Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LOUISIANA-PACIFIC CORP | |
Entity Central Index Key | 60519 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 141,260,223 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $2,070,534,952 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $532.70 | $656.80 |
Receivables, net of allowance for doubtful accounts of $1.1 million at December 31, 2014 and 2013 | 108.4 | 78.1 |
Inventories | 229.8 | 224.4 |
Prepaid expenses and other current assets | 25 | 7.7 |
Deferred income taxes | 45.1 | 50.9 |
Assets held for sale | 9.3 | 16.3 |
Total current assets | 950.3 | 1,034.20 |
Timber and timberlands | 67.1 | 71.6 |
Land, land improvements and logging roads, net of road amortization | 136.1 | 123.1 |
Buildings | 321.6 | 330.9 |
Machinery and equipment | 1,838.80 | 1,794.50 |
Construction in progress | 18.6 | 46.1 |
Property, plant and equipment, at cost | 2,315.10 | 2,294.60 |
Accumulated depreciation | -1,464.40 | -1,407.80 |
Net property, plant and equipment | 850.7 | 886.8 |
Goodwill | 9.7 | 9.7 |
Notes receivable from asset sales | 432.2 | 432.2 |
Investments in and advances to affiliates | 5 | 3.2 |
Deferred debt costs | 5.6 | 6.8 |
Long-term investments | 4.6 | 3.7 |
Restricted cash | 10.4 | 11.3 |
Other assets | 17.3 | 33.8 |
Long-term deferred tax asset | 0.6 | 0 |
Total assets | 2,353.50 | 2,493.30 |
LIABILITIES AND EQUITY | ||
Current portion of long-term debt | 2.4 | 2.3 |
Accounts payable and accrued liabilities | 168.3 | 161.9 |
Current portion of contingency reserves | 2 | 2 |
Total current liabilities | 172.7 | 166.2 |
Long-term debt, excluding current portion | 759.5 | 762.7 |
Deferred income taxes | 139.5 | 188.7 |
Contingency reserves, excluding current portion | 12.2 | 13.3 |
Other long-term liabilities | 153.8 | 136.1 |
Stockholders' equity: | ||
Preferred stock, $1 par value, 15,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $1 par value, 200,000,000 shares authorized, 152,844,802 and 152,045,461 shares issued | 152.8 | 152 |
Additional paid-in capital | 507 | 508 |
Retained earnings | 812.3 | 887.7 |
Treasury stock, 10,618,647 shares and 10,920,546 shares, at cost | -225 | -232.2 |
Accumulated comprehensive loss | -131.3 | -89.2 |
Total stockholders' equity | 1,115.80 | 1,226.30 |
Total liabilities and stockholders' equity | $2,353.50 | $2,493.30 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $1 | $1.10 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 152,045,461 | 152,045,461 |
Preferred Stock, Par or Stated Value Per Share | $1 | $1 |
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury Stock, Shares | 10,618,647 | 10,920,546 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $1,934.80 | $2,085.20 | $1,691.20 |
Operating costs and expenses: | |||
Cost of sales | 1,757.80 | 1,636.90 | 1,383.20 |
Depreciation and amortization | 100.7 | 91.3 | 73.4 |
Selling and administrative | 149.5 | 150.2 | 128.4 |
Loss on sale or impairment of long lived assets | -3.1 | 0.2 | 4.9 |
Other operating credits and charges, net | 7.5 | 3.8 | -2.9 |
Total operating costs and expenses | 2,012.40 | 1,882.40 | 1,587 |
Income (loss) from operations | -77.6 | 202.8 | 104.2 |
Non-operating income (expense): | |||
Interest expense, net of capitalized interest | -29.8 | -36 | -49.3 |
Investment income | 5.5 | 10.3 | 14.8 |
Other non-operating income (expense) | -3.1 | 29.5 | -34.9 |
Total non-operating income (expense) | -27.4 | 3.8 | -69.4 |
Income (loss) before income taxes and equity in (income) loss of unconsolidated affiliates | -105 | 206.6 | 34.8 |
Provision (benefit) for income taxes | -27.2 | 41.1 | 7 |
Equity in (income) loss of unconsolidated affiliates | -4.4 | -11.9 | -1.7 |
Income (loss) from continuing operations | -73.4 | 177.4 | 29.5 |
Loss from discontinued operations before taxes | -3 | -0.4 | -1.1 |
Benefit for income taxes | -1 | -0.1 | -0.4 |
Loss from discontinued operations | -2 | -0.3 | -0.7 |
Net income (loss) | ($75.40) | $177.10 | $28.80 |
Basic net income (loss) per share: | |||
Income (loss) per share from continuing operations | ($0.52) | $1.27 | $0.22 |
Loss per share from discontinued operations | ($0.01) | $0 | ($0.01) |
Net income (loss) per share | ($0.53) | $1.27 | $0.21 |
Diluted net earnings (loss) per share: | |||
Income (loss) per share from continuing operations | ($0.52) | $1.23 | $0.20 |
Loss per share from discontinued operations | ($0.01) | $0 | $0 |
Net income (loss) per share | ($0.53) | $1.23 | $0.20 |
Average shares of stock outstanding - basic | 141.1 | 139.6 | 137.1 |
Average shares of stock outstanding - diluted | 141.1 | 144.3 | 142.6 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | ($75.40) | $177.10 | $28.80 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustment | -14.5 | -11.6 | 0.6 |
Unrealized gain (losses) on derivative financial instruments | 0 | 0.3 | -0.7 |
Unrealized gain (losses) on securities, net of reversals | 0.6 | 1 | 0.8 |
Defined benefit pension and post retirement plans: | |||
Amortization of prior service cost | 0 | 0.2 | 0.2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, Net of Tax | -6.1 | 4.6 | 5.4 |
Amortization of net actuarial loss | 5.5 | 7.3 | 6.6 |
Net gain (loss) | -26.7 | 23 | -8.1 |
Amortization of net loss | 3.9 | 4.7 | 4.2 |
Pension settlement | 0 | 0 | 1.3 |
Exchange gain (loss) on remeasurement | 0.7 | 1.1 | 0 |
Other comprehensive income (loss), net of tax | -42.1 | 18.7 | -1.7 |
Comprehensive income (loss) | ($117.50) | $195.80 | $27.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | ($75.40) | $177.10 | $28.80 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 100.7 | 91.3 | 73.4 |
(Income) loss from unconsolidated affiliates | -4.4 | -11.9 | -1.7 |
Other operating credits and charges, net | 9 | 3.8 | -2.9 |
Loss on sale or impairment of long-lived assets | -3.1 | 0.2 | 4.9 |
Gain from acquisition | 0 | -35.9 | 0 |
Gain on sale of discontinued operations | 0 | -1.7 | 0 |
Gain on sale of joint venture | 0 | -1.2 | 0 |
Gain on settlement of litigation related to ARS | 0 | 0 | -20 |
Loss on early debt extinguishment | 0 | 2.3 | 52.2 |
Payment of long-term deposit | 0 | -17.1 | 0 |
Stock-based compensation related to stock plans | 9.4 | 8.8 | 8.4 |
Exchange loss on remeasurement | -2.5 | -2.9 | 3.4 |
Cash settlement of contingencies | -1.6 | -0.4 | -1.4 |
Cash settlements of warranties, net of accruals | -7.9 | -9.6 | -5.1 |
Pension (payments) expense, net | -3.2 | 6.3 | 8.4 |
Non-cash interest expense, net | 1.7 | 0.8 | 4.8 |
Other adjustments, net | 0.4 | -0.4 | 0.7 |
(Increase) decrease in receivables | -34.1 | 4.5 | -13.3 |
Increase in inventories | -9.2 | -17.7 | -44.5 |
(Increase) decrease in prepaid expenses | -0.4 | -1.9 | 0.3 |
Increase (decrease) in accounts payable and accrued liabilities | -7.8 | 12.4 | 11.7 |
Increase (decrease) in deferred income taxes | -24.5 | 35.7 | 3.7 |
Net cash provided by (used in) operating activities | -52.9 | 242.5 | 111.8 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Property, plant, and equipment additions | -80.1 | -75.6 | -31.2 |
Proceeds from asset sales | 13.2 | 16.7 | 9.2 |
Acquisitions, net of cash | 0 | -67.4 | 0 |
Investment in and advances to joint ventures | 2.6 | 13.9 | 12.7 |
Proceeds from sale of joint venture | 0 | 2.9 | 0 |
Proceeds from settlement of litigation related to ARS | 0 | 0 | 20 |
Receipt of proceeds from notes receivable | 0 | 91.4 | 10 |
Decrease (increase) in restricted cash under letters of credit/credit facility | 0.8 | 0.7 | 0.8 |
Net cash provided by (used in) investing activities | -63.5 | -17.4 | 21.5 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings of long-term debt | 0 | 0 | 350.2 |
Repayment of long term debt | -2.3 | -113.2 | -253.1 |
Payment of debt issuance fees | 0 | -1.2 | -6.3 |
Taxes paid related to net share settlement of equity awards | -1.5 | -12.1 | 0 |
Other financing activities, net | -0.1 | 0.1 | 1.3 |
Net cash provided by (used in) financing activities | -3.9 | -126.4 | 92.1 |
Effect of exchange rate on cash and cash equivalents | -3.8 | -2.8 | -4.5 |
Net increase (decrease) in cash and cash equivalents | -124.1 | 95.9 | 220.9 |
Cash and cash equivalents at beginning of year | 656.8 | 560.9 | 340 |
Cash and cash equivalents at end of year | $532.70 | $656.80 | $560.90 |
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, except Share data | ||||||
Balance, Beginning at Dec. 31, 2011 | ||||||
Net income (loss) | $28.80 | $28.80 | ||||
Issuance for employee stock plans and stock-based compensation | -2.3 | 21.5 | -23.8 | |||
Issuance of shares for employee stock plans and stock-based compensation | -800,000 | |||||
Amortization of restricted stock grants | 8.1 | 8.1 | ||||
Issuance of shares for public offering | ||||||
Exercise of stock warrants | 0.6 | |||||
Exercise of stock warrants, shares | 600,000 | |||||
Exercise of stock warrants | 0 | |||||
Redemption of redeemable non-controlling interest | -1.7 | |||||
Other comprehensive loss | -1.7 | |||||
Balance, Ending, Shares at Dec. 31, 2012 | 150,400,000 | 11,900,000 | ||||
Balance, Ending at Dec. 31, 2012 | 1,033.80 | 150.4 | -252.9 | 533.6 | 710.6 | -107.9 |
Net income (loss) | 177.1 | 177.1 | ||||
Issuance for employee stock plans and stock-based compensation | -12 | 20.7 | -32.7 | |||
Issuance of shares for employee stock plans and stock-based compensation | -1,000,000 | |||||
Amortization of restricted stock grants | 8.4 | 8.4 | ||||
Issuance of shares for public offering | 1,621,362 | |||||
Exercise of stock warrants | 1.6 | |||||
Exercise of stock warrants, shares | 1,600,000 | |||||
Exercise of stock warrants | 0 | -1.6 | ||||
Issuance of shares for employee stock plans and stock-based compensation | 0.3 | 0.3 | ||||
Tax cost of employee stock plan transactions | -13.2 | |||||
Other comprehensive loss | 18.7 | 18.7 | ||||
Balance, Ending, Shares at Dec. 31, 2013 | 152,000,000 | 10,900,000 | ||||
Balance, Ending at Dec. 31, 2013 | 1,226.30 | 152 | -232.2 | 508 | 887.7 | -89.2 |
Net income (loss) | -75.4 | |||||
Issuance for employee stock plans and stock-based compensation | -0.7 | 8.8 | -9.5 | |||
Issuance of shares for employee stock plans and stock-based compensation | -400,000 | |||||
Amortization of restricted stock grants | 9.3 | 9.3 | ||||
Issuance of shares for public offering | 799,488 | |||||
Exercise of stock warrants | 0.8 | |||||
Exercise of stock warrants, shares | 800,000 | |||||
Exercise of stock warrants | 0 | -0.8 | ||||
Issuance of shares for employee stock plans and stock-based compensation | -1.6 | 0 | ||||
Tax cost of employee stock plan transactions | -13.9 | |||||
Other comprehensive loss | -42.1 | -42.1 | ||||
Balance, Ending, Shares at Dec. 31, 2014 | 152,800,000 | 10,600,000 | ||||
Balance, Ending at Dec. 31, 2014 | $1,115.80 | $152.80 | ($225) | $507 | $812.30 | ($131.30) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||||||||||
Significant Accounting Policies [Text Block] | ||||||||||||
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Nature of Operations | ||||||||||||
Louisiana-Pacific Corporation and its subsidiaries (collectively LP or the Company) are principally engaged in the manufacture of building products. In addition to its U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile and Brazil through foreign subsidiaries and a joint venture. The principal customers for the Company’s building products are retail home centers, manufactured housing producers, distributors and wholesalers in North America and South America, with sales to Asia, Australia and Europe. | ||||||||||||
See Note 24 below for further information regarding LP’s products and segments. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See discussion of specific estimates in this Note under the headings “Other Operating Credits and Charges, Net” and in the Notes entitled “Income Taxes,” “Retirement Plans and Postretirement Benefits,” “Stockholders’ Equity,” “Other Operating Credits and Charges, Net,” “Gain (Loss) on Sale of and Impairment of Long-Lived Assets, Net,” “Contingencies” and "Acquisition of Peace Valley OSB." | ||||||||||||
Consolidation | ||||||||||||
The consolidated financial statements include the accounts of LP and its majority-owned subsidiaries after elimination of intercompany transactions. The equity method of accounting is used for joint ventures and investments in associated companies over which LP has significant influence but does not have control. Significant influence is deemed to exist generally when the Company has an ownership interest in the voting stock of an investee of between 20 percent and 50 percent. LP’s equity in the income and losses of these investments is recorded in “Equity in loss of unconsolidated affiliates” on the Consolidated Statements of Income. See Note 8 for further discussion of these investments and advances. | ||||||||||||
LP consolidates a variable interest entity (VIE) when it has a controlling financial interest in the VIE and is thus determined to be the VIE's primary beneficiary. LP currently consolidates its interest in LP Pinewood which was established in 2003 in connection with the sale of LP's southern timberlands. LP has notes receivable of $410.0 million (see Note 6) and notes payable of $368.7 million (see Note 12) recorded in the balance sheet related to LP's interest in the VIE. For further information regarding the details of the relationship of the assets and liabilities and the recourse provisions of the consolidated VIE see Note 12. | ||||||||||||
LP also has a variable interest in its Abitibi-LP equity method investee but is not considered to be the primary beneficiary. See Note 8 for further information on this investment. | ||||||||||||
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 (employee stock options, stock settled stock appreciation rights, incentive shares, performance shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar and share amounts in millions, except per share amounts | 2014 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Income (loss) attributed to LP common shares: | ||||||||||||
Income (loss) from continuing operations | $ | (73.4 | ) | $ | 177.4 | $ | 29.5 | |||||
Loss from discontinued operations | (2.0 | ) | (0.3 | ) | (0.7 | ) | ||||||
Net income (loss) | $ | (75.4 | ) | $ | 177.1 | $ | 28.8 | |||||
Denominator: | ||||||||||||
Basic—weighted average common shares outstanding | 141.1 | 139.6 | 137.1 | |||||||||
Dilutive effect of employee stock plans | — | 2.5 | 2.3 | |||||||||
Dilutive effect of stock warrants | — | 2.2 | 3.2 | |||||||||
Diluted shares outstanding | 141.1 | 144.3 | 142.6 | |||||||||
Basic earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.27 | $ | 0.22 | |||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.27 | $ | 0.21 | |||||
Diluted earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.23 | $ | 0.2 | |||||
Loss from discontinued operations | (0.01 | ) | — | — | ||||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.23 | $ | 0.2 | |||||
Stock options, warrants and stock settled stock appreciation rights (SSARs) related to approximately 2.5 million and 2.3 million common shares were considered not in-the-money for purposes of LP's earnings per share calculation for the years ended December 31, 2013 and December 31, 2012. Stock options, warrants, stock settled stock appreciation rights (SSARs) and performance shares related to approximately 5.8 million common shares for the year ended December 31, 2014 were considered anti-dilutive for purposes of LP’s earnings per share calculation due to LP’s loss position in continuing operations. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consist of money market investments with an initial maturity of three months or less. These investments are stated at cost, which approximates market value. | ||||||||||||
Investments | ||||||||||||
LP’s long-term investments are classified as available-for-sale and are reported at estimated fair value. LP may invest in securities including U.S. treasury notes, bank obligations, corporate obligations, auction rate securities and commercial paper. Under LP’s investment criteria at purchase, bank and corporate obligations carry a rating of at least A-1 and commercial paper must have the highest rating obtainable from one or more rating agencies. Unrealized gains and losses, net of tax, on these investments are reported as a separate component of “Accumulated comprehensive loss” in Stockholders’ Equity until realized. Impairment losses are charged to income for other-than-temporary declines in fair value. Realized gains and losses (including impairments) are recorded in “Investment income” in the Consolidated Statements of Income. For purposes of computing realized gains and losses, cost is identified on a specific identification basis. See Note 2 for further discussion. | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||
LP has, where appropriate, estimated the fair value of financial instruments. These fair value amounts may be significantly affected by the assumptions used, including the discount rate and estimates of cash flows. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. | ||||||||||||
Inventory | ||||||||||||
Inventories are valued at the lower of cost or market. Inventory costs include materials, labor and operating overhead. The LIFO (last-in, first-out) method is used for a minor portion of the Company’s log inventories with the remaining inventories valued at FIFO (first-in, first-out) or average cost. See Note 5 for further discussion. | ||||||||||||
Timber and Timberlands | ||||||||||||
Timber and timberlands is comprised of timber deeds and allocations of purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which LP purchases timber, but not the underlying land. The cost of timber deeds are capitalized in timber and timberlands and charged to cost of timber harvested as the volume is removed. Timber that has been severed but has not yet been delivered to a facility is included in timber and timberlands. The values associated with timber licenses were allocated in the purchase price allocations for Le Groupe Forex (Forex), Peace Valley OSB and the assets of Evans Forest Products. These licenses have a life of twenty to twenty-five years. These licenses are amortized on a straight-line basis over the life of the facilities. Cost of timber harvested also includes the amortization of the timber licenses. See Note 7 for further discussion. | ||||||||||||
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”. During 2014, LP sold the assets of one of its non-operating locations for $11.9 million. As of December 31, 2014 and 2013, LP included two OSB mills and various non-operating sites in its held for sale category. See Note 3 for discussion of impairments recorded on these assets to reduce carrying value to estimated sales prices less estimated selling costs. The current book values of assets held for sale by category is as follows: | ||||||||||||
Dollar amounts in millions | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Property, plant and equipment, at cost: | ||||||||||||
Land, land improvements and logging roads, net of road amortization | $ | 4.5 | $ | 6.9 | ||||||||
Buildings | 2.9 | 6.2 | ||||||||||
Machinery and equipment | 52 | 99.1 | ||||||||||
59.4 | 112.2 | |||||||||||
Accumulated depreciation | (50.1 | ) | (95.9 | ) | ||||||||
Net property, plant and equipment | $ | 9.3 | $ | 16.3 | ||||||||
LP believes that the net realizable sales value of the aforementioned assets exceeds their carrying values. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment, including capitalized interest, are recorded at cost. Depreciation for financial statement purposes is provided principally using the units of production method for machinery and equipment which amortizes the cost of equipment over the estimated units that will be produced during its useful life. Provisions for depreciation of buildings, land improvements and the remaining machinery and equipment have been computed using straight-line rates based on the estimated service lives. The effective straight-line lives for the principal classes of property range from three to twenty years. | ||||||||||||
Logging road construction costs are capitalized and included in land and land improvements. These costs are amortized as the timber volume adjacent to the road system is harvested. | ||||||||||||
LP capitalizes interest on borrowed funds during construction periods. Capitalized interest is charged to machinery and equipment accounts and amortized over the lives of the related assets. Capitalized interest totaled $1.3 million in 2014 and $1.6 million in 2013. | ||||||||||||
Potential Impairments | ||||||||||||
Long-lived assets to be held and used by LP (primarily property, plant and equipment and timber and timberlands) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When impairment is indicated, the book values of the assets are written down to their estimated fair value as calculated by the expected discounted cash flow or estimated net sales price. See Note 3 for impairment charges recorded in the periods presented. See Note 17 for a discussion of charges in 2014, 2013 and 2012 related to impairments of property, plant and equipment. Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value. | ||||||||||||
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 December 31, 2014, the fair values of LP's facilities were substantially in excess of their carrying value, which supported the conclusion that no impairment is necessary for those facilities. However, if demand and pricing for the relevant products continues at levels significantly below cycle average demand and pricing, or should LP decide to invest capital in alternative projects, or should changes occur related to LP's wood supply for these locations, it is possible that impairment charges will be required. | ||||||||||||
Income Taxes | ||||||||||||
LP accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in LP’s financial statements or tax returns. In estimating future tax consequences, LP generally considers all expected future events other than the enactment of changes in tax laws or rates and future income. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. Additionally, deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. | ||||||||||||
LP recognizes liabilities for uncertain tax positions through a two step process. The first step is to the evaluate the tax position for recognition by determining if the weight of the available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step requires LP to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as LP must determine the probability for various outcomes. LP evaluates these uncertain tax provisions when new information becomes available. These revaluations are based upon factors including, but not limited to, changes in circumstances, changes in tax law, successful settlement of issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. | ||||||||||||
LP classifies interest related to income taxes liabilities or uncertain tax positions as interest expense or interest income and, if applicable, penalties are recognized as a component of income tax expense. | ||||||||||||
See Note 10 for further discussion of deferred income taxes. | ||||||||||||
Stock-Based Compensation | ||||||||||||
LP recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options, performance shares, restricted stock or restricted stock units and stock settled stock appreciation rights (SSAR), based upon the fair value of those awards at the date of grant over the requisite service period. LP generally uses the Black-Scholes-Merton (Black-Scholes) option pricing model to determine the fair value of the stock option and SSAR awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note 14. The fair market value of performance share awards are determined based on the fair value as of the date of grant times the number of shares adjusted for the weighted probability of the attainment of the relevant performance goals. | ||||||||||||
Foreign Currency Translation | ||||||||||||
The functional currency for the Company’s Canadian subsidiaries is the U.S. dollar; however the books and records for these subsidiaries are maintained in the Canadian dollar. The financial statements of these foreign subsidiaries are remeasured into U.S. dollars using the historical exchange rate for property, plant and equipment, timber and timberlands, goodwill, and certain other non-monetary assets and related depreciation and amortization on these assets and liabilities. LP uses the exchange rate at the balance sheet date for the remaining assets and liabilities, including deferred taxes. A weighted-average exchange rate is used for each period for revenues and expenses. These transaction gains or losses are recorded in “Other non-operating income (expense)” on the Consolidated Statements of Income. | ||||||||||||
The functional currencies of LP’s Chilean and Brazilian subsidiaries are the Chilean peso and Brazilian real and their books and records are maintained in the local currency. Translation adjustments, which are based upon the exchange rate at the balance sheet date for assets and liabilities and the weighted-average rate for the income statement, are recorded in “Accumulated comprehensive loss” in Stockholders’ equity. | ||||||||||||
Goodwill | ||||||||||||
Goodwill is tested for impairment on an annual basis, and when indicators of impairment are determined to exist. Impairment is evaluated by applying a fair value based test. Impairment losses would be recognized whenever the implied fair value of goodwill is less than its carrying value. | ||||||||||||
Intangible Assets | ||||||||||||
Intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited. Impairment of the intangible asset is evaluated when factors indicate impairment may exist. | ||||||||||||
Restricted Cash | ||||||||||||
In accordance with LP’s credit facilities, discussed at Note 12, LP has established restricted cash accounts. As of December 31, 2014, a portion of the restricted cash secures outstanding letters of credit under LP’s U.S. and Canadian credit facilities. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when title has passed. The following criteria are used to determine that title has passed: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price to the buyer is fixed or determinable; and (4) the collection is reasonably assured. | ||||||||||||
During 2014, 2013 and 2012, LP's top ten customers accounted for approximately 41%, 44% and 46% of its sales. During 2012, Home Depot, Inc. accounted for more than 10% of its sales with no customers exceeding 10% in 2013 or 2014. | ||||||||||||
Pricing and Sales Incentives | ||||||||||||
LP records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives, at the date revenue is recognized. Some of these incentives are negotiated up front with the customer and are redeemable only if the customer achieves a specified cumulative level of sales (measured in dollars or units) or sales increase. Under these incentive programs, at the time of sale, LP estimates the anticipated rebate to be paid based upon forecasted sales levels. These forecasts are updated on a regular basis. If the forecasted sales for a customer change significantly, the accrual for rebates is adjusted to reflect the revised estimate. | ||||||||||||
Asset Retirement Obligations | ||||||||||||
LP records the fair value of the legal obligations and the conditional obligations to retire and remove long-lived assets in the period which the obligation is incurred. These obligations primarily consist of monitoring costs on closed landfills, timber reforestation obligations associated with LP’s timber licenses in Canada and certain site restoration costs. When the related liability is initially recorded, LP capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, LP recognizes a gain or loss for any difference between the settlement amount and the liability recorded. See Note 15 for further discussion. | ||||||||||||
Deferred Debt Costs | ||||||||||||
Deferred debt costs are amortized over the life of the related debt using a straight line basis which approximates the effective interest method. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to other non-operating income (expense). During 2013, $1.4 million and during 2012, $4.5 million of deferred debt costs were written off in association with the early debt extinguishment. LP amortized deferred debt costs of $1.2 million, $1.4 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012. See Note 11 for further discussion. | ||||||||||||
Other Operating Credits and Charges, Net | ||||||||||||
LP classifies significant amounts that management considers unrelated to ongoing core operating activities as “Other operating credits and charges, net” in the Consolidated Statements of Income. Such items include, but are not limited to, amounts related to restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, product reserves, prior year inventory profit adjustments, retirement charges and gains or losses from settlements with governmental or other organizations. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment. See Note 16 for a discussion of specific amounts in 2014, 2013 and 2012. | ||||||||||||
Retirement Benefits | ||||||||||||
LP is required to use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Difference between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 13 for further information. | ||||||||||||
Comprehensive Income | ||||||||||||
Comprehensive income consists of net income (loss) and other gains and losses affecting shareholders’ equity that are excluded from net income (loss), including foreign currency translation adjustments, prior service costs and credits, transition assets or obligations associated with pension or other post retirement benefits that have not been recognized as components of net periodic benefit costs, net unrealized gains or losses on securities, and unrealized gains and losses on financial instruments qualifying for cash flow hedge accounting, and is presented in the accompanying Consolidated Statements of Comprehensive Income. See Note 22 for further discussion. | ||||||||||||
Present and Prospective Accounting Pronouncements | ||||||||||||
In August 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether conditions exist which raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year of when the financial statements are available to be issued). If such conditions exist, disclosure is required of: (1) the principal conditions; (2) management’s evaluation of the significance of the conditions on the entity’s ability to meet obligations; and (3) management’s plans to alleviate this substantial doubt related to the ability to continue as a going concern. If management’s plans do not alleviate this substantial doubt, management must specifically disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or date the financial statements are available to be issued), in addition to the disclosure noted above. This guidance becomes effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. | ||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. LP is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance states that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also requires additional disclosures regarding individually significant disposals of components that do not meet the criteria to be recognized as a discontinued operation as well as additional and expanded disclosures. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015; it is applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The adoption of this standard will impact presentation only and will not have an effect on LP's consolidated results of operations and financial position. |
Investments
Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments [Abstract] | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS | |||||||||||||||
Long-term investments held by LP are debt securities designated as available for sale and are reported at fair market value using the specific identification method. The following table summarizes unrealized gains and losses related to these investments as of December 31, 2014 and December 31, 2013: | ||||||||||||||||
Dollar amounts in millions | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | ||||||||||||||||
Auction rate securities | $ | 0.3 | $ | 4.3 | $ | — | $ | 4.6 | ||||||||
Total marketable securities | $ | 0.3 | $ | 4.3 | $ | — | $ | 4.6 | ||||||||
December 31, 2013 | ||||||||||||||||
Auction rate securities | $ | 0.4 | $ | 3.3 | $ | — | $ | 3.7 | ||||||||
Total marketable securities | $ | 0.4 | $ | 3.3 | $ | — | $ | 3.7 | ||||||||
As of December 31, 2014, LP had $4.6 million ($23.4 million, par value) invested in auction rate securities (ARS). The ARS held by LP are securities with long-term nominal maturities for which the interest rates may be reset through a Dutch auction each month. LP’s investments in ARS represent interests in collateralized debt obligations supported by pools of residential and commercial mortgages and other securities. | ||||||||||||||||
LP reviews its marketable securities routinely for other-than-temporary impairment. The primary factors LP used to determine if an impairment charge must be recorded, because a decline in value of the security is other than temporary, include (i) whether the fair value of the investment is significantly below its cost basis, (ii) the financial condition of the issuer of the security (including its credit rating) and the underlying collateral, (iii) the length of time that the cost of the security has exceeded its fair value and (iv) LP’s intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||||||||||
