0001628280-22-028086 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 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	1610 West End Avenue
Entity Address, Address Line Two	Suite 200
City Area Code	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
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	Sep. 30, 2022
Entity File Number	1-7107
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		71,695,455
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

9 Months Ended

Sep. 30, 2022

Legal and Environmental Matters [Abstract]

Commiments and Contingencies

COMMITMENTS AND CONTINGENCIES

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


	September 30, 2022		December 31, 2021
Environmental reserves	$	27	$	25
Other reserves	—		—
Total contingencies	27		25
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	26	$	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.

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 852	$ 1,018	$ 3,149	$ 3,080
Cost of sales	(620)	(513)	(1,778)	(1,423)
Gross Profit	232	505	1,370	1,657
Selling, general, and administrative expenses	(67)	(58)	(196)	(155)
Other Operating Charges And Credits, Net	7	2	17	5
Income from operations	172	448	1,191	1,507
Non-operating income (expense):
Interest Expense	(3)	(4)	(9)	(12)
Investment income	5	0	8	1
Other non-operating items	(3)	(2)	(11)	(13)
Income before income taxes	172	442	1,178	1,482
Provision for income taxes	(44)	(111)	(284)	(350)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	1	1	4	3
Income from continuing operations	129	332	898	1,134
Income from discontinued operations, net of income taxes	97	33	196	47
Net income	226	365	1,093	1,182
Net loss attributed to noncontrolling interest	0	0	1	1
Net income attributed to LP	$ 226	$ 365	$ 1,094	$ 1,183
Net income attributed to LP per share of common stock:
Income per share continuing operations - basic (in dollars per share)	$ 1.75	$ 3.55	$ 11.23	$ 11.34
Income per share discontinued operations - basic (in dollars per share)	1.32	0.35	2.45	0.47
Net income per share - basic (in dollars per share)	3.07	3.90	13.67	11.81
Income per share continuing operations - diluted (in dollars per share)	1.74	3.52	11.16	11.26
Income per share discontinued operations - diluted (in dollars per share)	1.31	0.35	2.43	0.47
Net income per share - diluted (in dollars per share)	$ 3.05	$ 3.87	$ 13.59	$ 11.73
Average shares of common stock used to compute net income per share:
Basic (in shares)	74	94	80	100
Diluted (in shares)	74	94	80	101

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 226	$ 365	$ 1,093	$ 1,182
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(13)	(21)	(22)	(21)
Other comprehensive income (loss), net of tax	(9)	(19)	(16)	(18)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	216	346	1,077	1,164
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0
Comprehensive income (loss) attributed to LP	216	346	1,078	1,165
Translation Adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(13)	(21)	(22)	(21)
Pension
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 3	$ 2	$ 6	$ 3

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 469	$ 358
Receivables, net of allowance for doubtful accounts of $1 million as of September 30, 2022, and December 31, 2021	171	169
Inventories	337	278
Prepaid expenses and other current assets	24	17
Current assets of discontinued operations	0	68
Total current assets	1,001	890
Timber and timberlands	39	42
Property, plant, and equipment, net	1,215	1,039
Operating lease assets	44	50
Goodwill and other intangible assets	37	39
Investments in and advances to affiliates	7	7
Restricted Cash, Noncurrent	14	13
Other assets	23	25
Deferred Tax Assets, Deferred Income	4	2
Long-term assets of discontinued operations	0	87
Total assets	2,383	2,194
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	342	304
Accrued Income Taxes, Current	88	13
Current liabilities of discontinued operations	0	34
Total current liabilities	430	351
Long-term Debt and Lease Obligation	346	346
Deferred Income Tax Liabilities, Net	107	86
Operating Lease liability, noncurrent	40	44
Loss Contingency Accrual	26	24
Other long-term liabilities	69	63
Long-term liabilities of discontinued operations	0	42
Liabilities	1,019	955
Redeemable noncontrolling interest	3	4
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 87,986,865 and 71,690,061 shares issued and outstanding, respectively, as of September 30, 2022; and 102,415,883 and 85,636,154 shares issued and outstanding, respectively, as of December 31, 2021	88	102
Additional paid-in capital	459	458
Retained earnings	1,395	1,239
Treasury stock, 16,296,804 shares and 16,779,729 shares, at cost as of September 30, 2022, and December 31, 2021, respectively	(390)	(390)
Accumulated comprehensive loss	(190)	(174)
Total stockholders' equity	1,361	1,235
Total liabilities and stockholders' equity	$ 2,383	$ 2,194

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 1,093	$ 1,182
Adjustments to net income:
Depreciation and amortization	99	88
Equity Method Investment, Realized Gain (Loss) on Disposal	(157)	0
Deferred Income Tax Expense (Benefit)	27	15
Gain (Loss) on Extinguishment of Debt	0	11
Other adjustments, net	34	7
Receivables	(20)	(59)
Prepaid expenses and other current assets	(11)	(5)
Inventories	(72)	(66)
Accounts payable and accrued liabilities	40	64
Income taxes payable, net of receivables	(70)	(46)
Net cash provided by operating activities	1,103	1,283
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(282)	(133)
Proceeds from Divestiture of Businesses	265	0
Other investing activities	3	3
Net cash used in investing activities	(14)	(131)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Long-term Debt	0	350
Repayments of Long-term Debt	0	(359)
Payment of cash dividend	(53)	(50)
Purchase of stock	(900)	(987)
Other financing activities	(15)	(12)
Net cash used in financing activities	(968)	(1,058)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(11)	(10)
Net increase in cash, cash equivalents, and restricted cash	111	84
Cash, cash equivalents and restricted cash at beginning of period	371	535
Cash, cash equivalents and restricted cash at end of period	482	620
Income Taxes Paid, Net	242	305
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	14	16
Capital Expenditures Incurred but Not yet Paid	$ 44	$ 42

