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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2011	May 01, 2011
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Trading Symbol	lpx
Entity Registrant Name	LOUISIANA-PACIFIC CORP
Entity Central Index Key	0000060519
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		132,151,000

Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Consolidated Statements Of Income
Net sales	$ 331.7	$ 297.0
Operating costs and expenses:
Cost of sales	295.0	268.0
Depreciation and amortization	21.4	20.4
Selling and administrative	28.8	30.1
Loss on sale or impairment of long-lived assets, net	5.5	1.3
Other operating credits and charges, net	(0.8)	(0.1)
Total operating costs and expenses	349.9	319.7
Loss from operations	(18.2)	(22.7)
Non-operating income (expense):
Interest expense, net of capitalized interest	(14.0)	(16.8)
Investment income	4.0	5.9
Other non-operating items	1.8	1.5
Total non-operating income (expense)	(8.2)	(9.4)
Loss from continuing operations before taxes and equity in losses of unconsolidated affiliates	(26.4)	(32.1)
Benefit for income taxes	(6.8)	(10.3)
IncomeLossFromEquityMethodInvestments	(3.3)	(0.7)
Loss from continuing operations	(22.9)	(22.5)
Loss from discontinued operations before taxes		(0.3)
Benefit for income taxes		(0.1)
Loss from discontinued operations	0.0	(0.2)
Net loss	(22.9)	(22.7)
Less: Net income (loss) attributed to non-controlling interest	0.1	(0.2)
Net loss attributed to Louisiana-Pacific Corporation	$ (23.0)	$ (22.5)
Net loss per share of common stock (basic):
Loss from continuing operations	$ (0.18)	$ (0.18)
Loss from discontinued operations
Net loss per share	(0.18)	(0.18)
Net loss per share of common stock (diluted):
Loss from continuing operations	(0.18)	(0.18)
Loss from discontinued operations
Net loss per share	$ (0.18)	$ (0.18)
Average shares of stock outstanding - basic and diluted	131.3	125.9
Amounts attributed to LP Corporation common shareholders
Loss from continuing operations, net of tax	$ (23.0)	$ (22.3)
Loss from discontinued operations, net of tax	0.0	(0.2)
Net loss attributed to Louisiana-Pacific Corporation	$ (23.0)	$ (22.5)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 321.2	$ 389.3
Receivables, net of allowance for doubtful accounts of $1.3 million at March 31, 2011 and December 31, 2010	98.6	66.8
Income tax receivable	27.3	18.7
Inventories	202.7	151.9
Prepaid expenses and other current assets	3.2	5.6
Deferred income taxes	16.4	23.4
Assets held for sale	52.6	57.9
Total current assets	722.0	713.6
Timber and timberlands	45.0	46.8
Property, plant and equipment, at cost	2,112.7	2,112.5
Accumulated depreciation	(1,213.5)	(1,195.4)
Net property, plant and equipment	899.2	917.1
Notes receivable from asset sales	533.5	533.5
Long-term investments	18.9	15.4
Restricted cash	22.8	31.1
Investments in and advances to affiliates	108.5	110.0
Intangible assets, net of amortization	2.0	2.2
Deferred debt costs	9.3	10.1
Other assets	25.8	24.9
Long-term deferred tax asset	5.0	5.9
Total assets	2,392.0	2,410.6
LIABILITIES AND EQUITY
Current portion of long-term debt	0.1	0.2
Accounts payable and accrued liabilities	131.3	127.8
Current portion of contingency reserves	7.0	7.0
Total current liabilities	138.4	135.0
Long-term debt, excluding current portion	716.1	714.5
Contingency reserves, excluding current portion	24.6	25.9
Other long-term liabilities	128.8	129.8
Deferred income taxes	161.9	164.8
Redeemable non-controlling interest	23.3	22.8
Stockholders' equity:
Common stock	144.8	144.8
Additional paid-in capital	562.2	559.4
Retained earnings	840.1	863.1
Treasury stock	(279.9)	(279.9)
Accumulated comprehensive loss	(68.3)	(69.6)
Total stockholders' equity	1,198.9	1,217.8
Total liabilities and stockholders' equity	$ 2,392.0	$ 2,410.6