The contractual maturities of debt securities classified as available for sale at December 31, 2014 were as follows: | ||||||||||||||||
Dollar amounts in millions | 2014 | |||||||||||||||
Amortized | Fair | |||||||||||||||
Cost | Value | |||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||
Due in more than one year | 0.3 | 4.6 | ||||||||||||||
Total marketable securities | $ | 0.3 | $ | 4.6 | ||||||||||||
There were no purchases of short-term and long-term investments for the years ended December 31, 2014 and 2013. During 2014 and 2013, LP did not own any short-term investments. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. LP is required to classify these financial assets and liabilities into two groups: recurring—measured on a periodic basis and non-recurring—measured on an as needed basis. | ||||||||||||||||
There are three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||
Level 2 | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data. | |||||||||||||||
Level 3 | Valuations based on models where significant inputs are not observable. Unobservable inputs are used when little or no market data is available and reflect the Company’s own assumptions about the assumptions market participants would use. | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013 is summarized in the following tables. | ||||||||||||||||
Dollar amounts in millions | December 31, | Quoted Prices in | Significant | Significant | ||||||||||||
2014 | Active Markets | Other Observable | Unobservable | |||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 4.6 | $ | — | $ | — | $ | 4.6 | ||||||||
Trading securities | 2.3 | 2.3 | — | — | ||||||||||||
Contingent consideration | 0.2 | — | — | 0.2 | ||||||||||||
Dollar amounts in millions | December 31, | Quoted Prices in | Significant | Significant | ||||||||||||
2013 | Active Markets | Other Observable | Unobservable | |||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||
(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. | ||||||||||||||||
Trading securities consist of rabbi trust financial assets which are recorded in other assets in LP’s consolidated balance sheets. The rabbi trust holds assets attributable to the elections of certain management employees to defer the receipt of a portion of their compensation. The assets of the rabbi trust are invested in mutual funds and are reported at fair value based on active market quotations, which represent Level 1 inputs. | ||||||||||||||||
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 twelve months ended December 31, 2014 and 2013. | ||||||||||||||||
Dollar amounts in millions | Available for | Contingent consideration | ||||||||||||||
sale securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | — | ||||||||||||
Contingent consideration pursuant to business combination | — | 24.3 | ||||||||||||||
Adjustment to contingent consideration fair value | — | (20.5 | ) | |||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||
Included in investment income | — | — | ||||||||||||||
Included in other comprehensive income | 1.7 | — | ||||||||||||||
Balance at December 31, 2013 | $ | 3.7 | $ | 3.8 | ||||||||||||
Contingent consideration pursuant to business combination | $ | — | $ | — | ||||||||||||
Adjustment to contingent consideration fair value | — | (3.2 | ) | |||||||||||||
Foreign exchange rate changes | — | (0.4 | ) | |||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||
Included in investment income | — | — | ||||||||||||||
Included in other comprehensive income | 0.9 | — | ||||||||||||||
Balance at December 31, 2014 | $ | 4.6 | $ | 0.2 | ||||||||||||
LP estimated the Senior Notes maturing in 2020 to have a fair value of $371.0 million at December 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 instruments. | ||||||||||||||||
LP reviews the carrying values of long-lived assets to be held and used for impairment wherever events or changes in circumstances indicate possible impairment. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable (given assumptions on housing starts and growth rates) and exceeds estimated fair value. | ||||||||||||||||
During 2014, LP recognized a gain of $3.2 million as a fair value adjustment to the contingent consideration payable in connection with a business combination (see Note 23 for further discussion). The fair value of the contingent consideration was reduced during the year due to the decline in projected OSB prices as compared to the initial fair value which was established at the date of the acquisition. This reduction resulted in lowering the estimated payment obligation. The fair value adjustment is recorded in Other Operating Credits and Charges, Net (see Note 16 for further discussion). This fair value was determined based upon the income approach using significant non-observable inputs such as projected OSB pricing taking into consideration volatility of such projections. | ||||||||||||||||
During 2013, LP recognized a gain of $20.5 million as a fair value adjustment to the contingent consideration payable in connection with a business combination (see Note 24 for further discussion). The fair value of the contingent consideration was reduced during the year due to the decline in projected OSB prices as compared to the initial fair value which was established at the date of the acquisition. This reduction resulted in lowering the estimated payment obligation. The fair value adjustment is recorded in Other Operating Credits and Charges, Net (see Note 16 for further discussion). This fair value was determined based upon the income approach using significant non-observable inputs such as projected OSB pricing taking into consideration volatility of such projections. |
Receivables
Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | RECEIVABLES | |||||||
Receivables consist of the following: | ||||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Trade receivables | $ | 96.1 | $ | 69.2 | ||||
Interest receivables | 0.2 | 0.2 | ||||||
Income tax receivable | 1.4 | 1.2 | ||||||
Other receivables | 11.7 | 8.6 | ||||||
Allowance for doubtful accounts | (1.0 | ) | (1.1 | ) | ||||
$ | 108.4 | $ | 78.1 | |||||
Other receivables at December 31, 2014 and 2013 primarily consist of Canadian sales tax receivables, vendor rebates and other miscellaneous receivables. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories consist of the following (work-in-process is not material): | ||||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Logs | $ | 39.6 | $ | 46.9 | ||||
Other raw materials | 21.3 | 27.8 | ||||||
Semi finished inventory | 19.3 | 11.1 | ||||||
Finished products | 149.6 | 138.6 | ||||||
Total | $ | 229.8 | $ | 224.4 | ||||
Notes_Receivable_from_Asset_Sa
Notes Receivable from Asset Sales | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes Receivable From Asset Sales [Abstract] | ||||||||||
Notes Receivables From Asset Sales [Text Block] | ||||||||||
6 | NOTES RECEIVABLE FROM ASSET SALES | |||||||||
Notes receivable from asset sales are related to transactions that occurred during 1997, 1998 and 2003. The 1997 and 1998 notes receivable provide collateral for LP’s limited recourse notes payable and the 2003 notes receivable provide collateral for LP’s non-recourse notes payable (see Note 12). LP monitors the collectability of these notes on a regular basis. | ||||||||||
Dollar amounts in millions | Interest Rate | December 31, | ||||||||
2014 | 2014 | 2013 | ||||||||
Notes receivable (secured), maturing 2018, interest rates fixed | 7.3 | % | 22.2 | 22.2 | ||||||
Notes receivable (secured), maturing 2018, interest rate variable | 410 | 410 | ||||||||
Total | 432.2 | 432.2 | ||||||||
Current portion | — | — | ||||||||
Long-term portion | $ | 432.2 | $ | 432.2 | ||||||
The weighted average interest rate for all notes receivable from asset sales at December 31, 2014 and 2013 was approximately 0.8% for both years. The remaining notes of $432.2 million mature in 2018. LP estimates that the fair value of these notes at December 31, 2014 and 2013 was approximately $438.0 million for both years. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Intangible Assets [Abstract] | ||||||||
Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||
Changes in goodwill for the year ended December 31, 2014 and 2013 are provided in the following table: | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Beginning balance December 31, | 9.7 | — | ||||||
Additions | — | 9.7 | ||||||
Total goodwill | 9.7 | 9.7 | ||||||
LP has recorded other intangible assets in its Consolidated Balance Sheets, as follows: | ||||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Timber licenses (recorded as part of Timber and Timberlands) | $ | 64.8 | $ | 68.2 | ||||
Other | 0.1 | 0.1 | ||||||
Total | $ | 64.9 | $ | 68.3 | ||||
Included in the balance of timber and timberlands are values allocated to Canadian forest licenses in the purchase price allocations for Le Groupe Forex (Forex), Peace Valley OSB and the assets of Evans Forest Products. The initial value of these licenses was $111.8 million and are amortized over the estimated useful life of twenty to twenty-five years. | ||||||||
Amortization of the above intangible asset over the next five years is as follows: | ||||||||
Dollar amounts in millions | ||||||||
Year ended December 31, | ||||||||
2015 | $ | 3.3 | ||||||
2016 | 3.3 | |||||||
2017 | 4.1 | |||||||
2018 | 4.1 | |||||||
2019 | 4.1 | |||||||
Investments_in_and_Advances_to
Investments in and Advances to Affiliates | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Related Party Transactions [Abstract] | ||||
Transactions with Affiliates | INVESTMENTS IN AND ADVANCES TO AFFILIATES | |||
At December 31, 2014, LP has an investment in a joint venture with Resolute Forest Products to operate jointly owned I-Joist facilities in Quebec (Abitibi-LP). Each partner owns 50% of the venture. In 2013, LP acquired full ownership of the Peace Valley OSB joint venture (formerly referred to as Canfor-LP) in which LP previously maintained a 50% interest (see Note 23 for further information). Additionally, during 2013, LP sold its equity investment in U.S. Greenfiber, which resulted in a gain of $1.2 million. | ||||
The remaining investment does not meet the Regulation S-X significance test requiring the inclusion of the separate investee financial statements for any year; however based upon the aggregation requirements under S-X, aggregated summarized financial information (including net sales and net income information for entities no longer held) for 2012 is required as follows: | ||||
December 31, | ||||
Dollar amounts in millions | 2012 | |||
Net sales | $ | 238.9 | ||
Net income (loss) | $ | 3.4 | ||
LP sells products and raw materials and purchases products for resale from Abitibi-LP and previously purchased OSB from Canfor - LP prior to the acquisition on May 31, 2013. 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% interests. For the years ended December 31, 2014, 2013 and 2012, LP sold $9.8 million, $13.7 million and $8.7 million of products to Abitibi-LP and purchased $55.4 million, $52.0 million and $37.9 million of I-joists from Abitibi-LP. LP purchased $98.2 million and $148.0 million from Canfor-LP during the years ended December 31, 2013 and 2012. Included in LP’s Consolidated Balance Sheets at December 31, 2014 and 2013 are $0.7 million and $0.8 million in accounts receivable and $0.4 million in accounts payable for 2014 associated with Abitibi-LP. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |||||||
Accounts payable and accrued liabilities were as follows: | ||||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Accounts payable | $ | 80.3 | $ | 83.1 | ||||
Salaries and wages payable | 32.4 | 43.3 | ||||||
Taxes other than income taxes | 3.3 | 2.1 | ||||||
Current portion of warranty reserves | 12 | 12 | ||||||
Accrued interest | 6.4 | 2.5 | ||||||
Contingent consideration | — | 2.1 | ||||||
Accrued rebates | 15.9 | 9.1 | ||||||
Other accrued liabilities | 18 | 7.7 | ||||||
Total Accounts payable and accrued liabilities | $ | 168.3 | $ | 161.9 | ||||
Other accrued liabilities at December 31, 2014 and 2013 primarily consist of uncertain tax positions, accrued rent, current portion of worker compensation liabilities and other items. Additionally, included in accounts payable is $5.2 million and $6.4 million related to capital expenditures that had not yet been paid as of December 31, 2014 and as of December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
Income (loss) from continuing operations before income taxes consists of the following: | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | (66.4 | ) | $ | 134 | $ | 31 | |||||
Foreign | (34.2 | ) | 84.5 | 5.5 | ||||||||
Total | $ | (100.6 | ) | $ | 218.5 | $ | 36.5 | |||||
The following presents the components of LP’s income tax provision (benefit) from continuing operations. | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Current tax provision (benefit): | ||||||||||||
U.S. federal | $ | (5.0 | ) | $ | 1.3 | $ | 12.6 | |||||
State and local | 0.3 | 1.2 | 0.6 | |||||||||
Foreign | 1.6 | 3.3 | 0.9 | |||||||||
Net current tax provision (benefit) | (3.1 | ) | 5.8 | 14.1 | ||||||||
Deferred tax provision (benefit): | ||||||||||||
U.S. federal | (19.5 | ) | 44.6 | (7.3 | ) | |||||||
State and local | (1.2 | ) | 2.5 | — | ||||||||
Foreign | (13.3 | ) | 13.4 | (0.3 | ) | |||||||
Net valuation allowance increase (decrease) | 9.9 | (25.2 | ) | 0.5 | ||||||||
Net deferred tax benefit | (24.1 | ) | 35.3 | (7.1 | ) | |||||||
Total income tax provision (benefit) | $ | (27.2 | ) | $ | 41.1 | $ | 7 | |||||
LP received income tax refunds during 2014, 2013 and 2012 of $1.6 million, $0.9 million and $1.9 million and paid cash taxes of $3.7 million, $6.8 million and $1.6 million. Included in the Consolidated Balance Sheet at December 31, 2014 and 2013 are income tax receivables of $1.4 million and $1.2 million. | ||||||||||||
The income tax effects of LP’s share of the income or loss of U.S. GreenFiber and Canfor-LP OSB Limited Partnership in 2013 and 2012 are recorded in “Provision (benefit) for income taxes” on the Consolidated Statements of Income, while LP’s share of such pre-tax income is recorded in “Equity in (income) loss of unconsolidated affiliates”. | ||||||||||||
The tax effects of significant temporary differences creating deferred tax (assets) and liabilities at December 31 were as follows: | ||||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||
Property, plant and equipment | $ | 172.1 | $ | 178.9 | ||||||||
Timber and timberlands | 17.8 | 10.5 | ||||||||||
Inventories | (8.1 | ) | (8.1 | ) | ||||||||
Accrued liabilities | (84.9 | ) | (70.0 | ) | ||||||||
Benefit of capital loss and NOL carryovers | (134.0 | ) | (97.1 | ) | ||||||||
Benefit of federal & state tax credit carryovers | (17.8 | ) | (14.9 | ) | ||||||||
Installment sale gain deferral | 129.2 | 129.9 | ||||||||||
Market value write down of ARS | (8.9 | ) | (8.9 | ) | ||||||||
Other | (3.9 | ) | (6.0 | ) | ||||||||
Valuation allowance | 32.3 | 23.5 | ||||||||||
Net deferred tax liabilities | $ | 93.8 | $ | 137.8 | ||||||||
Balance sheet classification | ||||||||||||
Current deferred tax asset | $ | (45.1 | ) | $ | (50.9 | ) | ||||||
Long-term deferred tax asset | (0.6 | ) | — | |||||||||
Long-term deferred tax liability | 139.5 | 188.7 | ||||||||||
$ | 93.8 | $ | 137.8 | |||||||||
The $134.0 million of benefit relating to capital loss and net operating loss (NOL) carryovers included in the above table at December 31, 2014 consists of $36.1 million for federal NOL carryovers which will begin to expire in 2031, $31.8 million (net of federal taxes) for state NOL carryovers and $0.9 million for state capital losses which will expire in various years 2015 through 2033, $54.3 million for Canadian NOL carryovers which will expire starting in 2029 and $10.9 million for Canadian capital loss carryovers which may be carried forward indefinitely. At December 31, 2014, LP has recorded valuation allowances of $9.9 million related to state NOL carryover benefit; $0.9 million related to state capital loss carryover; $5.6 million related to Canadian NOL carryover; $13.7 million against the Canadian capital loss benefit; $0.8 million against the state tax credit carryovers and $1.4 million related to other items. | ||||||||||||
LP periodically reviews the need for valuation allowances against deferred tax assets and recognizes these deferred tax assets to the extent that their realization is more likely than not. As part of our review, we consider all positive and negative evidence, including earnings history, the future reversal of deferred tax liabilities, and the relevant expirations of carry forwards. LP believes that the valuation allowances provided are appropriate. If future years’ earnings differs from the estimates used to establish these valuation allowances or other objective positive or negative evidence arises, LP may be required to record an adjustment resulting in an impact on tax expense (benefit) for that period. | ||||||||||||
In 2013, LP decreased its previously recorded valuation allowance against its state and Canadian deferred tax assets by approximately $22.1 million based on 2013 current operating results and an increase in deferred tax liabilities. | ||||||||||||
As a result of certain realization requirements of ASC 718 Compensation -- Stock Compensation, the table of deferred tax assets and liabilities shown above does not include $13.9 million and $13.2 million of deferred tax assets as of December 31, 2014 and December 31, 2013 that arose directly from tax deductions related to amounts of equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased 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. In 2013, LP recognized a current tax benefit of $0.3 million as adjustments to additional paid in capital arising from tax deductions for equity compensation that were more than the compensation recognized for financial reporting. | ||||||||||||
U.S. taxes have not been provided on approximately $51.0 million of undistributed earnings of LP’s foreign subsidiaries, which under existing law are not subject to U.S. tax until distributed as dividends. These earnings have been, and are intended to be, indefinitely reinvested in LP’s foreign operations. Determination of the amount of any unrecognized income tax liability on this temporary difference is not practical because of the complexities of the hypothetical calculation. Furthermore, any taxes paid to the foreign governments on these earnings may be used, in whole or in part, as credits against the U.S. tax on any dividends distributed from such earnings. | ||||||||||||
The following table summarizes the differences between the statutory U.S. federal and effective income tax rates on continuing operations: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. Federal tax rate | (35 | )% | 35 | % | 35 | % | ||||||
State and local income taxes | (2 | ) | 2 | 2 | ||||||||
Adjustments to previously recorded deferred tax liabilities | — | — | (12 | ) | ||||||||
Uncertain tax positions | 1 | — | (1 | ) | ||||||||
Effect of foreign tax rates | 5 | (3 | ) | (1 | ) | |||||||
Effect of foreign exchange on functional currencies | (6 | ) | (3 | ) | (2 | ) | ||||||
Valuation allowance | 10 | (12 | ) | 1 | ||||||||
Other, net | — | — | (3 | ) | ||||||||
Effective tax rate (%) | (27 | )% | 19 | % | 19 | % | ||||||
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 initiated an audit of tax years 2007 through 2009. LP protested certain proposed adjustments and requested review by the IRS Appeals Office. In the fourth quarter of 2014, the IRS Appeals conferences were completed and a tentative agreement was reached resolving all issues. The agreed upon changes are subject to approval by U.S. Joint Committee on Taxation which is expected to occur in 2015. During 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 Prepaid and other current assets on the Consolidated Balance Sheet at December 31, 2014. | ||||||||||||
LP remains subject to U.S. federal examinations of tax years 2011 through 2013 as well as state and local tax examination for the tax years 2007-2013. Canadian federal income tax years are closed through 2009 and no examinations are currently in progress. Quebec provincial audits have been effectively settled through 2012. Chilean returns for the 2010 - 2012 tax years are under review by the Chilean Tax Office. Brazilian returns for years 2009 - 2013 are subject to audit but no examinations are currently in progress. | ||||||||||||
In accordance with the accounting for uncertain tax positions, the following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years presented: | ||||||||||||
during | ||||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 48.9 | $ | 49.9 | $ | 23.5 | ||||||
Increases: | ||||||||||||
Tax positions taken in current year | 0.1 | — | 0.1 | |||||||||
Tax positions taken in prior years | 1.3 | 0.4 | 33.9 | |||||||||
Decreases: | ||||||||||||
Tax positions taken in current year | — | — | — | |||||||||
Tax positions taken in prior years | (8.1 | ) | — | (7.4 | ) | |||||||
Settlements during the year | — | — | (0.2 | ) | ||||||||
Lapse of statute in current year | — | (1.4 | ) | — | ||||||||
Ending balance | $ | 42.2 | $ | 48.9 | $ | 49.9 | ||||||
Included in the above balances at December 31, 2014 and 2013 is $14.6 million and $12.8 million of tax benefits that, if recognized, would affect LP’s effective tax rate. LP reversed interest of $1 million during 2014 and accrued interest of $0.2 million during 2013, and in total LP has recognized a liability of $4.7 million and $5.7 million for accrued interest related to its uncertain tax positions as of December 31, 2014 and 2013. While outcomes and timing cannot be predicted, it is possible that unrecognized tax benefits of up to $34.7 million, primarily related to the timing of fixed asset recovery and $4.1 million related to the timing of gain recognition could change as a result of the anticipated settlement of the 2007-2009 IRS audit and the lapse of statutes of limitation, respectively, during the next twelve months. |
Nonoperating_Income_Expense_No
Non-operating Income (Expense) (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||||||
Other Income and Other Expense Disclosure [Text Block] | NON-OPERATING INCOME (EXPENSE) | |||||||||||
Included in LP’s Consolidated Statements of Income is non-operating expense of $27.4 million, $3.8 million and $69.4 million for the years ended December 31, 2014, 2013 and 2012. This income (expense) is comprised of the following components: | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Interest expense | $ | (29.9 | ) | $ | (36.2 | ) | $ | (48.0 | ) | |||
Amortization of debt charges | (1.2 | ) | (1.4 | ) | (1.5 | ) | ||||||
Capitalized interest | 1.3 | 1.6 | 0.2 | |||||||||
Interest expense, net of capitalized interest | (29.8 | ) | (36.0 | ) | (49.3 | ) | ||||||
Investment income | 5.5 | 9.4 | 13 | |||||||||
SERP market adjustments | — | 0.9 | 1.8 | |||||||||
Investment income | 5.5 | 10.3 | 14.8 | |||||||||
Foreign currency losses | (3.1 | ) | (5.3 | ) | (2.7 | ) | ||||||
Gain on settlement of litigation related to ARS | — | — | 20 | |||||||||
Gain on acquisition | — | 35.9 | — | |||||||||
Gain on the sale of joint venture | — | 1.2 | — | |||||||||
Early debt extinguishment | — | (2.3 | ) | (52.2 | ) | |||||||
Other non-operating income (expense) | (3.1 | ) | 29.5 | (34.9 | ) | |||||||
Total non-operating income (expense) | $ | (27.4 | ) | $ | 3.8 | $ | (69.4 | ) | ||||
For the year ended December 31, 2013, LP recognized a gain of $35.9 million from the acquisition of the remaining 50% ownership of the Peace Valley OSB joint venture and a gain of $1.2 million from the sale of the U.S. GreenFiber joint venture. | ||||||||||||
For the year ended December 31, 2012 , LP recognized a gain of $20.0 million from the settlement of its ARS litigation with Deutsche Bank Securities, Inc. |
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Long-term Debt | LONG-TERM DEBT | ||||||||||
Interest | December 31, | ||||||||||
Dollar amounts in millions | Rate 2014 | 2014 | 2013 | ||||||||
Debentures: | |||||||||||
Senior unsecured notes, maturing 2020, interest rates fixed | 7.5 | % | $ | 350 | $ | 350 | |||||
Bank credit facilities: | |||||||||||
Chilean term credit facility, maturing 2019, interest rates fixed | UF+3.9% | 14.4 | 15.7 | ||||||||
Brazilian export financing facility, maturing 2017, interest rates fixed | 6.65 | % | 6 | 8 | |||||||
Limited recourse notes payable: | |||||||||||
Senior notes, payable 2018, interest rates fixed | 7.3 | % | 22 | 22 | |||||||
Other financing: | |||||||||||
Non-recourse notes payable 2018, interest rates variable | 0.2 | % | 368.7 | 368.7 | |||||||
Other | 0.8 | 0.6 | |||||||||
Total | 761.9 | 765 | |||||||||
Less: current portion | (2.4 | ) | (2.3 | ) | |||||||
Net long-term portion | $ | 759.5 | $ | 762.7 | |||||||
LP believes the carrying amounts of its variable rate long-term debt approximates fair market value. LP estimated the limited recourse notes payable to have a fair value of approximately $23.2 million and $22.9 million at December 31, 2014 and 2013. LP estimated the senior unsecured notes maturing in 2020 to have a fair value of $371.0 million at December 31, 2014 and $390.0 million at December 31, 2013 based upon market quotations. LP believes the carrying amounts of the Chilean term credit facility as well as the Brazil export facility approximates fair market value based upon current interest rates with similar remaining maturities. | |||||||||||
LP issued $348.6 million of senior notes in June 1998 in a private placement to institutional investors. The remaining $22.0 million of notes mature in 2018. The notes are secured by $22.2 million of notes receivable from Green Diamond Resource Company (Green Diamond). Pursuant to the terms of the notes payable, in the event of a default by Green Diamond, LP would be liable to pay only 10% of the indebtedness represented by the notes payable. | |||||||||||
LP issued $368.7 million of non-recourse notes in 2003 in a private placement to unrelated third parties. The notes mature in 2018. The notes are supported by a bank letter of credit. LP’s reimbursement obligations under the letter of credit are secured by $410.0 million in notes receivable from assets sales. In general, the creditors under this arrangement have no recourse to LP’s assets, other than the notes receivable. However, under certain circumstances, LP may be liable for certain liabilities (including liabilities associated with the marketing or remarketing of the notes payable and reimbursement obligations, which are fully cash collateralized, under the letter of credit supporting the notes payable) in an amount not to exceed 10% of the aggregate principle amount of the notes receivable. | |||||||||||
In December 2013, LP entered into a credit agreement with various lenders and American AgCredit, PCA, as administrative agent and CoBank, ACB, as letter of credit issuer. The credit agreement provides for a $200 million revolving credit facility, with a $60 million sublimit for letters of credit. The credit facility terminates and all loans made under the credit agreement become due in December 2018. As of December 31, 2013 and 2014, no revolving borrowings had been made or were outstanding under the credit facility. | |||||||||||
Certain of LP’s existing and future wholly owned domestic subsidiaries guaranty LP’s obligations under the credit facility. Subject to certain limited exceptions, obligations under the credit facility are secured by a lien on substantially all of the personal property of LP and its subsidiaries that are guarantors under the credit facility. | |||||||||||
Revolving borrowings under the credit agreement accrue interest, at the Company’s option, at either a “base rate” plus a margin of 0.75% to 2.50% or LIBOR plus a margin of 1.75% to 3.50%. The credit agreement also includes an unused commitment fee, due quarterly, ranging from 0.30% to 0.625%. The applicable margins and fees within these ranges are based on the Company’s ratio of consolidated EBITDA to cash interest charges. The “base rate” is the highest of (i) the Federal funds rate plus 0.5%, (b) the U.S. prime rate, and (iii) one month LIBOR plus 1.0%. | |||||||||||
The credit agreement contains various restrictive covenants and customary events of default. The credit agreement also contains financial covenants that require the Company and its consolidated subsidiaries to have, as of the end of each quarter, (i) a capitalization ratio (i.e., funded debt to total capitalization) of no more than 40% and (ii) unrestricted cash and cash equivalents of at least $200 million thereafter, in each case calculated in the manner specified in the credit agreement. As of December 31, 2014, we were in compliance with all financial covenants under the credit agreement. | |||||||||||
In December 2009, LP Chile entered into a term loan agreement with Banco de Credito e Inversiones for UF 943,543.7391 (equivalent to $39 million at the time of inception). The loan will be repaid in 16 semi-annual principal payments that began in June 2012 and end in December 2019. The loan bears interest at UF plus 3.90% per annum, and is partially secured by a first priority security interest in substantially all of the real property owned by LP Chile. The loan contains various restrictive covenants and requires the maintenance by LP Chile of a debt to equity ratio of less than or equal to 1. If LP Chile is late in making payments, it will also be required to maintain a ratio of net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of less than or equal to 2.5 and a ratio of EBITDA to financial costs of at least 3. The loan agreement also contains customary events of default, the occurrence of which could result in acceleration of LP’s obligations to repay the indebtedness outstanding. Any increases or decreases in the loan balance shown are related to the change in the underlying foreign currency exchange rates, the UF or principal payments. LP made no principal payments during 2014. The impact of foreign currency exchange rates in 2014 was $2.1 million which was offset by a UF change of $0.8 million. LP made principal payments of $21 million during 2013 which included a scheduled payment of $2.6 million and an optional prepayment of $18.4 million. The impact of foreign currency exchange rates in 2013 was $2.8 million which was offset by a UF change of $0.3 million. | |||||||||||
In August 2011, LP entered into an export financing loan agreement with a Brazilian bank. This loan is to be repaid in 10 equal semi-annual payments that began in January 2013 and end in July 2017. During 2014, LP made principal payments of $2.0 million. | |||||||||||
In May 2012, LP issued $350.0 million of 7.5% Senior Notes due 2020. LP used a portion of the proceeds to fully retire the remaining balance outstanding on the Senior Secured Notes due in 2017. In connection with this repurchase, LP recorded a loss on early debt extinguishment of $52.2 million which included $4.5 million associated with the unamortized financing costs associated with the Senior Secured Notes. On or after June 1, 2016, LP may, at its option on one or more occasions, redeem all or any portion of the Notes at specified redemption rates. | |||||||||||
Obligations under the indenture governing LP's Senior Notes due 2020 are unsecured and not presently guaranteed by any of its subsidiaries. The indenture contains customary covenants applicable to LP and its subsidiaries, other than certain unrestricted subsidiaries, including restrictions on actions and activities that are restricted under the credit facility. The indenture also contains customary events of default, the occurrence of which could result in acceleration of LP's obligations to repay the indebtedness outstanding thereunder. | |||||||||||
The weighted average interest rate for all long-term debt at December 31, 2014 and 2013 was approximately 3.9 percent for both periods. Required repayment of principal for long-term debt is as follows: | |||||||||||
Dollar amounts in millions | |||||||||||
Year ended December 31, | |||||||||||
2015 | $ | 2.4 | |||||||||
2016 | 2.3 | ||||||||||
2017 | 6.8 | ||||||||||
2018 | 395.6 | ||||||||||
2019 | 4.8 | ||||||||||
2020 and after | 350 | ||||||||||
Total | $ | 761.9 | |||||||||
Cash paid during 2014, 2013 and 2012 for interest (net of capitalized interest) was $30.8 million, $35.0 million and $50.1 million. |
Retirement_Plans_and_Post_Reti
Retirement Plans and Post Retirement Benefits | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Retirement Plans and Postretirement Benefits | RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | |||||||||||||||
LP sponsors various defined benefit and defined contribution retirement plans that provide retirement benefits to substantially all of its employees. Most regularly scheduled employees are eligible to participate in these plans except those covered by a collective bargaining agreement, unless the collective bargaining agreement specifically allows for participation in LP’s plans. LP contributes to a multiemployer plan for certain employees covered by collective bargaining agreements. LP also provides other post retirement benefits consisting primarily of healthcare benefits to certain retirees who meet age and service requirements. | ||||||||||||||||
