Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 8-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'LOUISIANA-PACIFIC CORP | ' |
Entity Central Index Key | '0000060519 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 141,130,878 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $444.70 | $531.10 |
Operating costs and expenses: | ' | ' |
Cost of sales | 388.4 | 387.2 |
Depreciation and amortization | 25.6 | 18.6 |
Selling and administrative | 40.9 | 35.2 |
Other operating credits and charges, net | 0 | 1.6 |
Total operating costs and expenses | 454.9 | 442.6 |
Income (loss) from operations | -10.2 | 88.5 |
Non-operating income (expense): | ' | ' |
Interest expense, net of capitalized interest | -7.7 | -10.6 |
Investment income | 1.8 | 3.5 |
Other non-operating items | -4.3 | -0.7 |
Total non-operating income (expense) | -10.2 | -7.8 |
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | -20.4 | 80.7 |
Provision (benefit) for income taxes | -5.6 | 22.9 |
Equity in income of unconsolidated affiliates | -0.6 | -7.2 |
Income (loss) from continuing operations | -14.2 | 65 |
Income from discontinued operations before taxes | 0 | 0.3 |
Provision for income taxes | 0 | 0.2 |
Income from discontinued operations | 0 | 0.1 |
Net income (loss) | ($14.20) | $65.10 |
Income (loss) per share of common stock (basic): | ' | ' |
Income (loss) from continuing operations | ($0.10) | $0.47 |
Income from discontinued operations | $0 | $0 |
Net income (loss) per share | ($0.10) | $0.47 |
Net income (loss) per share of common stock (diluted): | ' | ' |
Income (loss) from continuing operations | ($0.10) | $0.45 |
Income from discontinued operations | $0 | $0 |
Net income (loss) per share | ($0.10) | $0.45 |
Average shares of stock outstanding - basic | 140.8 | 138.4 |
Average shares of stock outstanding - diluted | 140.8 | 144.4 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | ($14.20) | $65.10 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | -1.8 | 1.9 |
Unrealized loss on derivative instrument | ' | 0 |
Unrealized gain on marketable securities, net of reversals | 0.1 | 0.3 |
Defined benefit pension plans | 1.3 | 1.4 |
Other comprehensive income (loss), net of tax | -0.4 | 3.6 |
Comprehensive income (loss) | ($14.60) | $68.70 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $551.70 | $656.80 |
Receivables, net of allowance for doubtful accounts of $1.1 million at March 31, 2014 and December 31, 2013 | 143 | 78.1 |
Inventories | 276.3 | 224.4 |
Other current assets | 5.2 | 7.7 |
Deferred income taxes | 47.3 | 50.9 |
Assets held for sale | 16.3 | 16.3 |
Total current assets | 1,039.80 | 1,034.20 |
Timber and timberlands | 69.2 | 71.6 |
Property, plant and equipment, at cost | 2,305.50 | 2,294.60 |
Accumulated depreciation | -1,422.50 | -1,407.80 |
Net property, plant and equipment | 883 | 886.8 |
Goodwill | 9.7 | 9.7 |
Notes receivable from asset sales | 432.2 | 432.2 |
Long-term investments | 3.8 | 3.7 |
Restricted cash | 11.4 | 11.3 |
Investments in and advances to affiliates | 3.8 | 3.2 |
Deferred debt costs | 6.5 | 6.8 |
Other assets | 34.7 | 33.8 |
Total assets | 2,494.10 | 2,493.30 |
LIABILITIES AND EQUITY | ' | ' |
Current portion of long-term debt | 2.3 | 2.3 |
Accounts payable and accrued liabilities | 192.7 | 161.9 |
Current portion of contingency reserves | 2 | 2 |
Total current liabilities | 197 | 166.2 |
Long-term debt, excluding current portion | 761.2 | 762.7 |
Contingency reserves, excluding current portion | 12.8 | 13.3 |
Other long-term liabilities | 133.8 | 136.1 |
Deferred income taxes | 177.6 | 188.7 |
Stockholders' equity: | ' | ' |
Common stock | 152 | 152 |
Additional paid-in capital | 502.3 | 508 |
Retained earnings | 873.5 | 887.7 |
Treasury stock | -226.5 | -232.2 |
Accumulated comprehensive loss | -89.6 | -89.2 |
Total stockholders' equity | 1,211.70 | 1,226.30 |
Total liabilities and stockholders' equity | $2,494.10 | $2,493.30 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Allowance for doubtful accounts | $1.10 | $1.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($14.20) | $65.10 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 25.6 | 18.6 |
Income from unconsolidated affiliates | -0.6 | -7.2 |
Other operating credits and charges, net | 0 | 1.6 |
Stock-based compensation related to stock plans | 2.1 | 2.1 |
Exchange gain (loss) on remeasurement | 5.2 | -0.3 |
Cash settlement of contingencies | -0.5 | -0.1 |
Cash settlements of warranties, net of accruals | -2.7 | -2 |
Pension expense, net of cash payments | 0.6 | 1.5 |
Non-cash interest expense, net | 0.5 | 0.4 |
Other adjustments, net | -0.2 | 0.8 |
Increase in receivables | -64.4 | -52.4 |
Increase in inventories | -51.3 | -48.6 |
Decrease in other current assets | 2.5 | 1.4 |
Increase in accounts payable and accrued liabilities | 32.4 | 12.1 |
Increase (decrease) in deferred income taxes | -8 | 23.8 |
Net cash provided by (used in) operating activities | -73 | 16.8 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Property, plant, and equipment additions | -24 | -13.2 |
Investments in and advances to joint ventures | 0 | 6.8 |
Proceeds from sales of assets | 0.1 | 0 |
(Increase) decrease in restricted cash under letters of credit/credit facility | -0.2 | 1.5 |
Net cash used in investing activities | -24.1 | -4.9 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of long-term debt | -1.1 | -1 |
Taxes paid related to net share settlement of equity awards | -1.4 | -11.8 |
Other, net | 0 | 0.1 |
Net cash used in financing activities | -2.5 | -12.7 |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | -5.5 | 0.4 |
Net decrease in cash and cash equivalents | -105.1 | -0.4 |
Cash and cash equivalents at beginning of period | 656.8 | 560.9 |
Cash and cash equivalents at end of period | $551.70 | $560.50 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Comprehensive Loss |
In Millions | ||||||
Balance, Beginning Value, Shares at Dec. 31, 2013 | ' | 152 | -10.9 | ' | ' | ' |
Balance, Beginning Value at Dec. 31, 2013 | $1,226.30 | $152 | ($232.20) | $508 | $887.70 | ($89.20) |
Net income (loss) | -14.2 | ' | ' | ' | -14.2 | ' |
Issuance of shares for employee stock plans and stock based compensation | -0.7 | ' | 7.1 | -7.8 | ' | ' |
Taxes paid related to net share settlement of equity awards | ' | ' | -0.1 | ' | ' | ' |
Taxes paid related to net share settlement of equity awards | -1.4 | ' | -1.4 | ' | ' | ' |
Issuance of shares for employee stock plans and stock-based compensation | ' | ' | 0.3 | ' | ' | ' |
Compensation expense associated with stock awards | 2.1 | ' | ' | 2.1 | ' | ' |
Other comprehensive loss | -0.4 | ' | ' | ' | ' | -0.4 |
Balance, Ending Value, Shares at Mar. 31, 2014 | ' | 152 | -10.7 | ' | ' | ' |
Balance, Ending Value at Mar. 31, 2014 | $1,211.70 | $152 | ($226.50) | $502.30 | $873.50 | ($89.60) |
Basis_For_Presentation
Basis For Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis for Presentation | ' |
BASIS FOR PRESENTATION | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments, except for other operating credits and charges, net referred to in Note 9) necessary to present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of LP and its subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in LP’s Annual Report on Form 10-K for the year ended December 31, 2013. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||
At March 31, 2014, LP had stock-based employee compensation plans as described below. The total compensation expense related to all of LP’s stock-based compensation plans was $2.1 million for the three months ended March 31, 2014 and $2.1 million for the three months ended March 31, 2013. | ||||||||||||||
Stock Compensation Plans | ||||||||||||||
LP grants options to purchase LP common stock and stock settled stock appreciation rights (SSARs) to key employees and directors. On exercise, LP generally issues shares from treasury to settle these awards. The options and SSARs are granted at market price at the date of grant. For employees, SSARs become exercisable ratably over a three year period and expire ten years after the date of grant. For directors, these options historically have become exercisable in 10% increments every three months, starting three months after the date of grant, and expire ten years after the date of grant. At March 31, 2014, 5.2 million shares were available under the current stock award plans for stock-based awards. | ||||||||||||||
The following table sets out the weighted average assumptions used to estimate the fair value of the options and SSARs granted using the Black-Scholes option-pricing model in the first three months of the respective years noted: | ||||||||||||||
2014 | 2013 | |||||||||||||
Expected stock price volatility | 57.50% | 69.20% | ||||||||||||
Expected dividend yield | —% | —% | ||||||||||||
Risk-free interest rate | 1.50% | 0.90% | ||||||||||||
Expected life of options (in years) | 5 years | 5 years | ||||||||||||
Weighted average fair value of options and SSARs granted | $9.03 | $11.68 | ||||||||||||
The following table summarizes stock options and SSARs outstanding as of March 31, 2014, as well as activity during the three month period then ended. | ||||||||||||||
Share amounts in thousands | Options and | Weighted Average | Weighted | Aggregate | ||||||||||
SSARs | Exercise Price | Average | Intrinsic Value | |||||||||||
Contractual Term | (in millions) | |||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2014 | 6,937 | $ | 14.26 | |||||||||||
Options granted | 490 | 18.09 | ||||||||||||
Options exercised | (3 | ) | 15.27 | |||||||||||
Options canceled | (345 | ) | 21.31 | |||||||||||
Options outstanding at March 31, 2014 | 7,079 | $ | 14.18 | 5.3 | $ | 34.4 | ||||||||
Vested and expected to vest at March 31, 2014(1) | 6,725 | — | — | $ | 32.6 | |||||||||
Options exercisable at March 31, 2014 | 6,022 | $ | 13.96 | — | $ | 31.5 | ||||||||
