0001628280-22-011948 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 27, 2022
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	Mar. 31, 2022
Entity File Number	1-7107
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		82,118,548
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

3 Months Ended

Mar. 31, 2022

Legal and Environmental Matters [Abstract]

Commiments and Contingencies

We maintain reserves for various contingent liabilities as follows (dollar amounts in millions):


	March 31, 2022		December 31, 2021
Environmental reserves	$	24	$	25
Other reserves	—		—
Total contingencies	24		25
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	23	$	24

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.

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 effect on our financial position, results of operations, cash flows, or liquidity.

Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,337.0	$ 1,017.0
Cost of sales	(676.0)	(538.0)
Gross Profit	661.0	479.0
Selling, general, and administrative expenses	(65.0)	(48.0)
Other Operating Charges And Credits, Net	38.0	0.0
Income from operations	633.0	431.0
Non-operating income (expense):
Interest Expense	(3.0)	(5.0)
Investment income	1.0	0.0
Other non-operating items	(10.0)	(10.0)
Income before income taxes	621.0	416.0
Provision for income taxes	(139.0)	(96.0)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	1.0	0.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	483.0	320.0
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	1.0	1.0
Net income attributed to LP	$ 484.0	$ 320.0
Net income per share of common stock:
Net income per share - basic	$ 5.64	$ 3.02
Net income per share - diluted	$ 5.60	$ 3.00
Diluted net income per share of common stock
Basic	86,000,000	106,000,000
Weighted average shares of stock outstanding - diluted	86,000,000	107,000,000

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 483.0	$ 320.0
Other comprehensive income (loss)
Other comprehensive income (loss), net of tax	24.0	(6.0)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	508.0	313.0
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest		(1.0)
Comprehensive income (loss) attributed to LP	508.0	314.0
Foreign currency translation adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	23.0	(7.0)
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	$ 0.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 624.0	$ 358.0
Receivables, net of allowance for doubtful accounts of $2 million as of March 31, 2022, and December 31, 2021	320.0	191.0
Inventories	382.0	323.0
Prepaid expenses and other current assets	15.0	18.0
Total current assets	1,341.0	890.0
Timber and timberlands	54.0	84.0
Property, plant, and equipment, net	1,132.0	1,069.0
Operating lease assets	51.0	52.0
Goodwill and other intangible assets	38.0	39.0
Investments in and advances to affiliates	7.0	21.0
Restricted Cash, Noncurrent	14.0	13.0
Other assets	25.0	25.0
Deferred Tax Assets, Deferred Income	8.0	2.0
Total assets	2,670.0	2,194.0
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	330.0	338.0
Accrued Income Taxes, Current	129.0	13.0
Total current liabilities	459.0	351.0
Long-term Debt and Lease Obligation	346.0	346.0
Deferred Income Tax Liabilities, Net	103.0	86.0
Operating Lease liability, noncurrent	44.0	44.0
Loss Contingency Accrual	23.0	24.0
Other long-term liabilities	80.0	105.0
Liabilities	1,054.0	955.0
Redeemable noncontrolling interest	3.0	4.0
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 100,884,145 and 84,496,113 shares issued and outstanding, respectively, at March 31, 2022; and 102,415,883 and 85,636,154 shares issued and outstanding, respectively, at December 31, 2021	101.0	102.0
Additional paid-in capital	451.0	458.0
Retained earnings	1,601.0	1,239.0
Treasury stock, 16,388,032 shares and 16,779,729 shares, at cost as of March 31, 2022, and December 31, 2021, respectively	(391.0)	(390.0)
Accumulated comprehensive loss	(149.0)	(174.0)
Total stockholders' equity	1,613.0	1,235.0
Total liabilities and stockholders' equity	$ 2,670.0	$ 2,194.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 483.0	$ 320.0
Adjustments to net income:
Depreciation and amortization	32.0	29.0
Equity Method Investment, Realized Gain (Loss) on Disposal	(39.0)	0.0
Deferred Income Tax Expense (Benefit)	11.0	4.0
Gain (Loss) on Extinguishment of Debt	0.0	11.0
Other adjustments, net	5.0	3.0
Receivables	(127.0)	(74.0)
Prepaid expenses and other current assets	3.0	3.0
Inventories	(55.0)	(50.0)
Accounts payable and accrued liabilities	(2.0)	(3.0)
Income taxes payable, net of receivables	(116.0)	(71.0)
Net cash provided by operating activities	425.0	314.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(92.0)	(34.0)
Proceeds from Divestiture of Businesses	59.0	0.0
Other investing activities	1.0	2.0
Net cash used in investing activities	(33.0)	(32.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Long-term Debt	0.0	350.0
Repayments of Long-term Debt	0.0	(359.0)
Payment of cash dividend	(19.0)	(17.0)
Purchase of stock	(104.0)	(122.0)
Other financing activities	(15.0)	(10.0)
Net cash used in financing activities	(137.0)	(158.0)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	11.0	(2.0)
Net increase in cash, cash equivalents and restricted cash	266.0	122.0
Cash, cash equivalents and restricted cash at beginning of period	371.0	535.0
Cash, cash equivalents and restricted cash at end of period	637.0	658.0
Income Taxes Paid, Net	12.0	21.0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	4.0	9.0
Capital Expenditures Incurred but Not yet Paid	$ 41.0	$ 14.0