Defined Benefit Plans | ||||||||||||||||
Pension benefits are earned generally based upon years of service and compensation during active employment. Contributions to the qualified defined benefit pension plans are based on actuarial calculations of amounts to cover current service costs and amortization of prior service costs over periods ranging up to 20 years. LP contributes additional funds as necessary to maintain desired funding levels. | ||||||||||||||||
Benefit accruals under our most significant plans, which account for approximately 80% of the assets and 82% of the benefit obligations in the tables below, had been credited at the rate of 4% of eligible compensation with an interest credit based upon the 30-year U.S. Treasury rate. The Company discontinued providing contribution credits effective January 1, 2010 to these plans. The remaining defined benefit pension plans (primarily in Canada) use a variety of benefit formulas. | ||||||||||||||||
LP also maintains a Supplemental Executive Retirement Plan (SERP), an unfunded, non-qualified defined benefit plan intended to provide supplemental retirement benefits to key executives. Benefits are generally based on compensation in the years immediately preceding normal retirement. LP has established a grantor trust that provides funds for the benefits payable under the SERP. The assets of the grantor trust are invested in corporate-owned life insurance policies. At December 31, 2014 and 2013, the trust assets were valued at $9.7 million and $9.7 million and are included in “Other assets” on the Consolidated Balance Sheets. LP did not contribute to this trust in 2014 or 2013. During the year ended December 31, 2012, LP paid its retiring CEO his accumulated SERP liability of $10.4 million through the use of the assets included in the grantor trust. In connection with this distribution, LP recorded a plan settlement charge of $2.2 million. | ||||||||||||||||
The components of LP’s net periodic pension costs and the assumptions related to those costs consisted of the following: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3.5 | $ | 3.4 | $ | 3.7 | ||||||||||
Interest cost | 14.1 | 12.7 | 14.6 | |||||||||||||
Expected return on plan assets | (16.9 | ) | (16.5 | ) | (16.8 | ) | ||||||||||
Amortization of prior service cost and net transition asset | — | 0.3 | 0.3 | |||||||||||||
Amortization of net actuarial loss | 5.5 | 7.3 | 6.6 | |||||||||||||
Net periodic pension cost | $ | 6.2 | $ | 7.2 | $ | 8.4 | ||||||||||
Loss (gain) due to settlement | $ | — | $ | — | $ | 2.2 | ||||||||||
Discount rate | 4.59 | % | 3.8 | % | 4.41 | % | ||||||||||
Rate of compensation increase | 0.8 | % | 0.7 | % | 0.7 | % | ||||||||||
Expected return on plan assets | 6.72 | % | 6.64 | % | 6.87 | % | ||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (OCI): | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||||||
Net actuarial (gain) loss | $ | 44.2 | $ | (35.9 | ) | $ | 11.3 | |||||||||
Amortization of net actuarial loss | (5.5 | ) | (7.3 | ) | (6.6 | ) | ||||||||||
Amortization of prior service cost | 9.4 | (0.3 | ) | (0.3 | ) | |||||||||||
Settlement | — | — | (2.2 | ) | ||||||||||||
Foreign exchange rate changes | — | 0.2 | — | |||||||||||||
Total recognized in OCI | $ | 48.1 | $ | (43.3 | ) | $ | 2.2 | |||||||||
LP calculates the net periodic pension cost for a given fiscal year based upon assumptions developed at the end of the previous fiscal year. As of January 1, 2010 LP froze future contribution credits to its qualified U.S. defined benefit pension plans. LP recognized settlement charges of $2.2 million during 2012, related to the LP SERP pension plan associated with the retirement of LP's previous CEO. | ||||||||||||||||
The expected long-term rate of return on plan assets reflects the weighted-average expected long-term rates of return for the broad categories of investments currently held in the plans (adjusted for expected changes), based on historical rates of return for each broad category, as well as factors that may constrain or enhance returns in the broad categories in the future. The expected long-term rate of return on plan assets is adjusted when there are fundamental changes in expected returns in one or more broad asset categories and when the weighted-average mix of assets in the plans changes significantly. | ||||||||||||||||
The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated salary increases. The benefit plan obligation, funded status and the assumptions related to the obligations as of the measurement date for each year presented as of December 31 follow: | ||||||||||||||||
December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning of year balance | $ | 322.1 | $ | 352 | ||||||||||||
Service cost | 3.5 | 3.4 | ||||||||||||||
Interest cost | 14.1 | 12.7 | ||||||||||||||
Actuarial (gain)/loss | 37.4 | (24.1 | ) | |||||||||||||
Transfers in | — | 0.3 | ||||||||||||||
Plan amendments | 9.4 | — | ||||||||||||||
Foreign exchange rate changes | (5.3 | ) | (3.6 | ) | ||||||||||||
Benefits paid | (17.1 | ) | (18.6 | ) | ||||||||||||
End of year balance | $ | 364.1 | $ | 322.1 | ||||||||||||
Change in assets (fair value): | ||||||||||||||||
Beginning of year balance | $ | 270.3 | $ | 259.3 | ||||||||||||
Actual return on plan assets | 10.2 | 28.3 | ||||||||||||||
Employer contribution | 9.6 | 4.2 | ||||||||||||||
Transfers in | — | 0.3 | ||||||||||||||
Foreign exchange rate changes | (5.0 | ) | (3.2 | ) | ||||||||||||
Benefits paid | (17.1 | ) | (18.6 | ) | ||||||||||||
End of year balance | $ | 268 | $ | 270.3 | ||||||||||||
Funded status | $ | (96.1 | ) | $ | (51.8 | ) | ||||||||||
Weighted average assumptions for obligations as of measurement date | ||||||||||||||||
Discount rate for obligations | 3.82 | % | 4.58 | % | ||||||||||||
Rate of compensation increase | 0.57 | % | 0.63 | % | ||||||||||||
The amounts recognized in LP’s Consolidated Balance Sheets as of December 31 consist of the following: | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||||||
Noncurrent pension assets, included in “Other assets” | $ | 0.6 | $ | 0.6 | ||||||||||||
Current pension liabilities, included in “Accounts payable and accrued liabilities” | (2.7 | ) | (0.2 | ) | ||||||||||||
Noncurrent pension liabilities, included in “Other long-term liabilities” | (93.8 | ) | (52.2 | ) | ||||||||||||
Total | $ | (95.9 | ) | $ | (51.8 | ) | ||||||||||
Amounts recognized in other comprehensive income—pre-tax | ||||||||||||||||
Net actuarial loss | $ | 149.6 | $ | 112.1 | ||||||||||||
Prior service cost | 9.5 | 0.1 | ||||||||||||||
Total | $ | 159.1 | $ | 112.2 | ||||||||||||
The total accumulated benefit obligation for all pension plans as of December 31, 2014 and 2013 was $361.5 million and $317.7 million. | ||||||||||||||||
The accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $348.0 million and $217.9 million at December 31, 2014 and $304.7 million and $256.7 million at December 31, 2013. The projected benefit obligations and fair value of plan assets of plans with projected benefit obligations in excess of plan assets were $350.7 million and $217.9 million at December 31, 2014 and $309.0 million and $256.7 million at December 31, 2013. | ||||||||||||||||
The amounts of accumulated other comprehensive income that is expected to be amortized as expense during 2015 is: | ||||||||||||||||
Dollar amounts in millions | ||||||||||||||||
Net actuarial loss | $ | 7.1 | ||||||||||||||
Prior service cost | 0.5 | |||||||||||||||
Total | $ | 7.6 | ||||||||||||||
The benefits expected to be paid from the benefit plans, which reflect expected future service, are as follows: | ||||||||||||||||
Dollar amounts in millions | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 22.7 | ||||||||||||||
2016 | 24.3 | |||||||||||||||
2017 | 30.1 | |||||||||||||||
2018 | 20 | |||||||||||||||
2019 | 20.6 | |||||||||||||||
2020 – 2024 | 108.1 | |||||||||||||||
These estimated benefit payments are based upon assumptions about future events. Actual benefit payments may vary significantly from these estimates. | ||||||||||||||||
Asset allocation targets are established based upon the long-term returns and volatility characteristics of the investment classes and recognize the benefits of diversification and the profits of the plans’ liabilities. The actual and target allocations at the measurement dates are as follows: | ||||||||||||||||
Target | Actual | |||||||||||||||
Allocation | Allocation | |||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Asset category | ||||||||||||||||
Equity securities | 47 | % | 45.7 | % | 46.4 | % | ||||||||||
Debt securities | 27 | 43.8 | 36.8 | |||||||||||||
Real estate | 8 | — | 6.2 | |||||||||||||
Other, including cash and cash equivalents | 18 | 10.5 | 10.6 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
LP’s investment policies for the defined benefit pension plans provide target asset allocations by broad categories of investment and ranges of acceptable allocations. These policies are set by an administrative committee with the goal of maximizing long-term investment returns within acceptable levels of volatility and risk. LP’s U.S. plans include real estate, hedge funds and real return investment strategies to increase returns and reduce volatility. LP’s plans do not currently invest directly in derivative securities, although such investments may be considered in the future to increase returns and/or reduce volatility. To the extent the expected return on plan assets varies from the actual return, an actuarial gain or loss results. | ||||||||||||||||
The fair value of LP’s pension plan assets at December 31, 2014 and December 31, 2013, fair value asset categories and the level of inputs as defined in Note 3 are as follows: | ||||||||||||||||
Dollar amounts in millions | December 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||
Asset Category | in Active | Observable | Unobservable | |||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Equity investment funds:(a) | ||||||||||||||||
Domestic stock funds | $ | 84.5 | $ | 71.4 | $ | 13.1 | $ | — | ||||||||
International stock funds | 37.9 | 12.8 | 25.1 | — | ||||||||||||
Fixed income investment funds:(b) | ||||||||||||||||
Domestic bond funds | 62.5 | 62.5 | — | — | ||||||||||||
International bond funds | 40.9 | — | 40.9 | — | ||||||||||||
Diversified real asset funds | 13.9 | 13.9 | — | — | ||||||||||||
Real estate funds(c) | — | — | — | — | ||||||||||||
Multi-strategy funds(d) | 26.1 | — | — | 26.1 | ||||||||||||
Cash & cash equivalents | 2.2 | — | 2.2 | — | ||||||||||||
Total | $ | 268 | $ | 160.6 | $ | 81.3 | $ | 26.1 | ||||||||
_______________ | ||||||||||||||||
(a) | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | |||||||||||||||
(b) | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | |||||||||||||||
(c) | Real estate investments are primarily invested in U.S. commercial real estate. | |||||||||||||||
(d) | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | |||||||||||||||
Dollar amounts in millions | December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||
Asset Category | in Active | Observable | Unobservable | |||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Equity investment funds:(a) | ||||||||||||||||
Domestic stock funds | $ | 83 | $ | 68.8 | $ | 14.2 | $ | — | ||||||||
International stock funds | 42.4 | 14.4 | 28 | — | ||||||||||||
Fixed income investment funds:(b) | ||||||||||||||||
Domestic bond funds | 54.4 | 54.4 | — | — | ||||||||||||
International bond funds | 34.2 | — | 34.2 | — | ||||||||||||
Diversified real asset funds | 11.1 | 11.1 | — | — | ||||||||||||
Real estate funds(c) | 16.5 | — | — | 16.5 | ||||||||||||
Multi-strategy funds(d) | 25.2 | — | — | 25.2 | ||||||||||||
Cash & cash equivalents | 3.5 | — | 3.5 | — | ||||||||||||
Total | $ | 270.3 | $ | 148.7 | $ | 79.9 | $ | 41.7 | ||||||||
_______________ | ||||||||||||||||
(a) | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | |||||||||||||||
(b) | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | |||||||||||||||
(c) | Real estate investments are primarily invested in U.S. commercial real estate. | |||||||||||||||
(d) | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | |||||||||||||||
Level 1 investments are valued based on active market quotations. | ||||||||||||||||
Level 2 investments are valued based on the unit prices quoted by the funds, representing the fair value of underlying investments. | ||||||||||||||||
Due to the lack of observable market quotations on real estate and multi-strategy funds, LP evaluates their structure and current market estimates of fair value, including fair value estimates from the funds that rely exclusively on Level 3 inputs. These inputs include those that are based on expected cash flow streams and property values, including assessments of overall market liquidity. The valuations are subject to uncertainties that are difficult to predict. | ||||||||||||||||
The following table summarizes assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period. | ||||||||||||||||
Dollar amounts in millions | Multi-Strategy | Real Estate | Total | |||||||||||||
Funds | ||||||||||||||||
Balance at January 1, 2013 | $ | 49.5 | $ | 15.2 | $ | 64.7 | ||||||||||
Total unrealized gains (losses) | 5.5 | 1.3 | 6.8 | |||||||||||||
Net income | — | 0.1 | 0.1 | |||||||||||||
Contribution (redemption) | (29.4 | ) | — | (29.4 | ) | |||||||||||
Management fees | (0.4 | ) | (0.1 | ) | (0.5 | ) | ||||||||||
Balance at December 31, 2013 | $ | 25.2 | $ | 16.5 | $ | 41.7 | ||||||||||
Total unrealized gains (losses) | $ | 0.8 | $ | — | $ | 0.8 | ||||||||||
Net income | — | — | — | |||||||||||||
Contribution (Redemption) | — | (16.5 | ) | (16.5 | ) | |||||||||||
Management fees | 0.1 | — | 0.1 | |||||||||||||
Balance at December 31, 2014 | $ | 26.1 | $ | — | $ | 26.1 | ||||||||||
Defined Contribution Plans | ||||||||||||||||
LP also sponsors defined contribution plans in the U.S. and Canada. In the U.S., these plans are primarily 401(k) plans for hourly and salaried employees that allow for pre-tax employee deferrals and a company match of up to 3.5% of an employee’s eligible wages (subject to certain limits). Under the profit sharing feature of these plans, LP may elect to contribute a discretionary amount as a percentage of eligible wages. Included in the assets of the 401(k) and profit sharing plans are 2.5 million shares of LP common stock that represented approximately 12.4% of the total market value of plan assets at December 31, 2014. | ||||||||||||||||
In Canada, LP sponsors both defined contribution plans and Registered Retirement Savings Plans for hourly and salaried employees that allow for pre-tax employee deferrals. LP provides a base contribution of 2.5% of eligible earnings and matches 50% of an employee’s deferrals up to a maximum of 3% of each employee’s eligible earnings (subject to certain limits). | ||||||||||||||||
Expenses related to defined contribution plans and the multiemployer plan in 2014, 2013 and 2012 were $5.6 million, $8.3 million and $5.2 million. | ||||||||||||||||
Other Benefit Plans | ||||||||||||||||
LP has several plans that provide postretirement benefits other than pensions, primarily for salaried employees in the U.S. and certain groups of Canadian employees. The funded status at December 31, 2014 and 2013 was $8.0 million and $8.2 million. Net expense related to these plans was not significant in 2014 or 2013. | ||||||||||||||||
Effective August 16, 2004, LP adopted the Louisiana-Pacific Corporation 2004 Executive Deferred Compensation Plan (the Plan). Pursuant to the Plan, certain management employees are eligible to defer up to 90% of their regular salary and annual cash incentives that exceed the limitation as set forth by the Internal Revenue Service. Each plan participant is fully vested in all employee deferred compensation and earnings credited associated with employee contributions. Employer contributions and associated earnings vest over periods not exceeding five years. The liability under this plan amounted to $2.1 million and $1.9 million at December 31, 2014 and December 31, 2013 and is included in “Other long-term liabilities” on LP’s Consolidated Balance Sheets. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | STOCKHOLDERS' EQUITY | |||||||||||||
Preferred Stock | ||||||||||||||
The Company is authorized to issue up to 15,000,000 shares of preferred stock at $1.00 par value. At December 31, 2014, no shares of preferred stock have been issued; however, 2,000,000 shares of Series A Junior Participating Preferred Stock have been reserved for issuance in connection with the Company’s Shareholder Rights Plan. Additional series of preferred stock may be designated and the related rights and preferences fixed by action of the Board of Directors. | ||||||||||||||
Shareholder Rights Plan | ||||||||||||||
In May 2008, the Board of Directors approved a shareholder rights plan and declared a dividend of one preferred share purchase right for each outstanding share of common stock. Each right represents the right to purchase one-hundredth of a share of Preferred Stock, at an exercise price of $100, subject to adjustment. The rights are only exercisable ten days after a person or group acquires, or commences a tender or exchange offer to acquire, beneficial ownership of 15% or more of the Company’s outstanding common stock. | ||||||||||||||
Subject to the terms of the shareholder rights plan and the discretion of the Board of Directors, each right would entitle the holder to purchase a number of additional shares of common stock of LP having a total market value of twice the exercise price of each right. The rights expire in June 2018, but can be redeemed by action of the Board of Directors prior to that time at $0.01 per right. | ||||||||||||||
Warrants | ||||||||||||||
During 2009, LP issued warrants to purchase 18,395,963 shares of LP common stock at an exercise price of $1.39 per share subject to mandatory cashless exercise provisions. During the years ended December 31, 2014 and December 31, 2013, warrant exercises resulted in the issuances of 799,488 and 1,621,362 shares. At December 31, 2014, the remaining outstanding warrants were exercisable to purchase approximately 573,520 shares. The warrants (at date of grant) were valued based upon Black-Scholes option pricing model using expected stock price volatility of 53%; no expected dividends; risk-free interest rate of 2.6%; and an expected life of 8 years, which resulted in a fair value per share of $0.72. | ||||||||||||||
Common Stock Plans | ||||||||||||||
At December 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 $9.4 million, $8.8 million and 8.4 million for the years ended December 31, 2014, December 31, 2013 and December 31, 2012. | ||||||||||||||
LP recognizes these compensation costs, net of an estimated forfeiture rate and recognizes the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. LP estimated the forfeiture rate for 2014, 2013 and 2012 based on its historical experience during the preceding three years. | ||||||||||||||
Stock Compensation Plans | ||||||||||||||
LP grants stock settled appreciation rights (SSARs) to key employees. On exercise or issuance, LP generally issues these shares from treasury. The options and SSARs are granted at market price at the date of grant. For employees, options and SSARs become exercisable over three years and expire ten years after the date of grant. At December 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: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected stock price volatility | 57 | % | 69 | % | 64 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 0.7 | % | ||||||||
Expected life of options (in years) | 5.0 years | 5.0 years | 5.1 years | |||||||||||
Weighted average fair value of options and SSARs granted | $ | 9.03 | $ | 11.68 | $ | 4.75 | ||||||||
Expected Stock Price Volatility: The fair values of stock-based payments were valued using the Black-Scholes valuation method with a volatility factor based on LP’s historical stock prices. | ||||||||||||||
Expected Dividend Yield: The Black-Scholes valuation model calls for a single expected dividend yield as an input. This is determined based upon current annual dividend as of the date of grant compared to the grant price. | ||||||||||||||
Risk-Free Interest Rate: LP bases the risk-free interest rate used in the Black-Scholes valuation method on U.S. Treasury issues with an equivalent term. Where the expected term of LP’s stock-based awards do not correspond with the terms for which interest rates are quoted, LP performed a straight-line interpolation to determine the rate from the available maturities. | ||||||||||||||
Expected Life of Options: Expected life represents the period that LP’s stock-based awards are expected to be outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior as influenced by changes to the terms of its stock-based awards. | ||||||||||||||
Estimated Pre-vesting Forfeitures: When estimating forfeitures, LP considers voluntary termination behavior as well as workforce reduction programs. | ||||||||||||||
The following table summarizes stock options and SSARs outstanding as of December 31, 2014 as well as activity during the three year period then ended. | ||||||||||||||
Share amounts in thousands | Options/ | Weighted | Weighted | Aggregate | ||||||||||
SSARs | Average | Average | Intrinsic | |||||||||||
Exercise Price | Contractual | Value | ||||||||||||
Term (in years) | (in millions) | |||||||||||||
Options outstanding at January 1, 2012 | 8,315 | $ | 12.78 | |||||||||||
Options granted | 971 | $ | 8.85 | |||||||||||
Options exercised | (751 | ) | $ | 6.24 | ||||||||||
Options canceled | (60 | ) | $ | 16.69 | ||||||||||
Options outstanding at December 31, 2012 | 8,475 | $ | 12.88 | |||||||||||
Options granted | 343 | $ | 20.49 | |||||||||||
Options exercised | (1,861 | ) | $ | 9.06 | ||||||||||
Options canceled | (20 | ) | $ | 22.23 | ||||||||||
Options outstanding at December 31, 2013 | 6,937 | $ | 14.26 | |||||||||||
Options granted | 494 | $ | 18.09 | |||||||||||
Options exercised | (43 | ) | $ | 9.92 | ||||||||||
Options canceled | (384 | ) | $ | 21.14 | ||||||||||
Options outstanding at December 31, 2014 | 7,004 | $ | 14.19 | 4.5 | $ | 32.6 | ||||||||
Vested and expected to vest at December 31, 2014(1) | 6,654 | $ | — | — | $ | 30.9 | ||||||||
Options exercisable at December 31, 2014 | 6,019 | $ | 13.91 | 3.9 | $ | 30.3 | ||||||||
_______________ | ||||||||||||||
(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 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 December 31, 2014. This amount changes based on the market value of LP’s stock as reported by the New York Stock Exchange. | ||||||||||||||
As of December 31, 2014, there was $4.4 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 1.3 years. LP recognized $3.8 million, $3.4 million and $3.7 million in compensation expense associated with these awards for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
Incentive Share Awards | ||||||||||||||
LP has granted incentive share stock awards (restricted stock units) to certain key employees and directors as allowed under the current stock award plans. The awards entitle the participant to receive a specified number of shares of LP common stock at no cost to the participant. Awards granted under this plan vest three years from the date of grant. The market value of these grants approximates the fair value. LP recorded compensation expense related to these awards in 2014, 2013 and 2012 of $3.0 million, $2.7 million and $2.3 million. As of December 31, 2014, there was $3.5 million of total unrecognized compensation cost related to unvested incentive share awards. This expense will be recognized over a weighted-average period of 1.0 year. | ||||||||||||||
The following table summarizes incentive share awards outstanding as of December 31, 2014 as well as activity during the three year period then ended. | ||||||||||||||
Shares | Weighted | Aggregate | ||||||||||||
Average | Intrinsic | |||||||||||||
Contractual | Value | |||||||||||||
Term (in years) | (in millions) | |||||||||||||
Incentive share awards outstanding at January 1, 2012 | 1,112,868 | |||||||||||||
Incentive shares awards granted | 330,426 | |||||||||||||
Incentive share awards vested | (407,909 | ) | ||||||||||||
Incentive share awards canceled | (74,997 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2012 | 960,388 | |||||||||||||
Incentive shares awards granted | 166,474 | |||||||||||||
Incentive share awards vested | (350,107 | ) | ||||||||||||
Incentive share awards canceled | (24,160 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2013 | 752,595 | |||||||||||||
Incentive shares awards granted | 123,982 | |||||||||||||
Incentive share awards vested | (253,834 | ) | ||||||||||||
Incentive share awards canceled | (29,130 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2014 | 593,613 | 1 | $ | 9.8 | ||||||||||
Vested and expected to vest at December 31, 2014(1) | 563,932 | 1 | $ | 9.3 | ||||||||||
Incentive share awards exercisable at December 31, 2014 | — | — | — | |||||||||||
_______________ | ||||||||||||||
(1) | Incentive shares expected to vest based upon historical forfeitures rate | |||||||||||||
Restricted Stock | ||||||||||||||
LP grants restricted stock to certain senior executive employees. The shares vest three years from the 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 which is generally three years. As of December 31, 2014, there was $2.4 million of total unrecognized compensation costs related to restricted stock. This expense will be recognized over the next 0.9 year. | ||||||||||||||
The following table summarizes restricted stock awards outstanding as of December 31, 2014 as well as activity during the three year period then ended. | ||||||||||||||
Number | Weighted Average | |||||||||||||
of Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Restricted stock awards outstanding at January 1, 2012 | 836,877 | $ | 5.42 | |||||||||||
Restricted stock awards granted | 202,009 | 8.85 | ||||||||||||
Restrictions lapsing | (413,837 | ) | 2.5 | |||||||||||
Restricted stock awards canceled | — | — | ||||||||||||
Restricted stock awards at December 31, 2012 | 625,049 | 8.46 | ||||||||||||
Restricted stock awards granted | 108,174 | 20.49 | ||||||||||||
Restrictions lapsing | (221,138 | ) | 7.37 | |||||||||||
Restricted stock awards canceled | — | — | ||||||||||||
Restricted stock awards at December 31, 2013 | 512,085 | 11.48 | ||||||||||||
Restricted stock awards granted | 122,649 | 17.93 | ||||||||||||
Restrictions lapsing | (170,567 | ) | 9.54 | |||||||||||
Restricted stock awards canceled | (11,021 | ) | 12.35 | |||||||||||
Restricted stock awards at December 31, 2014 | 453,146 | $ | 13.93 | |||||||||||
LP recorded compensation expense related to these awards in 2014, 2013 and 2012 of $2.1 million, $2.1 million, and $1.8 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. This award was granted pursuant to the terms of LP's 1997 Incentive Stock Award Plan. If pre-determined market-based performance goals are met, shares of LP's stock will be issued to Mr. Stevens based upon a pre-determined vesting schedule based upon the required service periods. The fair market value of this award was determined based on the fair value as of the date of grant times the number of shares adjusted for the weighted probability of the attainment of certain performance goals. LP recorded compensation expense related to these awards of $0.4 million in 2014. As of December 31, 2014, the performance target for 200,000 performance shares was met. As of December 31, 2014, there was $0.5 million of total unrecognized compensation expense related to this award. This expense will be recognized over the next 1.3 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 in May 2013, phantom stock units are no longer granted to directors. The awards are considered liability awards. The director does not receive rights of a shareholder, nor is any stock transfered. The units will be paid 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 is recognized over the vesting period and is included in stock-based compensation expense. As of December 31, 2014, LP had phantom stock units covering 66,339 shares outstanding under this program. During 2014, LP paid $0.2 million due to retirement of one of its directors. LP recorded compensation expense related to these awards of $0.1 million in 2014. |
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||||||||
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS | |||||||
The activity in LP’s asset retirement obligation liability for 2014 and 2013 is summarized in the following table. These are included in “Other long-term liabilities” in the Consolidated Balance Sheets. | ||||||||
Dollar amounts in millions | Year ended December 31, | |||||||
2014 | 2013 | |||||||
Beginning balance | $ | 8.3 | $ | 8.3 | ||||
Accretion expense | 0.6 | 0.7 | ||||||
Accrued to expense during the year | 0.3 | — | ||||||
Payments made | (0.5 | ) | (0.5 | ) | ||||
Translation | (0.1 | ) | (0.2 | ) | ||||
Ending balance | $ | 8.6 | $ | 8.3 | ||||
Other_Operating_Credits_and_Ch
Other Operating Credits and Charges, Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Operating Credits And Charges, Net [Abstract] | ||||||||||||
Other Operating Credits And Charges Net [Text Block} | OTHER OPERATING CREDITS AND CHARGES, NET | |||||||||||
The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the years ended December 31 are reflected in the table below and described in the paragraphs following the table: | ||||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Adjustment related to a change in inventory convention for spare parts | $ | — | $ | (4.8 | ) | $ | — | |||||
Adjustment related to prior year inventory | — | (1.6 | ) | (1.5 | ) | |||||||
Adjustment related to prior year depreciation | — | (1.6 | ) | — | ||||||||
Refundable value added tax receivable | — | 1.4 | — | |||||||||
Insurance recovery | 0.5 | 1.9 | — | |||||||||
Contingent consideration fair value adjustment | 3.2 | 20.5 | — | |||||||||
Addition to workers compensation reserves | (0.4 | ) | (1.0 | ) | — | |||||||
Adjustments to retirement accounts | — | — | (3.8 | ) | ||||||||
Gain due to forfeiture of deposit | 1 | — | — | |||||||||
Reductions, net of additions, to product related contingency reserves | — | — | 5 | |||||||||
Adjustment to product related warranty reserves | (11.3 | ) | (17.7 | ) | 1.8 | |||||||
Additions to environmental related contingency reserves | (0.5 | ) | (1.0 | ) | — | |||||||
Timber related reserves | — | — | 0.8 | |||||||||
Other | — | 0.1 | 0.6 | |||||||||
$ | (7.5 | ) | $ | (3.8 | ) | $ | 2.9 | |||||
Other operating charges and credits associated with unconsolidated affiliates: | ||||||||||||
Valuation allowance associated with deferred taxes | $ | 1 | $ | (1.8 | ) | $ | — | |||||
Addition to contingency reserves | $ | — | $ | (0.9 | ) | $ | — | |||||
$ | 1 | $ | (2.7 | ) | $ | — | ||||||
2014 | ||||||||||||
During 2014, LP recorded a $7.5 million loss in "Other operating credits and charges, net". The components of the net charges include: | ||||||||||||
• | a gain of $0.5 million related to proceeds received from an insurance claim; | |||||||||||
• | a gain of $3.2 million related to fair market value adjustment to the contingent consideration payable in connection with a business combination (see Note 3 and Note 23 for additional discussions on fair value measurements and the acquisition of Peace Valley OSB); | |||||||||||
• | a loss of $0.4 million associated with a workers compensation reserve adjustment at an siding mill; | |||||||||||
• | a gain of $1.0 million due to the forfeiture of a deposit posted with LP in relation to assets held for sale; | |||||||||||
• | a loss of $11.3 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period; | |||||||||||
• | a loss of $0.5 million related to an increase in environmental reserves associated with a previously owned plywood mill. | |||||||||||
Additionally, other operating charges and credits reflected in Equity in (income) loss from unconsolidated affiliates includes a gain of $1.0 million associated with the reduction of a valuation allowance on the joint venture's books associated with deferred tax assets | ||||||||||||
2013 | ||||||||||||
During 2013, LP recorded a $3.8 million loss in "Other operating credits and charges, net". The components of the net charges include: | ||||||||||||
• | a loss of $4.8 million related to a change in inventory convention for spare parts; | |||||||||||
• | a loss of $1.6 million related to a prior year inventory adjustment; | |||||||||||
• | a loss of $1.6 million related to a correction of prior years depreciation amounts associated with LP's South American operations; | |||||||||||
• | a loss of $17.7 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period; | |||||||||||
• | a gain of $1.4 million related to value added taxes; | |||||||||||
• | a gain of $1.9 million related to proceeds received from insurance claims associated with an OSB mill in Canada and and earthquake in Chile; | |||||||||||
