DELAWARE | 93-0609074 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | o |
• | changes in governmental fiscal and monetary policies and levels of employment; |
• | changes in general economic conditions; |
• | changes in the cost and availability of capital; |
• | changes in the level of home construction and repair activity; |
• | changes in competitive conditions and prices for our products; |
• | changes in the relationship between supply of and demand for building products; |
• | changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; |
• | changes in the cost of and availability of energy, primarily natural gas, electricity and diesel fuel; |
• | changes in the cost of and availability of transportation; |
• | changes in other significant operating expenses; |
• | changes in exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Australian dollar, Euro, Brazilian real and Chilean peso; |
• | changes in general and industry-specific environmental laws and regulations; |
• | changes in tax laws, and interpretations thereof; |
• | changes in circumstances giving rise to environmental liabilities or expenditures; |
• | the resolution of existing and future product related litigation and other legal proceedings; |
• | governmental gridlock and curtailment of government services and spending; and |
• | acts of public authorities, war, civil unrest, natural disasters, fire, floods, earthquakes, inclement weather and other matters beyond our control. |
Item 1. | Financial Statements. |
September 30, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 559.7 | $ | 434.7 | |||
Restricted cash for redemption of long-term debt | 93.4 | — | |||||
Receivables, net of allowance for doubtful accounts of $1.1 million at September 30, 2016 and December 31, 2015 | 138.0 | 96.4 | |||||
Inventories | 227.1 | 222.0 | |||||
Prepaid expenses and other current assets | 8.4 | 7.0 | |||||
Current portion of notes receivable from assets sales | 410.0 | — | |||||
Assets held for sale | 9.2 | 9.0 | |||||
Total current assets | 1,445.8 | 769.1 | |||||
Timber and timberlands | 50.6 | 53.1 | |||||
Property, plant and equipment, at cost | 2,459.2 | 2,392.5 | |||||
Accumulated depreciation | (1,603.9 | ) | (1,530.1 | ) | |||
Net property, plant and equipment | 855.3 | 862.4 | |||||
Goodwill | 9.7 | 9.7 | |||||
Notes receivable from asset sales | 22.2 | 432.2 | |||||
Investments in and advances to affiliates | 7.4 | 7.7 | |||||
Restricted cash | 15.1 | 14.3 | |||||
Other assets | 22.4 | 23.0 | |||||
Long-term deferred tax asset | 3.9 | 4.8 | |||||
Total assets | $ | 2,432.4 | $ | 2,176.3 | |||
LIABILITIES AND EQUITY | |||||||
Current portion of long-term debt | $ | 458.1 | $ | 2.1 | |||
Accounts payable and accrued liabilities | 193.8 | 139.6 | |||||
Current portion of contingency reserves | 1.3 | 1.3 | |||||
Total current liabilities | 653.2 | 143.0 | |||||
Long-term debt, excluding current portion | 374.3 | 751.8 | |||||
Deferred income taxes | 86.8 | 99.5 | |||||
Contingency reserves, excluding current portion | 14.6 | 15.5 | |||||
Other long-term liabilities | 150.7 | 149.5 | |||||
Stockholders’ equity: | |||||||
Common stock, $1 par value, 200,000,000 shares authorized, 153,147,190, and 152,979,708 shares issued | 153.1 | 153.0 | |||||
Additional paid-in capital | 475.7 | 496.5 | |||||
Retained earnings | 848.1 | 724.2 | |||||
Treasury stock, 9,071,639 shares and 9,995,456 shares, at cost | (189.6 | ) | (210.6 | ) | |||
Accumulated comprehensive loss | (134.5 | ) | (146.1 | ) | |||
Total stockholders’ equity | 1,152.8 | 1,017.0 | |||||
Total liabilities and stockholders’ equity | $ | 2,432.4 | $ | 2,176.3 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales | $ | 596.4 | $ | 464.9 | $ | 1,683.4 | $ | 1,429.6 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of sales | 442.6 | 416.2 | 1,301.2 | 1,287.4 | |||||||||||
Depreciation and amortization | 29.6 | 25.9 | 86.0 | 77.9 | |||||||||||
Selling and administrative | 47.0 | 38.3 | 135.8 | 114.9 | |||||||||||
Loss on sale or impairment of long-lived assets, net | 0.3 | 0.9 | 1.0 | 1.5 | |||||||||||
Other operating credits and charges, net | — | 1.0 | 11.4 | 12.6 | |||||||||||
Total operating costs and expenses | 519.5 | 482.3 | 1,535.4 | 1,494.3 | |||||||||||
Income (loss) from operations | 76.9 | (17.4 | ) | 148.0 | (64.7 | ) | |||||||||
Non-operating income (expense): | |||||||||||||||
Interest expense, net of capitalized interest | (9.0 | ) | (8.4 | ) | (26.3 | ) | (23.1 | ) | |||||||
Investment income | 2.5 | 0.5 | 6.4 | 2.9 | |||||||||||
Loss on early debt extinguishment | (13.2 | ) | — | (13.2 | ) | — | |||||||||
Other non-operating items | (0.5 | ) | (3.7 | ) | 1.4 | (5.5 | ) | ||||||||
Total non-operating income (expense) | (20.2 | ) | (11.6 | ) | (31.7 | ) | (25.7 | ) | |||||||
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | 56.7 | (29.0 | ) | 116.3 | (90.4 | ) | |||||||||
Provision (benefit) for income taxes | (7.5 | ) | (2.4 | ) | 13.1 | (7.7 | ) | ||||||||
Equity in income of unconsolidated affiliates | (1.4 | ) | (2.0 | ) | (4.4 | ) | (4.1 | ) | |||||||
Income (loss) from continuing operations | 65.6 | (24.6 | ) | 107.6 | (78.6 | ) | |||||||||
Loss from discontinued operations before taxes | — | (2.9 | ) | — | (2.9 | ) | |||||||||
Benefit for income taxes | — | (1.0 | ) | — | (1.0 | ) | |||||||||
Loss from discontinued operations | — | (1.9 | ) | — | (1.9 | ) | |||||||||
Net income (loss) | $ | 65.6 | $ | (26.5 | ) | $ | 107.6 | $ | (80.5 | ) | |||||
Net income (loss) per share of common stock (basic): | |||||||||||||||
Income (loss) from continuing operations | $ | 0.46 | $ | (0.17 | ) | $ | 0.75 | $ | (0.55 | ) | |||||
Loss from discontinued operations | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Net income (loss) per share - basic | $ | 0.46 | $ | (0.19 | ) | $ | 0.75 | $ | (0.57 | ) | |||||
Net income (loss) per share of common stock (diluted): | |||||||||||||||
Income (loss) from continuing operations | $ | 0.45 | $ | (0.17 | ) | $ | 0.74 | $ | (0.55 | ) | |||||
Loss from discontinued operations | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Net income (loss) per share - diluted | $ | 0.45 | $ | (0.19 | ) | $ | 0.74 | $ | (0.57 | ) | |||||
Weighted average shares of stock outstanding - basic | 143.7 | 142.6 | 143.3 | 142.3 | |||||||||||
Weighted average shares of stock outstanding - diluted | 145.4 | 142.6 | 145.2 | 142.3 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income (loss) | $ | 65.6 | $ | (26.5 | ) | $ | 107.6 | $ | (80.5 | ) | |||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments | 0.1 | (12.0 | ) | 10.3 | (19.9 | ) | |||||||||
Unrealized loss on investments, net of tax | (0.5 | ) | (0.1 | ) | (0.7 | ) | (0.1 | ) | |||||||
Defined benefit pension plans: | |||||||||||||||
Change benefit obligations, translation adjustment | 0.1 | 1.2 | (0.6 | ) | 1.7 | ||||||||||
Amortization of amounts included in net periodic benefit cost: | |||||||||||||||
Actuarial loss, net of tax | 0.9 | 1.1 | 2.5 | 3.1 | |||||||||||
Prior service cost, net of tax | — | 0.1 | 0.1 | 0.2 | |||||||||||
Other | — | (0.1 | ) | — | — | ||||||||||
Other comprehensive income (loss) | 0.6 | (9.8 | ) | 11.6 | (15.0 | ) | |||||||||