_______________ | ||||||||||||||
(1) | Options or SSARS expected to vest based upon historical forfeiture rate | |||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between LP's closing stock price on the last trading day of the first quarter of 2014 and the exercise price, multiplied by the number of in-the-money options and SSARs) that would have been received by the holders had all holders exercised their awards on March 31, 2014. This amount changes based on the market value of LP's stock as reported by the New York Stock Exchange. | ||||||||||||||
As of March 31, 2014, there was $3.4 million of total unrecognized compensation costs related to stock options and SSARs. These costs are expected to be recognized over a weighted-average period of 2.0 years. LP recorded compensation expense related to these awards in the first three months of 2014 of $0.7 million. | ||||||||||||||
Incentive Share Awards | ||||||||||||||
LP has granted incentive share stock awards (restricted stock units) to certain key employees and directors. The employee awards vest three years from date of grant and awards to directors vest one year from date of grant. The awards entitle the participant to receive a specified number of shares of LP common stock at no cost to the participant. The market value at the time of grant approximates the fair value. LP recorded compensation expense related to these awards in the first three months of 2014 of $0.8 million. As of March 31, 2014, there was $4.9 million of total unrecognized compensation cost related to unvested incentive share awards. This expense will be recognized over a weighted-average period of 1.5 years. | ||||||||||||||
The following table summarizes incentive share awards outstanding as of March 31, 2014 as well as activity during the three months then ended. | ||||||||||||||
Shares | Weighted | Aggregate | ||||||||||||
Average | Intrinsic Value | |||||||||||||
Contractual Term | (in millions) | |||||||||||||
(in years) | ||||||||||||||
Incentive share awards outstanding at January 1, 2014 | 752,595 | |||||||||||||
Incentive share awards granted | 145,345 | |||||||||||||
Incentive share awards vested | (248,724 | ) | ||||||||||||
Incentive share awards canceled | (2,974 | ) | ||||||||||||
Incentive shares outstanding at March 31, 2014 | 646,242 | 1.5 | $ | 10.9 | ||||||||||
Vested and expected to vest at March 31, 2014(1) | 613,930 | — | $ | 10.4 | ||||||||||
_______________ | ||||||||||||||
(1) | Incentive shares expected to vest based upon historical forfeiture rate | |||||||||||||
Restricted Stock | ||||||||||||||
LP grants restricted stock to certain senior employees. The shares for employees vest three years from the date of grant and for directors vest five years from date of grant. During the vesting period, the participants have voting rights and receive dividends, but the shares may not be sold, assigned, transferred, pledged or otherwise encumbered. Additionally, granted but unvested shares are forfeited upon termination of employment. The fair value of the restricted shares on the date of the grant is amortized ratably over the vesting period. As of March 31, 2014, there was $4.0 million of total unrecognized compensation costs related to restricted stock. This expense will be recognized over the next 1.5 years. | ||||||||||||||
The following table summarizes the restricted stock outstanding as of March 31, 2014 as well as activity during the three months then ended. | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Restricted stock awards outstanding at January 1, 2014 | 512,085 | $ | 11.48 | |||||||||||
Restricted stock awards granted | 117,412 | 18.09 | ||||||||||||
Restrictions lapsed | (139,239 | ) | 10.3 | |||||||||||
Restricted stock awards at March 31, 2014 | 490,258 | $ | 13.4 | |||||||||||
Compensation expense related to these awards recognized in the first three months of 2014 was $0.5 million. | ||||||||||||||
Performance share awards | ||||||||||||||
In connection with Mr. Stevens' appointment to Chief Executive Officer on May 4, 2012, he was awarded 300,000 performance shares. LP recorded compensation expense related to these awards of $0.1 million in the first three months of 2014. As of March 31, 2014, there was $0.7 million of total unrecognized compensation costs related to this award. This expense will be recognized over the next 2.1 years. | ||||||||||||||
Phantom stock | ||||||||||||||
During 2011 and 2012, LP made annual grants of phantom stock units to its directors. Subsequent to the approval of the 2013 Omnibus Plan, phantom stock units are no longer granted to directors. The director does not receive rights of a shareholder, nor is any stock transfered. The units will be paid out in cash at the end of the five year vesting period. The value of one unit is based on the market value of one share of common stock on the vesting date. The cost of the grants are recognized over the vesting period and is included in stock-based compensation expense. Since these awards are settled in cash, such awards are required to be remeasured based upon the changes in LP's stock price. As of March 31, 2014, LP had 75,816 shares outstanding under this program. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
LP’s investments that are measured at fair value on a recurring basis are categorized below using the fair value hierarchy. LP also measures the contingent consideration associated with the business combination using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant non-observable inputs. | ||||||||||||||||
The following table summarizes assets and liabilities measured on a recurring basis for each of the three hierarchy levels presented below. | ||||||||||||||||
Dollar amounts in millions | March 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 3.8 | $ | — | $ | — | $ | 3.8 | ||||||||
Trading securities | 2.1 | 2.1 | — | — | ||||||||||||
Contingent consideration | 3.6 | — | — | 3.6 | ||||||||||||
Dollar amounts in millions | December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 3.7 | $ | — | $ | — | $ | 3.7 | ||||||||
Trading securities | 2 | 2 | — | — | ||||||||||||
Contingent consideration | 3.8 | — | — | 3.8 | ||||||||||||
Due to the lack of observable market quotations on a portion of LP’s auction rate securities (ARS) portfolio, LP evaluates the structure of its ARS holdings and current market estimates of fair value, including fair value estimates from issuing banks that rely exclusively on Level 3 inputs. These inputs include those that are based on expected cash flow streams and collateral values, including assessments of counterparty credit quality, default risk underlying the security, discount rates and overall capital market liquidity. The valuation of LP’s ARS investment portfolio is subject to uncertainties that are difficult to predict. Factors that may impact LP’s valuation include changes to credit ratings of the securities as well as to the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral value, discount rates, counterparty risk and ongoing strength and quality of market credit and liquidity. | ||||||||||||||||
The following table summarizes changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Dollar amounts in millions | Available for | Contingent consideration | ||||||||||||||
sale securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | — | ||||||||||||
Total unrealized gains included in other comprehensive income | 0.5 | — | ||||||||||||||
Balance at March 31, 2013 | $ | 2.5 | $ | — | ||||||||||||
Balance at December 31, 2013 | $ | 3.7 | $ | 3.8 | ||||||||||||
Total unrealized gains included in other comprehensive income | 0.1 | — | ||||||||||||||
Foreign currency loss | — | (0.2 | ) | |||||||||||||
Balance at September March 31, 2014 | $ | 3.8 | $ | 3.6 | ||||||||||||
LP estimated the Senior Notes maturing in 2020 to have a fair value of $386.8 million at March 31, 2014 and $390.3 million at December 31, 2013 based upon market quotations. | ||||||||||||||||
Carrying amounts reported on the balance sheet for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these items. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
EARNINGS PER SHARE | ||||||||
Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock settled stock appreciation rights, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which LP recognizes losses from continuing operations or at such time that the exercise prices of such awards are in excess of the weighted average market price of LP's common stock during these periods because the effect is anti-dilutive. Performance share awards are included in the calculation of earnings per share using the contingently issuable method. The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Dollar and share amounts in millions, except per | Three Months Ended March 31, | |||||||
share amounts | 2014 | 2013 | ||||||
Numerator: | ||||||||
Income (loss) attributed to LP common shares: | ||||||||
Income (loss) from continuing operations | $ | (14.2 | ) | $ | 65 | |||
Income from discontinued operations | — | 0.1 | ||||||
Net income (loss) | $ | (14.2 | ) | $ | 65.1 | |||
Denominator: | ||||||||
Basic - weighted average common shares outstanding | 140.8 | 138.4 | ||||||
Dilutive effect of stock warrants | — | 3 | ||||||
Dilutive effect of stock plans | — | 3 | ||||||
Diluted shares outstanding | 140.8 | 144.4 | ||||||
Basic earnings per share: | ||||||||
Income (loss) from continuing operations | $ | (0.10 | ) | $ | 0.47 | |||
Income from discontinued operations | — | — | ||||||
Net income (loss) per share | $ | (0.10 | ) | $ | 0.47 | |||
Diluted earnings per share: | ||||||||
Income (loss) from continuing operations | $ | (0.10 | ) | $ | 0.45 | |||
Income from discontinued operations | — | — | ||||||
Net income (loss) per share | $ | (0.10 | ) | $ | 0.45 | |||
For the three months ended March 31, 2014, stock options, warrants and SSARs relating to approximately 3.6 million shares of LP common stock were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations. For the three months ended March 31, 2013, stock options and SSARs related to approximately 2.2 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation. | ||||||||