• | a gain of $20.5 million in relation to the fair market value adjustment of the contingent consideration payable in connection with a business combination. See Note 3 and Note 24 for additional discussions on fair value measurements and the acquisition of Peace Valley OSB; | |||||||||||
• | a loss of $1.0 million associated with a workers compensation reserve adjustment at an OSB mill; and | |||||||||||
• | a loss of $1.0 million related to an increase in environmental reserves associated with a previously owned plywood mill. | |||||||||||
Additionally, other operating charges and credits reflected in Equity in (income) loss from unconsolidated affiliates includes a charge of $1.8 million associated with a valuation allowance on the joint venture's books associated with deferred tax assets as well as a loss of $0.9 million associated with the recording of a contingent liability from past years. | ||||||||||||
2012 | ||||||||||||
During 2012, LP recorded a $2.9 million gain in “Other operating credits and charges, net”. The components of the net credits include: | ||||||||||||
• | a loss of $1.5 million related to a prior year inventory adjustment; | |||||||||||
• | a loss of $3.8 million consisting of $2.2 million related to SERP settlement associated with the retirement of LP's previous CEO and $1.6 million related to termination indemnities in South America; | |||||||||||
• | a gain of $5.0 million related to a reduction in product related contingency reserves associated with the national hardboard class action settlement (see Note 18 for further discussion); | |||||||||||
• | a gain of $1.8 million consisting of a loss of $1.0 million for additions to warranty reserves associated with Canexel products sold in Europe in prior years, a loss of $0.8 million for additions to warranty reserves associated with a discontinued line of OSB siding and a gain of $3.6 million related to a reduction in hardboard siding trim warranty reserve; and | |||||||||||
• | a gain of $0.8 million related to reductions in reforestation liabilities associated with LP's Canadian timber obligations. | |||||||||||
Severance | ||||||||||||
Over the course of the last three years, LP has entered into several restructuring plans in an effort to sell selected businesses and reduce overall expenses. The detail of the severance accrual and related expense and payments for the last three years is as follows: | ||||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 0.7 | $ | 0.7 | $ | 1.5 | ||||||
Charged to expense, continuing operations | 0.8 | 0.8 | 1 | |||||||||
Payments | (1.1 | ) | (0.8 | ) | (1.8 | ) | ||||||
Ending balance | $ | 0.4 | $ | 0.7 | $ | 0.7 | ||||||
The balance of the accrued severance is included in “Accounts payable and accrued liabilities” on the Consolidated Balance Sheets. The balance as of December 31, 2014 is payable under contract through 2014. For the year ended December 31, 2014, severance expense is primarily related to general and corporate expenses. |
Gain_loss_on_sales_or_impairme
Gain (loss) on sales or impairment of long lived assets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
GAIN (LOSS) ON SALE OF AND IMPAIRMENT OF LONG-LIVED ASSETS, NET [Abstract] | ||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | LOSS ON SALE OR IMPAIRMENT OF LONG-LIVED ASSETS | |||||||||||
The major components of “Loss on sale or impairment of long-lived assets” in the Consolidated Statements of Income for the years ended December 31 are reflected in the table below and are described in the paragraphs following the table: | ||||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Impairment charges on long-lived assets | $ | — | $ | (0.1 | ) | $ | (4.4 | ) | ||||
Gain (loss) on sale of other long-lived assets | 3.1 | (0.1 | ) | (0.5 | ) | |||||||
$ | 3.1 | $ | (0.2 | ) | $ | (4.9 | ) | |||||
2014 | ||||||||||||
During 2014, LP recorded a net gain on sale of long-lived assets of $3.1 million. This net gain includes the following items: | ||||||||||||
• | a gain of $3.7 million related to the sale of the Athens Georgia facility; and | |||||||||||
• | a loss of $0.6 million associated with the retirement of environmental equipment. | |||||||||||
2013 | ||||||||||||
During 2013, LP recorded a loss on sale of and impairment of long-lived assets of $0.2 million. This net loss includes the following items: | ||||||||||||
• | a loss of $0.1 million related to the impairment of an asset associated with a siding facility in Roaring River, NC; and | |||||||||||
• | a loss of $0.1 million associated with the sales of various assets. | |||||||||||
2012 | ||||||||||||
During 2012, LP recorded a loss on sale of and impairment of long-lived assets of $4.9 million. This net loss includes the following items: | ||||||||||||
• | a $4.4 million charge related to the impairment of assets associated with an OSB mill in Quebec, Canada, included in assets held for sale, based upon a change in the plan of their sale of various assets held for sale to reduce their carrying value to the estimated selling price less selling costs. |
Contingencies
Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Contingencies Disclosure [Text Block] | CONTINGENCIES | |||||||||||
LP maintains reserves for various contingent liabilities as follows: | ||||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||
Environmental reserves | $ | 13.6 | $ | 14.9 | ||||||||
Other reserves | 0.6 | 0.4 | ||||||||||
Total contingencies | 14.2 | 15.3 | ||||||||||
Current portion | (2.0 | ) | (2.0 | ) | ||||||||
Long-term portion | $ | 12.2 | $ | 13.3 | ||||||||
LP’s estimates of its loss contingencies are based on various assumptions and judgments. Due to the numerous uncertainties and variables associated with these assumptions and judgments, 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 contingencies and, as additional information becomes known, may change its estimates significantly. While no estimate of the range of any such change can be made at this time, the amount that LP may ultimately pay in connection with these matters could materially exceed, in either the near term or the longer term, the amounts accrued to date. LP’s estimates of its loss contingencies do not reflect potential future recoveries from insurance carriers except to the extent that recovery may from time to time be deemed probable as a result of an insurer’s agreement to payment terms. | ||||||||||||
Environmental Proceedings | ||||||||||||
LP is involved in a number of environmental proceedings and activities, and may be wholly or partially responsible for known or unknown contamination existing at a number of other sites at which it has conducted operations or disposed of wastes. Based on the information currently available, management believes that any fines, penalties or other costs or losses resulting from these matters will not have a material effect on the financial position, results of operations, cash flows or liquidity of LP. | ||||||||||||
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. However, no estimate of the range of any such change can be made at this time. | ||||||||||||
In those instances in which LP’s estimated exposure reflects actual or anticipated cost-sharing arrangements with third parties, LP does not believe that it will be exposed to additional material liability as a result of non-performance by such third parties. There are three forms of cost-sharing arrangements under which costs are apportioned to others and are therefore not reflected in LP’s environmental reserves. The amounts involved, the number of sites and a description of each are as follows: | ||||||||||||
• | Approximately $2.3 million of costs, relating to three sites, pursuant to formal cost-sharing arrangements between LP and one or more third parties. | |||||||||||
• | Approximately $2.7 million of costs, related to two transactions each covering multiple sites, pursuant to agreements contained in purchase and sale documents where LP has sold an asset to a third party and that third party has assumed responsibility for all or a portion of any remediation costs required for the sold asset. | |||||||||||
• | Approximately $0.2 million of costs, related to one site undergoing cleanup pursuant to federal or state environmental laws, where multiple parties are involved. | |||||||||||
LP considers the financial condition of third parties subject to the cost-sharing arrangements discussed above in determining the amounts to be reflected in LP’s environmental reserves. In addition, LP is a party to clean-up activities at two additional sites for which LP does not believe that the failure of a third party to discharge its allocated responsibility would significantly increase LP’s financial responsibility based on the manner in which financial responsibility has been, or is expected to be, allocated. | ||||||||||||
LP’s estimates of its environmental loss contingencies do not reflect potential future recoveries from insurance carriers except to the extent that recovery may from time to time be deemed probable as a result of a carrier’s agreement to payment terms. | ||||||||||||
The activity in LP’s reserve for estimated environmental loss contingency reserves for the last three years is summarized in the following table. | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 14.9 | $ | 14.1 | $ | 15 | ||||||
Adjusted to expense (income) during the year | 1.3 | 1.3 | 0.7 | |||||||||
Payments made for claims | (3.1 | ) | (0.5 | ) | — | |||||||
Adjusted to expense (income) through other operating credits and charges, net | 0.5 | — | — | |||||||||
Payments made for administrative costs | — | — | (1.6 | ) | ||||||||
Ending balance | $ | 13.6 | $ | 14.9 | $ | 14.1 | ||||||
During 2014, 2013 and 2012, LP adjusted its reserves at a number of sites to reflect current estimates of remediation costs and environmental settlements. | ||||||||||||
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. |
Committments_and_Contingent_Li
Committments and Contingent Liabilities | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES | |||
LP is primarily self-insured for workers’ compensation and employee health care liability costs. Self-insurance liabilities for workers’ compensation are determined based upon a valuation performed by an actuarial firm. The estimate of future workers’ compensation liabilities incorporates loss development and an estimate associated with incurred but not yet reported claims. These claims are discounted. Self-insurance liabilities for employee health costs are determined actuarially based upon claims filed and estimated claims incurred but not yet reported. These claims are not discounted. | ||||
The Company and its subsidiaries lease certain office, manufacturing, warehousing and other plant sites and equipment. The leases generally provide for the lessee to pay taxes, maintenance, insurance and certain other operating costs of the leased properties. | ||||
At December 31, 2014, future minimum annual rent commitments are as follows: | ||||
Dollar amounts in millions | ||||
Year ended December 31, | ||||
2015 | $ | 2.5 | ||
2016 | 2.1 | |||
2017 | 1.7 | |||
2018 | 1.7 | |||
2019 | 1.7 | |||
2020 and thereafter | 4.4 | |||
Total | $ | 14.1 | ||
As of December 31, 2014, LP has entered into non-cancelable subleases for a portion of its corporate headquarters in Nashville, Tennessee. Minimum annual rent commitments have not been reduced by minimum sublease rentals of $0.4 million (in total for all years) due in the future. Rental expense for operating leases amounted to $9.1 million, $9.2 million and $8.3 million in 2014, 2013 and 2012. |
Guarantees_and_Indemnification
Guarantees and Indemnifications | 12 Months Ended | |||||||||||
Dec. 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 related 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. | ||||||||||||
Additionally, in connection with certain sales of assets and divestures of businesses, LP has agreed to indemnify the buyer and related parties for certain losses or liabilities incurred by the buyer or such related parties with respect to (1) the representations and warranties made to the buyer by LP in connection with the sales and (2) liabilities related to the pre-closing operations of the assets sold. Indemnities related to pre-closing operations generally include environmental liabilities, tax liabilities and other liabilities not assumed by the buyer. | ||||||||||||
Indemnities related to the pre-closing operations of sold assets normally do not represent added liabilities for LP, but simply serve to protect the buyer from potential liability associated with the obligations that existed (known and unknown) at the time of the sale. LP records accruals for those pre-closing obligations that are considered probable and estimable. LP has not accrued any additional amounts as a result of the indemnity agreements summarized below as LP believes the fair value of the guarantees are not material. | ||||||||||||
• | In connection with various sales of LP’s timberlands, LP has agreed to indemnify various buyers with respect to losses resulting from breaches of limited representations and warranties contained in these agreements. These indemnities generally are capped at a maximum potential liability and have an unspecified duration. | |||||||||||
• | In connection with the sale by LP Canada Pulp Ltd (LPCP) of its pulp mill in Chetwynd, BC, Canada to Tembec, Ltd in October 2002, LP provided an indemnity of unspecified duration provided by LPCP for liabilities arising out of pre-closing operations. These indemnities, which do not extend to environmental liabilities, are capped at C$15.0 million in the aggregate. | |||||||||||
LP also has various other indemnities that are individually and in the aggregate immaterial. | ||||||||||||
LP will record a liability related to specific indemnification when future payment is probable and the amount is estimable. | ||||||||||||
Additionally, LP offers 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 last three years is summarized in the following table. | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 29.3 | $ | 21.4 | $ | 30.3 | ||||||
Accrued to expense during the year | 3.6 | 2.7 | 4.5 | |||||||||
Accrued/ (credited) to other operating credits and charges | 11.3 | 17.7 | (1.8 | ) | ||||||||
Foreign currency translation | (1.2 | ) | — | — | ||||||||
Payments made | (11.6 | ) | (12.5 | ) | (11.6 | ) | ||||||
Total warranty reserves | 31.4 | 29.3 | 21.4 | |||||||||
Current portion of warranty reserves | (12.0 | ) | (12.0 | ) | (12.0 | ) | ||||||
Long term portion of warranty reserves | $ | 19.4 | $ | 17.3 | $ | 9.4 | ||||||
The current portion of the warranty reserve is included in “Accounts payable and accrued liabilities” and the long-term portion is included in “Other long-term liabilities” on the Consolidated Balance Sheets. | ||||||||||||
During 2014, LP increased the warranty reserve associated with CanExcel products sold in certain geographic areas by $11.3 million. The changes to the reserve reflected revised estimates of future claims. | ||||||||||||
During 2013, LP increased the warranty reserve associated with CanExel products sold in certain geographic areas by $17.7 million. The changes to the reserve reflected revised estimates of future claims. | ||||||||||||
During 2012, LP increased the warranty reserve related to its discontinued vinyl siding products by $3.6 million. The change to the reserve reflected revised estimates of future claims. | ||||||||||||
LP increased the warranty reserves related to discontinued composite decking products by $3.0 million in 2014 and $2.0 million in 2013. The additional reserves reflect revised estimates of future claim payments based upon an increase in decking warranty claims related to a specific operation and specific time period. During the fourth quarter of 2008, LP established a voluntary recall of the affected decking. During the second quarter of 2009, LP established a formal recall program under the Consumer Products Safety Board requirements for these products. No additional reserve increase was required in connection with the establishment of the formal program. LP continues to monitor warranty and other claims associated with these products and with the recall program (see Note 18) and believe as of December 31, 2014 that the reserves associated with these matters are adequate. | ||||||||||||
LP believes that the warranty reserve balances at December 31, 2014 are adequate to cover future warranty payments. However, it is possible that additional charges may be required. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 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. | |||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | ||||||||||
Sales | $ | — | $ | 16 | $ | 25 | |||||||
Operating profit | (3.0 | ) | (0.4 | ) | (1.1 | ) | |||||||
Included in the operating losses of discontinued operations for the year ended December 31, 2014 is an increase in warranty reserves of $3.0 million associated with discontinued composite decking products. | |||||||||||||
During 2013, LP sold its moulding operations and recognized a gain of $1.7 million on the sale. Included in the operating losses of discontinued operations for the year ended December 31, 2013 is an increase in warranty reserve of $2.0 million associated with discontinued composite decking products. | |||||||||||||
Included in the operating losses of discontinued operations for the year ended December 31, 2012 is an increase in warranty reserves of $3.6 million associated with products previously discontinued based upon significant increases in warranty claim activity during the year ended December 31, 2012. |
Accumulated_Comprehensive_Loss
Accumulated Comprehensive Loss | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
ACCUMULATED COMPREHENSIVE LOSS [Abstract] | ||||||||||||||||||||||||
Accumulated Comprehensive Loss | ACCUMULATED COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||
Accumulated comprehensive loss consists of cumulative translation adjustments, unrealized gains (losses) on certain derivative instruments and pension and post retirement adjustments. Other comprehensive income activity, net of tax, is provided in the following table for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
Dollar amounts in millions | Foreign | Pension | Unrealized | Unrealized | Other | Total | ||||||||||||||||||
currency | adjustments | gain (loss) | gain (loss) | |||||||||||||||||||||
translation | on | on investments | ||||||||||||||||||||||
adjustments | derivative | |||||||||||||||||||||||
instruments | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (8.2 | ) | $ | (96.0 | ) | $ | 0.4 | $ | 0.2 | $ | (2.6 | ) | $ | (106.2 | ) | ||||||||
Other comprehensive income before reclassifications | 0.6 | 2.4 | (0.7 | ) | 0.8 | 0.6 | 3.7 | |||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (5.4 | ) | — | — | — | (5.4 | ) | ||||||||||||||||
Net current-period other comprehensive income | 0.6 | (3.0 | ) | (0.7 | ) | 0.8 | 0.6 | (1.7 | ) | |||||||||||||||
Balance at December 31, 2012 | (7.6 | ) | (99.0 | ) | (0.3 | ) | 1 | (2.0 | ) | (107.9 | ) | |||||||||||||
Other comprehensive income before reclassifications | (11.6 | ) | 33.3 | 0.3 | 1 | 0.3 | 23.3 | |||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (4.6 | ) | — | — | — | (4.6 | ) | ||||||||||||||||
Net current-period other comprehensive income | (11.6 | ) | 28.7 | 0.3 | 1 | 0.3 | 18.7 | |||||||||||||||||
Balance at December 31, 2013 | (19.2 | ) | (70.3 | ) | — | 2 | (1.7 | ) | (89.2 | ) | ||||||||||||||
Other comprehensive income before reclassifications | (14.5 | ) | (25.5 | ) | — | 0.6 | 0.5 | (38.9 | ) | |||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (3.2 | ) | — | — | — | (3.2 | ) | ||||||||||||||||
Net current-period other comprehensive income | (14.5 | ) | (28.7 | ) | — | 0.6 | 0.5 | (42.1 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | (33.7 | ) | $ | (99.0 | ) | $ | — | $ | 2.6 | $ | (1.2 | ) | $ | (131.3 | ) | ||||||||
Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2014, 2013 and 2012 are summarized, in millions of dollars, in the following table: | ||||||||||||||||||||||||
Amount reclassified from accumulated comprehensive income | ||||||||||||||||||||||||
Components of Other Comprehensive Income | 2014 | 2013 | 2012 | Affected line item in the income statement | ||||||||||||||||||||
Amortization of defined benefit pension plans | ||||||||||||||||||||||||
Prior service cost | $ | — | $ | 0.3 | $ | 0.3 | (a) | |||||||||||||||||
Actuarial loss | 5.5 | 7.3 | 6.6 | (a) | ||||||||||||||||||||
Transition obligation | — | (0.4 | ) | 1.5 | (a) | |||||||||||||||||||
5.5 | 7.2 | 8.4 | Total before tax | |||||||||||||||||||||
(2.3 | ) | (2.6 | ) | (3.0 | ) | Tax provision | ||||||||||||||||||
Total reclassifications for the years ended December 31, 2014, 2013 and 2012 | $ | 3.2 | $ | 4.6 | $ | 5.4 | Net of tax | |||||||||||||||||
____________ | ||||||||||||||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost, see Note 13 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. | ||||||||||||||||||||||||
Foreign currency translation adjustments exclude income tax expense (benefit) given that these adjustments arise out of the translation of assets into the reporting currency that is separate from the taxable income and is deemed to be reinvested for an indefinite period of time. The pension adjustments included income tax benefits of $17.7 million, $15.5 million and $0.9 million in 2014, 2013 and 2012. The unrealized gain (loss) on investments included tax provisions of $0.3 million, $0.6 million and $0.5 million in 2014, 2013 and 2012. |
Acquisition_of_Peace_Valley_OS
Acquisition of Peace Valley OSB (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Acquisition of Peace Valley OSB [Abstract] | |
Business Combination Disclosure [Text Block] | 23. ACQUISITION OF PEACE VALLEY OSB |
On May 31, 2013, LP acquired full control of the Peace Valley OSB joint venture in which LP previously maintained a 50% interest. Peace Valley OSB's results of operations have been fully consolidated in all periods subsequent to May 31, 2013. Since LP previously served as the exclusive distributor of all OSB produced by this venture, this acquisition will not have a material impact on LP's consolidated net sales. | |
Due to LP's pre-existing 50% ownership interest in Peace Valley OSB, this acquisition was accounted for as a step acquisition in accordance with ASC 805, Business Combinations (“ASC 805”). Accordingly, LP recognized a gain of $35.9 million in connection with this transaction to remeasure its 50% ownership interest in Peace Valley at fair value on the acquisition date. The gain is reflected in Other operating credits and charges, net on the Consolidated Statement of Income. The fair value of LP's existing 50% interest ($95.9 million) was determined using a combination of the income and market approach. In completing this valuation, management considered future earnings and cash flow potential of the business, earnings multiples, and recent market transactions of similar businesses. This gain is included in "Non-operating income (expense)." | |
The purchase price of the 50% acquired interest was $74.6 million (including working capital) paid in cash. Additionally, as part of the purchase consideration, LP agreed to pay contingent consideration equal to a pre-defined percentage of the operation's earnings before interest, taxes, depreciation and amortization (EBITDA) over a pre-defined threshold for each of the next three years. As of May 31, 2013, the fair value of the contingent consideration payable was valued at $24.3 million and was recorded in “accounts payable and accrued liabilities” and “other long term liabilities”. The fair value of the contingent consideration payable will be remeasured at the end of each reporting period. The fair value of the contingent consideration payable was remeasured and reduced by $20.5 million and $3.2 million during 2013 and 2014 respectfully. This reduction was due to the decline in projected OSB prices in the near term as compared to the date of acquisition. This reduction in OSB pricing reduces the estimated EBITDA of the operation. | |
Including the 50% interest previously owned by LP, LP acquired net assets of $194.8 million, consisting of $22.7 million in current assets, $146.4 million in fixed asset, $43.8 million of intangible assets (comprised of $34.1 million of timber licenses and $9.7 million of goodwill) and $8.7 million in current liabilities and $9.4 million in long term liabilities. Additional financial information about Peace Valley OSB (e.g., pro forma financial information and allocation of purchase price) is not presented because such information is not material to LP's results of operations and financial position. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 25. SUBSEQUENT EVENT |
On February 27, 2015, LP was notified by the Ministry of Forestry in Quebec that it intends to terminate LP’s forest license associated with an indefinitely curtailed OSB mill. Based upon this notification, LP may be required to record an impairment in the first quarter of 2015. The current net book value of this facility is $35.8 million. LP cannot presently determine the amount of such impairment, if required. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||||||||||
Nature of Operations [Policy Text Block] | Nature of Operations | |||||||||||
Louisiana-Pacific Corporation and its subsidiaries (collectively LP or the Company) are principally engaged in the manufacture of building products. In addition to its U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile and Brazil through foreign subsidiaries and a joint venture. The principal customers for the Company’s building products are retail home centers, manufactured housing producers, distributors and wholesalers in North America and South America, with sales to Asia, Australia and Europe. | ||||||||||||
See Note 24 below for further information regarding LP’s products and segments. | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See discussion of specific estimates in this Note under the headings “Other Operating Credits and Charges, Net” and in the Notes entitled “Income Taxes,” “Retirement Plans and Postretirement Benefits,” “Stockholders’ Equity,” “Other Operating Credits and Charges, Net,” “Gain (Loss) on Sale of and Impairment of Long-Lived Assets, Net,” “Contingencies” | ||||||||||||
Consolidation, Policy [Policy Text Block] | Consolidation | |||||||||||
The consolidated financial statements include the accounts of LP and its majority-owned subsidiaries after elimination of intercompany transactions. The equity method of accounting is used for joint ventures and investments in associated companies over which LP has significant influence but does not have control. Significant influence is deemed to exist generally when the Company has an ownership interest in the voting stock of an investee of between 20 percent and 50 percent. LP’s equity in the income and losses of these investments is recorded in “Equity in loss of unconsolidated affiliates” on the Consolidated Statements of Income. See Note 8 for further discussion of these investments and advances. | ||||||||||||
LP consolidates a variable interest entity (VIE) when it has a controlling financial interest in the VIE and is thus determined to be the VIE's primary beneficiary. LP currently consolidates its interest in LP Pinewood which was established in 2003 in connection with the sale of LP's southern timberlands. LP has notes receivable of $410.0 million (see Note 6) and notes payable of $368.7 million (see Note 12) recorded in the balance sheet related to LP's interest in the VIE. For further information regarding the details of the relationship of the assets and liabilities and the recourse provisions of the consolidated VIE see Note 12. | ||||||||||||
LP also has a variable interest in its Abitibi-LP equity method investee but is not considered to be the primary beneficiary. See Note 8 for further information on this investment. | ||||||||||||
Earnings Per Share, Policy [Policy Text Block] | 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 (employee stock options, stock settled stock appreciation rights, incentive shares, performance shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar and share amounts in millions, except per share amounts | 2014 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Income (loss) attributed to LP common shares: | ||||||||||||
Income (loss) from continuing operations | $ | (73.4 | ) | $ | 177.4 | $ | 29.5 | |||||
Loss from discontinued operations | (2.0 | ) | (0.3 | ) | (0.7 | ) | ||||||
Net income (loss) | $ | (75.4 | ) | $ | 177.1 | $ | 28.8 | |||||
Denominator: | ||||||||||||
Basic—weighted average common shares outstanding | 141.1 | 139.6 | 137.1 | |||||||||
Dilutive effect of employee stock plans | — | 2.5 | 2.3 | |||||||||
Dilutive effect of stock warrants | — | 2.2 | 3.2 | |||||||||
Diluted shares outstanding | 141.1 | 144.3 | 142.6 | |||||||||
Basic earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.27 | $ | 0.22 | |||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.27 | $ | 0.21 | |||||
Diluted earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.23 | $ | 0.2 | |||||
Loss from discontinued operations | (0.01 | ) | — | — | ||||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.23 | $ | 0.2 | |||||
Stock options, warrants and stock settled stock appreciation rights (SSARs) related to approximately 2.5 million and 2.3 million common shares were considered not in-the-money for purposes of LP's earnings per share calculation for the years ended December 31, 2013 and December 31, 2012. Stock options, warrants, stock settled stock appreciation rights (SSARs) and performance shares related to approximately 5.8 million common shares for the year ended December 31, 2014 were considered anti-dilutive for purposes of LP’s earnings per share calculation due to LP’s loss position in continuing operations. | ||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents consist of money market investments with an initial maturity of three months or less. These investments are stated at cost, which approximates market value. | ||||||||||||
Investment, Policy [Policy Text Block] | Investments | |||||||||||
LP’s long-term investments are classified as available-for-sale and are reported at estimated fair value. LP may invest in securities including U.S. treasury notes, bank obligations, corporate obligations, auction rate securities and commercial paper. Under LP’s investment criteria at purchase, bank and corporate obligations carry a rating of at least A-1 and commercial paper must have the highest rating obtainable from one or more rating agencies. Unrealized gains and losses, net of tax, on these investments are reported as a separate component of “Accumulated comprehensive loss” in Stockholders’ Equity until realized. Impairment losses are charged to income for other-than-temporary declines in fair value. Realized gains and losses (including impairments) are recorded in “Investment income” in the Consolidated Statements of Income. For purposes of computing realized gains and losses, cost is identified on a specific identification basis. See Note 2 for further discussion. | ||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |||||||||||
LP has, where appropriate, estimated the fair value of financial instruments. These fair value amounts may be significantly affected by the assumptions used, including the discount rate and estimates of cash flows. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. | ||||||||||||
Inventory, Policy [Policy Text Block] | Inventory | |||||||||||
Inventories are valued at the lower of cost or market. Inventory costs include materials, labor and operating overhead. The LIFO (last-in, first-out) method is used for a minor portion of the Company’s log inventories with the remaining inventories valued at FIFO (first-in, first-out) or average cost. See Note 5 for further discussion. | ||||||||||||
Timber and timberlands [Policy Text Block] | Timber and Timberlands | |||||||||||
Timber and timberlands is comprised of timber deeds and allocations of purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which LP purchases timber, but not the underlying land. The cost of timber deeds are capitalized in timber and timberlands and charged to cost of timber harvested as the volume is removed. Timber that has been severed but has not yet been delivered to a facility is included in timber and timberlands. The values associated with timber licenses were allocated in the purchase price allocations for Le Groupe Forex (Forex), Peace Valley OSB and the assets of Evans Forest Products. These licenses have a life of twenty to twenty-five years. These licenses are amortized on a straight-line basis over the life of the facilities. Cost of timber harvested also includes the amortization of the timber licenses. See Note 7 for further discussion. | ||||||||||||
Assets held for sale policy [Policy Text Block] | 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”. During 2014, LP sold the assets of one of its non-operating locations for $11.9 million. As of December 31, 2014 and 2013, LP included two OSB mills and various non-operating sites in its held for sale category. See Note 3 for discussion of impairments recorded on these assets to reduce carrying value to estimated sales prices less estimated selling costs. The current book values of assets held for sale by category is as follows: | ||||||||||||
