0000060519-26-000012 | 10-K | XBRL Viewer

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 10
Operating Lease, Weighted Average Discount Rate, Percent	4.00%
Operating Lease, Cost	$ 9	$ 8
Operating lease assets	23	25
Leases of Lessee Disclosure [Text Block]	23	25
Current portion of operating lease liabilities	9	8
Non-current operating lease liabilities	22	24
Total lease liabilities	30	32
Operating Lease, Payments	9	7
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 5	7
Operating Lease, Weighted Average Remaining Lease Term	5 years
Lessee, Operating Lease, Liability, Payments, Due Year Two	$ 7
Lessee, Operating Lease, Liability, Payments, Due Year Three	5
Lessee, Operating Lease, Liability, Payments, Due Year Four	3
Lessee, Operating Lease, Liability, Payments, Due Year Five	3
Lessee, Operating Lease, Liability, Payments, Due after Year Five	4
Lessee, Operating Lease, Liability, Payments, Due	32
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(2)
Operating Lease, Liability	30
Operating Lease, Expense	2	$ 5
Operating Lease, Impairment Loss	$ 2

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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. The Company operates more than 20 manufacturing facilities across North and South America, and operates an additional facility through a joint venture. References to “LP,” the “Company,” “we,” “our,” and “us” refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

See “Note 15 - Segment Information” below for information regarding our products and segments.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

The Consolidated Financial Statements include the accounts of LP and our controlled subsidiaries. All intercompany transactions, profits, and balances have been eliminated. All dollar amounts are in millions except per share amounts.

Certain reclassifications have been made to prior years to conform to the current year presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and short-term investments of three months or less when purchased. These investments are stated at cost, which approximates market value.

Receivables

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables at December 31, 2025 and 2024 primarily consisted of sales tax receivables and other miscellaneous receivables.

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: (1) recurring, measured on a periodic basis, and (2) non-recurring, measured on an as-needed basis.

There are three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3 Valuations based on models where significant inputs are not observable. Unobservable inputs are used when little or no market data is available and reflect the Company’s own assumptions about the assumptions market participants would use.

The Company’s financial instruments consist of cash and cash equivalents, short-term receivables, trade payables, debt instruments, and trading securities. Carrying amounts reported on the balance sheet for cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturity of these instruments. See “Note 8 - Long Term Debt” below for further information regarding the fair value of long-term debt instruments.

Trading securities consist of rabbi trust financial assets, which are recorded in other assets in our Consolidated Balance Sheets. The rabbi trust holds assets attributable to the elections of certain management employees to defer the receipt of a portion of their compensation. 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.

Inventories

Property, Plant and Equipment

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, which typically range from 5 to 20 years for buildings and land improvements, 3 to 15 years for machinery and equipment, and the shorter of the lease terms or estimated useful lives for leasehold improvements.

Logging road construction costs are capitalized and included in land and land improvements. These costs are amortized as the timber volume adjacent to the road system is harvested.

Asset Impairment

Long-lived assets to be held and used (primarily property, plant, and equipment and timber and timberlands) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When impairment is indicated, the book values of the assets are written down to their estimated fair value as calculated by the expected discounted cash flow or estimated net sales price. See “Note 11 - Impairment of Long-Lived Assets” below for a discussion of charges related to impairments of property, plant, and equipment.

Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value.

Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are assessed annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. In accordance with Accounting Standards Codification (ASC) 350, Intangibles – Goodwill and Other, companies may opt to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A qualitative assessment includes factors such as financial performance, industry and market metrics, and other factors affecting the reporting unit. If this assessment concludes that it is more likely than not that the fair value of a reporting unit exceeds its carrying value, then goodwill is not considered impaired, and no further impairment testing is required. Conversely, if the qualitative assessment concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we must then compare the fair value of the reporting unit to its carrying value. Impairment is evaluated by applying a fair value-based test. Impairment losses would be recognized when the quantitative assessment concludes that the carrying amount exceeds the fair value of the reporting unit, limited to the carrying amount of goodwill. No impairment charges were recognized for the year ended December 31, 2025, 2024, and 2023.

Changes in goodwill and intangible assets for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Goodwill		Developed Technology		Total Goodwill and Intangibles
Balance at December 31, 2023	$	19	$	7	$	27
Additions	—		—		—
Impairment	—		—		—
Amortization	—		(1)		(1)
Balance at December 31, 2024	19		7		26
Additions	—		—		—
Impairment	—		—		—
Amortization	—		(4)		(4)
Balance at December 31, 2025	$	19	$	3	$	22

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

Due to a facility closure in the second quarter of 2025, the Company revised its estimate of the useful lives of its developed technology to better reflect the period over which the asset is expected to be utilized. The developed technology previously had a remaining useful life of ten years and is now being amortized over a revised useful life of one year. This revision in estimate resulted in a quarterly increase of $2 million in amortization expense beginning in the second quarter of 2025. Amortization of the developed technology is expected to be fully recognized in 2026, resulting in $3 million of amortization expense.

