0001628280-24-045224 | 10-Q | XBRL Viewer

Business Exit Charges and Credits

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

BUSINESS EXIT CREDITS AND CHARGES

During the second quarter of 2023, we ceased the manufacturing operations of Entekra Holdings, LLC (Entekra), an off-site framing operation previously reported within our “Other” category, which comprises other products that are not individually significant. During the second quarter of 2024, the equity method investment held by Entekra sold substantially all of its net assets resulting in a $16 million distribution to LP and a gain of $11 million, which was recorded within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

Business exit credits and charges consisted of the following (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment of property, plant and equipment, operating lease assets, and other intangible assets1	$	—	$	—	$	—	$	(24)
Gain on sale of assets from an equity method investment2	—		—		11		—
Restructuring and other related charges:
Inventory write-down3	—		—		—		(6)
Other expenses including personnel-related costs such as severance4	—		(1)		3		(4)
	$	—	$	(1)	$	14	$	(35)

1Included within impairment of long-lived assets on the Condensed Consolidated Statements of Income.

2Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

3Included within cost of sales on the Condensed Consolidated Statements of Income.

4Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributed to LP	$ 90	$ 160	$ 108	$ 118	$ (20)	$ 21	$ 358	$ 119

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 358	$ 119
Adjustments to net income:
Depreciation and amortization	93	87
Impairment of goodwill and long-lived assets	0	25
Gain on asset sales	0	6
Loss due to settlement	0	6
Deferred taxes	(1)	44
Foreign currency remeasurement and transaction loss (gain)	(2)	20
Other adjustments, net	(2)	28
Receivables	(6)	(52)
Inventories	4	(46)
Prepaid expenses and other current assets	(11)	(5)
Accounts payable and accrued liabilities	28	(36)
Income taxes payable, net of receivables	(39)	26
Net cash provided by operating activities	500	157
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(121)	(236)
Acquisition of facility assets	0	(80)
Proceeds from sales of assets	0	9
Payments to Acquire Interest in Subsidiaries and Affiliates	(17)	0
Other investing activities	16	(4)
Net cash used in investing activities	(122)	(312)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing of long-term debt	0	80
Repayment of long-term debt	0	(80)
Payment of cash dividend	(56)	(52)
Repurchase of common stock	(188)	0
Other financing activities	(8)	(10)
Net cash used in financing activities	(252)	(61)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(2)	(6)
Net increase (decrease) in cash, cash equivalents, and restricted cash	124	(223)
Cash, cash equivalents and restricted cash at beginning of period	222	383
Cash, cash equivalents and restricted cash at end of period	346	160
Cash paid for income taxes, net	80	49
Cash paid for interest, net	14	14
Unpaid capital expenditures	$ 17	$ 17

Accumulated Comprehensive Loss

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at June 30, 2024	$	(108)	$	—	$	(109)

Translation adjustments	9		—		9
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at June 30, 2023	$	(78)	$	(1)	$	(78)

Translation adjustments	(19)		—		(19)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at December 31, 2023	$	(89)	$	(1)	$	(89)

Translation adjustments	(11)		—		(11)
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at December 31, 2022	$	(94)	$	(5)	$	(99)
Reclassified to income statement, net of taxes1	—		4		4
Translation adjustments	(3)		—		(3)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

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

Accumulated Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated comprehensive loss is provided in the following table for the three months ended September 30, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at June 30, 2024	$	(108)	$	—	$	(109)

Translation adjustments	9		—		9
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at June 30, 2023	$	(78)	$	(1)	$	(78)

Translation adjustments	(19)		—		(19)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at December 31, 2023	$	(89)	$	(1)	$	(89)

Translation adjustments	(11)		—		(11)
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at December 31, 2022	$	(94)	$	(5)	$	(99)
Reclassified to income statement, net of taxes1	—		4		4
Translation adjustments	(3)		—		(3)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

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

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Legal and Environmental Matters [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

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


	September 30, 2024		December 31, 2023
Environmental reserves	$	26	$	26
Other reserves	—		—
Total contingencies	26		26
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	25	$	25

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 based on 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 arising in our ordinary course of business. Based on the information currently available, management believes the resolution of such ongoing and future proceedings will not have a material effect on our financial position, results of operations, cash flows, or liquidity.

Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade receivables	$ 109	$ 104
Other receivables	27	26
Income tax receivable	3	27
Allowance for doubtful accounts	(2)	(2)
Total	$ 136	$ 155

Inventories

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Logs	$	62	$	81
Other raw materials	48		53
Semi-finished inventories	31		27
Finished products	232		217
Total Inventories	$	372	$	378

Business Exit Charges and Credits (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Business Exit Charges

Business exit credits and charges consisted of the following (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment of property, plant and equipment, operating lease assets, and other intangible assets1	$	—	$	—	$	—	$	(24)
Gain on sale of assets from an equity method investment2	—		—		11		—
Restructuring and other related charges:
Inventory write-down3	—		—		—		(6)
Other expenses including personnel-related costs such as severance4	—		(1)		3		(4)
	$	—	$	(1)	$	14	$	(35)

1Included within impairment of long-lived assets on the Condensed Consolidated Statements of Income.

2Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

3Included within cost of sales on the Condensed Consolidated Statements of Income.

4Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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,
	2024		2023		2024		2023




Net income attributed to LP	$	90	$	118	$	358	$	119

Weighted average common shares outstanding - basic	70		72		71		72
Dilutive effect of employee stock plans	—		—		—		—
Shares used for diluted earnings per share	71		72		72		72
Earnings per share:



Basic	$	1.28	$	1.63	$	5.01	$	1.65




Diluted	$	1.28	$	1.63	$	5.00	$	1.65

Nature of Operations and Basis for Presentation	9 Months Ended
Nature of Operations and Basis for Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis for Presentation	NATURE OF OPERATIONS AND BASIS OF 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, reliability, and sustainability. The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America, and we make limited sales to customers in Asia, Australia, and Europe. The Company operates 22 plants across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries. References to "LP," the "Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. See "Note 15 - Selected Segment Data" below for further information regarding our products and segments. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (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, 2023, filed with the SEC on February 14, 2024 (2023 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. The Condensed Consolidated Financial Statements include the accounts of LP and our controlled subsidiaries. All intercompany transactions, profits, and balances have been eliminated. All dollar amounts included in tables in the Notes are in millions except per share amounts.

Business Exit Charges and Credits - Schedule of Business Exit Charges (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Impairment of property, plant and equipment, operating lease assets, and other intangible assets	$ 0		$ 0	$ 0	$ (24)
Gain on sale of assets from an equity method investment	0	$ 11	0	11	0
Inventory write-down	0		0	0	(6)
Other expenses including personnel-related costs such as severance	0		(1)	3	(4)
Business exit charges and credits	$ 0		$ (1)	$ 14	$ (35)

Other Operating and Non-Operating Income (Tables)

9 Months Ended

Sep. 30, 2024

Nonoperating Income (Expense) [Abstract]

Schedule of Other Operating Cost and Expense, by Component

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,
	2024		2023		2024		2023

Reorganization charges	$	(1)	$	(2)	$	(1)	$	(9)
Legal settlement	—		—		3		(16)



Gain on asset sales	—		6		—		6
Other	—		1		—		(1)
Other operating credits and charges, net	$	(1)	$	6	$	2	$	(20)

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,
	2024		2023		2024		2023











Pension settlement charges	$	—	$	—	$	—	$	(6)

Foreign currency gain (loss)	(4)		—		2		(12)
Other	—		—		—		1
Other non-operating items	$	(4)	$	—	$	2	$	(17)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Logs	$ 62	$ 81
Other raw materials	48	53
Semi-finished inventory	31	27
Finished products	232	217
Total	$ 372	$ 378

Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

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

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


	September 30, 2024		December 31, 2023
Trade receivables	$	109	$	104
Income tax receivable	3		27
Other receivables	27		26
Allowance for doubtful accounts	(2)		(2)
Total Receivables	$	136	$	155

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
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. The net carrying value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) was $347 million as of September 30, 2024 and December 31, 2023. Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $333 million and $314 million as of September 30, 2024 and December 31, 2023, respectively. 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. In November 2022, LP entered into a Second Amended and Restated Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, and CoBank, ACB, as letter of credit issuer (the Credit Agreement), relating to its revolving credit facility (as amended, the Amended Credit Facility). The Credit Agreement provides for the Amended Credit Facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. All loans under the Credit Agreement become due on November 29, 2028. As of September 30, 2024, there were no outstanding borrowings under our Amended Credit Facility. 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.

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+ Details

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Changes in goodwill and other intangible assets for the nine months ended September 30, 2024 are provided in the following table (dollar amounts in millions):


	Timber Licenses1		Goodwill		Developed Technology
Beginning balance December 31, 2023	$	25	$	19	$	7


Amortization	(2)		—		—
Ending balance September 30, 2024	$	23	$	19	$	7

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

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 8	$ 8	$ 8
Accrued to expense	(1)	(1)	0	1
Payments made	(1)	0	(1)	(1)
Total warranty reserves	7	7	7	7
Current portion of warranty reserves	(2)	(2)	(2)	(2)
Long-term portion of warranty reserves	$ 5	$ 6	$ 5	$ 6

Other Operating and Non-Operating Income (Notes)

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023

Reorganization charges	$	(1)	$	(2)	$	(1)	$	(9)
Legal settlement	—		—		3		(16)