Condensed Consolidated Statements of Stockholders' Equity - 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
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (397)
Additional paid-in capital				$ 452
Retained earnings					$ 1,206
Accumulated comprehensive loss	$ (151)					$ (151)
Total stockholders' equity	1,234
Net income	320				320
Dividends paid	(17)				(17)
Issuance of shares under stock plans, amount	$ 0		$ 11	11
Taxes paid related to net settlement of stock-based awards	(6,000,000)		(6,000,000)
Common stock, Value, Shares acquired	$ (122)	$ (2)			(120)
Compensation expense associated with stock-based compensation	1			1
Other comprehensive income	(6)					(6)
Common stock, Shares acquired		(2,000,000)
Net income	1,183
Purchase of stock	(987)
Common Stock, Shares, Outstanding		121,000,000
Common Stock, Amount, Outstanding		$ 121
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (393)
Additional paid-in capital				443
Retained earnings					1,390
Accumulated comprehensive loss						(157)
Total stockholders' equity	1,404
Net income	498				498
Dividends paid	(16)				(16)
Issuance of shares under stock plans, amount	1		$ 2	1
Common stock, Value, Shares acquired	(465)	$ (7)			(458)
Compensation expense associated with stock-based compensation	4			4
Other comprehensive income	8					8
Common stock, Shares acquired		(7,000,000)
Common Stock, Shares, Outstanding		114,000,000
Common Stock, Amount, Outstanding		$ 114
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (390)
Additional paid-in capital				446
Retained earnings					1,413
Accumulated comprehensive loss	(149)					(149)
Total stockholders' equity	1,433
Net income	365				365
Dividends paid	(17)				(17)
Purchase of stock	(399)
Common stock, Value, Shares acquired		$ (7)			(392)
Compensation expense associated with stock-based compensation	5			5
Other comprehensive income	(19)					(19)
Common stock, Shares acquired		(7,000,000)
Common Stock, Shares, Outstanding		107,000,000
Common Stock, Amount, Outstanding		$ 107
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (390)
Additional paid-in capital				451
Retained earnings					1,369
Accumulated comprehensive loss	(168)					(168)
Total stockholders' equity	$ 1,368
Common Stock, Shares, Outstanding	85,636,154	102,000,000
Common Stock, Amount, Outstanding		$ 102
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 390		$ (390)
Additional paid-in capital	458			458
Retained earnings	1,239				1,239
Accumulated comprehensive loss	(174)					(174)
Total stockholders' equity	1,235
Net income	484				484
Dividends paid	(19)				(19)
Issuance of shares under stock plans			(1,000,000)
Issuance of shares under stock plans, amount	$ 0		$ 14	14
Taxes paid related to net settlement of stock-based awards	(15,000,000)		(15,000,000)
Common stock, Value, Shares acquired	$ (104)	$ (2)			(102)
Compensation expense associated with stock-based compensation	7			7
Other comprehensive income	24					24
Common stock, Shares acquired		(2,000,000)
Net income	1,094
Purchase of stock	(900)
Common Stock, Shares, Outstanding		101,000,000
Common Stock, Amount, Outstanding		$ 101
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (391)
Additional paid-in capital				451
Retained earnings					1,601
Accumulated comprehensive loss						(149)
Total stockholders' equity	1,613
Net income	384				384
Dividends paid	(18)				(18)
Issuance of shares under stock plans, amount	$ 2		$ 2
Taxes paid related to net settlement of stock-based awards	(1,000,000)		(1,000,000)
Common stock, Value, Shares acquired	$ (471)	$ 7			(463)
Compensation expense associated with stock-based compensation	7			7
Other comprehensive income	(31)					(31)
Common stock, Shares acquired		(7,000,000)
Common Stock, Shares, Outstanding		94,000,000
Common Stock, Amount, Outstanding		$ 94
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (390)
Additional paid-in capital				457
Retained earnings					1,505
Accumulated comprehensive loss	(181)					(181)
Total stockholders' equity	1,484
Net income	226
Dividends paid	(16)				(16)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	0		$ 0	0
Purchase of stock	(325)				320
Common stock, Value, Shares acquired		$ (6)
Compensation expense associated with stock-based compensation	$ 2			2
Other comprehensive income						(9)
Common stock, Shares acquired		(6,000,000)
Common Stock, Shares, Outstanding	71,690,061	88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount	$ 390		$ (390)
Additional paid-in capital	459			$ 459
Retained earnings	1,395				$ 1,395
Accumulated comprehensive loss	(190)					$ (190)
Total stockholders' equity	$ 1,361

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.16	$ 0.16

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1	$ 1
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	87,986,865	102,415,883
Common Stock, Shares, Outstanding	71,690,061	85,636,154
Treasury Stock, Shares	16,296,804	16,779,729

Nature of Operations and Basis for Presentation	9 Months Ended
Nature of Operations and Basis for Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis for Presentation	NATURE OF OPERATIONS AND 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 22 plants in our continuing operations across the U.S., Canada, Chile, and Brazil through foreign subsidiaries, and it 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. In August 2022, LP and one of its wholly-owned subsidiaries sold the assets related to the Engineered Wood Products (EWP) segment to Pacific Woodtech Corporation, a Washington corporation, and Pacific Woodtech Canada Holdings Limited, a British Columbia limited company (collectively, the Purchaser) for $217 million in gross cash proceeds after taking into account working capital adjustments (including $3 million received subsequent to September 30, 2022). Upon closing, the Company entered into a transition services agreement (TSA) with the Purchaser, pursuant to which the Company agreed to support the various activities of the EWP segment for a period not to exceed eight months. We have classified the related assets and liabilities associated with the EWP segment as discontinued operations in our Condensed Consolidated Balance Sheets. The results of our EWP segment have been presented as discontinued operations in our Condensed Consolidated Statements of Income for all periods presented. See Note 7 –Discontinued Operations for additional information. 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)

9 Months Ended

Sep. 30, 2022

Disaggregation of Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

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), and South America (dollar amounts in millions).