At March 31, 2014, outstanding warrants were exercisable to purchase approximately 1,462,119 shares. |
Receivables
Receivables | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
RECEIVABLES | ||||||||
Receivables consist of the following: | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Trade receivables | $ | 135.9 | $ | 69.2 | ||||
Interest receivables | 0.7 | 0.2 | ||||||
Income tax receivable | 0.5 | 1.2 | ||||||
Other receivables | 7 | 8.6 | ||||||
Allowance for doubtful accounts | (1.1 | ) | (1.1 | ) | ||||
Total | $ | 143 | $ | 78.1 | ||||
Other receivables at March 31, 2014 and December 31, 2013 primarily consist of sales tax receivables, receivables from our joint venture, miscellaneous receivables and other items. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories are valued at the lower of cost or market. Inventory cost includes materials, labor and operating overhead. The major types of inventories are as follows (work in process is not material): | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Logs | $ | 66.4 | $ | 46.9 | ||||
Other raw materials | 20.4 | 27.8 | ||||||
Semi finished inventory | 19 | 11.1 | ||||||
Finished products | 170.5 | 138.6 | ||||||
Total | $ | 276.3 | $ | 224.4 | ||||
Assets_Held_for_Sale
Assets Held for Sale | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ' | |||||||
Assets Held for Sale | ' | |||||||
ASSETS HELD FOR SALE | ||||||||
Over the last several years, LP has adopted and implemented plans to sell selected assets in order to improve its operating results. LP is required to classify assets held for sale which are not part of a discontinued business separately on the face of the financial statements outside of “Property, plant and equipment.” As of March 31, 2014 and December 31, 2013, LP included two OSB mills and various non-operating sites in its held for sale category. The current book values of assets held for sale by category is as follows: | ||||||||
Dollars in millions | March 31, 2014 | December 31, 2013 | ||||||
Property, plant and equipment, at cost: | ||||||||
Land, land improvements and logging roads, net of road amortization | $ | 6.9 | $ | 6.9 | ||||
Buildings | 6.2 | 6.2 | ||||||
Machinery and equipment | 99.1 | 99.1 | ||||||
112.2 | 112.2 | |||||||
Accumulated depreciation | (95.9 | ) | (95.9 | ) | ||||
Net property, plant and equipment | $ | 16.3 | $ | 16.3 | ||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
INCOME TAXES | ||||||||||||||
Accounting standards state that companies account for income taxes using the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards and other tax credits. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as necessary to reduce deferred tax assets to the amount thereof that is more likely than not to be realized. The likelihood of realizing deferred tax assets is evaluated by, among other things, estimating future taxable income, considering the future reversal of existing deferred tax liabilities to which the deferred tax assets may be applied and assessing the impact of tax planning strategies. | ||||||||||||||
For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each quarter the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. | ||||||||||||||
The income tax components and associated effective income tax rates for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Tax Benefit | Tax Rate | Tax Provision | Tax Rate | |||||||||||
Continuing operations | $ | (5.6 | ) | (28 | )% | $ | 22.9 | 26 | % | |||||
Discontinued operations | — | 35 | % | 0.2 | 35 | % | ||||||||
$ | (5.6 | ) | (28 | )% | $ | 23.1 | 26 | % | ||||||
For the first three months of 2014, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s continuing operations relate to the effect of foreign tax rates and adjustments to reserves for uncertain tax positions. For the first three months of 2013, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s continuing operations relate to the effect of foreign tax rates and decreases in valuation allowances attributed to net operating loss carryforwards in various jurisdictions. | ||||||||||||||
LP periodically reviews the need for valuation allowances against deferred tax assets and recognizes these deferred tax assets to the extent that the realization is more likely than not. Based upon its review of available positive and negative evidence, LP believes that the valuation allowances provided are appropriate. If LP were to determine that it would not be able to realize a portion of an existing net deferred tax asset in excess of an existing valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period in which such determination was made. Conversely, if it were to make a determination that it is more likely than not that an existing deferred tax asset for which there is currently a valuation allowance would be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded in the period in which such determination was made. | ||||||||||||||
As a result of certain recognition requirements of ASC 718 Compensation -- Stock Compensation, certain deferred tax assets as of March 31, 2014 are not recognized in relation to amounts of tax deductions for equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $13.2 million if and when such deferred tax assets are ultimately realized. LP uses the "with and without" method for determining when excess tax benefits have been realized. | ||||||||||||||
LP and its domestic subsidiaries are subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. Its foreign subsidiaries are subject to income tax in Canada, Chile, Peru and Brazil. During 2011, the U.S. Internal Revenue Service (IRS) initiated an audit of tax years 2007 - 2009 for which field work has been completed. LP has protested certain proposed adjustments and requested review by the IRS Appeals Office. During the third quarter of 2013, LP deposited $17.1 million with the IRS to suspend the accrual of interest pending the resolution of this matter. The deposit is included within other assets on the Condensed Consolidated Balance Sheet. All U.S. federal audits of prior years have been completed. LP remains subject to state and local tax examinations for the tax years 2007 through 2012. Canadian federal income tax returns have been audited and effectively settled through 2008, and no examinations are currently in progress. Quebec provincial audits have been effectively settled through 2011 and 2012 is currently under review. As of March 31, 2014, the Chilean Tax Office was in the process of auditing tax year 2011. |
Other_Operating_Credits_and_Ch
Other Operating Credits and Charges, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Operating Credits And Charges, Net [Abstract] | ' | |||||||
Other Operating Credits and Charges, Net | ' | |||||||
OTHER OPERATING CREDITS AND CHARGES, NET | ||||||||
The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the three months ended March 31, 2013 is reflected in the table below and is described in the paragraphs following the table: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Other operating charges and credits net: | ||||||||
Adjustment related to prior year inventory | $ | — | $ | (1.6 | ) | |||
$ | — | $ | (1.6 | ) | ||||
During the first quarter of 2013, LP recorded a loss of $1.6 million related to a prior year inventory adjustment. |
Transactions_with_Affiliates
Transactions with Affiliates | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Transactions with Affiliates | ' |
TRANSACTIONS WITH AFFILIATES | |
LP has an equity investment in Abitibi-LP, a manufacturer of I-joists with Resolute Forest Products. LP sells products and raw materials to Abitibi-LP and purchases products for resale from Abitibi-LP. LP eliminates profits on these sales and purchases, to the extent the inventory has not been sold through to third parties, on the basis of its 50% interest. For the three months ended March 31, 2014 and 2013, LP sold $2.5 million and $3.5 million of products to Resolute-LP and purchased $12.2 million and $11.0 million of I-joists from Resolute-LP. Included in LP’s Consolidated Balance Sheets at March 31, 2014 and December 31, 2013 are $1.4 million and $0.8 million in accounts receivable from this affiliate. | |
LP purchased $60.2 million of OSB from Canfor-LP during the quarter ended March 31, 2013 associated with our previous joint venture which was subsequently purchased. |
Legal_and_Environmental_Matter
Legal and Environmental Matters | 3 Months Ended |
Mar. 31, 2014 | |
Legal and Environmental Matters [Abstract] | ' |
Legal and Environmental Matters | ' |
LEGAL AND ENVIRONMENTAL MATTERS | |
Certain environmental matters and legal proceedings are discussed below. | |
Environmental Matters | |
LP maintains a reserve for undiscounted estimated environmental loss contingencies. This reserve is primarily for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company. LP's estimates of its environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each environmental loss contingency. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities. Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. LP regularly monitors its estimated exposure to environmental loss contingencies and, as additional information becomes known, may change its estimates significantly. | |
Other Proceedings | |
LP and its subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes that the resolution of such proceedings will not have a material adverse effect on the financial position, results of operations, cash flows or liquidity of LP. |
Selected_Segment_Data
Selected Segment Data | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Selected Segment Data | ' | |||||||
SELECTED SEGMENT DATA | ||||||||