Gain on asset sales	—		6		—		6
Other	—		1		—		(1)
Other operating credits and charges, net	$	(1)	$	6	$	2	$	(20)

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,
	2024		2023		2024		2023











Pension settlement charges	$	—	$	—	$	—	$	(6)

Foreign currency gain (loss)	(4)		—		2		(12)
Other	—		—		—		1
Other non-operating items	$	(4)	$	—	$	2	$	(17)

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 90	$ 118	$ 358	$ 119
Other comprehensive income (loss)
Foreign currency translation adjustments	9	(19)	(11)	(3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0	4
Other comprehensive income (loss), net of tax	9	(19)	(11)	2
Comprehensive income	99	99	347	120
Comprehensive income associated with non-controlling interest	0	0	0	0
Comprehensive income attributed to LP	99	99	347	121
Translation Adjustments
Other comprehensive income (loss)
Foreign currency translation adjustments	$ 9	$ (19)	$ (11)	$ (3)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Selected Segment Data (Details) $ in Millions	3 Months Ended		9 Months Ended
Selected Segment Data (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) operatingSegment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| operatingSegment			3
Net sales	$ 722.0	$ 728.0	$ 2,261.0	$ 1,923.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	90.0	118.0	358.0	119.0
Net income attributed to non-controlling interest	0.0	0.0	0.0	0.0
Income from continuing operations attributed to LP	90.0	118.0	358.0	119.0
Provision for income taxes	23.0	44.0	117.0	66.0
Depreciation and amortization	31.0	30.0	93.0	87.0
Stock-based compensation expense	(4.0)	(2.0)	(15.0)	(9.0)
Loss on impairment attributed to LP	0.0	1.0	0.0	1.0
Other operating income (expense) exclusive of product discontinuance charges	1.0	(7.0)	2.0	16.0
Business exit charges	0.0	1.0	(14.0)	35.0
Interest Expense	4.0	4.0	12.0	9.0
Investment income	(6.0)	(4.0)	(17.0)	(10.0)
Loss due to settlement	0.0	0.0	0.0	6.0
Other non-operating items	(4.0)	0.0	2.0	(11.0)
Adjusted EBITDA	153.0	190.0	564.0	349.0
Value-add
Segment Reporting Information [Line Items]
Net sales	599.0	560.0	1,833.0	1,552.0
Siding
Segment Reporting Information [Line Items]
Net sales	420.0	345.0	1,196.0	996.0
Adjusted EBITDA	123.0	71.0	318.0	198.0
Siding \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	420.0	345.0	1,196.0	996.0
Siding \| Value-add
Segment Reporting Information [Line Items]
Net sales	418.0	342.0	1,190.0	989.0
OSB
Segment Reporting Information [Line Items]
Net sales	253.0	335.0	917.0	754.0
Adjusted EBITDA	33.0	120.0	249.0	161.0
OSB \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	253.0	335.0	917.0	754.0
OSB \| Value-add
Segment Reporting Information [Line Items]
Net sales	136.0	174.0	507.0	412.0
LPSA
Segment Reporting Information [Line Items]
Net sales	47.0	45.0	140.0	153.0
Adjusted EBITDA	9.0	6.0	29.0	31.0
LPSA \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	47.0	45.0	140.0	153.0
LPSA \| Value-add
Segment Reporting Information [Line Items]
Net sales	46.0	44.0	136.0	151.0
Other
Segment Reporting Information [Line Items]
Net sales	2.0	4.0	7.0	21.0
Adjusted EBITDA	(3.0)	0.0	(6.0)	(15.0)
Other \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2.0	4.0	7.0	21.0
Other \| Value-add
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0	0.0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (9.0)	$ (7.0)	$ (26.0)	$ (26.0)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 346	$ 222
Receivables, net of allowance for doubtful accounts of $2 as of September 30, 2024 and December 31, 2023	136	155
Inventories	372	378
Prepaid expenses and other current assets	30	23
Total current assets	885	778
Timber and timberlands	30	32
Property, plant, and equipment, net	1,567	1,540
Operating lease assets	25	25
Goodwill and other intangible assets	26	27
Investments in and advances to affiliates	18	5
Other assets	21	20
Deferred Tax Assets, Deferred Income	4	11
Total assets	2,576	2,437
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	282	254
Accrued Income Taxes, Current	22	5
Total current liabilities	303	259
Long-term Debt and Lease Obligation	347	347
Deferred Income Tax Liabilities, Net	153	162
Operating Lease liability, noncurrent	25	25
Loss Contingency Accrual	25	25
Other long-term liabilities	56	61
Liabilities	910	880
Stockholders' equity:
Common stock, $1 par value per share, 200 shares authorized; 86 and 70 shares issued and outstanding, respectively, as of September 30, 2024; and 88 and 72 shares issued and outstanding, respectively, as of December 31, 2023	86	88
Additional paid-in capital	472	465
Retained earnings	1,594	1,479
Treasury stock, 16 shares at cost as of September 30, 2024 and December 31, 2023	(386)	(386)
Accumulated comprehensive loss	(100)	(89)
Total stockholders' equity	1,666	1,557
Total liabilities and stockholders' equity	$ 2,576	$ 2,437
Treasury Stock, Shares	16,000,000	16,000,000