Comprehensive income (loss) | $ | 66.2 | $ | (36.3 | ) | $ | 119.2 | $ | (95.5 | ) |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income (loss) | $ | 65.6 | $ | (26.5 | ) | $ | 107.6 | $ | (80.5 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 29.6 | 25.9 | 86.0 | 77.9 | |||||||||||
Equity in income of unconsolidated affiliates, including dividends | — | (2.0 | ) | 0.3 | (4.1 | ) | |||||||||
Loss on sale or impairment of long-lived assets, net | 0.3 | 0.9 | 1.0 | 1.5 | |||||||||||
Loss on early debt extinguishment | 13.2 | — | 13.2 | — | |||||||||||
Other operating credits and charges, net | — | 1.0 | 11.4 | 12.6 | |||||||||||
Stock-based compensation related to stock plans | 3.2 | 2.2 | 9.4 | 7.3 | |||||||||||
Exchange (gain) loss on remeasurement | (0.2 | ) | 1.2 | (0.9 | ) | 5.5 | |||||||||
Cash settlements of contingencies, net of accruals | (0.3 | ) | (1.0 | ) | (1.0 | ) | (0.5 | ) | |||||||
Cash settlements of warranties, net of accruals | (4.6 | ) | (0.3 | ) | (11.4 | ) | (5.7 | ) | |||||||
Pension expense, net of contributions | — | 1.1 | 1.4 | 5.5 | |||||||||||
Non-cash interest expense, net | 1.4 | 0.8 | 1.6 | 0.7 | |||||||||||
Other adjustments, net | (0.3 | ) | 0.5 | (0.3 | ) | 1.3 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
(Increase) decrease in receivables | 14.1 | 0.6 | (37.0 | ) | (16.0 | ) | |||||||||
(Increase) decrease in inventories | 4.8 | (8.5 | ) | (3.2 | ) | (5.4 | ) | ||||||||
(Increase) decrease in prepaid expenses | 0.7 | (1.8 | ) | (1.9 | ) | (1.0 | ) | ||||||||
Increase in accounts payable and accrued liabilities | 17.0 | 14.6 | 53.3 | 10.4 | |||||||||||
Increase (decrease) in income taxes | (9.2 | ) | (7.5 | ) | 4.6 | (10.8 | ) | ||||||||
Increase in other liabilities | 0.8 | — | 6.2 | — | |||||||||||
Net cash provided by (used in) operating activities | 136.1 | 1.2 | 240.3 | (1.3 | ) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Property, plant and equipment additions | (27.6 | ) | (33.6 | ) | (78.7 | ) | (67.1 | ) | |||||||
Investments in and refunds from joint ventures | — | 1.7 | — | 1.7 | |||||||||||
(Increase)/decrease in restricted cash under letters of credit/credit facility | 0.2 | (0.5 | ) | (0.1 | ) | (5.9 | ) | ||||||||
Increase in restricted cash for redemption of long-term debt | (93.4 | ) | — | (93.4 | ) | — | |||||||||
Other investing activities | (0.1 | ) | 0.1 | (0.2 | ) | 0.5 | |||||||||
Net cash used in investing activities | (120.9 | ) | (32.3 | ) | (172.4 | ) | (70.8 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Borrowings of long-term debt | 350.0 | — | 350.0 | — | |||||||||||
Repayment of long-term debt | (274.8 | ) | (0.8 | ) | (282.7 | ) | (2.2 | ) | |||||||
Payment of debt issuance fees | (5.0 | ) | — | (5.0 | ) | — | |||||||||
Sale of common stock, net of cash payments under equity plans | — | — | (0.1 | ) | 0.4 | ||||||||||
Taxes paid related to net share settlement of equity awards | (0.8 | ) | (0.1 | ) | (8.9 | ) | (5.4 | ) | |||||||
Net cash provided by (used in) financing activities | 69.4 | (0.9 | ) | 53.3 | (7.2 | ) | |||||||||
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | 0.3 | (1.3 | ) | 3.8 | (5.7 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | 84.9 | (33.3 | ) | 125.0 | (85.0 | ) | |||||||||
Cash and cash equivalents at beginning of period | 474.8 | 481.0 | 434.7 | 532.7 | |||||||||||
Cash and cash equivalents at end of period | $ | 559.7 | $ | 447.7 | $ | 559.7 | $ | 447.7 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Total stock-based compensation expense (costs of sales and general and administrative) | $ | 3.2 | $ | 2.2 | $ | 9.4 | $ | 7.3 | |||||||
Income tax benefit related to stock-based compensation | $ | (0.4 | ) | $ | (3.2 | ) | |||||||||
Impact on cash flow due to taxes paid related to net share settlement of equity awards | $ | 0.8 | $ | 0.1 | $ | 8.9 | $ | 5.4 |
Dollar and share amounts in millions, except per share amounts | Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | |||||||||||||||
Income (loss) from continuing operations | $ | 65.6 | $ | (24.6 | ) | $ | 107.6 | $ | (78.6 | ) | |||||
Loss from discontinued operations | — | (1.9 | ) | — | (1.9 | ) | |||||||||
Net income (loss) | $ | 65.6 | $ | (26.5 | ) | $ | 107.6 | $ | (80.5 | ) | |||||
Denominator: | |||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||
Weighted average common shares outstanding - basic | 143.7 | 142.6 | 143.3 | 142.3 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Dilutive effect of stock warrants | 0.2 | — | 0.2 | — | |||||||||||
Dilutive effect of employee stock plans | 1.5 | — | 1.7 | — | |||||||||||
Dilutive potential common shares | 1.7 | — | 1.9 | — | |||||||||||
Denominator for diluted earnings per share: | |||||||||||||||
Weighted average shares outstanding - diluted | 145.4 | 142.6 | 145.2 | 142.3 | |||||||||||
Basic earnings per share: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.46 | $ | (0.17 | ) | $ | 0.75 | $ | (0.55 | ) | |||||
Loss from discontinued operations | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Net income (loss) per share - basic | $ | 0.46 | $ | (0.19 | ) | $ | 0.75 | $ | (0.57 | ) | |||||
Diluted earnings per share: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.45 | $ | (0.17 | ) | $ | 0.74 | $ | (0.55 | ) | |||||
Loss from discontinued operations | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Net income (loss) per share - diluted | $ | 0.45 | $ | (0.19 | ) | $ | 0.74 | $ | (0.57 | ) |
Dollar amounts in millions | September 30, 2016 | December 31, 2015 | |||||
Trade receivables | $ | 127.6 | $ | 82.6 | |||
Income tax receivable | 3.6 | 2.0 | |||||
Other receivables | 7.9 | 12.8 | |||||
Allowance for doubtful accounts | (1.1 | ) | (1.0 | ) | |||
Total | $ | 138.0 | $ | 96.4 |
Dollar amounts in millions | September 30, 2016 | December 31, 2015 | |||||
Logs | $ | 46.5 | $ | 58.6 | |||
Other raw materials | 24.4 | 21.6 | |||||
Semi-finished inventory | 19.0 | 18.5 | |||||
Finished products | 137.2 | 123.3 | |||||
Total | $ | 227.1 | $ | 222.0 |
Dollar amounts in millions | Interest Rate 2016 | September 30, 2016 | December 31, 2015 | |||||||
Notes receivable (secured), maturing 2018, interest rates fixed | 7.3 | % | 22.2 | 22.2 | ||||||
Notes receivable (secured), maturing 2018 (accelerated for collection 2016), interest rates variable | 410.0 | 410.0 | ||||||||
Total | 432.2 | 432.2 | ||||||||
Current portion | 410.0 | — | ||||||||
Long-term portion | $ | 22.2 | $ | 432.2 |
Dollar amounts in millions | September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Interest Rate 2016 | Principal | Unamortized Debt Costs | Total | Principal | Unamortized Debt Costs | Total | ||||||||||||||||||||
Senior Notes: | ||||||||||||||||||||||||||
Senior unsecured notes, maturing 2020 (to be redeemed in 2016), interest rates fixed | 7.5 | % | $ | 87.6 | $ | (0.7 | ) | $ | 86.9 | $ | 350.0 | $ | (3.7 | ) | $ | 346.3 | ||||||||||
Senior unsecured notes, maturing 2024, interest rates fixed | 4.875 | % | 350.0 | (5.2 | ) | 344.8 | ||||||||||||||||||||
Bank credit facilities: | ||||||||||||||||||||||||||
Chilean term credit facility, maturing 2019, interest rates fixed | UF+3.9% | 7.0 | (0.3 | ) | 6.7 | 12.8 | 12.8 | |||||||||||||||||||
Brazilian export financing facility, maturing 2017, interest rates fixed | 6.65 | % | 2.0 | 2.0 | 4.0 | 4.0 | ||||||||||||||||||||
Limited recourse notes payable: | ||||||||||||||||||||||||||
