 The fair values of each major class of plan assets were as follows as of December 31, 2014 (in millions): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Total Money Market Fund $ — $ 1 $ 1 Mutual Funds invested in: Large Cap. Domestic Equity Securities 16 — 16 Small and Mid. Cap. Domestic Equity Securities 11 — 11 International Equity Securities 40 — 40 Fixed Income Securities 8 — 8 Collective Trust Funds invested in: Large Cap. Domestic Equity Securities — 34 34 Fixed Income Securities — 8 8 Limited Partnership Interest invested in: Fixed Income Securities — 36 36 Total Investments Measured at Fair Value $ 75 $ 79 $ 154 |
Schedule of Expected Benefit Payments [Table Text Block] | The following table presents expected future benefit payments projected based on the same assumptions used by the Operating Partnership to measure the benefit obligation and estimate future employee service (in millions): Year Projected Benefit Payments 2016 $ 46 2017 15 2018 14 2019 16 2020 15 2021 through 2025 75 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Value management awards activity was as follows for the year ended December 31, 2015 : Units Nonvested, January 1, 2015 271,158 Granted 153,105 Vested (125,578 ) Forfeited (7,900 ) Nonvested, December 31, 2015 290,785 |
Summary of Outstanding Value Management Awards | Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2015 (dollars in millions): Performance Period Outstanding Units Fair Value (A) Unrecognized Compensation Expense Maximum Award Value (B) 2013 to 2015 125,578 $ 7.7 $ — $ 25.1 2014 to 2016 138,130 $ 13.0 $ 4.3 $ 27.6 2015 to 2017 152,655 $ 21.8 $ 13.9 $ 30.5 (A) The estimated fair value includes unrecognized compensation expense. (B) Maximum award value is based on a unit value of $200 . |
Summary of Earned and Paid Value Management Awards For Three Year Periods | Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three -year performance periods: Performance Period Payout Value per Unit Total Payout (millions) Payment Date 2013 to 2015 $ 61 $ 7.7 1st Quarter 2016 2012 to 2014 $ 3 $ 0.3 1st Quarter 2015 2011 to 2013 $ 35 $ 2.7 1st Quarter 2014 2010 to 2012 $ 0 $ 0.0 Not Earned |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted stock unit activity was as follows for the year ended December 31, 2015 : Units Weighted- Average Grant Date Fair Value Nonvested, January 1, 2015 413,572 $ 43.30 Granted 190,485 $ 44.77 Vested (148,037 ) $ 42.72 Forfeited (9,845 ) $ 43.72 Nonvested, December 31, 2015 446,175 $ 44.11 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2015 : Shares Subject to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Outstanding, January 1, 2015 1,846,298 $ 38.59 Granted — — Exercised/Surrendered (622,593 ) 38.08 Cancelled/Forfeited (3,000 ) 42.98 Outstanding, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Vested or Expected to Vest, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Exercisable, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): 2015 2014 2013 Proceeds from Stock Options Exercised $ 24 $ 3 $ 37 Intrinsic Value of Stock Options Exercised $ 6 $ 1 $ 12 Tax Benefit Related to Stock Options Exercised $ 1 $ — $ 2 |
Schedule of Share-based Compensation Expense and Recognized Tax Benefits [Table Text Block] | The table below presents total compensation expense and recognized tax benefits for all share-based compensation plans (including both awards paid in stock and cash) for the years ended December 31 (in millions): 2015 2014 2013 Share-based Compensation Expense $ 28 $ 6 $ 13 Recognized Tax Benefits $ 5 $ 1 $ 2 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Value management awards activity was as follows for the year ended December 31, 2015 : Units Nonvested, January 1, 2015 271,158 Granted 153,105 Vested (125,578 ) Forfeited (7,900 ) Nonvested, December 31, 2015 290,785 |
Summary of Outstanding Value Management Awards | Presented below is a summary of outstanding value management awards and related fair values, unrecognized compensation expense and maximum value as of December 31, 2015 (dollars in millions): Performance Period Outstanding Units Fair Value (A) Unrecognized Compensation Expense Maximum Award Value (B) 2013 to 2015 125,578 $ 7.7 $ — $ 25.1 2014 to 2016 138,130 $ 13.0 $ 4.3 $ 27.6 2015 to 2017 152,655 $ 21.8 $ 13.9 $ 30.5 (A) The estimated fair value includes unrecognized compensation expense. (B) Maximum award value is based on a unit value of $200 . |
Summary of Earned and Paid Value Management Awards For Three Year Periods | Presented below is a summary of earned and paid (primarily in cash) value management awards for the following three -year performance periods: Performance Period Payout Value per Unit Total Payout (millions) Payment Date 2013 to 2015 $ 61 $ 7.7 1st Quarter 2016 2012 to 2014 $ 3 $ 0.3 1st Quarter 2015 2011 to 2013 $ 35 $ 2.7 1st Quarter 2014 2010 to 2012 $ 0 $ 0.0 Not Earned |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted stock unit activity was as follows for the year ended December 31, 2015 : Units Weighted- Average Grant Date Fair Value Nonvested, January 1, 2015 413,572 $ 43.30 Granted 190,485 $ 44.77 Vested (148,037 ) $ 42.72 Forfeited (9,845 ) $ 43.72 Nonvested, December 31, 2015 446,175 $ 44.11 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Presented below is a summary of Plum Creek’s stock option Plan activity for the year ended December 31, 2015 : Shares Subject to Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Millions) Outstanding, January 1, 2015 1,846,298 $ 38.59 Granted — — Exercised/Surrendered (622,593 ) 38.08 Cancelled/Forfeited (3,000 ) 42.98 Outstanding, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Vested or Expected to Vest, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 Exercisable, December 31, 2015 1,220,705 $ 38.85 3.0 $ 11 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | The table below presents stock activity related to stock options exercised during the years ended December 31 (in millions): 2015 2014 2013 Proceeds from Stock Options Exercised $ 24 $ 3 $ 37 Intrinsic Value of Stock Options Exercised $ 6 $ 1 $ 12 Tax Benefit Related to Stock Options Exercised $ 1 $ — $ 2 |
Schedule of Share-based Compensation Expense and Recognized Tax Benefits [Table Text Block] | The table below presents total compensation expense and recognized tax benefits for all share-based compensation plans (including both awards paid in stock and cash) for the years ended December 31 (in millions): 2015 2014 2013 Share-based Compensation Expense $ 28 $ 6 $ 13 Recognized Tax Benefits $ 5 $ 1 $ 2 |
Detail of Certain Balance She48
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Certain balance sheet accounts consisted of the following (in millions): December 31, 2015 December 31, 2014 Other Current Assets Prepaid Expenses $ 8 $ 8 Taxes Receivable 5 4 Deposits 2 2 Real Estate Development Properties 1 1 $ 16 $ 15 Other Non-Current Assets Real Estate Development Properties $ 9 $ 12 Unamortized Debt Issue Costs 6 7 Deposits 8 8 Intangible Assets 13 14 Other 5 4 $ 41 $ 45 Other Current Liabilities Long-Term Incentive Compensation $ 8 $ — Accrued Pension Liability 34 5 Workers’ Compensation 1 1 Other 3 4 $ 46 $ 10 Other Non-Current Liabilities Timber Obligations $ 4 $ 5 Deferred Compensation 5 5 Long-Term Incentive Compensation 16 4 Accrued Pension Liability 30 59 Deferred Revenue 15 12 Workers’ Compensation 4 7 Other 9 8 $ 83 $ 100 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Certain balance sheet accounts consisted of the following (in millions): December 31, 2015 December 31, 2014 Other Current Assets Prepaid Expenses $ 8 $ 8 Taxes Receivable 5 4 Deposits 2 2 Real Estate Development Properties 1 1 $ 16 $ 15 Other Non-Current Assets Real Estate Development Properties $ 9 $ 12 Unamortized Debt Issue Costs 6 7 Deposits 8 8 Intangible Assets 13 14 Other 5 4 $ 41 $ 45 Other Current Liabilities Long-Term Incentive Compensation $ 8 $ — Accrued Pension Liability 34 5 Workers’ Compensation 1 1 Other 3 4 $ 46 $ 10 Other Non-Current Liabilities Timber Obligations $ 4 $ 5 Deferred Compensation 6 6 Long-Term Incentive Compensation 16 4 Accrued Pension Liability 30 59 Deferred Revenue 15 12 Workers’ Compensation 4 7 Other 9 8 $ 84 $ 101 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Future Minimum Operating Lease Payments and Obligations | The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2015 (in millions): Operating Leases Timber Obligations 2016 $ 4 $ 1 2017 4 — 2018 4 — 2019 4 — 2020 4 — Thereafter 11 3 Total $ 31 $ 4 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Future Minimum Operating Lease Payments and Obligations | The following summarizes the future minimum operating lease payments and obligations in connection with leasing timberlands at December 31, 2015 (in millions): Operating Leases Timber Obligations 2016 $ 4 $ 1 2017 4 — 2018 4 — 2019 4 — 2020 4 — Thereafter 11 3 Total $ 31 $ 4 |
Equity Method Investment (Table
Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Earnings for the Timberland Venture | Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 59 $ 54 $ 53 Common Interest — — — Amortization of Basis Difference 18 9 10 Total Equity Earnings from Timberland Venture $ 77 $ 63 $ 63 Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 56 $ 56 $ 55 Common Interest 3 1 1 Total Distributions from Timberland Venture $ 59 $ 57 $ 56 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Earnings for the Timberland Venture | Equity earnings for the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 59 $ 54 $ 53 Common Interest — — — Amortization of Basis Difference 18 9 10 Total Equity Earnings from Timberland Venture $ 77 $ 63 $ 63 Distributions from the Timberland Venture consist of the following for the years ended December 31 (in millions): 2015 2014 2013 Preferred Interest $ 56 $ 56 $ 55 Common Interest 3 1 1 Total Distributions from Timberland Venture $ 59 $ 57 $ 56 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Equity Earnings and Distributions | Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Equity Earnings $ 77 $ 63 $ 63 Distributions 59 57 56 |
Interest Expense and Payments | Interest expensed and paid with respect to the Note Payable to Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Interest Expense $ 58 $ 58 $ 58 Interest Payments 58 58 58 |
Schedule of Interest Payable to a Related Party [Table Text Block] | As a result, the company had accrued interest payable for the Note Payable to Timberland Venture of the following at December 31 (in millions): 2015 2014 Interest Payable (to related party) $ 7 $ 7 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Equity Earnings and Distributions | Equity earnings and distributions from the Timberland Venture were as follows for the years ended December 31 (in millions): 2015 2014 2013 Equity Earnings $ 77 $ 63 $ 63 Distributions 59 57 56 |
Schedule of Cash Distributions | The Operating Partnership made the following cash distributions to PC Ventures for the years ended December 31 (in millions): 2015 2014 2013 Cash Distributions $ 58 $ 58 $ 58 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Revenues From Manufactured Products By Product Line [Textblock] | Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): 2015 2014 2013 Lumber $ 65 $ 109 $ 95 Plywood 97 87 92 MDF 188 172 175 Total $ 350 $ 368 $ 362 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The tables below present information about reported segments for the years ended December 31 (in millions): Northern Resources (A) Southern Resources Real Estate (B) Manufacturing (C) Energy and Natural Resources (D) Other (E) Total (F) 2015 External Revenues $ 203 $ 521 $ 318 $ 350 $ 37 $ 16 $ 1,445 Intersegment Revenues 25 — — — — — 25 Export Revenues 9 5 — 25 — — 39 Depreciation, Depletion and Amortization 26 84 1 10 9 — 130 Basis of Real Estate Sold — — 148 — — — 148 Other Operating Gain — — — 3 — — 3 Equity Earnings — — — — — 6 6 Operating Income 27 123 144 35 25 6 360 2014 External Revenues $ 236 $ 531 $ 289 $ 368 $ 34 $ 18 $ 1,476 Intersegment Revenues 28 — — — — — 28 Export Revenues 10 9 — 28 — — 47 Depreciation, Depletion and Amortization 28 82 1 14 8 — 133 Basis of Real Estate Sold — — 129 — — — 129 Other Operating Gain — — — 11 2 — 13 Equity Earnings — — — — — 3 3 Operating Income 44 137 133 49 25 2 390 2013 External Revenues $ 234 $ 435 $ 286 $ 362 $ 23 $ — $ 1,340 Intersegment Revenues 26 — — — — — 26 Export Revenues 15 6 — 29 — — 50 Depreciation, Depletion and Amortization 30 65 1 16 3 — 115 Basis of Real Estate Sold — — 91 — — — 91 Other Operating Gain — — — — 1 — 1 Equity Earnings — — — — — — — Operating Income 32 108 169 43 19 — 371 (A) During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in depreciation, depletion and amortization in the consolidated financial statements. (B) 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. The company recognized impairment losses on sales of timberlands expected to close within a twelve-month period of less than $1 million in 2015, $7 million in 2014 and $4 million in 2013. The 2014 impairment is related to the first phase of the transaction noted above which was closed in 2014 (See Note 4 of the Notes to Consolidated Financial Statements). Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. (C) During 2014, the company experienced a fire at its 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, the company 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 in Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (D) During 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 was primarily for the release of mineral rights. During 2013, the company sold certain mineral reserves for a gain of $1 million . These gains are reported as Other Operating Gain in our Energy and Natural Resources Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (E) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income for the Other Segment. Equity earnings of $ 6 million and $3 million were recorded for 2015 and 2014 , respectively. (F) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $3 million for both 2015 and 2014 and $4 million for 2013 . |
Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes | A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): 2015 2014 2013 Total Segment Operating Income $ 360 $ 390 $ 371 Corporate and Other Unallocated Expenses (93 ) (67 ) (73 ) Other Unallocated Operating Income (Expense), net 13 2 (3 ) Equity Earnings from Timberland Venture 77 63 63 Total Interest Expense, net (163 ) (166 ) (141 ) Loss on Extinguishment of Debt — — (4 ) Income before Income Taxes $ 194 $ 222 $ 213 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Revenues From Manufactured Products By Product Line [Textblock] | Revenues from the Manufacturing Segment by product line were as follows for the years ended December 31 (in millions): 2015 2014 2013 Lumber $ 65 $ 109 $ 95 Plywood 97 87 92 MDF 188 172 175 Total $ 350 $ 368 $ 362 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The tables below present information about reported segments for the years ended December 31 (in millions): Northern Resources (A) Southern Resources Real Estate (B) Manufacturing (C) Energy and Natural Resources (D) Other (E) Total (F) 2015 External Revenues $ 203 $ 521 $ 318 $ 350 $ 37 $ 16 $ 1,445 Intersegment Revenues 25 — — — — — 25 Export Revenues 9 5 — 25 — — 39 Depreciation, Depletion and Amortization 26 84 1 10 9 — 130 Basis of Real Estate Sold — — 148 — — — 148 Other Operating Gain — — — 3 — — 3 Equity Earnings — — — — — 6 6 Operating Income 27 123 144 35 25 6 360 2014 External Revenues $ 236 $ 531 $ 289 $ 368 $ 34 $ 18 $ 1,476 Intersegment Revenues 28 — — — — — 28 Export Revenues 10 9 — 28 — — 47 Depreciation, Depletion and Amortization 28 82 1 14 8 — 133 Basis of Real Estate Sold — — 129 — — — 129 Other Operating Gain — — — 11 2 — 13 Equity Earnings — — — — — 3 3 Operating Income 44 137 133 49 25 2 390 2013 External Revenues $ 234 $ 435 $ 286 $ 362 $ 23 $ — $ 1,340 Intersegment Revenues 26 — — — — — 26 Export Revenues 15 6 — 29 — — 50 Depreciation, Depletion and Amortization 30 65 1 16 3 — 115 Basis of Real Estate Sold — — 91 — — — 91 Other Operating Gain — — — — 1 — 1 Equity Earnings — — — — — — — Operating Income 32 108 169 43 19 — 371 (A) During 2013, the Northern Resources Segment recognized a loss of $4 million related to forest fires, which is included in depreciation, depletion and amortization in the consolidated financial statements. (B) 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. The Operating Partnership recognized impairment losses on sales of timberlands expected to close within a twelve-month period of less than $1 million in 2015, $7 million in 2014 and $4 million in 2013. The 2014 impairment is related to the first phase of the transaction noted above which was closed in 2014 (See Note 3 of the Notes to Consolidated Financial Statements). Impairments are recognized as part of Cost of Goods Sold and reflected as part of Operating Income. (C) During 2014, the Operating Partnership experienced a fire at its 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, the Operating Partnership 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 in Other Operating Gain in the Manufacturing Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (D) During 2014, the Operating Partnership 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 was primarily for the release of mineral rights. During 2013, the Operating Partnership sold certain mineral reserves for a gain of $1 million . These gains are reported as Other Operating Gain in our Energy and Natural Resources Segment and are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. (E) For segment reporting, Equity Earnings (Loss) from Real Estate Development Ventures is included in Operating Income for the Other Segment. Equity earnings of $6 million and $3 million were recorded for 2015 and 2014 , respectively. (F) Consolidated depreciation, depletion and amortization includes unallocated corporate expense of $3 million for both 2015 and 2014 and $4 million for 2013 . |
Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes | A reconciliation of total segment operating income to income before income taxes is presented below for the years ended December 31 (in millions): 2015 2014 2013 Total Segment Operating Income $ 360 $ 390 $ 371 Corporate and Other Unallocated Expenses (93 ) (67 ) (73 ) Other Unallocated Operating Income (Expense), net 13 2 (3 ) Equity Earnings from Timberland Venture 77 63 63 Interest Expense, net (105 ) (108 ) (83 ) Loss on Extinguishment of Debt — — (4 ) Income before Income Taxes $ 252 $ 280 $ 271 |
Unaudited Selected Quarterly 53
Unaudited Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PLUM CREEK TIMBER CO INC [Member] | |
Schedule of Quarterly Financial Information [Table Text Block] | (In Millions, Except per Share Amounts) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 Revenues $ 406 $ 302 $ 414 $ 323 Gross Profit 91 75 149 93 Operating Income (A) 61 45 115 53 Net Income 42 21 100 34 Net Income per Share—Basic (B) $ 0.24 $ 0.12 $ 0.58 $ 0.19 Net Income per Share—Diluted (B) $ 0.24 $ 0.12 $ 0.58 $ 0.19 2014 Revenues $ 317 $ 356 $ 375 $ 428 Gross Profit 85 109 109 119 Operating Income (A) 57 82 91 92 Net Income 30 55 61 68 Net Income per Share—Basic (B) $ 0.17 $ 0.31 $ 0.34 $ 0.39 Net Income per Share—Diluted (B) $ 0.17 $ 0.31 $ 0.34 $ 0.39 (A) During the second quarter of 2014, the company experienced a fire at its 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, the company recorded a $3 million gain related to insurance recoveries, of which $2 million and $1 million was recorded in the second and third quarters of 2015, respectively. During 2014, the company recorded a $13 million gain related to insurance recoveries, of which $4 million , $5 million and $4 million was recorded in the second, third, and fourth quarters of 2014, respectively. Both the building and equipment loss and the insurance recoveries are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Note 20 of the Notes to Consolidated Financial Statements. (B) Net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may not equal the total computed for the year. |
PLUM CREEK TIMBERLANDS L P [Member] | |
Schedule of Quarterly Financial Information [Table Text Block] | (In Millions) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 Revenues $ 406 $ 302 $ 414 $ 323 Gross Profit 91 75 149 93 Operating Income (A) 61 45 115 53 Net Income Available to Common Interest Partners 42 21 100 34 2014 Revenues $ 317 $ 356 $ 375 $ 428 Gross Profit 85 109 109 119 Operating Income (A) 57 82 91 92 Net Income Available to Common Interest Partners 30 55 61 68 (A) During the second quarter of 2014, the Operating Partnership experienced a fire at its 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, the Operating Partnership recorded a $3 million gain related to insurance recoveries, of which $2 million and $1 million was recorded in the second and third quarters of 2015, respectively. During 2014, the Operating Partnership recorded a $13 million gain related to insurance recoveries, of which $4 million , $5 million and $4 million was recorded in the second, third, and fourth quarters of 2014, respectively. Both the building and equipment loss and the insurance recoveries are included in Other Operating Income (Expense), net in the Consolidated Statements of Income. See Note 18 of the Notes to Consolidated Financial Statements. |
Accounting Policies (Narrative)
Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)aYearmill | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 06, 2015 | Dec. 31, 2008USD ($)a | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Timber and Timberlands, net (acres) | a | 6,300,000 | ||||
Higher and Better Use Timberlands, which are Expected to be Sold and/or Developed, acres | a | 675,000 | ||||
Total Acres of Non-Strategic Timberlands | a | 200,000 | ||||
Product Conversion Facilities Owned in the Northwest United States | mill | 5 | ||||
Proceeds from Sale of Property Held-for-sale | $ 4 | ||||
Exchange Ratio | 1.60 | ||||
Allowance for Doubtful Accounts | $ 0.2 | $ 0.2 | |||
Capitalization and amortization period of major roads (years) | Year | 30 | ||||
Capitalization and amortization period of logging roads (years) | Year | 6 | ||||
Land Expect to Sell for Recreational Uses (acres) | a | 500,000 | ||||
Land Expect to Sell for Conservation (acres) | a | 100,000 | ||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Real Estate Inventory Land and Land Development Costs | $ 9 | 12 | |||
Real Estate Land and Land Development Costs | 39 | 37 | |||
Assets Held for Sale | 24 | 98 | |||
Depreciation Expense | $ 17 | 21 | $ 24 | ||
PLUM CREEK TIMBER CO INC [Member] | Land Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life | 19 years | ||||
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Timber and Timberlands, net (acres) | a | 6,300,000 | ||||
Higher and Better Use Timberlands, which are Expected to be Sold and/or Developed, acres | a | 675,000 | ||||
Total Acres of Non-Strategic Timberlands | a | 200,000 | ||||
Product Conversion Facilities Owned in the Northwest United States | mill | 5 | ||||
Proceeds from Sale of Property Held-for-sale | $ 4 | ||||
Exchange Ratio | 1.60 | ||||
Ownership Percentage | 100.00% | ||||
Allowance for Doubtful Accounts | $ 0.2 | 0.2 | |||
Capitalization and amortization period of major roads (years) | Year | 30 | ||||
Capitalization and amortization period of logging roads (years) | Year | 6 | ||||
Land Expect to Sell for Recreational Uses (acres) | a | 500,000 | ||||
Land Expect to Sell for Conservation (acres) | a | 100,000 | ||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Real Estate Inventory Land and Land Development Costs | $ 9 | 12 | |||
Real Estate Land and Land Development Costs | 39 | 37 | |||
Assets Held for Sale | 24 | 98 | |||
Depreciation Expense | $ 17 | $ 21 | $ 24 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Land Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life | 19 years | ||||
Customer Concentration Risk [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Revenue Concentration from Customer | 6.00% | 7.00% | 7.00% | ||
Customer Concentration Risk [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Revenue Concentration from Customer | 6.00% | 7.00% | 7.00% | ||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Capital Contribution to LLC | $ 152 | ||||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Capital Contribution to LLC | $ 152 | ||||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Contributed Acres Of Timberlands To Venture | a | 454,000 | ||||
Preferred Interest in Venture | $ 705 | ||||
Common Interest in Venture | $ 78 | ||||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Contributed Acres Of Timberlands To Venture | a | 454,000 | ||||
Preferred Interest in Venture | $ 705 | ||||
Common Interest in Venture | $ 78 | ||||
Minimum [Member] | PLUM CREEK TIMBER CO INC [Member] | Building [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Minimum [Member] | PLUM CREEK TIMBER CO INC [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Building [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Minimum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | PLUM CREEK TIMBER CO INC [Member] | Building [Member] | |||||
Property, Plant and Equipment, Useful Life | 45 years | ||||
Maximum [Member] | PLUM CREEK TIMBER CO INC [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Maximum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Building [Member] | |||||
Property, Plant and Equipment, Useful Life | 45 years | ||||
Maximum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years |
Accounting Policies Schedule of
Accounting Policies Schedule of Other Operating Income and Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Other Operating Income and Expense [Line Items] | |||
Realized Gains from Grantor Trust Investments | $ 13 | $ 2 | $ 1 |
Insurance Recoveries | 3 | 13 | 1 |
MDF Fire Impairment Loss | 0 | (2) | 0 |
Loss on Early Termination of an Equipment Lease | 0 | 0 | (5) |
Other Miscellaneous Operating Income and Expense | 0 | 2 | 1 |
Other Operating Income (Expense), Net | 16 | 15 | (2) |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Other Operating Income and Expense [Line Items] | |||
Realized Gains from Grantor Trust Investments | 13 | 2 | 1 |
Insurance Recoveries | 3 | 13 | 1 |
MDF Fire Impairment Loss | 0 | (2) | 0 |
Loss on Early Termination of an Equipment Lease | 0 | 0 | (5) |
Other Miscellaneous Operating Income and Expense | 0 | 2 | 1 |
Other Operating Income (Expense), Net | $ 16 | $ 15 | $ (2) |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income Available to Common Stockholders | $ 197 | $ 214 | $ 214 | ||||||||
Denominator for Basic Earnings per Share | 174.9 | 176.7 | 164.6 | ||||||||
Effect of Dilutive Securities - Stock Options | 0.2 | 0.2 | 0.3 | ||||||||
Effect of Dilutive Securities - Restricted Stock Units and Value Management Plan | 0.1 | 0.1 | 0.1 | ||||||||
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | 175.2 | 177 | 165 | ||||||||
Net Income per Share-Basic | $ 1.12 | $ 1.21 | $ 1.30 | ||||||||
Net Income per Share-Diluted | $ 1.12 | $ 1.21 | $ 1.30 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Net Income Available to Common Stockholders | $ 34 | $ 100 | $ 21 | $ 42 | $ 68 | $ 61 | $ 55 | $ 30 | $ 197 | $ 214 | $ 214 |
Denominator for Basic Earnings per Share | 174.9 | 176.7 | 164.6 | ||||||||
Denominator for Diluted Earnings per Share - Adjusted for Dilutive Securities | 175.2 | 177 | 165 | ||||||||
Net Income per Share-Basic | $ 0.19 | $ 0.58 | $ 0.12 | $ 0.24 | $ 0.39 | $ 0.34 | $ 0.31 | $ 0.17 | $ 1.12 | $ 1.21 | $ 1.30 |
Net Income per Share-Diluted | $ 0.19 | $ 0.58 | $ 0.12 | $ 0.24 | $ 0.39 | $ 0.34 | $ 0.31 | $ 0.17 | $ 1.12 | $ 1.21 | $ 1.30 |
Earnings Per Share (Schedule 57
Earnings Per Share (Schedule of Antidilutive Options) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of Options | 0.1 | 0.1 | 0 |
Expiration on or before | May 2,018 | February 2,018 | N/A |
Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of Exercise Prices | 42.22 | 42.98 | 0 |
Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of Exercise Prices | 43.23 | 43.23 | 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Raw Materials (primarily logs) | $ 15 | $ 12 |
Work-In-Process | 3 | 3 |
Finished Goods | 24 | 31 |
Total before Supplies | 42 | 46 |
Supplies | 15 | 15 |
Total | 57 | 61 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Raw Materials (primarily logs) | 15 | 12 |
Work-In-Process | 3 | 3 |
Finished Goods | 24 | 31 |
Total before Supplies | 42 | 46 |
Supplies | 15 | 15 |
Total | $ 57 | $ 61 |
Timber and Timberlands (Timber
Timber and Timberlands (Timber and Timberlands and Impairment Losses Tables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Timber and Logging Roads, net | $ 2,463 | $ 2,518 | |
Timber Deeds, net | 67 | 83 | |
Timberlands | 1,380 | 1,408 | |
Timber and Timberlands, net | 3,910 | 4,009 | |
Impairment Losses | 0 | 7 | $ 4 |
Book Basis Of Property | 0 | 46 | 37 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Timber and Logging Roads, net | 2,463 | 2,518 | |
Timber Deeds, net | 67 | 83 | |
Timberlands | 1,380 | 1,408 | |
Timber and Timberlands, net | 3,910 | 4,009 | |
Impairment Losses | 0 | 7 | 4 |
Book Basis Of Property | $ 0 | 46 | $ 37 |
Washington TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Impairment Losses | 7 | ||
Washington TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Impairment Losses | $ 7 |
Timber and Timberlands (Narrati
Timber and Timberlands (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | |||
Basis of Real Estate Sold | $ 148 | $ 129 | $ 91 |
Land Sales | 318 | 289 | 286 |
Impairment Losses | $ 0 | 7 | 4 |
Land Acquisitions (Acres) | a | 7,000 | ||
Payments to Acquire Timberlands | $ 7 | $ 0 | 81 |
Land Dispositions (Acres) | a | 287,000 | 184,000 | |
Timber deeds contract expiration | 2,020 | ||
Assets Held for Sale | $ 24 | $ 98 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Basis of Real Estate Sold | 148 | 129 | 91 |
Land Sales | 318 | 289 | 286 |
Impairment Losses | $ 0 | 7 | 4 |
Land Acquisitions (Acres) | a | 7,000 | ||
Payments to Acquire Timberlands | $ 7 | $ 0 | 81 |
Land Dispositions (Acres) | a | 287,000 | 184,000 | |
Timber deeds contract expiration | 2,020 | ||
Assets Held for Sale | $ 24 | $ 98 | |
Washington TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Impairment Losses | $ 7 | ||
Land Dispositions (Acres) | a | 48,000 | ||
Washington TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Impairment Losses | $ 7 | ||
Land Dispositions (Acres) | a | 48,000 | ||
Montana TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Land Sales | $ 85 | ||
Land Dispositions (Acres) | a | 117,000 | ||
Montana TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Land Sales | $ 85 | ||
Land Dispositions (Acres) | a | 117,000 | ||
Total TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Basis of Real Estate Sold | $ 122 | ||
Land Sales | $ 131 | ||
Land Dispositions (Acres) | a | 165,000 | ||
Total TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Basis of Real Estate Sold | $ 122 | ||
Land Sales | $ 131 | ||
Land Dispositions (Acres) | a | 165,000 | ||
Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Basis of Real Estate Sold | $ 0 | $ 0 | 0 |
Land Dispositions (Acres) | a | 153,000 | 136,000 | |
Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Basis of Real Estate Sold | $ 0 | $ 0 | 0 |
Land Dispositions (Acres) | a | 153,000 | 136,000 | |