Three Months Ended September 30, 2022
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	393	$	—	$	6	$	—	$	—	$	399
OSB - Structural Solutions	—		205		47		—		—		251
	393		205		53		—		—		650
Commodity
OSB - commodity	—		180		—		—		—		180

Other
Other products	1		3		—		17		—		22
	$	394	$	388	$	53	$	17	$	(1)	$	852


Three Months Ended September 30, 2021
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	310	$	—	$	9	$	—	$	—	$	319
OSB - Structural Solutions	—		307		65		—		—		372
	310		307		75		—		—		691
Commodity
OSB - commodity	—		290		—		—		—		290

Other
Other products	3		4		2		30		(1)		38
	$	312	$	600	$	76	$	30	$	(1)	$	1,018


Nine Months Ended September 30, 2022
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	1,079	$	—	$	18	$	—	$	—	$	1,097
OSB - Structural Solutions	—		995		172		—		(2)		1,165
	1,079		995		190		—		(2)		2,262
Commodity
OSB - commodity	—		801		—		—		(1)		801

Other
Other products	4		9		—		72		—		86
	$	1,083	$	1,805	$	190	$	72	$	(2)	$	3,149


Nine Months Ended September 30, 2021
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	879	$	—	$	29	$	—	$	—	$	908
OSB - Structural Solutions	—		912		171		—		—		1,082
	879		912		200		—		—		1,991
Commodity
OSB - commodity	—		997		—		—		—		997

Other
Other products	9		9		3		73		(2)		93
	$	889	$	1,917	$	203	$	73	$	(2)	$	3,080

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, promote sales of products, and 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
-Topic 606
-URI https://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
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings per Share

9 Months Ended

Sep. 30, 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 and share amounts in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Income from continuing operations	$	129	$	332	$	898	$	1,134
Net loss attributed to noncontrolling interest	—		—		1		1
Income attributed to LP from continuing operations	129		332		898		1,135
Income for discontinued operations, net of income taxes	97		33		196		47
Net income attributed to LP	$	226	$	365	$	1,094	$	1,183

Weighted average common shares outstanding - basic	74		94		80		100
Dilutive effect of employee stock plans	—		—		1		1
Shares used for diluted earnings per share	74		94		80		101
Net income attributed to LP per share - basic:
Continuing operations	$	1.75	$	3.55	$	11.23	$	11.34
Discontinued operations	1.32		0.35		2.45		0.47
Net income attributed to LP per share - basic	$	3.07	$	3.90	$	13.67	$	11.81

Net income attributed to LP per share – diluted:
Continuing operations	$	1.74	$	3.52	$	11.16	$	11.26
Discontinued operations	1.31		0.35		2.43		0.47
Net income attributed to LP per share - diluted	$	3.05	$	3.87	$	13.59	$	11.73

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	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 $276 million and $358 million as of September 30, 2022, and December 31, 2021, respectively, based on 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 is determined using published rates. There were no outstanding amounts borrowed under our Amended Credit Facility (defined below) as of September 30, 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

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Receivables

RECEIVABLES

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


	September 30, 2022		December 31, 2021
Trade receivables	$	147	$	156
Other receivables	24		13
Income tax receivable	—		1
Allowance for doubtful accounts	(1)		(1)
Total	$	171	$	169

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of September 30, 2022, and December 31, 2021, primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories

9 Months Ended

Sep. 30, 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):


	September 30, 2022		December 31, 2021
Logs	$	45	$	50
Other raw materials	95		57
Semi-finished inventory	25		20
Finished products	172		150
Total	$	337	$	278

Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

CONTINUED OPERATIONS

Engineered Wood Products (EWP)

On August 1, 2022, the Company completed the sale of the assets related to the EWP segment to the Purchaser. As a result of the sale, the Company received $217 million in gross cash proceeds after taking into account working capital adjustments (including $3 million received subsequent to September 30, 2022). The Company paid $12 million in direct transaction costs, resulting in net proceeds of $205 million. The net carrying value of the EWP assets at the time of sale was $87 million, which resulted in a pre-tax gain of approximately $118 million within Income from discontinued operations in the Condensed Consolidated Statements of Income.

Upon closing, the Company entered into the TSA with the Purchaser, pursuant to which the Company agreed to support the various activities of the EWP segment for a period not to exceed eight months. During the three months ended September 30, 2022, the Company collected $33 million on the Purchaser's behalf pursuant to the TSA. As of September 30, 2022, the Company has $14 million due to the Purchaser, which is included in the Condensed Consolidated Balance Sheets.

The Company has classified the results of its EWP segment as discontinued operations in its Condensed Consolidated Statements of Income and we have classified the related assets and liabilities associated with the EWP segment as discontinued operations in our Condensed Consolidated Balance Sheets.

EWP Joint Ventures

In March 2022, we sold our 50% equity interest in two joint ventures that produce I-joists to Resolute Forest Products Inc. for $59 million. The total net carrying value of our equity method investment at the date of sale was $19 million, and we recognized a gain associated with the sale of $39 million within Income from discontinued operations in the Condensed Consolidated Statements of Income.

The following table presents the financial results of the EWP segment (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	67	$	201	$	455	$	481
Cost of sales	(54)		(156)		(352)		(403)
Gross profit	13		45		103		78
Selling, general, and administrative expenses	(2)		(5)		(12)		(15)

Income from operations of discontinued operations	12		40		91		64
Other non-operating items	—		5		—		(1)
Gain on disposal before income taxes	118		—		158		—
Income from discontinued operations before income taxes	130		44		249		63
Provision for income taxes	(33)		(11)		(53)		(16)
Income from discontinued operations, net of income taxes	$	97	$	33	$	196	$	47

The following summarizes the total cash provided by operations and total cash used for investing activities related to the EWP segment and included in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (in millions):


	Nine Months Ended September 30,
	2022		2021
Net cash provided by discontinued operating activities	$	18	$	30
Net cash provided by (used in) discontinued investing activities	$	258	$	(25)

Net cash provided by discontinued investing activities for the nine months ended September 30, 2022, includes $59 million of proceeds from the sale of our 50% equity interest in two joint ventures that produce I-joists and $202 million of net proceeds from the sale of the EWP segment assets.