Senior notes, payable 2018, interest rates fixed | 7.3 | % | 22.0 | 22.0 | 22.0 | 22.0 | ||||||||||||||||||||
Other financing: | ||||||||||||||||||||||||||
Non-recourse notes payable 2018 (accelerated for repayment 2016), interest rates variable | 0.5 | % | 368.7 | (0.1 | ) | 368.6 | 368.7 | (0.2 | ) | 368.5 | ||||||||||||||||
Other | 1.4 | 1.4 | 0.3 | 0.3 | ||||||||||||||||||||||
Total | 838.7 | (6.3 | ) | 832.4 | 757.8 | (3.9 | ) | 753.9 | ||||||||||||||||||
Less: current portion of long term debt | (458.9 | ) | 0.8 | (458.1 | ) | (2.1 | ) | (2.1 | ) | |||||||||||||||||
Net long-term portion | $ | 379.8 | $ | (5.5 | ) | $ | 374.3 | $ | 755.7 | $ | (3.9 | ) | $ | 751.8 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net Sales | |||||||||||||||
OSB | $ | 282.1 | $ | 200.0 | $ | 751.9 | $ | 601.2 | |||||||
Siding | 194.8 | 157.8 | 583.3 | 495.2 | |||||||||||
EWP | 80.7 | 74.4 | 230.5 | 211.2 | |||||||||||
South America | 31.7 | 26.8 | 103.2 | 101.4 | |||||||||||
Other | 7.6 | 6.8 | 20.3 | 21.5 | |||||||||||
Intersegment Sales | (0.5 | ) | (0.9 | ) | (5.8 | ) | (0.9 | ) | |||||||
$ | 596.4 | $ | 464.9 | $ | 1,683.4 | $ | 1,429.6 | ||||||||
Operating profit (loss): | |||||||||||||||
OSB | $ | 67.4 | $ | (11.1 | ) | $ | 126.7 | $ | (57.6 | ) | |||||
Siding | 35.2 | 17.2 | 103.9 | 79.3 | |||||||||||
EWP | — | (0.9 | ) | (2.0 | ) | (7.3 | ) | ||||||||
South America | 3.3 | 2.4 | 15.3 | 6.8 | |||||||||||
Other | (0.4 | ) | (0.6 | ) | (1.0 | ) | (2.5 | ) | |||||||
Other operating credits and charges, net | — | (1.0 | ) | (11.4 | ) | (12.6 | ) | ||||||||
Loss on sale or impairment of long-lived assets, net | (0.3 | ) | (0.9 | ) | (1.0 | ) | (1.5 | ) | |||||||
General corporate and other expenses, net | (26.9 | ) | (20.5 | ) | (78.1 | ) | (65.2 | ) | |||||||
Interest expense, net of capitalized interest | (9.0 | ) | (8.4 | ) | (26.3 | ) | (23.1 | ) | |||||||
Investment income | 2.5 | 0.5 | 6.4 | 2.9 | |||||||||||
Loss on early debt extinguishment | (13.2 | ) | — | (13.2 | ) | — | |||||||||
Other non-operating items | (0.5 | ) | (3.7 | ) | 1.4 | (5.5 | ) | ||||||||
Income (loss) from continuing operations before taxes | 58.1 | (27.0 | ) | 120.7 | (86.3 | ) | |||||||||
Provision (benefit) for income taxes | (7.5 | ) | (2.4 | ) | 13.1 | (7.7 | ) | ||||||||
Income (loss) from continuing operations | $ | 65.6 | $ | (24.6 | ) | $ | 107.6 | $ | (78.6 | ) |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Service cost | $ | 1.2 | $ | 1.0 | $ | 3.6 | $ | 3.1 | |||||||
Interest cost | 3.3 | 3.4 | 10.1 | 10.2 | |||||||||||
Expected return on plan assets | (3.3 | ) | (3.8 | ) | (10.0 | ) | (11.4 | ) | |||||||
Amortization of prior service cost 1 | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||
Amortization of net loss 1 | 1.4 | 1.7 | 4.1 | 5.2 | |||||||||||
Net periodic pension cost | $ | 2.7 | $ | 2.4 | $ | 8.1 | $ | 7.4 | |||||||
Loss due to settlement | $ | — | $ | 0.4 | $ | — | $ | 0.4 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Beginning balance | $ | 25.6 | $ | 25.0 | $ | 21.0 | $ | 31.4 | |||||||
Accrued to expense | 0.2 | 2.6 | 0.6 | 2.9 | |||||||||||
Accrued to other operating credits and charges | — | — | 10.9 | — | |||||||||||
Foreign currency translation | 0.1 | 0.8 | 0.6 | (0.2 | ) | ||||||||||
Payments made | (4.8 | ) | (2.9 | ) | (12.0 | ) | (8.6 | ) | |||||||
Total warranty reserves | 21.1 | 25.5 | 21.1 | 25.5 | |||||||||||
Current portion of warranty reserves | (9.0 | ) | (10.0 | ) | (9.0 | ) | (10.0 | ) | |||||||
Long-term portion of warranty reserves | $ | 12.1 | $ | 15.5 | $ | 12.1 | $ | 15.5 |
Pension Adjustments | ||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Actuarial losses | Prior service costs | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||
Balance at June 30, 2016 | $ | (44.9 | ) | $ | (86.9 | ) | $ | (5.4 | ) | $ | 3.1 | $ | (1.0 | ) | $ | (135.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 0.1 | 0.1 | — | (0.8 | ) | — | (0.6 | ) | ||||||||||||||||
Income taxes | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net other comprehensive income (loss) before reclassifications | 0.1 | 0.1 | — | (0.5 | ) | — | (0.3 | ) | ||||||||||||||||
Amounts reclassified from accumulated comprehensive income (loss) | — | 1.4 | 0.1 | — | — | 1.5 | ||||||||||||||||||
Income taxes | — | (0.5 | ) | (0.1 | ) | — | — | (0.6 | ) | |||||||||||||||
Net amounts reclassified from cumulative other comprehensive income (loss) | — | 0.9 | — | — | — | 0.9 | ||||||||||||||||||
Total other comprehensive income (loss) | 0.1 | 1.0 | — | (0.5 | ) | — | 0.6 | |||||||||||||||||
Balance at September 30, 2016 | $ | (44.8 | ) | $ | (85.9 | ) | $ | (5.4 | ) | $ | 2.6 | $ | (1.0 | ) | $ | (134.5 | ) |
Pension Adjustments | ||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Actuarial losses | Prior service costs | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||
Balance at December 31, 2015 | $ | (55.1 | ) | $ | (87.8 | ) | $ | (5.5 | ) | $ | 3.3 | $ | (1.0 | ) | $ | (146.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 10.3 | (0.6 | ) | — | (1.1 | ) | — | 8.6 | ||||||||||||||||
Income taxes | — | — | — | 0.4 | — | 0.4 | ||||||||||||||||||
Net other comprehensive income (loss) before reclassifications | 10.3 | (0.6 | ) | — | (0.7 | ) | — | 9.0 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4.1 | 0.3 | — | — | 4.4 | ||||||||||||||||||
Income taxes | — | (1.6 | ) | (0.2 | ) | — | — | (1.8 | ) | |||||||||||||||
Net amounts reclassified from cumulative other comprehensive income (loss) | — | 2.5 | 0.1 | — | — | 2.6 | ||||||||||||||||||
Total other comprehensive income (loss) | 10.3 | 1.9 | 0.1 | (0.7 | ) | — | 11.6 | |||||||||||||||||
Balance at September 30, 2016 | $ | (44.8 | ) | $ | (85.9 | ) | $ | (5.4 | ) | $ | 2.6 | $ | (1.0 | ) | $ | (134.5 | ) |
Pension Adjustments | ||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Actuarial losses | Prior service costs | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||
Balance at June 30, 2015 | $ | (41.6 | ) | $ | (90.6 | ) | $ | (5.8 | ) | $ | 2.6 | $ | (1.1 | ) | $ | (136.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (12.0 | ) | 1.2 | — | (0.2 | ) | (0.1 | ) | (11.1 | ) | ||||||||||||||
Income taxes | — | — | — | 0.1 | — | 0.1 | ||||||||||||||||||
Net other comprehensive income (loss) before reclassifications | (12.0 | ) | 1.2 | — | (0.1 | ) | (0.1 | ) | (11.0 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1.8 | 0.1 | — | — | 1.9 | ||||||||||||||||||
Income taxes | — | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||||||
Net amounts reclassified from cumulative other comprehensive income (loss) | — | 1.1 | 0.1 | — | — | 1.2 | ||||||||||||||||||
Total other comprehensive income (loss) | (12.0 | ) | 2.3 | 0.1 | (0.1 | ) | (0.1 | ) | (9.8 | ) | ||||||||||||||
Balance at September 30, 2015 | $ | (53.6 | ) | $ | (88.3 | ) | $ | (5.7 | ) | $ | 2.5 | $ | (1.2 | ) | $ | (146.3 | ) |
Pension Adjustments | ||||||||||||||||||||||||
Dollar amounts in millions | Foreign currency translation adjustments | Actuarial losses | Prior service costs | Unrealized gain (loss) on investments | Other | Total | ||||||||||||||||||
Balance at December 31, 2014 | $ | (33.7 | ) | $ | (93.1 | ) | $ | (5.9 | ) | $ | 2.6 | $ | (1.2 | ) | $ | (131.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (19.9 | ) | 1.7 | — | (0.2 | ) | — | (18.4 | ) | |||||||||||||||