Timber and Timberlands

Timber and timberlands are comprised of timber deeds and allocations of the purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which we purchase timber but not the underlying land. The cost of timber deeds is capitalized in timber and timberlands and charged to the cost of timber harvested as the volume is removed. Timber that has been severed but has not yet been delivered to a facility is included in timber and timberlands. We had timber and timberlands of $5 million and $6 million as of December 31, 2025, and 2024, respectively.

Timber licenses have a life of 20 to 25 years and are amortized on a straight-line basis over the life of the agreement. As of December 31, 2025 and 2024, we had timber licenses of $8 million and $23 million, respectively. Certain Canadian timber harvesting licenses also include future requirements for reforestation. The future estimated reforestation obligation is accrued and recognized in cost of sales based on the volume of timber harvested. The obligation is determined by estimating future costs based on various assumptions and judgments, the specific nature of which varies considering the particular facts and circumstances surrounding each reforestation obligation. Subsequent changes to estimates resulting from the passage of time and revisions to calculations are recognized in earnings as they occur. Amortization of timber licenses is expected to be $1 million in 2026 and in each of the subsequent four years.

Changes in timber licenses for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning Balance	$	23	$	25
Additions	—		1
Impairment	(13)		—
Amortization	(2)		(3)
Ending Balance	$	8	$	23

Included in the balance of timber licenses are values allocated to Canadian forest licenses whose initial value of $35 million is amortized over the estimated useful life of 20 to 25 years. For the year ended December 31, 2025, we recognized $13 million of non-cash, pre-tax impairment charges related to the expiration and non-renewal of certain timber licenses.

Timber and Timberlands

Changes in timber licenses for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning Balance	$	23	$	25
Additions	—		1
Impairment	(13)		—
Amortization	(2)		(3)
Ending Balance	$	8	$	23

Investments in Affiliates

We account for investments in affiliates when we do not have a controlling financial interest using the equity method under which LP’s share of earnings and losses of the affiliate is reflected in earnings, and dividends are credited against the investment in the affiliate when declared.

Restricted Cash

Our restricted cash accounts generally secure outstanding letters of credit. There were no restricted cash balances as of December 31, 2025 and 2024.

Accounts Payable and Accrued Liabilities

Other accrued liabilities at December 31, 2025 and 2024, primarily consisted of accrued interest, the short-term portion of warranty reserves, the short-term portion of workers’ compensation liabilities, and other items. Additionally, trade accounts payable included $33 million and $32 million related to capital expenditures that had not yet been paid as of December 31, 2025 and 2024, respectively.

Other Long-Term Liabilities

Other long-term liabilities at December 31, 2025 and 2024, consisted primarily of the long-term portion of workers’ compensation liabilities. Other long-term liabilities at December 31, 2024 previously included $14 million of investment tax incentives associated with property, plant, and equipment that was reclassified from other long-term liabilities to property, plant, and equipment in 2025.

Asset Retirement Obligations

We record the fair value of the legal and conditional obligations to retire and remove long-lived assets in the periods in which the obligations are incurred. These obligations primarily consist of monitoring costs on closed landfills, timber reforestation obligations associated with our timber licenses in Canada, and site restoration costs. When the related liability is initially recorded, we capitalize the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its settlement value, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference between the settlement amount and the liability recorded.

Income Taxes

We account for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our Consolidated Financial Statements or tax returns. In estimating future tax consequences, we generally consider all expected future events other than the enactment of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. Additionally, deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.

We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

We classify interest related to income tax liabilities or uncertain tax positions as interest expense or interest income and, if applicable, penalties are recognized as a component of income tax expense.

We are subject to global intangible low-taxed income, an incremental tax on foreign income. We have made an accounting election to record this tax in the period the tax arises.

Stock-based Compensation

Stock-Based Compensation

We have stock award plans covering certain key employees and directors, which provide for awards of restricted stock units, performance stock units, stock-settled stock appreciation rights (SSARS), and stock options. In addition, we offer an employee stock purchase plan to employees.

The fair value of our restricted stock and restricted stock units is the closing stock price of LP’s common stock the day preceding the grant date. The fair value of our performance stock units is estimated using the Monte Carlo simulation pricing model. The key assumptions used in this model include expected volatility, risk-free rate, and average and grant date stock prices. The estimate of expected volatility for performance stock units is based upon historical stock price volatility and the length of the performance period. The risk-free interest rate is based on zero-coupon U.S. Treasury bonds. The beginning average stock price equals the average closing value stock price over the defined period of trading days with the assumption that dividends distributed during the period were reinvested.

