Notes Receivable from Asset Sales

12 Months Ended

Dec. 31, 2012

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 2012		December 31,
			2012		2011
Notes receivable (unsecured), matured 2012, interest rates fixed	5.6	%	$	—	$	9.9
Notes receivable (secured), maturing 2013-2018, interest rates fixed	7.1 – 7.3%		113.6		113.6
Notes receivable (secured), maturing 2018, interest rate variable			410.0		410.0
Total			523.6		533.5
Current portion			91.4		10.0
Long-term portion			$	432.2	$	523.5

The weighted average interest rate for all notes receivable from asset sales at December 31, 2012 and 2011 was approximately 2.0% and 2.1%. The notes mature as follows:

Dollar amounts in millions
Year ended December 31,
2013	$	91.4
2014	—
2015	—
2016	—
2017	—
2018 and after	432.2
Total	$	523.6

LP estimates that the fair value of these notes at December 31, 2012 and 2011 was approximately $531.9 million and $543.3 million.