Southern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Basis of Real Estate Sold | $ 0 | $ 0 | 0 |
Land Dispositions (Acres) | a | 134,000 | 48,000 | |
Southern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Basis of Real Estate Sold | $ 0 | $ 0 | $ 0 |
Land Dispositions (Acres) | a | 134,000 | 48,000 |
Minerals and Mineral Rights Min
Minerals and Mineral Rights Minerals and Mineral Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Minerals, net | $ 54 | $ 55 | |
Mineral Rights, net | 227 | 234 | |
Minerals and Mineral Rights, net | 281 | 289 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Minerals, net | 54 | 55 | |
Mineral Rights, net | 227 | 234 | |
Minerals and Mineral Rights, net | 281 | 289 | |
Coal [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Minerals, net | $ 50 | ||
Depletion | 1 | 1 | 1 |
Coal [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Minerals, net | 50 | ||
Depletion | 1 | 1 | 1 |
Use Rights [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 10 | 10 | 7 |
Use Rights [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 10 | 10 | $ 7 |
Total Mineral Rights and Surface Leases [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 242 | 242 | |
Total Mineral Rights and Surface Leases [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Minerals and Mineral Rights [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 242 | $ 242 |
Minerals and Mineral Rights Sch
Minerals and Mineral Rights Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | South Carolina Quarries [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 76 | $ 76 | |
Accumulated Amortization | (4) | (2) | |
Carrying Amount, Net | $ 72 | 74 | |
Contract Expiration | 2,052 | ||
PLUM CREEK TIMBER CO INC [Member] | Georgia Quarries [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 156 | 156 | |
Accumulated Amortization | (9) | (5) | |
Carrying Amount, Net | $ 147 | 151 | |
Contract Expiration | 2,051 | ||
PLUM CREEK TIMBER CO INC [Member] | Surface Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 10 | $ 7 | 10 |
Accumulated Amortization | (2) | (1) | |
Carrying Amount, Net | 8 | 9 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
PLUM CREEK TIMBER CO INC [Member] | Total Mineral Rights and Surface Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 242 | 242 | |
Accumulated Amortization | (15) | (8) | |
Carrying Amount, Net | 227 | 234 | |
PLUM CREEK TIMBERLANDS L P [Member] | South Carolina Quarries [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 76 | 76 | |
Accumulated Amortization | (4) | (2) | |
Carrying Amount, Net | $ 72 | 74 | |
Contract Expiration | 2,052 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Georgia Quarries [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 156 | 156 | |
Accumulated Amortization | (9) | (5) | |
Carrying Amount, Net | $ 147 | 151 | |
Contract Expiration | 2,051 | ||
PLUM CREEK TIMBERLANDS L P [Member] | Surface Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 10 | $ 7 | 10 |
Accumulated Amortization | (2) | (1) | |
Carrying Amount, Net | 8 | 9 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
PLUM CREEK TIMBERLANDS L P [Member] | Total Mineral Rights and Surface Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 242 | 242 | |
Accumulated Amortization | (15) | (8) | |
Carrying Amount, Net | $ 227 | $ 234 |
Minerals and Mineral Rights S63
Minerals and Mineral Rights Schedule of Future Amortization of Finite-Lived Intangible Assets (Details) - Total Mineral Rights and Surface Leases [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 7 | $ 6 | $ 1 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 192 | ||
Carrying Amount, Net | 227 | 234 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 7 | 6 | $ 1 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 192 | ||
Carrying Amount, Net | $ 227 | $ 234 |
Intangible Assets Schedule of F
Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | Wind Power Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | $ 10 | $ 10 | $ 10 |
Accumulated Amortization | (1) | (1) | |
Carrying Amount, Net | 9 | 9 | |
PLUM CREEK TIMBER CO INC [Member] | Fiber Supply Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 5 | 5 | 5 |
Accumulated Amortization | (1) | 0 | |
Carrying Amount, Net | 4 | 5 | |
PLUM CREEK TIMBER CO INC [Member] | Total Wind Power Leases and Fiber Supply Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 15 | 15 | |
Accumulated Amortization | (2) | (1) | |
Carrying Amount, Net | 13 | 14 | |
PLUM CREEK TIMBERLANDS L P [Member] | Wind Power Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 10 | 10 | 10 |
Accumulated Amortization | (1) | (1) | |
Carrying Amount, Net | 9 | 9 | |
PLUM CREEK TIMBERLANDS L P [Member] | Fiber Supply Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 5 | 5 | $ 5 |
Accumulated Amortization | (1) | 0 | |
Carrying Amount, Net | 4 | 5 | |
PLUM CREEK TIMBERLANDS L P [Member] | Total Wind Power Leases and Fiber Supply Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Carrying Amount, Gross | 15 | 15 | |
Accumulated Amortization | (2) | (1) | |
Carrying Amount, Net | $ 13 | $ 14 |
Intangible Assets Schedule of65
Intangible Assets Schedule of Future Amortization of Finite-Lived Intangible Assets and Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Wind Power Leases [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 10 | $ 10 | $ 10 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Carrying Amount, Net | 9 | 9 | |
Wind Power Leases [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 10 | 10 | $ 10 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Carrying Amount, Net | 9 | 9 | |
Fiber Supply Agreement [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5 | 5 | $ 5 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Carrying Amount, Net | 4 | 5 | |
Fiber Supply Agreement [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5 | 5 | $ 5 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Carrying Amount, Net | 4 | 5 | |
Total Wind Power Leases and Fiber Supply Agreements [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 15 | 15 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 8 | ||
Carrying Amount, Net | 13 | 14 | |
Amortization of Intangible Assets | 1 | 1 | $ 0 |
Total Wind Power Leases and Fiber Supply Agreements [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Future Amortization of Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 15 | 15 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 8 | ||
Carrying Amount, Net | 13 | 14 | |
Amortization of Intangible Assets | $ 1 | $ 1 | $ 0 |
Property, Plant and Equipment66
Property, Plant and Equipment (Property, Plant and Equipment Table) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Land, Buildings and Improvements | $ 92 | $ 97 |
Machinery and Equipment | 332 | 331 |
Property, Plant and Equipment, gross | 424 | 428 |
Accumulated Depreciation | (311) | (308) |
Property, Plant and Equipment, net | 113 | 120 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Land, Buildings and Improvements | 92 | 97 |
Machinery and Equipment | 332 | 331 |
Property, Plant and Equipment, gross | 424 | 428 |
Accumulated Depreciation | (311) | (308) |
Property, Plant and Equipment, net | $ 113 | $ 120 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
REIT's book basis exceeding tax basis | $ 2,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 | $ 0 |
Accrued interest or penalties related to income taxes | $ 0 | 0 | |
Federal statutory income tax rate | 35.00% | ||
State Operating Loss Carryforwards | $ 279 | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 12 | 12 | |
Operating Loss Carryforwards, Expiration Dates (Year) | Dec. 31, 2016 | ||
Valuation Allowance | $ 11 | 12 | |
Deferred tax gross assets | 67 | 65 | |
Unrecognized Tax Benefits | $ 0 | 0 | |
Open Tax Year | 2,011 | ||
Tax Liability from Potential Adjustment | $ 100 | ||
Gain from Potential Tax Adjustment | $ 600 | ||
Percentage of Gain Distrbuted in Common Stock | 80.00% | ||
PLUM CREEK TIMBERLANDS L P [Member] | |||
REIT's book basis exceeding tax basis | $ 2,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | $ 0 |
Accrued interest or penalties related to income taxes | $ 0 | 0 | |
Federal statutory income tax rate | 35.00% | ||
State Operating Loss Carryforwards | $ 279 | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 12 | 12 | |
Operating Loss Carryforwards, Expiration Dates (Year) | Dec. 31, 2016 | ||
Valuation Allowance | $ 11 | 12 | |
Deferred tax gross assets | 67 | 65 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Open Tax Year | 2,011 | ||
Tax Liability from Potential Adjustment | $ 100 | ||
Gain from Potential Tax Adjustment | $ 600 | ||
Percentage of Gain Distrbuted in Common Stock | 80.00% |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Federal-Current | $ 5 | $ 3 | $ 0 |
State-Current | 0 | 1 | 0 |
Federal-Deferred | (6) | 4 | (1) |
State-Deferred | (1) | (2) | 0 |
Benefit from Operating Loss Carryforward | 0 | 0 | (1) |
Change to Valuation Allowance | (1) | 2 | 1 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | (3) | 8 | (1) |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Federal-Current | 5 | 3 | 0 |
State-Current | 0 | 1 | 0 |
Federal-Deferred | (6) | 4 | (1) |
State-Deferred | (1) | (2) | 0 |
Benefit from Operating Loss Carryforward | 0 | 0 | (1) |
Change to Valuation Allowance | (1) | 2 | 1 |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | $ (3) | $ 8 | $ (1) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | $ 68 | $ 78 | $ 75 |
REIT Income not Subject to Federal Tax | (65) | (58) | (69) |
Change to Valuation Allowance | (1) | 2 | 1 |
State Income Tax Expense (Benefit), net of Federal Benefit | (1) | (1) | (1) |
Permanent Book-Tax Differences | (4) | (13) | (7) |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | (3) | 8 | (1) |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Provision for Income Taxes on Income from Continuing Operations Computed at the Federal Statutory Tax Rate of 35% | 68 | 78 | 75 |
REIT Income not Subject to Federal Tax | (65) | (58) | (69) |
Change to Valuation Allowance | (1) | 2 | 1 |
State Income Tax Expense (Benefit), net of Federal Benefit | (1) | (1) | (1) |
Permanent Book-Tax Differences | (4) | (13) | (7) |
Provision (Benefit) for Income Taxes on Income From Continuing Operations | $ (3) | $ 8 | $ (1) |
Income Taxes (Schedule of Alloc
Income Taxes (Schedule of Allocation of Income Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Provision (Benefit) for Income Taxes on Income From Continuing Operations | $ (3) | $ 8 | $ (1) |
Other Comprehensive Income | 0 | (7) | 7 |
Additional Paid-In Capital (Share-Based Compensation) | 0 | 0 | (1) |
Total Income Tax Expense (Benefit) | (3) | 1 | 5 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Provision (Benefit) for Income Taxes on Income From Continuing Operations | (3) | 8 | (1) |
Other Comprehensive Income | 0 | (7) | 7 |
Additional Paid-In Capital (Share-Based Compensation) | 0 | 0 | (1) |
Total Income Tax Expense (Benefit) | $ (3) | $ 1 | $ 5 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Net Operating Loss Carryforwards | $ 12 | $ 12 |
Accrued Compensation | 11 | 9 |
Accrued Pension Benefits | 16 | 16 |
Timber and Timberlands | 18 | 16 |
Accrued Workers' Compensation Benefits | 2 | 3 |
Other Accruals and Reserves | 7 | 4 |
Valuation Allowance | (11) | (12) |
Deferred Income Tax Assets, Total | 55 | 48 |
Machinery and Equipment | (18) | (19) |
Deferred Income Tax Liabilities, Total | (18) | (19) |
Deferred Income Tax Asset, net | 37 | 29 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Net Operating Loss Carryforwards | 12 | 12 |
Accrued Compensation | 11 | 9 |
Accrued Pension Benefits | 16 | 16 |
Timber and Timberlands | 18 | 16 |
Accrued Workers' Compensation Benefits | 2 | 3 |
Other Accruals and Reserves | 7 | 4 |
Valuation Allowance | (11) | (12) |
Deferred Income Tax Assets, Total | 55 | 48 |
Machinery and Equipment | (18) | (19) |
Deferred Income Tax Liabilities, Total | (18) | (19) |
Deferred Income Tax Asset, net | $ 37 | $ 29 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Income Tax Asset (Liability) Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Current Deferred Income Tax Asset | $ 13 | $ 6 |
Non Current Deferred Income Tax Asset | 24 | 23 |
Deferred Income Tax Asset, net | 37 | 29 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Current Deferred Income Tax Asset | 13 | 6 |
Non Current Deferred Income Tax Asset | 24 | 23 |
Deferred Income Tax Asset, net | $ 37 | $ 29 |
REIT Disclosures (Details)
REIT Disclosures (Details) - PLUM CREEK TIMBER CO INC [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Gain Dividend | $ 1.76 | $ 1.76 | $ 1.74 |
Non-Taxable Return of Capital | 0 | 0 | 0 |
Total Distributions | $ 1.76 | $ 1.76 | $ 1.74 |
Borrowings-Schedule of Debt (De
Borrowings-Schedule of Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2008 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 3,278 | $ 3,293 | |
Current Portion of Long-Term Debt | 0 | 439 | |
Line of Credit | 519 | 95 | |
Long Term Portion Of Total Borrowings | 2,759 | 2,759 | |
Long-term Portion | 1,976 | 1,976 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | 2,495 | 2,510 | |
Current Portion of Long-Term Debt | 0 | 439 | |
Line of Credit | 519 | 95 | |
Long-term Portion | 1,976 | 1,976 | |
Term Credit Agreement [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 225 | $ 225 | |
Debt Instrument, Maturity Date | Apr. 3, 2019 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.92% | 1.67% | |
Debt Instrument, Interest Rate Terms | LIBOR plus 1.50% | ||
Term Credit Agreement [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | $ 225 | $ 225 | |
Debt Instrument, Maturity Date | Apr. 3, 2019 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.92% | 1.67% | |
Debt Instrument, Interest Rate Terms | LIBOR plus 1.50% | ||
Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 0 | $ 439 | |
Debt Instrument, Maturity Date | Nov. 15, 2015 | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.11% | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Debt Instrument, Unamortized Discount | $ 0.8 | ||
Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | 0 | $ 439 | |
Debt Instrument, Maturity Date | Nov. 15, 2015 | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.11% | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Debt Instrument, Unamortized Discount | $ 0.8 | ||
Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 568 | 568 | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Debt Instrument, Unamortized Discount | $ 0.2 | ||
Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | $ 568 | 568 | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Debt Instrument, Unamortized Discount | $ 0.2 | ||
Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 323 | 323 | |
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Debt Instrument, Unamortized Discount | $ 1.9 | ||
Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | $ 323 | 323 | |
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Debt Instrument, Unamortized Discount | $ 1.9 | ||
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 860 | 860 | |
Debt Instrument, Maturity Date | Dec. 6, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.207% | ||
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Total | $ 860 | 860 | |
Debt Instrument, Maturity Date | Dec. 6, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.207% | ||
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Total | $ 783 | 783 | |
Debt Instrument, Maturity Date | Oct. 1, 2018 | ||
Related Party Transaction, Rate | 7.375% | 7.375% | |
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Line of Credit | $ 519 | $ 95 | |
Debt Instrument, Maturity Date | Jan. 15, 2019 | ||
Debt, Weighted Average Interest Rate | 1.63% | 1.34% | |