Foreign Currency Translation

The functional currency for our Canadian subsidiaries is the U.S. dollar. The books and records for these subsidiaries are maintained in the Canadian dollar. The financial statements of these foreign subsidiaries are remeasured into U.S. dollars using the historical exchange rate for property, plant, and equipment, timber and timberlands (related depreciation and amortization on both property, plant, and equipment and timber and timberlands), goodwill, and certain other non-monetary assets. We use the exchange rate at the balance sheet date for the remaining assets and liabilities, including deferred taxes. A weighted average exchange rate is used for each period for revenues and expenses. These transaction gains or losses are recorded in other non-operating income (expense) on the Consolidated Statements of Income.

The functional currencies of our Chilean, Brazilian, Colombian, Peruvian, Paraguayan, and Mexican subsidiaries are their respective local currencies. Assets and liabilities are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments, which are based upon the exchange rate at the balance sheet date for assets and liabilities and the weighted average rate for the income statement, are recorded in accumulated comprehensive loss in stockholders’ equity on the Consolidated Balance Sheets. Our Argentine subsidiary operates under a highly inflationary economy and uses the Chilean Peso as the functional currency. Transaction gains and losses are recorded in other non-operating items on the Consolidated Statements of Income.

Advertising Costs

Advertising costs of $40 million, $37 million, and $25 million in 2025, 2024, and 2023, respectively, are principally expensed as incurred and included as part of selling, general, and administrative expenses within our Consolidated Statements of Income. Advertising costs include product displays, media production costs, agency fees, sponsorships, and cooperating advertising.

Other Operating Credits and Charges, Net

We classify amounts unrelated to ongoing core operating activities as other operating credits and charges, net in the Consolidated Statements of Income. Such items include, but are not limited to, restructuring charges (including severance charges), business exit credits and charges, charges to establish and maintain litigation or environmental reserves, product reserves, gains or losses from settlements with governmental or other organizations, and gains or losses on the sale or disposal of long-lived assets. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment.

Retirement Benefits

We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Actuarial gains or losses, curtailments, prior service costs or credits, and transition obligations not previously recognized are recorded as a component of accumulated comprehensive loss.

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that are excluded from net income, including foreign currency translation adjustments and costs associated with pension or other post-retirement benefits that have not been recognized as components of net periodic benefit costs and is presented in the accompanying Consolidated Statements of Comprehensive Income.

Recently Adopted Accounting Pronouncements / Recent Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This pronouncement is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We have adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. See “Note 6 - Income Taxes” of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

Recent Pronouncements Not Yet Adopted

Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to provide more detailed disaggregation of expenses in the income statement, focusing on the nature of the expenses rather than their function. ASU 2024-03 will require entities to separately present expenses for significant line items, including but not limited to, depreciation, amortization, and employee compensation. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. This pronouncement is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures.

Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalizing costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and may be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures.

Present and Prospective Accounting Pronouncements (Notes)	12 Months Ended
	Dec. 31, 2025
Present and Prospective Accounting [Abstract]
Present and Prospective Accounting Pronouncements	PRESENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This pronouncement is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We have adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. See “Note 6 - Income Taxes” of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K. Recent Pronouncements Not Yet Adopted Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to provide more detailed disaggregation of expenses in the income statement, focusing on the nature of the expenses rather than their function. ASU 2024-03 will require entities to separately present expenses for significant line items, including but not limited to, depreciation, amortization, and employee compensation. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. This pronouncement is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalizing costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and may be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Tax Liabilities, Undistributed Foreign Earnings	$ 25	$ 19	$ 21
Cash paid for income taxes, net	42	124	$ 65
Taxes Payable	11	1
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Paid	$ 0	$ 0

Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-7107
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION
Entity Central Index Key	0000060519
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-0609074
Entity Address, Address Line One	1610 West End Ave.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	(615)
Local Phone Number	986 - 5600
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LPX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,897,870,878
Entity Common Stock, Shares Outstanding		69,830,343
Documents Incorporated by Reference	Certain portions of the registrant’s Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders (which is expected to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s 2025 fiscal year) are incorporated by reference into Part III of this annual report on Form 10-K.

