0001628280-21-015530 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 30, 2021
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $1 par value
Entity Tax Identification Number	93-0609074
Trading Symbol	LPX
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION
Entity Address, Address Line One	414 Union Street
Entity Address, Address Line Two	Suite 2000
City Area Code	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37219
City Area Code	(615)
Local Phone Number	986 - 5600
Entity Central Index Key	0000060519
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Entity File Number	1-7107
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		95,225,904
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes

Commiments and Contingencies

6 Months Ended

Jun. 30, 2021

Legal and Environmental Matters [Abstract]

Commiments and Contingencies

We maintain reserves for various contingent liabilities as follows:


	June 30, 2021		December 31, 2020
Environmental reserves	$	14	$	14
Other reserves	—		—
Total contingencies	14		14
Current portion (included in Accrued liabilities)	(1)		(1)
Long-term portion (included in Other long-term liabilities)	$	13	$	13

Estimates of our loss contingencies are based on various assumptions and judgments. Due to the numerous uncertainties and variables associated with these assumptions and judgments, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to contingencies and, as additional information becomes known, may change our estimates significantly. While no estimate of the range of any such change can be made at this time, the amount that we may ultimately pay in connection with these matters could materially exceed, in either the near term or the longer term, the amounts accrued to date. Our estimates of our loss contingencies do not reflect potential future recoveries from insurance carriers except to the extent that recovery may, from time to time, be deemed probable as a result of an insurer’s agreement to payment terms.

Environmental Matters

We maintain 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. Our estimates of our environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies considering 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 the 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. We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly. However, no estimate of the range of any such change can be made at this time.

Other Proceedings

From time to time, we and our subsidiaries are parties to certain legal proceedings. Based on the information currently available, management believes the resolution of such proceedings will not have a material adverse effect on our financial position, results of operations, cash flows, or liquidity.

Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales	$ 1,325.0	$ 548.0	$ 2,342.0	$ 1,133.0
Cost of sales	(619.0)	(431.0)	(1,157.0)	(908.0)
Gross Profit	707.0	117.0	1,185.0	225.0
Selling, general, and administrative expenses	(57.0)	(50.0)	(105.0)	(105.0)
Loss on impairment	0.0	(8.0)	0.0	(15.0)
Other Operating Charges And Credits, Net	3.0	(6.0)	3.0	(8.0)
Income from operations	653.0	53.0	1,083.0	97.0
Non-operating income (expense):
Interest Expense	(4.0)	(6.0)	(9.0)	(12.0)
Investment income, net of adjustments	0.0	4.0
Other non-operating items	(6.0)	(1.0)	(16.0)	4.0
Income before income taxes	644.0	50.0	1,059.0	92.0
Provision for income taxes	(147.0)	(19.0)	(244.0)	(28.0)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	1.0	0.0	2.0	0.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	497.0	31.0	817.0	64.0
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	0.0	(2.0)	(1.0)	(2.0)
Net income attributed to LP	$ 498.0	$ 33.0	$ 818.0	$ 66.0
Basic net income per share of common stock:
Net income per share - basic	$ 4.93	$ 0.29	$ 7.90	$ 0.59
Diluted net income per share of common stock
Net income per share - diluted	$ 4.90	$ 0.29	$ 7.85	$ 0.58
Basic	101,000,000	112,000,000	103,000,000	112,000,000
Weighted average shares of stock outstanding - diluted	102,000,000	113,000,000	104,000,000	113,000,000

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 497.0	$ 31.0	$ 817.0	$ 64.0
Other comprehensive income (loss)
Other comprehensive income (loss), net of tax	8.0	0.0	2.0	(22.0)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	505.0	31.0	819.0	42.0
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest		(2.0)
Comprehensive income (loss) attributed to LP	506.0	33.0	819.0	44.0
Foreign currency translation adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	7.0	2.0	0.0	(21.0)
Amortization of pension and post-retirement prior service costs and net loss
Other comprehensive income (loss)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 1.0	$ 1.0	$ 2.0	$ 2.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 590.0	$ 535.0
Receivables, net of allowance for doubtful accounts of $2 million at June 30, 2021, and December 31, 2020	310.0	184.0
Inventories	311.0	259.0
Prepaid expenses and other current assets	20.0	15.0
Total current assets	1,230.0	993.0
Timber and timberlands	64.0	52.0
Property, plant, and equipment, net	938.0	918.0
Operating lease assets	37.0	40.0
Goodwill and other intangible assets	45.0	46.0
Investments in and advances to affiliates	10.0	11.0
Restricted Cash, Noncurrent	13.0	0.0
Other assets	26.0	24.0
Deferred Tax Assets, Deferred Income	4.0	3.0
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	315.0	267.0
Accrued Income Taxes, Current	36.0	18.0
Other Liabilities, Current	1.0	1.0
Total current liabilities	353.0	286.0
Long-term portion	346.0	348.0
Deferred Income Tax Liabilities, Net	88.0	78.0
Operating Lease liability, noncurrent	29.0	32.0
Loss Contingency Accrual	13.0	13.0
Other long-term liabilities	97.0	86.0
Liabilities	925.0	842.0
Redeemable noncontrolling interest	$ 9.0	$ 10.0
Common Stock, Shares, Outstanding	96,973,031	106,240,030
Common Stock, Shares, Issued	113,835,024	123,547,974
Common Stock, Shares Authorized	200,000,000
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 113,835,024 and 96,973,031 shares issued and outstanding, respectively, as of June 30, 2021; and 123,547,974 and 106,240,030 shares issued and outstanding, respectively, as of December 31, 2020	$ 114.0	$ 124.0
Additional paid-in capital	446.0	452.0
Retained earnings	$ 1,413.0	$ 1,206.0
Treasury Stock, Shares	16,861,993	17,307,944
Treasury stock, 16,861,993 shares and 17,307,944 shares, at cost as of June 30, 2021, and December 31, 2020, respectively	$ (390.0)	$ (397.0)
Accumulated comprehensive loss	(149.0)	(151.0)
Total stockholders' equity	1,433.0	1,234.0
Total liabilities and stockholders' equity	2,367.0	2,086.0
Assets	$ 2,367.0	$ 2,086.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Repayments of Long-term Debt	$ 0.0	$ (350.0)	$ (359.0)	$ (350.0)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	497.0	31.0	817.0	64.0
Adjustments to net income:
Depreciation and amortization	29.0	28.0	58.0	56.0
Impairment of Long-Lived Assets Held-for-use	0.0	8.0	0.0	15.0
Deferred Income Tax Expense (Benefit)	3.0	5.0	7.0	1.0
Gain (Loss) on Extinguishment of Debt	0.0	0.0	11.0	0.0
Other adjustments, net	7.0	15.0	10.0	10.0
Receivables	(50.0)	4.0	(124.0)	(27.0)
Prepaid expenses and other current assets	(9.0)	(4.0)	(6.0)	(5.0)
Inventories	(3.0)	38.0	(53.0)	2.0
Accounts payable and accrued liabilities	39.0	(6.0)	37.0	(22.0)
Income taxes payable, net of receivables	56.0	(10.0)	(16.0)	(26.0)
Net cash provided by operating activities	457.0	129.0	772.0	120.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(32.0)	(15.0)	(65.0)	(39.0)
Proceeds from Divestiture of Businesses	0.0	14.0	0.0	14.0
Proceeds from Life Insurance Policy	0.0	10.0	0.0	10.0
Other investing activities	1.0	3.0	3.0	3.0
Net cash used in investing activities	(31.0)	12.0	(63.0)	(12.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Long-term Debt	0.0	0.0	350.0	350.0
Payment of cash dividend	(16.0)	(17.0)	(33.0)	(33.0)
Purchase of stock	(465.0)	0.0	(588.0)	0.0
Other financing activities	(2.0)	(1.0)	(12.0)	(6.0)
Net cash (used in) provided by financing activities	(484.0)	(368.0)	(642.0)	(39.0)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2.0	(2.0)	0.0	(5.0)
Net (decrease) increase in cash, cash equivalents and restricted cash	(55.0)	(229.0)	68.0	64.0
Cash, cash equivalents and restricted cash at beginning of period	658.0	488.0	535.0	195.0
Cash, cash equivalents and restricted cash at end of period	603.0	259.0	603.0	259.0
Income Taxes Paid, Net	200.0	0.0	221.0	29.0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	0.0	2.0	9.0	12.0
Supplemental Cash Flow Information [Abstract]
Income Taxes Paid, Net	200.0	0.0	221.0	29.0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	0.0	2.0	9.0	12.0
Capital Expenditures Incurred but Not yet Paid	$ 26.0	$ 11.0	$ 26.0	$ 11.0