LP operates in four segments: Oriented Strand Board (OSB), Siding, Engineered Wood Products (EWP) and South America. LP’s business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers and distribution methods. LP’s results of operations are summarized below for each of these segments separately as well as for the “other” category which comprises other products that are not individually significant. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Net sales: | ||||||||
OSB | $ | 194.9 | $ | 286.7 | ||||
Siding | 143.5 | 133.8 | ||||||
Engineered Wood Products | 66.4 | 63.4 | ||||||
South America | 36.6 | 45.1 | ||||||
Other | 3.7 | 2.7 | ||||||
Intersegment Sales | (0.4 | ) | (0.6 | ) | ||||
$ | 444.7 | $ | 531.1 | |||||
Operating profit (loss): | ||||||||
OSB | $ | (1.9 | ) | $ | 98.1 | |||
Siding | 19.2 | 20.7 | ||||||
Engineered Wood Products | (3.1 | ) | (3.5 | ) | ||||
South America | 4.2 | 6.3 | ||||||
Other | (0.7 | ) | (1.8 | ) | ||||
Other operating credits and charges, net | — | (1.6 | ) | |||||
General corporate and other expenses, net | (27.3 | ) | (22.5 | ) | ||||
Foreign currency losses | (4.3 | ) | (0.7 | ) | ||||
Investment income | 1.8 | 3.5 | ||||||
Interest expense, net of capitalized interest | (7.7 | ) | (10.6 | ) | ||||
Income (loss) from continuing operations before taxes | (19.8 | ) | 87.9 | |||||
Provision (benefit) for income taxes | (5.6 | ) | 22.9 | |||||
Income (loss) from continuing operations | $ | (14.2 | ) | $ | 65 | |||
Potential_Impairments
Potential Impairments | 3 Months Ended |
Mar. 31, 2014 | |
Asset Impairment Charges [Abstract] | ' |
Potential Impairments | ' |
POTENTIAL IMPAIRMENTS | |
LP continues to review certain operations and investments for potential impairments. LP’s management currently believes it has adequate support for the carrying value of each of these operations and investments based upon the anticipated cash flows that result from estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. As of March 31, 2014, there were no indications of impairment for the asset grouping that includes the company's indefinitely curtailed facilities. As of March 31, 2014, the fair value of facilities that have not been indefinitely curtailed are substantially in excess of its carrying value and supports the conclusion that no impairment is necessary for those facilities. | |
LP also reviews from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, its strategic plan and other relevant circumstances. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, LP may be required to record impairment charges in connection with decisions to dispose of assets. |
Contingency_Reserves
Contingency Reserves | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Contingency Reserves | ' | |||||||
CONTINGENCY RESERVES | ||||||||
LP maintains reserves for various contingent liabilities as follows: | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Environmental reserves | $ | 14.5 | $ | 14.9 | ||||
Other reserves | 0.3 | 0.4 | ||||||
Total contingency reserves | 14.8 | 15.3 | ||||||
Current portion of contingency reserves | (2.0 | ) | (2.0 | ) | ||||
Long-term portion of contingency reserves | $ | 12.8 | $ | 13.3 | ||||
See Note 11 for discussion of environmental matters. |
Defined_Benefit_Pension_Plans
Defined Benefit Pension Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Compensation and Employee Benefit Plans | ' | |||||||
DEFINED BENEFIT PENSION PLANS | ||||||||
The following table sets forth the net periodic pension cost for LP’s defined benefit pension plans during the quarter ended March 31, 2014 and 2013. The net periodic pension cost included the following components: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Service cost | $ | 0.9 | $ | 0.8 | ||||
Interest cost | 3.7 | 3.2 | ||||||
Expected return on plan assets | (4.2 | ) | (4.1 | ) | ||||
Amortization of prior service cost | — | 0.1 | ||||||
Amortization of net loss | 1.4 | 1.8 | ||||||
Net periodic pension cost | $ | 1.8 | $ | 1.8 | ||||
During the three months ended March 31, 2014 and 2013, LP recognized $1.8 million of pension expense for all of LP's defined benefit pension plans. | ||||||||
During the three months ended March 31, 2014, LP made $1.2 million in pension contributions for LP's Canadian benefit plans. LP expects to contribute $5.0 million to $7.0 million to its pension plans in 2014. |
Guarantees_and_Indemnification
Guarantees and Indemnifications | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Guarantees and Indemnifications | ' | |||||||
GUARANTEES AND INDEMNIFICATIONS | ||||||||
LP is a party to contracts in which LP agrees to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to liabilities arising out of the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct of the indemnified parties. LP cannot estimate the potential amount of future payments under these agreements until events arise that would trigger the liability. See Note 21 of the Notes to the financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2013 for further discussion of LP’s guarantees and indemnifications. | ||||||||
LP provides warranties on the sale of most of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the first three months of 2014 and 2013 are summarized in the following table: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Beginning balance | $ | 29.3 | $ | 21.4 | ||||
Accrued to expense | 0.2 | 0.3 | ||||||
Foreign currency translation | (0.4 | ) | — | |||||
Payments made | (2.9 | ) | (2.3 | ) | ||||
Total warranty reserves | 26.2 | 19.4 | ||||||
Current portion of warranty reserves | (12.0 | ) | (12.0 | ) | ||||
Long-term portion of warranty reserves | $ | 14.2 | $ | 7.4 | ||||
The current portion of the warranty reserve is included in the caption “Accounts payable and accrued liabilities” and the long-term portion is included in the caption “Other long-term liabilities” on LP’s Condensed Consolidated Balance Sheets. |
Other_Comprehensive_Income_Oth
Other Comprehensive Income Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income (Loss) Note | ' | ||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||||
Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2014: | |||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Pension adjustments | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||||
Balance at December 31, 2013 | $ | (19.2 | ) | $ | (70.3 | ) | $ | 2 | $ | (1.7 | ) | $ | (89.2 | ) | |||||||||||
Other comprehensive income before reclassifications | (1.8 | ) | 2.6 | 0.1 | — | $ | 0.9 | ||||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (1.3 | ) | — | — | $ | (1.3 | ) | |||||||||||||||||
Net current-period other comprehensive income | (1.8 | ) | 1.3 | 0.1 | — | (0.4 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | (21.0 | ) | $ | (69.0 | ) | $ | 2.1 | $ | (1.7 | ) | $ | (89.6 | ) | |||||||||||
Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2013: | |||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Pension adjustments | Unrealized gain (loss) on derivative instruments | Unrealized gain (loss) on investments | Other | Total | |||||||||||||||||||
Balance at December 31, 2012 | $ | (7.6 | ) | $ | (99.0 | ) | $ | (0.3 | ) | $ | 1 | $ | (2.0 | ) | $ | (107.9 | ) | ||||||||
Other comprehensive income before reclassifications | 1.9 | 2.7 | — | 0.3 | — | 4.9 | |||||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (1.3 | ) | — | — | — | (1.3 | ) | |||||||||||||||||
Net current-period other comprehensive income | 1.9 | 1.4 | — | 0.3 | — | 3.6 | |||||||||||||||||||
Balance at March 31, 2013 | $ | (5.7 | ) | $ | (97.6 | ) | $ | (0.3 | ) | $ | 1.3 | $ | (2.0 | ) | $ | (104.3 | ) | ||||||||
Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2014 and March 31, 2013 are summarized, in millions of dollars, in the following table: | |||||||||||||||||||||||||
Amount reclassified from accumulated comprehensive income | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
Details about accumulated other comprehensive income components | 2014 | 2013 | Affected line item in the statement where net income (loss) is presented | ||||||||||||||||||||||
Amortization of defined benefit pension plans | |||||||||||||||||||||||||
Prior service cost | $ | — | $ | 0.1 | (a) | ||||||||||||||||||||
Actuarial loss | 1.4 | 1.8 | (a) | ||||||||||||||||||||||
Transition obligation | 0.4 | (0.1 | ) | (a) | |||||||||||||||||||||
1.8 | 1.8 | Total before tax | |||||||||||||||||||||||
0.5 | 0.5 | Tax (provision) benefit | |||||||||||||||||||||||
Total reclassifications | $ | 1.3 | $ | 1.3 | Net of tax | ||||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost, see Note 15 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative line items in the Consolidated Statements of Income. |
Proposed_Acquisition_of_Ainswo
Proposed Acquisition of Ainsworth Lumber Co Ltd (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Proposed Acquisition [Abstract] | ' |
Proposed Acquisition [Text Block] | ' |
PROPOSED ACQUISITION OF AINSWORTH LUMBER CO. LTD. | |
In September of 2013, LP entered into an Arrangement Agreement (the “Arrangement”) with Ainsworth | |
Lumber Co. Ltd., a British Columbia corporation (“Ainsworth”), providing an arrangement under British | |
Columbia law whereby a wholly owned subsidiary of the Company will acquire all of the outstanding shares of | |
Ainsworth capital stock in exchange for 0.114 shares of LP common stock (“LP Shares”) and C$1.94 in cash per | |
Ainsworth common share (“Ainsworth Shares”) subject to certain terms and conditions. Although the | |
Arrangement provides for Ainsworth shareholders to elect among cash consideration, share consideration and | |
mixed consideration, proration provisions will ensure that the aggregate amounts of cash and LP Shares issued in | |
the Transaction are fixed at approximately C$467.0 million and 27.5 million LP Shares, respectively. | |
The requisite approvals of the Transaction by Ainsworth shareholders and the Supreme Court of British Columbia were obtained on October 29, 2013 and October 31, 2013, respectively. As of the date of this report, the consummation of the Transaction remains subject to other closing conditions, including the receipt of certain regulatory approvals and clearances. | |