Dollar amounts in millions | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Property, plant and equipment, at cost: | ||||||||||||
Land, land improvements and logging roads, net of road amortization | $ | 4.5 | $ | 6.9 | ||||||||
Buildings | 2.9 | 6.2 | ||||||||||
Machinery and equipment | 52 | 99.1 | ||||||||||
59.4 | 112.2 | |||||||||||
Accumulated depreciation | (50.1 | ) | (95.9 | ) | ||||||||
Net property, plant and equipment | $ | 9.3 | $ | 16.3 | ||||||||
LP believes that the net realizable sales value of the aforementioned assets exceeds their carrying values. | ||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment | |||||||||||
Property, plant and equipment, including capitalized interest, are recorded at cost. Depreciation for financial statement purposes is provided principally using the units of production method for machinery and equipment which amortizes the cost of equipment over the estimated units that will be produced during its useful life. Provisions for depreciation of buildings, land improvements and the remaining machinery and equipment have been computed using straight-line rates based on the estimated service lives. The effective straight-line lives for the principal classes of property range from three to twenty years. | ||||||||||||
Logging road construction costs are capitalized and included in land and land improvements. These costs are amortized as the timber volume adjacent to the road system is harvested. | ||||||||||||
LP capitalizes interest on borrowed funds during construction periods. Capitalized interest is charged to machinery and equipment accounts and amortized over the lives of the related assets. Capitalized interest totaled $1.3 million in 2014 and $1.6 million in 2013. | ||||||||||||
Asset Impairment, Policy [Policy Text Block] | Potential Impairments | |||||||||||
Long-lived assets to be held and used by LP (primarily property, plant and equipment and timber and timberlands) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When impairment is indicated, the book values of the assets are written down to their estimated fair value as calculated by the expected discounted cash flow or estimated net sales price. See Note 3 for impairment charges recorded in the periods presented. See Note 17 for a discussion of charges in 2014, 2013 and 2012 related to impairments of property, plant and equipment. Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value. | ||||||||||||
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 December 31, 2014, the fair values of LP's facilities were substantially in excess of their carrying value, which supported the conclusion that no impairment is necessary for those facilities. However, if demand and pricing for the relevant products continues at levels significantly below cycle average demand and pricing, or should LP decide to invest capital in alternative projects, or should changes occur related to LP's wood supply for these locations, it is possible that impairment charges will be required. | ||||||||||||
Income Taxes, Policy [Policy Text Block] | Income Taxes | |||||||||||
LP accounts for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in LP’s financial statements or tax returns. In estimating future tax consequences, LP generally considers all expected future events other than the enactment of changes in tax laws or rates and future income. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. Additionally, deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. | ||||||||||||
LP recognizes liabilities for uncertain tax positions through a two step process. The first step is to the evaluate the tax position for recognition by determining if the weight of the available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step requires LP to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as LP must determine the probability for various outcomes. LP evaluates these uncertain tax provisions when new information becomes available. These revaluations are based upon factors including, but not limited to, changes in circumstances, changes in tax law, successful settlement of issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. | ||||||||||||
LP classifies interest related to income taxes liabilities or uncertain tax positions as interest expense or interest income and, if applicable, penalties are recognized as a component of income tax expense. | ||||||||||||
See Note 10 for further discussion of deferred income taxes. | ||||||||||||
Stock-based Compensation Policy [Policy Text Block] | Stock-Based Compensation | |||||||||||
LP recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options, performance shares, restricted stock or restricted stock units and stock settled stock appreciation rights (SSAR), based upon the fair value of those awards at the date of grant over the requisite service period. LP generally uses the Black-Scholes-Merton (Black-Scholes) option pricing model to determine the fair value of the stock option and SSAR awards. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model are more fully described in Note 14. The fair market value of performance share awards are determined based on the fair value as of the date of grant times the number of shares adjusted for the weighted probability of the attainment of the relevant performance goals. | ||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | |||||||||||
The functional currency for the Company’s Canadian subsidiaries is the U.S. dollar; however the books and records for these subsidiaries are maintained in the Canadian dollar. The financial statements of these foreign subsidiaries are remeasured into U.S. dollars using the historical exchange rate for property, plant and equipment, timber and timberlands, goodwill, and certain other non-monetary assets and related depreciation and amortization on these assets and liabilities. LP uses the exchange rate at the balance sheet date for the remaining assets and liabilities, including deferred taxes. A weighted-average exchange rate is used for each period for revenues and expenses. These transaction gains or losses are recorded in “Other non-operating income (expense)” on the Consolidated Statements of Income. | ||||||||||||
The functional currencies of LP’s Chilean and Brazilian subsidiaries are the Chilean peso and Brazilian real and their books and records are maintained in the local currency. Translation adjustments, which are based upon the exchange rate at the balance sheet date for assets and liabilities and the weighted-average rate for the income statement, are recorded in “Accumulated comprehensive loss” in Stockholders’ equity. | ||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | |||||||||||
Goodwill is tested for impairment on an annual basis, and when indicators of impairment are determined to exist. Impairment is evaluated by applying a fair value based test. Impairment losses would be recognized whenever the implied fair value of goodwill is less than its carrying value. | ||||||||||||
Intangible Assets, Policy [Policy Text Block] | Intangible Assets | |||||||||||
Intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited. Impairment of the intangible asset is evaluated when factors indicate impairment may exist. | ||||||||||||
Restricted Cash, Policy [Policy Text Block] | Restricted Cash | |||||||||||
In accordance with LP’s credit facilities, discussed at Note 12, LP has established restricted cash accounts. As of December 31, 2014, a portion of the restricted cash secures outstanding letters of credit under LP’s U.S. and Canadian credit facilities. | ||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||||||||
Revenue is recognized when title has passed. The following criteria are used to determine that title has passed: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price to the buyer is fixed or determinable; and (4) the collection is reasonably assured. | ||||||||||||
During 2014, 2013 and 2012, LP's top ten customers accounted for approximately 41%, 44% and 46% of its sales. During 2012, Home Depot, Inc. accounted for more than 10% of its sales with no customers exceeding 10% in 2013 or 2014. | ||||||||||||
Pricing and Sales Incentives [Policy Text Block] | Pricing and Sales Incentives | |||||||||||
LP records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives, at the date revenue is recognized. Some of these incentives are negotiated up front with the customer and are redeemable only if the customer achieves a specified cumulative level of sales (measured in dollars or units) or sales increase. Under these incentive programs, at the time of sale, LP estimates the anticipated rebate to be paid based upon forecasted sales levels. These forecasts are updated on a regular basis. If the forecasted sales for a customer change significantly, the accrual for rebates is adjusted to reflect the revised estimate. | ||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations | |||||||||||
LP records the fair value of the legal obligations and the conditional obligations to retire and remove long-lived assets in the period which the obligation is incurred. These obligations primarily consist of monitoring costs on closed landfills, timber reforestation obligations associated with LP’s timber licenses in Canada and certain site restoration costs. When the related liability is initially recorded, LP capitalizes the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its settlement value and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, LP recognizes a gain or loss for any difference between the settlement amount and the liability recorded. See Note 15 for further discussion. | ||||||||||||
Deferred Debt Costs, Policy [Policy Text Block] | Deferred Debt Costs | |||||||||||
Deferred debt costs are amortized over the life of the related debt using a straight line basis which approximates the effective interest method. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to other non-operating income (expense). During 2013, $1.4 million and during 2012, $4.5 million of deferred debt costs were written off in association with the early debt extinguishment. LP amortized deferred debt costs of $1.2 million, $1.4 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012. See Note 11 for further discussion. | ||||||||||||
Other operating charges and credits policy [Policy Text Block] | Other Operating Credits and Charges, Net | |||||||||||
LP classifies significant amounts that management considers unrelated to ongoing core operating activities as “Other operating credits and charges, net” in the Consolidated Statements of Income. Such items include, but are not limited to, amounts related to restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, product reserves, prior year inventory profit adjustments, retirement charges and gains or losses from settlements with governmental or other organizations. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment. See Note 16 for a discussion of specific amounts in 2014, 2013 and 2012. | ||||||||||||
Retirement Benefits Policy [Policy Text Block] | Retirement Benefits | |||||||||||
LP is required to use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Difference between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, rather, systematically and gradually over subsequent periods. See Note 13 for further information. | ||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income | |||||||||||
Comprehensive income consists of net income (loss) and other gains and losses affecting shareholders’ equity that are excluded from net income (loss), including foreign currency translation adjustments, prior service costs and credits, transition assets or obligations associated with pension or other post retirement benefits that have not been recognized as components of net periodic benefit costs, net unrealized gains or losses on securities, and unrealized gains and losses on financial instruments qualifying for cash flow hedge accounting, and is presented in the accompanying Consolidated Statements of Comprehensive Income. See Note 22 for further discussion. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Present and Prospective Accounting Pronouncements | |||||||||||
In August 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether conditions exist which raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year of when the financial statements are available to be issued). If such conditions exist, disclosure is required of: (1) the principal conditions; (2) management’s evaluation of the significance of the conditions on the entity’s ability to meet obligations; and (3) management’s plans to alleviate this substantial doubt related to the ability to continue as a going concern. If management’s plans do not alleviate this substantial doubt, management must specifically disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or date the financial statements are available to be issued), in addition to the disclosure noted above. This guidance becomes effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. | ||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016. LP is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. | ||||||||||||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This guidance states that the disposal of a component of an entity is to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The pronouncement also requires additional disclosures regarding individually significant disposals of components that do not meet the criteria to be recognized as a discontinued operation as well as additional and expanded disclosures. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015; it is applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The adoption of this standard will impact presentation only and will not have an effect on LP's consolidated results of operations and financial position. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [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: | |||||||||||
Year ended December 31, | ||||||||||||
Dollar and share amounts in millions, except per share amounts | 2014 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Income (loss) attributed to LP common shares: | ||||||||||||
Income (loss) from continuing operations | $ | (73.4 | ) | $ | 177.4 | $ | 29.5 | |||||
Loss from discontinued operations | (2.0 | ) | (0.3 | ) | (0.7 | ) | ||||||
Net income (loss) | $ | (75.4 | ) | $ | 177.1 | $ | 28.8 | |||||
Denominator: | ||||||||||||
Basic—weighted average common shares outstanding | 141.1 | 139.6 | 137.1 | |||||||||
Dilutive effect of employee stock plans | — | 2.5 | 2.3 | |||||||||
Dilutive effect of stock warrants | — | 2.2 | 3.2 | |||||||||
Diluted shares outstanding | 141.1 | 144.3 | 142.6 | |||||||||
Basic earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.27 | $ | 0.22 | |||||
Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | |||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.27 | $ | 0.21 | |||||
Diluted earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | (0.52 | ) | $ | 1.23 | $ | 0.2 | |||||
Loss from discontinued operations | (0.01 | ) | — | — | ||||||||
Net income (loss) per share | $ | (0.53 | ) | $ | 1.23 | $ | 0.2 | |||||
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: | |||||||||||
Dollar amounts in millions | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Property, plant and equipment, at cost: | ||||||||||||
Land, land improvements and logging roads, net of road amortization | $ | 4.5 | $ | 6.9 | ||||||||
Buildings | 2.9 | 6.2 | ||||||||||
Machinery and equipment | 52 | 99.1 | ||||||||||
59.4 | 112.2 | |||||||||||
Accumulated depreciation | (50.1 | ) | (95.9 | ) | ||||||||
Net property, plant and equipment | $ | 9.3 | $ | 16.3 | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments [Abstract] | ||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | The following table summarizes unrealized gains and losses related to these investments as of December 31, 2014 and December 31, 2013: | |||||||||||||||
Dollar amounts in millions | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | ||||||||||||||||
Auction rate securities | $ | 0.3 | $ | 4.3 | $ | — | $ | 4.6 | ||||||||
Total marketable securities | $ | 0.3 | $ | 4.3 | $ | — | $ | 4.6 | ||||||||
December 31, 2013 | ||||||||||||||||
Auction rate securities | $ | 0.4 | $ | 3.3 | $ | — | $ | 3.7 | ||||||||
Total marketable securities | $ | 0.4 | $ | 3.3 | $ | — | $ | 3.7 | ||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The contractual maturities of debt securities classified as available for sale at December 31, 2014 were as follows: | |||||||||||||||
Dollar amounts in millions | 2014 | |||||||||||||||
Amortized | Fair | |||||||||||||||
Cost | Value | |||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||
Due in more than one year | 0.3 | 4.6 | ||||||||||||||
Total marketable securities | $ | 0.3 | $ | 4.6 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013 is summarized in the following tables. | |||||||||||||||
Dollar amounts in millions | December 31, | Quoted Prices in | Significant | Significant | ||||||||||||
2014 | Active Markets | Other Observable | Unobservable | |||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
Available for sale securities | $ | 4.6 | $ | — | $ | — | $ | 4.6 | ||||||||
Trading securities | 2.3 | 2.3 | — | — | ||||||||||||
Contingent consideration | 0.2 | — | — | 0.2 | ||||||||||||
Dollar amounts in millions | December 31, | Quoted Prices in | Significant | Significant | ||||||||||||
2013 | Active Markets | Other Observable | Unobservable | |||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||
(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 twelve months ended December 31, 2014 and 2013. | |||||||||||||||
Dollar amounts in millions | Available for | Contingent consideration | ||||||||||||||
sale securities | ||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | — | ||||||||||||
Contingent consideration pursuant to business combination | — | 24.3 | ||||||||||||||
Adjustment to contingent consideration fair value | — | (20.5 | ) | |||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||
Included in investment income | — | — | ||||||||||||||
Included in other comprehensive income | 1.7 | — | ||||||||||||||
Balance at December 31, 2013 | $ | 3.7 | $ | 3.8 | ||||||||||||
Contingent consideration pursuant to business combination | $ | — | $ | — | ||||||||||||
Adjustment to contingent consideration fair value | — | (3.2 | ) | |||||||||||||
Foreign exchange rate changes | — | (0.4 | ) | |||||||||||||
Total realized/unrealized gains (losses) | ||||||||||||||||
Included in investment income | — | — | ||||||||||||||
Included in other comprehensive income | 0.9 | — | ||||||||||||||
Balance at December 31, 2014 | $ | 4.6 | $ | 0.2 | ||||||||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consist of the following: | |||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Trade receivables | $ | 96.1 | $ | 69.2 | ||||
Interest receivables | 0.2 | 0.2 | ||||||
Income tax receivable | 1.4 | 1.2 | ||||||
Other receivables | 11.7 | 8.6 | ||||||
Allowance for doubtful accounts | (1.0 | ) | (1.1 | ) | ||||
$ | 108.4 | $ | 78.1 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following (work-in-process is not material): | |||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Logs | $ | 39.6 | $ | 46.9 | ||||
Other raw materials | 21.3 | 27.8 | ||||||
Semi finished inventory | 19.3 | 11.1 | ||||||
Finished products | 149.6 | 138.6 | ||||||
Total | $ | 229.8 | $ | 224.4 | ||||
Notes_Receivable_from_Asset_Sa1
Notes Receivable from Asset Sales (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Notes Receivable From Asset Sales [Abstract] | ||||||||||
Notes receivable from asset sales [Table Text Block] | ||||||||||
Dollar amounts in millions | Interest Rate | December 31, | ||||||||
2014 | 2014 | 2013 | ||||||||
Notes receivable (secured), maturing 2018, interest rates fixed | 7.3 | % | 22.2 | 22.2 | ||||||
Notes receivable (secured), maturing 2018, interest rate variable | 410 | 410 | ||||||||
Total | 432.2 | 432.2 | ||||||||
Current portion | — | — | ||||||||
Long-term portion | $ | 432.2 | $ | 432.2 | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Intangible Assets [Abstract] | ||||||||
Schedule of Goodwill [Table Text Block] | Changes in goodwill for the year ended December 31, 2014 and 2013 are provided in the following table: | |||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Beginning balance December 31, | 9.7 | — | ||||||
Additions | — | 9.7 | ||||||
Total goodwill | 9.7 | 9.7 | ||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | LP has recorded other intangible assets in its Consolidated Balance Sheets, as follows: | |||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Timber licenses (recorded as part of Timber and Timberlands) | $ | 64.8 | $ | 68.2 | ||||
Other | 0.1 | 0.1 | ||||||
Total | $ | 64.9 | $ | 68.3 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization of the above intangible asset over the next five years is as follows: | |||||||
Dollar amounts in millions | ||||||||
Year ended December 31, | ||||||||
2015 | $ | 3.3 | ||||||
2016 | 3.3 | |||||||
2017 | 4.1 | |||||||
2018 | 4.1 | |||||||
2019 | 4.1 | |||||||
Investments_in_and_Advances_to1
Investments in and Advances to Affiliates Investments in and Advances to Affiliates (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Related Party Transactions [Abstract] | ||||
Investments in and Advances to Affiliates [Table Text Block] | The remaining investment does not meet the Regulation S-X significance test requiring the inclusion of the separate investee financial statements for any year; however based upon the aggregation requirements under S-X, aggregated summarized financial information (including net sales and net income information for entities no longer held) for 2012 is required as follows: | |||
December 31, | ||||
Dollar amounts in millions | 2012 | |||
Net sales | $ | 238.9 | ||
Net income (loss) | $ | 3.4 | ||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued liabilities were as follows: | |||||||
December 31, | ||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||
Accounts payable | $ | 80.3 | $ | 83.1 | ||||
Salaries and wages payable | 32.4 | 43.3 | ||||||
Taxes other than income taxes | 3.3 | 2.1 | ||||||
Current portion of warranty reserves | 12 | 12 | ||||||
Accrued interest | 6.4 | 2.5 | ||||||
Contingent consideration | — | 2.1 | ||||||
Accrued rebates | 15.9 | 9.1 | ||||||
Other accrued liabilities | 18 | 7.7 | ||||||
Total Accounts payable and accrued liabilities | $ | 168.3 | $ | 161.9 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | oss) from continuing operations before income taxes consists of the following: | |||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | (66.4 | ) | $ | 134 | $ | 31 | |||||
Foreign | (34.2 | ) | 84.5 | 5.5 | ||||||||
Total | $ | (100.6 | ) | $ | 218.5 | $ | 36.5 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Current tax provision (benefit): | ||||||||||||
U.S. federal | $ | (5.0 | ) | $ | 1.3 | $ | 12.6 | |||||
State and local | 0.3 | 1.2 | 0.6 | |||||||||
Foreign | 1.6 | 3.3 | 0.9 | |||||||||
Net current tax provision (benefit) | (3.1 | ) | 5.8 | 14.1 | ||||||||
Deferred tax provision (benefit): | ||||||||||||
U.S. federal | (19.5 | ) | 44.6 | (7.3 | ) | |||||||
State and local | (1.2 | ) | 2.5 | — | ||||||||
Foreign | (13.3 | ) | 13.4 | (0.3 | ) | |||||||
Net valuation allowance increase (decrease) | 9.9 | (25.2 | ) | 0.5 | ||||||||
Net deferred tax benefit | (24.1 | ) | 35.3 | (7.1 | ) | |||||||
Total income tax provision (benefit) | $ | (27.2 | ) | $ | 41.1 | $ | 7 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of significant temporary differences creating deferred tax (assets) and liabilities at December 31 were as follows: | |||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||
Property, plant and equipment | $ | 172.1 | $ | 178.9 | ||||||||
Timber and timberlands | 17.8 | 10.5 | ||||||||||
Inventories | (8.1 | ) | (8.1 | ) | ||||||||
Accrued liabilities | (84.9 | ) | (70.0 | ) | ||||||||
Benefit of capital loss and NOL carryovers | (134.0 | ) | (97.1 | ) | ||||||||
Benefit of federal & state tax credit carryovers | (17.8 | ) | (14.9 | ) | ||||||||
Installment sale gain deferral | 129.2 | 129.9 | ||||||||||
Market value write down of ARS | (8.9 | ) | (8.9 | ) | ||||||||
Other | (3.9 | ) | (6.0 | ) | ||||||||
Valuation allowance | 32.3 | 23.5 | ||||||||||
Net deferred tax liabilities | $ | 93.8 | $ | 137.8 | ||||||||
Balance sheet classification | ||||||||||||
Current deferred tax asset | $ | (45.1 | ) | $ | (50.9 | ) | ||||||
Long-term deferred tax asset | (0.6 | ) | — | |||||||||
Long-term deferred tax liability | 139.5 | 188.7 | ||||||||||
$ | 93.8 | $ | 137.8 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table summarizes the differences between the statutory U.S. federal and effective income tax rates on continuing operations: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. Federal tax rate | (35 | )% | 35 | % | 35 | % | ||||||
State and local income taxes | (2 | ) | 2 | 2 | ||||||||
Adjustments to previously recorded deferred tax liabilities | — | — | (12 | ) | ||||||||
Uncertain tax positions | 1 | — | (1 | ) | ||||||||
Effect of foreign tax rates | 5 | (3 | ) | (1 | ) | |||||||
Effect of foreign exchange on functional currencies | (6 | ) | (3 | ) | (2 | ) | ||||||
Valuation allowance | 10 | (12 | ) | 1 | ||||||||
Other, net | — | — | (3 | ) | ||||||||
Effective tax rate (%) | (27 | )% | 19 | % | 19 | % | ||||||
Summary of Income Tax Contingencies [Table Text Block] | In accordance with the accounting for uncertain tax positions, the following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years presented: | |||||||||||
during | ||||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 48.9 | $ | 49.9 | $ | 23.5 | ||||||
Increases: | ||||||||||||
Tax positions taken in current year | 0.1 | — | 0.1 | |||||||||
Tax positions taken in prior years | 1.3 | 0.4 | 33.9 | |||||||||
Decreases: | ||||||||||||
Tax positions taken in current year | — | — | — | |||||||||
Tax positions taken in prior years | (8.1 | ) | — | (7.4 | ) | |||||||
Settlements during the year | — | — | (0.2 | ) | ||||||||
Lapse of statute in current year | — | (1.4 | ) | — | ||||||||
Ending balance | $ | 42.2 | $ | 48.9 | $ | 49.9 | ||||||
Nonoperating_Income_Expense_Ta
Non-operating Income (Expense) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ||||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Interest expense | $ | (29.9 | ) | $ | (36.2 | ) | $ | (48.0 | ) | |||
Amortization of debt charges | (1.2 | ) | (1.4 | ) | (1.5 | ) | ||||||
Capitalized interest | 1.3 | 1.6 | 0.2 | |||||||||
Interest expense, net of capitalized interest | (29.8 | ) | (36.0 | ) | (49.3 | ) | ||||||
Investment income | 5.5 | 9.4 | 13 | |||||||||
SERP market adjustments | — | 0.9 | 1.8 | |||||||||
Investment income | 5.5 | 10.3 | 14.8 | |||||||||
Foreign currency losses | (3.1 | ) | (5.3 | ) | (2.7 | ) | ||||||
Gain on settlement of litigation related to ARS | — | — | 20 | |||||||||
Gain on acquisition | — | 35.9 | — | |||||||||
Gain on the sale of joint venture | — | 1.2 | — | |||||||||
Early debt extinguishment | — | (2.3 | ) | (52.2 | ) | |||||||
Other non-operating income (expense) | (3.1 | ) | 29.5 | (34.9 | ) | |||||||
Total non-operating income (expense) | $ | (27.4 | ) | $ | 3.8 | $ | (69.4 | ) | ||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | |||||||||||
Interest | December 31, | ||||||||||
Dollar amounts in millions | Rate 2014 | 2014 | 2013 | ||||||||
Debentures: | |||||||||||
Senior unsecured notes, maturing 2020, interest rates fixed | 7.5 | % | $ | 350 | $ | 350 | |||||
Bank credit facilities: | |||||||||||
Chilean term credit facility, maturing 2019, interest rates fixed | UF+3.9% | 14.4 | 15.7 | ||||||||
Brazilian export financing facility, maturing 2017, interest rates fixed | 6.65 | % | 6 | 8 | |||||||
Limited recourse notes payable: | |||||||||||
Senior notes, payable 2018, interest rates fixed | 7.3 | % | 22 | 22 | |||||||
Other financing: | |||||||||||
Non-recourse notes payable 2018, interest rates variable | 0.2 | % | 368.7 | 368.7 | |||||||
Other | 0.8 | 0.6 | |||||||||
Total | 761.9 | 765 | |||||||||
Less: current portion | (2.4 | ) | (2.3 | ) | |||||||
Net long-term portion | $ | 759.5 | $ | 762.7 | |||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The weighted average interest rate for all long-term debt at December 31, 2014 and 2013 was approximately 3.9 percent for both periods. Required repayment of principal for long-term debt is as follows: | ||||||||||
Dollar amounts in millions | |||||||||||
Year ended December 31, | |||||||||||
2015 | $ | 2.4 | |||||||||
2016 | 2.3 | ||||||||||
2017 | 6.8 | ||||||||||
2018 | 395.6 | ||||||||||
2019 | 4.8 | ||||||||||
2020 and after | 350 | ||||||||||
Total | $ | 761.9 | |||||||||
Retirement_Plans_and_Post_Reti1
Retirement Plans and Post Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs and Assumptions Used in Calculating Net Periodic Benefit Cost [Table Text Block] | The components of LP’s net periodic pension costs and the assumptions related to those costs consisted of the following: | |||||||||||||||
Year ended December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3.5 | $ | 3.4 | $ | 3.7 | ||||||||||
Interest cost | 14.1 | 12.7 | 14.6 | |||||||||||||
Expected return on plan assets | (16.9 | ) | (16.5 | ) | (16.8 | ) | ||||||||||
Amortization of prior service cost and net transition asset | — | 0.3 | 0.3 | |||||||||||||
Amortization of net actuarial loss | 5.5 | 7.3 | 6.6 | |||||||||||||
Net periodic pension cost | $ | 6.2 | $ | 7.2 | $ | 8.4 | ||||||||||
Loss (gain) due to settlement | $ | — | $ | — | $ | 2.2 | ||||||||||
Discount rate | 4.59 | % | 3.8 | % | 4.41 | % | ||||||||||
Rate of compensation increase | 0.8 | % | 0.7 | % | 0.7 | % | ||||||||||
Expected return on plan assets | 6.72 | % | 6.64 | % | 6.87 | % | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Other changes in plan assets and benefit obligations recognized in other comprehensive income (OCI): | |||||||||||||||
Year ended December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||||||
Net actuarial (gain) loss | $ | 44.2 | $ | (35.9 | ) | $ | 11.3 | |||||||||
Amortization of net actuarial loss | (5.5 | ) | (7.3 | ) | (6.6 | ) | ||||||||||
Amortization of prior service cost | 9.4 | (0.3 | ) | (0.3 | ) | |||||||||||
Settlement | — | — | (2.2 | ) | ||||||||||||
Foreign exchange rate changes | — | 0.2 | — | |||||||||||||
Total recognized in OCI | $ | 48.1 | $ | (43.3 | ) | $ | 2.2 | |||||||||
Schedule of Net Funded Status and Assumptions Used in Calculating Benefit Obligation [Table Text Block] | The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated salary increases. The benefit plan obligation, funded status and the assumptions related to the obligations as of the measurement date for each year presented as of December 31 follow: | |||||||||||||||
December 31, | ||||||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Beginning of year balance | $ | 322.1 | $ | 352 | ||||||||||||
Service cost | 3.5 | 3.4 | ||||||||||||||
Interest cost | 14.1 | 12.7 | ||||||||||||||
Actuarial (gain)/loss | 37.4 | (24.1 | ) | |||||||||||||
Transfers in | — | 0.3 | ||||||||||||||
Plan amendments | 9.4 | — | ||||||||||||||
Foreign exchange rate changes | (5.3 | ) | (3.6 | ) | ||||||||||||
Benefits paid | (17.1 | ) | (18.6 | ) | ||||||||||||
End of year balance | $ | 364.1 | $ | 322.1 | ||||||||||||
Change in assets (fair value): | ||||||||||||||||
Beginning of year balance | $ | 270.3 | $ | 259.3 | ||||||||||||
Actual return on plan assets | 10.2 | 28.3 | ||||||||||||||
Employer contribution | 9.6 | 4.2 | ||||||||||||||
Transfers in | — | 0.3 | ||||||||||||||
Foreign exchange rate changes | (5.0 | ) | (3.2 | ) | ||||||||||||
Benefits paid | (17.1 | ) | (18.6 | ) | ||||||||||||
End of year balance | $ | 268 | $ | 270.3 | ||||||||||||
Funded status | $ | (96.1 | ) | $ | (51.8 | ) | ||||||||||
Weighted average assumptions for obligations as of measurement date | ||||||||||||||||
Discount rate for obligations | 3.82 | % | 4.58 | % | ||||||||||||
Rate of compensation increase | 0.57 | % | 0.63 | % | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The amounts recognized in LP’s Consolidated Balance Sheets as of December 31 consist of the following: | |||||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||||||
Noncurrent pension assets, included in “Other assets” | $ | 0.6 | $ | 0.6 | ||||||||||||
Current pension liabilities, included in “Accounts payable and accrued liabilities” | (2.7 | ) | (0.2 | ) | ||||||||||||
Noncurrent pension liabilities, included in “Other long-term liabilities” | (93.8 | ) | (52.2 | ) | ||||||||||||
Total | $ | (95.9 | ) | $ | (51.8 | ) | ||||||||||
Amounts recognized in other comprehensive income—pre-tax | ||||||||||||||||
Net actuarial loss | $ | 149.6 | $ | 112.1 | ||||||||||||
Prior service cost | 9.5 | 0.1 | ||||||||||||||
Total | $ | 159.1 | $ | 112.2 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The amounts of accumulated other comprehensive income that is expected to be amortized as expense during 2015 is: | |||||||||||||||
Dollar amounts in millions | ||||||||||||||||
Net actuarial loss | $ | 7.1 | ||||||||||||||
Prior service cost | 0.5 | |||||||||||||||