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		124,000,000
Common Stock, Amount, Outstanding		$ 124.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (397.0)
Additional paid-in capital				$ 452.0
Retained earnings					$ 1,206.0
Accumulated comprehensive loss						$ (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
Taxes paid related to net settlement of stock-based awards	(6,000,000)		(6,000,000)
Purchase of stock	$ (122.0)
Compensation expense associated with stock-based compensation	1.0			1.0
Other comprehensive income	(6.0)					(6.0)
Common stock, Shares acquired		(2,000,000)
Common stock, Value, Shares acquired	(122.0)	$ (2.0)		0.0	(120.0)
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
Common Stock, Shares, Outstanding	85,636,154	102,000,000
Common Stock, Amount, Outstanding		$ 102.0
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 390.0		$ (390.0)
Additional paid-in capital	458.0			458.0
Retained earnings	1,239.0				1,239.0
Accumulated comprehensive loss	(174.0)					(174.0)
Total stockholders' equity	1,235.0
Net income	484.0				484.0
Dividends paid	(19.0)				(19.0)
Issuance of shares under stock plans			(1,000,000)
Issuance of shares under stock plans, amount	$ 0.0		$ 14.0	14.0
Taxes paid related to net settlement of stock-based awards	(15,000,000)		(15,000,000)
Purchase of stock	$ (104.0)				102.0
Compensation expense associated with stock-based compensation	7.0			7.0
Other comprehensive income	$ 24.0					24.0
Common stock, Shares acquired		(2,000,000)
Common stock, Value, Shares acquired		$ (2.0)
Common Stock, Shares, Outstanding	84,496,113	101,000,000
Common Stock, Amount, Outstanding		$ 101.0
Treasury Stock, Shares			16,000,000
Treasury Stock, amount	$ 391.0		$ (391.0)
Additional paid-in capital	451.0			$ 451.0
Retained earnings	1,601.0				$ 1,601.0
Accumulated comprehensive loss	(149.0)					$ (149.0)
Total stockholders' equity	$ 1,613.0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2	$ 2
Common Stock, Shares Authorized	200,000,000
Common Stock, Shares, Issued	100,884,145	102,415,883
Common Stock, Shares, Outstanding	84,496,113	85,636,154
Treasury Stock, Shares	16,388,032	16,779,729

Basis For Presentation	3 Months Ended
Basis For Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Presentation	Nature of Operations Louisiana-Pacific Corporation and our subsidiaries are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. Serving the new home construction, repair and remodeling, and outdoor structures markets, we have leveraged our expertise to become an industry leader known for innovation, quality, and reliability. The Company operates 25 plants across the U.S., 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 related Notes should be read in conjunction with our annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 22, 2022 (2021 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.