LP and Ainsworth have entered into timing agreements with each of the Canadian Competition Bureau (the “CCB”) and the Antitrust Division of the U.S. Department of Justice (the “DOJ”) pursuant to which LP and Ainsworth agreed, subject to certain conditions, that they will not consummate the Transaction before giving the CCB and DOJ at least 14 days' prior written notice. LP and Ainsworth have also amended the Arrangement Agreement to extend the outside date for completion of the Transaction from April 18, 2014 to June 2, 2014. The Arrangement Agreement permits either party to extend the outside date if required to obtain certain regulatory approvals. | |
As of the date of this report, the CCB and DOJ have indicated that they are unwilling to permit the Transaction to be completed in the absence of divestitures that would go beyond those contemplated in the Arrangement Agreement. Although LP and Ainsworth continue to explore possible solutions and alternatives, LP is currently unable to conclude as to whether, when or the terms upon which a transaction may be completed. Because of their indicated positions, it may require LP and Ainsworth prevailing in litigation to complete the transaction under the current terms of the Arrangement Agreement. To complete a transaction, it may be necessary to make one or more divestitures of existing operations of LP and/or Ainsworth, to make changes to the Arrangement Agreement, including possible changes to the purchase price payable by LP and / or to engage in litigation with the CCB and / or DOJ. | |
The Arrangement Agreement contains certain termination rights for each of LP and Ainsworth. Either party may terminate the Arrangement Agreement if: (i) the parties mutually agree; (ii) the Transaction has not been consummated by the outside date; (iii) a governmental authority issues a law or order prohibiting the Transaction; (iv) the other party materially breaches its representations, warranties or covenants such that the applicable closing condition would not to be satisfied; or (v) the other party has incurred a Material Adverse Effect (as defined in the Arrangement Agreement). | |
LP expects to fund the cash portion of the purchase price contemplated by the Arrangement agreement (as the same be modified) and related fees and expenses through a combination of cash on hand at LP and Ainsworth and borrowings under our revolving credit facility. | |
On October 17, 2013, Ainsworth issued a press release announcing that it had received the requisite consents in connection with its consent solicitation (the “Consent Solicitation”) from holders of Ainsworth’s 7.5% Senior Secured Notes due 2017 (the “Notes”) . The press release also announced that Ainsworth has entered into a supplemental indenture relating to the Notes, which modified certain definitions in the indenture relating to the Notes (the “Indenture”) so that the consummation of the Transaction pursuant to the Arrangement Agreement, and the designation by LP of members of Ainsworth’s board of directors upon and after the consummation of the Transaction, will not constitute a “Change of Control” under the Indenture and Ainsworth will not be required to make a “Change of Control Offer” under the Indenture in connection with the Transaction. Subject to the satisfaction or waiver of the conditions set forth in the solicitation statement distributed by Ainsworth to holders of the Notes, LP will make the consent payments contemplated thereby as and when they become due. Promptly following the consummation of the Transaction, LP will unconditionally guarantee the prompt payment and performance of the obligations of Ainsworth under the Indenture and the Notes. | |
The transaction contemplated by the Arrangement Agreement is expected to have a material effect on LP’s consolidated financial position, results of operations and cash flows. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||
Changes in goodwill for the three months ended March 31, 2014 and March 31, 2013 are provided in the following table: | |||||||||
Dollar amounts in millions | 2014 | 2013 | |||||||
Beginning balance, December 31, | $ | 9.7 | $ | — | |||||
Additions | — | — | |||||||
Total goodwill | $ | 9.7 | $ | — | |||||
LP has recorded other intangible assets in its Consolidated Balance Sheets, as follows: | |||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | |||||||
Timber licenses (recorded as part of Timber and timberlands) | $ | 67.3 | $ | 68.2 | |||||
Other | 0.1 | 0.1 | |||||||
Total | $ | 67.4 | $ | 68.3 | |||||
Customer relationships and other intangibles are included in Other assets in the Consolidated Balance Sheet. | |||||||||
Amortization of the above intangible assets over the next five years is as follows: | |||||||||
Dollar amounts in millions | |||||||||
2014 | $ | 3.5 | |||||||
2015 | 3.5 | ||||||||
2016 | 4.2 | ||||||||
2017 | 4.2 | ||||||||
2018 | 4.2 | ||||||||
During the second quarter of 2013, LP completed the acquisition of the Peace Valley OSB joint venture. The acquisition resulted in the recognition of $9.7 million of goodwill and included timber licenses of $34.1 million. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
DISCONTINUED OPERATIONS | |||||||||
Over the last several years, LP has adopted and implemented plans to sell selected businesses and assets in order to improve its operating results. For all periods presented, these operations include residual losses of mills divested in past years and associated warranty and other liabilities associated with these operations. | |||||||||
Sales and operating profit included in discontinued operations are as follows: | |||||||||
Dollars amounts in millions | Three Months Ended March 31, | ||||||||
2014 | 2013 | ||||||||
Sales | $ | — | $ | 6.3 | |||||
Operating profit | — | 0.3 | |||||||
Recent_and_Prospective_Account
Recent and Prospective Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
RECENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss ("NOL") Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." The amendment requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for an NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. The new disclosure requirements were effective for all periods beginning after December 15, 2013. The adoption of the amendment impacts presentation only and did not have an effect on LP's financial condition, results of operations or cash flows. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The following table sets out the weighted average assumptions used to estimate the fair value of the options and SSARs granted using the Black-Scholes option-pricing model in the first three months of the respective years noted: | ||||||||||||||
2014 | 2013 | |||||||||||||
Expected stock price volatility | 57.50% | 69.20% | ||||||||||||
Expected dividend yield | —% | —% | ||||||||||||
Risk-free interest rate | 1.50% | 0.90% | ||||||||||||
Expected life of options (in years) | 5 years | 5 years | ||||||||||||
Weighted average fair value of options and SSARs granted | $9.03 | $11.68 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes stock options and SSARs outstanding as of March 31, 2014, as well as activity during the three month period then ended. | ||||||||||||||
Share amounts in thousands | Options and | Weighted Average | Weighted | Aggregate | ||||||||||
SSARs | Exercise Price | Average | Intrinsic Value | |||||||||||
Contractual Term | (in millions) | |||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2014 | 6,937 | $ | 14.26 | |||||||||||
Options granted | 490 | 18.09 | ||||||||||||
Options exercised | (3 | ) | 15.27 | |||||||||||
Options canceled | (345 | ) | 21.31 | |||||||||||
Options outstanding at March 31, 2014 | 7,079 | $ | 14.18 | 5.3 | $ | 34.4 | ||||||||
Vested and expected to vest at March 31, 2014(1) | 6,725 | — | — | $ | 32.6 | |||||||||
Options exercisable at March 31, 2014 | 6,022 | $ | 13.96 | — | $ | 31.5 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes incentive share awards outstanding as of March 31, 2014 as well as activity during the three months then ended. | ||||||||||||||
Shares | Weighted | Aggregate | ||||||||||||
Average | Intrinsic Value | |||||||||||||
Contractual Term | (in millions) | |||||||||||||
(in years) | ||||||||||||||
Incentive share awards outstanding at January 1, 2014 | 752,595 | |||||||||||||
Incentive share awards granted | 145,345 | |||||||||||||
Incentive share awards vested | (248,724 | ) | ||||||||||||
Incentive share awards canceled | (2,974 | ) | ||||||||||||
Incentive shares outstanding at March 31, 2014 | 646,242 | 1.5 | $ | 10.9 | ||||||||||
Vested and expected to vest at March 31, 2014(1) | 613,930 | — | $ | 10.4 | ||||||||||
Restricted Stock Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the restricted stock outstanding as of March 31, 2014 as well as activity during the three months then ended. | ||||||||||||||
Number of Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Restricted stock awards outstanding at January 1, 2014 | 512,085 | $ | 11.48 | |||||||||||
Restricted stock awards granted | 117,412 | 18.09 | ||||||||||||
Restrictions lapsed | (139,239 | ) | 10.3 | |||||||||||
Restricted stock awards at March 31, 2014 | 490,258 | $ | 13.4 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | ' | |||||||||||||||
The following table summarizes assets and liabilities measured on a recurring basis for each of the three hierarchy levels presented below. | ||||||||||||||||
Dollar amounts in millions | March 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 3.8 | $ | — | $ | — | $ | 3.8 | ||||||||
Trading securities | 2.1 | 2.1 | — | — | ||||||||||||
Contingent consideration | 3.6 | — | — | 3.6 | ||||||||||||
Dollar amounts in millions | December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 3.7 | $ | — | $ | — | $ | 3.7 | ||||||||
Trading securities | 2 | 2 | — | — | ||||||||||||