Statement of Shareholders Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130.0
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (406.0)
Additional paid-in capital				$ 454.0
Retained earnings					$ 966.0
Accumulated comprehensive loss						$ (153.0)
Total stockholders' equity	$ 991.0
Net income	33.0				33.0
Dividends paid	(16.0)				(16.0)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0.0		$ 8.0	8.0
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(4,000,000)		(4,000,000)
Compensation expense associated with stock-based compensation	$ 2.0			2.0
Other comprehensive income	(22.0)					(22.0)
Net income	66.0
Purchase of stock	0.0
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130.0
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (402.0)
Additional paid-in capital				448.0
Retained earnings					983.0
Accumulated comprehensive loss						(175.0)
Total stockholders' equity	984.0
Net income	33.0				33.0
Dividends paid	(17.0)				(17.0)
Issuance of shares under stock plans			(1,000,000)
Issuance of shares under stock plans, amount	1.0		$ 2.0	1.0
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			0
Purchase of stock	0.0
Compensation expense associated with stock-based compensation				1.0
Other comprehensive income	1.0					0.0
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (400.0)
Additional paid-in capital				446.0
Retained earnings					999.0
Accumulated comprehensive loss	(175.0)					(175.0)
Total stockholders' equity	$ 1,000.0
Common Stock, Shares, Outstanding	106,240,030	124,000,000
Common Stock, Amount, Outstanding		$ 124.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 397.0		$ (397.0)
Additional paid-in capital	452.0			452.0
Retained earnings	1,206.0				1,206.0
Accumulated comprehensive loss	(151.0)					(151.0)
Total stockholders' equity	1,234.0
Net income	320.0				320.0
Dividends paid	(17.0)				(17.0)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0.0		$ 11.0	11.0
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(6,000,000)		(6,000,000)
Purchase of stock	$ (122.0)	$ 2.0			120.0
Purchase of stock	(2,000,000)
Compensation expense associated with stock-based compensation	$ 1.0			1.0
Other comprehensive income	(6.0)					(6.0)
Net income	818.0
Purchase of stock	(588.0)
Common Stock, Shares, Outstanding		121,000,000
Common Stock, Amount, Outstanding		$ 121.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (393.0)
Additional paid-in capital				443.0
Retained earnings					1,390.0
Accumulated comprehensive loss						(157.0)
Total stockholders' equity	1,404.0
Net income	498.0				498.0
Dividends paid	(16.0)				(16.0)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	1.0		$ 2.0	1.0
Purchase of stock	$ (465.0)	$ 7.0			458.0
Purchase of stock	(7,000,000)
Compensation expense associated with stock-based compensation	$ 4.0			4.0
Other comprehensive income	$ 8.0					8.0
Common Stock, Shares, Outstanding	96,973,031	114,000,000
Common Stock, Amount, Outstanding		$ 114.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 390.0		$ (390.0)
Additional paid-in capital	446.0			$ 446.0
Retained earnings	1,413.0				$ 1,413.0
Accumulated comprehensive loss	(149.0)					$ (149.0)
Total stockholders' equity	$ 1,433.0

Consolidated Balance Sheets (Parenthetical) (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	200,000,000
Common Stock, Shares, Issued	113,835,024	123,547,974
Common Stock, Shares, Outstanding	96,973,031	106,240,030

Basis For Presentation	6 Months Ended
Basis For Presentation	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Presentation	Nature of Operations Louisiana-Pacific Corporation and our subsidiaries is a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, and reliability. In addition to our U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile, and Brazil through foreign subsidiaries, and operates facilities through joint ventures. The principal customers for our building solutions are retailers, wholesalers, and homebuilding and industrial businesses in North America and South America, with limited sales to Asia, Australia, and Europe. References to "LP," "the Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. Basis for Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. These Condensed Consolidated Financial Statements and Notes hereto should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 18, 2021 (2020 Annual Report on Form 10-K). Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. All dollar amounts are shown in millions except per share. Recently Adopted Accounting Policies In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 effective as of January 1, 2021. There was no impact on our Condensed Consolidated Financial Statements upon adoption

Revenue (Notes)

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

NOTE 2. REVENUE

The following table presents our reportable segment revenues, disaggregated by revenue source. We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

As noted in the segment reporting information in Note 17 below, our reportable segments are Siding, Oriented Strand Board (OSB), Engineered Wood Products (EWP), and South America.


