Retirement Plans and Post Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs and Assumptions Used in Calculating Net Periodic Benefit Cost [Table Text Block]

The components of LP’s net periodic pension costs and the assumptions related to those costs consisted of the following:



	Year ended December 31,
Dollar amounts in millions	2011			2010			2009
Service cost	$	2.9		$	2.8		$	7.5
Interest cost	15.9			16.5			16.3
Expected return on plan assets	(18.2		)	(18.2		)	(17.9		)
Amortization of prior service cost and net transition asset	0.3			0.3			0.4
Amortization of net actuarial loss	4.6			2.7			4.2
Net periodic pension cost	$	5.5		$	4.1		$	10.5
Loss (gain) due to curtailment	$	—		$	0.2		$	0.3
Discount rate	5.12		%	5.95		%	6.14		%
Rate of compensation increase	0.6		%	0.6		%	0.5		%
Expected return on plan assets	7.04		%	7.17		%	7.28		%

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Other changes in plan assets and benefit obligations recognized in other comprehensive income:



	Year ended December 31,
Dollar amounts in millions	2011			2010			2009
Net actuarial (gain) loss	$	43.2		$	13.1		$	5.8
Amortization of net actuarial loss	(4.6		)	(2.7		)	(4.2		)
Amortization of prior service cost	(0.3		)	(0.4		)	(0.4		)
Foreign exchange rate changes	(0.1		)	0.2			0.9
Total recognized in OCI	$	38.2		$	10.2		$	2.1

Schedule of Net Funded Status and Assumptions Used in Calculating Benefit Obligation [Table Text Block]

The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated salary increases. The benefit plan obligation, funded status and the assumptions related to the obligations as of the measurement date for each year presented as of December 31 follow:



	December 31,
Dollar amounts in millions	2011			2010
Change in benefit obligation:
Beginning of year balance	$	316.2		$	290.9
Service cost	2.9			2.8
Interest cost	15.9			16.5
Actuarial (gain)/loss	23.4			21.4
Curtailments/settlements	—			0.2
Foreign exchange rate changes	(1.5		)	2.6
Benefits paid	(17.6		)	(18.2		)
End of year balance	$	339.3		$	316.2
Change in assets (fair value):
Beginning of year balance	$	255.2		$	232.7
Actual return on plan assets	(1.7		)	26.4
Employer contribution	11.9			11.8
Foreign exchange rate changes	(0.7		)	2.5
Benefits paid	(17.6		)	(18.2		)
End of year balance	$	247.1		$	255.2
Funded status	$	(92.2	)	$	(61.0	)
Weighted average assumptions for obligations as of measurement date
Discount rate for obligations	4.41		%	5.16		%
Rate of compensation increase	0.61		%	0.62		%

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

The amounts recognized in LP’s Consolidated Balance Sheets as of December 31 consist of the following:



Dollar amounts in millions	2011			2010
Noncurrent pension assets, included in “Other assets”	$	1.0		$	0.8
Current pension liabilities, included in “Accounts payable and accrued liabilities”	(0.2		)	(0.2		)
Noncurrent pension liabilities, included in “Other long-term liabilities”	(93.0		)	(61.6		)
Total	$	(92.2	)	$	(61.0	)
Amounts recognized in other comprehensive income—pre-tax
Net actuarial loss	$	153.2		$	115.1
Prior service cost	0.7			1.0
Total	$	153.9		$	116.1

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The amounts of accumulated other comprehensive income that is expected to be amortized as expense during 2012 is:



Dollar amounts in millions
Net actuarial loss	$	6.5
Prior service cost	0.3
Total	$	6.8

Schedule of Expected Benefit Payments [Table Text Block]

The benefits expected to be paid from the benefit plans, which reflect expected future service, in millions of dollars are as follows:



Dollar amounts in millions
Year
2012	$	18.2
2013	18.2
2014	35.2
2015	19.3
2016	19.6
2017 – 2021	109.3

Schedule of Allocation of Plan Assets [Table Text Block]

The fair value of LP’s pension plan assets at December 31, 2011 and December 31, 2010, fair value asset categories and the level of inputs as defined in Note 3 are as follows:



Dollar amounts in millions Asset Category	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity investments^(a)	$	124.8	$	70.2	$	54.6
Fixed income investments^(b)	58.1		26.5		31.6
Real estate^(c)	14.5		—		—		14.5
Multi-strategy funds^(d)	46.4		—		—		46.4
Cash & cash equivalents	3.3		0.3		3.0
Total	$	247.1	$	97.0	$	89.2	$	60.9



Dollar amounts in millions Asset Category	December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity investments^(a)	$	138.5	$	81.1	$	57.4	$	—
Fixed income investments^(b)	54.6		25.8		28.8		—
Real estate^(c)	13.9		—		—		13.9
Multi-strategy funds^(d)	45.4		—		—		45.4
Cash & cash equivalents	2.8		—		2.8		—
Total	$	255.2	$	106.9	$	89.0	$	59.3

_______________


^(a)	Equity investments include investments in funds that are primarily invested in large capitalization U.S. and international equity securities and a mutual fund.


^(b)	Fixed income investments include investments in funds that are primarily invested in a diversified portfolio of investment grade U.S. and international debt securities.


^(c)	Real estate investments are primarily invested in U.S. commercial real estate.


^(d)	The multi-strategy funds invest in various hedge funds of fund strategies.

The actual and target allocations at the measurement dates are as follows:



	Target Allocation 2011		Actual Allocation
	Target Allocation 2011		2011		2010
Asset category
Equity securities	49.1	%	50.6	%	54.3	%
Debt securities	24.6		23.6		21.4
Real estate	8.1		5.9		5.4
Other, including cash and cash equivalents	18.2		19.9		18.9
Total	100.0	%	100.0	%	100.0	%

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

The following table summarizes assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period.



Dollar amounts in millions	Multi-Strategy Funds		Real Estate			Total
Balance at January 1, 2010	$	42.5	$	12.3		$	54.8
Total unrealized gains (losses)	2.9		1.6			4.5
Net income	—		0.9			0.9
Transfers in (out)	—		(0.7		)	(0.7		)
Management fees	—		(0.2		)	(0.2		)
Balance at December 31, 2010	$	45.4	$	13.9		$	59.3
Total unrealized gains (losses)	0.8		1.2			2.0
Net income			(0.6		)	(0.6		)
Transfers in (out)						—
Management fees	0.2					0.2
Balance at December 31, 2011	$	46.4	$	14.5		$	60.9