Total | $ | 7.6 | ||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The benefits expected to be paid from the benefit plans, which reflect expected future service, are as follows: | |||||||||||||||
Dollar amounts in millions | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 22.7 | ||||||||||||||
2016 | 24.3 | |||||||||||||||
2017 | 30.1 | |||||||||||||||
2018 | 20 | |||||||||||||||
2019 | 20.6 | |||||||||||||||
2020 – 2024 | 108.1 | |||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of LP’s pension plan assets at December 31, 2014 and December 31, 2013, fair value asset categories and the level of inputs as defined in Note 3 are as follows: | |||||||||||||||
Dollar amounts in millions | December 31, 2014 | Quoted Prices | Significant | Significant | ||||||||||||
Asset Category | in Active | Observable | Unobservable | |||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Equity investment funds:(a) | ||||||||||||||||
Domestic stock funds | $ | 84.5 | $ | 71.4 | $ | 13.1 | $ | — | ||||||||
International stock funds | 37.9 | 12.8 | 25.1 | — | ||||||||||||
Fixed income investment funds:(b) | ||||||||||||||||
Domestic bond funds | 62.5 | 62.5 | — | — | ||||||||||||
International bond funds | 40.9 | — | 40.9 | — | ||||||||||||
Diversified real asset funds | 13.9 | 13.9 | — | — | ||||||||||||
Real estate funds(c) | — | — | — | — | ||||||||||||
Multi-strategy funds(d) | 26.1 | — | — | 26.1 | ||||||||||||
Cash & cash equivalents | 2.2 | — | 2.2 | — | ||||||||||||
Total | $ | 268 | $ | 160.6 | $ | 81.3 | $ | 26.1 | ||||||||
_______________ | ||||||||||||||||
(a) | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | |||||||||||||||
(b) | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | |||||||||||||||
(c) | Real estate investments are primarily invested in U.S. commercial real estate. | |||||||||||||||
(d) | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | |||||||||||||||
Dollar amounts in millions | December 31, 2013 | Quoted Prices | Significant | Significant | ||||||||||||
Asset Category | in Active | Observable | Unobservable | |||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical | (Level 2) | (Level 3) | ||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Equity investment funds:(a) | ||||||||||||||||
Domestic stock funds | $ | 83 | $ | 68.8 | $ | 14.2 | $ | — | ||||||||
International stock funds | 42.4 | 14.4 | 28 | — | ||||||||||||
Fixed income investment funds:(b) | ||||||||||||||||
Domestic bond funds | 54.4 | 54.4 | — | — | ||||||||||||
International bond funds | 34.2 | — | 34.2 | — | ||||||||||||
Diversified real asset funds | 11.1 | 11.1 | — | — | ||||||||||||
Real estate funds(c) | 16.5 | — | — | 16.5 | ||||||||||||
Multi-strategy funds(d) | 25.2 | — | — | 25.2 | ||||||||||||
Cash & cash equivalents | 3.5 | — | 3.5 | — | ||||||||||||
Total | $ | 270.3 | $ | 148.7 | $ | 79.9 | $ | 41.7 | ||||||||
_______________ | ||||||||||||||||
(a) | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | |||||||||||||||
(b) | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | |||||||||||||||
(c) | Real estate investments are primarily invested in U.S. commercial real estate. | |||||||||||||||
(d) | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | |||||||||||||||
The actual and target allocations at the measurement dates are as follows: | ||||||||||||||||
Target | Actual | |||||||||||||||
Allocation | Allocation | |||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Asset category | ||||||||||||||||
Equity securities | 47 | % | 45.7 | % | 46.4 | % | ||||||||||
Debt securities | 27 | 43.8 | 36.8 | |||||||||||||
Real estate | 8 | — | 6.2 | |||||||||||||
Other, including cash and cash equivalents | 18 | 10.5 | 10.6 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period. | |||||||||||||||
Dollar amounts in millions | Multi-Strategy | Real Estate | Total | |||||||||||||
Funds | ||||||||||||||||
Balance at January 1, 2013 | $ | 49.5 | $ | 15.2 | $ | 64.7 | ||||||||||
Total unrealized gains (losses) | 5.5 | 1.3 | 6.8 | |||||||||||||
Net income | — | 0.1 | 0.1 | |||||||||||||
Contribution (redemption) | (29.4 | ) | — | (29.4 | ) | |||||||||||
Management fees | (0.4 | ) | (0.1 | ) | (0.5 | ) | ||||||||||
Balance at December 31, 2013 | $ | 25.2 | $ | 16.5 | $ | 41.7 | ||||||||||
Total unrealized gains (losses) | $ | 0.8 | $ | — | $ | 0.8 | ||||||||||
Net income | — | — | — | |||||||||||||
Contribution (Redemption) | — | (16.5 | ) | (16.5 | ) | |||||||||||
Management fees | 0.1 | — | 0.1 | |||||||||||||
Balance at December 31, 2014 | $ | 26.1 | $ | — | $ | 26.1 | ||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 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: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected stock price volatility | 57 | % | 69 | % | 64 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 0.7 | % | ||||||||
Expected life of options (in years) | 5.0 years | 5.0 years | 5.1 years | |||||||||||
Weighted average fair value of options and SSARs granted | $ | 9.03 | $ | 11.68 | $ | 4.75 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock options and SSARs outstanding as of December 31, 2014 as well as activity during the three year period then ended. | |||||||||||||
Share amounts in thousands | Options/ | Weighted | Weighted | Aggregate | ||||||||||
SSARs | Average | Average | Intrinsic | |||||||||||
Exercise Price | Contractual | Value | ||||||||||||
Term (in years) | (in millions) | |||||||||||||
Options outstanding at January 1, 2012 | 8,315 | $ | 12.78 | |||||||||||
Options granted | 971 | $ | 8.85 | |||||||||||
Options exercised | (751 | ) | $ | 6.24 | ||||||||||
Options canceled | (60 | ) | $ | 16.69 | ||||||||||
Options outstanding at December 31, 2012 | 8,475 | $ | 12.88 | |||||||||||
Options granted | 343 | $ | 20.49 | |||||||||||
Options exercised | (1,861 | ) | $ | 9.06 | ||||||||||
Options canceled | (20 | ) | $ | 22.23 | ||||||||||
Options outstanding at December 31, 2013 | 6,937 | $ | 14.26 | |||||||||||
Options granted | 494 | $ | 18.09 | |||||||||||
Options exercised | (43 | ) | $ | 9.92 | ||||||||||
Options canceled | (384 | ) | $ | 21.14 | ||||||||||
Options outstanding at December 31, 2014 | 7,004 | $ | 14.19 | 4.5 | $ | 32.6 | ||||||||
Vested and expected to vest at December 31, 2014(1) | 6,654 | $ | — | — | $ | 30.9 | ||||||||
Options exercisable at December 31, 2014 | 6,019 | $ | 13.91 | 3.9 | $ | 30.3 | ||||||||
_______________ | ||||||||||||||
(1) | Options or SSARS expected to vest based upon historical forfeiture rate | |||||||||||||
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 December 31, 2014 as well as activity during the three year period then ended. | |||||||||||||
Shares | Weighted | Aggregate | ||||||||||||
Average | Intrinsic | |||||||||||||
Contractual | Value | |||||||||||||
Term (in years) | (in millions) | |||||||||||||
Incentive share awards outstanding at January 1, 2012 | 1,112,868 | |||||||||||||
Incentive shares awards granted | 330,426 | |||||||||||||
Incentive share awards vested | (407,909 | ) | ||||||||||||
Incentive share awards canceled | (74,997 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2012 | 960,388 | |||||||||||||
Incentive shares awards granted | 166,474 | |||||||||||||
Incentive share awards vested | (350,107 | ) | ||||||||||||
Incentive share awards canceled | (24,160 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2013 | 752,595 | |||||||||||||
Incentive shares awards granted | 123,982 | |||||||||||||
Incentive share awards vested | (253,834 | ) | ||||||||||||
Incentive share awards canceled | (29,130 | ) | ||||||||||||
Incentive share awards outstanding at December 31, 2014 | 593,613 | 1 | $ | 9.8 | ||||||||||
Vested and expected to vest at December 31, 2014(1) | 563,932 | 1 | $ | 9.3 | ||||||||||
Incentive share awards exercisable at December 31, 2014 | — | — | — | |||||||||||
_______________ | ||||||||||||||
(1) | Incentive shares expected to vest based upon historical forfeitures rate | |||||||||||||
Restricted Stock Activity [Table Text Block] | The following table summarizes restricted stock awards outstanding as of December 31, 2014 as well as activity during the three year period then ended. | |||||||||||||
Number | Weighted Average | |||||||||||||
of Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Restricted stock awards outstanding at January 1, 2012 | 836,877 | $ | 5.42 | |||||||||||
Restricted stock awards granted | 202,009 | 8.85 | ||||||||||||
Restrictions lapsing | (413,837 | ) | 2.5 | |||||||||||
Restricted stock awards canceled | — | — | ||||||||||||
Restricted stock awards at December 31, 2012 | 625,049 | 8.46 | ||||||||||||
Restricted stock awards granted | 108,174 | 20.49 | ||||||||||||
Restrictions lapsing | (221,138 | ) | 7.37 | |||||||||||
Restricted stock awards canceled | — | — | ||||||||||||
Restricted stock awards at December 31, 2013 | 512,085 | 11.48 | ||||||||||||
Restricted stock awards granted | 122,649 | 17.93 | ||||||||||||
Restrictions lapsing | (170,567 | ) | 9.54 | |||||||||||
Restricted stock awards canceled | (11,021 | ) | 12.35 | |||||||||||
Restricted stock awards at December 31, 2014 | 453,146 | $ | 13.93 | |||||||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The activity in LP’s asset retirement obligation liability for 2014 and 2013 is summarized in the following table. These are included in “Other long-term liabilities” in the Consolidated Balance Sheets. | |||||||
Dollar amounts in millions | Year ended December 31, | |||||||
2014 | 2013 | |||||||
Beginning balance | $ | 8.3 | $ | 8.3 | ||||
Accretion expense | 0.6 | 0.7 | ||||||
Accrued to expense during the year | 0.3 | — | ||||||
Payments made | (0.5 | ) | (0.5 | ) | ||||
Translation | (0.1 | ) | (0.2 | ) | ||||
Ending balance | $ | 8.6 | $ | 8.3 | ||||
Other_Operating_Credits_and_Ch1
Other Operating Credits and Charges, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31 are reflected in the table below and described in the paragraphs following the table: | |||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Adjustment related to a change in inventory convention for spare parts | $ | — | $ | (4.8 | ) | $ | — | |||||
Adjustment related to prior year inventory | — | (1.6 | ) | (1.5 | ) | |||||||
Adjustment related to prior year depreciation | — | (1.6 | ) | — | ||||||||
Refundable value added tax receivable | — | 1.4 | — | |||||||||
Insurance recovery | 0.5 | 1.9 | — | |||||||||
Contingent consideration fair value adjustment | 3.2 | 20.5 | — | |||||||||
Addition to workers compensation reserves | (0.4 | ) | (1.0 | ) | — | |||||||
Adjustments to retirement accounts | — | — | (3.8 | ) | ||||||||
Gain due to forfeiture of deposit | 1 | — | — | |||||||||
Reductions, net of additions, to product related contingency reserves | — | — | 5 | |||||||||
Adjustment to product related warranty reserves | (11.3 | ) | (17.7 | ) | 1.8 | |||||||
Additions to environmental related contingency reserves | (0.5 | ) | (1.0 | ) | — | |||||||
Timber related reserves | — | — | 0.8 | |||||||||
Other | — | 0.1 | 0.6 | |||||||||
$ | (7.5 | ) | $ | (3.8 | ) | $ | 2.9 | |||||
Other operating charges and credits associated with unconsolidated affiliates: | ||||||||||||
Valuation allowance associated with deferred taxes | $ | 1 | $ | (1.8 | ) | $ | — | |||||
Addition to contingency reserves | $ | — | $ | (0.9 | ) | $ | — | |||||
$ | 1 | $ | (2.7 | ) | $ | — | ||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The detail of the severance accrual and related expense and payments for the last three years is as follows: | |||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 0.7 | $ | 0.7 | $ | 1.5 | ||||||
Charged to expense, continuing operations | 0.8 | 0.8 | 1 | |||||||||
Payments | (1.1 | ) | (0.8 | ) | (1.8 | ) | ||||||
Ending balance | $ | 0.4 | $ | 0.7 | $ | 0.7 | ||||||
Gain_loss_on_sales_or_impairme1
Gain (loss) on sales or impairment of long lived assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
GAIN (LOSS) ON SALE OF AND IMPAIRMENT OF LONG-LIVED ASSETS, NET [Abstract] | ||||||||||||
gain or loss on sale or impairment on assets [Table Text Block] | The major components of “Loss on sale or impairment of long-lived assets” in the Consolidated Statements of Income for the years ended December 31 are reflected in the table below and are described in the paragraphs following the table: | |||||||||||
Dollar amounts in millions | Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Impairment charges on long-lived assets | $ | — | $ | (0.1 | ) | $ | (4.4 | ) | ||||
Gain (loss) on sale of other long-lived assets | 3.1 | (0.1 | ) | (0.5 | ) | |||||||
$ | 3.1 | $ | (0.2 | ) | $ | (4.9 | ) | |||||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 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: | |||||||||||
December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | ||||||||||
Environmental reserves | $ | 13.6 | $ | 14.9 | ||||||||
Other reserves | 0.6 | 0.4 | ||||||||||
Total contingencies | 14.2 | 15.3 | ||||||||||
Current portion | (2.0 | ) | (2.0 | ) | ||||||||
Long-term portion | $ | 12.2 | $ | 13.3 | ||||||||
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | The activity in LP’s reserve for estimated environmental loss contingency reserves for the last three years is summarized in the following table. | |||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 14.9 | $ | 14.1 | $ | 15 | ||||||
Adjusted to expense (income) during the year | 1.3 | 1.3 | 0.7 | |||||||||
Payments made for claims | (3.1 | ) | (0.5 | ) | — | |||||||
Adjusted to expense (income) through other operating credits and charges, net | 0.5 | — | — | |||||||||
Payments made for administrative costs | — | — | (1.6 | ) | ||||||||
Ending balance | $ | 13.6 | $ | 14.9 | $ | 14.1 | ||||||
Settlement Agreement Reserve Rollforward [Table Text Block] |
Committments_and_Contingent_Li1
Committments and Contingent Liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | At December 31, 2014, future minimum annual rent commitments are as follows: | |||
Dollar amounts in millions | ||||
Year ended December 31, | ||||
2015 | $ | 2.5 | ||
2016 | 2.1 | |||
2017 | 1.7 | |||
2018 | 1.7 | |||
2019 | 1.7 | |||
2020 and thereafter | 4.4 | |||
Total | $ | 14.1 | ||
Guarantees_and_Indemnification1
Guarantees and Indemnifications (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | The activity in warranty reserves for the last three years is summarized in the following table. | |||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 29.3 | $ | 21.4 | $ | 30.3 | ||||||
Accrued to expense during the year | 3.6 | 2.7 | 4.5 | |||||||||
Accrued/ (credited) to other operating credits and charges | 11.3 | 17.7 | (1.8 | ) | ||||||||
Foreign currency translation | (1.2 | ) | — | — | ||||||||
Payments made | (11.6 | ) | (12.5 | ) | (11.6 | ) | ||||||
Total warranty reserves | 31.4 | 29.3 | 21.4 | |||||||||
Current portion of warranty reserves | (12.0 | ) | (12.0 | ) | (12.0 | ) | ||||||
Long term portion of warranty reserves | $ | 19.4 | $ | 17.3 | $ | 9.4 | ||||||
Discontinued_Operations_Sales_
Discontinued Operations Sales and Operating Profit in Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Sales and Operating Profit in Discontinued Operations [Table Text Block] | 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. | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | ||||||||||
Sales | $ | — | $ | 16 | $ | 25 | |||||||
Operating profit | (3.0 | ) | (0.4 | ) | (1.1 | ) |
Accumulated_Comprehensive_Loss1
Accumulated Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
ACCUMULATED COMPREHENSIVE LOSS [Abstract] | ||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2014, 2013 and 2012 are summarized, in millions of dollars, in the following table: | |||||||||||||||||||||||
Amount reclassified from accumulated comprehensive income | ||||||||||||||||||||||||
Components of Other Comprehensive Income | 2014 | 2013 | 2012 | Affected line item in the income statement | ||||||||||||||||||||
Amortization of defined benefit pension plans | ||||||||||||||||||||||||
Prior service cost | $ | — | $ | 0.3 | $ | 0.3 | (a) | |||||||||||||||||
Actuarial loss | 5.5 | 7.3 | 6.6 | (a) | ||||||||||||||||||||
Transition obligation | — | (0.4 | ) | 1.5 | (a) | |||||||||||||||||||
5.5 | 7.2 | 8.4 | Total before tax | |||||||||||||||||||||
(2.3 | ) | (2.6 | ) | (3.0 | ) | Tax provision | ||||||||||||||||||
Total reclassifications for the years ended December 31, 2014, 2013 and 2012 | $ | 3.2 | $ | 4.6 | $ | 5.4 | Net of tax | |||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||
Dollar amounts in millions | Foreign | Pension | Unrealized | Unrealized | Other | Total | ||||||||||||||||||
currency | adjustments | gain (loss) | gain (loss) | |||||||||||||||||||||
translation | on | on investments | ||||||||||||||||||||||
adjustments | derivative | |||||||||||||||||||||||
instruments | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | (8.2 | ) | $ | (96.0 | ) | $ | 0.4 | $ | 0.2 | $ | (2.6 | ) | $ | (106.2 | ) | ||||||||
Other comprehensive income before reclassifications | 0.6 | 2.4 | (0.7 | ) | 0.8 | 0.6 | 3.7 | |||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (5.4 | ) | — | — | — | (5.4 | ) | ||||||||||||||||
Net current-period other comprehensive income | 0.6 | (3.0 | ) | (0.7 | ) | 0.8 | 0.6 | (1.7 | ) | |||||||||||||||
Balance at December 31, 2012 | (7.6 | ) | (99.0 | ) | (0.3 | ) | 1 | (2.0 | ) | (107.9 | ) | |||||||||||||
Other comprehensive income before reclassifications | (11.6 | ) | 33.3 | 0.3 | 1 | 0.3 | 23.3 | |||||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (4.6 | ) | — | — | — | (4.6 | ) | ||||||||||||||||
Net current-period other comprehensive income | (11.6 | ) | 28.7 | 0.3 | 1 | 0.3 | 18.7 | |||||||||||||||||
Balance at December 31, 2013 | (19.2 | ) | (70.3 | ) | — | 2 | (1.7 | ) | (89.2 | ) | ||||||||||||||
Other comprehensive income before reclassifications | (14.5 | ) | (25.5 | ) | — | 0.6 | 0.5 | (38.9 | ) | |||||||||||||||
Amounts reclassified from accumulated comprehensive income | — | (3.2 | ) | — | — | — | (3.2 | ) | ||||||||||||||||
Net current-period other comprehensive income | (14.5 | ) | (28.7 | ) | — | 0.6 | 0.5 | (42.1 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | (33.7 | ) | $ | (99.0 | ) | $ | — | $ | 2.6 | $ | (1.2 | ) | $ | (131.3 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information about LP’s product segments is as follows: | |||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
SALES BY BUSINESS SEGMENT | ||||||||||||
OSB | $ | 855.2 | $ | 1,068.10 | $ | 814.1 | ||||||
Siding | 617.3 | 573.8 | 500.9 | |||||||||
Engineered Wood Products | 281 | 250.4 | 198.4 | |||||||||
South America | 150.4 | 171.5 | 168.8 | |||||||||
Other products | 32.8 | 30.6 | 27.8 | |||||||||
Intersegment Sales | (1.9 | ) | (9.2 | ) | (18.8 | ) | ||||||
Total sales | $ | 1,934.80 | $ | 2,085.20 | $ | 1,691.20 | ||||||
PROFIT (LOSS) BY BUSINESS SEGMENT | ||||||||||||
OSB | $ | (52.6 | ) | $ | 230.3 | $ | 124 | |||||
Siding | 79.8 | 85.8 | 67.4 | |||||||||
Engineered Wood Products | (14.0 | ) | (14.6 | ) | (13.8 | ) | ||||||
South America | 11.3 | 20 | 18 | |||||||||
Other products | (3.5 | ) | (6.1 | ) | (9.0 | ) | ||||||
Other operating credits and charges, net | (7.5 | ) | (3.8 | ) | 2.9 | |||||||
Gain (loss) on sales of and impairments of long-lived assets | 3.1 | (0.2 | ) | (4.9 | ) | |||||||
General corporate and other expense, net | (89.8 | ) | (96.7 | ) | (78.7 | ) | ||||||
Investment income | 5.5 | 10.3 | 14.8 | |||||||||
Interest expense, net of capitalized interest | (29.8 | ) | (36.0 | ) | (49.3 | ) | ||||||
Other non-operating income (expense) | (3.1 | ) | 29.5 | (34.9 | ) | |||||||
Income (loss) from continuing operations before taxes | (100.6 | ) | 218.5 | 36.5 | ||||||||
Provision (benefit) for income taxes | (27.2 | ) | 41.1 | 7 | ||||||||
Income (loss) from continuing operations | $ | (73.4 | ) | $ | 177.4 | $ | 29.5 | |||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
DEPRECIATION AND AMORTIZATION | ||||||||||||
OSB | $ | 56.1 | $ | 49.9 | $ | 33.1 | ||||||
Siding | 17.4 | 16.4 | 15.5 | |||||||||
Engineered Wood Products | 13.7 | 11.4 | 9.8 | |||||||||
South America | 9.1 | 10.5 | 12 | |||||||||
Other products | 1.1 | 1.3 | 1.3 | |||||||||
Non-segment related | 3.3 | 1.8 | 1.7 | |||||||||
Total depreciation and amortization | $ | 100.7 | $ | 91.3 | $ | 73.4 | ||||||
CAPITAL EXPENDITURES | ||||||||||||
OSB | $ | 26.3 | $ | 36.5 | $ | 10.1 | ||||||
Siding | 33 | 22.8 | 8.7 | |||||||||
Engineered Wood Products | 5.3 | 2.2 | 2.5 | |||||||||
South America | 7.4 | 3.9 | 4.6 | |||||||||
Other products | — | — | 0.9 | |||||||||
Non-segment related | 8.1 | 10.2 | 4.4 | |||||||||
Total capital expenditures | $ | 80.1 | $ | 75.6 | $ | 31.2 | ||||||
Information concerning identifiable assets by segment is as follows: | ||||||||||||
Dollar amounts in millions | December 31, | |||||||||||
2014 | 2013 | |||||||||||
IDENTIFIABLE ASSETS | ||||||||||||
OSB | $ | 675.8 | $ | 668.9 | ||||||||
Siding | 205.5 | 189.4 | ||||||||||
Engineered Wood Products | 130.5 | 129.3 | ||||||||||
South America | 126.9 | 137.5 | ||||||||||
Other products | 41.5 | 39.4 | ||||||||||
Non-segment related | 1,173.30 | 1,328.80 | ||||||||||
Total assets | $ | 2,353.50 | $ | 2,493.30 | ||||||||
Schedule of Segment Reporting Information, by Geographical Areas [Table Text Block] | Information concerning LP’s geographic segments is as follows: | |||||||||||
Year ended December 31, | ||||||||||||
Dollar amounts in millions | 2014 | 2013 | 2012 | |||||||||
GEOGRAPHIC SEGMENTS | ||||||||||||
Total Sales—Point of origin | ||||||||||||
U.S. | $ | 1,465 | $ | 1,611 | $ | 1,317 | ||||||
Canada | 322 | 303 | 331 | |||||||||
South America | 150 | 172 | 164 | |||||||||
Intersegment sales | (2 | ) | (1 | ) | (121 | ) | ||||||
Total Sales | $ | 1,935 | $ | 2,085 | $ | 1,691 | ||||||
Operating profit (loss) | ||||||||||||
U.S. | $ | 27 | $ | 247 | $ | 166 | ||||||
Canada | (17 | ) | 48 | 3 | ||||||||
South America | 11 | 20 | 18 | |||||||||
Other operating credits and charges, net and gain (loss) on sales of and impairments of long-lived assets | (4 | ) | (4 | ) | (2 | ) | ||||||
General corporate expense, other-than-temporary investment impairment, loss on early debt extinguishment, realized gain on long term investments, translation gains (losses) and interest, net | (118 | ) | (93 | ) | (148 | ) | ||||||
(101 | ) | 219 | 37 | |||||||||
Provision (benefit) for income taxes | (27 | ) | 41 | 7 | ||||||||
Income (loss) from continuing operations | $ | (73 | ) | $ | 177 | $ | 30 | |||||
IDENTIFIABLE TANGIBLE LONG LIVED ASSETS | ||||||||||||
U.S. | $ | 523 | $ | 544 | $ | 540 | ||||||
Canada | 329 | 313 | 144 | |||||||||
South America | 66 | 83 | 100 | |||||||||
Total assets | $ | 918 | $ | 940 | $ | 784 | ||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
Entity Information [Line Items] | ||||
Notes Receivable | $432.20 | |||
Capitalized interest | -1.3 | -1.6 | 0.2 | |
Amortization of financing costs and discounts | 1.2 | 1.4 | 1.5 | |
Maximum | ||||
Entity Information [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Minimum | ||||
Entity Information [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
All Customers [Member] [Member] | ||||
Entity Information [Line Items] | ||||
Concentration Risk, Percentage | 41.00% | 44.00% | 46.00% | |
Home Depot [Member] | ||||
Entity Information [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | |||
Non recourse notes payable 2018 | ||||
Entity Information [Line Items] | ||||
Notes payable | 368.7 | 368.7 | ||
Deferred loss on early debt extinguishment | ||||
Entity Information [Line Items] | ||||
Write off of Deferred Debt Issuance Cost | 1.4 | 4.5 | 4.5 | |
Senior Notes 2018 [Member] | ||||
Entity Information [Line Items] | ||||
Notes Receivable | $410 | $410 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Earnings per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Attributed to LP Common Shares [Abstract] | |||||||||||
Income (loss) from continuing operations | ($73.40) | $177.40 | $29.50 | ||||||||
Loss from discontinued operations | -2 | -0.3 | -0.7 | ||||||||
Net income (loss) attributed to Louisiana-Pacific Corporation | ($75.40) | $177.10 | $28.80 | ||||||||
Denominator: | |||||||||||
Basic - weighted average common shares outstanding | 141.1 | 139.6 | 137.1 | ||||||||
Dilutive effect of employee stock plans | 0 | 2.5 | 2.3 | ||||||||
Dilutive effect of stock warrants | 0 | 2.2 | 3.2 | ||||||||
Diluted shares outstanding | 141.1 | 144.3 | 142.6 | ||||||||
Basic earnings per share: | |||||||||||
Income (loss) from continuing operations | ($0.30) | ($0.14) | $0 | ($0.10) | ($0.14) | $0.27 | $0.67 | $0.47 | ($0.52) | $1.27 | $0.22 |
Loss from discontinued operations | ($0.01) | $0 | ($0.01) | ||||||||
Net income (loss) per share - basic | ($0.30) | ($0.15) | $0 | ($0.10) | ($0.15) | $0.27 | $0.68 | $0.47 | ($0.53) | $1.27 | $0.21 |
Diluted earnings per share: | |||||||||||
Income (loss) from continuing operations | ($0.30) | ($0.14) | $0 | ($0.10) | ($0.14) | $0.26 | $0.65 | $0.45 | ($0.52) | $1.23 | $0.20 |
Loss from discontinued operations | ($0.01) | $0 | $0 | ||||||||
Net income (loss) per share - diluted | ($0.30) | ($0.15) | $0 | ($0.10) | ($0.15) | $0.26 | $0.65 | $0.45 | ($0.53) | $1.23 | $0.20 |
Antidilutive securities excluded from computation of earnings per share | 2.5 | 2.3 | 5.8 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Assets Held for Sale (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $1.30 | $1.60 | ($0.20) | |
Sales Price of held-for-sale assets | 11.9 | |||
Assets Held-for-sale, Property, Plant and Equipment | 59.4 | 112.2 | ||
Accumulated depreciation | 50.1 | 95.9 | ||
Net property, plant and equipment | 9.3 | 16.3 | ||
Land, land improvements and logging roads, net of road amortization [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets Held-for-sale, Property, Plant and Equipment | 4.5 | 6.9 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets Held-for-sale, Property, Plant and Equipment | 2.9 | 6.2 | ||
Machinery and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets Held-for-sale, Property, Plant and Equipment | $52 | $99.10 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Auction rate securities, amortized cost | $0.30 | $0.40 |
Auction rate securities, gross unrealized gains | 4.3 | 3.3 |
Auction rate securities, gross unrealized losses | 0 | 0 |
Auction rate securities, fair value | 4.6 | 3.7 |
Par Value Available For Sale Securities | 23.4 | |
Auction Rate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Auction rate securities, amortized cost | 0.3 | 0.4 |
Auction rate securities, gross unrealized gains | 4.3 | 3.3 |
Auction rate securities, gross unrealized losses | 0 | 0 |
Auction rate securities, fair value | $4.60 | $3.70 |
Investments_Contractual_maturi
Investments Contractual maturies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities, Amortized Cost Basis | $0.30 | $0.40 |
Available-for-sale Securities, Fair Value Disclosure | 4.6 | |
Within one year from the balance sheet date [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
more than one year from balance sheet date [Member] | ||
Available-for-sale Securities, Amortized Cost Basis | 0.3 | |
Available-for-sale Securities, Fair Value Disclosure | $4.60 |
Investments_Investments_sold_D
Investments Investments sold (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Gain (Loss) on Investments [Line Items] | |
Par Value Available For Sale Securities | $23.40 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Adjustment to contingent consideration fair value | $3.30 | ($0.10) | $3.20 | $17.30 | $3.20 | $20.50 | $0 | |
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available for sale securities | 4.6 | 4.6 | ||||||
Contingent Consideration, Liability | 0 | 2.1 | 0 | 2.1 | 24.3 | |||
Fair Value, Measurements, Recurring | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available for sale securities | 4.6 | 3.7 | 4.6 | 3.7 | ||||
Trading securities | 2.3 | 2 | 2.3 | 2 | ||||
Contingent Consideration, Liability | 0.2 | 3.8 | 0.2 | 3.8 | 0 | |||
Total | 3.8 | 3.8 | ||||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available for sale securities | 0 | 0 | 0 | 0 | ||||
Trading securities | 2.3 | 2 | 2.3 | 2 | ||||
Contingent Consideration, Liability | 0 | 0 | ||||||
Total | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available for sale securities | 0 | 0 | 0 | 0 | ||||
Trading securities | 0 | 0 | 0 | 0 | ||||
Contingent Consideration, Liability | 0 | 0 | ||||||
Total | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||
Available for sale securities | 4.6 | 3.7 | 4.6 | 3.7 | ||||
Trading securities | 0 | 0 | 0 | 0 | ||||
Contingent Consideration, Liability | 0.2 | 0.2 | ||||||
Total | 3.8 | 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 | $371 | $390 | $371 | $390 |
Fair_Value_Measurements_Unobse
Fair Value Measurements Unobservable Inputs Rollforward (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | $0 | $2.10 | $0 | $2.10 | $24.30 | |||
Adjustment to contingent consideration fair value | -3.3 | 0.1 | -3.2 | -17.3 | -3.2 | -20.5 | 0 | |
Foreign Currency Transaction Gain, before Tax | -0.4 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance | 3.7 | 2 | ||||||
Realized gains from the sale of investments | 0 | 0 | ||||||
Included in other comprehensive income | 0.9 | 1.7 | ||||||
Ending balance | 4.6 | 3.7 | 4.6 | 3.7 | 2 | |||
Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | 0.2 | 3.8 | 0.2 | 3.8 | 0 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | 0.2 | 0.2 | ||||||
Long-Term Liability [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Contingent Consideration, Liability | $0 | $0 | $24.30 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Trade receivables | $96.10 | $69.20 |
Interest receivables | 0.2 | 0.2 |
Income Taxes Receivable | 1.4 | 1.2 |
Other receivables | 11.7 | 8.6 |
Allowance for doubtful accounts | -1 | -1.1 |
Total | $108.40 | $78.10 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $19.30 | $11.10 |
Supplies | 149.6 | 138.6 |
Total | 229.8 | 224.4 |
Logs | ||
Inventory Disclosure [Abstract] | ||
Logs | 39.6 | 46.9 |
Other Raw Materials | ||
Inventory Disclosure [Abstract] | ||
Logs | $21.30 | $27.80 |
Notes_Receivable_from_Asset_Sa2
Notes Receivable from Asset Sales (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Weighted average interest rate | 0.80% | |
Notes Receivable | $432.20 | |
Current portion | 0 | 0 |
Notes Receivable, Long-Term Portion | 432.2 | 432.2 |
Notes Receivable, Fair Value Disclosure | 438 | |
Senior Notes 2018 | ||
Notes Receivable | 22.2 | 22.2 |
Senior Notes 2018 | ||
Notes Receivable | $410 | $410 |
Other_Intangible_Assets_Detail
Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $9.70 | $9.70 | $0 |
Intangible Assets | 64.9 | 68.3 | |
Future Amortization Expense, Year One | 3.3 | ||
Future Amortization Expense, Year Two | 3.3 | ||
Future Amortization Expense, Year Three | 4.1 | ||
Future Amortization Expense, Year Four | 4.1 | ||
Future Amortization Expense, Year Five | 4.1 | ||
Goodwill | 0 | 9.7 | |
Other Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets | 0.1 | 0.1 | |
Timber licenses | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets | 64.8 | 68.2 | |
Customer Relationships, Gross | $111.80 |
Investments_in_and_Advances_to2
Investments in and Advances to Affiliates Ownership percentages (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Gain on sale of joint venture | $0 | $1.20 | $0 |
Investments_in_and_Advances_to3
Investments in and Advances to Affiliates Results for affiliates (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Due to affiliates | $0.40 | $0.40 | |||||||||
Net sales | 453.5 | 518.1 | 518.5 | 444.7 | 479.7 | 507.4 | 567 | 531.1 | 1,934.80 | 2,085.20 | 1,691.20 |
Net income (loss) | -75.4 | 177.1 | 28.8 | ||||||||
Equity Method Investee [Member] | |||||||||||
Net sales | 238.9 | ||||||||||
Net income (loss) | $3.40 |
Investments_in_and_Advances_to4
Investments in and Advances to Affiliates (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Gain on sale of joint venture | $0 | ($1.20) | $0 |
Due from affiliates | 0.7 | 0.8 | |
Due to affiliates | 0.4 | ||
AbitibiBowater LP | |||
Related Party Transaction [Line Items] | |||
Revenue from affiliates | 9.8 | 13.7 | 8.7 |
AbitibiBowater LP | I-Joist | |||
Related Party Transaction [Line Items] | |||
Expenses from affiliates | 55.4 | 52 | 37.9 |
Canfor-LP | OSB | |||
Related Party Transaction [Line Items] | |||
Expenses from affiliates | $98.20 | $148 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Capital Expenditures Incurred but Not yet Paid | $5.20 | $6.40 | ||
Accounts payable | 80.3 | 83.1 | ||
Salaries and wages payable | 32.4 | 43.3 | ||
Taxes other than income taxes | 3.3 | 2.1 | ||
Current portion of warranty reserves | 12 | 12 | 12 | |
Accrued interest | 6.4 | 2.5 | ||
Contingent Consideration, Liability | 0 | 2.1 | 24.3 | |
Accrued Liabilities, Current | 15.9 | 9.1 | ||
Other accrued liabilities | 18 | 7.7 | ||
Total Accounts payable and accrued liabilities | $168.30 | $161.90 |
Income_Taxes_Income_Statement_
Income Taxes Income Statement table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | ($66.40) | $134 | $31 | ||||||||
Foreign | -34.2 | 84.5 | 5.5 | ||||||||
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | ($54.30) | ($21.90) | ($4.60) | ($19.80) | ($29.70) | $41.90 | $118.40 | $87.90 | ($100.60) | $218.50 | $36.50 |
Income_Taxes_Income_tax_rate_b
Income Taxes Income tax rate breakdown (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. federal | ($5) | $1.30 | $12.60 | ||||||||