The following table presents the aggregate carrying amounts of discontinued operations related to the EWP segment in the Condensed Consolidated Balance Sheets (in millions):


	December 31, 2021
Carrying amounts of assets included as part of discontinued operations:
Accounts receivable, net	$	22
Inventories	46
Timber and timberlands	42
Property, plant, and equipment, net	30
Operating lease assets	1
Investments in and advances to affiliates	14
Total assets classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	156

Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable and accrued liabilities	$	34

Other liabilities	42
Total liabilities classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	76

Goodwill and Other Intangible Assets (Notes)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

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 nine months ended September 30, 2022, are provided in the following table (dollar amounts in millions):



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2021	$	30	$	19	$	17	$	2


Amortization	(2)		—		(1)		—
Ending balance September 30, 2022	$	28	$	19	$	16	$	2

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

Redeemable Noncontrolling Interest (Notes)

9 Months Ended

Sep. 30, 2022

Business Combination, Step Acquisition [Abstract]

Redeemable Noncontrolling Interest

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 September 30, 2022, were as follows (dollar amounts in millions):



Beginning balance December 31, 2021	$	4


Net loss attributed to noncontrolling interest	(1)

Ending balance September 30, 2022	$	3

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
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 from continuing operations for the nine months ended September 30, 2022 and 2021, reflected an estimated annual effective tax rate of 25% and 24%, respectively, excluding discrete items discussed below. The total effective tax rate for continuing operations for the three and nine months ended September 30, 2022, was 26% and 24%, compared to 25% and 24% for the comparable periods in 2021, respectively. We recognized net discrete tax benefits of $9 million and $7 million in the nine months ended September 30, 2022 and 2021, respectively. The discrete tax benefits primarily relate to excess tax benefits from stock-based compensation and changes to estimates in the prior year including our deferred tax rate.

- 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

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

Impairments of Long-Lived Assets	9 Months Ended
Impairments of Long-Lived Assets	Sep. 30, 2022
Asset Impairment Charges [Abstract]
Impairments of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETSWe review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying values 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 September 30, 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 Warranties

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Product Warranties

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 nine months ended September 30, 2022 and 2021, is summarized in the following table (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	7	$	8	$	7	$	8
Accrued to expense	1		—		3		1


Payments made	(1)		—		(2)		(1)
Total warranty reserves	8		8		8		8
Current portion of warranty reserves (included in Accounts payable and accrued 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 our products and believe, as of September 30, 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

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans

DEFINED BENEFIT PENSION PLANS

The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and nine months ended September 30, 2022 and 2021 (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	1	$	—	$	3	$	1
Other components of net periodic pension cost1:
Interest cost	2		2		5		5
Expected return on plan assets	(2)		(3)		(5)		(10)
Amortization of prior service cost	—		—		—		—
Amortization of net loss	1		1		4		4
Loss due to settlement	4		—		4		—
Net periodic pension cost	$	7	$	1	$	11	$	2

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

In November 2021, the Company initiated the termination of our frozen U.S. and Canadian defined benefit pension plans (collectively, the Plan), which would result in the full settlement of the Company's Plan obligations.

During the three months ended September 30, 2022, we made lump-sum pension distributions and purchased non-participating group annuity contracts totaling $33 million which triggered partial settlement accounting for the Plan. Accordingly, reflected in the table above is a non-cash pre-tax loss due to settlement of $4 million for the three and nine months ended September 30, 2022 representing the recognition of a pro rata portion of the unrecognized loss recorded within Accumulated comprehensive loss.

The changes recognized in Other comprehensive loss were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax	$	(1)	$	—	$	(1)	$	—
Amortization of actuarial loss, prior service cost and settlements, net of tax	$	4	$	2	$	7	$	3
Total amounts recognized in Other comprehensive income	$	3	$	2	$	6	$	3

Remaining Plan participants will receive their full accrued benefits from Plan assets by electing either lump-sum distributions or annuity contracts with a qualifying third-party annuity provider. The remaining distribution of Plan assets pursuant to the termination will not be made until the Plan termination satisfies all regulatory requirements. The remaining Plan termination is expected to be substantially complete in the fourth quarter of 2022 and result in pension settlement expense, which will be determined based on prevailing market conditions, the actual lump-sum distributions, and annuity purchase rates at the date of distribution. Upon final settlement, we expect to recognize pre-tax pension settlement charges that will include (1) a non-cash charge for the recognition of all pre-tax actuarial losses in Accumulated comprehensive loss ($93 million as of September 30, 2022) and (2) any cash contributions to settle the Plan’s obligations ($9 million net projected benefit obligation as of September 30, 2022). The actual amount of the settlement charges and any potential cash contribution will depend on various factors, including interest rates, Plan asset returns, and the lump-sum election rate.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Accumulated Comprehensive Loss

9 Months Ended

Sep. 30, 2022

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

Accumulated Comprehensive Loss

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three months ended September 30, 2022 and 2021 (dollar amounts in millions):


	Pension		Translation Adjustments		Other		Total
Balance at June 30, 2022	$	(74)	$	(105)	$	(1)	$	(181)
Reclassified to income statement, net of taxes1	3		—		—		3
Translation adjustments	—		(13)		—		(13)
Balance at September 30, 2022	$	(71)	$	(118)	$	(1)	$	(190)


	Pension		Translation Adjustments		Other		Total
Balance at June 30, 2021	$	(80)	$	(68)	$	(2)	$	(149)
Reclassified to income statement, net of taxes1	2		—		—		2
Translation adjustments	—		(21)		—		(21)
Balance at September 30, 2021	$	(78)	$	(89)	$	(2)	$	(168)

1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See Note 14 above for additional details.

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 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	6		—		—		6
Translation adjustments	—		(22)		—		(22)
Balance at September 30, 2022	$	(71)	$	(118)	$	(1)	$	(190)


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2020	$	(81)	$	(68)	$	(2)	$	(151)
Reclassified to income statement, net of taxes1	3		—		—		3
Translation adjustments	—		(21)		—		(21)
Balance at September 30, 2021	$	(78)	$	(89)	$	(2)	$	(168)

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

Other Operating and Non-Operating Income (Notes)

9 Months Ended

Sep. 30, 2022

Nonoperating Income (Expense) [Abstract]

Other Operating and Non-Operating Income

OTHER OPERATING AND NON-OPERATING ITEMS

Other operating credits and charges, net

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Insurance recoveries	$	2	$	1	$	15	$	3
Reorganization charges	(4)		(1)		(5)		(1)
Environmental costs	—		—		(2)		—
Other	9		1		9		3
Other operating credits and charges, net	$	7	$	2	$	17	$	5

Other non-operating items

Other non-operating items is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021










Net periodic pension cost, excluding service cost	$	(1)	$	—	$	(4)	$	—
Pension settlement charges	(4)		—		(4)		—
Loss on early debt extinguishment	—		—		—		(11)
Foreign currency gain (loss)	$	2	$	(2)	$	(3)	$	(2)
Other	$	1	$	—	$	1	$	—
Other non-operating items	$	(3)	$	(2)	$	(11)	$	(13)

Selected Segment Data

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Selected Segment Data

SELECTED SEGMENT DATA

We operate in three segments: Siding, OSB, and South America. Our business units have been aggregated into these three 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. On June 21, 2022, LP reached an agreement for the sale of its EWP segment assets which subsequently closed on August 1, 2022. As a result of this transaction, the results of the EWP segment have been reclassified to discontinued operations and EWP is no longer a reportable segment of the Company. See "Note 7 –Discontinued Operations" for additional information.