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 25	$ 25
Accrual for Environmental Loss Contingencies, Gross	26	26
Current portion (included in Accounts payable and accrued liabilities)	(1)	(1)
Long-term portion	25	25
Environmental reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	26	26
Other reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Legal and Environmental Matters [Abstract]

Schedule of Loss Contingencies by Contingency

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


	September 30, 2024		December 31, 2023
Environmental reserves	$	26	$	26
Other reserves	—		—
Total contingencies	26		26
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	25	$	25

Nature of Operations and Basis for Presentation (Details)	Sep. 30, 2024 operatingPlant
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Segments, Number Of Operating Plants	22

Other Operating and Non-Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nonoperating Income (Expense) [Abstract]
Reorganization charges	$ (1)	$ (2)	$ (1)	$ (9)
Legal settlement	0	0	3	(16)
Gain on asset sales	0	6	0	6
Other	0	1	0	(1)
Other operating credits and charges, net	(1)	6	2	(20)
Loss due to settlement	0	0	0	(6)
Foreign currency gain (loss)	(4)	0	2	(12)
Other	0	0	0	1
Other non-operating items	$ (4)	$ 0	$ 2	$ (17)

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
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, 2024
Entity File Number	1-7107
Document Fiscal Year Focus	2024
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		70,238,241
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

Product Warranties

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023, is summarized in the following table (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	8	$	8	$	8	$	8
Change in warranty provision	(1)		(1)		—		1

Payments made	(1)		—		(1)		(1)
Total warranty reserves	7		7		7		7
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)	$	5	$	6	$	5	$	6

We continue to monitor warranty and other claims associated with our products and believe, as of September 30, 2024, 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.

Goodwill and Other Intangible Assets (Notes)

9 Months Ended

Sep. 30, 2024

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, 2024 are provided in the following table (dollar amounts in millions):


	Timber Licenses1		Goodwill		Developed Technology
Beginning balance December 31, 2023	$	25	$	19	$	7


Amortization	(2)		—		—
Ending balance September 30, 2024	$	23	$	19	$	7

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

Selected Segment Data

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Selected Segment Data

SELECTED SEGMENT DATA

We operate in three segments: Siding, OSB, and LPSA. 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.

•Our Siding segment serves diverse end markets with a broad product offering, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions® (collectively referred to as Siding Solutions). Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia.

•Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP® Structural Solutions (which includes LP TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal Insulated Sheathing, LP FlameBlock® Fire-Rated Sheathing, and LP TopNotch® 350 Durable Sub-Flooring). OSB products are manufactured using wood strands arranged in layers and bonded with resins.

•Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets. This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction. The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru.

We evaluate the performance of our business segments based on net sales and segment Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for our business segments. Segment Adjusted EBITDA 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, business exit credits and charges, 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,
	2024		2023		2024		2023
NET SALES BY BUSINESS SEGMENT
Siding	$	420	$	345	$	1,196	$	996
OSB	253		335		917		754
LPSA	47		45		140		153
Other	2		4		7		21

Total sales	$	722	$	728	$	2,261	1,923
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
Net income	$	90	$	118	$	358	$	119
Add (deduct):
Net income attributed to non-controlling interest	—		—		—		—

Income attributed to LP	90		118		358		119
Provision for income taxes	23		44		117		66
Depreciation and amortization	31		30		93		87
Stock-based compensation expense	4		2		15		9
Loss on impairment attributed to LP	—		1		—		1
Other operating credits and charges, net	1		(7)		2		16
Business exit credits and charges	—		1		(14)		35

Interest expense	4		4		12		9
Investment income	(6)		(4)		(17)		(10)
Pension settlement charges	—		—		—		6
Other non-operating items	4		—		(2)		11
Adjusted EBITDA	$	153	$	190	$	564	$	349
SEGMENT ADJUSTED EBITDA
Siding	$	123	$	71	$	318	$	198
OSB	33		120		249		161
LPSA	9		6		29		31
Other	(3)		—		(6)		(15)
Corporate	(9)		(7)		(26)		(26)
Adjusted EBITDA	$	153	$	190	$	564	$	349