Summary of Significant Accounting Policies Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 95	$ 100
Income Taxes Receivable, Current	16	12
Other receivables	17	21
Allowance for Doubtful Other Receivables, Current	(1)	(1)
Receivables, net of allowance for doubtful accounts of $1 at December 31, 2025 and 2024	$ 127	$ 131

Income Taxes - Operating loss and credit carryovers (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 7.0
Tax Credit Carryforwards	21.0
Tax Credit Carryforward, Valuation Allowance	(8.0)
U.S.
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforwards	6.0
Tax Credit Carryforward, Valuation Allowance	0.0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforwards	5.0
Tax Credit Carryforward, Valuation Allowance	(3.0)
Canada
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforwards	4.0
Tax Credit Carryforward, Valuation Allowance	(4.0)
Chile
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforwards	4.0
Tax Credit Carryforward, Valuation Allowance	0.0
Other
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	7.0
Tax Credit Carryforwards	2.0
Operating Loss Carryforwards and Tax Credit Carryforward, Valuation Allowance	$ 1.0

Segment Information - Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 19	$ 19
Asset Impairment Charges	0	0
Goodwill, Ending Balance	19	19
Siding
Goodwill [Roll Forward]
Goodwill, Beginning Balance	4	4
Asset Impairment Charges	0	0
Goodwill, Ending Balance	4	4
OSB
Goodwill [Roll Forward]
Goodwill, Beginning Balance	16	16
Asset Impairment Charges	0	0
Goodwill, Ending Balance	$ 16	$ 16

- 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.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from 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 + Details

Long-term Debt (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

May 31, 2024

Mar. 31, 2021

Notes and Loans Payable [Abstract]

Long-term Debt, Gross

$ 350

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

(2)

Long-term debt

348

Current portion of long-term debt

Long term debt, Gross, Noncurrent

350

Long-term debt, excluding current portion

$ 348

348

Long-term Debt [Text Block]

LONG-TERM DEBT


		December 31, 2025						December 31, 2024
(Dollar amounts in millions)	Interest Rate	Principal		Unamortized Debt Costs		Total		Principal		Unamortized Debt Costs		Total
Debentures:
Senior unsecured notes, maturing 2029, interest rates fixed	3.625%	$	350	$	(2)	$	348	$	350	$	(2)	$	348
Amended Credit Facility, maturing 2028, interest rates variable	varies	—		—		—		—		—		—


Total		$	350	$	(2)	$	348	$	350	$	(2)	$	348
Less: current portion		—				—		—				—
Long-term portion		$	350	$	(2)	$	348	$	350	$	(2)	$	348

Senior Notes

In March 2021, we issued $350 million of 3.625% Senior Notes due in 2029 (the 2029 Senior Notes). Since March 15, 2024, we have had the option, on one or more occasions, to redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2029 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions, merge or consolidate or sell all or substantially all of our assets. If we are subject to a “change of control,” as defined in the indenture governing the 2029 Senior Notes, we are required to offer to repurchase the 2029 Senior Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon up to, but not including, the date of purchase. The indenture governing the 2029 Senior Notes contains customary events of default, including failure to make required payments on the 2029 Senior Notes, failure to comply with certain agreements or covenants contained in the indenture governing the 2029 Senior Notes, failure to pay or acceleration of certain other indebtedness and certain events of bankruptcy and insolvency. An event of default in the indenture allows either the indenture trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2029 Senior Notes to accelerate, or in certain cases, automatically causes the acceleration of, the amounts due under the 2029 Senior Notes.

Deferred debt costs are amortized over the life of the related debt using a straight-line basis which approximates the effective interest method. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to other non-operating income (expense).

Credit Facilities

In November 2022, LP entered into a Second Amended and Restated Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, CoBank, ACB, as letter of credit issuer, and certain other lender parties (the Credit Agreement), relating to its revolving credit facility. On March 26, 2025, LP entered into the First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) with American AgCredit, PCA, as administrative agent, CoBank, ACB, as letter of credit issuer, and the lenders and voting participants party thereto, which amended the Credit Agreement (the Amended Credit Agreement) to (1) increase the aggregate principal amount for the credit facility (the Amended Credit Facility) from $550 million to $750 million, (2) increase the sub-limit for letters of credit from $60 million to $75 million, (3) change the interest rate for revolving borrowing, (4) change the capitalization ratio limit, and (5) extend the maturity date to March 26, 2032.

There were no outstanding borrowings pursuant to the Amended Credit Facility as of December 31, 2025. Revolving borrowings under the Amended Credit Facility accrue interest, at our option, at either (a) a “base rate” plus a margin of 0.500% to 1.500% or (b) Adjusted Term SOFR (i.e., Term SOFR Rate plus an adjustment of 0.10%) plus a margin of 1.500% to 2.500%. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.200% to 0.425%. The applicable margins and fees within these ranges are based on our ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to cash interest charges. The “base rate” is the highest of (i) the federal funds rate plus 0.5%, (ii) the U.S. prime rate, and (iii) one-month Adjusted Term SOFR plus 1.0%.