Three Months Ended June 30, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	288	$	—	$	—	$	10	$	—	$	—	$	298


OSB - Structural Solutions	—		350		—		63		—		—		414
I-Joist	—		—		75		—		—		—		75
LVL	—		—		45		—		—		—		45
LSL	—		—		11		—		—		—		11
	288		350		132		74		—		—		843
Commodity
OSB - commodity	—		425		—		—		—		—		425
Plywood	—		—		19		—		—		—		19
	—		425		19		—		—		—		445
Other
Other products	3		2		7		—		26		—		38
	$	291	$	778	$	158	$	74	$	26	$	—	$	1,325


Six Months Ended June 30, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	570	$	—	$	—	$	20	$	—	$	—	$	589


OSB - Structural Solutions	—		605		—		104		—		—		709
I-Joist	—		—		123		—		—		—		123
LVL	—		—		89		—		—		—		89
LSL	—		—		19		—		—		—		19
	570		605		231		124		—		—		1,529
Commodity
OSB - commodity	—		707		—		—		—		—		707
Plywood	—		—		32		—		—		—		32
	—		707		32		—		—		—		739
Other
Other products	6		5		17		3		43		(1)		75
	$	576	$	1,317	$	280	$	126	$	43	$	(1)	$	2,342


Three Months Ended June 30, 2020
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	207	$	—	$	—	$	5	$	—	$	—	$	212
OSB - Structural Solutions	—		95		1		32		—		—		128
I-Joist	—		—		32		—		—		—		32
LVL	—		—		30		—		—		—		30
LSL	—		—		9		—		—		—		9
	207		95		72		37		—		—		411
Commodity
OSB - commodity	—		108		—		—		—		—		108
Plywood	—		—		3		—		—		—		3
	—		108		3		—		—		—		111

Other
CanExel siding	—		—		—		—		3		—		3
Other products	13		1		4		1		4		—		23
	$	220	$	204	$	79	$	38	$	7	$	—	$	548


Six Months Ended June 30, 2020
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	398	$	—	$	—	$	8	$	—	$	—	$	406
OSB - Structural Solutions	—		198		2		64		—		—		264
I-Joist	—		—		69		—		—		—		69
LVL	—		—		66		—		—		—		66
LSL	—		—		21		—		—		—		21
	398		198		158		72		—		—		826
Commodity
OSB - commodity	—		221		—		—		—		—		221
Plywood	—		—		9		—		—		—		9
	—		221		9		—		—		—		230

Other
CanExel siding	—		—		—		—		14		—		14
Other products	34		5		11		2		11		—		63
	$	432	$	424	$	178	$	74	$	25	$	—	$	1,133

Revenue is recognized when obligations under the terms of a contract (i.e., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold.

Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products, and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is initiated. These reductions from revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations).

We ship some of our products to customers’ distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is 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 (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income attributed to LP
Weighted average common shares outstanding - basic	101		112		103		112
Dilutive effect of employee stock plans	1		1		1		1
Shares used for diluted earnings per share	102		113		104		113
Earnings per share:
Basic earnings	$	4.93	$	0.29	$	7.90	$	0.59
Diluted earnings	$	4.90	$	0.29	$	7.85	$	0.58

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 4. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: (i) recurring—measured on a periodic basis, and (ii) non-recurring—measured on an as-needed basis. Trading securities consist of rabbi trust financial assets, which are recorded in Other assets in our Condensed Consolidated Balance Sheets. 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 assets of the rabbi trust were $6 million and $5 million at June 30, 2021, and December 31, 2020, respectively. We estimated our 3.625% Senior Notes due in 2029 (2029 Senior Notes) to have a fair value of $352 million as of June 30, 2021, based upon market quotations. Our 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S. GAAP fair value hierarchy. Fair values are based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. There were no outstanding amounts borrowed under our Amended Credit Facility as of June 30, 2021. During the three and six months ended June 30, 2020, we sold our auction rate securities (ARS) and recognized a $3 million gain on available for sale securities, which is included in Investment income in the Condensed Consolidated Statements of Income. Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term maturity of these items.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Receivables

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Receivables

RECEIVABLES

Receivables consisted of the following:


	June 30, 2021		December 31, 2020
Trade receivables	$	281	$	161
Income tax receivable	5		2
Other receivables	25		23
Allowance for doubtful accounts	(2)		(2)
Total	$	310	$	184

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables, as of June 30, 2021, and December 31, 2020, primarily consist of sales tax receivables, vendor rebates, a receivable associated with an affiliate, and other miscellaneous receivables.

Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The major types of inventories are as follows (work in process is not material and is included in Semi-finished inventory below):


	June 30, 2021		December 31, 2020
Logs	$	53	$	49
Other raw materials	48		36
Semi-finished inventory	43		28
Finished products	167		146
Total	$	311	$	259

Goodwill and Other Intangible Assets (Notes)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 7. GOODWILL AND OTHER INTANGIBLES

Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value based test on an annual basis or more frequently, if circumstances indicate a potential impairment. The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets as of June 30, 2021, are provided in the following table:



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2020	$	34	$	25	$	19	$	3


Amortization	(2)		—		(1)		—
Ending balance June 30, 2021	$	33	$	25	$	18	$	2

1Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Redeemable Noncontrolling Interest (Notes)

6 Months Ended

Jun. 30, 2021

Business Combination, Step Acquisition [Abstract]

Redeemable Noncontrolling Interest

NOTE 8. REDEEMABLE NONCONTROLLING INTEREST

Redeemable noncontrolling interest is interest in subsidiaries that is redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value or carrying value at the end of each reporting period. Net loss attributed to noncontrolling interest is recorded in the Condensed Consolidated Statements of Income. Any adjustments to the redemption value of redeemable noncontrolling interest are recognized in either net income or through accumulated paid-in capital, depending on the nature of the underlying security (preferred or common units).

The components of redeemable noncontrolling interest are as follows:



Beginning balance December 31, 2020	$	10


Net loss attributed to noncontrolling interest	(1)

Ending balance June 30, 2021	$	9

Long-Term Debt (Notes)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBTThe following table summarizes our outstanding debt:


	June 30, 2021		December 31, 2020
2029 Senior Notes	$	350	$	—
2024 Senior Notes	—		350
Amended Credit Facility	—		—
Financing leases	—		1
Unamortized debt costs	(4)		(2)
Total	346		348
Less: current portion	—		—
Long-term portion	$	346	$	348

Senior Notes

In March 2021, we issued $350 million of the 2029 Senior Notes. We may redeem the 2029 Senior Notes, in whole or in part, prior to March 15, 2024, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the indenture governing our 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. On or after March 15, 2024, we may, at our option on one or more occasions, redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2029 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions and merge or consolidate or sell all or substantially all of our assets. If we are subject to a "change of control," as defined in the indenture, we are required to offer to repurchase the 2029 Senior Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon to, but not including, the date of purchase. The indenture governing the 2029 Senior Notes contains customary events of default, including failure to make required payments on the 2029 Senior Notes, failure to comply with certain agreements or covenants contained in the indenture, failure to pay or acceleration of certain other indebtedness and certain events of bankruptcy and insolvency. An event of default in the indenture allows either the indenture trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2029 Senior Notes to accelerate, or in certain cases, automatically causes the acceleration of, the amounts due under the 2029 Senior Notes.

