Gypsum Transportation Limited

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Gypsum Transportation Limited

We exited our shipping operations in the second quarter of 2015. In November 2015, we entered into a release and debt settlement agreement (Settlement Agreement) to recover a portion of our loss incurred when our former trading partner ceased performing under the contract in the fourth quarter of 2014. The Settlement Agreement required payments totaling $14 million beginning in December 2015. The payments received to settle a $9 million loss on the outstanding trade receivable was recorded as a benefit to our statements of income when we determined the payments to be probable. We recorded a recovery of $6 million in the fourth quarter of 2015 and $8 million in the first quarter of 2016. With the payments received in the first quarter, the total recovery under the Settlement Agreement is complete.

For the three months ended March 31, 2016, the recovery is presented as $3 million within "Recovery of receivable", $1 million within "Interest income", and $4 million within "Other income (expense), net" on our consolidated statements of income.

GTL recorded operating profit of $3 million for the three months ended March 31, 2016 related to the recovery of the receivable compared with operating profit of $0 million for the three months ended March 31, 2015.