Revenue (Notes)

3 Months Ended

Mar. 31, 2022

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 18 below, our reportable segments are Siding, Oriented Strand Board (OSB), Engineered Wood Products (EWP), and South America (dollar amounts in millions).


Three Months Ended March 31, 2022
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	330	$	—	$	—	$	6	$	—	$	—	$	336


OSB - Structural Solutions	—		406		—		58		—		(1)		464
I-Joist	—		—		79		—		—		—		79
LVL	—		—		65		—		—		—		65
	330		406		144		64		—		(1)		945
Commodity
OSB - commodity	—		334		—		—		—		—		334
Plywood	—		—		11		—		—		—		11
	—		334		11		—		—		—		345
Other
Other products	2		4		14		2		26		—		48
	$	332	$	744	$	170	$	67	$	26	$	(1)	$	1,337


Three Months Ended March 31, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	282	$	—	$	—	$	9	$	—	$	—	$	291
OSB - Structural Solutions	—		254		—		41		—		—		295
I-Joist	—		—		48		—		—		—		48
LVL	—		—		43		—		—		—		43
LSL	—		—		8		—		—		—		8
	282		254		100		50		—		—		686
Commodity
OSB - commodity	—		282		—		—		—		—		281
Plywood	—		—		13		—		—		—		13
	—		282		13		—		—		—		294
Other

Other products	3		3		11		3		18		—		37
	$	285	$	539	$	123	$	53	$	18	$	—	$	1,017

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 centers.

- 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
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share

3 Months Ended

Mar. 31, 2022

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 (dollar amounts in millions, except per share amounts):


	Three Months Ended March 31,
	2022		2021
Net income attributed to LP	$	484	$	320

Weighted average common shares outstanding - basic	86		106
Dilutive effect of employee stock plans	1		1
Shares used for diluted earnings per share	86		107
Earnings per share:
Basic earnings	$	5.64	$	3.02
Diluted earnings	$	5.60	$	3.00

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
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 fair value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) was estimated to be $324 million and $358 million as of March 31, 2022, and December 31, 2021, respectively, based upon market quotations. The 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 (defined below) as of March 31, 2022. 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

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Receivables

RECEIVABLES

Receivables consisted of the following (dollar amounts in millions):


	March 31, 2022		December 31, 2021
Trade receivables	$	305	$	172
Income tax receivable	—		1
Other receivables	17		20
Allowance for doubtful accounts	(2)		(2)
Total	$	320	$	191

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of March 31, 2022 and December 31, 2021, primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories

3 Months Ended

Mar. 31, 2022

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 (work in process is not material and is included in Semi-finished inventory) are as follows (dollar amounts in millions):


	March 31, 2022		December 31, 2021
Logs	$	86	$	59
Other raw materials	69		59
Semi-finished inventory	38		38
Finished products	189		168
Total	$	382	$	323

Goodwill and Other Intangible Assets (Notes)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 8. 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 for the three months ended March 31, 2022, are provided in the following table (dollar amounts in millions):



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2021	$	31	$	19	$	17	$	2


Amortization	(1)		—		(1)		—
Ending balance March 31, 2022	$	31	$	19	$	16	$	2

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

Redeemable Noncontrolling Interest (Notes)

3 Months Ended

Mar. 31, 2022

Business Combination, Step Acquisition [Abstract]

Redeemable Noncontrolling Interest

NOTE 9. 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 as of March 31, 2022, are as follows (dollar amounts in millions):



Beginning balance December 31, 2021	$	4


Net loss attributed to noncontrolling interest	(1)

Ending balance March 31, 2022	$	3

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESFor 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 three months ended March 31, 2022 and 2021, reflected an estimated annual tax rate of 24% and 25%, respectively, excluding discrete items discussed below. The total effective tax rate for the three months ended March 31, 2022 was 22%, compared to 23% for the comparable period in 2021. We recognized a net discrete tax benefit of $9 million and $5 million during the three months ended March 31, 2022 and 2021, respectively, with the most significant benefit related to excess tax benefits from stock-based compensation for both periods.