Income taxes | — | — | — | 0.1 | — | 0.1 | ||||||||||||||||||
Net other comprehensive income (loss) before reclassifications | (19.9 | ) | 1.7 | — | (0.1 | ) | — | (18.3 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 5.2 | 0.3 | — | — | 5.5 | ||||||||||||||||||
Income taxes | — | (2.1 | ) | (0.1 | ) | — | — | (2.2 | ) | |||||||||||||||
Net amounts reclassified from cumulative other comprehensive income (loss) | — | 3.1 | 0.2 | — | — | 3.3 | ||||||||||||||||||
Total other comprehensive income (loss) | (19.9 | ) | 4.8 | 0.2 | (0.1 | ) | — | (15.0 | ) | |||||||||||||||
Balance at September 30, 2015 | $ | (53.6 | ) | $ | (88.3 | ) | $ | (5.7 | ) | $ | 2.5 | $ | (1.2 | ) | $ | (146.3 | ) |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended September 30, 2016 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 282.1 | $ | 194.8 | $ | 80.7 | $ | 31.7 | $ | 7.6 | $ | (0.5 | ) | $ | 596.4 | ||||||||||||
Depreciation and amortization | 15.3 | 6.3 | 3.8 | 2.5 | 0.9 | 0.8 | 29.6 | ||||||||||||||||||||
Cost of sales and selling and administrative | 199.4 | 153.3 | 78.3 | 25.9 | 7.1 | 25.6 | 489.6 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.3 | 0.3 | ||||||||||||||||||||
Total operating costs | 214.7 | 159.6 | 82.1 | 28.4 | 8.0 | 26.7 | 519.5 | ||||||||||||||||||||
Income (loss) from operations | 67.4 | 35.2 | (1.4 | ) | 3.3 | (0.4 | ) | (27.2 | ) | 76.9 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (20.2 | ) | (20.2 | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 67.4 | 35.2 | (1.4 | ) | 3.3 | (0.4 | ) | (47.4 | ) | 56.7 | |||||||||||||||||
Income tax benefit | — | — | — | — | — | (7.5 | ) | (7.5 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (1.4 | ) | — | — | — | (1.4 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 67.4 | $ | 35.2 | $ | — | $ | 3.3 | $ | (0.4 | ) | $ | (39.9 | ) | $ | 65.6 | |||||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 67.4 | $ | 35.2 | $ | — | $ | 3.3 | $ | (0.4 | ) | $ | (39.9 | ) | $ | 65.6 | |||||||||||
Income tax benefit | — | — | — | — | — | (7.5 | ) | (7.5 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 9.0 | 9.0 | ||||||||||||||||||||
Depreciation and amortization | 15.3 | 6.3 | 3.8 | 2.5 | 0.9 | 0.8 | 29.6 | ||||||||||||||||||||
EBITDA from continuing operations | 82.7 | 41.5 | 3.8 | 5.8 | 0.5 | (37.6 | ) | 96.7 | |||||||||||||||||||
Stock based compensation expense | 0.3 | 0.2 | 0.2 | — | — | 2.5 | 3.2 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.3 | 0.3 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (2.5 | ) | (2.5 | ) | ||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | 13.2 | 13.2 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 83.0 | $ | 41.7 | $ | 4.0 | $ | 5.8 | $ | 0.5 | $ | (24.1 | ) | $ | 110.9 |
Three Months Ended September 30, 2015 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 200.0 | $ | 157.8 | $ | 74.4 | $ | 26.8 | $ | 6.8 | $ | (0.9 | ) | $ | 464.9 | ||||||||||||
Depreciation and amortization | 14.6 | 5.0 | 3.3 | 2.0 | 0.4 | 0.6 | 25.9 | ||||||||||||||||||||
Cost of sales and selling and administrative | 196.5 | 135.6 | 74.0 | 22.4 | 7.0 | 19.0 | 454.5 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.9 | 0.9 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||
Total operating costs | 211.1 | 140.6 | 77.3 | 24.4 | 7.4 | 21.5 | 482.3 | ||||||||||||||||||||
Income (loss) from operations | (11.1 | ) | 17.2 | (2.9 | ) | 2.4 | (0.6 | ) | (22.4 | ) | (17.4 | ) | |||||||||||||||
Total non-operating expense | — | — | — | — | — | (11.6 | ) | (11.6 | ) | ||||||||||||||||||
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (11.1 | ) | 17.2 | (2.9 | ) | 2.4 | (0.6 | ) | (34.0 | ) | (29.0 | ) | |||||||||||||||
Income tax benefit | — | — | — | — | — | (2.4 | ) | (2.4 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (2.0 | ) | — | — | — | (2.0 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | (11.1 | ) | $ | 17.2 | $ | (0.9 | ) | $ | 2.4 | $ | (0.6 | ) | $ | (31.6 | ) | $ | (24.6 | ) | ||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (11.1 | ) | $ | 17.2 | $ | (0.9 | ) | $ | 2.4 | $ | (0.6 | ) | $ | (31.6 | ) | $ | (24.6 | ) | ||||||||
Income tax benefit | — | — | — | — | — | (2.4 | ) | (2.4 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 8.4 | 8.4 | ||||||||||||||||||||
Depreciation and amortization | 14.6 | 5.0 | 3.3 | 2.0 | 0.4 | 0.6 | 25.9 | ||||||||||||||||||||
EBITDA from continuing operations | 3.5 | 22.2 | 2.4 | 4.4 | (0.2 | ) | (25.0 | ) | 7.3 | ||||||||||||||||||
Stock based compensation expense | 0.4 | 0.1 | 0.1 | — | — | 1.7 | 2.3 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 0.9 | 0.9 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 3.9 | $ | 22.3 | $ | 2.5 | $ | 4.4 | $ | (0.2 | ) | $ | (21.9 | ) | $ | 11.0 |
Nine Months Ended September 30, 2016 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 751.9 | $ | 583.3 | $ | 230.5 | $ | 103.2 | $ | 20.3 | $ | (5.8 | ) | $ | 1,683.4 | ||||||||||||
Depreciation and amortization | 44.6 | 20.7 | 10.2 | 6.6 | 1.7 | 2.2 | $ | 86.0 | |||||||||||||||||||
Cost of sales and selling and administrative | 580.6 | 458.7 | 226.7 | 81.3 | 19.6 | 70.1 | $ | 1,437.0 | |||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 1.0 | $ | 1.0 | |||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | $ | 11.4 | |||||||||||||||||||
Total operating costs | 625.2 | 479.4 | 236.9 | 87.9 | 21.3 | 84.7 | 1,535.4 | ||||||||||||||||||||
Income (loss) from operations | 126.7 | 103.9 | (6.4 | ) | 15.3 | (1.0 | ) | (90.5 | ) | 148.0 | |||||||||||||||||
Total non-operating expense | — | — | — | — | — | (31.7 | ) | (31.7 | ) | ||||||||||||||||||
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 126.7 | 103.9 | (6.4 | ) | 15.3 | (1.0 | ) | (122.2 | ) | 116.3 | |||||||||||||||||
Income tax provision | — | — | — | — | — | 13.1 | 13.1 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (4.4 | ) | — | — | — | (4.4 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | 126.7 | $ | 103.9 | $ | (2.0 | ) | $ | 15.3 | $ | (1.0 | ) | $ | (135.3 | ) | $ | 107.6 | ||||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 126.7 | $ | 103.9 | $ | (2.0 | ) | $ | 15.3 | $ | (1.0 | ) | $ | (135.3 | ) | $ | 107.6 | ||||||||||
Income tax provision | — | — | — | — | — | 13.1 | 13.1 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 26.3 | 26.3 | ||||||||||||||||||||
Depreciation and amortization | 44.6 | 20.7 | 10.2 | 6.6 | 1.7 | 2.2 | 86.0 | ||||||||||||||||||||
EBITDA from continuing operations | 171.3 | 124.6 | 8.2 | 21.9 | 0.7 | (93.7 | ) | 233.0 | |||||||||||||||||||
Stock based compensation expense | 0.7 | 0.7 | 0.5 | — | — | 7.5 | 9.4 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (6.4 | ) | (6.4 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 11.4 | 11.4 | ||||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | 13.2 | 13.2 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 172.0 | $ | 125.3 | $ | 8.7 | $ | 21.9 | $ | 0.7 | $ | (67.0 | ) | $ | 261.6 |
Nine Months Ended September 30, 2015 (Dollar amounts in millions) | OSB | Siding | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Net Sales | $ | 601.2 | $ | 495.2 | $ | 211.2 | $ | 101.4 | $ | 21.5 | $ | (0.9 | ) | $ | 1,429.6 | ||||||||||||