Contingent consideration | 3.8 | — | — | 3.8 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table summarizes changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Dollar amounts in millions | Available for | Contingent consideration | ||||||||||||||
sale securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | — | ||||||||||||
Total unrealized gains included in other comprehensive income | 0.5 | — | ||||||||||||||
Balance at March 31, 2013 | $ | 2.5 | $ | — | ||||||||||||
Balance at December 31, 2013 | $ | 3.7 | $ | 3.8 | ||||||||||||
Total unrealized gains included in other comprehensive income | 0.1 | — | ||||||||||||||
Foreign currency loss | — | (0.2 | ) | |||||||||||||
Balance at September March 31, 2014 | $ | 3.8 | $ | 3.6 | ||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||
Dollar and share amounts in millions, except per | Three Months Ended March 31, | |||||||
share amounts | 2014 | 2013 | ||||||
Numerator: | ||||||||
Income (loss) attributed to LP common shares: | ||||||||
Income (loss) from continuing operations | $ | (14.2 | ) | $ | 65 | |||
Income from discontinued operations | — | 0.1 | ||||||
Net income (loss) | $ | (14.2 | ) | $ | 65.1 | |||
Denominator: | ||||||||
Basic - weighted average common shares outstanding | 140.8 | 138.4 | ||||||
Dilutive effect of stock warrants | — | 3 | ||||||
Dilutive effect of stock plans | — | 3 | ||||||
Diluted shares outstanding | 140.8 | 144.4 | ||||||
Basic earnings per share: | ||||||||
Income (loss) from continuing operations | $ | (0.10 | ) | $ | 0.47 | |||
Income from discontinued operations | — | — | ||||||
Net income (loss) per share | $ | (0.10 | ) | $ | 0.47 | |||
Diluted earnings per share: | ||||||||
Income (loss) from continuing operations | $ | (0.10 | ) | $ | 0.45 | |||
Income from discontinued operations | — | — | ||||||
Net income (loss) per share | $ | (0.10 | ) | $ | 0.45 | |||
Receivables_Tables
Receivables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Receivables consist of the following: | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Trade receivables | $ | 135.9 | $ | 69.2 | ||||
Interest receivables | 0.7 | 0.2 | ||||||
Income tax receivable | 0.5 | 1.2 | ||||||
Other receivables | 7 | 8.6 | ||||||
Allowance for doubtful accounts | (1.1 | ) | (1.1 | ) | ||||
Total | $ | 143 | $ | 78.1 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories are valued at the lower of cost or market. Inventory cost includes materials, labor and operating overhead. The major types of inventories are as follows (work in process is not material): | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Logs | $ | 66.4 | $ | 46.9 | ||||
Other raw materials | 20.4 | 27.8 | ||||||
Semi finished inventory | 19 | 11.1 | ||||||
Finished products | 170.5 | 138.6 | ||||||
Total | $ | 276.3 | $ | 224.4 | ||||
Assets_Held_for_Sale_Tables
Assets Held for Sale (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ' | |||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | |||||||
The current book values of assets held for sale by category is as follows: | ||||||||
Dollars in millions | March 31, 2014 | December 31, 2013 | ||||||
Property, plant and equipment, at cost: | ||||||||
Land, land improvements and logging roads, net of road amortization | $ | 6.9 | $ | 6.9 | ||||
Buildings | 6.2 | 6.2 | ||||||
Machinery and equipment | 99.1 | 99.1 | ||||||
112.2 | 112.2 | |||||||
Accumulated depreciation | (95.9 | ) | (95.9 | ) | ||||
Net property, plant and equipment | $ | 16.3 | $ | 16.3 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||
The income tax components and associated effective income tax rates for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Tax Benefit | Tax Rate | Tax Provision | Tax Rate | |||||||||||
Continuing operations | $ | (5.6 | ) | (28 | )% | $ | 22.9 | 26 | % | |||||
Discontinued operations | — | 35 | % | 0.2 | 35 | % | ||||||||
$ | (5.6 | ) | (28 | )% | $ | 23.1 | 26 | % | ||||||
Other_Operating_Credits_and_Ch1
Other Operating Credits and Charges, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Operating Credits And Charges, Net [Abstract] | ' | |||||||
Other Operating Credits and Charges Net [Table Text Block] | ' | |||||||
The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the three months ended March 31, 2013 is reflected in the table below and is described in the paragraphs following the table: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Other operating charges and credits net: | ||||||||
Adjustment related to prior year inventory | $ | — | $ | (1.6 | ) | |||
$ | — | $ | (1.6 | ) | ||||
Selected_Segment_Data_Tables
Selected Segment Data (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Net sales: | ||||||||
OSB | $ | 194.9 | $ | 286.7 | ||||
Siding | 143.5 | 133.8 | ||||||
Engineered Wood Products | 66.4 | 63.4 | ||||||
South America | 36.6 | 45.1 | ||||||
Other | 3.7 | 2.7 | ||||||
Intersegment Sales | (0.4 | ) | (0.6 | ) | ||||
$ | 444.7 | $ | 531.1 | |||||
Operating profit (loss): | ||||||||
OSB | $ | (1.9 | ) | $ | 98.1 | |||
Siding | 19.2 | 20.7 | ||||||
Engineered Wood Products | (3.1 | ) | (3.5 | ) | ||||
South America | 4.2 | 6.3 | ||||||
Other | (0.7 | ) | (1.8 | ) | ||||
Other operating credits and charges, net | — | (1.6 | ) | |||||
General corporate and other expenses, net | (27.3 | ) | (22.5 | ) | ||||
Foreign currency losses | (4.3 | ) | (0.7 | ) | ||||
Investment income | 1.8 | 3.5 | ||||||
Interest expense, net of capitalized interest | (7.7 | ) | (10.6 | ) | ||||
Income (loss) from continuing operations before taxes | (19.8 | ) | 87.9 | |||||
Provision (benefit) for income taxes | (5.6 | ) | 22.9 | |||||
Income (loss) from continuing operations | $ | (14.2 | ) | $ | 65 | |||
Contingency_Reserves_Tables
Contingency Reserves (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Loss Contingencies by Contingency [Table Text Block] | ' | |||||||
LP maintains reserves for various contingent liabilities as follows: | ||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | ||||||
Environmental reserves | $ | 14.5 | $ | 14.9 | ||||
Other reserves | 0.3 | 0.4 | ||||||
Total contingency reserves | 14.8 | 15.3 | ||||||
Current portion of contingency reserves | (2.0 | ) | (2.0 | ) | ||||
Long-term portion of contingency reserves | $ | 12.8 | $ | 13.3 | ||||
Defined_Benefit_Pension_Plans_
Defined Benefit Pension Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||
The net periodic pension cost included the following components: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Service cost | $ | 0.9 | $ | 0.8 | ||||
Interest cost | 3.7 | 3.2 | ||||||
Expected return on plan assets | (4.2 | ) | (4.1 | ) | ||||
Amortization of prior service cost | — | 0.1 | ||||||
Amortization of net loss | 1.4 | 1.8 | ||||||
Net periodic pension cost | $ | 1.8 | $ | 1.8 | ||||
Guarantees_and_Indemnification1
Guarantees and Indemnifications (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
The activity in warranty reserves for the first three months of 2014 and 2013 are summarized in the following table: | ||||||||
Three Months Ended March 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Beginning balance | $ | 29.3 | $ | 21.4 | ||||
Accrued to expense | 0.2 | 0.3 | ||||||
Foreign currency translation | (0.4 | ) | — | |||||
Payments made | (2.9 | ) | (2.3 | ) | ||||
Total warranty reserves | 26.2 | 19.4 | ||||||
Current portion of warranty reserves | (12.0 | ) | (12.0 | ) | ||||
Long-term portion of warranty reserves | $ | 14.2 | $ | 7.4 | ||||
Other_Comprehensive_Income_Oth1
Other Comprehensive Income Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2014: | Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Pension adjustments | Unrealized gain (loss) on investments | Other | Total | Dollar amounts in millions | Foreign currency translation adjustments | Pension adjustments | Unrealized gain (loss) on derivative instruments | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (19.2 | ) | $ | (70.3 | ) | $ | 2 | $ | (1.7 | ) | $ | (89.2 | ) | Balance at December 31, 2012 | $ | (7.6 | ) | $ | (99.0 | ) | $ | (0.3 | ) | $ | 1 | $ | (2.0 | ) | $ | (107.9 | ) | ||||||||||||||
Other comprehensive income before reclassifications | (1.8 | ) | 2.6 | 0.1 | — | $ | 0.9 | Other comprehensive income before reclassifications | 1.9 | 2.7 | — | 0.3 | — | 4.9 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (1.3 | ) | — | — | $ | (1.3 | ) | Amounts reclassified from accumulated comprehensive income | — | (1.3 | ) | — | — | — | (1.3 | ) | |||||||||||||||||||||||||||||
Net current-period other comprehensive income | (1.8 | ) | 1.3 | 0.1 | — | (0.4 | ) | Net current-period other comprehensive income | 1.9 | 1.4 | — | 0.3 | — | 3.6 | ||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | (21.0 | ) | $ | (69.0 | ) | $ | 2.1 | $ | (1.7 | ) | $ | (89.6 | ) | Balance at March 31, 2013 | $ | (5.7 | ) | $ | (97.6 | ) | $ | (0.3 | ) | $ | 1.3 | $ | (2.0 | ) | $ | (104.3 | ) | ||||||||||||||
Disclosure of Reclassification Amount [Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2014 and March 31, 2013 are summarized, in millions of dollars, in the following table: | ||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from accumulated comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Details about accumulated other comprehensive income components | 2014 | 2013 | Affected line item in the statement where net income (loss) is presented | |||||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension plans | ||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | 0.1 | (a) | |||||||||||||||||||||||||||||||||||||||||
Actuarial loss | 1.4 | 1.8 | (a) | |||||||||||||||||||||||||||||||||||||||||||
Transition obligation | 0.4 | (0.1 | ) | (a) | ||||||||||||||||||||||||||||||||||||||||||
1.8 | 1.8 | Total before tax | ||||||||||||||||||||||||||||||||||||||||||||
0.5 | 0.5 | Tax (provision) benefit | ||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications | $ | 1.3 | $ | 1.3 | Net of tax | |||||||||||||||||||||||||||||||||||||||||
