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Other Operating Credits and Charges, Net
 6 Months Ended
Jun. 30, 2014
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 six months ended June 30, 2014 and June 30, 2013 is reflected in the table below and is described in the paragraphs following the table:
 
Quarter Ended June 30,
 
Six Months Ended June 30,
Dollar amounts in millions
2014
 
2013
 
2014
 
2013
Other operating charges and credits net:
 
 
 
 
 
 
 
   Adjustment related to prior year inventory
$
—

 
$
—

 
$
—

 
$
(1.6
)
   Adjustment related to prior year depreciation
—

 
(1.5
)
 
—

 
(1.5
)
Additions to environmental related contingency reserve
(0.5
)
 
—

 
(0.5
)
 
—

Contingent consideration fair value adjustment
(0.1
)
 
—

 
(0.1
)
 
—

Adjustment to product related warranty reserves
—

 
(4.1
)
 
—

 
(4.1
)
   Other
—

 
0.2

 
—

 
0.2

 
$
(0.6
)
 
$
(5.4
)
 
$
(0.6
)
 
$
(7.0
)
Other operating charges and credits associated with unconsolidated affiliates:
 
 
 
 
 
 
 
   Valuation allowance associated with deferred taxes
$
—

 
$
(1.8
)
 
$
—

 
$
(1.8
)
   Addition to contingency reserves
—

 
(0.9
)
 
—

 
(0.9
)
 
$
—

 
$
(2.7
)
 
$
—

 
$
(2.7
)

During the second quarter of 2014, LP recorded a loss of $0.5 million related to an environmental contingency reserve. LP also recorded a loss of $0.1 million related to the fair market value adjustment of the contingent consideration payable in connection with a business combination.
During the first quarter of 2013, LP recorded a loss of $1.6 million related to a prior year inventory adjustment.
During the second quarter of 2013, LP recorded a loss of $1.5 million related to a correction of prior years depreciation amounts associated with LP's South American operations and a loss of $4.1 million related to adjustments in product related warranty reserves associated with Canexel products sold in certain geographic areas from 2004 to 2008.
Additionally, during 2013, other operating charges and credits included in Equity in (income) loss from unconsolidated affiliates is a charge of $1.8 million related to 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 prior years.