Depreciation and amortization | 43.6 | 15.1 | 9.6 | 6.2 | 1.3 | 2.1 | 77.9 | ||||||||||||||||||||
Cost of sales and selling and administrative | 615.2 | 400.8 | 213.0 | 88.4 | 22.7 | 62.2 | 1,402.3 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 1.5 | 1.5 | ||||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 12.6 | 12.6 | ||||||||||||||||||||
Total operating costs | 658.8 | 415.9 | 222.6 | 94.6 | 24.0 | 78.4 | 1,494.3 | ||||||||||||||||||||
Income (loss) from operations | (57.6 | ) | 79.3 | (11.4 | ) | 6.8 | (2.5 | ) | (79.3 | ) | (64.7 | ) | |||||||||||||||
Total non-operating expense | — | — | — | — | — | (25.7 | ) | (25.7 | ) | ||||||||||||||||||
Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (57.6 | ) | 79.3 | (11.4 | ) | 6.8 | (2.5 | ) | (105.0 | ) | (90.4 | ) | |||||||||||||||
Income tax benefit | — | — | — | — | — | (7.7 | ) | (7.7 | ) | ||||||||||||||||||
Equity in income of unconsolidated affiliates | — | — | (4.1 | ) | — | — | — | (4.1 | ) | ||||||||||||||||||
Income (loss) from continuing operations | $ | (57.6 | ) | $ | 79.3 | $ | (7.3 | ) | $ | 6.8 | $ | (2.5 | ) | $ | (97.3 | ) | $ | (78.6 | ) | ||||||||
Reconciliation of income (loss) from continuing operations to Adjusted EBITDA from continuing operations | |||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (57.6 | ) | $ | 79.3 | $ | (7.3 | ) | $ | 6.8 | $ | (2.5 | ) | $ | (97.3 | ) | $ | (78.6 | ) | ||||||||
Income tax benefit | — | — | — | — | — | (7.7 | ) | (7.7 | ) | ||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 23.1 | 23.1 | ||||||||||||||||||||
Depreciation and amortization | 43.6 | 15.1 | 9.6 | 6.2 | 1.3 | 2.1 | 77.9 | ||||||||||||||||||||
EBITDA from continuing operations | (14.0 | ) | 94.4 | 2.3 | 13.0 | (1.2 | ) | (79.8 | ) | 14.7 | |||||||||||||||||
Stock based compensation expense | 0.8 | 0.6 | 0.4 | — | — | 5.6 | 7.4 | ||||||||||||||||||||
Loss on sale or impairment of long lived assets, net | — | — | — | — | — | 1.5 | 1.5 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (2.9 | ) | (2.9 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 12.6 | 12.6 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | (13.2 | ) | $ | 95.0 | $ | 2.7 | $ | 13.0 | $ | (1.2 | ) | $ | (63.0 | ) | $ | 33.3 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Net sales | $ | 282.1 | $ | 200.0 | 41 | % | $ | 751.9 | $ | 601.2 | 25 | % | |||||||||
Operating income (loss) | $ | 67.4 | $ | (11.1 | ) | NM | $ | 126.7 | $ | (57.6 | ) | NM | |||||||||
Adjusted EBITDA | $ | 83.0 | $ | 3.9 | NM | $ | 172.0 | $ | (13.2 | ) | NM |
Quarter Ended September 30, 2016 versus 2015 | Nine Months Ended September 30, 2016 versus 2015 | ||||||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||||||
OSB | 36 | % | 5 | % | 27 | % | (1 | )% |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Net sales | $ | 194.8 | $ | 157.8 | 23 | % | $ | 583.3 | $ | 495.2 | 18 | % | |||||||||
Operating income | $ | 35.2 | $ | 17.2 | 105 | % | $ | 103.9 | $ | 79.3 | 31 | % | |||||||||
Adjusted EBITDA | $ | 41.7 | $ | 22.3 | 87 | % | $ | 125.3 | $ | 95.0 | 32 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
SmartSide Siding | $ | 170.9 | $ | 137.3 | 24 | % | $ | 507.2 | $ | 446.8 | 14 | % | |||||||||
CanExel siding | 10.8 | 10.5 | 3 | % | 36.1 | 33.5 | 8 | % | |||||||||||||
Commodity OSB | 11.1 | 8.3 | 34 | % | 32.8 | 8.3 | 295 | % | |||||||||||||
Other | 2.0 | 1.7 | 18 | % | 7.2 | 6.6 | 9 | % | |||||||||||||
Total | $ | 194.8 | $ | 157.8 | 23 | % | $ | 583.3 | $ | 495.2 | 18 | % |
Quarter Ended September 30, 2016 versus 2015 | Nine Months Ended September 30, 2016 versus 2015 | ||||||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||||||
SmartSide Siding | 1 | % | 25 | % | (1 | )% | 15 | % | |||
CanExel siding | (4 | )% | 8 | % | (6 | )% | 17 | % | |||
OSB | 60 | % | (15 | )% | 43 | % | 181 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Net sales | $ | 80.7 | $ | 74.4 | 8 | % | $ | 230.5 | $ | 211.2 | 9 | % | |||||||||
Operating income (loss) | $ | — | $ | (0.9 | ) | NM | $ | (2.0 | ) | $ | (7.3 | ) | 73 | % | |||||||
Adjusted EBITDA | $ | 4.0 | $ | 2.5 | 60 | % | $ | 8.7 | $ | 2.7 | 222 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
LVL/LSL | $ | 41.7 | $ | 39.6 | 5 | % | $ | 124.8 | $ | 114.1 | 9 | % | |||||||||
I-Joist | 27.4 | 27.9 | (2 | )% | 76.9 | 74.9 | 3 | % | |||||||||||||
OSB | 2.8 | 2.5 | 12 | % | 8.0 | 7.5 | 7 | % | |||||||||||||
Related products | 8.8 | 4.4 | 100 | % | 20.8 | 14.7 | 41 | % | |||||||||||||
Total | $ | 80.7 | $ | 74.4 | 8 | % | $ | 230.5 | $ | 211.2 | 9 | % |
Quarter Ended September 30, 2016 versus 2015 | Nine Months Ended September 30, 2016 versus 2015 | ||||||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||||||
LVL/LSL | 2 | % | 9 | % | 1 | % | 13 | % | |||
I-Joist | 2 | % | 1 | % | 1 | % | 6 | % | |||
OSB | 7 | % | 12 | % | 10 | % | 2 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Net sales | $ | 31.7 | $ | 26.8 | 18 | % | $ | 103.2 | $ | 101.4 | 2 | % | |||||||||
Operating income | $ | 3.3 | $ | 2.4 | 38 | % | $ | 15.3 | $ | 6.8 | 125 | % | |||||||||
Adjusted EBITDA | $ | 5.8 | $ | 4.4 | 32 | % | $ | 21.9 | $ | 13.0 | 68 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Chile | $ | 21.3 | $ | 19.3 | 10 | % | $ | 73.6 | $ | 70.0 | 5 | % | |||||||||
Brazil | 10.4 | 7.5 | 39 | % | 29.6 | 31.4 | (6 | )% | |||||||||||||
Total | $ | 31.7 | $ | 26.8 | 18 | % | $ | 103.2 | $ | 101.4 | 2 | % |
Quarter Ended September 30, 2016 versus 2015 | Nine Months Ended September 30, 2016 versus 2015 | ||||||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||||||
Chile | 13 | % | (3.5 | )% | 4 | % | — | % | |||
Brazil | 10 | % | (9 | )% | 1 | % | (4 | )% |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Net sales | $ | 7.6 | $ | 6.8 | 12 | % | $ | 20.3 | $ | 21.5 | (6 | )% | |||||||||
Operating losses | $ | (0.4 | ) | $ | (0.6 | ) | 33 | % | $ | (1.0 | ) | $ | (2.5 | ) | 60 | % | |||||
Adjusted EBITDA | $ | 0.5 | $ | (0.2 | ) | NM | $ | 0.7 | $ | (1.2 | ) | NM |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Investment income | $ | 2.2 | $ | 1.1 | $ | 6.1 | $ | 3.5 | |||||||
SERP market adjustments | 0.3 | (0.6 | ) | 0.3 | (0.6 | ) | |||||||||
Investment income | 2.5 | 0.5 | 6.4 | 2.9 | |||||||||||
Interest expense | (9.3 | ) | (9.0 | ) | (27.0 | ) | (23.7 | ) | |||||||
Amortization of debt charges | (0.3 | ) | (0.3 | ) | (0.8 | ) | (0.9 | ) | |||||||
Capitalized interest | 0.6 | 0.9 | 1.5 | 1.5 | |||||||||||
Interest expense, net of capitalized interest | (9.0 | ) | (8.4 | ) | (26.3 | ) | (23.1 | ) | |||||||
Loss on early debt extinguishment | (13.2 | ) | — | (13.2 | ) | — | |||||||||
Foreign currency gain (loss) | (0.5 | ) | (3.7 | ) | 1.4 | (5.5 | ) | ||||||||
Total non-operating expense | $ | (20.2 | ) | $ | (11.6 | ) | $ | (31.7 | ) | $ | (25.7 | ) |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | |||||||||||
Foreign currency translation adjustments | $ | 0.1 | $ | (12.0 | ) | $ | 10.3 | $ | (19.9 | ) | |||||
Unrealized gain (loss) on marketable securities | (0.5 | ) | (0.1 | ) | (0.7 | ) | (0.1 | ) | |||||||
Defined benefit plans | 1.0 | 2.4 | 2.0 | 5.0 | |||||||||||
Other | — | (0.1 | ) | — | — | ||||||||||
Comprehensive income (loss) | $ | 0.6 | $ | (9.8 | ) | $ | 11.6 | $ | (15.0 | ) |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Quarter Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Oriented strand board, million square feet 3/8" basis | 1,116 | 1,050 | 3,262 | 3,143 | |||||||
