XML 26 R17.htm IDEA: XBRL DOCUMENT v2.3.0.15
Other Operating Credits and Charges, Net
9 Months Ended
Sep. 30, 2011
Other Operating Credits And Charges, Net [Abstract] 
Other Operating Credits and Charges, Net
OTHER OPERATING CREDITS AND CHARGES, NET
The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the quarter and nine month periods ended September 30, 2011 and 2010 are reflected in the table below and are described in the paragraphs following the table:
 
 
Quarter Ended September 30,
 
Nine Months Ended September 30,
Dollar amounts in millions
2011
 
2010
 
2011
 
2010
Severance
$
(0.4
)
 
$
—

 
$
(0.4
)
 
$
—

Construction related legal reserves
(0.5
)
 
—

 
(0.5
)
 
(0.6
)
Addition to environmental reserves
—

 
—

 
(0.9
)
 
—

Reduction to product related contingency reserves
10.7

 
—

 
10.7

 
—

Timber related reserves
—

 
—

 
1.5

 
—

Settlement of legal claim
—

 
(2.2
)
 
0.8

 
(2.3
)
Other
—

 
(0.1
)
 
—

 
0.1

 
$
9.8

 
$
(2.3
)
 
$
11.2

 
$
(2.8
)

During the third quarter of 2011, LP recorded a loss of $0.4 million associated with severance related to a recently indefinitely curtailed OSB mill in British Columbia, Canada. LP expects to record an additional $1.4 million over the fourth quarter of 2011 and the first quarter of 2012 in connection with this closure. LP also recorded a loss of $0.5 million associated with an assessment in connection with one of its indefinitely curtailed OSB mills. Additionally, LP recorded a gain of $10.7 million related to a reduction in product related contingency reserves associated with the National hardboard class action settlement.
During the second quarter of 2011, LP recorded a gain of $1.5 million related to reductions in reforestation liabilities associated with LP's Canadian timber obligations and an increase of $0.9 million in environmental reserves associated with a facility currently held for sale.
During the first quarter of 2011, LP recorded a gain of $0.8 million related to an action against a previous claims inspector associated with LP’s hardboard class action for various states.
During the third quarter of 2010, LP recorded a loss of $2.2 million associated with LP's settlement of a product related anti-trust litigation matter.
During the second quarter of 2010, LP recorded a loss of $0.6 million associated with an assessment in connection with its indefinitely curtailed OSB mills.