The Amended Credit Agreement contains various restrictive covenants and customary events of default, the occurrence of which could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Amended Credit Agreement also contains financial covenants that, among other things, require us and our consolidated subsidiaries to have, as of the end of each fiscal quarter, a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 65%.

In May 2024, LP entered into a new letter of credit facility agreement (the LOC Facility Agreement), replacing the letter of credit facility agreement dated May 2020. The LOC Facility Agreement provides for the funding of letters of credit up to an aggregate outstanding amount of $20 million, which may be secured by certain cash collateral of LP (the Letter of Credit Facility). The LOC Facility Agreement provides for a letter of credit fee, due quarterly, ranging from 1.000% to 1.875% of the daily available amount to be drawn on each letter of credit issued under the Letter of Credit Facility. The LOC Facility Agreement contains similar affirmative, negative, and financial covenants as those set forth in the Amended Credit Agreement, including the capitalization ratio covenant. All amounts outstanding under the Letter of Credit Facility become due on April 15, 2029.

As of December 31, 2025, we were in compliance with all financial covenants under the 2029 Senior Notes, the Amended Credit Agreement and the LOC Facility Agreement.

Deferred debt costs are amortized over the life of the related debt using a straight-line basis, which approximates the effective interest method. Included in such amortized amounts are deferred debt costs associated with our Amended Credit Facility of $4 million, which are recorded within other assets on our Consolidated Balance Sheets. We amortized deferred debt costs of $1 million for each of the years ended December 31, 2025, 2024, and 2023.

The weighted average interest rate for all long-term debt at December 31, 2025 and 2024 was approximately 3.6%. Required repayment of principal for long-term debt is as follows (dollar amounts in millions):


Years ending December 31,
2026	$	—
2027	—
2028	—
2029	350
2031 and thereafter	—
Total	$	350

We estimated the 2029 Senior Notes to have a fair value of $341 million and $323 million at December 31, 2025 and 2024, respectively, based upon market quotations. Fair values were based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates (Level 1 in the U.S. GAAP fair value hierarchy).

Letter of Credit

Notes and Loans Payable [Abstract]

Line of Credit Facility, Maximum Borrowing Capacity

$ 20

Senior unsecured notes, maturing 2024

Notes and Loans Payable [Abstract]

Notes Payable, Fair Value Disclosure

$ 341

323

Senior Notes | Senior unsecured notes, maturing 2029

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 350

Notes and Loans Payable [Abstract]

Debt, interest rate, stated percentage

3.625%

Long-term Debt, Gross

$ 350

350

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

(2)

Long-term debt

348

Revolving Credit Facility

Notes and Loans Payable [Abstract]

Long-term Debt, Gross

Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net

Long-term debt

$ 0

Line of Credit | Amended Credit Facility | Minimum [Member] | Revolving Credit Facility

Notes and Loans Payable [Abstract]

Debt instrument, basis spread on variable rate

0.50%

Debt instrument, commitment fee percentage

0.20%

Line of Credit | Amended Credit Facility | Maximum | Revolving Credit Facility

Notes and Loans Payable [Abstract]

Debt instrument, basis spread on variable rate

1.50%

Debt instrument, commitment fee percentage

0.425%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Year Ended December 31, 2025
	Siding		OSB		Total
Revenues from external customers	$	1,689	$	832	$	2,521
Reconciliation of revenue
Other revenues1					187
Total consolidated revenues					$	2,708
Less:
Cost of sales	(1,157)		(815)
Selling, general, and administrative expenses	(176)		(68)
Depreciation and amortization	81		54
Other segment items2	7		5
Reportable segment Adjusted EBITDA	$	444	$	7	$	452


	Year Ended December 31, 2024
	Siding		OSB		Total
Revenues from external customers	$	1,558	$	1,184	$	2,742
Reconciliation of revenue
Other revenues1					199
Total consolidated revenues					$	2,941
Less:
Cost of sales	(1,092)		(872)
Selling, general, and administrative expenses	(155)		(62)
Depreciation and amortization	74		45
Other segment items2	5		3
Reportable segment Adjusted EBITDA	$	390	$	298	$	688


	Year Ended December 31, 2023
	Siding		OSB		Total
Revenues from external customers	$	1,328	$	1,026	$	2,354
Reconciliation of revenue
Other revenues1					227
Total consolidated revenues					$	2,581
Less:
Cost of sales	(1,005)		(789)
Selling, general, and administrative expenses	(125)		(61)
Depreciation and amortization	67		43
Other segment items2	3		2
Reportable segment Adjusted EBITDA	$	269	$	220	$	490

1Other revenues include sales from LPSA and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.