- 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

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+ Details

Compensation Related Costs, Share Based Payments	3 Months Ended
Compensation Related Costs, Share Based Payments	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement	We have stock award plans for key employees and directors, pursuant to which awards of stock options, SSARs, restricted stock, restricted stock units, and performance stock units are granted. In addition, we offer an employee stock purchase plan to employees. During the three months ended March 31, 2022, we granted awards of 135,381 restricted stock units and 88,239 performance stock units, at an average grant date fair value of $70.55 per share. We recognized $7 million and $1 million in stock-based compensation expense during the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, there was $36 million of unrecognized stock-based compensation expense related to unvested performance stock units, restricted stock units, and SSARs attributable to future service.

Impairments of Long-Lived Assets	3 Months Ended
Impairments of Long-Lived Assets	Mar. 31, 2022
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, 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 March 31, 2022, 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.

Product Warranty

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, is summarized in the following table (dollar amounts in millions):


	Three Months Ended March 31,
	2022		2021
Beginning balance	$	7	$	8
Accrued to expense	1		—


Payments made	—		—
Total warranty reserves	8		8
Current portion of warranty reserves (included in Accounts payable and accrued liabilities)	(2)		(2)
Long-term portion of warranty reserves (included in Other long-term liabilities)	$	6	$	6

We continue to monitor warranty and other claims associated with our products and believe as of March 31, 2022, 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

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 (dollar amounts in millions):


	Three Months Ended March 31,
	2022		2021
Service cost	$	1	$	—
Other components of net periodic pension cost1:
Interest cost	2		2
Expected return on plan assets	(2)		(3)
Amortization of prior service cost	—		—
Amortization of net loss	1		1
Net periodic pension cost	$	2	$	1

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.

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+ Details

Other Comprehensive Income Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 (dollar amounts in millions):


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2021	$	(76)	$	(96)	$	(1)	$	(174)
Reclassified to income statement, net of taxes1	1		—		—		1
Translation adjustments	—		23		—		23
Balance at March 31, 2022	$	(75)	$	(73)	$	(1)	$	(149)


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2020	$	(81)	$	(68)	$	(2)	$	(151)
Reclassified to income statement, net of taxes1	—		—		—		—
Translation adjustments	—		(7)		—		(7)
Balance at March 31, 2021	$	(81)	$	(75)	$	(2)	$	(157)

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

Selected Segment Data

3 Months Ended

Mar. 31, 2022

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, pension settlement charges, and other non-operating items.

Information about our product segments is as follows (dollar amounts in millions):


	Three Months Ended March 31,
	2022		2021
Net sales
Siding	$	332	$	285
OSB	744		539
EWP	170		123
South America	67		53
Other	26		18
Intersegment sales	(1)		—
Total sales	$	1,337	$	1,017
PROFIT BY SEGMENT
Net income	$	483	$	320
Add (deduct):
Net loss attributed to noncontrolling interest	1		1

Income attributed to LP	484		320
Provision for income taxes	139		96
Depreciation and amortization	32		29
Stock-based compensation expense	7		1

Other operating credits and charges, net	(38)		—
Loss on early debt extinguishment	—		11
Interest expense	3		5
Investment income	(1)		—
Other non-operating items	10		(1)
Adjusted EBITDA	$	636	$	461

Siding	$	83	$	90
OSB	505		354
EWP	38		7
South America	25		21
Other	(6)		(5)
Corporate	(9)		(6)
Adjusted EBITDA	$	636	$	461

- 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.