State and local | 0.3 | 1.2 | 0.6 | ||||||||
Foreign | 1.6 | 3.3 | 0.9 | ||||||||
Net current tax provision (benefit) | -3.1 | 5.8 | 14.1 | ||||||||
U.S federal | -19.5 | 44.6 | -7.3 | ||||||||
State and local | -1.2 | 2.5 | 0 | ||||||||
Foreign | -13.3 | 13.4 | -0.3 | ||||||||
Net valuation allowance increase (decrease) | 9.9 | -25.2 | 0.5 | ||||||||
Deferred income tax expense (benefit) | -24.1 | 35.3 | -7.1 | ||||||||
Provision (benefit) for income taxes | ($11.30) | ($3.60) | ($6.70) | ($5.60) | ($10.50) | $4.40 | $24.30 | $22.90 | ($27.20) | $41.10 | $7 |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of deferred taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Valuation Allowance [Line Items] | ||
Property, plant and equipment | $172.10 | $178.90 |
Deferred Tax Liabilities | -93.8 | -137.8 |
Inventory | -8.1 | -8.1 |
Accrued liabilities | -84.9 | -70 |
Deferred Tax Assets, Operating Loss Carryforwards | -134 | -97.1 |
Benefit of federal & state tax credit carryovers | -17.8 | -14.9 |
Deferred Tax Assets, Other | -3.9 | -6 |
Valuation Allowance, Amount | 32.3 | 23.5 |
Deferred Tax Assets, Net, Current | -45.1 | -50.9 |
Long-term deferred tax asset | -0.6 | 0 |
Long-term deferred tax liability | 139.5 | 188.7 |
Timber Properties | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Liabilities | -17.8 | -10.5 |
Installment sales gain deferral | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Liabilities | -129.2 | -129.9 |
Undistributed Income from Other than Gain (Loss) on Sale of Properties | ||
Valuation Allowance [Line Items] | ||
Deferred Tax Liabilities | ($8.90) | ($8.90) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax positions taken in current year | $0.10 | $0 | $0.10 | |||||||||
Payment of long-term deposit | 17.1 | 0 | 17.1 | 0 | ||||||||
Excess Tax Benefit from Share-based Compensation | 13.9 | 13.2 | ||||||||||
Income Tax Refunds | 1.6 | 0.9 | 1.9 | |||||||||
Income Taxes Paid | 3.7 | 6.8 | 1.6 | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards | -134 | -97.1 | -134 | -97.1 | ||||||||
Valuation Allowance, Amount | 32.3 | 23.5 | 32.3 | 23.5 | ||||||||
Valuation Allowances and Reserves, Period Increase (Decrease) | 22.1 | |||||||||||
U.S. Federal tax rate | -35.00% | 35.00% | 35.00% | |||||||||
Continuing operations tax benefit | -11.3 | -3.6 | -6.7 | -5.6 | -10.5 | 4.4 | 24.3 | 22.9 | -27.2 | 41.1 | 7 | |
Effective tax rate (%) | -27.00% | 19.00% | 19.00% | |||||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 51 | 51 | ||||||||||
State and local income taxes | -2.00% | 2.00% | 2.00% | |||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.00% | 0.00% | -3.00% | |||||||||
Adjustment to previously recorded deferred tax liabilities | 0.00% | 0.00% | -12.00% | |||||||||
Uncertain tax positions | 1.00% | 0.00% | -1.00% | |||||||||
Valuation allowance | 10.00% | -12.00% | 1.00% | |||||||||
Income Taxes Receivable | 1.4 | 1.2 | 1.4 | 1.2 | ||||||||
Year 2031 | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | -36.1 | -36.1 | ||||||||||
State and Local Jurisdiction | indefinite | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | -31.8 | -31.8 | ||||||||||
State and Local Jurisdiction | Years through 2032 | ||||||||||||
Deferred Tax Assets, Capital Loss Carryforwards | 0.9 | 0.9 | ||||||||||
Foreign tax rate | ||||||||||||
Effect of foreign tax rates / foreign exhchange | 5.00% | -3.00% | -1.00% | |||||||||
Foreign Currency Gain (Loss) | ||||||||||||
Effect of foreign tax rates / foreign exhchange | -6.00% | -3.00% | -2.00% | |||||||||
Foreign Country | Years through 2032 | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | -54.3 | -54.3 | ||||||||||
Foreign Country | Carried Forward Indefinitely | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | -10.9 | -10.9 | ||||||||||
State NOL | ||||||||||||
Valuation Allowance, Amount | 9.9 | 9.9 | ||||||||||
State Capital Losses | ||||||||||||
Valuation Allowance, Amount | 0.9 | 0.9 | ||||||||||
Canadian NOL [Member] | ||||||||||||
Valuation Allowance, Amount | 5.6 | 5.6 | ||||||||||
Canadian Capital Losses | ||||||||||||
Valuation Allowance, Amount | 13.7 | 13.7 | ||||||||||
State Tax Credit | ||||||||||||
Valuation Allowance, Amount | 0.8 | 0.8 | ||||||||||
Other Items | ||||||||||||
Valuation Allowance, Amount | $1.40 | $1.40 |
Income_Taxes_Uncertain_tax_pos
Income Taxes Uncertain tax positions (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Uncertain tax positions | 1.00% | 0.00% | -1.00% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $14.60 | $12.80 | ||
Unrecognized Tax Benefits | 42.2 | 48.9 | 49.9 | 23.5 |
Tax positions taken in current year | 0.1 | 0 | 0.1 | |
Tax positions taken in prior years | 1.3 | 0.4 | 33.9 | |
Tax positions taken in current year | 0 | 0 | 0 | |
Tax positions taken in prior years | -8.1 | 0 | -7.4 | |
Settlements during the year | 0 | 0 | -0.2 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1 | 0.2 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $4.70 | $5.70 |
Nonoperating_Income_Expense_Di
Non-operating Income (Expense) Disclosure (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Nonoperating Income (Expense) [Abstract] | ||||||||||||
Interest Expense | $29.90 | $36.20 | $48 | |||||||||
Amortization of financing costs and discounts | 1.2 | 1.4 | 1.5 | |||||||||
Capitalized interest | 1.3 | 1.6 | -0.2 | |||||||||
Interest expense, net of capitalized interest | 6.4 | 8.3 | 7.4 | 7.7 | 8 | 7.6 | 9.8 | 10.6 | 29.8 | 36 | 49.3 | |
Investment Income | 5.5 | 9.4 | 13 | |||||||||
SERP market adjustments | 0 | 0.9 | 1.8 | |||||||||
Investment income | 1.1 | 0.9 | 1.7 | 1.8 | 2 | 1.7 | 3.1 | 3.5 | 5.5 | 10.3 | 14.8 | |
Foreign currency losses | -3.1 | -5.3 | -2.7 | |||||||||
Gain on settlement of litigation related to ARS | 0 | 0 | 20 | |||||||||
Gain on acquisition of joint venture | 0 | 35.9 | 0 | |||||||||
Gain on sale of joint venture | 0 | 1.2 | 0 | |||||||||
Loss on early debt extinguishment | -52.2 | 0 | -2.3 | -52.2 | ||||||||
Other non-operating income (expense) | 3.1 | -29.5 | 34.9 | |||||||||
Nonoperating Income (Expense) | ($1.30) | ($1.30) | $3.80 | ($4.30) | ($2.30) | $0.20 | $32.30 | ($0.70) | ($27.40) | $3.80 | ($69.40) |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-12 |
Notes and Loans Payable [Abstract] | |||||
Other | $0.80 | $0.60 | |||
Long-term debt | 761.9 | 765 | |||
Less: current portion | 2.4 | 2.3 | |||
Net long-term portion | 759.5 | 762.7 | |||
Senior unsecured note maturing 2020 | |||||
Notes and Loans Payable [Abstract] | |||||
Debt, interest rate, stated percentage | 7.50% | 7.50% | |||
Notes payable | 350 | 350 | |||
Chilean term credit facility maturing 2019 | |||||
Notes and Loans Payable [Abstract] | |||||
Debt, interest rate, stated percentage | 3.90% | ||||
Notes payable | 14.4 | 15.7 | |||
Brazilian term credit facility maturing 2017 | |||||
Notes and Loans Payable [Abstract] | |||||
Debt, interest rate, stated percentage | 6.65% | ||||
Notes payable | 6 | 8 | |||
Senior notes payable 2014 through 2019 | |||||
Notes and Loans Payable [Abstract] | |||||
Notes payable | 22 | 22 | |||
Debt, interest rate, stated percentage, minimum | 7.10% | ||||
Debt, interest rate, stated percentage, maximum | 7.30% | ||||
Non recourse notes payable 2018 | |||||
Notes and Loans Payable [Abstract] | |||||
Debt, interest rate, stated percentage | 0.20% | ||||
Notes payable | 368.7 | 368.7 | |||
Deferred loss on early debt extinguishment | |||||
Debt Instrument [Line Items] | |||||
Amortization of Financing Costs and Discounts | $4.50 | $1.40 | $4.50 |
Longterm_Debt_Narrative_Detail
Long-term Debt Narrative (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Chilean Bank Loan | Chilean Bank Loan | Brazilian term credit facility maturing 2017 | Brazilian term credit facility maturing 2017 | Senior notes payable 2014 through 2019 | Senior notes payable 2014 through 2019 | Non recourse notes payable 2018 | Non recourse notes payable 2018 | Senior unsecured notes maturing 2020 | Senior unsecured notes maturing 2020 | Chilean term credit facility maturing 2019 | Chilean term credit facility maturing 2019 | Chilean term credit facility maturing 2019 | Chilean term credit facility maturing 2019 | Chilean term credit facility maturing 2019 | Senior Notes 2018 | Senior Notes 2018 | Base Rate | Base Rate | Base Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Other Commitments [Domain] | Other Commitments [Domain] | Minimum unrestricted cash and cash equivalents after Ainsworth acquisition | |
USD ($) | payments | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CLP | Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Domain] | Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Domain] | USD ($) | USD ($) | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | |||||||||
payments | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Foreign Currency Disclosure [Text Block] | 2.1 | 2.8 | -0.8 | -0.3 | |||||||||||||||||||||||||||
Fair value of debt | $23,000,000 | $23,000,000 | $371,000,000 | $390,000,000 | |||||||||||||||||||||||||||
Amount of loan issuance | 348,600,000 | 368,700,000 | 39,000,000 | 943,543.74 | |||||||||||||||||||||||||||
Notes payable | 6,000,000 | 8,000,000 | 22,000,000 | 22,000,000 | 368,700,000 | 368,700,000 | 14,400,000 | 15,700,000 | |||||||||||||||||||||||
Notes Receivable | 432,200,000 | 410,000,000 | 410,000,000 | ||||||||||||||||||||||||||||
2019 and after | 350,000,000 | ||||||||||||||||||||||||||||||
Notes receivable used as collateral on loan | 22,200,000 | ||||||||||||||||||||||||||||||
Amount of indebtedness liable for in event of default of notes receivable collateral | 10.00% | 10.00% | |||||||||||||||||||||||||||||
Debt, interest rate, stated percentage | 6.65% | 0.20% | 3.90% | ||||||||||||||||||||||||||||
Required debt to equity ratio maximum | 1 | ||||||||||||||||||||||||||||||
Long-term debt | 761,900,000 | 765,000,000 | |||||||||||||||||||||||||||||
Loss on early debt extinguishment | -52,200,000 | 0 | -2,300,000 | -52,200,000 | |||||||||||||||||||||||||||
Line of credit facility, interest rate description | 0.005 | 0.025 | 0.0075 | 0.01 | 0.035 | 0.0175 | 0.00625 | 0.003 | |||||||||||||||||||||||
Capitalization Ratio, Maximum | 40.00% | ||||||||||||||||||||||||||||||
Debt instrument, covenant description | 200 | ||||||||||||||||||||||||||||||
Ratio of indebtedness to net capital | 2.5 | ||||||||||||||||||||||||||||||
Required EBITDA to financial costs minimum | 3 | ||||||||||||||||||||||||||||||
Number of future semi-annual payments | 16 | 10 | |||||||||||||||||||||||||||||
Debt instrument, periodic payment, principal | 2,000,000 | 21,000,000 | |||||||||||||||||||||||||||||
Debt, weighted average interest rate | 3.90% | ||||||||||||||||||||||||||||||
Interest paid, net | 30,800,000 | 35,000,000 | 50,100,000 | ||||||||||||||||||||||||||||
Repayment of long term debt | $2,600,000 | $2,300,000 | $113,200,000 | $253,100,000 | $18,400,000 |
Longterm_Debt_Longterm_Debt_Re
Long-term Debt Long-term Debt Required repayment of Principal (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
2014 | $2.40 | $2.30 |
2015 | 2.3 | |
2016 | 6.8 | |
2017 | 395.6 | |
2018 | 4.8 | |
2019 and after | 350 | |
Long-term debt | 761.9 | 765 |
Chilean term credit facility maturing 2019 | ||
Debt instrument, periodic payment, principal | $21 |
Retirement_Plans_and_Post_Reti2
Retirement Plans and Post Retirement Benefits Pension Costs, Assumptions Used in Net Periodic Costs and Expected Contributions and Payments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net actuarial loss | ($7.10) | ||||||
Defined Benefit Plan, Benefit Obligation | 364.1 | 322.1 | 352 | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | 361.5 | 317.7 | |||||
Noncurrent pension assets, included in bOther assetsb | 0.6 | 0.6 | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 348 | 304.7 | |||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 217.9 | 256.7 | |||||
Defined benefit plan, fair value of plan assets | 268 | 270.3 | 259.3 | ||||
Defined Benefit Plan, Benefits Paid | 17.1 | 18.6 | |||||
Maximum benefit amortization period | 20 years | ||||||
Approximate percentage of assets represented by most significant plans | 80.00% | ||||||
Approximate percentage of benefit obligations represented by most significant plans | 82.00% | ||||||
Rate of eligible compensation increase | 4.00% | ||||||
Trust assets, corporate owned life insurance policies | 9.7 | 9.7 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 3.5 | 3.4 | 3.7 | ||||
Interest cost | 14.1 | 12.7 | 14.6 | ||||
Expected return on plan assets | -16.9 | -16.5 | -16.8 | ||||
Amortization of prior service cost | 0 | 0.3 | 0.3 | ||||
Amortization of net actuarial loss | 5.5 | 7.3 | 6.6 | ||||
Net periodic pension cost | 6.2 | 7.2 | 8.4 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 2.2 | ||||
Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||||
Discount rate | 4.59% | 3.80% | 4.41% | ||||
Rate of compensation increase | 0.80% | 0.70% | 0.70% | ||||
Expected return on plan assets | 6.72% | 6.64% | 6.87% | ||||
Other changes in plan assets and benefit obligations recognized in other comprehensive incom [Abstract] | |||||||
Net actuarial (gain) loss | 44.2 | -35.9 | 11.3 | ||||
Amortization of net actuarial loss | -5.5 | -7.3 | -6.6 | ||||
Amortization of prior service cost | 9.4 | -0.3 | -0.3 | ||||
Settlement | 0 | 0 | -2.2 | ||||
Foreign exchange rate changes | 0 | 0.2 | 0 | ||||
Total recognized in OCI | 48.1 | -43.3 | 2.2 | ||||
Benefits Expected to be Paid from Benefit Plans [Abstract] | |||||||
2014 | 22.7 | ||||||
2015 | 24.3 | ||||||
2016 | 30.1 | ||||||
2017 | 20 | ||||||
2018 | 20.6 | ||||||
2019 - 2023 | 108.1 | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 37.4 | -24.1 | |||||
Defined Benefit Plan, Transfers | 0 | 0.3 | 0 | 0.3 | |||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -5 | -3.2 | |||||
Defined Benefit Plan, Curtailments | 9.4 | 0 | |||||
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -5.3 | -3.6 | |||||
Defined Benefit Plan, Actual Return on Plan Assets | 10.2 | 28.3 | |||||
Defined Benefit Plan, Contributions by Employer | 9.6 | 4.2 | |||||
Defined Benefit Plan, Funded Status of Plan | -96.1 | -51.8 | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.82% | 4.58% | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.57% | 0.63% | |||||
Current pension liabilities, included in bAccounts payable and accrued liabilitiesb | 2.7 | 0.2 | |||||
Noncurrent pension liabilities, included in bOther long-term liabilitiesb | 93.8 | 52.2 | |||||
Total | -95.9 | -51.8 | |||||
Net actuarial loss | -149.6 | -112.1 | |||||
Prior service cost | 9.5 | 0.1 | |||||
Total | 159.1 | 112.2 | |||||
Prior service cost | 0.5 | ||||||
Total | 7.6 | ||||||
Supplemental employee retirement plans, defined benefit | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Benefits Paid | 10.4 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | -2.2 | ||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 160.6 | 148.7 | |||||
Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 81.3 | 79.9 | |||||
Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 26.1 | 41.7 | 64.7 | ||||
Diversified real asset funds | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 13.9 | [1] | 11.1 | [1] | |||
Diversified real asset funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 13.9 | [1] | 11.1 | [1] | |||
Diversified real asset funds | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |||
Diversified real asset funds | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |||
Domestic stock funds | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 84.5 | [2] | 83 | [2] | |||
Domestic stock funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 71.4 | [2] | 68.8 | [2] | |||
Domestic stock funds | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 13.1 | [2] | 14.2 | [2] | |||
Domestic stock funds | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |||
International stock funds | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 37.9 | [2] | 42.4 | [2] | |||
International stock funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 12.8 | [2] | 14.4 | [2] | |||
International stock funds | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 25.1 | [2] | 28 | [2] | |||
International stock funds | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |||
International bond funds | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 40.9 | [1] | 34.2 | [1] | |||
International bond funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |||
International bond funds | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 40.9 | [2] | 34.2 | [2] | |||
International bond funds | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |||
Real Estate | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 16.5 | [3] | |||
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 0 | [3] | |||
Real Estate | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 0 | [3] | |||
Real Estate | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 16.5 | [3] | 15.2 | ||
Multi-strategy Funds | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 26.1 | [4] | 25.2 | [4] | |||
Multi-strategy Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [4] | 0 | [4] | |||
Multi-strategy Funds | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | [4] | 0 | [4] | |||
Multi-strategy Funds | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 26.1 | [4] | 25.2 | [4] | 49.5 | ||
Cash and Cash Equivalents | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 2.2 | 3.5 | |||||
Cash and Cash Equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 0 | 0 | |||||
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | 2.2 | 3.5 | |||||
Cash and Cash Equivalents | Significant Unobservable Inputs (Level 3) | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, fair value of plan assets | $0 | $0 | |||||
[1] | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | ||||||
[2] | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | ||||||
[3] | Real estate investments are primarily invested in U.S. commercial real estate. | ||||||
[4] | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. |
Retirement_Plans_and_Post_Reti3
Retirement Plans and Post Retirement Benefits Funded Status, Assumptions Used in Benefit Obligations and Amounts Recognized in Balance Sheets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Actual Plan Asset Allocation | 100.00% | 100.00% | |||||
Defined Benefit Plan, Target Allocation Percentage | 1 | ||||||
Change in Benefit Obligation [Roll Forward] | |||||||
Benefit obligation, beginning of year balance | $352 | $322.10 | $352 | ||||
Service cost | 3.5 | 3.4 | 3.7 | ||||
Interest cost | 14.1 | 12.7 | 14.6 | ||||
Actuarial (gain)/loss | 37.4 | -24.1 | |||||
Defined Benefit Plan, Transfers | 0 | 0.3 | 0 | 0.3 | |||
Curtailments/settlements | 9.4 | 0 | |||||
Foreign exchange rate changes | -5.3 | -3.6 | |||||
Benefits paid | -17.1 | -18.6 | |||||
Benefit obligation, end of year balance | 364.1 | 322.1 | 352 | ||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, beginning of year balance | 259.3 | 270.3 | 259.3 | ||||
Actual return on plan assets | 10.2 | 28.3 | |||||
Employer contribution | 9.6 | 4.2 | |||||
Foreign exchange rate changes | -5 | -3.2 | |||||
Benefits paid | -17.1 | -18.6 | |||||
Fair value of plan assets, end of year balance | 268 | 270.3 | 259.3 | ||||
Funded status | -96.1 | -51.8 | |||||
Weighted average assumptions for obligations as of measurement date [Abstract] | |||||||
Discount rate | 3.82% | 4.58% | |||||
Rate of compensation increase | 0.57% | 0.63% | |||||
Amounts Recognized in Balance Sheet [Abstract] | |||||||
Noncurrent pension assets, included in bOther assetsb | 0.6 | 0.6 | |||||
Current pension liabilities, included in bAccounts payable and accrued liabilitiesb | -2.7 | -0.2 | |||||
Noncurrent pension liabilities, included in bOther long-term liabilitiesb | -93.8 | -52.2 | |||||
Total | -95.9 | -51.8 | |||||
Amounts recognized in other comprehensive incomebpre-tax | |||||||
Net actuarial loss | 149.6 | 112.1 | |||||
Prior service cost | 9.5 | 0.1 | |||||
Total | 159.1 | 112.2 | |||||
Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||||||
Accumulated benefit obligations | 348 | 304.7 | |||||
Fair value of plan assets | 217.9 | 256.7 | |||||
Plans with Projected Benefit Obligations in Excess of Plan Assets [Abstract] | |||||||
Projected benefit obligations | 350.7 | 309 | |||||
Fair value of plan assets | 217.9 | 256.7 | |||||
Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||||||
Net actuarial loss | 7.1 | ||||||
Prior service cost | 0.5 | ||||||
Total | 7.6 | ||||||
Supplemental employee retirement plans, defined benefit | |||||||
Change in Benefit Obligation [Roll Forward] | |||||||
Benefits paid | -10.4 | ||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Benefits paid | -10.4 | ||||||
Equity Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | ||||||
Defined Benefit Plan, Actual Plan Asset Allocation | 45.70% | 46.40% | |||||
Multi-strategy Funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 26.1 | [1] | 25.2 | [1] | |||
Domestic stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 84.5 | [2] | 83 | [2] | |||
International stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 37.9 | [2] | 42.4 | [2] | |||
Domestic bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 62.5 | [3] | 54.4 | [2] | |||
International bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 40.9 | [3] | 34.2 | [3] | |||
Diversified real asset funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 13.9 | [3] | 11.1 | [3] | |||
Real Estate | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [4] | 16.5 | [4] | |||
Cash and Cash Equivalents | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 18.00% | ||||||
Defined Benefit Plan, Actual Plan Asset Allocation | 10.50% | 10.60% | |||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, beginning of year balance | 3.5 | ||||||
Fair value of plan assets, end of year balance | 2.2 | 3.5 | |||||
Debt Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 27.00% | ||||||
Defined Benefit Plan, Actual Plan Asset Allocation | 43.80% | 36.80% | |||||
Real Estate | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Plan Asset Allocations | 8.00% | ||||||
Defined Benefit Plan, Actual Plan Asset Allocation | 0.00% | 6.20% | |||||
Significant Unobservable Inputs (Level 3) | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 26.1 | 41.7 | 64.7 | ||||
Significant Unobservable Inputs (Level 3) | Multi-strategy Funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 26.1 | [1] | 25.2 | [1] | 49.5 | ||
Significant Unobservable Inputs (Level 3) | Domestic stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Significant Unobservable Inputs (Level 3) | International stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Significant Unobservable Inputs (Level 3) | Domestic bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Significant Unobservable Inputs (Level 3) | International bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Significant Unobservable Inputs (Level 3) | Diversified real asset funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [3] | 0 | [3] | |||
Significant Unobservable Inputs (Level 3) | Real Estate | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [4] | 16.5 | [4] | 15.2 | ||
Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 160.6 | 148.7 | |||||
Fair Value, Inputs, Level 1 [Member] | Multi-strategy Funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [1] | 0 | [1] | |||
Fair Value, Inputs, Level 1 [Member] | Domestic stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 71.4 | [2] | 68.8 | [2] | |||
Fair Value, Inputs, Level 1 [Member] | International stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 12.8 | [2] | 14.4 | [2] | |||
Fair Value, Inputs, Level 1 [Member] | Domestic bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 62.5 | [2] | 54.4 | [2] | |||
Fair Value, Inputs, Level 1 [Member] | International bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Fair Value, Inputs, Level 1 [Member] | Diversified real asset funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 13.9 | [3] | 11.1 | [3] | |||
Fair Value, Inputs, Level 1 [Member] | Real Estate | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [4] | 0 | [4] | |||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | 0 | |||||
Fair Value, Inputs, Level 2 | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 81.3 | 79.9 | |||||
Fair Value, Inputs, Level 2 | Multi-strategy Funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [1] | 0 | [1] | |||
Fair Value, Inputs, Level 2 | Domestic stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 13.1 | [2] | 14.2 | [2] | |||
Fair Value, Inputs, Level 2 | International stock funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 25.1 | [2] | 28 | [2] | |||
Fair Value, Inputs, Level 2 | Domestic bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [2] | 0 | [2] | |||
Fair Value, Inputs, Level 2 | International bond funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 40.9 | [2] | 34.2 | [2] | |||
Fair Value, Inputs, Level 2 | Diversified real asset funds | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [3] | 0 | [3] | |||
Fair Value, Inputs, Level 2 | Real Estate | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | 0 | [4] | 0 | [4] | |||
Fair Value, Inputs, Level 2 | Cash and Cash Equivalents | |||||||
Change in Assets (Fair Value) [Roll Forward] | |||||||
Fair value of plan assets, end of year balance | $2.20 | $3.50 | |||||
[1] | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | ||||||
[2] | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | ||||||
[3] | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | ||||||
[4] | Real estate investments are primarily invested in U.S. commercial real estate. |
Retirement_Plans_and_Post_Reti4
Retirement Plans and Post Retirement Benefits Asset Allocation and Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Target Allocations [Abstract] | |||||
Defined Benefit Plan, Actual Plan Asset Allocation | 100.00% | 100.00% | |||
Target allocation | 1 | ||||
Defined benefit plan, fair value of plan assets | $268 | $270.30 | $259.30 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 160.6 | 148.7 | |||
Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 81.3 | 79.9 | |||
Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Mangement fees | 0.1 | -0.5 | |||
Defined benefit plan, fair value of plan assets | 26.1 | 41.7 | 64.7 | ||
Equity Securities | |||||
Target Allocations [Abstract] | |||||
Equity securities | 47.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocation | 45.70% | 46.40% | |||
Debt Securities | |||||
Target Allocations [Abstract] | |||||
Equity securities | 27.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocation | 43.80% | 36.80% | |||
Real Estate | |||||
Target Allocations [Abstract] | |||||
Equity securities | 8.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocation | 0.00% | 6.20% | |||
Domestic stock funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 84.5 | [1] | 83 | [1] | |
Domestic stock funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 71.4 | [1] | 68.8 | [1] | |
Domestic stock funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 13.1 | [1] | 14.2 | [1] | |
Domestic stock funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
International stock funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 37.9 | [1] | 42.4 | [1] | |
International stock funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 12.8 | [1] | 14.4 | [1] | |
International stock funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 25.1 | [1] | 28 | [1] | |
International stock funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
Domestic bond funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 62.5 | [2] | 54.4 | [1] | |
Domestic bond funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 62.5 | [1] | 54.4 | [1] | |
Domestic bond funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
Domestic bond funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
International bond funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 40.9 | [2] | 34.2 | [2] | |
International bond funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
International bond funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 40.9 | [1] | 34.2 | [1] | |
International bond funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [1] | 0 | [1] | |
Diversified real asset funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 13.9 | [2] | 11.1 | [2] | |
Diversified real asset funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 13.9 | [2] | 11.1 | [2] | |
Diversified real asset funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |
Diversified real asset funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [2] | 0 | [2] | |
Real Estate | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 16.5 | [3] | |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 0 | [3] | |
Real Estate | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 0 | [3] | |
Real Estate | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Mangement fees | -0.1 | ||||
Defined benefit plan, fair value of plan assets | 0 | [3] | 16.5 | [3] | 15.2 |
Multi-strategy Funds | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 26.1 | [4] | 25.2 | [4] | |
Multi-strategy Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [4] | 0 | [4] | |
Multi-strategy Funds | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | [4] | 0 | [4] | |
Multi-strategy Funds | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Mangement fees | 0.1 | -0.4 | |||
Defined benefit plan, fair value of plan assets | 26.1 | [4] | 25.2 | [4] | 49.5 |
Cash and Cash Equivalents | |||||
Target Allocations [Abstract] | |||||
Equity securities | 18.00% | ||||
Defined Benefit Plan, Actual Plan Asset Allocation | 10.50% | 10.60% | |||
Defined benefit plan, fair value of plan assets | 2.2 | 3.5 | |||
Cash and Cash Equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 0 | 0 | |||
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | 2.2 | 3.5 | |||
Cash and Cash Equivalents | Significant Unobservable Inputs (Level 3) | |||||
Target Allocations [Abstract] | |||||
Defined benefit plan, fair value of plan assets | $0 | $0 | |||
[1] | Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund. | ||||
[2] | Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities. | ||||
[3] | Real estate investments are primarily invested in U.S. commercial real estate. | ||||
[4] | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. |
Retirement_Plans_and_Post_Reti5
Retirement Plans and Post Retirement Benefits Level 3 Rollforward (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, beginning of year balance | $259.30 | ||||
Fair value of plan assets, end of year balance | 268 | 270.3 | 259.3 | ||
Multi-strategy Funds | |||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, end of year balance | 26.1 | [1] | 25.2 | [1] | |
Real Estate | |||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, end of year balance | 0 | [2] | 16.5 | [2] | |
Significant Unobservable Inputs (Level 3) | |||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, beginning of year balance | 41.7 | 64.7 | |||
Total unrealized gains (losses) | 0.8 | 6.8 | |||
Net income | 0.1 | ||||
Defined Benefit Plan, Redemptions | -16.5 | ||||
Fair value of plan assets, end of year balance | 26.1 | 41.7 | |||
Defined Benefit Plan, Mangement Fees | -0.1 | 0.5 | |||
Significant Unobservable Inputs (Level 3) | Multi-strategy Funds | |||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, beginning of year balance | 25.2 | [1] | 49.5 | ||
Total unrealized gains (losses) | 0.8 | 5.5 | |||
Defined Benefit Plan, Redemptions | 0 | ||||
Fair value of plan assets, end of year balance | 26.1 | [1] | 25.2 | [1] | |
Defined Benefit Plan, Mangement Fees | -0.1 | 0.4 | |||
Significant Unobservable Inputs (Level 3) | Real Estate | |||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |||||
Fair value of plan assets, beginning of year balance | 16.5 | [2] | 15.2 | ||
Total unrealized gains (losses) | 1.3 | ||||
Net income | 0.1 | ||||
Defined Benefit Plan, Redemptions | -16.5 | ||||
Fair value of plan assets, end of year balance | 0 | [2] | 16.5 | [2] | |
Defined Benefit Plan, Mangement Fees | $0.10 | ||||
[1] | The multi-strategy funds invest in various hedge funds that employ a fund of funds strategy. | ||||
[2] | Real estate investments are primarily invested in U.S. commercial real estate. |
Retirement_Plans_and_Post_Reti6
Retirement Plans and Post Retirement Benefits Defined Contribution Plans and Other Benefit Plans (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Defined Contribution Plans [Abstract] | ||||
Expenses related to defined contribution plans and multiemployer plan | $5.60 | $8.30 | $5.20 | |
Funded status | -96.1 | -51.8 | ||
Deferred Compensation Arrangements [Abstract] | ||||
Deferred compensation plan maximum deferral percentage | 90.00% | |||
Deferred compensation plan, employer contributions and related earnings, maximum vesting period | 5 years | |||
Deferred compensation liability included in "Other long-term liabilities" | -2.1 | -1.9 | ||
U.S. 401(k) Plans | ||||
Defined Contribution Plans [Abstract] | ||||
Maximum percentage of employee's wages eligible for company match | 3.50% | |||
Shares of LP common stock included in plan assets | 2.5 | |||