2Other segment items include stock compensation expense.


	Year Ended December 31,
	2025		2024		2023
Reconciliation of profit (loss)
Reportable Segment adjusted EBITDA	$	452	$	688	$	490
Add (deduct):
Other Adjusted EBITDA1	(15)		—		(11)
Equity in unconsolidated affiliate	(1)		(13)		(3)
Depreciation and amortization	(145)		(126)		(119)
Stock-based compensation expense	(30)		(20)		(13)
Loss on impairment1	(44)		(5)		(6)
Other operating credits and charges, net2,3	(6)		(8)		(18)
Product-line discontinuance charges3	(2)		—		—
Business exit credits and charges2	—		14		(32)

Interest expense	(15)		(14)		(14)
Investment income	16		22		18
Other non-operating (expense) income	(15)		9		(43)
Income before income taxes	$	195	$	547	$	248

1Other Adjusted EBITDA includes LPSA, corporate, and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.

2See further discussion in “Note 5 - Business Exit Credits and Charges” of the Notes to the Consolidated Financial Statements.

3See further discussion in “Note 10 - Other Operating and Non-Operating Income (Expense)” of the Notes to the Consolidated Financial Statements.


	Year Ended December 31,
	2025		2024		2023
Capital Expenditures
Siding	$	184	$	108	$	212
OSB	83		63		59
Other	24		11		29
Total capital expenditures	$	291	$	183	$	300


	December 31,
	2025		2024
Identifiable Assets
Siding	$	1,419	$	1,307
OSB	531		553
Other	677		696
Total assets	$	2,627	$	2,556

Schedule of Segment Reporting Information, by Geographical Areas

Information concerning our geographic areas is as follows (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Total sales - Point of origin
U.S.	$	2,430	$	2,611	$	2,265
Canada	669		675		610
South America	202		214		241
Inter-geographic sales	(593)		(559)		(535)
Total sales	$	2,708	$	2,941	$	2,581

Schedule of Goodwill

Changes in goodwill by segment for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Siding		OSB		Total
Balance at December 31, 2023	$	4	$	16	$	19

Impairment charges	—		—		—
Balance at December 31, 2024	4		16		19

Impairment charges	—		—		—
Balance at December 31, 2025	$	4	$	16	$	19

Long-Lived Assets by Geographic Areas


	Year Ended December 31,
	2025		2024
Long lived assets
U.S.	$	1,191	$	1,063
Canada	439		468
South America	107		93
Total long lived assets	$	1,737	$	1,624

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Long-term Debt Long-term Debt Required repayment of Principal (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Long-Term Debt, Unclassified [Abstract]
2026	$ 0
2027	0
2028	0
2029	350
2030	0
Total	$ 350	$ 350

Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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, SSARs, restricted stock or units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations 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):


	Year Ended December 31,
	2025		2024		2023




Net income	$	146	$	420	$	178

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



Basic	$	2.09	$	5.91	$	2.47




Diluted	$	2.08	$	5.89	$	2.46

Stockholders' Equity ESPP (Details) shares in Millions	12 Months Ended
Stockholders' Equity ESPP (Details) shares in Millions	Dec. 31, 2025 shares
Equity [Abstract]
Shares available for grant, Employee Stock Purchase Plan	1
ESPP Purchase Period	6 months

Leases (Notes)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessee, Operating Leases

. LEASES

Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, rail cars to transport our products, and a fleet of vehicles. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration.

As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease term for all our leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that we are reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

For each of the years ended December 31, 2025 and 2024, our weighted average discount rate was 4%, and our weighted average remaining lease term was five years for operating leases.

Our operating leases are included in our Consolidated Balance Sheets and Consolidated Statements of Income as follows (dollar amounts in millions):


		December 31,
	Balance Sheet Classification	2025		2024
Assets:
Operating lease assets	Operating lease assets, net	$	23	$	25

Total lease assets		$	23	$	25
Liabilities:
Current operating lease liability	Accounts payable and accrued liabilities	$	9	$	8

Non-current operating lease liability	Non-current operating lease liabilities	22		24

Total lease liabilities		$	30	$	32

For the years ended December 31, 2025 and 2024, we incurred operating lease expenses of $9 million and $8 million, respectively, included within costs of sales and selling, general and administrative expenses. We made cash payments of $9 million and $7 million during the years ended December 31, 2025 and 2024, respectively, related to our operating leases. We further incurred operating lease expense of $2 million and $5 million related to short-term rent expense for the years ended December 31, 2025 and 2024, respectively.