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


Three Months Ended March 31, 2022
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	330	$	—	$	—	$	6	$	—	$	—	$	336


OSB - Structural Solutions	—		406		—		58		—		(1)		464
I-Joist	—		—		79		—		—		—		79
LVL	—		—		65		—		—		—		65
	330		406		144		64		—		(1)		945
Commodity
OSB - commodity	—		334		—		—		—		—		334
Plywood	—		—		11		—		—		—		11
	—		334		11		—		—		—		345
Other
Other products	2		4		14		2		26		—		48
	$	332	$	744	$	170	$	67	$	26	$	(1)	$	1,337


Three Months Ended March 31, 2021
By product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	282	$	—	$	—	$	9	$	—	$	—	$	291
OSB - Structural Solutions	—		254		—		41		—		—		295
I-Joist	—		—		48		—		—		—		48
LVL	—		—		43		—		—		—		43
LSL	—		—		8		—		—		—		8
	282		254		100		50		—		—		686
Commodity
OSB - commodity	—		282		—		—		—		—		281
Plywood	—		—		13		—		—		—		13
	—		282		13		—		—		—		294
Other

Other products	3		3		11		3		18		—		37
	$	285	$	539	$	123	$	53	$	18	$	—	$	1,017

Earnings per Share (Tables) (Tables)

3 Months Ended

Mar. 31, 2022

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 (dollar amounts in millions, except per share amounts):


	Three Months Ended March 31,
	2022		2021
Net income attributed to LP	$	484	$	320

Weighted average common shares outstanding - basic	86		106
Dilutive effect of employee stock plans	1		1
Shares used for diluted earnings per share	86		107
Earnings per share:
Basic earnings	$	5.64	$	3.02
Diluted earnings	$	5.60	$	3.00

Receivables (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

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

Receivables consisted of the following (dollar amounts in millions):


	March 31, 2022		December 31, 2021
Trade receivables	$	305	$	172
Income tax receivable	—		1
Other receivables	17		20
Allowance for doubtful accounts	(2)		(2)
Total	$	320	$	191

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

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


	March 31, 2022		December 31, 2021
Logs	$	86	$	59
Other raw materials	69		59
Semi-finished inventory	38		38
Finished products	189		168
Total	$	382	$	323

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill [Line Items]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Changes in goodwill and other intangible assets for the three months ended March 31, 2022, are provided in the following table (dollar amounts in millions):



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2021	$	31	$	19	$	17	$	2


Amortization	(1)		—		(1)		—
Ending balance March 31, 2022	$	31	$	19	$	16	$	2

Commiments and Contingencies Commiments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Legal and Environmental Matters [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

We maintain reserves for various contingent liabilities as follows (dollar amounts in millions):


	March 31, 2022		December 31, 2021
Environmental reserves	$	24	$	25
Other reserves	—		—
Total contingencies	24		25
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	23	$	24

- 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)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The activity in warranty reserves for the three months ended March 31, 2022 and 2021, is summarized in the following table (dollar amounts in millions):


	Three Months Ended March 31,
	2022		2021
Beginning balance	$	7	$	8
Accrued to expense	1		—


Payments made	—		—
Total warranty reserves	8		8
Current portion of warranty reserves (included in Accounts payable and accrued liabilities)	(2)		(2)
Long-term portion of warranty reserves (included in Other long-term liabilities)	$	6	$	6

Defined Benefit Pension Plans (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 (dollar amounts in millions):


	Three Months Ended March 31,
	2022		2021
Service cost	$	1	$	—
Other components of net periodic pension cost1:
Interest cost	2		2
Expected return on plan assets	(2)		(3)
Amortization of prior service cost	—		—
Amortization of net loss	1		1
Net periodic pension cost	$	2	$	1

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)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 (dollar amounts in millions):


