Lactic acid does degrade over time. It turns dark. But note that it's shelf life is, according to one paper I found, 78 years to over 90 years if stabilized.This means that it (or something in it) is decomposing into something, but very slowly. I have no idea what. Nor do I have any idea how its acidity changes as it decomposes. It's pretty innocuous stuff (though it does carry a health level 3 as it can cause eye, lung and skin burns). It is not considered hazardous (not RCRA listed) waste so the simple answer for you is to just dump it down the drain followed by plenty of water.
If you are on a septic system you might be concerned about its effect on the pH of your system. In that case dump it in a bucket with a gallon of water and add 70 grams of lye, 157 grams of sodium carbonate or 768 grams of sodium bicarbonate. In the case of the latter two, add the powder slowly at first as it will fizz as CO2 is released. Protect your eyes. You don't want particles of Na2CO3 in them! Eventually that will cease and you can dump in the rest stirring until it is all dissolved. The result will be a neutral (pH 7) solution of sodium lactate. Dump it down the drain. Note that a pound of sodium bicarbonate will get you to pH 6.8 which ought to high enough to keep your septic bugs happy. Note also that it takes more sodium bicarbonate to do the job than either of the other bases. This is because sodium bicarbonate isn't very basic at pH 7 (2.3 mEq/g) relative to how basic it is at mash pH (10.8 mEq/g @ 5.4) where we usually encounter it.
Poking about a little further reveals that lactic decomposes, when heated, to acrylic, and propionic acids and acetaldehyde. At room temperature these reactions would be very slow (the bottle I had which turned brown was probably 15 yrs old).