Line of Credit Facility, Interest Rate Description | LIBOR plus 1.25% | ||
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Line of Credit | $ 519 | $ 95 | |
Debt Instrument, Maturity Date | Jan. 15, 2019 | ||
Debt, Weighted Average Interest Rate | 1.63% | 1.34% | |
Line of Credit Facility, Interest Rate Description | LIBOR plus 1.25% |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Line of Credit, Outstanding | $ 519 | $ 95 | |||
Long-term Debt | 3,278 | 3,293 | |||
Line of Credit Facility, Decrease, Repayments | 584 | 1,679 | $ 1,408 | ||
Patronage Earned | 8 | 8 | |||
Redemption premium due up early retirement of senior notes | 91 | 114 | |||
Installment Note Payable | 860 | ||||
Note Payable to Timberland Venture | 783 | 783 | |||
Repayments of Debt | 439 | ||||
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Line of Credit, Outstanding | 519 | 95 | |||
Long-term Debt | 2,495 | 2,510 | |||
Line of Credit Facility, Decrease, Repayments | 584 | 1,679 | 1,408 | ||
Patronage Earned | 8 | 8 | |||
Redemption premium due up early retirement of senior notes | 91 | 114 | |||
Installment Note Payable | $ 860 | ||||
Repayments of Debt | $ 439 | ||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Apr. 3, 2019 | ||||
Long-term Debt | $ 225 | $ 225 | |||
Effective Interest Rate, Percentage | 1.00% | 1.00% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.92% | 1.67% | |||
Term Credit Agreement, Interest rate terms | LIBOR plus 1.50% | ||||
Term Credit Agreement 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument, Maturity Date | Apr. 3, 2019 | ||||
Long-term Debt | $ 225 | $ 225 | |||
Effective Interest Rate, Percentage | 1.00% | 1.00% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.92% | 1.67% | |||
Term Credit Agreement, Interest rate terms | LIBOR plus 1.50% | ||||
Public Debt [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Long-term Debt, Gross | $ 894 | ||||
Public Debt [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Long-term Debt, Gross | 894 | ||||
Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Nov. 15, 2015 | ||||
Long-term Debt | 0 | $ 439 | |||
Stated Interest Rate | 5.875% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 6.11% | ||||
Senior Notes due 2015, 5.875% less unamortized discount of $0.8 at 12/31/14, effective rate of 6.11% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument, Maturity Date | Nov. 15, 2015 | ||||
Long-term Debt | $ 0 | $ 439 | |||
Stated Interest Rate | 5.875% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 6.11% | ||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||||
Long-term Debt | $ 568 | $ 568 | |||
Stated Interest Rate | 4.70% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||||
Long-term Debt, Gross | $ 569 | ||||
Senior Notes due 2021, 4.70% less unamortized discount of $0.2 at 12/31/15, effective rate of 4.71% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||||
Long-term Debt | $ 568 | 568 | |||
Stated Interest Rate | 4.70% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||||
Long-term Debt, Gross | $ 569 | ||||
Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||||
Long-term Debt | $ 323 | 323 | |||
Stated Interest Rate | 3.25% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ||||
Long-term Debt, Gross | $ 325 | ||||
Senior Notes due 2023, 3.25% less unamortized discount of $1.9 at 12/31/15, effective rate of 3.34% [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument, Maturity Date | Mar. 15, 2023 | ||||
Long-term Debt | $ 323 | 323 | |||
Stated Interest Rate | 3.25% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | ||||
Long-term Debt, Gross | $ 325 | ||||
Installment Note Payable [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Dec. 6, 2023 | ||||
Long-term Debt | $ 860 | $ 860 | |||
Effective Interest Rate, Percentage | 4.50% | 4.50% | |||
Stated Interest Rate | 5.207% | ||||
Installment Note Payable | $ 860 | ||||
Installment Note Payable [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Debt Instrument, Maturity Date | Dec. 6, 2023 | ||||
Long-term Debt | $ 860 | $ 860 | |||
Effective Interest Rate, Percentage | 4.50% | 4.50% | |||
Stated Interest Rate | 5.207% | ||||
Installment Note Payable | $ 860 | ||||
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Debt Instrument, Maturity Date | Oct. 1, 2018 | ||||
Long-term Debt | $ 783 | $ 783 | |||
Note Payable to Timberland Venture | $ 783 | $ 783 | |||
Note Payable Interest rate | 7.375% | 7.375% | |||
Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Line of Credit | $ 800 | $ 700 | |||
Letters of Credit Outstanding, Amount | $ 1 | ||||
Debt Instrument, Maturity Date | Jan. 15, 2019 | ||||
Debt, Weighted Average Interest Rate | 1.63% | 1.34% | |||
Line of Credit, Interest Rate Terms | LIBOR plus 1.25% | ||||
Letter of Credit, Standby | $ 60 | ||||
Line of Credit, Outstanding | 519 | $ 95 | |||
Line of Credit, Remained available | 280 | ||||
Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Line of Credit | 800 | $ 700 | |||
Letters of Credit Outstanding, Amount | $ 1 | ||||
Debt Instrument, Maturity Date | Jan. 15, 2019 | ||||
Debt, Weighted Average Interest Rate | 1.63% | 1.34% | |||
Line of Credit, Interest Rate Terms | LIBOR plus 1.25% | ||||
Letter of Credit, Standby | $ 60 | ||||
Line of Credit, Outstanding | 519 | $ 95 | |||
Line of Credit, Remained available | $ 280 | ||||
Debt [Member] | Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Line of Credit Facility, Decrease, Repayments | $ 85 | ||||
Debt [Member] | Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Line of Credit Facility, Decrease, Repayments | $ 85 | ||||
Minimum [Member] | Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Line of Credit, Interest Rate Terms | LIBOR plus 1% | ||||
Minimum [Member] | Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Line of Credit, Interest Rate Terms | LIBOR plus 1% | ||||
Maximum [Member] | Line of Credit [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Line of Credit, Interest Rate Terms | LIBOR plus 2% | ||||
Maximum [Member] | Line of Credit [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Line of Credit, Interest Rate Terms | LIBOR plus 2% |
Borrowings (Schedule of Aggrega
Borrowings (Schedule of Aggregate Maturities On Debt Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Total | $ 3,278 | $ 3,293 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Total | 2,495 | 2,510 |
Debt Agreements [Member] | PLUM CREEK TIMBER CO INC [Member] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 744 | |
2,020 | 0 | |
Thereafter | 1,754 | |
Total | 2,498 | |
Debt Agreements [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 744 | |
2,020 | 0 | |
Thereafter | 1,754 | |
Total | 2,498 | |
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 783 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 783 | $ 783 |
Total Debt Maturities [Member] | PLUM CREEK TIMBER CO INC [Member] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 783 | |
2,019 | 744 | |
2,020 | 0 | |
Thereafter | 1,754 | |
Total | $ 3,281 |
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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PLUM CREEK TIMBER CO INC [Member] | ||||
Cash and Cash Equivalents | $ 88 | $ 92 | $ 433 | $ 356 |
Domestic Portion of Mutual Funds (percentage) | 54.00% | |||
International Portion of Mutual Funds (percentage) | 2.00% | |||
Debt Securities Portion of Mutual Funds (percentage) | 44.00% | |||
Investment in Grantor Trusts (at Fair Value) | $ 54 | 48 | ||
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Cash and Cash Equivalents | $ 88 | 92 | $ 433 | $ 356 |
Domestic Portion of Mutual Funds (percentage) | 54.00% | |||
International Portion of Mutual Funds (percentage) | 2.00% | |||
Debt Securities Portion of Mutual Funds (percentage) | 44.00% | |||
Investment in Grantor Trusts (at Fair Value) | $ 55 | 49 | ||
Fair Value, Measurements, Recurring [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Cash Equivalents | 86 | 90 | ||
Available-for-Sale Securities | 13 | 43 | ||
Trading Securities | 5 | 5 | ||
Investments, Fair Value Disclosure | 104 | 138 | ||
Fair Value, Measurements, Recurring [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Cash Equivalents | 86 | 90 | ||
Available-for-Sale Securities | 13 | 43 | ||
Trading Securities | 5 | 5 | ||
Investments, Fair Value Disclosure | 104 | 138 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Cash Equivalents | 86 | 90 | ||
Available-for-Sale Securities | 13 | 43 | ||
Trading Securities | 5 | 5 | ||
Investments, Fair Value Disclosure | 104 | 138 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Cash Equivalents | 86 | 90 | ||
Available-for-Sale Securities | 13 | 43 | ||
Trading Securities | 5 | 5 | ||
Investments, Fair Value Disclosure | 104 | $ 138 | ||
Cash [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||
Investment in Grantor Trusts (at Fair Value) | 36 | |||
Cash [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||
Investment in Grantor Trusts (at Fair Value) | $ 36 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 12 | $ 31 | |
Gain on Investments | 10 | 0 | $ 0 |
Deferred Compensation Obligations Included in Other Liabilities | 5 | 5 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Available-for-sale Securities, Amortized Cost Basis | 12 | 31 | |
Gain on Investments | 10 | 0 | $ 0 |
Deferred Compensation Obligations Included in Other Liabilities | 6 | 6 | |
Trading Securities [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Deferred Compensation Obligations Included in Other Liabilities | 5 | 5 | |
Trading Securities [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Deferred Compensation Obligations Included in Other Liabilities | 5 | $ 5 | |
Benefit Payout Cash Generation Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Available-for-Sale Securities Sold at Fair Value | 30 | ||
Gain on Investments | 10 | ||
Benefit Payout Cash Generation Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Available-for-Sale Securities Sold at Fair Value | 30 | ||
Gain on Investments | 10 | ||
Other Sales [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Gain on Investments | 3 | ||
Other Sales [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Gain on Investments | $ 3 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
PLUM CREEK TIMBER CO INC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt | $ 3,278 | $ 3,293 | |
Debt Instrument, Fair Value Disclosure | 3,426 | 3,516 | |
Line of Credit | 519 | 95 | |
Installment Note Payable | $ 860 | ||
Note Payable to Timberland Venture | 783 | 783 | |
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 | 2,557 | 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 | 869 | 892 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt | 2,495 | 2,510 | |
Debt Instrument, Fair Value Disclosure | 2,557 | 2,624 | |
Line of Credit | 519 | 95 | |
Installment Note Payable | $ 860 | ||
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 | 2,557 | 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 | 891 | 1,330 | |
Debt Instrument, Fair Value Disclosure | 917 | 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 | 917 | 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 | 891 | 1,330 | |
Debt Instrument, Fair Value Disclosure | 917 | 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 | 917 | 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] | |||
Long-term Debt | 225 | 225 | |
Debt Instrument, Fair Value Disclosure | 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] | |||
Long-term Debt | 225 | 225 | |
Debt Instrument, Fair Value Disclosure | 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 | 519 | 95 | |
Lines of Credit, Fair Value Disclosure | 519 | 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 | 519 | 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 | 519 | 95 | |
Lines of Credit, Fair Value Disclosure | 519 | 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 | 519 | 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 | 896 | 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 | 896 | 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 | 896 | 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 | 896 | 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 | 869 | 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 | $ 869 | $ 892 |
Fair Value Measurements Fair 80
Fair Value Measurements Fair Value Assets and Liabilities Measured on a Non-Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Book Basis Of Property After Impairment Recognition | $ 0 | $ 46 | $ 37 |
Book Basis Of Property Before Impairment Recognition | 53 | ||
Fair Value Of Certain Non Strategic Timberlands | 46 | ||
Impairment Losses On Nonstrategic Timberlands | 0 | (7) | (4) |
Total Net Gain Loss On Assets Or Liabilities Measured At Fair Value On A Nonrecurring Basis | (7) | ||
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Of Certain Non Strategic Timberlands | 46 | ||
PLUM CREEK TIMBERLANDS L P [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Book Basis Of Property After Impairment Recognition | 0 | 46 | 37 |
Book Basis Of Property Before Impairment Recognition | 53 | ||
Fair Value Of Certain Non Strategic Timberlands | 46 | ||
Impairment Losses On Nonstrategic Timberlands | $ 0 | (7) | $ (4) |
Total Net Gain Loss On Assets Or Liabilities Measured At Fair Value On A Nonrecurring Basis | (7) | ||
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Of Certain Non Strategic Timberlands | $ 46 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) - PLUM CREEK TIMBER CO INC [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock Shares Issued and Outstanding | 174,200,000 | 175,900,000 | |
Common Stock, Shares Authorized | 300,634,566 | 300,600,000 | |
Common Stock, par value | $ 0.01 | $ 0.01 | |
Excess Stock, Shares Authorized | 150,000,001 | ||
Excess Stock, par value | $ 0.01 | ||
Preferred Stock, Shares Authorized | 75,000,000 | 75,000,000 | |
Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Issuance of Common Stock (Shares) | 13,915,000 | ||
Proceeds from Issuance of Common Stock, net | $ 0 | $ 0 | $ 607 |
Debt Repayments from Equity Offering Proceeds | 376 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 200 | ||
Installment Note Payable | 860 | ||
Proceeds From Hedge | 5 | ||
Gain from Hedge | $ 5 |
Stockholders' Equity (Stockhold
Stockholders' Equity (Stockholders Equity) (Details) - PLUM CREEK TIMBER CO INC [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares of Common Stock | 2.5 | 1.2 |
Total Cost of Shares | $ 100 | $ 50 |
Average Cost per Share | $ 40.30 | $ 40.21 |
Stockholders' Equity (Comprehen
Stockholders' Equity (Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $ 197 | $ 214 | $ 214 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Net Income | $ 34 | $ 100 | $ 21 | $ 42 | $ 68 | $ 61 | $ 55 | $ 30 | 197 | 214 | 214 |
Unrealized Holding Gains (Losses), before Tax | (3) | 1 | 5 | ||||||||
Unrealized Holding Gains (Losses), Tax | 0 | 0 | 0 | ||||||||
Unrealized Holding Gains (Losses), Net of Tax | (3) | 1 | 5 | ||||||||
Reclassification for Gains Recognized in Net Income, before Tax | (10) | 0 | 0 | ||||||||
Reclassification for Gains Recognized in Net Income, Tax | 0 | ||||||||||
Reclassification for Gains Recognized in Net Income, Net of Tax | (10) | ||||||||||
Actuarial Gain/(Loss), before Tax | (4) | (34) | 25 | ||||||||
Actuarial Gain/(Loss), Tax | (1) | (7) | 6 | ||||||||
Actuarial Gain/(Loss), Net of Tax | (3) | (27) | 19 | ||||||||
Reclassification to Net Income for Actuarial Gains or Losses, before Tax | 5 | 2 | 5 | ||||||||
Reclassification to Net Income for Actuarial Gains or Losses, Tax | 1 | 0 | 1 | ||||||||
Reclassification to Net Income for Actuarial Gains or Losses, Net of Tax | 4 | 2 | 4 | ||||||||
Derivative Gain (Loss) on Cash Flow Hedge, before Tax | 0 | 0 | 5 | ||||||||
