Investments in and Advances to Affiliates

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Transactions with Affiliates

INVESTMENTS IN AND ADVANCES TO AFFILIATES

At December 31, 2013, LP has an investment in a joint venture with Resolute Forest Products (formerly Abitibi-Bowater) to operate jointly owned I-Joist facilities in Quebec. 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 24 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; 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) is required as follows:

	Year ended December 31,
Dollar amounts in millions	2013		2012		2011
Net sales	$	230.5	$	238.9	$	188.6
Net income (loss)	$	23.8	$	3.4	$	(53.7	)
	As of December 31,
	2013		2012
Current assets	$	15.2	$	54.5
Long term assets	1.2		146.8
Total assets	$	16.4	$	201.3
Total liabilities	$	10.0	$	41.4
Equity	6.4		159.9
Total liabilities and equity	$	16.4	$	201.3

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, 2013, 2012 and 2011, LP sold $13.7 million, $8.7 million and $6.0 million of products to Abitibi-LP and purchased $52.0 million, $37.9 million and $33.6 million of I-joists from Abitibi-LP. LP purchased $98.2 million, $148.0 million and $92.9 million from Canfor-LP during the years ended December 31, 2013, 2012 and 2011. Included in LP’s Consolidated Balance Sheets at December 31, 2013 and 2012 are $0.8 million and $1.4 million in accounts receivable and $6.7 million in accounts payable for 2012 from from these affiliates.

During the year ended December 31, 2011, LP was required to record an other than temporary impairment of its equity investment in U.S. Greenfiber as LP's current book value exceed the enterprise (fair) value of the investment by $14.8 million.