Oriented strand board, million square feet 3/8" basis (produced by North America non-OSB segment mills) | 63 | 64 | 189 | 80 | |||||||
Wood-based siding, million square feet 3/8" basis | 316 | 258 | 1,001 | 888 | |||||||
Engineered I-Joist, million lineal feet | 21 | 21 | 61 | 57 | |||||||
Laminated veneer lumber (LVL), thousand cubic feet and laminated strand lumber (LSL), thousand cubic feet | 2,393 | 2,343 | 7,499 | 6,828 |
OSB Western Canada 7/16" Basis | OSB Southwest 7/16" Basis | OSB N. Central 7/16" Basis | |||||||
Average | |||||||||
2012 | $ | 269 | $ | 260 | $ | 271 | |||
2013 | $ | 300 | $ | 293 | $ | 315 | |||
2014 | $ | 197 | $ | 208 | $ | 218 | |||
2015 1st Qtr. Avg. | $ | 159 | $ | 195 | $ | 193 | |||
2015 2nd Qtr. Avg. | $ | 152 | $ | 183 | $ | 193 | |||
2015 3rd Qtr. Avg. | $ | 157 | $ | 181 | $ | 203 | |||
2016 1st Qtr. Avg. | $ | 191 | $ | 230 | $ | 226 | |||
2016 2nd Qtr. Avg. | $ | 242 | $ | 256 | $ | 264 | |||
2016 3rd Qtr. Avg. | $ | 265 | $ | 269 | $ | 301 |
Source: | Random Lengths |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 3. | Defaults Upon Senior Securities. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
4.1 | Indenture, dated as of September 14, 2016, between Louisiana-Pacific Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee incorporated herein by reference to exhibit 4.1 to L-P's Current Report on Form 8-K dated September 14, 2016. |
10.1 | Form of Note Prepayment Agreement incorporated herein by reference to exhibit 10.1 to L-P's Current Report on Form 8-K dated August 26, 2016. |
10.2 | Registration Rights Agreement, dated as of September 14, 2016, between Louisiana-Pacific Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative incorporated herein by reference to exhibit 10.1 to L-P's Current Report on Form 8-K dated September 14, 2016 |
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). |
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). |
32.1 | Certifications pursuant to § 906 of the Sarbanes-Oxley Act of 2002. |
100.INS | XBRL Instance Document |
100.SCH | XBRL Taxonomy Extension Schema Document |
100.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
100.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
100.LAB | XBRL Taxonomy Extension Label Linkbase Document |
100.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
LOUISIANA-PACIFIC CORPORATION | |||
Date: | October 31, 2016 | BY: | /S/ CURTIS M. STEVENS |
Curtis M. Stevens | |||
Chief Executive Officer | |||
Date: | October 31, 2016 | BY: | /S/ SALLIE B. BAILEY |
Sallie B. Bailey | |||
Executive Vice President and Chief Financial Officer | |||
(Principal Financial Officer) |
1. | I have reviewed this report on Form 10-Q of Louisiana-Pacific Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | October 31, 2016 | /S/ CURTIS M. STEVENS |
CURTIS M. STEVENS | ||
Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Louisiana-Pacific Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | October 31, 2016 | /S/ SALLIE B. BAILEY |
SALLIE B. BAILEY | ||
Chief Financial Officer |
Re: | Certification Pursuant to § 906 of the Sarbanes-Oxley Act of 2002 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/S/ CURTIS M. STEVENS |
Name: CURTIS M. STEVENS Title: Chief Executive Officer |
/S/ SALLIE B. BAILEY |
Name: SALLIE B. BAILEY Title: Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2016
shares
| |
Entity Information [Line Items] | |
Entity Registrant Name | LOUISIANA-PACIFIC CORP |
Entity Central Index Key | 0000060519 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 142,225,477 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Allowance for doubtful accounts | $ 1.1 | $ 1.0 |
Basis For Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis for Presentation | BASIS FOR PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of LP and its subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in LP’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Stock-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION LP has a Management Incentive Plan (MIP) that is administered by the Compensation Committee of the Board of Directors. The Compensation Committee authorizes the grants of restricted stock, restricted stock units, performance share awards payable in stock upon the attainment of specified performance goals, stock options, stock settled stock appreciation rights (SSAR), other stock-based awards and cash-based awards at the discretion of the Compensation Committee. A detailed discussion of this is presented in Note 15 to the consolidated financial statements included in LP's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. As of September 30, 2016, 3.2 million shares were available for grant under the 2013 Omnibus Plan.
At September 30, 2016, $12.7 million of compensation cost related to unvested restricted performance shares, restricted stock and SSARs attributable to future service had not yet been recognized. LP adopted Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-based Payment Accounting, as of January 1, 2016. This standard is required to be adopted using the modified retrospective approach. As such, LP recorded a cumulative-effect adjustment of $16.3 million during the quarter ended March 31, 2016 to increase LP's December 31, 2015 retained earnings and increase LP's December 31, 2015 deferred tax asset balance. Additionally, ASU 2016-09 addresses the presentation of excess tax benefits and employee taxes paid on the statement of cash flows. LP is now required to present excess tax benefits as an operating activity (combined with other income tax cash flows) on the statement of cash flows rather than as a financing activity, and LP has adopted this change prospectively. ASU 2016-09 also requires the presentation of employee taxes as a financing activity on the statement of cash flows, which is where LP has previously classified this item. Grants of awards During the first nine months of 2016, the Company granted 90,444 performance units at an average grant date fair value of $20.45 per share, 509,127 SSARs at an average grant date fair value of $6.99 per share and 451,795 restricted stock awards (shares or units) at an average grant date fair value of $16.00 per share. |
Fair Value Measurements |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS LP estimated its Senior Notes due in 2020 to have a fair value of $90.9 million at September 30, 2016 and $366.2 million at December 31, 2015 based upon market quotations. LP estimated its Senior Notes due in 2024 to have a fair value of $350.4 million at September 30, 2016. Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables and accounts payable approximate fair value due to the short-term maturity of these items. |
Earnings per Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | EARNINGS PER SHARE Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, SSARs, performance shares, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which LP recognizes losses from continuing operations or at such time that the exercise prices of such awards are in excess of the weighted average market price of LP's common stock during these periods because the effect is anti-dilutive.