Derivative Gain (Loss) on Cash Flow Hedge, Tax | 0 | ||||||||||
Derivative Gain (Loss) on Cash Flow Hedge, Net of Tax | 5 | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (1) | 0 | 0 | ||||||||
Amortization of Gain (Loss) on Derivatives Reclassified to Interest Expense, Tax | 0 | 0 | |||||||||
Amortization of Gain (Loss) on Derivatives Reclassified to Interest Expense, Net of Tax | (1) | 0 | |||||||||
Total Comprehensive Income | $ 184 | $ 190 | $ 247 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income Net of Tax) (Details) - PLUM CREEK TIMBER CO INC [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ (23) | $ 1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6) | (26) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | 2 |
Ending Balance | (36) | (23) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 14 | 13 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | 0 |
Ending Balance | 1 | 14 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (42) | (17) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | (27) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 2 |
Ending Balance | (41) | (42) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 0 |
Ending Balance | $ 4 | $ 5 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | |
PLUM CREEK TIMBER CO INC [Member] | ||||
Note Payable to Timberland Venture | $ 783 | $ 783 | ||
Issuance of Common Stock (Shares) | 13,915,000 | |||
Proceeds from Issuance of Common Stock, net | $ 0 | $ 0 | $ 607 | |
Debt Repayments from Equity Offering Proceeds | 376 | |||
Installment Note Payable | 860 | |||
Proceeds From Hedge | 5 | |||
Gain from Hedge | 5 | |||
PLUM CREEK TIMBERLANDS L P [Member] | ||||
Capital Contribution | $ 783 | |||
Capital Contributions from Parent Nonrecurring Transactions | 607 | |||
Debt Repayments from Equity Offering Proceeds | 376 | |||
Installment Note Payable | 860 | |||
Proceeds From Hedge | 5 | |||
Gain from Hedge | $ 5 | |||
PC Ventures [Member] | ||||
Note Payable to Timberland Venture | $ 783 | |||
Series T-1 Preferred Interest Return per Annum | 7.375% | |||
Distributions for Series T-1 Preferred Interests | $ 58 |
Partners' Capital (Comprehensiv
Partners' Capital (Comprehensive Income) (Details) - PLUM CREEK TIMBERLANDS L P [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income before Allocation to Series T-1 Preferred Interest and Partners | $ 255 | $ 272 | $ 272 |
Unrealized Holding Gains (Losses), before Tax | (3) | 1 | 5 |
Unrealized Holding Gains (Losses), Tax | 0 | 0 | 0 |
Unrealized Holding Gains (Losses), Net of Tax | (3) | 1 | 5 |
Reclassification for Gains Recognized in Net Income, before Tax | (10) | 0 | 0 |
Reclassification for Gains Recognized in Net Income, Tax | 0 | ||
Reclassification for Gains Recognized in Net Income, Net of Tax | (10) | ||
Actuarial Gain/(Loss), before Tax | (4) | (34) | 25 |
Actuarial Gain/(Loss), Tax | (1) | (7) | 6 |
Actuarial Gain/(Loss), Net of Tax | (3) | (27) | 19 |
Reclassification to Net Income for Actuarial Gains or Losses, before Tax | 5 | 2 | 5 |
Reclassification to Net Income for Actuarial Gains or Losses, Tax | 1 | 0 | 1 |
Reclassification to Net Income for Actuarial Gains or Losses, Net of Tax | 4 | 2 | 4 |
Derivative Gain (Loss) on Cash Flow Hedge, before Tax | 0 | 0 | 5 |
Derivative Gain (Loss) on Cash Flow Hedge, Tax | 0 | ||
Derivative Gain (Loss) on Cash Flow Hedge, Net of Tax | 5 | ||
Less: Amortization of Gain Reclassified to Interest Expense | (1) | 0 | 0 |
Amortization of Gain (Loss) on Derivatives Reclassified to Interest Expense, Tax | 0 | 0 | |
Amortization of Gain (Loss) on Derivatives Reclassified to Interest Expense, Net of Tax | (1) | 0 | |
Total Comprehensive Income | $ 242 | $ 248 | $ 305 |
Partners' Capital (Components o
Partners' Capital (Components of Accumulated Other Comprehensive Income Net of Tax) (Details) - PLUM CREEK TIMBERLANDS L P [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ (23) | $ 1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6) | (26) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | 2 |
Ending Balance | (36) | (23) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 14 | 13 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | 0 |
Ending Balance | 1 | 14 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (42) | (17) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | (27) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 2 |
Ending Balance | (41) | (42) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 5 | 5 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 0 |
Ending Balance | $ 4 | $ 5 |
Employee Pension and Retireme88
Employee Pension and Retirement Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Yearh | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | |||
Year of Service | Year | 1 | ||
Hours of Service, Minimum | h | 1,000 | ||
Years of Service, Vesting | Year | 3 | ||
Contributed to the Qualified Pension Plan | $ 9 | $ 9 | |
Contributions to the Non-Qualified Pension Plan | 39 | 1 | $ 0 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 3 | ||
Net Actuarial Loss (Gain) | $ 53 | $ 54 | |
Expected long-term rate of return on plan assets | 7.00% | 7.25% | 7.25% |
Fair Value of Plan Assets | $ 146 | $ 154 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% | 100.00% |
Thrift and Profit Sharing Plan Expenses | $ 5 | $ 5 | $ 4 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Year of Service | Year | 1 | ||
Hours of Service, Minimum | h | 1,000 | ||
Years of Service, Vesting | Year | 3 | ||
Contributed to the Qualified Pension Plan | $ 9 | 9 | |
Contributions to the Non-Qualified Pension Plan | 39 | 1 | $ 0 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 3 | ||
Net Actuarial Loss (Gain) | $ 53 | $ 54 | |
Expected long-term rate of return on plan assets | 7.00% | 7.25% | 7.25% |
Fair Value of Plan Assets | $ 146 | $ 154 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% | 100.00% |
Thrift and Profit Sharing Plan Expenses | $ 5 | $ 5 | $ 4 |
Minimum [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35.00% | ||
Minimum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35.00% | ||
Maximum [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Maximum [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Qualified Plan [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Fair Value of Plan Assets | $ 146 | 154 | |
Qualified Plan [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Fair Value of Plan Assets | 146 | 154 | |
Non-Qualified Plan [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Contributions to the Non-Qualified Pension Plan | 7 | 1 | |
Non-Qualified Plan [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Contributions to the Non-Qualified Pension Plan | $ 7 | $ 1 |
Employee Pension and Retireme89
Employee Pension and Retirement Plans (Change in Benefit Obligation and Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Service Cost | $ 8 | $ 7 | $ 7 |
Interest Cost | 8 | 8 | 8 |
Fair Value of Plan Assets at Beginning of Period | 154 | ||
Employer Contributions | 9 | 9 | |
Fair Value of Plan Assets at End of Period | 146 | 154 | |
Funded Status-December 31 | (64) | (64) | |
Current Liabilities | (34) | (5) | |
Noncurrent Liabilities | (30) | (59) | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Service Cost | 8 | 7 | 7 |
Interest Cost | 8 | 8 | 8 |
Fair Value of Plan Assets at Beginning of Period | 154 | ||
Employer Contributions | 9 | 9 | |
Fair Value of Plan Assets at End of Period | 146 | 154 | |
Funded Status-December 31 | (64) | (64) | |
Current Liabilities | (34) | (5) | |
Noncurrent Liabilities | (30) | (59) | |
Change In Benefit Obligation [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Benefit Obligation at Beginning of Period | 218 | 178 | |
Service Cost | 8 | 7 | |
Interest Cost | 8 | 8 | |
Actuarial (Gain) Loss | (7) | 32 | |
Benefits Paid | (17) | (7) | |
Benefit Obligation at End of Period | 210 | 218 | 178 |
Change In Benefit Obligation [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Benefit Obligation at Beginning of Period | 218 | 178 | |
Service Cost | 8 | 7 | |
Interest Cost | 8 | 8 | |
Actuarial (Gain) Loss | (7) | 32 | |
Benefits Paid | (17) | (7) | |
Benefit Obligation at End of Period | 210 | 218 | 178 |
Change In Fair Value Of Plan Assets [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Fair Value of Plan Assets at Beginning of Period | 154 | 144 | |
Actual Return on Plan Assets | (1) | 7 | |
Employer Contributions | 10 | 10 | |
Benefits Paid | (17) | (7) | |
Fair Value of Plan Assets at End of Period | 146 | 154 | 144 |
Change In Fair Value Of Plan Assets [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Fair Value of Plan Assets at Beginning of Period | 154 | 144 | |
Actual Return on Plan Assets | (1) | 7 | |
Employer Contributions | 10 | 10 | |
Benefits Paid | (17) | (7) | |
Fair Value of Plan Assets at End of Period | 146 | 154 | $ 144 |
Qualified Plan [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Benefit Obligation at Beginning of Period | 164 | ||
Fair Value of Plan Assets at Beginning of Period | 154 | ||
Benefit Obligation at End of Period | 156 | 164 | |
Fair Value of Plan Assets at End of Period | 146 | 154 | |
Qualified Plan [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Benefit Obligation at Beginning of Period | 164 | ||
Fair Value of Plan Assets at Beginning of Period | 154 | ||
Benefit Obligation at End of Period | 156 | 164 | |
Fair Value of Plan Assets at End of Period | 146 | 154 | |
Non-Qualified Plan [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Benefit Obligation at Beginning of Period | 54 | ||
Benefit Obligation at End of Period | 53 | 54 | |
Non-Qualified Plan [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Benefit Obligation at Beginning of Period | 54 | ||
Benefit Obligation at End of Period | $ 53 | $ 54 |
Employee Pension and Retireme90
Employee Pension and Retirement Plans (Accumulated and Projected Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 146 | $ 154 |
PLUM CREEK TIMBER CO INC [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Obligation | 156 | 164 |
Accumulated Benefit Obligation | 146 | 154 |
Fair Value of Plan Assets | 146 | 154 |
PLUM CREEK TIMBER CO INC [Member] | Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Obligation | 53 | 54 |
Accumulated Benefit Obligation | 48 | 45 |
Assets Held in the Grantor Trust | 49 | 43 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | 146 | 154 |
PLUM CREEK TIMBERLANDS L P [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Obligation | 156 | 164 |
Accumulated Benefit Obligation | 146 | 154 |
Fair Value of Plan Assets | 146 | 154 |
PLUM CREEK TIMBERLANDS L P [Member] | Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit Obligation | 53 | 54 |
Accumulated Benefit Obligation | 48 | 45 |
Assets Held in the Grantor Trust | $ 49 | $ 43 |
Employee Pension and Retireme91
Employee Pension and Retirement Plans (Components of Pension Cost Recognized in Net Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Service Cost | $ 8 | $ 7 | $ 7 |
Interest Cost | 8 | 8 | 8 |
Expected Return on Plan Assets | (10) | (9) | (9) |
Recognized Actuarial Loss | 5 | 2 | 5 |
Total Pension Cost | 11 | 8 | 11 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Service Cost | 8 | 7 | 7 |
Interest Cost | 8 | 8 | 8 |
Expected Return on Plan Assets | (10) | (9) | (9) |
Recognized Actuarial Loss | 5 | 2 | 5 |
Total Pension Cost | $ 11 | $ 8 | $ 11 |
Employee Pension and Retireme92
Employee Pension and Retirement Plans (Components of Pension Cost Recognized in Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Net Actuarial (Gain) Loss Recognized in Comprehensive Income | $ 4 | $ 34 | $ (25) |
Amortization of the Net Actuarial Gain or Loss | (5) | (2) | (5) |
(Gain) Loss Recognized in Other Comprehensive Income | (1) | 32 | (30) |
Combined Pension Cost Recognized in Comprehensive Income | 10 | 40 | (19) |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Net Actuarial (Gain) Loss Recognized in Comprehensive Income | 4 | 34 | (25) |
Amortization of the Net Actuarial Gain or Loss | (5) | (2) | (5) |
(Gain) Loss Recognized in Other Comprehensive Income | (1) | 32 | (30) |
Combined Pension Cost Recognized in Comprehensive Income | $ 10 | $ 40 | $ (19) |
Employee Pension and Retireme93
Employee Pension and Retirement Plans (Amounts Included in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | ||
Net Actuarial Loss (Gain) | $ 53 | $ 54 |
Deferred Tax Benefit | (13) | (13) |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Net Actuarial Loss (Gain) | 53 | 54 |
Deferred Tax Benefit | $ (13) | $ (13) |
Employee Pension and Retireme94
Employee Pension and Retirement Plans (Weighted Average Assumption Used to Determine Benefit Obligations) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Annuity Distributions | 4.60% | 4.15% |
Lump-Sum Distributions | 3.03% | 3.04% |
Rate of Compensation Increase | 3.45% | 3.45% |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Annuity Distributions | 4.60% | 4.15% |
Lump-Sum Distributions | 3.03% | 3.04% |
Rate of Compensation Increase | 3.45% | 3.45% |
Employee Pension and Retireme95
Employee Pension and Retirement Plans (Weighted Average Assumption Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Discount Rate | 4.15% | 5.05% | 4.35% |
Expected Long-Term Return on Plan Assets | 7.00% | 7.25% | 7.25% |
Rate of Compensation Increase | 3.45% | 3.45% | 3.45% |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Discount Rate | 4.15% | 5.05% | 4.35% |
Expected Long-Term Return on Plan Assets | 7.00% | 7.25% | 7.25% |
Rate of Compensation Increase | 3.45% | 3.45% | 3.45% |
Employee Pension and Retireme96
Employee Pension and Retirement Plans (Target Allocations for the Various Asset Classes) (Details) | Dec. 31, 2015 |
PLUM CREEK TIMBER CO INC [Member] | |
Large Capitalization Domestic Equities | 32.00% |
Small and Mid-Size Capitalization Domestic Equities | 7.00% |
International Equities | 26.00% |
Fixed Income | 35.00% |
PLUM CREEK TIMBERLANDS L P [Member] | |
Large Capitalization Domestic Equities | 32.00% |
Small and Mid-Size Capitalization Domestic Equities | 7.00% |
International Equities | 26.00% |
Fixed Income | 35.00% |
Employee Pension and Retireme97
Employee Pension and Retirement Plans (Fair Values of Each Major Category of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Total Investments Measured at Fair Value | $ 146 | $ 154 |
PLUM CREEK TIMBER CO INC [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 16 | 1 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 14 | 16 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 10 | 11 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 31 | 40 |
PLUM CREEK TIMBER CO INC [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 6 | 8 |
PLUM CREEK TIMBER CO INC [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 30 | 34 |
PLUM CREEK TIMBER CO INC [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 3 | 8 |
PLUM CREEK TIMBER CO INC [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 36 | 36 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | ||
Total Investments Measured at Fair Value | 61 | 75 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 14 | 16 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 10 | 11 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 31 | 40 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 6 | 8 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments Measured at Fair Value | 85 | 79 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 16 | 1 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 30 | 34 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 3 | 8 |
PLUM CREEK TIMBER CO INC [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 36 | 36 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Total Investments Measured at Fair Value | 146 | 154 |