____________ | ||||||||||||||||||||||||||||||||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost, see Note 15 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative line items in the Consolidated Statements of Income. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Goodwill [Line Items] | ' | ||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||
Changes in goodwill for the three months ended March 31, 2014 and March 31, 2013 are provided in the following table: | |||||||||
Dollar amounts in millions | 2014 | 2013 | |||||||
Beginning balance, December 31, | $ | 9.7 | $ | — | |||||
Additions | — | — | |||||||
Total goodwill | $ | 9.7 | $ | — | |||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
LP has recorded other intangible assets in its Consolidated Balance Sheets, as follows: | |||||||||
Dollar amounts in millions | March 31, 2014 | December 31, 2013 | |||||||
Timber licenses (recorded as part of Timber and timberlands) | $ | 67.3 | $ | 68.2 | |||||
Other | 0.1 | 0.1 | |||||||
Total | $ | 67.4 | $ | 68.3 | |||||
Amortization of the above intangible assets over the next five years is as follows: | |||||||||
Dollar amounts in millions | |||||||||
2014 | $ | 3.5 | |||||||
2015 | 3.5 | ||||||||
2016 | 4.2 | ||||||||
2017 | 4.2 | ||||||||
2018 | 4.2 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | ' | ||||||||
Sales and Operating Profit in Discontinued Operations [Table Text Block] | ' | ||||||||
Sales and operating profit included in discontinued operations are as follows: | |||||||||
Dollars amounts in millions | Three Months Ended March 31, | ||||||||
2014 | 2013 | ||||||||
Sales | $ | — | $ | 6.3 | |||||
Operating profit | — | 0.3 | |||||||
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
SSARS Expiration Date | 'P10Y |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Compensation Expense | 0.8 |
Unrecognized compensation costs | 4.9 |
Weighted-average period of years costs are expected to be recognied over | '1 year 5 months 16 days |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Compensation Expense | 0.1 |
Stock Appreciation Rights (SARs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '3 years |
Director [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Starting Term When Options Become Exercisable After Grant Date | '3 months |
Director [Member] | Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of months for options to vest at an incremental rate of ten percent for directors | '3 months |
Director [Member] | Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation costs | 4 |
Weighted-average period of years costs are expected to be recognied over | '1 year 6 months 15 days |
Chief Executive Officer [Member] | Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation costs | 0.7 |
Weighted-average period of years costs are expected to be recognied over | '2 years 1 month 6 days |
StockBased_Compensation_Valuat
Stock-Based Compensation Valuation Assumptions (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation related to stock plans | $2.10 | $2.10 |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period | '3 years | ' |
Options and SSARs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected sock price volatility | 57.50% | 69.20% |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.50% | 0.90% |
Expected life of options | '5 years | '5 years |
Weighted average fair value of options and SSARs granted | $9.03 | $11.68 |
StockBased_Compensation_Outsta
Stock-Based Compensation Outstanding Options and SSARs (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Options / SSARs outstanding at January 1, 2014 | 6,937,000 | ' |
Incentive shares granted | 490,000 | ' |
Options / SSARs exercised | -3,000 | ' |
Options / SSARs cancelled | -345,000 | ' |
Options / SSARs outstanding at March 31, 2014 | 7,079,000 | ' |
Options / SSARs outstanding Weighted Average Exercise Price | $14.18 | $14.26 |
SSARs granted Weighted Average Exercise Price | $18.09 | ' |
Options / SSARs exercised Weighted Average Exercise Price | $15.27 | ' |
Options / SSARs cancelled Weighted Average Exercise Price | $21.31 | ' |
Options / SSARs outstanding Weighted Average Contractual Term (in years) | 5.3 | ' |
Options / SSARs outstanding Aggregate Intrinsic Value (in millions) | $34.40 | ' |
Vested and expected to vest | 6,725,000 | ' |
Vested and expected to vest Aggregate Intrinsic Value (in millions) | 32.6 | ' |
Options / SSARs exercisable | 6,022,000 | ' |
Options / SSARs exercisable Weighted Average Exercise Price | $13.96 | ' |
Options / SSARs exercisable Aggregate Intrinsic Value (in millions) | 31.5 | ' |
Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Starting Term When Options Become Exercisable After Grant Date | '3 months | ' |
Employee Stock Option [Member] | Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Number of months for options to vest at an incremental rate of ten percent for directors | '3 months | ' |
Options and SSARs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Weighted-average period of years costs are expected to be recognied over | '2 years | ' |
Compensation Expense | 0.7 | ' |
Unrecognized compensation costs | $3.40 | ' |
Number of Shares Available for Grant | 5,200,000 | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Vesting Period | '3 years | ' |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Units (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Incentive shares granted | 490,000 |
Incentive shares ouststanding Aggregate Intrinsic Value (in millions) | $34.40 |
Director restricted stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Compensation Expense | 0.5 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Compensation Expense | 0.8 |
Incentive share awards outstanding at January 1, 2014 | 752,595 |
Incentive shares granted | 145,345 |
Incentive share awards vested | -248,724 |
Incentive share awards cancelled | -2,974 |
Incentive shares outstanding at March 31, 2014 | 646,242 |
Incentive share awards outstanding Weighted Average Contractual Term (in years) | '1 year 5 months 16 days |
Incentive shares ouststanding Aggregate Intrinsic Value (in millions) | 10.9 |
Vested and expected to vest at March 31, 2014 | 614,000 |
Vested and expected to vest Weighted Average Contractual Term (in years) | 0 |
Vested and expected to vest Aggregate Intrinsic Value (in millions) | $10.40 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Incentive shares outstanding at March 31, 2014 | 490,258 |
Director [Member] | Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Incentive share awards outstanding at January 1, 2014 | 512,085 |
Incentive shares granted | 117,412 |
Incentive share awards cancelled | -139,239 |
Chief Executive Officer [Member] | Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Incentive shares outstanding at March 31, 2014 | 300,000 |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted and Phantom Stock (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Restricted stock awards granted | 490,000 | ' |
Phantom Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Incentive shares outstanding at March 31, 2014 | 75,816 | ' |
Phantom Stock [Member] | Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Number Of Units Of Phantom Stock Used As Basis For Market Value Of Common Stock On Vesting Date | 1,000,000 | ' |
Number Of Units Of Common Stock Used To Measure Value Of Phantom Stock On Vesting Date | 1,000,000 | ' |
Years phantom stock vests over | '5 years | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Incentive shares outstanding at March 31, 2014 | 490,258 | ' |
Restricted Stock [Member] | Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation costs | $4 | ' |
Weighted-average period of years costs are expected to be recognied over | '1 year 6 months 15 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Incentive share awards outstanding at January 1, 2014 | 512,085 | ' |
Restricted stock awards granted | 117,412 | ' |
Restrictions lapsed | -139,239 | ' |
Restricted stock awards outstanding | $13.40 | $11.48 |
Restricted stock awards granted Weighted Average Grate Date Fair Value | $18.09 | ' |
Restrictions lapsing Weighted Average Grant Date Fair Value | $10.30 | ' |
Restricted Stock [Member] | Chief Executive Officer [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation costs | $0.70 | ' |
Weighted-average period of years costs are expected to be recognied over | '2 years 1 month 6 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Incentive shares outstanding at March 31, 2014 | 300,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $3.80 | $3.70 | $2.50 | $2 |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 3.6 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Available for sale securities | 3.8 | 3.7 | ' | ' |
Trading securities | 2.1 | 2 | ' | ' |
Business Combination, Contingent Consideration, Liability | 3.6 | 3.8 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Available for sale securities | 0 | 0 | ' | ' |
Trading securities | 2.1 | 2 | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Available for sale securities | 0 | 0 | ' | ' |
Trading securities | 0 | 0 | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Available for sale securities | 3.8 | 3.7 | ' | ' |
Trading securities | 0 | 0 | ' | ' |
Business Combination, Contingent Consideration, Liability | 3.6 | 3.8 | ' | ' |
Senior Secured Notes Maturing 2017 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Notes Payable, Fair Value Disclosure | $387 | $390 | ' | ' |
Fair_Value_Measurements_Unobse
Fair Value Measurements Unobservable Inputs Rollforward (Details) (USD $) | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | $3.60 | ' | $3.60 | $3.80 | $0 | $0 | $0 | $0 | $3.60 | $3.80 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 3.7 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Total realized/unrealized gains (losses) Included in other comprehensive income | 0.1 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 3.8 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | ($0.20) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income (loss) attributed to LP common shares [Abstract] | ' | ' |