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (22.9)	$ (22.7)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	21.4	20.4
Loss from unconsolidated affiliates	3.3	0.7
GainLossOnSaleOrImpairmentOfLongLivedAssetsNet	(5.5)	(1.3)
Other operating charges and credits, net		(0.1)
Exchange loss on remeasurement	2.5	0.5
Cash settlement of contingencies	(0.5)	(2.4)
Pension (payments) expense, net		2.0
Stock-based compensation expense	3.5	3.2
Other adjustments, net	0.4	1.9
Increase in receivables	(30.5)	(36.4)
Increase (decrease) in income tax receivable	(8.7)	47.1
Increase in inventories	(49.8)	(43.6)
Decrease in prepaid expenses	2.4	4.2
Increase (decrease) in accounts payable and accrued liabilities	1.7	1.0
Increase (decrease) in deferred income taxes	3.3	(9.2)
Net cash used in operating activities	(68.4)	(32.1)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(2.4)	(1.9)
Investments and advances to joint ventures	(2.0)	(2.1)
(Increase) decrease in restricted cash under letters of credit/credit facility requirements	8.3	(0.1)
Other investing activities, net		0.4
Net cash (used in) provided by investing activities	3.9	(3.7)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	(3.6)	(0.9)
Net decrease in cash and cash equivalents	(68.1)	(36.7)
Cash and cash equivalents at beginning of period	389.3	394.1
Cash and cash equivalents at end of period	$ 321.2	$ 357.4

Consolidated Statements of Stockholders' Equity shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2011 USD ($) shares
Statement [Line Items]
Balance, Value	$ 1,217.8
Net loss	(23.0)
Issuance of shares for employee stock plans and other purposes and other transactions, Value	(0.7)
Compensation expense associated with stock awards	3.5
Other comprehensive income	1.3
Balance, Value	1,198.9
Common Stock [Member]
Statement [Line Items]
Balance, Value	$ 144.8
Balance, Shares \| shares	144.8
Balance, Value	$ 144.8
Balance, Shares \| shares	144.8
Treasury Stock [Member]
Statement [Line Items]
Balance, Value	$ (279.9)
Balance, Shares \| shares	12.9
Issuance of shares for employee stock plans and other purposes and other transactions, Shares \| shares	(0.2)
Balance, Value	$ (279.9)
Balance, Shares \| shares	12.7
Additional Paid-in Capital [Member]
Statement [Line Items]
Balance, Value	$ 559.4
Issuance of shares for employee stock plans and other purposes and other transactions, Value	(0.7)
Compensation expense associated with stock awards	3.5
Balance, Value	562.2
Retained Earnings [Member]
Statement [Line Items]
Balance, Value	863.1
Net loss	(23.0)
Balance, Value	840.1
Accumulated Comprehensive Loss [Member]
Statement [Line Items]
Balance, Value	(69.6)
Other comprehensive income	1.3
Balance, Value	(68.3)
Redeemable Non-Controlling Interest [Member]
Statement [Line Items]
Balance, Value	22.8
Net loss	0.1
Other comprehensive income	0.4
Balance, Value	$ 23.3

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Consolidated Statements of Comprehensive Income
Net loss	$ (22.9)	$ (22.7)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(0.6)	(2.5)
Unrealized gain (loss) on derivative instruments	(0.2)	(0.1)
Unrealized gain (loss) on marketable securities	2.2	6.1
Defined benefit pension plans:
Amortization of prior service cost	0.3	0.1
Amortization of net loss		0.6
Other comprehensive income, net of tax	1.7	4.2
Net (income) loss attributable to noncontrolling interest	(0.1)	0.2
Foreign currency translation adjustments attributed to non-controlling interest	(0.4)	0.4
Comprehensive loss	$ (21.7)	$ (17.9)

Stock-Based Compensation

3 Months Ended

Mar. 31, 2011

Stock-Based Compensation

Stock-Based Compensation

NOTE 2 – STOCK-BASED COMPENSATION

At March 31, 2011, LP has stock-based employee compensation plans as described below. The total compensation expense related to all of LP's stock-based compensation plans was $3.5 million for the quarter ended March 31, 2011 as compared to $3.2 million for the quarter ended March 31, 2010.

Stock Compensation Plans

LP grants options and stock settled stock appreciation rights (SSARs) to key employees and directors to purchase LP common stock. On exercise or issuance, LP generally issues these shares from treasury. The options and SSARs are granted at market price at the date of grant. For employees, SSARs become exercisable ratably over a three year period and expire ten years after the date of grant. For directors, these options become exercisable in 10% increments every three months, starting three months after the date of grant, and expire ten years after the date of grant. At March 31, 2011, 4,764,157 shares were available under the current stock award plans for stock-based awards.