Total market value of plan assets represented by LP common stock | 12.40% | |||
Canada Defined Contribution Plans | ||||
Defined Contribution Plans [Abstract] | ||||
Maximum percentage of employee's wages eligible for company match | 3.00% | |||
Percentage of base contribution | 2.50% | |||
Employer matching percentage | 50.00% | |||
Other Postretirement Benefits | ||||
Defined Contribution Plans [Abstract] | ||||
Funded status | $8 | $8.20 |
Stockholders_Equity_Preferred_
Stockholders' Equity Preferred stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||
Common Stock, Voting Rights | 0.15 | |
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock, Par or Stated Value Per Share | $1 | $1 |
Rights [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 2,000,000 |
Stockholders_Equity_Rights_pla
Stockholders' Equity Rights plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Investment Options, Exercise Price | $100 | |
Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.01 | |
Warrant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.00% |
Stockholders_Equity_Detail_on_
Stockholders' Equity Detail on warrants issued (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Warrant or Right [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 573,520 | 18,395,963 | |
Stock Issued During Period, Shares, New Issues | 799,488 | 1,621,362 | |
Warrant [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 1.39 | ||
Warrant [Member] | |||
Class of Warrant or Right [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Grants in Period Weighted Average Grant Date Fair Value | 0.72 | ||
Warrant [Member] | |||
Class of Warrant or Right [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.00% |
StockBased_Compensation_Valuat
Stock-Based Compensation Valuation Assumptions (Details) (Options and SSARs [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Options and SSARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 57.00% | 69.00% | 64.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.50% | 0.90% | 0.70% |
Expected life of options | 5 years | 5 years | 5 years 1 month 6 days |
Weighted average fair value of options and SSARs granted | $9.03 | $11.68 | $4.75 |
StockBased_Compensation_Outsta
Stock-Based Compensation Outstanding Options and SSARs (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Beginning balance | 6,937,000 | 8,475,000 | 8,315,000 | ||
Options / SSARs granted | 494,000 | 343,000 | 971,000 | ||
Options / SSARs exercised | -43,000 | -1,861,000 | -751,000 | ||
Options / SSARs cancelled | -384,000 | -20,000 | -60,000 | ||
Ending balance | 7,004,000 | 6,937,000 | 8,475,000 | ||
Options / SSARs outstanding Weighted Average Exercise Price | $14.19 | $14.26 | $12.88 | $12.78 | |
SSARs granted Weighted Average Exercise Price | $18.09 | $20.49 | $8.85 | ||
Options / SSARs exercised Weighted Average Exercise Price | $9.92 | $9.06 | $6.24 | ||
Options / SSARs cancelled Weighted Average Exercise Price | $21.14 | $22.23 | $16.69 | ||
Options / SSARs outstanding Weighted Average Contractual Term (in years) | 4.5 | ||||
Options / SSARs outstanding Aggregate Intrinsic Value (in millions) | $32.60 | ||||
Vested and expected to vest | 6,654,000 | [1] | |||
Vested and expected to vest Aggregate Intrinsic Value (in millions) | 30.9 | [1] | |||
Options / SSARs exercisable | 6,019,000 | ||||
Options / SSARs exercisable Weighted Average Exercise Price | $13.91 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 10 months 21 days | ||||
Options / SSARs exercisable Aggregate Intrinsic Value (in millions) | 30.3 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Weighted-average period of years costs are expected to be recognied over | 1 year 0 months 4 days | ||||
Allocated Share-based Compensation Expense | 3 | 2.7 | 2.3 | ||
Unrecognized compensation costs | 3.5 | ||||
Options and Ssars [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Allocated Share-based Compensation Expense | 3.8 | 3.4 | 3.7 | ||
Unrecognized compensation costs | $4.40 | ||||
Shares available under stock award plans | 5,200,000 | ||||
Options and Ssars [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Weighted-average period of years costs are expected to be recognied over | 1 year 3 months 11 days | ||||
[1] | Options or SSARS expected to vest based upon historical forfeiture rate |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to all stock-based compensation plans | $9.40 | $8.80 | $8.40 | |
Phantom Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 66,339 | |||
Allocated Share-based Compensation Expense | 0.1 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period of years costs are expected to be recognied over | 10 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 453,146 | 512,085 | 625,049 | 836,877 |
Allocated Share-based Compensation Expense | 2.1 | 2.1 | 1.8 | |
Chief Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | 0.5 | |||
Weighted-average period of years costs are expected to be recognied over | 1 year 3 months 29 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 300,000 | |||
Allocated Share-based Compensation Expense | $0.40 |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted Stock Units (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $13.93 | $11.48 | $8.46 | $5.42 | |
Allocated Share-based Compensation Expense | $2.10 | $2.10 | $1.80 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Beginning balance | 512,085 | 625,049 | 836,877 | ||
Incentive shares granted | 122,649 | 108,174 | 202,009 | ||
Incentive share awards cancelled | -11,021 | 0 | 0 | ||
Ending balance | 453,146 | 512,085 | 625,049 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $17.93 | $20.49 | $8.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | -170,567 | -221,138 | -413,837 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $9.54 | $7.37 | $2.50 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 10 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 3 | 2.7 | 2.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3.5 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Beginning balance | 752,595 | 960,388 | 1,112,868 | ||
Incentive shares granted | 123,982 | 166,474 | 330,426 | ||
Incentive share awards vested | -253,834 | -350,107 | -407,909 | ||
Incentive share awards cancelled | -29,130 | -24,160 | -74,997 | ||
Ending balance | 593,613 | 752,595 | 960,388 | ||
Incentive share awards outstanding Weighted Average Contractual Term (in years) | 1 year | ||||
Incentive share awards outstanding Aggregate Intrinsic Value (in millions) | $9,800,000 | ||||
Vested and expected to vest | 563,932 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year | [1] | |||
Vested and expected to vest Weighted Average Contractual Term (in years) | 9.3 | [1] | |||
Incentive share awards exercisable | 0 | ||||
Incentive share awards exercisable Weighted Average Contractual Term (in years) | 0 | ||||
Incentive share awards exercisable Aggregate Intrinsic Value (in millions) | $0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 0 months 4 days | ||||
[1] | Incentive shares expected to vest based upon historical forfeitures rate |
StockBased_Compensation_Restri1
Stock-Based Compensation Restricted and Phantom Stock (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 153243.09 |
Stockholders_Equity_Stock_issu
Stockholders' Equity Stock issuance (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Issued During Period, Shares, New Issues | 799,488 | 1,621,362 | |
Stock-based compensation related to stock plans | $9.40 | $8.80 | $8.40 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 10 months 24 days | ||
Director [Member] | Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2.4 | ||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $0.50 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 29 days |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
ASSET RETIREMENT OBLIGATIONS [Abstract] | ||
Beginning balance | $8.30 | $8.30 |
Accretion Expense | 0.6 | 0.7 |
Accrued to expense during the year | 0.3 | 0 |
Payments made | -0.5 | -0.5 |
Ending balance | 8.6 | 8.3 |
Asset Retirement Obligation, Foreign Currency Translation | ($0.10) | ($0.20) |
Other_Operating_Credits_and_Ch2
Other Operating Credits and Charges, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gain Contingencies [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | $1 | $0 | $0 | |||||||||
Adjustments related to prior year inventory | -4.8 | -1.6 | 0 | -4.8 | 0 | |||||||
Inventory adjustment | 0 | 1.6 | 1.5 | |||||||||
Adjustment related to prior year depreciation | 0 | 1.6 | 0 | |||||||||
Refundable value added tax receivable | 1.4 | 0 | 1.4 | 0 | ||||||||
Insurance Recoveries | 1.5 | 0.4 | 0.5 | 1.9 | 0 | |||||||
Adjustment to contingent consideration fair value | 3.3 | -0.1 | 3.2 | 17.3 | 3.2 | 20.5 | 0 | |||||
Additions to workers compensation reserves | 0.6 | -1 | 1 | -0.4 | -1 | 0 | ||||||
Termination indemnities in South America | 1.6 | |||||||||||
Adjustments to retirement accounts | 0 | 0 | -3.8 | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | -2.2 | |||||||||
Addition to environmental related contingency reserves | -0.5 | -1 | 0 | |||||||||
Reductions, net of additions, to product related contingency reserves | 0 | 0 | 5 | |||||||||
Product Warranty Accrual, Period Increase (Decrease) | -11.3 | -17.7 | 1.8 | |||||||||
Timber related reserves | 0 | 0 | 0.8 | |||||||||
Other Cost and Expense, Operating | 0 | 0.1 | 0.6 | |||||||||
Other operating income (expense), net | -6.4 | -0.5 | -0.6 | 0 | -12.9 | 16.1 | -5.4 | -1.6 | -7.5 | -3.8 | 2.9 | |
Siding | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Product Warranty Accrual, Period Increase (Decrease) | -1 | |||||||||||
OSB Siding | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Product Warranty Accrual, Period Increase (Decrease) | -0.8 | |||||||||||
Hardboard Siding Reserves | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Product Warranty Accrual, Period Increase (Decrease) | 3.6 | |||||||||||
Abitibi [Domain] | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Other Operating Credits and Charges Associated with Unconsolidated Affiliates | 1.8 | 1 | -1.8 | 0 | ||||||||
Canfor-LP | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Other Operating Credits and Charges Associated with Unconsolidated Affiliates | 0.9 | 0 | -0.9 | 0 | ||||||||
Unconsolidated Affiliates | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Other Operating Credits and Charges Associated with Unconsolidated Affiliates | 1 | -2.7 | 0 | |||||||||
Supplemental employee retirement plans, defined benefit | ||||||||||||
Gain Contingencies [Line Items] | ||||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $2.20 |
Other_Operating_Credits_and_Ch3
Other Operating Credits and Charges, Net severance (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Reserves For Timber Obligations | $0 | $0 | $0.80 |
Addition to environmental related contingency reserves | -0.5 | -1 | 0 |
Restructuring Reserve [Roll Forward] | |||
Reductions, net of additions, to product related contingency reserves | 0 | 0 | -5 |
Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0.7 | 0.7 | 1.5 |
Charged to expense, continuing operations | 0.8 | 0.8 | 1 |
Payments | -1.1 | -0.8 | -1.8 |
Ending Balance | $0.40 | $0.70 | $0.70 |
Gain_loss_on_sales_or_impairme2
Gain (loss) on sales or impairment of long lived assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||||
Asset Impairment Charges | $0 | ($0.10) | ($4.40) | ||||||||
Gain (Loss) on Sale of Property Plant Equipment | 0.6 | 3.7 | 3.1 | -0.1 | -0.5 | ||||||
Gain Loss On Sale Or Impairment Of Long Lived Assets, Net | -1 | 3.6 | 0.5 | 0 | -0.6 | -0.3 | 0.7 | 0 | 3.1 | -0.2 | -4.9 |
Fair Value, Inputs, Level 2 | |||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $4.40 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ||||
Loss contingency accrual | $14.20 | $15.30 | ||
Current portion of contingency reserves | -2 | -2 | ||
Long-term portion of contingency reserves | 12.2 | 13.3 | ||
Reserve for Environmental Costs [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Payments | 0 | 0 | 1.6 | |
Loss contingency accrual | 13.6 | 14.9 | 14.1 | 15 |
Hardboard Siding Reserves | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency accrual | $0.60 | $0.40 |
Contingencies_Enviromental_lia
Contingencies Enviromental liabilities rollforward (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning Balance | $15.30 | ||
Adjusted to expense (income) during the year | 0 | 0 | 5 |
Ending Balance | 14.2 | 15.3 | |
Reserve for Environmental Costs [Member] | |||
Beginning Balance | 14.9 | 14.1 | 15 |
Adjusted to expense (income) during the year | 1.3 | 1.3 | 0.7 |
Payments made | 0 | 0 | -1.6 |
Ending Balance | 13.6 | 14.9 | 14.1 |
Formal cost share [Member] | |||
Other Unrecorded Amounts | 2.3 | ||
Indemnification Agreement [Member] | |||
Other Unrecorded Amounts | 2.7 | ||
Other Reserves [Member] | |||
Other Unrecorded Amounts | $0.20 |
Contingencies_Hardboard_Contin
Contingencies Hardboard Contingencies Rollforward (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingency Accrual [Roll Forward] | |||
Beginning Balance | $15.30 | ||
Adjusted to expense (income) during the year | 0 | 0 | 5 |
Ending Balance | 14.2 | 15.3 | |
Reserve for Environmental Costs [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Beginning Balance | 14.9 | 14.1 | 15 |
Adjusted to expense (income) during the year | 1.3 | 1.3 | 0.7 |
Payments for Environmental Liabilities | -3.1 | -0.5 | 0 |
Payments made for claims | 0 | 0 | -1.6 |
Ending Balance | 13.6 | 14.9 | 14.1 |
Other operating charges and credits [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Adjusted to expense (income) during the year | 0.5 | ||
Hardboard Siding Reserves | |||
Loss Contingency Accrual [Roll Forward] | |||
Ending Balance | $0.60 | $0.40 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ||
Acquisition Purchase Price | $74.60 | |
Brazilian term credit facility maturing 2017 | ||
Noncontrolling Interest [Line Items] | ||
Current portion of limited recourse notes payable | $6 | $8 |
Committments_and_Contingent_Li2
Committments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
2013 | $2.50 | ||
2014 | 2.1 | ||
2015 | 1.7 | ||
2016 | 1.7 | ||
2017 | 1.7 | ||
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 4.4 | ||
Total | 14.1 | ||
Sub lease income | 0.4 | ||
Operating Leases, Rent Expense | $9.10 | $9.20 | $8.30 |
Guarantees_and_Indemnification2
Guarantees and Indemnifications (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2002 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Damages from Product Defects | Damages from Product Defects | Damages from Product Defects | |
USD ($) | USD ($) | USD ($) | ||||||||
Product Liability Contingency [Line Items] | ||||||||||
Indemnity | 15 | |||||||||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||||||||
Beginning Balance | 29.3 | 21.4 | 30.3 | |||||||
Accrued to expense | -11.6 | -2 | -4.1 | -3.6 | -2.7 | -4.5 | 3 | -2 | -3.6 | |
Adjustment related to product related warranty reserves | 11.3 | 17.7 | 1.8 | |||||||
Product Warranty Accrual, Currency Translation, Increase (Decrease) | -1.2 | |||||||||
Payments made | -11.6 | -12.5 | -11.6 | |||||||
Ending Balance | 29.3 | 31.4 | 29.3 | 21.4 | ||||||
Current portion of warranty reserves | -12 | -12 | -12 | -12 | ||||||
Long-term portion of warranty reserves | $17.30 | $19.40 | $17.30 | $9.40 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Accrued to expense | $11.60 | $2 | $4.10 | $3.60 | $2.70 | $4.50 |
Discontinued operation, Revenue | 0 | 16 | 25 | |||
Product Warranty Accrual, Period Increase (Decrease) | -11.3 | -17.7 | 1.8 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -3 | -0.4 | -1.1 | |||
Segment, Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Product Warranty Accrual, Period Increase (Decrease) | 3.6 | |||||
Damages from Product Defects | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Accrued to expense | ($3) | $2 | $3.60 |
Accumulated_Comprehensive_Loss2
Accumulated Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ACCUMULATED COMPREHENSIVE LOSS [Abstract] | ||||
Amortization of prior service cost | $0 | $0.30 | $0.30 | |
Amounts reclassified from accumulated comprehensive income | 6.1 | -4.6 | -5.4 | |
Foreign currency translation adjustment | -14.5 | -11.6 | 0.6 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -14.5 | -11.6 | 0.6 | |
Net gain (loss) | -25.5 | 33.3 | 2.4 | |
Foreign currency translation adjustments, beginning of period | -19.2 | -7.6 | -8.2 | |
Pension adjustments, beginning of period | -70.3 | -99 | -96 | |
Unrealized gain (loss) on derivative instruments, beginning of period | 0 | -0.3 | 0.4 | |
Unreazlied gain (loss) on investments, beginning of period | 2 | 1 | 0.2 | |
Other, beginning of period | -1.7 | -2 | -2.6 | |
Accumulated comprehensive loss, net of tax, beginning of period | -131.3 | -89.2 | -107.9 | -106.2 |
Pension adjustments, activity | 28.7 | -28.7 | 3 | |
Unrealized gain (loss) on derivative financial instruments, activity | 0 | -0.3 | 0.7 | |
Unrealized gain (loss) on investments, activity | -0.6 | -1 | -0.8 | |
Other, activity | 0.5 | 0.3 | 0.6 | |
Foreign currency translation adjustments, end of period | -33.7 | -19.2 | -7.6 | |
Pension adjustments, end of period | -99 | -70.3 | -99 | |
Unrealized gain (loss) on derivative instruments, end of period | 0 | 0 | -0.3 | |
Unreazlied gain (loss) on investments, end of period | 2.6 | 2 | 1 | |
Other, end of period | -1.2 | -1.7 | -2 | |
Accumulated comprehensive loss, net of tax, end of period | -131.3 | -89.2 | -107.9 | -106.2 |
Pension adjustments income tax benefit | 17.7 | 15.5 | 0.9 | |
Reclassification from accumulated other comprehensive income, current period, before tax | -38.9 | 23.3 | 3.7 | |
Other comprehensive income loss net of tax including redeemable non controlling interest | -42.1 | 18.7 | -1.7 | |
Amortization of net actuarial loss | 5.5 | 7.3 | 6.6 | |
Other comprehensive income (loss), transition obligation, before tax | 0 | -0.4 | 1.5 | |
Other comprehensive income (loss), net periodic benefit cost, before tax | 6.2 | 7.2 | 8.4 | |
Other comprehensive (income) loss, reclassification adjustment from AOCI, pension and other postretirement benefit plans, for net transition (asset) obligation, tax | -2.3 | -2.6 | -3 | |
Other comprehensive (income) loss, reclassification adjustment from AOCI, pension and other postretirement benefit plans, for net (gain) loss, net of tax | 3.2 | -4.6 | -5.4 | |
Comprehensive income (loss), net of tax, including portion attributable to noncontrolling interest | -1.7 | |||
Other Comprehensive Income (Loss), Tax | $0.30 | $0.60 | $0.50 |
Acquisition_of_Peace_Valley_OS1
Acquisition of Peace Valley OSB (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | ||||||
Equity Interest in Joint Venture, Fair Value at Acquisition Date | $95.90 | |||||||
Gain on acquisition of joint venture | 0 | 35.9 | 0 | |||||
Acquisition Purchase Price | 74.6 | 74.6 | ||||||
Contingent Consideration, Liability | 0 | 2.1 | 0 | 2.1 | 24.3 | |||
Adjustment to contingent consideration fair value | 3.3 | -0.1 | 3.2 | 17.3 | 3.2 | 20.5 | 0 | |
Net Assets Acquired | 194.8 | 194.8 | ||||||
Business Combination, Assets Acquired, Current Assets | 22.7 | 22.7 | ||||||
Business Combination, Assets Acquired, Property, Plant, and Equipment | 146.4 | 146.4 | ||||||
Business Combination, Assets Acquired, Intangibles | 43.8 | 43.8 | ||||||
Business Combination, Assets Acquired, Timber Licenses | 34.1 | 34.1 | ||||||
Goodwill | 9.7 | 9.7 | 9.7 | 9.7 | 0 | |||
Business Combination, Liabilities Assumed, Current Liabilities | 8.7 | 8.7 | ||||||
Business Combination, Liabilities Assumed, Long-Term Liabilities | 9.4 | 9.4 | ||||||
Long-Term Liability [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent Consideration, Liability | $0 | $0 | $24.30 |
Selected_Segment_Data_Details
Selected Segment Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $453.50 | $518.10 | $518.50 | $444.70 | $479.70 | $507.40 | $567 | $531.10 | $1,934.80 | $2,085.20 | $1,691.20 | |||
Operating income (loss) | -77.6 | 202.8 | 104.2 | |||||||||||
Other operating credits and charges, net | -6.4 | -0.5 | -0.6 | 0 | -12.9 | 16.1 | -5.4 | -1.6 | -7.5 | -3.8 | 2.9 | |||
(Gain) loss on sale or impairment of long-lived assets | -1 | 3.6 | 0.5 | 0 | -0.6 | -0.3 | 0.7 | 0 | 3.1 | -0.2 | -4.9 | |||
General corporate and other expenses, net | -23.5 | -18.5 | -20.7 | -27.3 | -28.1 | -22.1 | -24 | -22.5 | -89.8 | -96.7 | -78.7 | |||
Foreign currency gains (losses) | -3.1 | -5.3 | -2.7 | |||||||||||
Other non-operating income (expense) | 3.1 | -29.5 | 34.9 | |||||||||||
Investment income | 1.1 | 0.9 | 1.7 | 1.8 | 2 | 1.7 | 3.1 | 3.5 | 5.5 | 10.3 | 14.8 | |||
Interest expense, net of capitalized interest | -6.4 | -8.3 | -7.4 | -7.7 | -8 | -7.6 | -9.8 | -10.6 | -29.8 | -36 | -49.3 | |||
Loss from continuing operations before taxes | -54.3 | -21.9 | -4.6 | -19.8 | -29.7 | 41.9 | 118.4 | 87.9 | -100.6 | 218.5 | 36.5 | |||
Provision (benefit) for income taxes | 11.3 | 3.6 | 6.7 | 5.6 | 10.5 | -4.4 | -24.3 | -22.9 | 27.2 | -41.1 | -7 | |||
Income (loss) from continuing operations | -43 | -19.1 | 0.6 | -14.2 | -19.2 | 37.5 | 94.1 | 65 | 2.1 | -18.3 | -73.4 | 177.4 | 29.5 | |
Other Depreciation and Amortization | -1.6 | 100.7 | 91.3 | 73.4 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 80.1 | 75.6 | 31.2 | |||||||||||
OSB | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 203.2 | 233.4 | 223.7 | 194.9 | 229.8 | 245.4 | 306.2 | 286.7 | 855.2 | 1,068.10 | 814.1 | |||
Operating income (loss) | -28.8 | -16.4 | -5.5 | -1.9 | 6.6 | 30.2 | 95.4 | 98.1 | -52.6 | 230.3 | 124 | |||
Other Depreciation and Amortization | 56.1 | 49.9 | 33.1 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 26.3 | 36.5 | 10.1 | |||||||||||
Siding | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 140.9 | 163.2 | 169.7 | 143.5 | 138.3 | 149 | 152.7 | 133.8 | 617.3 | 573.8 | 500.9 | |||
Operating income (loss) | 13.9 | 20.8 | 25.9 | 19.2 | 15.5 | 22.5 | 27.1 | 20.7 | 79.8 | 85.8 | 67.4 | |||
Other Depreciation and Amortization | 17.4 | 16.4 | 15.5 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 33 | 22.8 | 8.7 | |||||||||||
Engineered Wood Products | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 65.6 | 77.3 | 75.9 | 62.2 | 67.4 | 66.9 | 58 | 58 | 281 | 250.4 | 198.4 | |||
Operating income (loss) | -5.5 | -0.1 | -5.3 | -3.1 | -3.6 | -1.9 | -5.2 | -3.9 | -14 | -14.6 | -13.8 | |||
Other Depreciation and Amortization | 13.7 | 11.4 | 9.8 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 5.3 | 2.2 | 2.5 | |||||||||||
South America | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 35.9 | 36 | 41.9 | 36.6 | 40.6 | 41.5 | 44.3 | 45.1 | 150.4 | 171.5 | 168.8 | |||
Operating income (loss) | 2.8 | 0.3 | 4 | 4.2 | 2.1 | 5.3 | 6.3 | 6.3 | 11.3 | 20 | 18 | |||
Other Depreciation and Amortization | 9.1 | 10.5 | 12 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 7.4 | 3.9 | 4.6 | |||||||||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 7.9 | 8.3 | 8.7 | 7.9 | 7.2 | 8.8 | 6.6 | 8.1 | 32.8 | 30.6 | 27.8 | |||
Operating income (loss) | 0.8 | -2.4 | -1 | -0.7 | -0.4 | -2.2 | -2.1 | -1.4 | -3.5 | -6.1 | -9 | |||
Other Depreciation and Amortization | 1.1 | 1.3 | 1.3 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0.9 | |||||||||||
Intersegment sales | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 0 | -0.1 | -1.4 | -0.4 | -3.6 | -4.2 | -0.8 | -0.6 | -1.9 | -9.2 | -18.8 | |||
Unallocated Amount to Segment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Other Depreciation and Amortization | 3.3 | 1.8 | 1.7 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | $8.10 | $10.20 | $4.40 |
Segment_Information_Identifiab
Segment Information Identifiable assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | $2,353.50 | $2,493.30 |
OSB | ||
Assets | 675.8 | 668.9 |
Siding | ||
Assets | 205.5 | 189.4 |
Engineered Wood Products | ||
Assets | 130.5 | 129.3 |
South America | ||
Assets | 126.9 | 137.5 |
Other | ||
Assets | 41.5 | 39.4 |
Unallocated Amount to Segment | ||
Assets | $1,173.30 | $1,328.80 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Gain on settlement of litigation related to ARS | $0 | $0 | $20 | |||||||||||
Total Sales | 453.5 | 518.1 | 518.5 | 444.7 | 479.7 | 507.4 | 567 | 531.1 | 1,934.80 | 2,085.20 | 1,691.20 | |||
Operating Income (Loss) | -77.6 | 202.8 | 104.2 | |||||||||||
Other operating charges and gain loss | -4 | -4 | -2 | |||||||||||
unallocated and other than temporary impairment | -118 | -93 | -148 | |||||||||||
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | -54.3 | -21.9 | -4.6 | -19.8 | -29.7 | 41.9 | 118.4 | 87.9 | -100.6 | 218.5 | 36.5 | |||
Provision (benefit) for income taxes | -11.3 | -3.6 | -6.7 | -5.6 | -10.5 | 4.4 | 24.3 | 22.9 | -27.2 | 41.1 | 7 | |||
Income (loss) from continuing operations, including portion attributable to noncontrolling interest | -43 | -19.1 | 0.6 | -14.2 | -19.2 | 37.5 | 94.1 | 65 | 2.1 | -18.3 | -73.4 | 177.4 | 29.5 | |
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 918 | 940 | 918 | 940 | 784 | |||||||||
Reductions, net of additions, to product related contingency reserves | 0 | 0 | -5 | |||||||||||
South America | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Total Sales | 35.9 | 36 | 41.9 | 36.6 | 40.6 | 41.5 | 44.3 | 45.1 | 150.4 | 171.5 | 168.8 | |||
Operating Income (Loss) | 2.8 | 0.3 | 4 | 4.2 | 2.1 | 5.3 | 6.3 | 6.3 | 11.3 | 20 | 18 | |||
UNITED STATES | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Total Sales | 1,465 | 1,611 | 1,317 | |||||||||||
Operating Income (Loss) | 27 | 247 | 166 | |||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 523 | 544 | 523 | 544 | 540 | |||||||||
CANADA | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Total Sales | 322 | 303 | 331 | |||||||||||
Operating Income (Loss) | -17 | 48 | 3 | |||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 329 | 313 | 329 | 313 | 144 | |||||||||
South America | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Total Sales | 150 | 172 | 164 | |||||||||||
Operating Income (Loss) | 11 | 20 | 18 | |||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 66 | 83 | 66 | 83 | 100 | |||||||||
Intersegment sales | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Total Sales | -2 | -1 | -121 | |||||||||||
Fair Value, Inputs, Level 2 | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | $4.40 |
Segment_Information_Additional
Segment Information Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||
Product Warranty Accrual, Period Increase (Decrease) | $11.30 | $17.70 | ($1.80) | ||
Gain on settlement of litigation related to ARS | 0 | 0 | 20 | ||
Adjustments related to prior year inventory | 4.8 | 1.6 | 0 | 4.8 | 0 |
Adjustments to retirement accounts | 0 | 0 | 3.8 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 2.2 | ||
Termination indemnities in South America | 1.6 | ||||
Reductions, net of additions, to product related contingency reserves | 0 | 0 | -5 | ||
Reserves For Timber Obligations | 0 | 0 | 0.8 | ||
Addition to environmental related contingency reserves | -0.5 | -1 | 0 | ||
Fair Value, Inputs, Level 2 | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of Long-Lived Assets to be Disposed of | 4.4 | ||||
Supplemental employee retirement plans, defined benefit | |||||
Segment Reporting Information [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | -2.2 | ||||
Siding | |||||
Segment Reporting Information [Line Items] | |||||
Product Warranty Accrual, Period Increase (Decrease) | $1 |
Segment_Information_Interim_Fi
Segment Information Interim Financial Results (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||||||||||||
Accrual for Environmental Loss Contingencies, Provision for New Losses | ($0.50) | ($1) | $0 | |||||||||||
Gain on settlement of litigation related to ARS | 0 | 0 | 20 | |||||||||||
Adjustments related to prior year inventory | 4.8 | 1.6 | 0 | 4.8 | 0 | |||||||||
Other operating charges and gain loss | -4 | -4 | -2 | |||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 2.2 | |||||||||||
Product Warranty Accrual, Period Increase (Decrease) | -11.3 | -17.7 | 1.8 | |||||||||||
Net sales | 453.5 | 518.1 | 518.5 | 444.7 | 479.7 | 507.4 | 567 | 531.1 | 1,934.80 | 2,085.20 | 1,691.20 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -55.5 | -24.5 | -8.8 | -20.4 | -30.3 | 41.9 | 114 | 81 | -105 | 206.6 | 34.8 | |||
Income (loss) from continuing operations, including portion attributable to noncontrolling interest | -43 | -19.1 | 0.6 | -14.2 | -19.2 | 37.5 | 94.1 | 65 | 2.1 | -18.3 | -73.4 | 177.4 | 29.5 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -42.9 | -21.2 | 0.6 | -14.2 | -20.4 | 38.1 | 94.3 | 65.1 | -75.4 | 177.1 | 28.8 | |||
Income (loss) from continuing operations | ($0.30) | ($0.14) | $0 | ($0.10) | ($0.14) | $0.27 | $0.67 | $0.47 | ($0.52) | $1.27 | $0.22 | |||
Income (loss) per share from continuing operations | ($0.30) | ($0.14) | $0 | ($0.10) | ($0.14) | $0.26 | $0.65 | $0.45 | ($0.52) | $1.23 | $0.20 | |||
Net income (loss) per share - basic | ($0.30) | ($0.15) | $0 | ($0.10) | ($0.15) | $0.27 | $0.68 | $0.47 | ($0.53) | $1.27 | $0.21 | |||
Net income (loss) per share - diluted | ($0.30) | ($0.15) | $0 | ($0.10) | ($0.15) | $0.26 | $0.65 | $0.45 | ($0.53) | $1.23 | $0.20 | |||
Operating income (loss) | -77.6 | 202.8 | 104.2 | |||||||||||
Other Operating Income (Expense), Net | -6.4 | -0.5 | -0.6 | 0 | -12.9 | 16.1 | -5.4 | -1.6 | -7.5 | -3.8 | 2.9 | |||
(Gain) loss on sale or impairment of long-lived assets | -1 | 3.6 | 0.5 | 0 | -0.6 | -0.3 | 0.7 | 0 | 3.1 | -0.2 | -4.9 | |||
General corporate and other expenses, net | -23.5 | -18.5 | -20.7 | -27.3 | -28.1 | -22.1 | -24 | -22.5 | -89.8 | -96.7 | -78.7 | |||
Nonoperating Income (Expense) | -1.3 | -1.3 | 3.8 | -4.3 | -2.3 | 0.2 | 32.3 | -0.7 | -27.4 | 3.8 | -69.4 | |||
Foreign currency gains (losses) | -3.1 | -5.3 | -2.7 | |||||||||||
Investment income | 1.1 | 0.9 | 1.7 | 1.8 | 2 | 1.7 | 3.1 | 3.5 | 5.5 | 10.3 | 14.8 | |||
Interest Expense | -6.4 | -8.3 | -7.4 | -7.7 | -8 | -7.6 | -9.8 | -10.6 | -29.8 | -36 | -49.3 | |||
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | -54.3 | -21.9 | -4.6 | -19.8 | -29.7 | 41.9 | 118.4 | 87.9 | -100.6 | 218.5 | 36.5 | |||
Income Tax Expense (Benefit) | -11.3 | -3.6 | -6.7 | -5.6 | -10.5 | 4.4 | 24.3 | 22.9 | -27.2 | 41.1 | 7 | |||
Depreciation and amortization | -1.6 | 100.7 | 91.3 | 73.4 | ||||||||||
Accrued to expense | 11.6 | 2 | 4.1 | 3.6 | 2.7 | 4.5 | ||||||||
Refundable value added tax receivable | 1.4 | 0 | 1.4 | 0 | ||||||||||
Insurance Recoveries | 1.5 | 0.4 | 0.5 | 1.9 | 0 | |||||||||
Adjustment to contingent consideration fair value | 3.3 | -0.1 | 3.2 | 17.3 | 3.2 | 20.5 | 0 | |||||||
Additions to workers compensation reserves | -0.6 | 1 | -1 | 0.4 | 1 | 0 | ||||||||
Gain (Loss) on Contract Termination | 1 | 0 | 0 | |||||||||||
OSB | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 203.2 | 233.4 | 223.7 | 194.9 | 229.8 | 245.4 | 306.2 | 286.7 | 855.2 | 1,068.10 | 814.1 | |||
Operating income (loss) | -28.8 | -16.4 | -5.5 | -1.9 | 6.6 | 30.2 | 95.4 | 98.1 | -52.6 | 230.3 | 124 | |||
Depreciation and amortization | 56.1 | 49.9 | 33.1 | |||||||||||
Siding | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 140.9 | 163.2 | 169.7 | 143.5 | 138.3 | 149 | 152.7 | 133.8 | 617.3 | 573.8 | 500.9 | |||
Operating income (loss) | 13.9 | 20.8 | 25.9 | 19.2 | 15.5 | 22.5 | 27.1 | 20.7 | 79.8 | 85.8 | 67.4 | |||
Depreciation and amortization | 17.4 | 16.4 | 15.5 | |||||||||||
Engineered Wood Products | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 65.6 | 77.3 | 75.9 | 62.2 | 67.4 | 66.9 | 58 | 58 | 281 | 250.4 | 198.4 | |||
Operating income (loss) | -5.5 | -0.1 | -5.3 | -3.1 | -3.6 | -1.9 | -5.2 | -3.9 | -14 | -14.6 | -13.8 | |||
Depreciation and amortization | 13.7 | 11.4 | 9.8 | |||||||||||
South America | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 35.9 | 36 | 41.9 | 36.6 | 40.6 | 41.5 | 44.3 | 45.1 | 150.4 | 171.5 | 168.8 | |||
Operating income (loss) | 2.8 | 0.3 | 4 | 4.2 | 2.1 | 5.3 | 6.3 | 6.3 | 11.3 | 20 | 18 | |||
Depreciation and amortization | 9.1 | 10.5 | 12 | |||||||||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 7.9 | 8.3 | 8.7 | 7.9 | 7.2 | 8.8 | 6.6 | 8.1 | 32.8 | 30.6 | 27.8 | |||
Operating income (loss) | 0.8 | -2.4 | -1 | -0.7 | -0.4 | -2.2 | -2.1 | -1.4 | -3.5 | -6.1 | -9 | |||
Depreciation and amortization | 1.1 | 1.3 | 1.3 | |||||||||||
Intersegment sales | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 0 | -0.1 | -1.4 | -0.4 | -3.6 | -4.2 | -0.8 | -0.6 | -1.9 | -9.2 | -18.8 | |||
OSB Siding | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Product Warranty Accrual, Period Increase (Decrease) | -0.8 | |||||||||||||
Abitibi [Domain] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Other Operating Credits and Charges Associated with Unconsolidated Affiliates | 1.8 | 1 | -1.8 | 0 | ||||||||||
Canfor-LP | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Other Operating Credits and Charges Associated with Unconsolidated Affiliates | 0.9 | 0 | -0.9 | 0 | ||||||||||
Supplemental employee retirement plans, defined benefit | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ($2.20) |
Subsequent_Event_Details
Subsequent Event (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | 35776955.55 |
Uncategorized_Items
Uncategorized Items | |
[us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities] | 600,000 |