- 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

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (388)
Additional paid-in capital				$ 462
Retained earnings					$ 1,371
Accumulated comprehensive loss	$ (99)					$ (99)
Total stockholders' equity	1,433
Net income	21				21
Dividends paid	(17)				(17)
Issuance of shares under stock plans, amount	0		10	10
Taxes paid related to net settlement of stock-based awards	(10)		$ (10)
Compensation expense associated with stock-based compensation	4			4
Other comprehensive income	$ 19					19
Common Stock, Value, Outstanding at Mar. 31, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2023		88,000,000
Dividends paid (in dollars per share)	$ 0.24
Net income	$ 119
Repurchase of common stock	0
Common Stock, Value, Outstanding at Sep. 30, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2023		88,000,000
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (388)
Additional paid-in capital				455
Retained earnings					1,375
Accumulated comprehensive loss						(80)
Total stockholders' equity	1,450
Net income	(20)				(20)
Dividends paid	(17)				(17)
Issuance of shares under stock plans, amount	2		2
Taxes paid related to net settlement of stock-based awards	(1)		$ (1)
Compensation expense associated with stock-based compensation	3			3
Other comprehensive income	$ 1					1
Common Stock, Value, Outstanding at Jun. 30, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023		88,000,000
Dividends paid (in dollars per share)	$ 0.24
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (387)
Additional paid-in capital				458
Retained earnings					1,337
Accumulated comprehensive loss	$ (78)					(78)
Total stockholders' equity	1,419
Net income	118				118
Dividends paid	(17)				(17)
Issuance of shares under stock plans, amount	0
Taxes paid related to net settlement of stock-based awards	0
Compensation expense associated with stock-based compensation	2			2
Other comprehensive income	$ (19)					(19)
Common Stock, Value, Outstanding at Sep. 30, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2023		88,000,000
Dividends paid (in dollars per share)	$ 0.24
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (387)
Additional paid-in capital				460
Retained earnings					1,438
Accumulated comprehensive loss	$ (98)					(98)
Total stockholders' equity	$ 1,502
Common Stock, Shares, Outstanding	72,000,000	88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares	16,000,000		16,000,000
Treasury Stock, amount	$ 386		$ (386)
Additional paid-in capital	465			465
Retained earnings	1,479				1,479
Accumulated comprehensive loss	(89)					(89)
Total stockholders' equity	1,557
Net income	108				108
Dividends paid	(19)				(19)
Issuance of shares under stock plans, amount	0		6	6
Taxes paid related to net settlement of stock-based awards	(6)		$ (6)
Common stock, Value, Shares acquired	(13)				(13)
Compensation expense associated with stock-based compensation	6			6
Other comprehensive income	$ (15)					(15)
Common Stock, Value, Outstanding at Mar. 31, 2024		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2024		88,000,000
Dividends paid (in dollars per share)	$ 0.26
Net income	$ 358
Repurchase of common stock	$ (188)
Common Stock, Value, Outstanding at Sep. 30, 2024		$ 86
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2024	70,000,000	86,000,000
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (386)
Additional paid-in capital				465
Retained earnings					1,555
Accumulated comprehensive loss						(104)
Total stockholders' equity	$ 1,617
Net income	160				160
Dividends paid	(19)				(19)
Issuance of shares under stock plans, amount	3		$ 1	1
Taxes paid related to net settlement of stock-based awards	0
Common stock, Value, Shares acquired	(103)	$ (1)			(101)
Compensation expense associated with stock-based compensation	4			4
Other comprehensive income	$ (4)					(4)
Common stock, Shares acquired		(1,000,000)
Common Stock, Value, Outstanding at Jun. 30, 2024		$ 87
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2024		87,000,000
Dividends paid (in dollars per share)	$ 0.26
Common Stock, Shares, Outstanding		87,000,000
Common Stock, Amount, Outstanding		$ 87
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (385)
Additional paid-in capital				471
Retained earnings					1,595
Accumulated comprehensive loss	$ (109)					(109)
Total stockholders' equity	1,658
Net income	90				90
Dividends paid	(18)				(18)
Issuance of shares under stock plans, amount	0		3	3
Taxes paid related to net settlement of stock-based awards	(4)		$ (4)
Repurchase of common stock	(74)				(73)
Common stock, Value, Shares acquired		$ (1)
Compensation expense associated with stock-based compensation	$ 4			4
Other comprehensive income						9
Common stock, Shares acquired		(1,000,000)
Common Stock, Value, Outstanding at Sep. 30, 2024		$ 86
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2024	70,000,000	86,000,000
Dividends paid (in dollars per share)	$ 0.26
Common Stock, Shares, Outstanding	70,000,000	86,000,000
Common Stock, Amount, Outstanding		$ 86
Treasury Stock, Shares	16,000,000		16,000,000
Treasury Stock, amount	$ 386		$ (386)
Additional paid-in capital	472			$ 472
Retained earnings	1,594				$ 1,594
Accumulated comprehensive loss	(100)					$ (100)
Total stockholders' equity	$ 1,666