The following table sets out the weighted average assumptions used to estimate the fair value of the options and SSARs granted using the Black-Scholes option-pricing model in the first quarter of the respective years noted:


	2011			2010
Expected stock price volatility		64.2	%		59.8	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		2.1	%		2.4	%
Expected life of options		5.0 years			5.0 years
Weighted average fair value of options and SSARs granted	$	5.68		$	3.68

The following table summarizes stock options and SSARs outstanding as of March 31, 2011 as well as activity during the three month period then ended.


Share amounts in thousands	Options and SSARs			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding options / SSARs
Options / SSARs outstanding at January 1, 2011		7,580		$	13.10
SSARs granted		749			10.30
Options / SSARs exercised		(18	)		4.93
Options /SSARs cancelled		(27	)		14.61

Options / SSARs outstanding at March 31, 2011		8,284		$	12.86		7.0	$	20.3

Vested and expected to vest at March 31, 2011		8,177						$	19.3

Options / SSARs exercisable at March 31, 2011		6,147		$	14.97			$	12.0

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between LP's closing stock price on the last trading day of the first quarter of 2011 and the exercise price, multiplied by the number of in-the-money options and SSARs) that would have been received by the holders had all holders exercised their awards on March 31, 2011. This amount changes based on the market value of LP's stock as reported by the New York Stock Exchange.

As of March 31, 2011, there was $ 2.1 million of total unrecognized compensation costs related to stock options and SSARs. These costs are expected to be recognized over a weighted-average period of 1.9 years. LP recorded compensation expense related to these awards in the first quarter of 2011 of $0.8 million.

Incentive Share Awards

LP has granted incentive share stock awards (restricted stock units) to certain key employees as allowed under the current stock award plans. The awards entitle the participant to receive a specified number of shares of LP common stock at no cost to the participant. The market value of these grants approximates the fair value. LP recorded compensation expense related to these awards in the first quarter of 2011 of $0.4 million. As of March 31, 2011, there was $3.9 million of total unrecognized compensation cost related to unvested incentive share awards. This expense will be recognized over a weighted-average period of 1.7 years.

The following table summarizes incentive share awards outstanding as of March 31, 2011 as well as activity during the three months then ended.


	Shares			Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Incentive share awards outstanding at January 1, 2011		955,936
Incentive shares awards granted		293,316
Incentive share awards vested		(121,500	)
Incentive share awards cancelled		(19,344	)

Incentive share awards outstanding at March 31, 2011		1,108,408			1.73	$	11.8

Vested and expected to vest at March 31, 2011		1,052,988			1.73	$	11.2

Incentive share awards exercisable at March 31, 2011		—			—		—

Restricted Stock

LP grants restricted stock to certain senior employees. The shares vest three years from the date of grant. During the vesting period, the participants have voting rights and receive dividends, but the shares may not be sold, assigned, transferred, pledged or otherwise encumbered. Additionally, granted but unvested shares are generally forfeited upon termination of employment. The fair value of the restricted shares on the date of the grant is amortized ratably over the vesting period which is generally three years. As of March 31, 2011, there was $2.5 million of total unrecognized compensation costs related to restricted stock. This expense will be recognized over the next 1.5 years.

The following table summarizes the restricted stock outstanding as of March 31, 2011 as well as activity during the three months then ended.


	Quarter Ended March 31, 2011
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding restricted shares:
Restricted stock awards outstanding at January 1, 2011		783,289		$	6.31
Restricted stock awards granted		139,239			10.30
Restrictions lapsing		(171,800	)		15.27

Restricted stock awards at March 31, 2011		750,728		$	5.00

LP recorded compensation expense related to these awards in the first quarter of 2011 of $0.3 million.

LP annually grants to each director restricted stock or restricted stock units. As of March 31, 2011, LP had 83,096 shares (or restricted stock units) outstanding under this program.

Fair Value Measurements

3 Months Ended

Mar. 31, 2011

Fair Value Measurements

Fair Value Measurements

NOTE 3 – FAIR VALUE MEASUREMENTS

LP's investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant non-observable inputs.


