Investments in and Advances to Affiliates

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Transactions with Affiliates

INVESTMENTS IN AND ADVANCES TO AFFILIATES

LP has investments in affiliates that are accounted for under the equity method based upon the specific terms of the agreement as well as advances to affiliates. The significant components of these investments and advances are as follows:

At December 31, 2012 LP’s significant equity method investees, its approximate ownership interest and principal business activity in each investee were as follows:

	Ownership %
U.S. GreenFiber	50%	Established to manufacture and sell cellulose insulation products.
Abitibi—LP	50%	Established to construct and operate jointly owned I-Joist facilities in Quebec, Canada.
Canfor—LP	50%	Established to construct and operate a jointly owned OSB facility in British Columbia, Canada.

These investments do not meet the Regulation S-X significance test requiring the inclusion of the separate investee financial statements; however based upon the aggregation requirements under S-X, aggregated summarized financial information is required as follows:

	Year ended December 31,
Dollar amounts in millions	2012		2011			2010
Net sales	$	238.9	$	188.6		$	241.9
Net income (loss)	$	3.4	$	(53.7	)	$	(12.8	)
	As of December 31,
Current assets	$	54.5	$	50.0
Long term assets	146.8		168.9
Total assets	$	201.3	$	218.9
Total liabilities	$	41.4	$	41.4
Equity	159.9		177.5
Total liabilities and equity	$	201.3	$	218.9

LP sells products and raw materials and purchases products for resale from the Abitibi-LP and Canfor-LP entities. LP eliminates profits on these sales and purchases, to the extent the inventory has not been sold through to third parties, on the basis of its 50% interest. For the years ended December 31, 2012, 2011 and 2010, LP sold $8.7 million, $6.0 million and $5.6 million of products to Abitibi-LP and purchased $37.9 million, $33.6 million and $39.6 million of I-joists from Abitibi-LP. LP also purchased $148.0 million , $92.9 million and $109.5 million of OSB from Canfor-LP for the years ended December 31, 2012 , 2011 and 2010.Included in LP’s Consolidated Balance Sheets at December 31, 2012 and 2011 are $1.4 million and $0.5 million in accounts receivable and $6.7 million and $2.3 million in accounts payable due from and to these affiliates.

During the year ended December 31, 2011 , LP was required to record an other than temporary impairment of its equity investment in U.S. Greenfiber as LP's current book value exceed the enterprise (fair) value of the investment by $14.8 million. See Note 3 included in this report for additional details.