In September 2016, LP issued $350 million aggregate principal amount Senior Notes due 2024 (2024 Senior Notes). In February 2021, LP delivered to holders of the 2024 Senior Notes a conditional notice of redemption to redeem on March 27, 2021 all of the 2024 Senior Notes outstanding at a redemption price of 102.438% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. The redemption notice became irrevocable on March 11, 2021, and the 2024 Senior Notes were fully redeemed on March 27, 2021. In connection with this redemption, LP recorded an early debt extinguishment charge of $11 million, recorded within Other non-operating items on the Condensed Consolidated Statements of Income, which included $9 million of redemption premium and $2 million of unamortized debt costs associated with these notes.

Deferred debt costs are amortized over the life of the related debt using a straight-line basis which approximates the effective interest method. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to Other non-operating items. During the six months ended June 30, 2021, $2 million of deferred debt costs were written off in association with the 2024 Senior Notes extinguishment, and we paid $4 million in debt issuance costs that will be deferred and amortized over the life of the 2029 Senior Notes.

Credit Facility

In June 2021, we entered into a third amendment (Third Amendment) to our revolving credit facility, dated as of June 27, 2019 (Credit Facility), with American AgCredit, PCA, as administrative agent and CoBank, ACB, as letter of credit issuer, (as amended, the Amended Credit Facility). The Amended Credit Facility provides a revolving credit facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. The

revolving facility, pursuant to the Amended Credit Facility, terminates, and all loans made thereunder become due in June 2027. LP has granted a security interest in substantially all of its personal property to secure the Amended Credit Facility, and certain of LP’s existing and future wholly-owned domestic subsidiaries may guaranty our obligations under the Amended Credit Facility and, subject to certain limited exceptions, provide security through a security interest in substantially all the personal property of these subsidiaries. The Amended Credit Facility provides a release of security interest after obtaining an Investment Grade rating from any one of the Moody's, S&P, or Fitch. There are no outstanding amounts borrowed under the Amended Credit Facility as of June 30, 2021.

Revolving borrowings under the Amended Credit Facility accrue interest, at our option, at either (a) a “base rate” plus a margin of 0.500% to 1.500% or (b) LIBOR plus a margin of 1.500% to 2.500%. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.200% to 0.425%. The applicable margins and fees within these ranges are based on our ratio of consolidated EBITDA to cash interest charges. The “base rate” is the highest of (i) the Federal funds rate plus 0.5%, (ii) the U.S. prime rate, and (iii) one-month LIBOR plus 1.0%.

The Amended Credit Facility contains various restrictive covenants and customary events of default, the occurrence of which could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Amended Credit Facility also contains financial covenants that require us and our consolidated subsidiaries to have, as of the end of each quarter, (i) a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5% and (ii) a minimum consolidated net worth of at least $475 million plus 70% of consolidated net income after December 31, 2019, without a deduction for net losses.

In March 2020, LP entered into a letter of credit facility agreement (Letter of Credit Facility) with Bank of America, N.A., which provides for the funding of letters of credit up to an aggregate outstanding amount of $20 million, which may be secured by certain cash collateral of LP. The Letter of Credit Facility includes an unused commitment fee, due quarterly, ranging from 0.50% to 1.875% of the daily available amount to be drawn on each letter of credit issued under the Letter of Credit Facility. The Letter of Credit Facility is subject to similar affirmative, negative, and financial covenants as those set forth in the Amended Credit Facility, including capitalization ratio and minimum net worth covenants. As of June 30, 2021, we secured $13 million of outstanding letters of credit with cash collateral, included in Restricted cash in our Condensed Consolidated Balance Sheets.

Deferred debt costs are amortized over the life of the related debt using a straight-line basis, which approximates the effective interest method. Included in such amortized amounts are deferred debt costs associated with our Amended Credit Facility, which are recorded within Other assets on our Condensed Consolidated Balance Sheets. During the three months ended June 30, 2021, we paid $2 million in debt issuance costs in connection with the Third Amendment that was deferred and will be amortized over the life of the Amended Credit Facility.

As of June 30, 2021, we were in compliance with all financial covenants under the Amended Credit Facility (as well as the Letter of Credit Facility by such compliance).

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For interim periods, we recognize income tax expense 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. Each period, the income tax accrual is adjusted to the latest estimate, and the difference from the previously accrued year-to-date balance is adjusted in the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. The tax provision for income taxes for the six months ended June 30, 2021 and 2020, reflected an estimated annual tax rate of 24% and 26%, respectively, excluding discrete items discussed below. The total effective tax rate for the three and six months ended June 30, 2021, was 23%, compared to 37% and 30% for the comparable periods in 2020, respectively. We recognized a net discrete tax benefit of $9 million during the six months ended June 30, 2021, primarily related to stock-based compensation and adjustments to prior year, including an adjustment to the deferred tax rate. We recognized a net discrete tax expense of $4 million during the six months ended June 30, 2020, primarily related to the surrender of a corporate-owned life insurance contract and a sales of ARS, offset by a benefit related to stock-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Impairments of Long-Lived Assets	6 Months Ended
Impairments of Long-Lived Assets	Jun. 30, 2021
Asset Impairment Charges [Abstract]
Impairments of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying value of our long-lived assets. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, or should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required. As of June 30, 2021, there were no indications of impairment. We also review from time to time potential dispositions of various assets, considering current and anticipated economic and industry conditions, our strategic plan, and other relevant factors. 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, we may be required to record impairment charges in connection with decisions to dispose of assets. During the three and six months ended June 30, 2020, we recorded $4 million and $9 million, respectively, in pre-tax impairment charges primarily related to our fiber producing assets at a Siding facility.

Product Warranty

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Guarantees and Indemnifications

PRODUCT WARRANTIES

We offer warranties on the sale of most of our products and record 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 three and six months ended June 30, 2021, and 2020, is summarized in the following table:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Beginning balance	$	8	$	8	$	8	$	8
Accrued to expense	—		—		1		1


Payments made	—		—		(1)		(1)
Total warranty reserves	8		8		8		8
Current portion of warranty reserves (included in Other current liabilities)	(2)		(2)		(2)		(2)
Long-term portion of warranty reserves (included in Other long-term liabilities)	$	6	$	6	$	6	$	6

We continue to monitor warranty and other claims associated with these products and believe as of June 30, 2021, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments. However, it is possible that additional changes may be required in the future.

Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans

DEFINED BENEFIT PENSION PLANSThe following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and six months ended June 30, 2021, and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	—	$	1	$	1	$	1
Other components of net periodic pension cost1:
Interest cost	2		3		4		5
Expected return on plan assets	(3)		(4)		(6)		(7)
Amortization of prior service cost	—		—		—		—
Amortization of net loss	1		1		3		3
Net periodic pension cost	$	1	$	1	$	1	$	2

1Other components of net periodic pension cost are included in Other non-operating items on our Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Comprehensive Income Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three and six months ended June 30, 2021, and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Pension1
Balance at beginning of period	$	(81)	$	(88)	$	(81)	$	(89)

Amounts reclassified from accumulated other comprehensive loss to income 2	1		1		2		2
Total other comprehensive income	1		1		2		2
Balance at end of period	(80)		(87)		(80)		(87)
Translation Adjustments
Balance at beginning of period	(75)		(90)		(68)		(67)
Translation adjustments	7		2		—		(21)
Balance at end of period	(68)		(88)		(68)		(88)
Other
Balance at beginning of period	(2)		3		(2)		3

Unrealized gains on securities, net of reversals	—		(3)		—		(3)


Balance at end of period	(2)		—		(2)		—
Accumulated other comprehensive loss, end of period	$	(149)	$	(175)	$	(149)	$	(175)

1 Amounts are presented net of tax.

2 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost.