Dollar amounts in millions	March 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities	$	18.9	$	—	$	4.4	$	14.5
Trading securities		2.7		2.7		—		—

Total	$	21.6	$	2.7	$	4.4	$	14.5


Dollar amounts in millions	December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities	$	15.4	$	—	$	3.8	$	11.6
Trading securities		2.6		2.6		—		—

Total	$	18.0	$	2.6	$	3.8	$	11.6

Available for sale securities measured at fair value as of March 31, 2011 and December 31, 2010 are recorded in cash and cash equivalents, long-term investments and restricted cash on LP's consolidated balance sheets. Included in available for sale securities are auction rate securities.

Due to the lack of observable market quotations on a portion of LP's auction rate securities (ARS) portfolio, LP evaluates the structure of its ARS holdings and current market estimates of fair value, including fair value estimates from issuing banks that rely exclusively on Level 3 inputs. These inputs include those that are based on expected cash flow streams and collateral values, including assessments of counterparty credit quality, default risk underlying the security, discount rates and overall capital market liquidity. The valuation of LP's ARS investment portfolio is subject to uncertainties that are difficult to predict. Factors that may impact LP's valuation include changes to credit ratings of the securities as well as to the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral value, discount rates, counterparty risk and ongoing strength and quality of market credit and liquidity.

Trading securities consist of rabbi trust financial assets which are recorded in other assets in LP's consolidated balance sheets. The rabbi trust holds the assets of the Louisiana-Pacific Corporation 2004 Executive Deferred Compensation Plan (EDC), a non-qualified deferred compensation plan which allows certain management employees to defer receipt of a portion of their compensation and contribute such amounts to one or more investment funds. The assets of the rabbi trust are invested in mutual funds and are reported at fair value based on active market quotations, which represent Level 1 inputs.

The following table summarizes assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods ended March 31, 2010 and March 31, 2011.


Dollar amounts in millions	Available for sale securities
Balance at December 31, 2009	$	26.3
Total realized/unrealized gains (losses) Included in other comprehensive income		10.1

Balance at March 31, 2010	$	36.4

The amount of total losses for the period included in net loss attributable to the fair value of changes in assets still held at March 31, 2010	$	—

Balance at December 31, 2010	$	11.6
Total realized/unrealized gains (losses) Included in other comprehensive income		2.9

Balance at March 31, 2011	$	14.5

The amount of total losses for the period included in net loss attributable to the fair value of changes in assets still held at March 31, 2011	$	—

Carrying amounts reported on the balance sheet for cash, cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturity of these investments.

During the quarter ended March 31, 2010, LP recorded an impairment charge of $1.1 million to reduce the carrying value of the assets held for sale to the estimated selling price less selling cost. The valuation of these assets was determined using level one inputs under the market approach.

During the quarter ended March 31, 2011, LP recorded an impairment charge of $3.6 million to reduce the carrying value of the assets held for sale to the estimated selling price less selling cost. The valuation of these assets was determined using level one inputs under the market approach. Additionally, LP recorded a loss of $1.9 million on assets no longer used.

Earnings per Share

3 Months Ended

Mar. 31, 2011

Earnings per Share

Earnings per Share

NOTE 4 – EARNINGS PER SHARE

Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (employee stock options, stock settled stock appreciation rights, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:


Dollar and share amounts in millions, except per share amounts	Quarter Ended March 31,
	2011			2010
Numerator:
Loss attributed to LP common shares:
Loss from continuing operations	$	(23.0	)	$	(22.3	)
Loss from discontinued operations		—			(0.2	)

Net loss	$	(23.0	)	$	(22.5	)

Denominator:
Basic - weighted average common shares outstanding		131.3			125.9
Dilutive effect of stock plans		—			—

Diluted shares outstanding		131.3			125.9

Basic earnings per share:
Loss from continuing operations	$	(0.18	)	$	(0.18	)
Loss from discontinued operations		—			—

Net loss per share	$	(0.18	)	$	(0.18	)

Stock options, stock warrants and SSARs relating to approximately 9.6 million and 3.6 million shares of LP common stock at March 31, 2011 and 2010, respectively, were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations.

Income Taxes

3 Months Ended

Mar. 31, 2011

Income Taxes

Income Taxes

NOTE 8 – INCOME TAXES

Accounting standards require that LP account for income taxes using the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. This method also requires the recognition of future tax benefits, such as net operating loss carry forwards and other tax credits. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as necessary to reduce deferred tax assets to the amount thereof that is more likely than not to be realized. The likelihood of realizing deferred tax assets is evaluated by, among other things, estimating future taxable income to which the deferred tax assets may be applied and assessing the impact of tax planning strategies.