Accumulated Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning Balance	$ (109)	$ (78)	$ (89)	$ (99)
Reclassified to income statement, net of taxes				4
Foreign currency translation adjustments	9	(19)	(11)	(3)
Ending Balance	(100)	(98)	(100)	(98)
Translation Adjustments
Beginning Balance	(108)	(78)	(89)	(94)
Reclassified to income statement, net of taxes				0
Foreign currency translation adjustments	9	(19)	(11)	(3)
Ending Balance	(100)	(97)	(100)	(97)
Other
Beginning Balance	0	(1)	(1)	(5)
Reclassified to income statement, net of taxes				4
Foreign currency translation adjustments	0	0	0	0
Ending Balance	$ 0	$ (1)	$ 0	$ (1)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill and other intangible assets	$ 19	$ 19
Timber Licenses
Goodwill [Line Items]
Timber and Timberlands	23	25
Amortization of Intangible Assets	(2)
Developed Technology
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 7	$ 7

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Selected Segment Data (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
NET SALES BY BUSINESS SEGMENT
Siding	$	420	$	345	$	1,196	$	996
OSB	253		335		917		754
LPSA	47		45		140		153
Other	2		4		7		21

Total sales	$	722	$	728	$	2,261	1,923
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
Net income	$	90	$	118	$	358	$	119
Add (deduct):
Net income attributed to non-controlling interest	—		—		—		—

Income attributed to LP	90		118		358		119
Provision for income taxes	23		44		117		66
Depreciation and amortization	31		30		93		87
Stock-based compensation expense	4		2		15		9
Loss on impairment attributed to LP	—		1		—		1
Other operating credits and charges, net	1		(7)		2		16
Business exit credits and charges	—		1		(14)		35

Interest expense	4		4		12		9
Investment income	(6)		(4)		(17)		(10)
Pension settlement charges	—		—		—		6
Other non-operating items	4		—		(2)		11
Adjusted EBITDA	$	153	$	190	$	564	$	349
SEGMENT ADJUSTED EBITDA
Siding	$	123	$	71	$	318	$	198
OSB	33		120		249		161
LPSA	9		6		29		31
Other	(3)		—		(6)		(15)
Corporate	(9)		(7)		(26)		(26)
Adjusted EBITDA	$	153	$	190	$	564	$	349

Product Warranties (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The activity in warranty reserves for the three and nine months ended September 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	8	$	8	$	8	$	8
Change in warranty provision	(1)		(1)		—		1

Payments made	(1)		—		(1)		(1)
Total warranty reserves	7		7		7		7
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)	$	5	$	6	$	5	$	6

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 722	$ 728	$ 2,261	$ 1,923
Cost of sales	(530)	(514)	(1,591)	(1,489)
Gross Profit	193	214	669	434
Selling, general, and administrative expenses	(75)	(58)	(215)	(191)
Impairment of long-lived assets	0	(1)	0	(25)
Other operating credits and charges, net	(1)	6	2	(20)
Income from operations	116	161	455	198
Non-operating income (expense):
Interest Expense	(4)	(4)	(12)	(9)
Investment income	6	4	17	10
Other non-operating items	(4)	0	2	(17)
Income before income taxes	113	160	462	183
Provision for income taxes	(23)	(44)	(117)	(66)
Equity in unconsolidated affiliate	0	1	12	3
Net income	90	118	358	119
Net income attributed to non-controlling interest	0	0	0	0
Net income attributed to LP	$ 90	$ 118	$ 358	$ 119
Net income attributed to LP per share of common stock:
Net income per share, basic (in dollars per share)	$ 1.28	$ 1.63	$ 5.01	$ 1.65
Net income per share, diluted (in dollars per share)	$ 1.28	$ 1.63	$ 5.00	$ 1.65
Average shares of common stock used to compute net income (loss) per share:
Basic (in shares)	70	72	71	72
Diluted (in shares)	71	72	72	72

Business Exit Charges and Credits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Proceeds from equity method investment distribution		$ 16
Gain on sale of assets from an equity method investment	$ 0	$ 11	$ 0	$ 11	$ 0