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 from continuing operations 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 business segments is as follows (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales
Siding	$	394	$	312	$	1,083	$	889
OSB	388		600		1,805		1,917
South America	53		76		190		203
Other	17		30		72		73
Intersegment sales	(1)		(1)		(2)		(2)
Total sales	$	852	$	1,018	$	3,149	3,080
PROFIT BY SEGMENT
Net income	$	226	$	365	$	1,093	$	1,182
Add (deduct):
Net loss attributed to noncontrolling interest	—		—		1		1
Income from discontinued operations, net of income taxes	(97)		(33)		(196)		(47)
Income attributed to LP from continuing operations	129		332		898		1,135
Provision for income taxes	44		111		284		350
Depreciation and amortization	32		28		96		85
Stock-based compensation expense	2		5		15		10

Other operating credits and charges, net	(7)		(2)		(17)		(5)
Loss on early debt extinguishment	—		—		—		11
Interest expense	3		4		9		12
Investment income	(5)		—		(8)		(1)
Other non-operating items	(1)		2		7		2
Pension settlement charges	4		—		4		—
Adjusted EBITDA	$	200	$	480	$	1,289	$	1,600

Siding	$	90	$	73	$	251	$	240
OSB	113		381		1,021		1,300
South America	14		37		65		91
Other	(7)		(3)		(19)		(11)
Corporate	(11)		(8)		(29)		(22)
Adjusted EBITDA	$	200	$	480	$	1,289	$	1,600

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


Three Months Ended September 30, 2022
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	393	$	—	$	6	$	—	$	—	$	399
OSB - Structural Solutions	—		205		47		—		—		251
	393		205		53		—		—		650
Commodity
OSB - commodity	—		180		—		—		—		180

Other
Other products	1		3		—		17		—		22
	$	394	$	388	$	53	$	17	$	(1)	$	852


Three Months Ended September 30, 2021
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	310	$	—	$	9	$	—	$	—	$	319
OSB - Structural Solutions	—		307		65		—		—		372
	310		307		75		—		—		691
Commodity
OSB - commodity	—		290		—		—		—		290

Other
Other products	3		4		2		30		(1)		38
	$	312	$	600	$	76	$	30	$	(1)	$	1,018


Nine Months Ended September 30, 2022
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	1,079	$	—	$	18	$	—	$	—	$	1,097
OSB - Structural Solutions	—		995		172		—		(2)		1,165
	1,079		995		190		—		(2)		2,262
Commodity
OSB - commodity	—		801		—		—		(1)		801

Other
Other products	4		9		—		72		—		86
	$	1,083	$	1,805	$	190	$	72	$	(2)	$	3,149


Nine Months Ended September 30, 2021
By product type and family:	Siding		OSB		South America		Other		Inter-segment		Total
Value-add
Siding Solutions	$	879	$	—	$	29	$	—	$	—	$	908
OSB - Structural Solutions	—		912		171		—		—		1,082
	879		912		200		—		—		1,991
Commodity
OSB - commodity	—		997		—		—		—		997

Other
Other products	9		9		3		73		(2)		93
	$	889	$	1,917	$	203	$	73	$	(2)	$	3,080

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 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 and share amounts in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Income from continuing operations	$	129	$	332	$	898	$	1,134
Net loss attributed to noncontrolling interest	—		—		1		1
Income attributed to LP from continuing operations	129		332		898		1,135
Income for discontinued operations, net of income taxes	97		33		196		47
Net income attributed to LP	$	226	$	365	$	1,094	$	1,183

Weighted average common shares outstanding - basic	74		94		80		100
Dilutive effect of employee stock plans	—		—		1		1
Shares used for diluted earnings per share	74		94		80		101
Net income attributed to LP per share - basic:
Continuing operations	$	1.75	$	3.55	$	11.23	$	11.34
Discontinued operations	1.32		0.35		2.45		0.47
Net income attributed to LP per share - basic	$	3.07	$	3.90	$	13.67	$	11.81

Net income attributed to LP per share – diluted:
Continuing operations	$	1.74	$	3.52	$	11.16	$	11.26
Discontinued operations	1.31		0.35		2.43		0.47
Net income attributed to LP per share - diluted	$	3.05	$	3.87	$	13.59	$	11.73

Receivables (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

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

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


	September 30, 2022		December 31, 2021
Trade receivables	$	147	$	156
Other receivables	24		13
Income tax receivable	—		1
Allowance for doubtful accounts	(1)		(1)
Total	$	171	$	169

Inventories (Tables)

9 Months Ended

Sep. 30, 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):


	September 30, 2022		December 31, 2021
Logs	$	45	$	50
Other raw materials	95		57
Semi-finished inventory	25		20
Finished products	172		150
Total	$	337	$	278

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the financial results of the EWP segment (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	67	$	201	$	455	$	481
Cost of sales	(54)		(156)		(352)		(403)
Gross profit	13		45		103		78
Selling, general, and administrative expenses	(2)		(5)		(12)		(15)

Income from operations of discontinued operations	12		40		91		64
Other non-operating items	—		5		—		(1)
Gain on disposal before income taxes	118		—		158		—
Income from discontinued operations before income taxes	130		44		249		63
Provision for income taxes	(33)		(11)		(53)		(16)
Income from discontinued operations, net of income taxes	$	97	$	33	$	196	$	47


	Nine Months Ended September 30,
	2022		2021
Net cash provided by discontinued operating activities	$	18	$	30
Net cash provided by (used in) discontinued investing activities	$	258	$	(25)

