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Other Operating Credits and Charges, Net
 12 Months Ended
Dec. 31, 2015
Other Operating Credits And Charges, Net [Abstract]  
Other Operating Credits And Charges Net [Text Block}
OTHER OPERATING CREDITS AND CHARGES, NET
The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the years ended December 31 are reflected in the table below and described in the paragraphs following the table: 
Dollar amounts in millions
Year ended December 31,
2015
 
2014
 
2013
Adjustment related to a change in inventory convention for spare parts
$
—

 
$
—

 
$
(4.8
)
Adjustment related to prior year inventory
—

 
—

 
(1.6
)
Adjustment related to prior year depreciation
—

 
—

 
(1.6
)
Refundable value added tax receivable
—

 
—

 
1.4

Insurance recovery
—

 
0.5

 
1.9

Contingent consideration fair value adjustment
0.2

 
3.2

 
20.5

Addition to workers' compensation reserves
—

 
(0.4
)
 
(1.0
)
Adjustments to retirement accounts
(0.8
)
 
—

 
—

Gain due to forfeiture of deposit
—

 
1.0

 
—

Loss related to intangible forest license
(11.6
)
 
—

 
—

Loss due to marketing settlement
(1.0
)
 
—

 
—

Adjustment to product related warranty reserves
1.4

 
(11.3
)
 
(17.7
)
Additions to environmental related contingency reserves and asset retirement obligations
(4.6
)
 
(0.5
)
 
(1.0
)
Other
0.1

 
—

 
0.1

 
$
(16.3
)

$
(7.5
)

$
(3.8
)
Other operating charges and credits associated with unconsolidated affiliates:
 
 
 
 
 
  Valuation allowance associated with deferred taxes
0.7

 
1.0

 
(1.8
)
  Addition to contingency reserves
—

 
—

 
(0.9
)
 
$
0.7


$
1.0


$
(2.7
)

2015
During 2015, LP recorded a $16.3 million loss in "Other operating credits and charges, net". The components of the net charges include:
•
a gain of $0.2 million related to fair market value adjustment to the contingent consideration payable in connection with a business combination (see Note 3 and Note 24 for additional discussions on fair value measurements and the acquisition of Peace Valley OSB);
•
a loss of $0.8 million related to a pension settlement (see Note 14 for additional discussion);
•
a write-off of $11.6 million related to the cancellation of an intangible forest license by the Ministry of Forestry in Quebec associated with an indefinitely curtailed OSB mill;
•
a loss of $1.0 million due to a marketing settlement with a customer;
•
a gain of $1.4 million related to a decrease in product related warranty reserves associated with SmartSide siding products due to reduced claims activity; and
•
a loss of $4.6 million related to an increase in environmental contingency reserves and related asset retirement obligations associated with a site where LP previously operated a vinyl siding manufacturing facility.

Additionally, other operating charges and credits reflected in Equity in (income) loss from unconsolidated affiliates includes a gain of $0.7 million associated with the reduction of a valuation allowance on the joint venture's books associated with deferred tax assets


2014
During 2014, LP recorded a $7.5 million loss in "Other operating credits and charges, net". The components of the net charges include:
•
a gain of $0.5 million related to proceeds received from an insurance claim;
•
a gain of $3.2 million related to fair market value adjustment to the contingent consideration payable in connection with a business combination (see Note 3 and Note 24 for additional discussions on fair value measurements and the acquisition of Peace Valley OSB);
•
a loss of $0.4 million associated with a workers' compensation reserve adjustment at an siding mill;
•
a gain of $1.0 million due to the forfeiture of a deposit posted with LP in relation to assets held for sale;
•
a loss of $11.3 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period; and
•
a loss of $0.5 million related to an increase in environmental reserves associated with a previously owned plywood mill.

Additionally, other operating charges and credits reflected in Equity in (income) loss from unconsolidated affiliates includes a gain of $1.0 million associated with the reduction of a valuation allowance on the joint venture's books associated with deferred tax assets
2013
During 2013, LP recorded a $3.8 million loss in "Other operating credits and charges, net". The components of the net charges include:
•
a loss of $4.8 million related to a change in inventory convention for spare parts;
•
a loss of $1.6 million related to a prior year inventory adjustment;
•
a loss of $1.6 million related to a correction of prior years depreciation amounts associated with LP's South American operations;
•
a loss of $17.7 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period;
•
a gain of $1.4 million related to value added taxes;
•
a gain of $1.9 million related to proceeds received from insurance claims associated with an OSB mill in Canada and and earthquake in Chile;
•
a gain of $20.5 million in relation to the fair market value adjustment of the contingent consideration payable in connection with a business combination. See Note 3 and Note 24 for additional discussions on fair value measurements and the acquisition of Peace Valley OSB;
•
a loss of $1.0 million associated with a workers' compensation reserve adjustment at an OSB mill; and
•
a loss of $1.0 million related to an increase in environmental reserves associated with a previously owned plywood mill.

Additionally, other operating charges and credits reflected in Equity in (income) loss from unconsolidated affiliates includes a charge of $1.8 million associated with a valuation allowance on the joint venture's books associated with deferred tax assets as well as a loss of $0.9 million associated with the recording of a contingent liability from past years.