Selected Segment Data

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Selected Segment Data

SELECTED SEGMENT DATA

We operate in four segments: Siding, OSB, EWP, and South America. Our business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers, and distribution methods. Our 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.

We evaluate the performance of our business segments based on net sales and Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and Adjusted EBITDA for our business segments. Adjusted EBITDA is a non-GAAP financial measure and is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items.

Information about our product segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net sales
Siding	$	291	$	220	$	576	$	432
OSB	778		204		1,317		424
EWP	158		79		280		178
South America	74		38		126		74
Other	26		7		43		25
Intersegment sales	—		—		(1)		—
Total sales	$	1,325	$	548	$	2,342	1,133
PROFIT BY SEGMENT
Net income	$	497	$	31	$	817	$	64
Add (deduct):
Net loss attributed to noncontrolling interest	—		2		1		2

Income attributed to LP	498		33		818		66
Provision for income taxes	147		19		244		28
Depreciation and amortization	29		28		58		56
Stock-based compensation expense	4		1		5		3
Loss on impairment attributed to LP	—		7		—		14
Other operating credits and charges, net	(3)		(4)		(3)		(2)
Product-line discontinuance charges	—		10		—		10
Loss on early debt extinguishment	—		—		11		—
Interest expense	4		6		9		12
Investment income	—		(4)		(1)		(3)
Other non-operating items	6		1		5		(4)
Adjusted EBITDA	$	684	$	97	$	1,145	$	180

Siding	$	77	$	51	$	168	$	93
OSB	565		46		919		81
EWP	18		3		26		12
South America	34		11		54		18
Other	(4)		(5)		(8)		(8)
Corporate	(7)		(9)		(14)		(16)
Adjusted EBITDA	$	684	$	97	$	1,145	$	180

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Jun. 30, 2021
Subsequent Event [Line Items]
Subsequent Events [Text Block]	NOTE 18. SUBSEQUENT EVENT On February 6, 2020, we announced that our Board of Directors authorized a share repurchase program (2020 Share Repurchase Program) under which LP may repurchase up to $200 million of shares of LP’s common stock, and on November 4, 2020, we announced that our Board of Directors expanded the 2020 Share Repurchase Program by authorizing repurchases of an additional $300 million of our common stock. On May 4, 2021, our Board of Directors authorized an additional share repurchase program (2021 Share Repurchase Program) under which we may repurchase up to $1 billion of shares of our common stock. Subsequent to June 30, 2021 through August 4, 2021, we paid $151 million to repurchase 2.7 million shares of LP common stock.

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


Three Months Ended June 30, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	288	$	—	$	—	$	10	$	—	$	—	$	298


OSB - Structural Solutions	—		350		—		63		—		—		414
I-Joist	—		—		75		—		—		—		75
LVL	—		—		45		—		—		—		45
LSL	—		—		11		—		—		—		11
	288		350		132		74		—		—		843
Commodity
OSB - commodity	—		425		—		—		—		—		425
Plywood	—		—		19		—		—		—		19
	—		425		19		—		—		—		445
Other
Other products	3		2		7		—		26		—		38
	$	291	$	778	$	158	$	74	$	26	$	—	$	1,325


Six Months Ended June 30, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	570	$	—	$	—	$	20	$	—	$	—	$	589


OSB - Structural Solutions	—		605		—		104		—		—		709
I-Joist	—		—		123		—		—		—		123
LVL	—		—		89		—		—		—		89
LSL	—		—		19		—		—		—		19
	570		605		231		124		—		—		1,529
Commodity
OSB - commodity	—		707		—		—		—		—		707
Plywood	—		—		32		—		—		—		32
	—		707		32		—		—		—		739
Other
Other products	6		5		17		3		43		(1)		75
	$	576	$	1,317	$	280	$	126	$	43	$	(1)	$	2,342


Three Months Ended June 30, 2020
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	207	$	—	$	—	$	5	$	—	$	—	$	212
OSB - Structural Solutions	—		95		1		32		—		—		128
I-Joist	—		—		32		—		—		—		32
LVL	—		—		30		—		—		—		30
LSL	—		—		9		—		—		—		9
	207		95		72		37		—		—		411
Commodity
OSB - commodity	—		108		—		—		—		—		108
Plywood	—		—		3		—		—		—		3
	—		108		3		—		—		—		111

Other
CanExel siding	—		—		—		—		3		—		3
Other products	13		1		4		1		4		—		23
	$	220	$	204	$	79	$	38	$	7	$	—	$	548


Six Months Ended June 30, 2020
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	398	$	—	$	—	$	8	$	—	$	—	$	406
OSB - Structural Solutions	—		198		2		64		—		—		264
I-Joist	—		—		69		—		—		—		69
LVL	—		—		66		—		—		—		66
LSL	—		—		21		—		—		—		21
	398		198		158		72		—		—		826
Commodity
OSB - commodity	—		221		—		—		—		—		221
Plywood	—		—		9		—		—		—		9
	—		221		9		—		—		—		230

Other
CanExel siding	—		—		—		—		14		—		14
Other products	34		5		11		2		11		—		63
	$	432	$	424	$	178	$	74	$	25	$	—	$	1,133

Earnings per Share (Tables) (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income attributed to LP
Weighted average common shares outstanding - basic	101		112		103		112
Dilutive effect of employee stock plans	1		1		1		1
Shares used for diluted earnings per share	102		113		104		113
Earnings per share:
Basic earnings	$	4.93	$	0.29	$	7.90	$	0.59
Diluted earnings	$	4.90	$	0.29	$	7.85	$	0.58

Receivables (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Receivables consisted of the following:


	June 30, 2021		December 31, 2020
Trade receivables	$	281	$	161
Income tax receivable	5		2
Other receivables	25		23
Allowance for doubtful accounts	(2)		(2)
Total	$	310	$	184

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

The major types of inventories are as follows (work in process is not material and is included in Semi-finished inventory below):


	June 30, 2021		December 31, 2020
Logs	$	53	$	49
Other raw materials	48		36
Semi-finished inventory	43		28
Finished products	167		146
Total	$	311	$	259

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill [Line Items]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Changes in goodwill and other intangible assets as of June 30, 2021, are provided in the following table:



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2020	$	34	$	25	$	19	$	3


Amortization	(2)		—		(1)		—
Ending balance June 30, 2021	$	33	$	25	$	18	$	2

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The following table summarizes our outstanding debt:


	June 30, 2021		December 31, 2020
2029 Senior Notes	$	350	$	—
2024 Senior Notes	—		350
Amended Credit Facility	—		—
Financing leases	—		1
Unamortized debt costs	(4)		(2)
Total	346		348
Less: current portion	—		—
Long-term portion	$	346	$	348

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Commiments and Contingencies Commiments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Legal and Environmental Matters [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

We maintain reserves for various contingent liabilities as follows:


	June 30, 2021		December 31, 2020
Environmental reserves	$	14	$	14
Other reserves	—		—
Total contingencies	14		14
Current portion (included in Accrued liabilities)	(1)		(1)
Long-term portion (included in Other long-term liabilities)	$	13	$	13

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

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+ Details

Product Warranty (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The activity in warranty reserves for the three and six months ended June 30, 2021, and 2020, is summarized in the following table:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Beginning balance	$	8	$	8	$	8	$	8
Accrued to expense	—		—		1		1


Payments made	—		—		(1)		(1)
Total warranty reserves	8		8		8		8
Current portion of warranty reserves (included in Other current liabilities)	(2)		(2)		(2)		(2)
Long-term portion of warranty reserves (included in Other long-term liabilities)	$	6	$	6	$	6	$	6

Defined Benefit Pension Plans (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

e following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and six months ended June 30, 2021, and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Service cost	$	—	$	1	$	1	$	1
Other components of net periodic pension cost1:
Interest cost	2		3		4		5
Expected return on plan assets	(3)		(4)		(6)		(7)
Amortization of prior service cost	—		—		—		—
Amortization of net loss	1		1		3		3
Net periodic pension cost	$	1	$	1	$	1	$	2

1Other components of net periodic pension cost are included in Other non-operating items on our Condensed Consolidated Statements of Income.

Other Comprehensive Income Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

comprehensive loss is provided in the following table for the three and six months ended June 30, 2021, and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Pension1
Balance at beginning of period	$	(81)	$	(88)	$	(81)	$	(89)

Amounts reclassified from accumulated other comprehensive loss to income 2	1		1		2		2
Total other comprehensive income	1		1		2		2
Balance at end of period	(80)		(87)		(80)		(87)
Translation Adjustments
Balance at beginning of period	(75)		(90)		(68)		(67)
Translation adjustments	7		2		—		(21)
Balance at end of period	(68)		(88)		(68)		(88)
Other
Balance at beginning of period	(2)		3		(2)		3

Unrealized gains on securities, net of reversals	—		(3)		—		(3)


Balance at end of period	(2)		—		(2)		—
Accumulated other comprehensive loss, end of period	$	(149)	$	(175)	$	(149)	$	(175)

1 Amounts are presented net of tax.

2 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost.

Other Operating and Non-Operating Income (Tables)

6 Months Ended

Jun. 30, 2021

Nonoperating Income (Expense) [Abstract]

Schedule of Other Operating Cost and Expense, by Component [Table Text Block]


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Reorganization charges	$	—	$	(2)	$	—	$	(4)
Canadian wage subsidies	—		4		—		4
Product-line discontinuance charges	—		(10)		—		(10)
Insurance recoveries	2		—		2		—
Other	1		2		1		2
Other operating credits and charges, net	3		(6)		3		(8)

Schedule of Other Nonoperating Income (Expense)

OTHER OPERATING AND NON-OPERATING ITEMS

Other operating credits and charges, net

Other operating credits and charges, net is comprised of the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Reorganization charges	$	—	$	(2)	$	—	$	(4)
Canadian wage subsidies	—		4		—		4
Product-line discontinuance charges	—		(10)		—		(10)
Insurance recoveries	2		—		2		—
Other	1		2		1		2
Other operating credits and charges, net	3		(6)		3		(8)

Other non-operating items

Other non-operating items is comprised of the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest expense	$	(3)	$	(6)	$	(8)	$	(11)
Amortization of debt charges	—		—		(1)		(1)

Interest expense	(4)		(6)		(9)		(12)

Interest income	—		1		1		1
Gain on sale of auction rate securities	—		3		—		3
SERP market adjustments	—		—		—		(1)
Investment income	—		4		1		3

Net periodic pension cost, excluding service cost	—		—		—		(1)
Loss on early debt extinguishment	—		—		(11)		—
Foreign currency gain (loss)	(6)		(1)		(5)		5
Other non-operating items	$	(6)	$	(1)	$	(16)	$	4

Selected Segment Data (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net sales
Siding	$	291	$	220	$	576	$	432
OSB	778		204		1,317		424
EWP	158		79		280		178
South America	74		38		126		74
Other	26		7		43		25
Intersegment sales	—		—		(1)		—
Total sales	$	1,325	$	548	$	2,342	1,133
PROFIT BY SEGMENT
Net income	$	497	$	31	$	817	$	64
Add (deduct):
Net loss attributed to noncontrolling interest	—		2		1		2

Income attributed to LP	498		33		818		66
Provision for income taxes	147		19		244		28
Depreciation and amortization	29		28		58		56
Stock-based compensation expense	4		1		5		3
Loss on impairment attributed to LP	—		7		—		14
Other operating credits and charges, net	(3)		(4)		(3)		(2)
Product-line discontinuance charges	—		10		—		10
Loss on early debt extinguishment	—		—		11		—
Interest expense	4		6		9		12
Investment income	—		(4)		(1)		(3)
Other non-operating items	6		1		5		(4)
Adjusted EBITDA	$	684	$	97	$	1,145	$	180

Siding	$	77	$	51	$	168	$	93
OSB	565		46		919		81
EWP	18		3		26		12
South America	34		11		54		18
Other	(4)		(5)		(8)		(8)
Corporate	(7)		(9)		(14)		(16)
Adjusted EBITDA	$	684	$	97	$	1,145	$	180

Basis For Presentation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Basis For Presentation (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Repayments of Long-term Debt	$ 0.0	$ 350.0	$ 359.0	$ 350.0
Borrowings under revolving credit facility	0.0	$ 0.0	350.0	$ 350.0
Line of Credit Facility, Maximum Borrowing Capacity	550.0		550.0
Cash and cash equivalents	$ 590.0		$ 590.0		$ 535.0