We obtained right of use (ROU) assets in exchange for new operating lease liabilities of $5 million and $7 million for the years ended December 31, 2025 and 2024, respectively. We did not enter into any financing leases during 2025 or 2024.

The following table sets forth the minimum operating lease payments that are expected to be made in each of the years indicated (dollar amounts in millions):


2026	$	10
2027	7
2028	5
2029	3
2030	3
2031 and thereafter	4
Total operating lease payments	32
Less: Interest	(2)
Present value of operating lease liabilities	$	30

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

See “Note 15 - Segment Information” below for information regarding our products and segments.

Basis of Presentation

Certain reclassifications have been made to prior years to conform to the current year presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and short-term investments of three months or less when purchased. These investments are stated at cost, which approximates market value.

Receivables

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


	December 31,
	2025		2024
Trade receivables	$	95	$	100
Income tax receivables	16		12


Other receivables	17		21
Allowance for doubtful accounts	(1)		(1)
Total Receivables	$	127	$	131

Fair Value Measurements

There are three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Inventories

Inventories are valued at the lower of cost or net realizable value. Inventory costs include materials, labor, and operating overhead. The FIFO (first-in, first-out) or average cost methods are used to value our inventories as of December 31, 2025. Inventories include a lower of cost or market adjustment of $23 million and $9 million as of December 31, 2025, and 2024, respectively. Inventory consisted of the following (dollar amounts in millions):


	December 31,
	2025		2024
Logs	$	62	$	64
Other raw materials	42		41
Semi-finished inventory	38		33
Finished products	222		220
Total Inventories	$	363	$	357

Property, Plant, and Equipment

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):


	December 31,
	2025		2024
Land, land improvements, and logging roads, net of road amortization	$	225	$	215
Buildings	525		500
Machinery and equipment	2,602		2,457
Construction in progress	298		248
Property, plant, and equipment	3,650		3,419
Accumulated depreciation	(1,941)		(1,840)
Property, plant, and equipment, net	$	1,709	$	1,579

Depreciation and amortization expense on property, plant, and equipment was included in our Consolidated Statements of Income as noted below (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	134	$	120	$	111
Selling, general and administrative expenses	4		3		4
Total depreciation and amortization	$	138	$	123	$	115

Logging road construction costs are capitalized and included in land and land improvements. These costs are amortized as the timber volume adjacent to the road system is harvested.

Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value.

Goodwill and Intangible Assets

Changes in goodwill and intangible assets for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Goodwill		Developed Technology		Total Goodwill and Intangibles
Balance at December 31, 2023	$	19	$	7	$	27
Additions	—		—		—
Impairment	—		—		—
Amortization	—		(1)		(1)
Balance at December 31, 2024	19		7		26
Additions	—		—		—
Impairment	—		—		—
Amortization	—		(4)		(4)
Balance at December 31, 2025	$	19	$	3	$	22

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

Timber and Timberlands

Changes in timber licenses for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning Balance	$	23	$	25
Additions	—		1
Impairment	(13)		—
Amortization	(2)		(3)
Ending Balance	$	8	$	23

Investments in Affiliates

Restricted Cash

Our restricted cash accounts generally secure outstanding letters of credit. There were no restricted cash balances as of December 31, 2025 and 2024.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (dollar amounts in millions):


	December 31,
	2025		2024
Trade accounts payable	$	129	$	139
Salaries and wages payable	84		80
Accrued customer incentives	50		48
Taxes other than income taxes	5		4
Current portion of operating lease liabilities	9		8
Other accrued liabilities	9		9
Total Accounts payable and accrued liabilities	$	285	$	287

Other Long-Term Liabilities

Other long-term liabilities were as follows (dollar amounts in millions):


	December 31,
	2025		2024
Post-retirement obligations	$	6	$	7
Asset retirement obligations	9		9
Uncertain tax positions	5		13
Warranty reserves	5		5
Pension benefit obligation	1		2
Other	6		8
Total Other long-term liabilities	$	33	$	43

Asset Retirement Obligations

The activity in our asset retirement obligation liability for 2025 and 2024 is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	9	$	8
Accretion expense	1		1
Adjusted to expense (cost of sales and other operating credits and charges, net)	—		1

Ending balance	$	9	$	9

Income Taxes

We are subject to global intangible low-taxed income, an incremental tax on foreign income. We have made an accounting election to record this tax in the period the tax arises.