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2021	$	(76)	$	(96)	$	(1)	$	(174)
Reclassified to income statement, net of taxes1	1		—		—		1
Translation adjustments	—		23		—		23
Balance at March 31, 2022	$	(75)	$	(73)	$	(1)	$	(149)


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2020	$	(81)	$	(68)	$	(2)	$	(151)
Reclassified to income statement, net of taxes1	—		—		—		—
Translation adjustments	—		(7)		—		(7)
Balance at March 31, 2021	$	(81)	$	(75)	$	(2)	$	(157)

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

Other Operating and Non-Operating Income (Tables)	3 Months Ended
Other Operating and Non-Operating Income (Tables)	Mar. 31, 2022
Nonoperating Income (Expense) [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]
Schedule of Other Nonoperating Income (Expense)	OTHER OPERATING AND NON-OPERATING ITEMS Other operating credits and charges, net During the three months ended March 31, 2022, we recognized a gain of $39 million on the sale of our 50% interest in two joint ventures. See Note 7 above. In addition, we incurred severance and other charges of $1 million related to certain reorganizations. During the three months ended March 31, 2021, we recorded a gain of $1 million related to the sale of assets previously classified as held for sale, offset by other expenses, including severance associated with certain reorganizations within the corporate office. Other non-operating items During the three months ended March 31, 2022, we recorded realized foreign currency losses of $9 million primarily related to the strengthening of the Chilean peso and Brazilian real. During the three months ended March 31, 2021, we recorded an early debt extinguishment charge of $11 million related to the redemption of our 2024 Senior Notes, offset by a foreign currency gain of $1 million.

Selected Segment Data (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

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


	Three Months Ended March 31,
	2022		2021
Net sales
Siding	$	332	$	285
OSB	744		539
EWP	170		123
South America	67		53
Other	26		18
Intersegment sales	(1)		—
Total sales	$	1,337	$	1,017
PROFIT BY SEGMENT
Net income	$	483	$	320
Add (deduct):
Net loss attributed to noncontrolling interest	1		1

Income attributed to LP	484		320
Provision for income taxes	139		96
Depreciation and amortization	32		29
Stock-based compensation expense	7		1

Other operating credits and charges, net	(38)		—
Loss on early debt extinguishment	—		11
Interest expense	3		5
Investment income	(1)		—
Other non-operating items	10		(1)
Adjusted EBITDA	$	636	$	461

Siding	$	83	$	90
OSB	505		354
EWP	38		7
South America	25		21
Other	(6)		(5)
Corporate	(9)		(6)
Adjusted EBITDA	$	636	$	461

Basis For Presentation (Details) - USD ($) $ in Millions	3 Months Ended
Basis For Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Repayments of Long-term Debt	$ 0	$ 359
Borrowings under revolving credit facility	0	$ 350
Cash and cash equivalents	$ 624		$ 358