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,325.0	$ 548.0	$ 2,342.0	$ 1,133.0
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	291.0	220.0	576.0	432.0
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	778.0	204.0	1,317.0	424.0
EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	158.0	79.0	280.0	178.0
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	26.0	7.0	43.0	25.0
South America
Disaggregation of Revenue [Line Items]
Net sales	74.0	38.0	126.0	74.0
Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	(1.0)	0.0
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	843.0	411.0	1,529.0	826.0
Value-add [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	288.0		570.0
Value-add [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	350.0	95.0	605.0	198.0
Value-add [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	132.0	72.0	231.0	158.0
Value-add [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	74.0	37.0	124.0	72.0
Value-add [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| SmartSide siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	298.0	212.0	589.0	406.0
Value-add [Member] \| SmartSide siding [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	288.0	207.0	570.0	398.0
Value-add [Member] \| SmartSide siding [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	10.0	5.0	20.0	8.0
Value-add [Member] \| SmartSide siding [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| OSB -Structural Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	414.0	128.0	709.0	264.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	350.0	95.0	605.0	198.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	1.0	0.0	2.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	63.0	32.0	104.0	64.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| I Joist [Member]
Disaggregation of Revenue [Line Items]
Net sales	75.0		123.0
Value-add [Member] \| I Joist [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	75.0	32.0	123.0	69.0
Value-add [Member] \| LVL [Member]
Disaggregation of Revenue [Line Items]
Net sales	45.0	30.0	89.0	66.0
Value-add [Member] \| LVL [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LVL [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LVL [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	45.0	30.0	89.0	66.0
Value-add [Member] \| LVL [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LVL [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LVL [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LSL [Member]
Disaggregation of Revenue [Line Items]
Net sales	11.0	9.0	19.0	21.0
Value-add [Member] \| LSL [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LSL [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LSL [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	11.0	9.0	19.0	21.0
Value-add [Member] \| LSL [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LSL [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Value-add [Member] \| LSL [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity
Disaggregation of Revenue [Line Items]
Net sales	445.0	111.0	739.0	230.0
Commodity \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	425.0	108.0	707.0	221.0
Commodity \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	19.0	3.0	32.0	9.0
Commodity \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	425.0	108.0	707.0	221.0
Commodity \| OSB - commodity [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB - commodity [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	425.0	108.0	707.0	221.0
Commodity \| OSB - commodity [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB - commodity [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB - commodity [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| OSB - commodity [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Commodity \| Plywood [Member]
Disaggregation of Revenue [Line Items]
Net sales	19.0	3.0	32.0	9.0
Commodity \| Plywood [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| Plywood [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| Plywood [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	19.0	3.0	32.0	9.0
Commodity \| Plywood [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| Plywood [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Commodity \| Plywood [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Other Product Types \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	38.0	23.0	75.0	63.0
Other Product Types \| Other [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	3.0		6.0
Other Product Types \| Other [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	2.0		5.0
Other Product Types \| Other [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	7.0		17.0
Other Product Types \| Other [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	26.0	4.0	43.0	11.0
Other Product Types \| Other [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0		3.0
Other Product Types \| Other [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	$ 0.0		$ (1.0)
Other Product Types \| SmartSide Fiber siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		3.0		14.0
Other Product Types \| SmartSide Fiber siding [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Other Product Types \| SmartSide Fiber siding [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Other Product Types \| SmartSide Fiber siding [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Other Product Types \| SmartSide Fiber siding [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Other Product Types \| SmartSide Fiber siding [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0.0		0.0
Other Product Types \| CanExel siding [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		$ 3.0		14.0
Other [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales				5.0
Other [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales				$ 2.0

Earnings per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
Earnings per Share (Details) - $ / shares	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	101,000,000	112,000,000	103,000,000	112,000,000
Dilutive effect of employee stock plans	1,000,000	1,000,000	1,000,000
Shares used for diluted earnings per share	102,000,000	113,000,000	104,000,000	113,000,000
Net income per share - basic	$ 4.93	$ 0.29	$ 7.90	$ 0.59
Net income per share - diluted	$ 4.90	$ 0.29	$ 7.85	$ 0.58

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Fair Value Measurements (Details) $ in Millions	Jun. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities, Equity	$ 6
Senior unsecured notes, maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 352

Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 281.0	$ 161.0
Income tax receivable	5.0	2.0
Other receivables	25.0	23.0
Allowance for doubtful accounts	(2.0)	(2.0)
Total	$ 310.0	$ 184.0

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Logs	$ 53.0	$ 49.0
Other raw materials	48.0	36.0
Semi-finished inventory	43.0	28.0
Finished products	167.0	146.0
Total	$ 311.0	$ 259.0

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill and other intangible assets	$ 25.0	$ 25.0
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	33.0	34.0
Amortization of Intangible Assets	(2.0)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1.0)
Finite-Lived Intangible Assets, Net	18.0	19.0
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0.0
Finite-Lived Intangible Assets, Net	$ 2.0	$ 3.0

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Business Combination, Step Acquisition [Abstract]
Net loss attributable to noncontrolling interest, exclusive of impairment	$ (1.0)
Redeemable noncontrolling interest	$ 9.0	$ 10.0

Long-Term Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Financing leases	$ 0	$ 1
Unamortized debt costs	(4)	(2)
Total	346	348
Less: current portion	0	0
Long-term portion	346	348
Senior Notes [Member] \| Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	350
Senior Notes [Member] \| Senior unsecured notes, maturing 2029
Debt Instrument [Line Items]
Long-term debt, gross	350	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 0.0	$ 350.0	$ 359.0	$ 350.0
Line of Credit Facility, Maximum Borrowing Capacity	550.0		550.0
Gain (Loss) on Extinguishment of Debt	0.0	$ 0.0	11.0	$ 0.0
Redemption Premium	9.0
Write off of Deferred Debt Issuance Cost	$ 2.0
Debt Instrument, Redemption Price, Percentage	102.438%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0.0		$ 0.0		$ 0.0
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.425%
Revolving Credit Facility [Member] \| Amended Credit Facility [Member]
Debt Instrument [Line Items]
Capitalization Ratio, Maximum	57.50%		57.50%
Debt Covenant, Consolidated Net Worth	$ 475.0		$ 475.0
Debt Covenant, Consolidated Net Worth, Add On For Consolidated Net Income After Deductions, Percent	70.00%		70.00%
Revolving Credit Facility [Member] \| Amended Credit Facility, A Loan [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	0.50%
Revolving Credit Facility [Member] \| Amended Credit Facility, A Loan [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.50%
Revolving Credit Facility [Member] \| Amended Credit Facility, A Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.50%
Revolving Credit Facility [Member] \| Amended Credit Facility, A Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.50%
Senior Notes [Member] \| Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0.0		$ 0.0		350.0
Senior Notes [Member] \| Senior unsecured notes, maturing 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 350.0		$ 350.0		$ 0.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Percent		37.00%	23.00%	30.00%
Other Tax Expense (Benefit)			$ 9.0	$ 4.0
Estimated annual tax rate	24.00%	26.00%

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Total contingencies	$ 13.0	$ 13.0
Accrual for Environmental Loss Contingencies, Gross	14.0	14.0
Current portion (included in Accrued liabilities)	(1.0)	(1.0)
Long-term portion (included in Other long-term liabilities)	13.0	13.0
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	14.0	14.0
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0.0	$ 0.0