The following table presents the aggregate carrying amounts of discontinued operations related to the EWP segment in the Condensed Consolidated Balance Sheets (in millions):


	December 31, 2021
Carrying amounts of assets included as part of discontinued operations:
Accounts receivable, net	$	22
Inventories	46
Timber and timberlands	42
Property, plant, and equipment, net	30
Operating lease assets	1
Investments in and advances to affiliates	14
Total assets classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	156

Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable and accrued liabilities	$	34

Other liabilities	42
Total liabilities classified as discontinued operations in the Condensed Consolidated Balance Sheet	$	76

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-Paragraph 3A
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+ Details

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill [Line Items]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Changes in goodwill and other intangible assets for the nine months ended September 30, 2022, are provided in the following table (dollar amounts in millions):



	Timber licenses1		Goodwill		Developed Technology		Trademarks
Beginning balance December 31, 2021	$	30	$	19	$	17	$	2


Amortization	(2)		—		(1)		—
Ending balance September 30, 2022	$	28	$	19	$	16	$	2

Redeemable Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination, Step Acquisition [Abstract]

Redeemable Noncontrolling Interest [Table Text Block]

The components of redeemable noncontrolling interest as of September 30, 2022, were as follows (dollar amounts in millions):



Beginning balance December 31, 2021	$	4


Net loss attributed to noncontrolling interest	(1)

Ending balance September 30, 2022	$	3

Commiments and Contingencies Commiments and Contingencies (Tables)

9 Months Ended

Sep. 30, 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):


	September 30, 2022		December 31, 2021
Environmental reserves	$	27	$	25
Other reserves	—		—
Total contingencies	27		25
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	26	$	24

Product Warranties (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The activity in warranty reserves for the three and nine months ended September 30, 2022 and 2021, is summarized in the following table (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	7	$	8	$	7	$	8
Accrued to expense	1		—		3		1


Payments made	(1)		—		(2)		(1)
Total warranty reserves	8		8		8		8
Current portion of warranty reserves (included in Accounts payable and accrued 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)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	1	$	—	$	3	$	1
Other components of net periodic pension cost1:
Interest cost	2		2		5		5
Expected return on plan assets	(2)		(3)		(5)		(10)
Amortization of prior service cost	—		—		—		—
Amortization of net loss	1		1		4		4
Loss due to settlement	4		—		4		—
Net periodic pension cost	$	7	$	1	$	11	$	2

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

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The changes recognized in Other comprehensive loss were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax	$	(1)	$	—	$	(1)	$	—
Amortization of actuarial loss, prior service cost and settlements, net of tax	$	4	$	2	$	7	$	3
Total amounts recognized in Other comprehensive income	$	3	$	2	$	6	$	3

Accumulated Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

Accumulated comprehensive loss is provided in the following table for the three months ended September 30, 2022 and 2021 (dollar amounts in millions):


	Pension		Translation Adjustments		Other		Total
Balance at June 30, 2022	$	(74)	$	(105)	$	(1)	$	(181)
Reclassified to income statement, net of taxes1	3		—		—		3
Translation adjustments	—		(13)		—		(13)
Balance at September 30, 2022	$	(71)	$	(118)	$	(1)	$	(190)


	Pension		Translation Adjustments		Other		Total
Balance at June 30, 2021	$	(80)	$	(68)	$	(2)	$	(149)
Reclassified to income statement, net of taxes1	2		—		—		2
Translation adjustments	—		(21)		—		(21)
Balance at September 30, 2021	$	(78)	$	(89)	$	(2)	$	(168)

1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See Note 14 above for additional details.

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 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	6		—		—		6
Translation adjustments	—		(22)		—		(22)
Balance at September 30, 2022	$	(71)	$	(118)	$	(1)	$	(190)


	Pension		Translation Adjustments		Other		Total
Balance at December 31, 2020	$	(81)	$	(68)	$	(2)	$	(151)
Reclassified to income statement, net of taxes1	3		—		—		3
Translation adjustments	—		(21)		—		(21)
Balance at September 30, 2021	$	(78)	$	(89)	$	(2)	$	(168)

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

Other Operating and Non-Operating Income (Tables)

9 Months Ended

Sep. 30, 2022

Nonoperating Income (Expense) [Abstract]

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

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Insurance recoveries	$	2	$	1	$	15	$	3
Reorganization charges	(4)		(1)		(5)		(1)
Environmental costs	—		—		(2)		—
Other	9		1		9		3
Other operating credits and charges, net	$	7	$	2	$	17	$	5

Schedule of Other Nonoperating Income (Expense)

Other non-operating items is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021










Net periodic pension cost, excluding service cost	$	(1)	$	—	$	(4)	$	—
Pension settlement charges	(4)		—		(4)		—
Loss on early debt extinguishment	—		—		—		(11)
Foreign currency gain (loss)	$	2	$	(2)	$	(3)	$	(2)
Other	$	1	$	—	$	1	$	—
Other non-operating items	$	(3)	$	(2)	$	(11)	$	(13)

Selected Segment Data (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales
Siding	$	394	$	312	$	1,083	$	889
OSB	388		600		1,805		1,917
South America	53		76		190		203
Other	17		30		72		73
Intersegment sales	(1)		(1)		(2)		(2)
Total sales	$	852	$	1,018	$	3,149	3,080
PROFIT BY SEGMENT
Net income	$	226	$	365	$	1,093	$	1,182
Add (deduct):
Net loss attributed to noncontrolling interest	—		—		1		1
Income from discontinued operations, net of income taxes	(97)		(33)		(196)		(47)
Income attributed to LP from continuing operations	129		332		898		1,135
Provision for income taxes	44		111		284		350
Depreciation and amortization	32		28		96		85
Stock-based compensation expense	2		5		15		10

Other operating credits and charges, net	(7)		(2)		(17)		(5)
Loss on early debt extinguishment	—		—		—		11
Interest expense	3		4		9		12
Investment income	(5)		—		(8)		(1)
Other non-operating items	(1)		2		7		2
Pension settlement charges	4		—		4		—
Adjusted EBITDA	$	200	$	480	$	1,289	$	1,600