For the quarter and nine months ended September 30, 2016, stock options, warrants and SSARs relating to approximately 2.2 million and 2.7 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation. For the quarter and nine months ended September 30, 2015, stock options, warrants and SSARs relating to approximately 4.7 million and 5.0 million shares of LP common stock were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations. At September 30, 2016, outstanding warrants were exercisable to purchase approximately 227,129 shares. |
Receivables |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | RECEIVABLES Receivables consist of the following:
Other receivables at September 30, 2016 and December 31, 2015 primarily consist of sales tax receivables, vendor rebates, interest receivables and other miscellaneous receivables. |
Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories are valued at the lower of cost or market. Inventory cost includes materials, labor and operating overhead. The major types of inventories are as follows (work in process is not material):
|
Notes Receivable from Asset Sales (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consist of the following:
NOTE 7 – 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 9). LP monitors the collectability of these notes on a regular basis.
In August 2016, LP entered into agreements with the issuers of the $410.0 million notes receivable maturing in 2018 to provide for the acceleration of the collection of these notes to November 2016. This acceleration will also result in the acceleration of LP's payment of the related notes payable (see Note 9). |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | 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 9). LP monitors the collectability of these notes on a regular basis.
|
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Accounting standards state that companies account for income taxes using the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards and other tax credits. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as necessary to reduce deferred tax assets to the amount thereof that is more likely than not to be realized. The likelihood of realizing deferred tax assets is evaluated by, among other things, estimating future taxable income, considering the future reversal of existing deferred tax liabilities to which the deferred tax assets may be applied and assessing the impact of tax planning strategies. For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. An exception is provided for situations in which an enterprise anticipates a loss in a separate jurisdiction for which no tax benefit can be recognized. For the nine months ended September 30, 2015, LP's overall estimated annual effective tax rate was computed by excluding anticipated losses in Canada for which no deferred tax asset was expected to be recognizable due to the need for valuation allowances. Tax benefit for the period was then computed using the rate so derived applied to year-to-date pre-tax losses excluding those from Canada, and no additional Canadian tax benefit was added. Each period the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. Changes in the profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. For the first nine months of 2016, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s continuing operations relate to foreign tax rates, changes in Canadian and state valuation allowances, excess tax benefits in connection with LP's stock-based compensation plans, recognition of research and development credits from prior years and an increase in the reserve for unrecognized tax benefits associated with LP's South American operations. For the first nine months of 2015, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s continuing operations relate to foreign tax rates, Canadian and state valuation allowances and a reduction in the reserve for unrecognized tax benefits. During September 2016, LP announced the acceleration of the notes receivable from asset sales (see Note 7) to November of 2016 from 2018. The acceleration of these notes will accelerate the taxable income into the fourth quarter 2016. LP estimates taxes due to the acceleration to be $120.8 million. As of December 31, 2015, LP had $73.4 million of available carryover benefit to offset a portion of LP’s 2016 tax liability. LP periodically reviews the need for valuation allowances against deferred tax assets and recognizes these deferred tax assets to the extent that the realization is more likely than not. 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 in future periods our earnings estimates differ 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. |
Long-term Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] |
LP issued $368.7 million of non-recourse notes in 2003 in a private placement to unrelated third parties. The notes were originally scheduled to 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 (see note 7). In August 2016, LP gave a binding notice to the note holder that LP will pay the notes ($368.6 million, net of $0.1 million of unamortized debt costs) plus accrued interest upon receipt of the proceeds for the notes receivable in November 2016. In May 2012, LP issued $350.0 million aggregate principal amount of 7.5% Senior Notes due 2020. In September 2016, LP announced the commencement of a cash tender offer for any and all of its outstanding 7.5% Senior Notes due 2020 for a purchase price of $1,041.75 for each $1,000 principal amount of 2020 Notes. As of September 30, 2016, LP purchased $262.4 million aggregate principal amount (or approximately 75%) of the Notes. The remaining notes ($86.9 million, net of $0.7 million of unamortized debt costs) plus accrued interest were redeemed in October 2016. The cash required to redeem these notes (including any premium and interest) is classified as Restricted cash for bond redemption on LP's Consolidated Balance Sheet as of September 30, 2016. In connection with this repurchase, LP recorded a loss on early debt extinguishment of $13.2 million, which included $2.2 million associated with the unamortized financing costs associated with these notes. In September 2016, LP issued $350.0 million aggregate principal of 4.875% Senior Notes due 2024. On or after September 15, 2019, LP may, at its option on one or more occasions, redeem all or any portion of these notes at specified redemption rates. Obligations under the indenture governing LP's notes are unsecured and not presently guaranteed by any of LP's 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. Additional descriptions of LP's indebtedness are included in the consolidated financial statements and the notes thereto included in LP's Annual Report on Form 10-K for the year ended December 31, 2015. |
Other Operating Credits and Charges, Net |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Other Operating Credits And Charges, Net [Abstract] | |
Other Operating Credits and Charges Net [Table Text Block] | OTHER OPERATING CREDITS AND CHARGES During the second quarter of 2016, LP recorded an expense of $11.4 million related to an increase in product related warranty reserves and a related adjustment to value added taxes associated with CanExel products sold in specific geographic locations and for a specific time period. During the first quarter of 2015, LP was notified by the Ministry of Forestry in Quebec that LP's forest license associated with an indefinitely curtailed Oriented Stand Board (OSB) mill in Quebec has been terminated. Based upon this notification, LP was required to write off the remaining unamortized value associated with this intangible forest license of $11.6 million. During the third quarter of 2015, LP recorded a loss of $1.0 million associated with a marketing settlement with a customer. |
Legal and Environmental Matters |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Legal and Environmental Matters [Abstract] | |
Legal and Environmental Matters | LEGAL AND ENVIRONMENTAL MATTERS Certain environmental matters and legal proceedings are discussed below. Environmental Matters LP maintains a reserve for undiscounted estimated environmental loss contingencies. This reserve is primarily for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company. LP’s estimates of its environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each environmental loss contingency. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities. Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. LP regularly monitors its estimated exposure to environmental loss contingencies and, as additional information becomes known, may change its estimates significantly. However, no estimate of the range of any such change can be made at this time. Other Proceedings LP and its subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes that the resolution of such proceedings will not have a material adverse effect on the financial position, results of operations, cash flows or liquidity of LP. |
Selected Segment Data |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Segment Data | SELECTED SEGMENT DATA LP operates in four segments: North America Oriented Strand Board (OSB), Siding, Engineered Wood Products (EWP) and South America. LP’s business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers and distribution methods. LP’s results of operations are summarized below for each of these segments separately as well as for the “other” category which comprises other products that are not individually significant. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2015.