PLUM CREEK TIMBERLANDS L P [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 16 | 1 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 14 | 16 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 10 | 11 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 31 | 40 |
PLUM CREEK TIMBERLANDS L P [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 6 | 8 |
PLUM CREEK TIMBERLANDS L P [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 30 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 3 | 8 |
PLUM CREEK TIMBERLANDS L P [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 36 | 36 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | ||
Total Investments Measured at Fair Value | 61 | 75 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 14 | 16 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 10 | 11 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 31 | 40 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 6 | 8 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1 Measurements) [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments Measured at Fair Value | 85 | 79 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Total Investments Measured at Fair Value | 16 | 1 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Small and Mid Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, International Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 0 | 0 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Large Cap Domestic Equity Securities [Member] | ||
Total Investments Measured at Fair Value | 30 | 34 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Collective Trust Funds, Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | 3 | 8 |
PLUM CREEK TIMBERLANDS L P [Member] | Fair Value, Inputs, Level 2 [Member] | Limited Partnership Interest Fixed Income Securities [Member] | ||
Total Investments Measured at Fair Value | $ 36 | $ 36 |
Employee Pension and Retireme98
Employee Pension and Retirement Plans (Future Benefit Payments Projected Based on the Same Assumptions Used to Measure the Benefit Obligation and Estimate Future Employee Service) (Details) $ in Millions | Dec. 31, 2015USD ($) |
PLUM CREEK TIMBER CO INC [Member] | |
2,016 | $ 46 |
2,017 | 15 |
2,018 | 14 |
2,019 | 16 |
2,020 | 15 |
2021 through 2025 | 75 |
PLUM CREEK TIMBERLANDS L P [Member] | |
2,016 | 46 |
2,017 | 15 |
2,018 | 14 |
2,019 | 16 |
2,020 | 15 |
2021 through 2025 | $ 75 |
Share-Based Compensation Plan99
Share-Based Compensation Plans (Value Management Awards Activity) (Details) - Value Management Awards [Member] | 12 Months Ended |
Dec. 31, 2015shares | |
PLUM CREEK TIMBER CO INC [Member] | |
Beginning Balance | 271,158 |
Granted | 153,105 |
Vested | (125,578) |
Forfeited | (7,900) |
Ending Balance | 290,785 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Beginning Balance | 271,158 |
Granted | 153,105 |
Vested | (125,578) |
Forfeited | (7,900) |
Ending Balance | 290,785 |
Share-Based Compensation Pla100
Share-Based Compensation Plans (Summary of Outstanding Value Management Awards) (Details) $ in Millions | Dec. 31, 2015USD ($)shares |
PLUM CREEK TIMBER CO INC [Member] | |
Unrecognized Compensation Expense | $ 30 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Unrecognized Compensation Expense | $ 30 |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Outstanding Units | shares | 125,578 |
Fair Value | $ 7.7 |
Unrecognized Compensation Expense | 0 |
Maximum Award Value | $ 25.1 |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Outstanding Units | shares | 125,578 |
Fair Value | $ 7.7 |
Unrecognized Compensation Expense | 0 |
Maximum Award Value | $ 25.1 |
Performance Period 2014 to 2016 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Outstanding Units | shares | 138,130 |
Fair Value | $ 13 |
Unrecognized Compensation Expense | 4.3 |
Maximum Award Value | $ 27.6 |
Performance Period 2014 to 2016 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Outstanding Units | shares | 138,130 |
Fair Value | $ 13 |
Unrecognized Compensation Expense | 4.3 |
Maximum Award Value | $ 27.6 |
Performance Period 2015 to 2017 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Outstanding Units | shares | 152,655 |
Fair Value | $ 21.8 |
Unrecognized Compensation Expense | 13.9 |
Maximum Award Value | $ 30.5 |
Performance Period 2015 to 2017 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Outstanding Units | shares | 152,655 |
Fair Value | $ 21.8 |
Unrecognized Compensation Expense | 13.9 |
Maximum Award Value | $ 30.5 |
Share-Based Compensation Pla101
Share-Based Compensation Plans (Summary of Earned and Paid Value Management Awards for Three Year Periods) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Payout Value per Unit | 61 |
Total Payout (millions) | $ 7.7 |
Payment Date | 1st Quarter 2016 |
Performance Period 2013 to 2015 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Payout Value per Unit | 61 |
Total Payout (millions) | $ 7.7 |
Payment Date | 1st Quarter 2016 |
Performance Period 2012 to 2014 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Payout Value per Unit | 3 |
Total Payout (millions) | $ 0.3 |
Payment Date | 1st Quarter 2015 |
Performance Period 2012 to 2014 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Payout Value per Unit | 3 |
Total Payout (millions) | $ 0.3 |
Payment Date | 1st Quarter 2015 |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Payout Value per Unit | 35 |
Total Payout (millions) | $ 2.7 |
Payment Date | 1st Quarter 2014 |
Performance Period 2011 to 2013 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Payout Value per Unit | 35 |
Total Payout (millions) | $ 2.7 |
Payment Date | 1st Quarter 2014 |
Performance Period 2010 to 2012 [Member] | PLUM CREEK TIMBER CO INC [Member] | |
Payout Value per Unit | 0 |
Total Payout (millions) | $ 0 |
Payment Date | Not Earned |
Performance Period 2010 to 2012 [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |
Payout Value per Unit | 0 |
Total Payout (millions) | $ 0 |
Payment Date | Not Earned |
Share-Based Compensation Pla102
Share-Based Compensation Plans Share-Based Compensation Plans (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 413,572 | ||
Beginning Balance Weighted- Average Grant Date Fair Value | $ 43.30 | ||
Granted | 190,485 | ||
Granted Weighted- Average Grant Date Fair Value | $ 44.77 | $ 42.04 | $ 47.93 |
Vested | (148,037) | ||
Vested Weighted- Average Grant Date Fair Value | $ 42.72 | ||
Forfeited | (9,845) | ||
Forfeited Weighted- Average Grant Date Fair Value | $ 43.72 | ||
Ending Balance | 446,175 | 413,572 | |
Ending Balance Weighted- Average Grant Date Fair Value | $ 44.11 | $ 43.30 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 413,572 | ||
Beginning Balance Weighted- Average Grant Date Fair Value | $ 43.30 | ||
Granted | 190,485 | ||
Granted Weighted- Average Grant Date Fair Value | $ 44.77 | $ 42.04 | $ 47.93 |
Vested | (148,037) | ||
Vested Weighted- Average Grant Date Fair Value | $ 42.72 | ||
Forfeited | (9,845) | ||
Forfeited Weighted- Average Grant Date Fair Value | $ 43.72 | ||
Ending Balance | 446,175 | 413,572 | |
Ending Balance Weighted- Average Grant Date Fair Value | $ 44.11 | $ 43.30 |
Share-Based Compensation Pla103
Share-Based Compensation Plans Share-Based Compensation Plans (Stock Option Activity) (Details) - Stock Options [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
PLUM CREEK TIMBER CO INC [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Outstanding at Beginning of Year | shares | 1,846,298 |
Weighted Average Exercise Price for Stock Options Outstanding at Beginning of Year | $ / shares | $ 38.59 |
Granted Shares Subject to Options | shares | 0 |
Granted Weighted- Average Exercise Price | $ / shares | $ 0 |
Exercised/Surrendered Shares Subject to Options | shares | (622,593) |
Exercised/Surrendered Weighted- Average Exercise Price | $ / shares | $ 38.08 |
Cancelled/Forfeited Shares Subject to Options | shares | (3,000) |
Cancelled/Forfeited Weighted-Average Exercise Price | $ / shares | $ 42.98 |
Stock Options Outstanding at End of Year | shares | 1,220,705 |
Weighted Average Exercise Price for Stock Options Outstanding at End of Year | $ / shares | $ 38.85 |
Outstanding, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Outstanding, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
Vested or Expected to Vest, Shares Subject to Options | shares | 1,220,705 |
Vested or Expected to Vest, Weighted- Average Exercise Price | $ / shares | $ 38.85 |
Vested or Expected to Vest, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Vested or Expected to Vest, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
Exercisable, Shares Subject to Options | shares | 1,220,705 |
Exercisable, Weighted- Average Exercise Price | $ / shares | $ 38.85 |
Exercisable, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Exercisable, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
PLUM CREEK TIMBERLANDS L P [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Outstanding at Beginning of Year | shares | 1,846,298 |
Weighted Average Exercise Price for Stock Options Outstanding at Beginning of Year | $ / shares | $ 38.59 |
Granted Shares Subject to Options | shares | 0 |
Granted Weighted- Average Exercise Price | $ / shares | $ 0 |
Exercised/Surrendered Shares Subject to Options | shares | (622,593) |
Exercised/Surrendered Weighted- Average Exercise Price | $ / shares | $ 38.08 |
Cancelled/Forfeited Shares Subject to Options | shares | (3,000) |
Cancelled/Forfeited Weighted-Average Exercise Price | $ / shares | $ 42.98 |
Stock Options Outstanding at End of Year | shares | 1,220,705 |
Weighted Average Exercise Price for Stock Options Outstanding at End of Year | $ / shares | $ 38.85 |
Outstanding, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Outstanding, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
Vested or Expected to Vest, Shares Subject to Options | shares | 1,220,705 |
Vested or Expected to Vest, Weighted- Average Exercise Price | $ / shares | $ 38.85 |
Vested or Expected to Vest, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Vested or Expected to Vest, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
Exercisable, Shares Subject to Options | shares | 1,220,705 |
Exercisable, Weighted- Average Exercise Price | $ / shares | $ 38.85 |
Exercisable, Weighted- Average Remaining Contractual Life (Years) | 3 years |
Exercisable, Aggregate Intrinsic Value (Millions) | $ | $ 11 |
Share-Based Compensation Pla104
Share-Based Compensation Plans (Schedule of Stock Activity Related to Stock Options Exercised During the Period) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Proceeds from Stock Options Exercised | $ 24 | $ 3 | $ 37 |
Equity Option [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Proceeds from Stock Options Exercised | 24 | 3 | 37 |
Intrinsic Value of Stock Options Exercised | 6 | 1 | 12 |
Tax Benefit Related to Stock Options Exercised | 1 | 0 | 2 |
Equity Option [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Proceeds from Stock Options Exercised | 24 | 3 | 37 |
Intrinsic Value of Stock Options Exercised | 6 | 1 | 12 |
Tax Benefit Related to Stock Options Exercised | $ 1 | $ 0 | $ 2 |
Share-Based Compensation Pla105
Share-Based Compensation Plans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | |
PLUM CREEK TIMBER CO INC [Member] | |||
Shares of common stock reserved and eligible for issuance | 6,100,000 | ||
Shares of common stock used during the period | 800,000 | ||
Shares of common stock remain available for grants | 5,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Unrecognized Compensation Expense | $ | $ 30,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
PLUM CREEK TIMBERLANDS L P [Member] | |||
Shares of common stock reserved and eligible for issuance | 6,100,000 | ||
Shares of common stock used during the period | 800,000 | ||
Shares of common stock remain available for grants | 5,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Unrecognized Compensation Expense | $ | $ 30,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Restricted Stock Units (RSUs) [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Weighted-Average Grant Date Fair Value | $ / shares | $ 44.77 | $ 42.04 | $ 47.93 |
Fair value of restricted stock vested during the period | $ | $ 7,000,000 | $ 6,000,000 | $ 5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 190,485 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Restricted Stock Units (RSUs) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Weighted-Average Grant Date Fair Value | $ / shares | $ 44.77 | $ 42.04 | $ 47.93 |
Fair value of restricted stock vested during the period | $ | $ 7,000,000 | $ 6,000,000 | $ 5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 190,485 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Common Stock Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Weighted-Average Grant Date Fair Value | $ / shares | $ 44.56 | $ 42.14 | $ 48.47 |
Fair value of restricted stock vested during the period | $ | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,095 | ||
Common Stock Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Weighted-Average Grant Date Fair Value | $ / shares | $ 44.56 | $ 42.14 | $ 48.47 |
Fair value of restricted stock vested during the period | $ | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,095 | ||
Equity Option [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Term of Stock Options | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Equity Option [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Term of Stock Options | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Value Management Award Unit Face Value | $ | $ 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Value Management Award Unit Face Value | $ | $ 100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Payout Value per Unit | 0 | ||
Minimum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Payout Value per Unit | 0 | ||
Maximum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Payout Value per Unit | 200 | ||
Maximum [Member] | Value Management Awards [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Payout Value per Unit | 200 |
Share-Based Compensation Pla106
Share-Based Compensation Plans Share-Based Compensation Expense (Compensation Expense and Recognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Share-based Compensation Expense and Recognized Tax Benefits [Line Items] | |||
Share-based Compensation Expense | $ 28 | $ 6 | $ 13 |
Recognized Tax Benefits | 5 | 1 | 2 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Share-based Compensation Expense and Recognized Tax Benefits [Line Items] | |||
Share-based Compensation Expense | 28 | 6 | 13 |
Recognized Tax Benefits | $ 5 | $ 1 | $ 2 |
Detail of Certain Balance Sh107
Detail of Certain Balance Sheet Accounts (Schedule of Details of Certain Balance Sheet Accounts)(Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Other Assets, Current [Abstract] | ||
Prepaid Expenses | $ 8 | $ 8 |
Taxes Receivable | 5 | 4 |
Deposits, Current | 2 | 2 |
Real Estate Development Properties, Current | 1 | 1 |
Total Other Current Assets | 16 | 15 |
Other Assets, Noncurrent [Abstract] | ||
Real Estate Development Properties, Noncurrent | 9 | 12 |
Unamortized Debt Issue Costs | 6 | 7 |
Deposits | 8 | 8 |
Intangible Assets | 13 | 14 |
Other Assets, Noncurrent | 5 | 4 |
Total Other Non-Current Assets | 41 | 45 |
Other Liabilities, Current [Abstract] | ||
Long-Term Incentive Compensation | 8 | 0 |
Accrued Pension Liability | 34 | 5 |
Workers' Compensation Liability, Current | 1 | 1 |
Other Liabilities, Current | 3 | 4 |
Total Other Current Liabilities | 46 | 10 |
Other Liabilities, Noncurrent [Abstract] | ||
Timber Obligations | 4 | 5 |
Deferred Compensation | 5 | 5 |
Long-Term Incentive Compensation | 16 | 4 |
Accrued Pension Liability | 30 | 59 |