Siding	$	90	$	73	$	251	$	240
OSB	113		381		1,021		1,300
South America	14		37		65		91
Other	(7)		(3)		(19)		(11)
Corporate	(11)		(8)		(29)		(22)
Adjusted EBITDA	$	200	$	480	$	1,289	$	1,600

Nature of Operations and Basis for Presentation (Details) $ in Millions	Aug. 01, 2022	Nov. 03, 2022 USD ($)	Sep. 30, 2022 operatingPlant	Aug. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating Segments, Number Of Operating Plants \| operatingPlant			22
Discontinued Operations, Held-for-sale \| EWP Segment Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration				$ 217
Disposal Group, Including Discontinued Operation, Support Period	8 months
Discontinued Operations, Held-for-sale \| EWP Segment Assets \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration		$ 3

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 852	$ 1,018	$ 3,149	$ 3,080
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	394	312	1,083	889
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	388	600	1,805	1,917
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	17	30	72	73
South America
Disaggregation of Revenue [Line Items]
Net sales	53	76	190	203
Intersegment
Disaggregation of Revenue [Line Items]
Net sales	1	(1)	2	2
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	650	691	2,262	1,991
Value-add [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	393	310	1,079	879
Value-add [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	205	307	995	912
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	53	75	190	200
Value-add [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0	2	0
Value-add [Member] \| SmartSide siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	399	319	1,097	908
Value-add [Member] \| SmartSide siding [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	393	310	1,079	879
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] \| 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	9	18	29
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	251	372	1,165	1,082
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	205	307	995	912
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	47	65	172	171
Value-add [Member] \| OSB -Structural Solutions [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0	2	0
Commodity \| OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	180	290	801	997
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	180	290	801	997
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	1	0
Other Product Types \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	22	38	86	(2)
Other Product Types \| Other [Member] \| Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	1	3	4	9
Other Product Types \| Other [Member] \| OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	3	4	9	9
Other Product Types \| Other [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	17	30	72	73
Other Product Types \| Other [Member] \| South America
Disaggregation of Revenue [Line Items]
Net sales	0	2	0	3
Other Product Types \| Other [Member] \| Intersegment
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ (1)	$ 0	$ 2

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 129			$ 332			$ 898	$ 1,134
Net loss attributed to noncontrolling interest	0			0			1	1
Income from continuing operations attributed to LP	129			332			898	1,135
Income from discontinued operations, net of income taxes	97			33			196	47
Net Income (Loss) Attributable to Parent	$ 226	$ 384	$ 484	$ 365	$ 498	$ 320	$ 1,094	$ 1,183
Basic (in shares)	74			94			80	100
Dilutive effect of employee stock plans	0			0			1	1
Diluted (in shares)	74			94			80	101
Income per share continuing operations - basic (in dollars per share)	$ 1.75			$ 3.55			$ 11.23	$ 11.34
Income per share discontinued operations - basic (in dollars per share)	1.32			0.35			2.45	0.47
Net income per share - basic (in dollars per share)	3.07			3.90			13.67	11.81
Income per share continuing operations - diluted (in dollars per share)	1.74			3.52			11.16	11.26
Income per share discontinued operations - diluted (in dollars per share)	1.31			0.35			2.43	0.47
Net income per share - diluted (in dollars per share)	$ 3.05			$ 3.87			$ 13.59	$ 11.73

Fair Value Measurements (Details) - Senior unsecured notes, maturing 2029 - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 276	$ 358
Debt Instrument, Interest Rate, Stated Percentage	3.625%

Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade receivables	$ 147	$ 156
Income tax receivable	24	13
Other receivables	0	1
Allowance for doubtful accounts	(1)	(1)
Total	$ 171	$ 169

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Logs	$ 45	$ 50
Other raw materials	95	57
Semi-finished inventory	25	20
Finished products	172	150
Total	$ 337	$ 278

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 01, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Nov. 03, 2022	Aug. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses				$ 265	$ 0
Long-term assets of discontinued operations			$ 0	0				$ 87
Equity Method Investment, Realized Gain (Loss) on Disposal				$ 157	$ 0
Discontinued Operations, Disposed of by Sale \| EWP Segment Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage		50.00%	50.00%	50.00%
Proceeds from Divestiture of Interest in Joint Venture				$ 59
EWP Segment Assets \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 217
Direct transaction costs				12
Proceeds from Divestiture of Businesses	202			205
Long-term assets of discontinued operations	87
Gain on sale	$ 118
Amount collected on purchaser's behalf			$ 33
Amount due to purchaser			$ 14	$ 14
EWP Segment Assets \| Discontinued Operations, Disposed of by Sale \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration						$ 3
EWP Segment Assets \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration							$ 217
Disposal Group, Including Discontinued Operation, Support Period	8 months
EWP Segment Assets \| Discontinued Operations, Held-for-sale \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration						$ 3
Resolute Forest Products Inc. \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses		$ 59
Equity Method Investments		19
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 39

Discontinued Operations - Financial Results of EWP Segment (Details) - Discontinued Operations, Held-for-sale - EWP Segment Assets - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 67	$ 201	$ 455	$ 481
Cost of sales	(54)	(156)	(352)	(403)
Gross profit	13	45	103	78
Selling, general, and administrative expenses	(2)	(5)	(12)	(15)
Income from operations of discontinued operations	12	40	91	64
Other non-operating items	0	5	0	(1)
Gain on disposal before income taxes	118	0	158	0
Loss from discontinued operations before taxes	130	44	249	63
Provision for income taxes	(33)	(11)	(53)	(16)
Income from discontinued operations, net of income taxes	$ 97	$ 33	196	47
Net cash provided by discontinued operating activities			18	30
Net cash provided by (used in) discontinued investing activities			$ 258	$ (25)

Discontinued Operations - Balance Sheet Items (Details) - Discontinued Operations, Held-for-sale - EWP Segment Assets $ in Millions	Dec. 31, 2021 USD ($)
Carrying amounts of assets included as part of discontinued operations:
Accounts receivable, net	$ 22
Inventories	46
Timber and timberlands	42
Property, plant, and equipment, net	30
Operating lease assets	1
Investments in and advances to affiliates	14
Total assets classified as discontinued operations in the Condensed Consolidated Balance Sheet	156
Carrying amounts of liabilities included as part of discontinued operations:
Accounts payable and accrued liabilities	34
Other liabilities	42
Total liabilities classified as discontinued operations in the Condensed Consolidated Balance Sheet	$ 76