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,337.0	$ 1,017.0
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	332.0	285.0
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	744.0	539.0
EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	170.0	123.0
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	26.0	18.0
South America
Disaggregation of Revenue [Line Items]
Net sales	67.0	53.0
Intersegment
Disaggregation of Revenue [Line Items]
Net sales	(1.0)	0.0
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	945.0	686.0
Value-add [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	330.0
Value-add [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	406.0	254.0
Value-add [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	144.0	100.0
Value-add [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	64.0	50.0
Value-add [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	(1.0)	0.0
Value-add [Member] \| SmartSide siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	336.0	291.0
Value-add [Member] \| SmartSide siding [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	330.0	282.0
Value-add [Member] \| SmartSide siding [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| SmartSide siding [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	6.0	9.0
Value-add [Member] \| SmartSide siding [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| OSB -Structural Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales		295.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	406.0	254.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	58.0	41.0
Value-add [Member] \| OSB -Structural Solutions [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	(1.0)	0.0
Value-add [Member] \| I Joist [Member]
Disaggregation of Revenue [Line Items]
Net sales	79.0
Value-add [Member] \| I Joist [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	79.0	48.0
Value-add [Member] \| LVL [Member]
Disaggregation of Revenue [Line Items]
Net sales	65.0	43.0
Value-add [Member] \| LVL [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| LVL [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| LVL [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	65.0	43.0
Value-add [Member] \| LVL [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| LVL [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| LVL [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Value-add [Member] \| LSL [Member]
Disaggregation of Revenue [Line Items]
Net sales		8.0
Value-add [Member] \| LSL [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0
Value-add [Member] \| LSL [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0
Value-add [Member] \| LSL [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales		8.0
Value-add [Member] \| LSL [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		0.0
Value-add [Member] \| LSL [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales		0.0
Value-add [Member] \| LSL [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	(1.0)	0.0
Commodity
Disaggregation of Revenue [Line Items]
Net sales	345.0	294.0
Commodity \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	334.0	282.0
Commodity \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	11.0	13.0
Commodity \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	334.0	281.0
Commodity \| OSB - commodity [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB - commodity [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	334.0	282.0
Commodity \| OSB - commodity [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB - commodity [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB - commodity [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| OSB - commodity [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0.0
Commodity \| Plywood [Member]
Disaggregation of Revenue [Line Items]
Net sales	11.0	13.0
Commodity \| Plywood [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| Plywood [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| Plywood [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	11.0	13.0
Commodity \| Plywood [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| Plywood [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Commodity \| Plywood [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0
Other Product Types \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	48.0	37.0
Other Product Types \| Other [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	2.0	3.0
Other Product Types \| Other [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	4.0	3.0
Other Product Types \| Other [Member] \| EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	14.0	11.0
Other Product Types \| Other [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		18.0
Other Product Types \| Other [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	2.0	$ 3.0
Other Product Types \| Other [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	$ 0.0

Earnings per Share (Details) - $ / shares	3 Months Ended
Earnings per Share (Details) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	86,000,000	106,000,000
Dilutive effect of employee stock plans	1,000,000	1,000,000
Shares used for diluted earnings per share	86,000,000	107,000,000
Net income per share - basic	$ 5.64	$ 3.02
Net income per share - diluted	$ 5.60	$ 3.00

- 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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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Senior unsecured notes, maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 324	$ 358

Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade receivables	$ 305	$ 172
Income tax receivable	0	1
Other receivables	17	20
Allowance for doubtful accounts	(2)	(2)
Total	$ 320	$ 191

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Logs	$ 86.0	$ 59.0
Other raw materials	69.0	59.0
Semi-finished inventory	38.0	38.0
Finished products	189.0	168.0
Total	$ 382.0	$ 323.0

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from Divestiture of Businesses	$ 59.0	$ 0.0
Income (Loss) from Equity Method Investments	$ 5.0	$ 2.0

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill and other intangible assets	$ 19.0	$ 19.0
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	31.0	31.0
Amortization of Intangible Assets	(1.0)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1.0)
Finite-Lived Intangible Assets, Net	16.0	17.0
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0.0
Finite-Lived Intangible Assets, Net	$ 2.0	$ 2.0

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Combination, Step Acquisition [Abstract]
Net loss attributable to noncontrolling interest, exclusive of impairment	$ (1.0)
Redeemable noncontrolling interest	$ 3.0	$ 4.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Percent	22.00%	23.00%
Other Tax Expense (Benefit)	$ 9.0	$ 5.0
Estimated annual tax rate	24.00%	25.00%

Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other Selling, General and Administrative Expense	$ 7.0	$ 1.0
Unrecognized stock compensation	$ 36.0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	135,381
Performance Shares \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 88,239
Performance Shares \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 70.55

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Total contingencies	$ 23	$ 24
Accrual for Environmental Loss Contingencies, Gross	24	25
Current portion (included in Accounts payable and accrued liabilities)	(1)	(1)
Long-term portion	23	24
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	24	25
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0	$ 0