|
Potential Impairments |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Asset Impairment Charges [Abstract] | |
Potential Impairments | POTENTIAL IMPAIRMENTS LP continues to review certain operations and investments for potential impairments. LP’s management currently believes it has adequate support for the carrying value of each of these operations and investments based upon the anticipated cash flows that result from estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. LP also reviews from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, its strategic plan and other relevant circumstances. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, LP may be required to record impairment charges in connection with decisions to dispose of assets. |
Defined Benefit Pension Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Employee Benefit Plans | DEFINED BENEFIT PENSION PLANS The following table sets forth the net periodic pension cost for LP’s defined benefit pension plans during the quarter and nine months ended September 30, 2016 and 2015. The net periodic pension cost included the following components:
1The amortization of prior service costs and net loss are included in the amounts reclassified from accumulated other comprehensive income (loss); see Note 16 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income. During the nine months ended September 30, 2016 and 2015, LP recognized $8.1 million and $7.8 million (inclusive of a $0.4 million settlement loss associated with the retirement of one of LP's executives) of pension expense for all of LP's defined benefit pension plans. During the nine months ended September 30, 2016, LP made $6.7 million in pension contributions to its defined benefit pension plans. LP expects to contribute between $1.0 million and $3.0 million to its defined benefit pension plans in the remaining months of 2016. |
Product Warranty |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees and Indemnifications | LP provides warranties on the sale of most of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the quarter and nine months ended September 30, 2016 and 2015 are summarized in the following table:
LP continues to monitor warranty and other claims associated with these products and believes as of September 30, 2016 that the reserves associated with these matters are adequate. However, it is possible that additional charges may be required in the future. The current portion of the warranty reserve is included in the caption “Accounts payable and accrued liabilities” and the long-term portion is included in the caption “Other long-term liabilities” on LP’s Consolidated Balance Sheets. |
Other Comprehensive Income Other Comprehensive Income |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | NOTE 16 - OTHER COMPREHENSIVE INCOME Other comprehensive income activity, net of tax, is provided in the following table for the quarter and nine months ended September 30, 2016:
Other comprehensive income activity, net of tax, is provided in the following table for the quarter and nine months ended September 30, 2015:
The amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost; see Note 14 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income. |
Recent and Prospective Accounting Pronouncements (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, "Leases (Topic 842)", which supersedes the lease accounting requirements in Accounting Standards Codification (ASC) Topic 840, Leases. The new standard requires entities to recognize, separately from each other, an asset for its right to use (ROU) the underlying asset equal to the liability for its finance and operating lease obligations. Further, the entity is required to present separately the current and non-current portion of the ROU asset and corresponding lease liability. The new standard is effective on January 1, 2019. LP is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classifications of Certain Cash Receipts and Cash Payments." The standard provided guidance for eight changes with respect to how cash receipts and cash payments are classified in the statement of cash flows, with the objective of reducing diversity in practice. The standard is effective January 1, 2018, with early adoption permitted. LP does not expect the adoption of this new standard to have a material impact on its consolidated results of operations and financial position. |
Subsequent Events (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 18 - SUBSEQUENT EVENTS On October 14, 2016, LP completed the previously announced redemption of its remaining outstanding 7.500% Senior Notes due 2020 at the redemption price of 103.75% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date. This resulted in LP releasing $93.4 million currently held as restricted cash for bond redemption. LP will record $4.0 million in loss on early debt extinguishment associated with this redemption, including $0.7 million in deferred debt costs, during the fourth quarter. On October 28, 2016 LP announced that it has reached an agreement with Norbord Inc. to exchange OSB mills in Quebec, Canada. LP will swap ownership of its Chambord, Quebec, mill for Norbord’s Val-d’Or, Quebec, mill. The asset exchange is expected to be complete in early November 2016. |
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
Earnings per Share (Tables) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, SSARs, performance shares, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which LP recognizes losses from continuing operations or at such time that the exercise prices of such awards are in excess of the weighted average market price of LP's common stock during these periods because the effect is anti-dilutive.
|
Receivables (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consist of the following:
NOTE 7 – 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 9). LP monitors the collectability of these notes on a regular basis.
In August 2016, LP entered into agreements with the issuers of the $410.0 million notes receivable maturing in 2018 to provide for the acceleration of the collection of these notes to November 2016. This acceleration will also result in the acceleration of LP's payment of the related notes payable (see Note 9). |
Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | The major types of inventories are as follows (work in process is not material):
|
Notes Receivable from Asset Sales (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consist of the following:
NOTE 7 – 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 9). LP monitors the collectability of these notes on a regular basis.
In August 2016, LP entered into agreements with the issuers of the $410.0 million notes receivable maturing in 2018 to provide for the acceleration of the collection of these notes to November 2016. This acceleration will also result in the acceleration of LP's payment of the related notes payable (see Note 9). |
Long-term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
|
Selected Segment Data (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|
Defined Benefit Pension Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic pension cost included the following components:
|
Product Warranty (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | The activity in warranty reserves for the quarter and nine months ended September 30, 2016 and 2015 are summarized in the following table:
|
Other Comprehensive Income Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
Other comprehensive income activity, net of tax, is provided in the following table for the quarter and nine months ended September 30, 2015:
|
Stock-Based Compensation (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense (costs of sales and general and administrative) | $ 3,200,000 | $ 2,200,000 | $ 9,400,000 | $ 7,300,000 |
Income tax benefit related to stock-based compensation | (400,000) | (3,200,000) | ||
Impact on cash flow due to taxes paid related to net share settlement of equity awards | $ 800,000 | $ 100,000 | $ 8,900,000 | $ 5,400,000 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Senior unsecured notes, maturing 2020 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 90.9 | $ 366.2 |
Senior unsecured notes, maturing 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 350.4 |
Earnings per Share Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,200,000 | 4,700,000 | 2,700,000 | 5,000,000 |
Warrants outstanding | 227,129 | 227,129 |
Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Trade receivables | $ 127.6 | $ 82.6 |
Income tax receivable | 3.6 | 2.0 |
Other receivables | 7.9 | 12.8 |
Allowance for doubtful accounts | (1.1) | (1.0) |
Total | $ 138.0 | $ 96.4 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Logs | $ 46.5 | $ 58.6 |
Other raw materials | 24.4 | 21.6 |
Semi-finished inventory | 19.0 | 18.5 |
Finished products | 137.2 | 123.3 |
Total | $ 227.1 | $ 222.0 |
Notes Receivable from Asset Sales (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current portion | $ 410.0 | $ 0.0 |
Long-term portion | 22.2 | 432.2 |
Notes receivable (secured), maturing 2018, interest rates fixed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 22.2 | 22.2 |
Notes receivable (secured), maturing 2018 (accelerated for collection 2016), interest rates variable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | 410.0 | 410.0 |
Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $ 432.2 | $ 432.2 |
Income Taxes (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 73.4 | ||
Installment sales gain deferral, Pinewood [Member] | |||
Deferred Tax Liabilities, Net | $ 120.8 |
Other Operating Credits and Charges, Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Operating Credits And Charges, Net [Abstract] | ||||||
Other operating credits and charges, net | $ 0.0 | $ 11.4 | $ 1.0 | $ 11.6 | $ 11.4 | $ 12.6 |
Defined Benefit Pension Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | $ 1.2 | $ 1.0 | $ 3.6 | $ 3.1 | |||
Interest cost | 3.3 | 3.4 | 10.1 | 10.2 | |||
Expected return on plan assets | (3.3) | (3.8) | (10.0) | (11.4) | |||
Amortization of prior service cost 1 | 0.1 | 0.1 | 0.3 | [1] | 0.3 | ||
Amortization of net loss 1 | 1.4 | 1.7 | 4.1 | [1] | 5.2 | ||
Net periodic pension cost | 2.7 | 2.4 | 8.1 | 7.4 | |||
Loss due to settlement | $ 0.0 | $ 0.4 | 0.0 | 0.4 | |||
Pension Expense | 8.1 | $ 7.8 | |||||
Pension Contributions | 6.7 | ||||||
Minimum [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 1.0 | ||||||
Maximum [Member] | |||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 3.0 | ||||||
|
Product Warranty (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||||
Beginning Balance | $ 25.6 | $ 25.0 | $ 21.0 | $ 31.4 | ||
Accrued to expense | 0.2 | 2.6 | 0.6 | 2.9 | ||
Accrued to other operating credits and charges | 0.0 | 0.0 | 10.9 | 0.0 | ||
Foreign currency translation | 0.1 | 0.8 | 0.6 | (0.2) | ||
Payments made | (4.8) | (2.9) | (12.0) | (8.6) | ||
Total warranty reserves | $ 25.6 | 25.0 | $ 21.0 | $ 31.4 | $ 21.1 | $ 25.5 |
Current portion of warranty reserves | (9.0) | (10.0) | ||||
Long-term portion of warranty reserves | $ 12.1 | $ 15.5 | ||||
Damages from Product Defects [Member] | ||||||
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||||
Accrued to expense | $ 2.5 |
Subsequent Events (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Subsequent Event [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 103.80% | ||||
Restricted cash for bond redemption | $ 93.4 | $ 93.4 | |||
Loss on early debt extinguishment | $ (13.2) | $ 0.0 | $ (13.2) | $ 0.0 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Subsequent Event, Date | Oct. 14, 2016 | ||||
Loss on early debt extinguishment | $ 4.0 | ||||
Write off of Deferred Debt Issuance Cost | $ 0.7 |