Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

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 financial instruments, 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 June 30, 2011		Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements)
Cash Equivalents (A)	$	249	$	249
Available-for-Sale Securities (B)	33		33
Trading Securities (B)	5		5
Total	$	287	$	287
	Balance at December 31, 2010		Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements)
Cash Equivalents (A)	$	249	$	249
Available-for-Sale Securities (B)	30		30
Trading Securities (B)	5		5
Total	$	284	$	284

(A) Consists of several money market funds and is included in the $253 million and $252 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at June 30, 2011 and December 31, 2010, respectively.

(B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at June 30, 2011 and December 31, 2010. At June 30, 2011, investments in these mutual funds were approximately 50% in domestic (U.S.) equities, 20% in international equities and 30% in debt securities.

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 financial instruments, 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 June 30, 2011		Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets of Identical Assets (Level 1 Measurements)
Cash Equivalents (A)	$	249	$	249
Available-for-Sale Securities (B)	33		33
Trading Securities (B)	5		5
Total	$	287	$	287
	Balance at December 31, 2010		Fair Value Measurements at Reporting Date Using Quoted Prices in Active   Markets of Identical Assets (Level 1 Measurements)
Cash Equivalents (A)	$	249	$	249
Available-for-Sale Securities (B)	30		30
Trading Securities (B)	5		5
Total	$	284	$	284

(A) Consists of several money market funds and is included in the $253 million and $252 million of Cash and Cash Equivalents in the Consolidated Balance Sheets at June 30, 2011 and December 31, 2010, respectively.

(B) Consists of several mutual funds and is included in Investment in Grantor Trusts in the Consolidated Balance Sheets at June 30, 2011 and December 31, 2010. At June 30, 2011, investments in these mutual funds were approximately 50% in domestic (U.S.) equities, 20% in international equities and 30% in debt securities.