diff --git a/src/OpenColorIO/ops/lut1d/Lut1DOpGPU.cpp b/src/OpenColorIO/ops/lut1d/Lut1DOpGPU.cpp
index 59091817da..26a5c7d712 100644
--- a/src/OpenColorIO/ops/lut1d/Lut1DOpGPU.cpp
+++ b/src/OpenColorIO/ops/lut1d/Lut1DOpGPU.cpp
@@ -234,7 +234,7 @@ void GetLut1DGPUShaderProgram(GpuShaderCreatorRcPtr & shaderCreator,
             {
                 static const float NEG_MIN_EXP = 15.0f;
                 static const float EXP_SCALE = 1024.0f;
-                static const float HALF_DENRM_MAX = 6.09755515e-05f;  // e.g. 2^-14 - 2^-24
+                static const float INV_DENRM_STEP = 16777216.0f;  // 1 / 2^-24
 
                 ss.newLine() << "float dep;";
                 ss.newLine() << "float abs_f = abs(f);";
@@ -258,15 +258,15 @@ void GetLut1DGPUShaderProgram(GpuShaderCreatorRcPtr & shaderCreator,
                 ss.newLine() << "else";
                 ss.newLine() << "{";
                 ss.indent();
-                // Extract bits from denormalized values
-                ss.newLine() << "dep = abs_f * 1023.0 / " << HALF_DENRM_MAX << ";";
+                // Extract bits from denormalized values.
+                ss.newLine() << "dep = abs_f * " << INV_DENRM_STEP << ";";
                 ss.dedent();
                 ss.newLine() << "}";
 
-                // Adjust position for negative values
-                ss.newLine() << "dep += step(f, 0.0) * 32768.0;";
+                // Adjust position for negative values.
+                ss.newLine() << "dep += (f < 0.) ? 32768.0 : 0.0;";
 
-                // At this point 'dep' contains the raw half
+                // At this point 'dep' contains the raw half.
                 // Note: Raw halfs for NaN floats cannot be computed using
                 //       floating-point operations.
             }
diff --git a/tests/cpu/Processor_tests.cpp b/tests/cpu/Processor_tests.cpp
index 7501e00d42..d2e0087251 100644
--- a/tests/cpu/Processor_tests.cpp
+++ b/tests/cpu/Processor_tests.cpp
@@ -12,7 +12,7 @@
 namespace OCIO = OCIO_NAMESPACE;
 
 
-OCIO_ADD_TEST(Processor, basic)
+OCIO_ADD_TEST(Processor, basic_cache)
 {
     OCIO::ConfigRcPtr config = OCIO::Config::Create();
     OCIO::GroupTransformRcPtr group = OCIO::GroupTransform::Create();
@@ -56,6 +56,36 @@ OCIO_ADD_TEST(Processor, basic)
     OCIO_CHECK_EQUAL(std::string(processorMat->getCacheID()), "1b1880136f7669351adb0dcae0f4f9fd");
 }
 
+OCIO_ADD_TEST(Processor, basic_cache_lut)
+{
+    OCIO::ConfigRcPtr config = OCIO::Config::Create();
+    OCIO::GroupTransformRcPtr group = OCIO::GroupTransform::Create();
+
+    auto processorEmptyGroup = config->getProcessor(group);
+    OCIO_CHECK_EQUAL(processorEmptyGroup->getNumTransforms(), 0);
+    OCIO_CHECK_EQUAL(std::string(processorEmptyGroup->getCacheID()), "<NOOP>");
+
+    auto lut = OCIO::Lut3DTransform::Create(3);
+    // Make sure it's not an identity.
+    lut->setValue(2, 2, 2, 2.f, 3.f, 4.f);
+
+    auto processorLut = config->getProcessor(lut);
+    OCIO_CHECK_EQUAL(processorLut->getNumTransforms(), 1);
+    OCIO_CHECK_EQUAL(std::string(processorLut->getCacheID()), "2b26d0097cdcf8f141fe3b3d6e21b5ec");
+
+    // Check behaviour of the cacheID
+
+    // Change a value and check that the cacheID changes.
+    lut->setValue(2, 2, 2, 1.f, 3.f, 4.f);
+    processorLut = config->getProcessor(lut);
+    OCIO_CHECK_EQUAL(std::string(processorLut->getCacheID()), "288ec8ea132adaca5b5aed24a296a1a2");
+
+    // Restore the original value, check that the cache ID matches what it used to be.
+    lut->setValue(2, 2, 2, 2.f, 3.f, 4.f);
+    processorLut = config->getProcessor(lut);
+    OCIO_CHECK_EQUAL(std::string(processorLut->getCacheID()), "2b26d0097cdcf8f141fe3b3d6e21b5ec");
+}
+
 OCIO_ADD_TEST(Processor, unique_dynamic_properties)
 {
     OCIO::TransformDirection direction = OCIO::TRANSFORM_DIR_FORWARD;
diff --git a/tests/gpu/Lut1DOp_test.cpp b/tests/gpu/Lut1DOp_test.cpp
index cff3e7402a..91d13446bb 100644
--- a/tests/gpu/Lut1DOp_test.cpp
+++ b/tests/gpu/Lut1DOp_test.cpp
@@ -283,6 +283,53 @@ OCIO_ADD_GPU_TEST(Lut1DOp, lut1d_half_domain_unequal_channels)
     test.setTestInfinity(false);
 }
 
+OCIO_ADD_GPU_TEST(Lut1DOp, lut1d_half_domain_negative_zero)
+{
+    // This is an edge case, but this test documents that the behavior of CPU & GPU
+    // are different with respect to where in the LUT negative zero looks up at.
+    // This is only visible with half-domain LUTs that set different values for
+    // positive and negative zero, which really should be considered a bug in the LUT.
+    // Given that IEEE arithmetic specifies that -0 == +0 in comparisons, this does
+    // not seem to be worth fixing in OCIO at the cost of reduced performance.
+
+    // Create a half-domain LUT1D.
+    const auto lut = OCIO::Lut1DTransform::Create(65536, true);
+
+    // Set the positive and negative denorms to large values to make it easy
+    // to check that the processing is correct.
+    for (unsigned i=0; i<1024; i++)
+    {
+        const float x = static_cast<float>(i);
+        // Positive denorms.
+        lut->setValue(0 + i, x, x, x);
+        // Negative denorms.  Create a jump between +0 and -0.
+        lut->setValue(32768 + i, x + 10.f, x + 10.f, x + 10.f);
+    }
+
+    test.setProcessor(lut);
+
+    // TODO: Would like this to be lower.
+    test.setErrorThreshold(2e-3f);
+
+    OCIOGPUTest::CustomValues values;
+    values.m_inputValues =
+        {
+        // Negative zero uses the positive 0 LUT value on the GPU, and negative 0 LUT on CPU.
+        // -0.00f, -0.00f, -0.000f,   0.0f,
+            0.00f,  0.00f,  0.000f,   1.0f,
+        // Use values that fall in the middle of the first, second, and third LUT segments
+        // to test accuracy in the denormals.
+            3e-8f,  9e-8f,  15e-8f,   0.0f,
+           -3e-8f, -9e-8f, -15e-8f,   0.0f,
+        // Throw in a more typical value.
+            0.50f,  0.05f,  0.005f,   0.5f,
+        };
+    test.setCustomValues(values);
+
+    test.setTestNaN(false);
+    test.setTestInfinity(false);
+}
+
 OCIO_ADD_GPU_TEST(Lut1DOp, lut1d_file2_test)
 {
     OCIO::FileTransformRcPtr file = GetFileTransform("lut1d_green.ctf");