For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. For the first quarter of 2011, LP used such estimated effective annual income tax method. For the first quarter of 2010, LP used the discrete or cut-off method, which allows for the application to year-to-date results of the effective income tax rate that would actually apply to such results. This approach is appropriate where a small change in a Company's estimated income could produce a large change in the estimated annual effective tax rate. Each quarter the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter.

For the first quarter of 2011, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP's continuing operations relate to state income taxes, the effect of foreign tax rates and increases in valuation allowances attributed to net operating loss carry forwards in various jurisdictions. For the first quarter of 2010, the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP's continuing operations relate to state income taxes, the effect of foreign tax rates and a discrete adjustment for state income taxes.

The income tax components and associated effective income tax rates for the quarters ended March 31, 2011 and 2010 are as follows:


	Quarter Ended March 31,
	2011						2010
Dollars in millions	Tax Benefit			Tax Rate			Tax Benefit			Tax Rate
Continuing operations	$	(6.8	)		23	%	$	(10.3	)		31	%
Discontinued operations		—						(0.1	)		38	%

	$	(6.8	)		23	%	$	(10.4	)		31	%

LP and its domestic subsidiaries are subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. LP's foreign subsidiaries are subject to income tax in Canada, Chile and Brazil. During the first quarter of 2011, the U.S. Internal Revenue Service initiated an audit of tax years 2007 through 2009. All U.S. federal audits of prior years have been completed. LP remains subject to state and local tax examinations for the tax years 2005 through 2010. LP's Canadian income tax returns have been audited and effectively settled through 2004. Quebec provincial audits have been effectively settled through 2007. No Canadian federal or provincial audits are currently in progress.

If LP were to determine that it would not be able to realize a portion of an existing net deferred tax asset for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period in which such determination was made. Conversely, if it were to make a determination that it is more likely than not that an existing deferred tax asset for which there is currently a valuation allowance would be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded in the period in which such determination was made.

Long-term Debt

3 Months Ended

Mar. 31, 2011

Long-term Debt

Long-term Debt

NOTE 9 – LONG-TERM DEBT

LP's long-term debt consists of the following:


Dollars in millions	March 31, 2011			December 31, 2010
Debentures:
Senior secured notes, maturing 2017	$	184.9		$	183.5
Bank credit facilities:
Chilean term credit facility, maturing 2019, demominated in UF		42.4			42.3
Limited recourse notes payable:
Senior notes, payable 2012		7.9			7.9
Senior notes, payable 2013 - 2018		112.0			112.0
Other financing
Non-recourse notes, payable 2018		368.7			368.7
Other		0.3			0.3

Total		716.2			714.7
Less: current portion		(0.1	)		(0.2	)

Net long-term portion	$	716.1		$	714.5

LP issued $47.9 million of senior notes in 1997 in a private placement to institutional investors. The $7.9 million remaining notes are secured by $9.9 million in notes receivable from Sierra Pacific Industries and mature in 2012. In the event of a default by Sierra Pacific Industries, LP is fully liable for the notes payable with the underlying timberlands as security for the notes receivable.

LP issued $348.6 million of senior debt in 1998 in a private placement to institutional investors. The remaining $112.0 million of these notes mature in principal amounts of $90.0 million in 2013 and $22.0 million in 2018. The remaining notes are secured by $113.7 million of notes receivable from Green Diamond Resource Company (Green Diamond). Pursuant to the terms of the notes payable, in the event of a default by Green Diamond, LP would be liable to pay only 10% of the indebtedness represented by the notes payable with the underlying timberlands as security for the notes receivable.

LP issued $368.7 million of senior debt in 2003 in a private placement to unrelated third parties. The notes mature in 2018. The notes are supported by a bank letter of credit. LP's reimbursement obligations under the letter of credit are secured by $410 million in notes receivable from assets sales. In general, the creditors under this arrangement have no recourse to LP's assets, other than the notes receivable. However, under certain circumstances, LP may be liable for certain liabilities (including liabilities associated with the marketing or remarketing of the notes payable and reimbursement obligations, which are fully cash collateralized under the letter of credit supporting the notes payable) in an amount not to exceed 10% of the aggregate principle amount of the notes receivable. LP's maximum exposure in this regard was approximately $41 million as of March 31, 2011 and December 31, 2010.