Income (loss) from continuing operations | ($14.20) | $65 |
Income from discontinued operations | 0 | 0.1 |
Net income (loss) | ($14.20) | $65.10 |
Denominator: | ' | ' |
Basic - weighted average common shares outstanding | 140,800,000 | 138,400,000 |
Dilutive effect of stock warrants | 0 | 3,000,000 |
Dilutive effect of stock plans | 0 | 3,000,000 |
Diluted shares outstanding | 140,800,000 | 144,400,000 |
Basic earnings per share: | ' | ' |
Income (loss) from continuing operations | ($0.10) | $0.47 |
Income from discontinued operations | $0 | $0 |
Net income (loss) per share | ($0.10) | $0.47 |
Diluted earnings per share: | ' | ' |
Income (loss) from continuing operations | ($0.10) | $0.45 |
Income from discontinued operations | $0 | $0 |
Net income (loss) per share | ($0.10) | $0.45 |
Antidilutive securities excluded from computation of earnings per share | 3,600,000 | 2,200,000 |
Warrants outstanding | 1,462,119 | ' |
Receivables_Details
Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade receivables | $135.90 | $69.20 |
Interest receivables | 0.7 | 0.2 |
Income Taxes Receivable | 0.5 | 1.2 |
Other receivables | 7 | 8.6 |
Allowance for doubtful accounts | -1.1 | -1.1 |
Total | $143 | $78.10 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finished products | $170.50 | $138.60 |
Total | 276.3 | 224.4 |
Logs [Member] | ' | ' |
Logs | 66.4 | 46.9 |
Other Raw Materials [Member] | ' | ' |
Logs | 20.4 | 27.8 |
Semi finished inventory [Member] | ' | ' |
Finished products | $19 | $11.10 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, plant and equipment held for sale [Abstract] | ' | ' |
Assets held-for-sale, property, plant and equipment | $112.20 | $112.20 |
Assets held for sale acumulated depreciation | -95.9 | -95.9 |
Assets Held For Sale Property Plant and Equipment Net | 16.3 | 16.3 |
Land Land Improvements And Logging Roads Net of Road Amortization [Member] | ' | ' |
Property, plant and equipment held for sale [Abstract] | ' | ' |
Assets held-for-sale, property, plant and equipment | 6.9 | 6.9 |
Building [Member] | ' | ' |
Property, plant and equipment held for sale [Abstract] | ' | ' |
Assets held-for-sale, property, plant and equipment | 6.2 | 6.2 |
Machinery and Equipment [Member] | ' | ' |
Property, plant and equipment held for sale [Abstract] | ' | ' |
Assets held-for-sale, property, plant and equipment | $99.10 | $99.10 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | ' |
Continuing operations | ($5.60) | $22.90 | ' |
Discontinued operations | 0 | 0.2 | ' |
Total tax benefit | -5.6 | 23.1 | ' |
Continuing operations effective tax rate | -28.00% | 26.00% | ' |
Discontinued operation effective tax rate | 35.00% | 35.00% | ' |
Total effective tax rate | -28.00% | 26.00% | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 13.2 | ' | ' |
Payment of long-term deposit | ' | ' | ($17.10) |
Other_Operating_Credits_and_Ch2
Other Operating Credits and Charges, Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain Contingencies [Line Items] | ' | ' |
Inventory adjustment | ' | $1.60 |
Inventory Write-down | 0 | -1.6 |
Other Operating Income (Expense), Net | $0 | ($1.60) |
Transactions_with_Affiliates_D
Transactions with Affiliates (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | AbitibiBowater-LP [Member] | AbitibiBowater-LP [Member] | AbitibiBowater-LP [Member] | AbitibiBowater-LP [Member] | Canfor-LP [Member] | ||
I Joist [Member] | I Joist [Member] | OSB [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Ownership in affiliates | 50.00% | ' | ' | ' | ' | ' | ' |
Revenue from affiliates | ' | ' | $2.50 | $3.50 | ' | ' | ' |
Expenses from affiliates | ' | ' | ' | ' | 12.2 | 11 | 60.2 |
Due from affiliates | $1.40 | $0.80 | ' | ' | ' | ' | ' |
Selected_Segment_Data_Details
Selected Segment Data (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | $444.70 | $531.10 |
Operating profit (loss): | -10.2 | 88.5 |
Other operating credits and charges, net | 0 | -1.6 |
General corporate and other expenses, net | -27.3 | -22.5 |
Foreign currency gains (losses) | -4.3 | -0.7 |
Investment income | 1.8 | 3.5 |
Interest expense, net of capitalized interest | -7.7 | -10.6 |
Income (loss) from continuing operations before taxes | -19.8 | 87.9 |
Provision (benefit) for income taxes | -5.6 | 22.9 |
Income (loss) from continuing operations | -14.2 | 65 |
OSB [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | 194.9 | 286.7 |
Operating profit (loss): | -1.9 | 98.1 |
Siding [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | 143.5 | 133.8 |
Operating profit (loss): | 19.2 | 20.7 |
Engineered Wood Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | 66.4 | 63.4 |
Operating profit (loss): | -3.1 | -3.5 |
South America [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | 36.6 | 45.1 |
Operating profit (loss): | 4.2 | 6.3 |
Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | 3.7 | 2.7 |
Operating profit (loss): | -0.7 | -1.8 |
Intersegment elimination [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales: | ($0.40) | ($0.60) |
Contingency_Reserves_Details
Contingency Reserves (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | $14.80 | $15.30 |
Current portion of contingency reserves | -2 | -2 |
Long-term portion of contingency reserves | 12.8 | 13.3 |
Environmental reserves [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | 14.5 | 14.9 |
Hardboard Siding Reserves [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | $0.30 | $0.40 |
Contingency_Reserves_Hardboard
Contingency Reserves Hardboard Contingencies Rollforward (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingency Accrual [Roll Forward] | ' | ' |
Beginning Balance, December 31 | $14.80 | $15.30 |
Ending Balance | 14.8 | 15.3 |
Hardboard Siding Reserves [Member] | ' | ' |
Loss Contingency Accrual [Roll Forward] | ' | ' |
Beginning Balance, December 31 | 0.3 | 0.4 |
Ending Balance | $0.30 | $0.40 |
Defined_Benefit_Pension_Plans_1
Defined Benefit Pension Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension Expense | ' | $1.80 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service cost | 0.9 | 0.8 |
Interest cost | 3.7 | 3.2 |
Expected return on plan assets | -4.2 | -4.1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0.1 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.4 | 1.8 |
Net periodic pension cost | 1.8 | 1.8 |
Pension Contributions | 1.2 | ' |
Maximum [Member] | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 7 | ' |
Minimum [Member] | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $5 | ' |
Guarantees_and_Indemnification2
Guarantees and Indemnifications (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Beginning Balance | $29.30 | $21.40 |
Accrued to expense | 0.2 | 0.3 |
Product Warranty Accrual, Period Increase (Decrease) | 0.4 | 0 |
Payments made | -2.9 | -2.3 |
Total warranty reserves | 26.2 | 19.4 |
Current portion of warranty reserves | -12 | -12 |
Long-term portion of warranty reserves | $14.20 | $7.40 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Foreign Currency Translation Adjustment, Net of Tax | ($21) | ($5.70) | ($19.20) | ($7.60) |
Pension and Other Postretirement Benefit Plans, Net of Tax | -69 | -97.6 | -70.3 | -99 |
Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | -0.3 | ' | -0.3 |
Available-for-sale Securities Adjustment, Net of Tax | 2.1 | 1.3 | 2 | 1 |
Other, Net of Tax | -1.7 | -2 | -1.7 | -2 |
Accumulated comprehensive loss | -89.6 | -104.3 | -89.2 | -107.9 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0.1 | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.4 | 1.8 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Transition Asset (Obligation), Recognized in Net Periodic Benefit Cost, before Tax | 0.4 | -0.1 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 1.8 | 1.8 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Transition Asset (Obligation), Recognized in Net Periodic Benefit Cost, Tax | 0.5 | 0.5 | ' | ' |
Foreign currency translation adjustments | -1.8 | 1.9 | ' | ' |
Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2.6 | 2.7 | ' | ' |
Unrealized loss on derivative instrument | ' | 0 | ' | ' |
Unrealized gain on marketable securities, net of reversals | 0.1 | 0.3 | ' | ' |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 | ' | ' |
Other comprehensive income | 0.9 | 4.9 | ' | ' |
Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | -1.3 | -1.3 | ' | ' |
Other comprehensive income (loss), net of tax | -0.4 | 3.6 | ' | ' |
Defined benefit pension plans | 1.3 | 1.4 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | $1.30 | $1.30 | ' | ' |
Proposed_Acquisition_of_Ainswo1
Proposed Acquisition of Ainsworth Lumber Co Ltd (Details) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0.114 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 1.94 |
Aggregate Maximum [Member] | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 27.5 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 467 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill | $9.70 | $0 | $9.70 | $0 |
Goodwill, Acquired During Period | $0 | $0 | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Other Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $3.50 | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 34.1 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3.5 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.2 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4.2 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4.2 | ' |
Finite-Lived Intangible Assets, Net | 67.4 | 68.3 |
Timber Licenses [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 67.3 | 68.2 |
Other Intangible Assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | $0.10 | $0.10 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations [Abstract] | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $0 | $6.30 |
Income from discontinued operations before taxes | $0 | $0.30 |