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 722	$ 728	$ 2,261	$ 1,923
Siding
Disaggregation of Revenue [Line Items]
Net sales	420	345	1,196	996
OSB
Disaggregation of Revenue [Line Items]
Net sales	253	335	917	754
LPSA
Disaggregation of Revenue [Line Items]
Net sales	47	45	140	153
Other
Disaggregation of Revenue [Line Items]
Net sales	2	4	7	21
Value-add
Disaggregation of Revenue [Line Items]
Net sales	599	560	1,833	1,552
Value-add \| Siding
Disaggregation of Revenue [Line Items]
Net sales	418	342	1,190	989
Value-add \| OSB
Disaggregation of Revenue [Line Items]
Net sales	136	174	507	412
Value-add \| LPSA
Disaggregation of Revenue [Line Items]
Net sales	46	44	136	151
Value-add \| Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add \| Siding Solutions
Disaggregation of Revenue [Line Items]
Net sales	423	347	1,207	1,008
Value-add \| Siding Solutions \| Siding
Disaggregation of Revenue [Line Items]
Net sales	418	342	1,190	989
Value-add \| Siding Solutions \| OSB
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add \| Siding Solutions \| LPSA
Disaggregation of Revenue [Line Items]
Net sales	6	5	17	19
Value-add \| Siding Solutions \| Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add \| OSB - Structural Solutions
Disaggregation of Revenue [Line Items]
Net sales	175	213	626	544
Value-add \| OSB - Structural Solutions \| Siding
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add \| OSB - Structural Solutions \| OSB
Disaggregation of Revenue [Line Items]
Net sales	136	174	507	412
Value-add \| OSB - Structural Solutions \| LPSA
Disaggregation of Revenue [Line Items]
Net sales	40	40	119	132
Value-add \| OSB - Structural Solutions \| Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity \| OSB - commodity
Disaggregation of Revenue [Line Items]
Net sales	112	157	395	332
Commodity \| OSB - commodity \| Siding
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity \| OSB - commodity \| OSB
Disaggregation of Revenue [Line Items]
Net sales	112	157	395	332
Commodity \| OSB - commodity \| LPSA
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity \| OSB - commodity \| Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other \| Other products
Disaggregation of Revenue [Line Items]
Net sales	11	11	33	39
Other \| Other products \| Siding
Disaggregation of Revenue [Line Items]
Net sales	3	2	7	7
Other \| Other products \| OSB
Disaggregation of Revenue [Line Items]
Net sales	5	5	15	9
Other \| Other products \| LPSA
Disaggregation of Revenue [Line Items]
Net sales	1	0	4	2
Other \| Other products \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 2	$ 4	$ 7	$ 21

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Estimated annual tax rate				25.00%	27.00%
Effective Income Tax Rate Reconciliation, Percent	20.00%	27.00%		25.00%	36.00%
Income Tax Expense (Benefit), Discrete Items			$ 22	$ (1)	$ 16

Receivables

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Receivables

RECEIVABLES

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


	September 30, 2024		December 31, 2023
Trade receivables	$	109	$	104
Income tax receivable	3		27
Other receivables	27		26
Allowance for doubtful accounts	(2)		(2)
Total Receivables	$	136	$	155

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of September 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue

The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):


	Three Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	418	$	—	$	6	$	—	$	423
OSB - Structural Solutions	—		136		40		—		175
	418		136		46		—		599
Commodity
OSB - commodity	—		112		—		—		112

Other
Other products	3		5		1		2		11
	$	420	$	253	$	47	$	2	$	722

	Three Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	342	$	—	$	5	$	—	$	347
OSB - Structural Solutions	—		174		40		—		213
	342		174		44		—		560
Commodity
OSB - commodity	—		157		—		—		157

Other
Other products	2		5		—		4		11
	$	345	$	335	$	45	$	4	$	728


	Nine Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	1,190	$	—	$	17	$	—	$	1,207
OSB - Structural Solutions	—		507		119		—		626
	1,190		507		136		—		1,833
Commodity
OSB - commodity	—		395		—		—		395

Other
Other products	7		15		4		7		33
	$	1,196	$	917	$	140	$	7	$	2,261

	Nine Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	989	$	—	$	19	$	—	$	1,008
OSB - Structural Solutions	—		412		132		—		544
	989		412		151		—		1,552
Commodity
OSB - commodity	—		332		—		—		332

Other
Other products	7		9		2		21		39
	$	996	$	754	$	153	$	21	$	1,923

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributed to LP	$ 90	$ 160	$ 108	$ 118	$ (20)	$ 21	$ 358	$ 119
Weighted average common shares outstanding - basic	70			72			71	72
Dilutive effect of employee stock plans (in shares)	0			0			0	0
Shares used for diluted earnings per share (in shares)	71			72			72	72
Net income per share, basic (in dollars per share)	$ 1.28			$ 1.63			$ 5.01	$ 1.65
Net income per share, diluted (in dollars per share)	$ 1.28			$ 1.63			$ 5.00	$ 1.65

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2022
Senior unsecured notes, maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.625%
Carrying value of long term debt	$ 347
Debt, fair value	333	$ 314
Line of Credit \| Revolving Credit Facility [Member] \| Amended Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum borrowing capacity			$ 550
Long-term debt, gross	$ 0
Letter of Credit Sub-limit \| Revolving Credit Facility [Member] \| Amended Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum borrowing capacity			$ 60