In December 2009, LP entered into a term loan agreement with a Chilean bank. This loan is denominated in UF (inflation adjusted Chilean pesos) and is partially secured by property, plant and equipment in Chile. The loan will be repaid in 16 equal semi-annual payments beginning in June 2012 and ending December 2019. As of March 31, 2011, no principal payments have been made on this loan. Any increases or decreases in the loan balance shown are related to the change in the underlying foreign currency exchange rates or required inflation adjustments.

LP estimates the senior secured notes maturing in 2017 to have a fair value of $260 million as of March 31, 2011 and $263 million at December 31, 2010 based upon market quotations.

Additional descriptions of LP's indebtedness are included in consolidated financial statements and the notes thereto included in LP's Annual Report on Form 10-K for the year ended December 31, 2010.

Legal and Environmental Matters	3 Months Ended
Legal and Environmental Matters	Mar. 31, 2011
Legal and Environmental Matters
Legal and Environmental Matters	NOTE 12 – LEGAL AND ENVIRONMENTAL MATTERS Certain environmental matters and legal proceedings are discussed below. Environmental Matters LP maintains a reserve for undiscounted estimated environmental loss contingencies. This reserve is primarily for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company. LP's estimates of its environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies in light of the particular facts and circumstances surrounding each environmental loss contingency. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities. Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. LP regularly monitors its estimated exposure to environmental loss contingencies and, as additional information becomes known, may change its estimates significantly. However, no estimate of the range of any such change can be made at this time. Other Proceedings LP and its subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes that the resolution of such proceedings will not have a material adverse effect on the financial position, results of operations, cash flows or liquidity of LP.

Selected Segment Data

3 Months Ended

Mar. 31, 2011

Selected Segment Data

Selected Segment Data

NOTE 13 – SELECTED SEGMENT DATA

LP operates in three segments: Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). LP's business units have been aggregated into these three segments based upon the similarity of economic characteristics, customers and distribution methods. LP's results of operations are summarized below for each of these segments separately as well as for the "other" category which comprises other products that are not individually significant. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the financial statements included in LP's Annual Report on Form 10-K for the year ended December 31, 2010.


	Quarter Ended March 31,
Dollar amounts in millions	2011			2010
Net sales:
OSB	$	132.1		$	117.6
Siding		106.2			89.8
Engineered Wood Products		48.3			48.8
Other		45.8			41.3
Intersegment Sales		(0.7	)		(0.5	)

	$	331.7		$	297.0

Operating profit (loss):
OSB	$	(9.1	)	$	(4.5	)
Siding		12.7			8.5
Engineered Wood Products		(5.5	)		(6.6	)
Other		2.9			0.2
Other operating credits and charges, net		0.8			0.1
Gain (loss) on sale or impairment of long-lived assets		(5.5	)		(1.3	)
General corporate and other expenses, net		(17.8	)		(19.8	)
Foreign currency gains (losses)		1.8			1.5
Investment income		4.0			5.9
Interest expense, net of capitalized interest		(14.0	)		(16.8	)

Loss from continuing operations before taxes		(29.7	)		(32.8	)
Benefit for income taxes		(6.8	)		(10.3	)

Loss from continuing operations	$	(22.9	)	$	(22.5	)

Contingency Reserves

3 Months Ended

Mar. 31, 2011

Contingency Reserves

Contingency Reserves

NOTE 15 – CONTINGENCY RESERVES

LP maintains reserves for various contingent liabilities as follows:


Dollar amounts in millions	March 31, 2011			December 31, 2010
Environmental reserves	$	14.1		$	14.3
Hardboard siding reserves		17.4			17.8
Other reserves		0.1			0.8

Total contingency reserves		31.6			32.9
Current portion of contingency reserves		(7.0	)		(7.0	)

Long-term portion of contingency reserves	$	24.6		$	25.9

Hardboard Siding Reserves

LP has established reserves relating to certain liabilities associated with a settlement agreement resulting from a nationwide class action lawsuit involving hardboard siding manufactured or sold by corporations acquired by LP in 1999 and installed prior to May 15, 2000 which was approved by the applicable courts in 2000. This settlement is discussed in greater detail in the Notes to the financial statements included in LP's Annual Report on Form 10-K for the year ended December 31, 2010. LP believes that the reserve balance for this settlement at March 31, 2011 will be adequate to cover future payments to claimants and related administrative costs.

