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Investments in and Advances to Affiliates
 12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Transactions with Affiliates
INVESTMENTS IN AND ADVANCES TO AFFILIATES
At December 31, 2014, LP has an investment in a joint venture with Resolute Forest Products to operate jointly owned I-Joist facilities in Quebec (Abitibi-LP). Each partner owns 50% of the venture. In 2013, LP acquired full ownership of the Peace Valley OSB joint venture (formerly referred to as Canfor-LP) in which LP previously maintained a 50% interest (see Note 23 for further information). Additionally, during 2013, LP sold its equity investment in U.S. Greenfiber, which resulted in a gain of $1.2 million.
The remaining investment does not meet the Regulation S-X significance test requiring the inclusion of the separate investee financial statements for any year; however based upon the aggregation requirements under S-X, aggregated summarized financial information (including net sales and net income information for entities no longer held) for 2012 is required as follows:
 
 
December 31,
Dollar amounts in millions
2012
Net sales
$
238.9

Net income (loss)
$
3.4

 
 


LP sells products and raw materials and purchases products for resale from Abitibi-LP and previously purchased OSB from Canfor - LP prior to the acquisition on May 31, 2013. 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% interests. For the years ended December 31, 2014, 2013 and 2012, LP sold $9.8 million, $13.7 million and $8.7 million of products to Abitibi-LP and purchased $55.4 million, $52.0 million and $37.9 million of I-joists from Abitibi-LP. LP purchased $98.2 million and $148.0 million from Canfor-LP during the years ended December 31, 2013 and 2012. Included in LP’s Consolidated Balance Sheets at December 31, 2014 and 2013 are $0.7 million and $0.8 million in accounts receivable and $0.4 million in accounts payable for 2014 associated with Abitibi-LP.