Deferred Revenue | 15 | 12 |
Workers' Compensation | 4 | 7 |
Other Liabilities, Noncurrent | 9 | 8 |
Total Other Non-Current Liabilities | 83 | 100 |
PLUM CREEK TIMBERLANDS L P [Member] | ||
Other Assets, Current [Abstract] | ||
Prepaid Expenses | 8 | 8 |
Taxes Receivable | 5 | 4 |
Deposits, Current | 2 | 2 |
Real Estate Development Properties, Current | 1 | 1 |
Total Other Current Assets | 16 | 15 |
Other Assets, Noncurrent [Abstract] | ||
Real Estate Development Properties, Noncurrent | 9 | 12 |
Unamortized Debt Issue Costs | 6 | 7 |
Deposits | 8 | 8 |
Intangible Assets | 13 | 14 |
Other Assets, Noncurrent | 5 | 4 |
Total Other Non-Current Assets | 41 | 45 |
Other Liabilities, Current [Abstract] | ||
Long-Term Incentive Compensation | 8 | 0 |
Accrued Pension Liability | 34 | 5 |
Workers' Compensation Liability, Current | 1 | 1 |
Other Liabilities, Current | 3 | 4 |
Total Other Current Liabilities | 46 | 10 |
Other Liabilities, Noncurrent [Abstract] | ||
Timber Obligations | 4 | 5 |
Deferred Compensation | 6 | 6 |
Long-Term Incentive Compensation | 16 | 4 |
Accrued Pension Liability | 30 | 59 |
Deferred Revenue | 15 | 12 |
Workers' Compensation | 4 | 7 |
Other Liabilities, Noncurrent | 9 | 8 |
Total Other Non-Current Liabilities | $ 84 | $ 101 |
Commitments and Contingencie108
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Operating lease expense | $ 5 | $ 4 | $ 4 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 4 | ||
Timber Obligations, Future Minimum Payments Due, Next Twelve Months | 1 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Two Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Three Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Four Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Five Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 11 | ||
Timber Obligations, Future Minimum Payments Due Thereafter | 3 | ||
Operating Leases, Future Minimum Payments Due | 31 | ||
Timber Obligations, Future Minimum Payments Due | 4 | ||
PLUM CREEK TIMBERLANDS L P [Member] | |||
Operating lease expense | 5 | $ 4 | $ 4 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 4 | ||
Timber Obligations, Future Minimum Payments Due, Next Twelve Months | 1 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Two Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Three Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Four Years | 0 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 4 | ||
Timber Obligations, Future Minimum Payments Due in Five Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 11 | ||
Timber Obligations, Future Minimum Payments Due Thereafter | 3 | ||
Operating Leases, Future Minimum Payments Due | 31 | ||
Timber Obligations, Future Minimum Payments Due | $ 4 |
Equity Method Investment (Narra
Equity Method Investment (Narrative)(Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2008USD ($)a | Dec. 06, 2013USD ($)a | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Acquisition Date | Dec. 6, 2013 | ||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Total Purchase Price | $ 1,100 | ||||
Equity Method Investments | $ 102 | $ 126 | |||
Earnings from Unconsolidated Entities | 83 | 66 | $ 63 | ||
Amount borrowed from the Timberland Venture | $ 783 | 783 | |||
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Acquisition Date | Dec. 6, 2013 | ||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Total Purchase Price | $ 1,100 | ||||
Equity Method Investments | $ 102 | 126 | |||
Earnings from Unconsolidated Entities | $ 83 | 66 | 63 | ||
Proceeds from Partnership Contribution | $ 783 | ||||
PC Ventures [Member] | |||||
Amount borrowed from the Timberland Venture | $ 783 | ||||
Stated Interest Rate | 7.375% | ||||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Payments to Acquire Equity Method Investments | 12 | ||||
Equity Method Investment, Ownership Percentage | 3.00% | 5.00% | |||
Land With Development Potential (Acres) | a | 22,000 | 22,000 | |||
Equity Method Investment Agreed Upon Value | $ 252 | ||||
Other Partnership Ownership Percentage | 95.00% | ||||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Payments to Acquire Equity Method Investments | 12 | ||||
Equity Method Investment, Ownership Percentage | 3.00% | 5.00% | |||
Land With Development Potential (Acres) | a | 22,000 | 22,000 | |||
Equity Method Investment Agreed Upon Value | $ 252 | ||||
Other Partnership Ownership Percentage | 95.00% | ||||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Payments to Acquire Equity Method Investments | 140 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Land With Development Potential (Acres) | a | 56,000 | 87,000 | |||
Equity Method Investment Agreed Upon Value | $ 279 | ||||
Other Partnership Ownership Percentage | 50.00% | ||||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Payments to Acquire Equity Method Investments | 140 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Land With Development Potential (Acres) | a | 56,000 | 87,000 | |||
Equity Method Investment Agreed Upon Value | $ 279 | ||||
Other Partnership Ownership Percentage | 50.00% | ||||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Payments to Acquire Equity Method Investments | 152 | ||||
Equity Method Investments | $ 139 | ||||
Equity Method Investment, Underlying Equity in Net Assets | 52 | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 87 | ||||
Earnings from Unconsolidated Entities | $ 6 | 3 | 0 | ||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Payments to Acquire Equity Method Investments | 152 | ||||
Equity Method Investments | 139 | ||||
Equity Method Investment, Underlying Equity in Net Assets | 52 | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 87 | ||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Equity Method Investment, Underlying Equity in Net Assets | $ 783 | ||||
Earnings from Unconsolidated Entities | 77 | 63 | 63 | ||
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% | ||||
Book Basis of Timberlands Contributed | $ 174 | ||||
Capitalized Costs in Connection with Transfer | 9 | ||||
Fair Value of Timberlands Contributed | 783 | ||||
Difference Between Carrying Amount and Underlying Equity Allocated to Standing Timber | 289 | ||||
Difference Between Carrying Amount and Underlying Equity Allocated to Land | 320 | ||||
Accumulated Amortization of Basis Difference | 67 | ||||
Cumulative Shortfall in Allocated Equity Earnings | 24 | ||||
Undistributed Earnings from Equity Method Investees | 51 | ||||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Equity Method Investment, Underlying Equity in Net Assets | $ 783 | ||||
Earnings from Unconsolidated Entities | 77 | $ 63 | $ 63 | ||
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% | ||||
Book Basis of Timberlands Contributed | $ 174 | ||||
Capitalized Costs in Connection with Transfer | 9 | ||||
Fair Value of Timberlands Contributed | 783 | ||||
Difference Between Carrying Amount and Underlying Equity Allocated to Standing Timber | 289 | ||||
Difference Between Carrying Amount and Underlying Equity Allocated to Land | $ 320 | ||||
Accumulated Amortization of Basis Difference | 67 | ||||
Cumulative Shortfall in Allocated Equity Earnings | 24 | ||||
Undistributed Earnings from Equity Method Investees | 51 | ||||
Preferred Interest [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Annual Preferred Interest Return | 7.875% | ||||
Approximate Amount Of Cumulative Preferred Return Per Annum | $ 56 | ||||
Preferred Interest [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Annual Preferred Interest Return | 7.875% | ||||
Approximate Amount Of Cumulative Preferred Return Per Annum | $ 56 | ||||
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Amount borrowed from the Timberland Venture | $ 783 | $ 783 | |||
Stated Interest Rate | 7.375% | 7.375% | |||
Interest Expense Related to the Note | $ 58 |
Timberland Venture - Equity Met
Timberland Venture - Equity Method Investment (Equity Earnings for the Timberland Venture) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Earnings from Timberland Venture | $ 83 | $ 66 | $ 63 |
Distributions from Timberland Venture | 59 | 57 | 56 |
PLUM CREEK TIMBER CO INC [Member] | Timberland Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Earnings From Preferred Interest | 59 | 54 | 53 |
Equity Earnings From Common Interest | 0 | 0 | 0 |
Amortization Of Basis Difference | 18 | 9 | 10 |
Equity Earnings from Timberland Venture | 77 | 63 | 63 |
Preferred Interest Distributions | 56 | 56 | 55 |
Common Interest Distributions | 3 | 1 | 1 |
Distributions from Timberland Venture | 59 | 57 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Earnings from Timberland Venture | 83 | 66 | 63 |
Distributions from Timberland Venture | 59 | 57 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | Timberland Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Earnings From Preferred Interest | 59 | 54 | 53 |
Equity Earnings From Common Interest | 0 | 0 | 0 |
Amortization Of Basis Difference | 18 | 9 | 10 |
Equity Earnings from Timberland Venture | 77 | 63 | 63 |
Preferred Interest Distributions | 56 | 56 | 55 |
Common Interest Distributions | 3 | 1 | 1 |
Distributions from Timberland Venture | $ 59 | $ 57 | $ 56 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)a | Dec. 31, 2013USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2014USD ($) | Dec. 06, 2013USD ($)a | |
PLUM CREEK TIMBER CO INC [Member] | |||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Equity Investment in Real Estate Development Ventures | $ 102 | $ 126 | |||
Equity Investment in Timberland Venture | $ 235 | 217 | |||
PLUM CREEK TIMBERLANDS L P [Member] | |||||
Land With Development Potential (Acres) | a | 75,000 | ||||
Equity Investment in Real Estate Development Ventures | $ 102 | 126 | |||
Equity Investment in Timberland Venture | $ 235 | $ 217 | |||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Land With Development Potential (Acres) | a | 22,000 | 22,000 | |||
Payments to Acquire Equity Method Investments | $ 12 | ||||
Equity Method Investment, Ownership Percentage | 3.00% | 5.00% | |||
MWV-CLP (Class A Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Land With Development Potential (Acres) | a | 22,000 | 22,000 | |||
Payments to Acquire Equity Method Investments | 12 | ||||
Equity Method Investment, Ownership Percentage | 3.00% | 5.00% | |||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Variable Interest Entity Financial or Other Support Years | 5 years | ||||
Land With Development Potential (Acres) | a | 56,000 | 87,000 | |||
Variable Interest Entity, Financial or Other Support, Amount | 48 | ||||
Additional Capital Contributions Outstanding | $ 29 | ||||
Payments to Acquire Equity Method Investments | 140 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
MWV-CLP (Class B Properties) [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Variable Interest Entity Financial or Other Support Years | 5 years | ||||
Land With Development Potential (Acres) | a | 56,000 | 87,000 | |||
Variable Interest Entity, Financial or Other Support, Amount | 48 | ||||
Additional Capital Contributions Outstanding | $ 29 | ||||
Payments to Acquire Equity Method Investments | 140 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Payments to Acquire Equity Method Investments | 152 | ||||
Equity Investment in Real Estate Development Ventures | $ 139 | ||||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Payments to Acquire Equity Method Investments | $ 152 | ||||
Equity Investment in Real Estate Development Ventures | $ 139 | ||||
MWV-CLP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Maximum exposure to loss | $ 102 | ||||
MWV-CLP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Maximum exposure to loss | 102 | ||||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Common Interest in Venture (Percent) | 9.00% | ||||
Preferred Interest in Venture | $ 705 | ||||
Total Common Interests in Venture | 861 | ||||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Common Interest in Venture (Percent) | 9.00% | ||||
Preferred Interest in Venture | $ 705 | ||||
Total Common Interests in Venture | 861 | ||||
Timberland Venture [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||
Maximum exposure to loss | 235 | ||||
Timberland Venture [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||
Maximum exposure to loss | $ 235 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2008 | Dec. 31, 2014 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Amount borrowed from the Timberland Venture | $ 783 | $ 783 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Proceeds from Partnership Contribution | $ 783 | ||
PC Ventures [Member] | |||
Amount borrowed from the Timberland Venture | $ 783 | ||
Note Payable Interest rate | 7.375% | ||
Note Payable to Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Amount borrowed from the Timberland Venture | $ 783 | $ 783 | |
Note Payable Interest rate | 7.375% | 7.375% |
Related Party Transactions (Equ
Related Party Transactions (Equity Earnings and Distribution) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||
Equity Earnings from Timberland Venture | $ 83 | $ 66 | $ 63 |
Distributions from Timberland Venture | 59 | 57 | 56 |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Equity Earnings from Timberland Venture | 83 | 66 | 63 |
Distributions from Timberland Venture | 59 | 57 | 56 |
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||
Equity Earnings from Timberland Venture | 77 | 63 | 63 |
Distributions from Timberland Venture | 59 | 57 | 56 |
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||
Equity Earnings from Timberland Venture | 77 | 63 | 63 |
Distributions from Timberland Venture | $ 59 | $ 57 | $ 56 |
Related Party Transactions (Not
Related Party Transactions (Notes Payable) (Details) - PLUM CREEK TIMBER CO INC [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense, Related Party | $ 58 | $ 58 | $ 58 |
Interest Payments to Related Party | $ 58 | $ 58 | $ 58 |
Related Party Transactions (Cas
Related Party Transactions (Cash Distribution) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBERLANDS L P [Member] | |||
Cash payments related to Series T-1 Redeemable Preferred Partnership Interest | $ 58 | $ 58 | $ 58 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Interest Payable) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PLUM CREEK TIMBER CO INC [Member] | ||
Related Party Interest Payable Current | $ 7 | $ 7 |
Segment Information (Revenues F
Segment Information (Revenues From Manufactured Products by Product Line) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Revenues | $ 323 | $ 414 | $ 302 | $ 406 | $ 428 | $ 375 | $ 356 | $ 317 | $ 1,445 | $ 1,476 | $ 1,340 |
Manufacturing Revenue | 350 | 368 | 362 | ||||||||
PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Revenues | $ 323 | $ 414 | $ 302 | $ 406 | $ 428 | $ 375 | $ 356 | $ 317 | 1,445 | 1,476 | 1,340 |
Manufacturing Revenue | 350 | 368 | 362 | ||||||||
Lumber [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Revenues | 65 | 109 | 95 | ||||||||
Lumber [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Revenues | 65 | 109 | 95 | ||||||||
Plywood [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Revenues | 97 | 87 | 92 | ||||||||
Plywood [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Revenues | 97 | 87 | 92 | ||||||||
MDF [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Revenues | 188 | 172 | 175 | ||||||||
MDF [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Revenues | $ 188 | $ 172 | $ 175 |
Segment Information (Summary of
Segment Information (Summary of Reported Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | $ 323 | $ 414 | $ 302 | $ 406 | $ 428 | $ 375 | $ 356 | $ 317 | $ 1,445 | $ 1,476 | $ 1,340 |