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.26	$ 0.26	$ 0.26	$ 0.24	$ 0.24	$ 0.24

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Impairments of Long-Lived Assets	9 Months Ended
Impairments of Long-Lived Assets	Sep. 30, 2024
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 such carrying values. 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, 2024, there were no indicators 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.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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, 2024		December 31, 2023
Logs	$	62	$	81
Other raw materials	48		53
Semi-finished inventories	31		27
Finished products	232		217
Total Inventories	$	372	$	378

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2	$ 2
Common stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	86,000,000	88,000,000
Common Stock, Shares, Outstanding	70,000,000	72,000,000
Treasury Stock, Shares	16,000,000	16,000,000

Revenue

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Abstract]

Revenue

REVENUE

We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories depicts 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 15 - Selected Segment Data” below, our reportable segments are Siding, Oriented Strand Board (OSB), and LP South America (LPSA). The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):


	Three Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	418	$	—	$	6	$	—	$	423
OSB - Structural Solutions	—		136		40		—		175
	418		136		46		—		599
Commodity
OSB - commodity	—		112		—		—		112

Other
Other products	3		5		1		2		11
	$	420	$	253	$	47	$	2	$	722

	Three Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	342	$	—	$	5	$	—	$	347
OSB - Structural Solutions	—		174		40		—		213
	342		174		44		—		560
Commodity
OSB - commodity	—		157		—		—		157

Other
Other products	2		5		—		4		11
	$	345	$	335	$	45	$	4	$	728


	Nine Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	1,190	$	—	$	17	$	—	$	1,207
OSB - Structural Solutions	—		507		119		—		626
	1,190		507		136		—		1,833
Commodity
OSB - commodity	—		395		—		—		395

Other
Other products	7		15		4		7		33
	$	1,196	$	917	$	140	$	7	$	2,261

	Nine Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	989	$	—	$	19	$	—	$	1,008
OSB - Structural Solutions	—		412		132		—		544
	989		412		151		—		1,552
Commodity
OSB - commodity	—		332		—		—		332

Other
Other products	7		9		2		21		39
	$	996	$	754	$	153	$	21	$	1,923

Revenue is recognized when obligations under the terms of contracts (e.g., 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 are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized. The costs include, but are not limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs. These costs are recorded at the later of (i) the time of sale or (ii) 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 our estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, merchandising support, and customer training. 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

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
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 provision for income taxes for the nine months ended September 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25% and 27%, respectively, excluding discrete items discussed below. The total tax provision for the three and nine months ended September 30, 2024 was $23 million and $117 million, respectively, compared to $44 million and $66 million for the comparable periods in 2023, respectively. The total effective tax rate for the three and nine months ended September 30, 2024 was 20% and 25%, respectively, compared to 27% and 36%, respectively, for the comparable period in 2023. The year-to-date decrease in the effective tax rate was primarily a result of a discrete tax expense of $22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings. During the nine months ended September 30, 2024, we recognized a $1 million net discrete tax benefit and during the nine months ended September 30, 2023, we recognized a net discrete tax expense of $16 million. The current year net tax benefit related primarily to stock based compensation while the net discrete tax expense in the prior year primarily related to the $22 million second quarter expense recognized in connection with the change in management’s indefinite reinvestment assertion described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.” In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which establishes a global minimum effective tax rate of 15% for multinational enterprise groups with annual global revenue exceeding 750 million Euros. On June 20, 2024, the Canadian government enacted legislation implementing aspects of the OECD’s minimum tax rules under the Pillar Two Framework, effective in 2024. We considered the new Canadian legislation as part of our third quarter 2024 tax provision and concluded that (i) it had no impact on our consolidated financial statements for the nine months ended September 30, 2024, and (ii) we expect there to be no impact on our Consolidated Financial Statements for the year ending December 31, 2024. The Canadian government issued draft legislative proposals in August of 2024 to implement remaining OECD Pillar Two framework enforcement mechanisms proposed to take effect in 2025 for calendar year companies. No other jurisdictions in which LP operates have enacted Pillar Two legislation at this time. The Company is continuously monitoring the expanding adoptions of Pillar Two legislation and assessing its potential impact on our future tax liability.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

EARNINGS PER SHARE

Basic earnings per share is based on 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, 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,
	2024		2023		2024		2023




Net income attributed to LP	$	90	$	118	$	358	$	119

Weighted average common shares outstanding - basic	70		72		71		72
Dilutive effect of employee stock plans	—		—		—		—
Shares used for diluted earnings per share	71		72		72		72
Earnings per share:



Basic	$	1.28	$	1.63	$	5.01	$	1.65




Diluted	$	1.28	$	1.63	$	5.00	$	1.65