The activity in the portion of LP's loss contingency reserves relating to hardboard siding contingencies for the first quarters of 2011 and 2010 are summarized in the following table.


Dollar amounts in millions	March 31, 2011			March 31, 2010
Beginning balance, December 31,	$	17.8		$	24.2
Payments made for claims		(0.3	)		(1.5	)
Payments made for administrative costs		(0.1	)		(0.5	)

Ending balance	$	17.4		$	22.2

Guarantees and Indemnifications

3 Months Ended

Mar. 31, 2011

Guarantees and Indemnifications

Guarantees and Indemnifications

NOTE 17 – GUARANTEES AND INDEMNIFICATIONS

LP is a party to contracts in which LP agrees to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to liabilities arising out of the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct of the indemnified parties. LP cannot estimate the potential amount of future payments under these agreements until events arise that would trigger the liability. See Note 21 of the Notes to the financial statements included in LP's Annual Report on Form 10-K for the year ended December 31, 2010 for further discussion of LP's guarantees and indemnifications.

During the first quarter of 2011, LP provided a guarantee on behalf of one of its joint ventures to the joint venture bank lender of $1.5 million.

Additionally, LP provides warranties on the sale of most of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management's estimate of the level of future claims. The activity in warranty reserves for the first quarters of 2011 and 2010 are summarized in the following table:


Dollar amounts in millions	March 31, 2011			March 31, 2010
Beginning balance, December 31,	$	29.5		$	32.9
Accrued to expense		1.1			1.4
Payments made		(2.3	)		(2.4	)

Total warranty reserves		28.3			31.9
Current portion of warranty reserves		(10.0	)		(7.0	)

Long-term portion of warranty reserves	$	18.3		$	24.9

The current portion of the warranty reserve is included in the caption "Accounts payable and accrued liabilities" and the long-term portion is included in the caption "Other long-term liabilities" on LP's Condensed Consolidated Balance Sheets.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts receivable	$ 1.3	$ 1.3

Basis For Presentation	3 Months Ended
Basis For Presentation	Mar. 31, 2011
Basis for Presentation
Basis for Presentation	NOTE 1 – BASIS FOR PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments, except for other operating credits and charges, net referred to in Note 10) necessary to present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of LP and its subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. For those consolidated subsidiaries in which LP's ownership interest is less than 100%, the outside shareholders' interests are shown as non-controlling interest. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in LP's Annual Report on Form 10-K for the year ended December 31, 2010.

Transactions with Affiliates	3 Months Ended
Transactions with Affiliates	Mar. 31, 2011
Transactions with Affiliates
Transactions with Affiliates	NOTE 11 – TRANSACTIONS WITH AFFILIATES LP has equity investments in AbitibiBowater-LP (a manufacturer of I-joist) and Canfor-LP ( a manufacturer of OSB). LP sells products and raw materials to AbitibiBowater-LP and purchases products for resale from AbitibiBowater-LP and Canfor-LP. 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% interest. For the quarters ended March 31, 2011 and 2010, LP sold $1.4 million and $1.8 million of products to AbitibiBowater-LP and purchased $7.6 million and $10.8 million of I-joist from AbitibiBowater-LP. LP also purchased $24.6 million and $23.6 million of OSB from Canfor-LP during the quarters ended March 31, 2011 and 2010. Included in LP's Consolidated Balance Sheets at March 31, 2011 and December 31, 2010 are $1.0 million and $1.6 million in accounts receivable and $6.4 million and $2.4 million in accounts payable from these affiliates.

Potential Impairments	3 Months Ended
Potential Impairments	Mar. 31, 2011
Potential Impairments
Potential Impairments	NOTE 14 – POTENTIAL IMPAIRMENTS LP continues to review certain operations and investments for potential impairments. LP's management currently believes it has adequate support for the carrying value of each of these operations and investments based upon the anticipated cash flows that result from estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. As of March 31, 2011, the undiscounted cash flows for the facilities indefinitely curtailed support the conclusion that no impairment is necessary for those facilities. However, demand and pricing for the relevant products be at levels significantly below cycle average demand and pricing, or should LP decide to invest capital in alternative projects, it is possible that impairment charges will be required. LP also reviews from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, its strategic plan and other relevant circumstances. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, LP may be required to record impairment charges in connection with decisions to dispose of assets.