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 7.0	$ 8.0
Accrued to expense	1.0	0.0
Payments made	0.0	0.0
Total warranty reserves	8.0	8.0
Current portion of warranty reserves	(2.0)	(2.0)
Long-term portion of warranty reserves	$ 6.0	$ 6.0

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.0	$ 0.0
Interest cost	2.0	2.0
Expected return on plan assets	(2.0)	(3.0)
Amortization of Prior Service Cost	0.0	0.0
Amortization of net loss	1.0	1.0
Net periodic pension cost	$ 2.0	$ 1.0

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Beginning Balance	$ (174)
Ending Balance	(149)
Foreign currency translation adjustments
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	23	$ (7)
Amortization of pension and post-retirement prior service costs and net loss
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	0
AOCI Attributable to Parent [Member]
Beginning Balance	(174)	(151)
Ending Balance	$ (149)	$ (157)

- 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 ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Nonoperating Income (Expense) [Abstract]
Investment income, net of adjustments	$ 1.0	$ 0.0
Interest Expense	(3.0)	(5.0)
Investment income	1.0	0.0
Gain (Loss) on Extinguishment of Debt	0.0	(11.0)
Foreign currency gain (loss)	(9.0)	1.0
Other non-operating items	(10.0)	(10.0)
Product line discontinuance charges		1.0
Other Operating Charges And Credits, Net	38.0	$ 0.0
Restructuring Charges	$ (1.0)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended
Selected Segment Data (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,337.0	$ 1,017.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	483.0	320.0
Net loss attributed to noncontrolling interest	1.0	1.0
Net Income (Loss) Attributable to Parent	484.0	320.0
Provision for income taxes	139.0	96.0
Depreciation and amortization	32.0	29.0
Stock-based compensation expense	(7.0)	(1.0)
Other operating income (expense) exclusive of product discontinuance charges	(38.0)	0.0
Product line discontinuance charges		(1.0)
Gain (Loss) on Extinguishment of Debt	0.0	11.0
Interest Expense	3.0	5.0
Investment income, net of adjustments	1.0	0.0
Other Nonoperating Income Expense, Net of Debt Extinguishment	(10.0)	1.0
Adjusted EBITDA	636.0	461.0
Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	945.0	686.0
Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		8.0
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	332.0	285.0
Adjusted EBITDA	83.0	90.0
Siding [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	330.0
Siding [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		0.0
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	744.0	539.0
Adjusted EBITDA	505.0	354.0
OSB [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	406.0	254.0
OSB [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		0.0
EWP [Member]
Segment Reporting Information [Line Items]
Net sales	170.0	123.0
Adjusted EBITDA	38.0	7.0
EWP [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	144.0	100.0
EWP [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		8.0
Other [Member]
Segment Reporting Information [Line Items]
Net sales	26.0	18.0
Net Income (Loss) Attributable to Parent	484.0	320.0
Adjusted EBITDA	(6.0)	(5.0)
Other [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Other [Member] \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		0.0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(9.0)	(6.0)
Intersegment
Segment Reporting Information [Line Items]
Net sales	(1.0)	0.0
Intersegment \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	(1.0)	0.0
Intersegment \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales	(1.0)	0.0
South America
Segment Reporting Information [Line Items]
Net sales	67.0	53.0
Adjusted EBITDA	25.0	21.0
South America \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	$ 64.0	50.0
South America \| Value-add [Member] \| LSL [Member]
Segment Reporting Information [Line Items]
Net sales		$ 0.0

Subsequent Events (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	May 03, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Payments for Repurchase of Common Stock	$ 182.0	$ 104.0	$ 122.0
Common stock, Shares acquired	2,900
Common Stock [Member]
Subsequent Event [Line Items]
Common stock, Shares acquired		(2,000)	(2,000)