Impairments of Long-Lived Assets Impairments of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0.0	$ 8.0	$ 0.0	$ 15.0
Fiber production [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0.0	9.0
East River
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use		$ 4.0

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8.0	$ 8.0		$ 8.0
Accrued to expense	0.0	0.0	$ 1.0	1.0
Payments made	0.0	0.0	(1.0)	(1.0)
Total warranty reserves	8.0	8.0	8.0	8.0
Current portion of warranty reserves	(2.0)	(2.0)	(2.0)	(2.0)
Long-term portion of warranty reserves	$ 6.0	$ 6.0	$ 6.0	$ 6.0

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0.0	$ 1.0	$ 1.0	$ 1.0
Interest cost	2.0	3.0	4.0	5.0
Expected return on plan assets	(3.0)	(4.0)	(6.0)	(7.0)
Amortization of Prior Service Cost	0.0	0.0	0.0	0.0
Amortization of net loss	1.0	1.0	3.0	3.0
Net periodic pension cost	$ 1.0	$ 1.0	$ 1.0	$ 2.0

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Beginning Balance			$ (151.0)
Ending Balance	$ (149.0)	$ (175.0)	(149.0)	$ (175.0)
Foreign currency translation adjustments
Beginning Balance	(75.0)	(90.0)	(68.0)	(67.0)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	7.0	2.0	0.0	(21.0)
Ending Balance	(68.0)	(88.0)	(68.0)	(88.0)
Amortization of pension and post-retirement prior service costs and net loss
Beginning Balance	(81.0)	(88.0)	(81.0)	(89.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1.0	1.0	2.0	2.0
Ending Balance	(80.0)	(87.0)	(80.0)	(87.0)
Unrealized gain (loss) on investments
Beginning Balance	(2.0)	3.0	(2.0)	3.0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0.0	(3.0)	0.0	(3.0)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0.0	(3.0)	0.0
Ending Balance	(2.0)	0.0	(2.0)	0.0
AOCI Attributable to Parent [Member]
Beginning Balance	(157.0)	(175.0)	(151.0)	(153.0)
Ending Balance	$ (149.0)	$ (175.0)	$ (149.0)	$ (175.0)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Other Operating and Non-Operating Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Nonoperating Income (Expense) [Abstract]
Investment income, net of adjustments	$ 0	$ 4,000,000
Amortization of debt charges	0	0	$ (1,000,000)	$ (1,000,000)
Interest Expense	(4,000,000)	(6,000,000)	(9,000,000)	(12,000,000)
Interest Income	0	1,000,000	1,000,000	1,000,000
Available-for-sale Securities, Gross Realized Gains	0	3,000,000	0	3,000,000
SERP market adjustments	0	0	0	1,000,000
Investment income			1,000,000	3,000,000
Net periodic pension cost, excluding service cost	0	0	0	(1,000,000)
Gain (Loss) on Extinguishment of Debt	0	0	(11,000,000)	0
Foreign currency gain (loss)	(6,000,000)	(1,000,000)	(5,000,000)	5,000,000
Other non-operating items	(6,000,000)	(1,000,000)	(16,000,000)	4,000,000
Other Income and Expenses [Abstract]
Proceeds from Insurance Settlement, Operating Activities	2,000,000	0	2,000,000	0
Canadian wage subsidies	0	4,000,000	0	4,000,000
Product line discontinuance charges	0	(10,000,000)	0	(10,000,000)
Interest expense	(3,000,000)	(6,000,000)	(8,000,000)	(11,000,000)
Other operating income, other	1,000,000	2,000,000	1,000,000	2,000,000
Other Operating Charges And Credits, Net	3,000,000	(6,000,000)	3,000,000	(8,000,000)
Restructuring Charges	$ 0	$ (2,000,000)	$ 0	$ (4,000,000)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Selected Segment Data (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,325.0		$ 548.0		$ 2,342.0	$ 1,133.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	497.0		31.0		817.0	64.0
Net loss attributed to noncontrolling interest	0.0		2.0		1.0	2.0
Net Income (Loss) Attributable to Parent	498.0	$ 320.0	33.0	$ 33.0	818.0	66.0
Provision for income taxes	147.0		19.0		244.0	28.0
Depreciation and amortization	29.0		28.0		58.0	56.0
Stock-based compensation expense	(4.0)		(1.0)		(5.0)	(3.0)
Asset impairment attributable to parent	0.0		7.0		0.0	14.0
Other operating income (expense) exclusive of product discontinuance charges	(3.0)		4.0		(3.0)	2.0
Product line discontinuance charges	0.0		10.0		0.0	10.0
Gain (Loss) on Extinguishment of Debt	0.0		0.0		11.0	0.0
Interest Expense	4.0		6.0		9.0	12.0
Investment income, net of adjustments	0.0		4.0
Other Nonoperating Income Expense, Net of Debt Extinguishment	(6.0)		(1.0)		(5.0)	4.0
Adjusted EBITDA	684.0		97.0		1,145.0	180.0
Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	843.0		411.0		1,529.0	826.0
Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	11.0		9.0		19.0	21.0
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	291.0		220.0		576.0	432.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest					817.0	64.0
Adjusted EBITDA	77.0		51.0		168.0	93.0
Siding [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	288.0				570.0
Siding [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	778.0		204.0		1,317.0	424.0
Adjusted EBITDA	565.0		46.0		919.0	81.0
OSB [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	350.0		95.0		605.0	198.0
OSB [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
EWP [Member]
Segment Reporting Information [Line Items]
Net sales	158.0		79.0		280.0	178.0
Net loss attributed to noncontrolling interest					1.0	2.0
Adjusted EBITDA	18.0		3.0		26.0	12.0
EWP [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	132.0		72.0		231.0	158.0
EWP [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	11.0		9.0		19.0	21.0
Other [Member]
Segment Reporting Information [Line Items]
Net sales	26.0		7.0		43.0	25.0
Net Income (Loss) Attributable to Parent	498.0		33.0		818.0	66.0
Adjusted EBITDA	(4.0)		(5.0)		(8.0)	(8.0)
Other [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
Other [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(7.0)		(9.0)		(14.0)	(16.0)
Intersegment
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		(1.0)	0.0
Intersegment \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
Intersegment \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	0.0		0.0		0.0	0.0
South America
Segment Reporting Information [Line Items]
Net sales	74.0		38.0		126.0	74.0
Adjusted EBITDA	34.0		11.0		54.0	18.0
South America \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	74.0		37.0		124.0	72.0
South America \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	$ 0.0		$ 0.0		$ 0.0	$ 0.0

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Aug. 04, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Subsequent Event [Line Items]
Payments for Repurchase of Common Stock	$ 151.0	$ 465.0	$ 122.0	$ 0.0	$ 588.0	$ 0.0

Label	Element	Value
Common Stock [Member]
Treasury Stock, Shares, Retired	us-gaap_TreasuryStockSharesRetired	2,700,000