Depreciation, Depletion and Amortization | 133 | 138 | 119 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Earnings from Unconsolidated Entities | 83 | 66 | 63 | ||||||||
Operating Income (Loss) | 53 | 115 | 45 | 61 | 92 | 91 | 82 | 57 | 274 | 322 | 295 |
PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 323 | 414 | 302 | 406 | 428 | 375 | 356 | 317 | 1,445 | 1,476 | 1,340 |
Depreciation, Depletion and Amortization | 133 | 138 | 119 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Earnings from Unconsolidated Entities | 83 | 66 | 63 | ||||||||
Operating Income (Loss) | $ 53 | $ 115 | $ 45 | $ 61 | $ 92 | $ 91 | $ 82 | $ 57 | 274 | 322 | 295 |
Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 203 | 236 | 234 | ||||||||
Intersegment Revenues | 25 | 28 | 26 | ||||||||
Export Revenues | 9 | 10 | 15 | ||||||||
Depreciation, Depletion and Amortization | 26 | 28 | 30 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 27 | 44 | 32 | ||||||||
Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 203 | 236 | 234 | ||||||||
Intersegment Revenues | 25 | 28 | 26 | ||||||||
Export Revenues | 9 | 10 | 15 | ||||||||
Depreciation, Depletion and Amortization | 26 | 28 | 30 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 27 | 44 | 32 | ||||||||
Southern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 521 | 531 | 435 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 5 | 9 | 6 | ||||||||
Depreciation, Depletion and Amortization | 84 | 82 | 65 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 123 | 137 | 108 | ||||||||
Southern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 521 | 531 | 435 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 5 | 9 | 6 | ||||||||
Depreciation, Depletion and Amortization | 84 | 82 | 65 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 123 | 137 | 108 | ||||||||
Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 318 | 289 | 286 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 1 | 1 | 1 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 144 | 133 | 169 | ||||||||
Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 318 | 289 | 286 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 1 | 1 | 1 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 144 | 133 | 169 | ||||||||
Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 350 | 368 | 362 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 25 | 28 | 29 | ||||||||
Depreciation, Depletion and Amortization | 10 | 14 | 16 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 3 | 11 | 0 | ||||||||
Operating Income (Loss) | 35 | 49 | 43 | ||||||||
Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 350 | 368 | 362 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 25 | 28 | 29 | ||||||||
Depreciation, Depletion and Amortization | 10 | 14 | 16 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 3 | 11 | 0 | ||||||||
Operating Income (Loss) | 35 | 49 | 43 | ||||||||
Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 37 | 34 | 23 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 9 | 8 | 3 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 2 | 1 | ||||||||
Operating Income (Loss) | 25 | 25 | 19 | ||||||||
Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 37 | 34 | 23 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 9 | 8 | 3 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 2 | 1 | ||||||||
Operating Income (Loss) | 25 | 25 | 19 | ||||||||
Other Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 16 | 18 | 0 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 6 | 2 | 0 | ||||||||
Other Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 16 | 18 | 0 | ||||||||
Intersegment Revenues | 0 | 0 | 0 | ||||||||
Export Revenues | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Basis of Real Estate Sold | 0 | 0 | 0 | ||||||||
Other Operating Gain | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | 6 | 2 | 0 | ||||||||
Operating Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
External Revenues | 1,445 | 1,476 | 1,340 | ||||||||
Intersegment Revenues | 25 | 28 | 26 | ||||||||
Export Revenues | 39 | 47 | 50 | ||||||||
Depreciation, Depletion and Amortization | 130 | 133 | 115 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Other Operating Gain | 3 | 13 | 1 | ||||||||
Operating Income (Loss) | 360 | 390 | 371 | ||||||||
Operating Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
External Revenues | 1,445 | 1,476 | 1,340 | ||||||||
Intersegment Revenues | 25 | 28 | 26 | ||||||||
Export Revenues | 39 | 47 | 50 | ||||||||
Depreciation, Depletion and Amortization | 130 | 133 | 115 | ||||||||
Basis of Real Estate Sold | 148 | 129 | 91 | ||||||||
Other Operating Gain | 3 | 13 | 1 | ||||||||
Operating Income (Loss) | 360 | 390 | 371 | ||||||||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||||||||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||||||||
MWV-CLP [Member] | Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Southern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Southern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | ||||||||
MWV-CLP [Member] | Other Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||||||||
MWV-CLP [Member] | Other Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||||||||
MWV-CLP [Member] | Operating Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | ||||||||
MWV-CLP [Member] | Operating Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | $ 6 | $ 3 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Segment Operating Income to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Operating Income (Loss) | $ 53 | $ 115 | $ 45 | $ 61 | $ 92 | $ 91 | $ 82 | $ 57 | $ 274 | $ 322 | $ 295 |
Earnings from Unconsolidated Entities | 83 | 66 | 63 | ||||||||
Total Interest Expense, net | (163) | (166) | (141) | ||||||||
Loss on Extinguishment of Debt | 0 | 0 | (4) | ||||||||
Income before Income Taxes | 194 | 222 | 213 | ||||||||
PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Operating Income (Loss) | $ 53 | $ 115 | $ 45 | $ 61 | $ 92 | $ 91 | $ 82 | $ 57 | 274 | 322 | 295 |
Earnings from Unconsolidated Entities | 83 | 66 | 63 | ||||||||
Total Interest Expense, net | (105) | (108) | (83) | ||||||||
Loss on Extinguishment of Debt | 0 | 0 | (4) | ||||||||
Income before Income Taxes | 252 | 280 | 271 | ||||||||
Operating Segments [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Operating Income (Loss) | 360 | 390 | 371 | ||||||||
Operating Segments [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Operating Income (Loss) | 360 | 390 | 371 | ||||||||
Corporate, Non-Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Operating Income (Loss) | (93) | (67) | (73) | ||||||||
Corporate, Non-Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Operating Income (Loss) | (93) | (67) | (73) | ||||||||
Other Unallocated Operating Income Expense Net [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Operating Income (Loss) | 13 | 2 | (3) | ||||||||
Other Unallocated Operating Income Expense Net [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Operating Income (Loss) | 13 | 2 | (3) | ||||||||
Timberland Venture [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Earnings from Unconsolidated Entities | 77 | 63 | 63 | ||||||||
Timberland Venture [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Earnings from Unconsolidated Entities | $ 77 | $ 63 | $ 63 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($) | |
PLUM CREEK TIMBER CO INC [Member] | ||||||||
Timber And Timberlands Acres Owned | a | 6,300,000 | |||||||
Higher Value Timberlands Which Are Expected To Be Sold And Or Developed Acres | a | 675,000 | |||||||
Land Expect To Sell For Recreational Uses | a | 500,000 | |||||||
Land Expect To Sell For Conservation In Acres | a | 100,000 | |||||||
Land With Development Potential (Acres) | a | 75,000 | |||||||
Non Strategic Timberlands Which Are Expected To Be Sold Acres | a | 200,000 | |||||||
Loss Related to Forest Fires | $ 4 | |||||||
Land Dispositions (Acres) | a | 287,000 | 184,000 | ||||||
Land Sales | $ 318 | $ 289 | 286 | |||||
Impairment Losses | 0 | 7 | 4 | |||||
MDF Fire Impairment Loss | 0 | 2 | 0 | |||||
Insurance Recoveries | 3 | 13 | 1 | |||||
Earnings from Unconsolidated Entities | 83 | 66 | 63 | |||||
Depreciation, Depletion and Amortization | $ 133 | $ 138 | 119 | |||||
PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Timber And Timberlands Acres Owned | a | 6,300,000 | |||||||
Higher Value Timberlands Which Are Expected To Be Sold And Or Developed Acres | a | 675,000 | |||||||
Land Expect To Sell For Recreational Uses | a | 500,000 | |||||||
Land Expect To Sell For Conservation In Acres | a | 100,000 | |||||||
Land With Development Potential (Acres) | a | 75,000 | |||||||
Non Strategic Timberlands Which Are Expected To Be Sold Acres | a | 200,000 | |||||||
Loss Related to Forest Fires | 4 | |||||||
Land Dispositions (Acres) | a | 287,000 | 184,000 | ||||||
Land Sales | $ 318 | $ 289 | 286 | |||||
Impairment Losses | 0 | 7 | 4 | |||||
MDF Fire Impairment Loss | 0 | 2 | 0 | |||||
Insurance Recoveries | 3 | 13 | 1 | |||||
Earnings from Unconsolidated Entities | 83 | 66 | 63 | |||||
Depreciation, Depletion and Amortization | $ 133 | $ 138 | 119 | |||||
Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Loss Related to Forest Fires | 4 | |||||||
Land Dispositions (Acres) | a | 153,000 | 136,000 | ||||||
Other Operating Income | $ 0 | $ 0 | 0 | |||||
Depreciation, Depletion and Amortization | $ 26 | $ 28 | 30 | |||||
Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Loss Related to Forest Fires | 4 | |||||||
Land Dispositions (Acres) | a | 153,000 | 136,000 | ||||||
Other Operating Income | $ 0 | $ 0 | 0 | |||||
Depreciation, Depletion and Amortization | 26 | 28 | 30 | |||||
Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Impairment Losses | 1 | 7 | 4 | |||||
Other Operating Income | 0 | 0 | 0 | |||||
Depreciation, Depletion and Amortization | 1 | 1 | 1 | |||||
Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Impairment Losses | 1 | 7 | 4 | |||||
Other Operating Income | 0 | 0 | 0 | |||||
Depreciation, Depletion and Amortization | 1 | 1 | 1 | |||||
Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
MDF Fire Impairment Loss | 2 | |||||||
Other Operating Income | 3 | 11 | 0 | |||||
Depreciation, Depletion and Amortization | 10 | 14 | 16 | |||||
Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
MDF Fire Impairment Loss | 2 | |||||||
Other Operating Income | 3 | 11 | 0 | |||||
Depreciation, Depletion and Amortization | 10 | 14 | 16 | |||||
Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Other Operating Income | 0 | 2 | 1 | |||||
Gain (Loss) on Sale of Minerals | 1 | |||||||
Depreciation, Depletion and Amortization | 9 | 8 | 3 | |||||
Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Other Operating Income | 0 | 2 | 1 | |||||
Gain (Loss) on Sale of Minerals | 1 | |||||||
Depreciation, Depletion and Amortization | 9 | 8 | 3 | |||||
Other Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Other Operating Income | 0 | 0 | 0 | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | |||||
Other Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Other Operating Income | 0 | 0 | 0 | |||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | |||||
MWV-CLP [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | |||||
MWV-CLP [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | |||||
MWV-CLP [Member] | Northern Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Northern Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Real Estate [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Real Estate [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Energy and Natural Resources [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Energy and Natural Resources [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 0 | 0 | 0 | |||||
MWV-CLP [Member] | Other Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | |||||
MWV-CLP [Member] | Other Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Earnings from Unconsolidated Entities | 6 | 3 | 0 | |||||
Total Insurance Recoveries [Member] | Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Insurance Recoveries | $ 1 | $ 2 | $ 4 | $ 5 | $ 4 | 3 | 13 | |
Total Insurance Recoveries [Member] | Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Insurance Recoveries | $ 1 | $ 2 | $ 4 | $ 5 | $ 4 | $ 3 | $ 13 | |
Montana TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Land Dispositions (Acres) | a | 117,000 | |||||||
Land Sales | $ 85 | |||||||
Montana TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Land Dispositions (Acres) | a | 117,000 | |||||||
Land Sales | $ 85 | |||||||
Washington TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Land Dispositions (Acres) | a | 48,000 | |||||||
Impairment Losses | $ 7 | |||||||
Washington TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Land Dispositions (Acres) | a | 48,000 | |||||||
Impairment Losses | $ 7 | |||||||
Total TNC Sale [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Land Dispositions (Acres) | a | 165,000 | |||||||
Land Sales | $ 131 | |||||||
Total TNC Sale [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Land Dispositions (Acres) | a | 165,000 | |||||||
Land Sales | $ 131 | |||||||
Corporate, Non-Segment [Member] | PLUM CREEK TIMBER CO INC [Member] | ||||||||
Depreciation, Depletion and Amortization | 3 | 3 | 4 | |||||
Corporate, Non-Segment [Member] | PLUM CREEK TIMBERLANDS L P [Member] | ||||||||
Depreciation, Depletion and Amortization | $ 3 | $ 3 | $ 4 |
Unaudited Selected Quarterly121
Unaudited Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $ 197 | $ 214 | $ 214 | ||||||||
Net Income per Share-Basic | $ 1.12 | $ 1.21 | $ 1.30 | ||||||||
Net Income per Share-Diluted | $ 1.12 | $ 1.21 | $ 1.30 | ||||||||
PLUM CREEK TIMBER CO INC [Member] | |||||||||||
MDF Fire Impairment Loss | $ 0 | $ 2 | $ 0 | ||||||||
Insurance Recoveries | 3 | 13 | 1 | ||||||||
Revenues | $ 323 | $ 414 | $ 302 | $ 406 | $ 428 | $ 375 | $ 356 | $ 317 | 1,445 | 1,476 | 1,340 |
Gross Profit | 93 | 149 | 75 | 91 | 119 | 109 | 109 | 85 | |||
Operating Income (Loss) | 53 | 115 | 45 | 61 | 92 | 91 | 82 | 57 | 274 | 322 | 295 |
Net Income | $ 34 | $ 100 | $ 21 | $ 42 | $ 68 | $ 61 | $ 55 | $ 30 | $ 197 | $ 214 | $ 214 |
Net Income per Share-Basic | $ 0.19 | $ 0.58 | $ 0.12 | $ 0.24 | $ 0.39 | $ 0.34 | $ 0.31 | $ 0.17 | $ 1.12 | $ 1.21 | $ 1.30 |
Net Income per Share-Diluted | $ 0.19 | $ 0.58 | $ 0.12 | $ 0.24 | $ 0.39 | $ 0.34 | $ 0.31 | $ 0.17 | $ 1.12 | $ 1.21 | $ 1.30 |
PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
MDF Fire Impairment Loss | $ 0 | $ 2 | $ 0 | ||||||||
Insurance Recoveries | 3 | 13 | 1 | ||||||||
Revenues | $ 323 | $ 414 | $ 302 | $ 406 | $ 428 | $ 375 | $ 356 | $ 317 | 1,445 | 1,476 | 1,340 |
Gross Profit | 93 | 149 | 75 | 91 | 119 | 109 | 109 | 85 | |||
Operating Income (Loss) | 53 | 115 | 45 | 61 | 92 | 91 | 82 | 57 | 274 | 322 | 295 |
Net Income | $ 34 | 100 | 21 | $ 42 | 68 | 61 | 55 | $ 30 | 197 | 214 | 214 |
Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
MDF Fire Impairment Loss | 2 | ||||||||||
Revenues | 350 | 368 | 362 | ||||||||
Operating Income (Loss) | 35 | 49 | 43 | ||||||||
Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
MDF Fire Impairment Loss | 2 | ||||||||||
Revenues | 350 | 368 | 362 | ||||||||
Operating Income (Loss) | 35 | 49 | $ 43 | ||||||||
Total Insurance Recoveries [Member] | Manufacturing [Member] | PLUM CREEK TIMBER CO INC [Member] | |||||||||||
Insurance Recoveries | 1 | 2 | 4 | 5 | 4 | 3 | 13 | ||||
Total Insurance Recoveries [Member] | Manufacturing [Member] | PLUM CREEK TIMBERLANDS L P [Member] | |||||||||||
Insurance Recoveries | $ 1 | $ 2 | $ 4 | $ 5 | $ 4 | $ 3 | $ 13 |
Supplemental Disclosures (Detai
Supplemental Disclosures (Details) $ in Millions | Dec. 31, 2015USD ($) |
PLUM CREEK TIMBERLANDS L P [Member] | |
Senior Notes Short and Long-Term Aggregate | $ 894 |