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill and other intangible assets	$ 19	$ 19
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	28	30
Amortization of Intangible Assets	(2)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1)
Finite-Lived Intangible Assets, Net	16	17
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 2	$ 2

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Redeemable Noncontrolling Interest (Details) $ in Millions	9 Months Ended
Redeemable Noncontrolling Interest (Details) $ in Millions	Sep. 30, 2022 USD ($)
Business Combination, Step Acquisition [Abstract]
Beginning balance December 31, 2021	$ 4
Net loss attributed to noncontrolling interest	(1)
Ending balance September 30, 2022	$ 3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	26.00%	25.00%	24.00%	24.00%
Other Tax Expense (Benefit)			$ 9	$ 7
Estimated annual tax rate			25.00%	24.00%

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Total contingencies	$ 26	$ 24
Accrual for Environmental Loss Contingencies, Gross	27	25
Current portion (included in Accounts payable and accrued liabilities)	(1)	(1)
Long-term portion	26	24
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	27	25
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0	$ 0

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 7	$ 8	$ 7	$ 8
Accrued to expense	1	0	3	1
Payments made	(1)	0	(2)	(1)
Total warranty reserves	8	8	8	8
Current portion of warranty reserves	(2)	(2)	(2)	(2)
Long-term portion of warranty reserves	$ 6	$ 6	$ 6	$ 6

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 0	$ 3	$ 1
Interest cost	2	2	5	5
Expected return on plan assets	(2)	(3)	(5)	(10)
Amortization of Prior Service Cost	0	0	0	0
Amortization of net loss	1	1	4	4
Loss due to settlement	4	0	4	0
Net periodic pension cost	7	$ 1	11	$ 2
Purchase of non-participating group annuity contracts	33
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) In Accumulated Other Comprehensive Income (Loss)	93		93
Defined Benefit Plan, Benefit Obligation	$ 9		$ 9

Defined Benefit Pension Plans - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax	$ (1)	$ 0	$ (1)	$ 0
Amortization of actuarial loss, prior service cost and settlements, net of tax	4	2	7	3
Total amounts recognized in Other comprehensive income	$ 3	$ 2	$ 6	$ 3

Accumulated Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning Balance	$ (181)	$ (149)	$ (174)	$ (151)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	3	2	6	3
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(13)	(21)	(22)	(21)
Ending Balance	(190)	(168)	(190)	(168)
Pension
Beginning Balance	(74)	(80)	(76)	(81)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	3	2	6	3
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3	2	6	3
Ending Balance	(71)	(78)	(71)	(78)
Translation Adjustments
Beginning Balance	(105)	(68)	(96)	(68)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0	0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(13)	(21)	(22)	(21)
Ending Balance	(118)	(89)	(118)	(89)
Other
Beginning Balance	(1)	(2)	(1)	(2)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0	0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0	0
Ending Balance	(1)	(2)	(1)	(2)
AOCI Attributable to Parent [Member]
Beginning Balance	(181)	(149)	(174)	(151)
Ending Balance	$ (190)	$ (168)	$ (190)	$ (168)

- 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Nonoperating Income (Expense) [Abstract]
Insurance recoveries	$ 2	$ 1	$ 15	$ 3
Reorganization charges	(4)	(1)	(5)	(1)
Environmental costs	0	0	(2)	0
Other	9	1	9	3
Other operating credits and charges, net	7	2	17	5
Net periodic pension cost, excluding service cost	(1)	0	(4)	0
Pension settlement charges	(4)	0	(4)	0
Loss on early debt extinguishment	0	0	0	(11)
Foreign currency gain (loss)	2	(2)	(3)	(2)
Other	1	0	1	0
Other non-operating items	$ (3)	$ (2)	$ (11)	$ (13)

Selected Segment Data (Details) $ in Millions	3 Months Ended						9 Months Ended
Selected Segment Data (Details) $ in Millions	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) operatingSegment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 852			$ 1,018			$ 3,149	$ 3,080
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	226			365			1,093	1,182
Net loss attributed to noncontrolling interest	0			0			1	1
Net Income (Loss) Attributable to Parent	226	$ 384	$ 484	365	$ 498	$ 320	1,094	1,183
Provision for income taxes	44			111			284	350
Depreciation and amortization	32			28			96	85
Stock-based compensation expense	(2)			(5)			(15)	(10)
Other operating income (expense) exclusive of product discontinuance charges	(7)			(2)			(17)	(5)
Gain (Loss) on Extinguishment of Debt	0			0			0	11
Interest Expense	3			4			9	12
Investment income, net of adjustments	5			0
Other Nonoperating Income Expense, Net of Debt Extinguishment	1			(2)			(7)	(2)
Loss due to settlement	4			0			4	0
Adjusted EBITDA	200			480			1,289	1,600
Income from discontinued operations, net of income taxes	(97)			(33)			(196)	(47)
Income from continuing operations attributed to LP	129			332			$ 898	1,135
Number of Operating Segments \| operatingSegment							3
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	(1)			(1)			$ (2)	(2)
Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	650			691			2,262	1,991
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	394			312			1,083	889
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest							1,093	1,182
Adjusted EBITDA	90			73			251	240
Siding [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	393			310			1,079	879
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	388			600			1,805	1,917
Adjusted EBITDA	113			381			1,021	1,300
OSB [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	205			307			995	912
EWP [Member]
Segment Reporting Information [Line Items]
Net loss attributed to noncontrolling interest							1	1
Other [Member]
Segment Reporting Information [Line Items]
Net sales	17			30			72	73
Adjusted EBITDA	(7)			(3)			(19)	(11)
Income from continuing operations attributed to LP	129			332			898	1,135
Other [Member] \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0			0			0	0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(11)			(8)			(29)	(22)
Intersegment
Segment Reporting Information [Line Items]
Net sales	1			(1)			2	2
Intersegment \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0			0			2	0
South America
Segment Reporting Information [Line Items]
Net sales	53			76			190	203
Adjusted EBITDA	14			37			65	91
South America \| Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	$ 53			$ 75			$ 190	$ 200