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Notes Receivable from Asset Sales
 12 Months Ended
Dec. 31, 2011
Notes Receivable From Asset Sales [Abstract]  
Notes Receivables From Asset Sales [Text Block]
6.
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 12). LP monitors the collectability of these notes on a regular basis.
 
Dollar amounts in millions
Interest  Rate
2011
December 31,
2011
 
2010
Notes receivable (unsecured), maturing 2012, interest rates fixed
5.6
%
$
9.9

 
$
9.9

Notes receivable (secured), maturing 2013-2018, interest rates fixed
7.1 – 7.3%

113.6

 
113.6

Notes receivable (secured), maturing 2018, interest rate variable
 
410.0

 
410.0

Total
 
533.5

 
533.5

Current portion
 
10.0

 
—

Long-term portion
 
$
523.5

 
$
533.5


The weighted average interest rate for all notes receivable from asset sales at December 31, 2011 and 2010 was approximately 2.1% and 2.1%. The notes mature as follows:
 
Dollar amounts in millions
 
Year ended December 31,
 
2012
$
10.0

2013
91.4

2014
—

2015
—

2016
—

2017 and after
432.1

Total
$
533.5


LP estimates that the fair value of these notes at December 31, 2011 and 2010 was approximately $543.3 million and $548.7 million.