Stock-Based Compensation

Foreign Currency Translation

Advertising Costs

Other Operating Credits and Charges, Net

Retirement Benefits

Comprehensive Income

Retirement Plans and Post Retirement Benefits	12 Months Ended
Retirement Plans and Post Retirement Benefits	Dec. 31, 2025
Retirement Benefits [Abstract]
Retirement Plans and Postretirement Benefits	RETIREMENT PLANS AND POST-RETIREMENT BENEFITS We sponsor various defined contribution retirement plans and benefit pension plans that provide retirement benefits to substantially all our employees. Most regularly scheduled employees are eligible to participate in the defined contribution retirement plans except those covered by a collective bargaining agreement unless the collective bargaining agreement explicitly allows for participation in our plans. We contribute to a multiemployer plan for certain employees covered by collective bargaining agreements. We also provide other post-retirement benefits consisting primarily of healthcare benefits to certain retirees who meet age and service requirements. The defined benefit pension plans were limited to active and retired employees that were eligible prior to the plans being frozen. Defined Contribution Plans We sponsor defined contribution plans in the U.S. and Canada. In the U.S., these plans are primarily 401(k) plans for hourly and salaried employees that allow for pre-tax employee deferrals and a Company match of up to 5% of an employee’s eligible wages (subject to certain limits). Under the profit-sharing feature of these plans, we may elect to contribute a discretionary amount as a percentage of eligible wages. Included in the assets of the 401(k) and profit-sharing plans are 0.4 million shares of LP common stock that represented approximately 6% of the total market value of plan assets at December 31, 2025. In Canada, we sponsor both defined contribution plans and Registered Retirement Savings Plans for hourly and salaried employees that allow for employee tax deferrals. We provide a 100% match for employee contributions up to 4% and provide a 50% match of employee’s contributions from 4% to 6% (subject to certain limits). Expenses related to the U.S. and Canadian defined contribution plans and the Registered Retirement Savings Plans, including the profit-sharing feature, were $21 million, $20 million, and $15 million in 2025, 2024, and 2023, respectively. Other Benefit Plans We have several plans that provide post-retirement benefits other than pensions, primarily for salaried employees in the U.S. and certain groups of Canadian employees. The obligation at December 31, 2025 and 2024 for these post-retirement benefits was $7 million and $8 million, respectively. The net expense related to these plans was not significant in 2025, 2024, or 2023. In 2004, we adopted the Louisiana-Pacific Corporation 2004 Executive Deferred Compensation Plan (the Deferred Compensation Plan). Pursuant to the Deferred Compensation Plan, participants are eligible to defer up to 90% of their base salary and annual cash incentives that exceed the limitation as set forth by the Internal Revenue Service and receive a 5% match on their contributions. Each Deferred Compensation Plan participant is fully vested in all employee deferred compensation and earnings credited associated with employee contributions. Employer contributions and associated earnings vest over periods not exceeding five years. The liability under the Deferred Compensation Plan amounted to $3 million as of December 31, 2025, and 2024, and is included in other long-term liabilities on our Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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+ Details

Income Taxes Tax act (Details)	12 Months Ended
Income Taxes Tax act (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%

Committments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

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


	December 31,
	2025		2024
Environmental reserves	$	27	$	28
Other reserves	—		—
Total contingencies	$	27	$	28
Current portion1	(1)		(1)
Long-term portion	$	26	$	27

1Included within accounts payable and accrued liabilities on the Consolidated Balance Sheets.

Schedule of Environmental Loss Contingencies by Site [Table Text Block]

The activity in our reserve for estimated environmental loss contingency reserves is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	28	$	26
Adjustments to expense (other operating credits and charges, net and cost of sales)	—		2

Payments made	(1)		(1)
Ending balance	$	27	$	28

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 11	$ 13	$ 6
Tax positions taken in current year	1	1	1
Tax positions taken in prior years	0	0	6
Settlements during the year	0	(3)	0
Lapse of statute in current year	(8)	0	0
Ending Balance	$ 4	$ 11	$ 13

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1
Common Stock, Par or Stated Value Per Share	$ 1
Common Stock, Shares Authorized	200,000,000	86,000,000
Common Stock, Shares, Issued	85,000,000	70,000,000
Common Stock, Shares, Outstanding	70,000,000
Preferred Stock, Par or Stated Value Per Share	$ 1
Preferred Stock, Shares Authorized	15,000,000
Preferred Stock, Shares Outstanding	0
Treasury Stock, Shares	15,000,000

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

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):


	Year Ended December 31,
	2025		2024		2023




Net income	$	146	$	420	$	178

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



Basic	$	2.09	$	5.91	$	2.47




Diluted	$	2.08	$	5.89	$	2.46

Product Warranty (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The activity in warranty reserves is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	6	$	8
Changes in warranty provision	1		—
Payments made	(1)		(1)
Total warranty reserves	$	6	$	6
Current portion of warranty reserves1	(2)		(2)
Long-term portion of warranty reserves2	$	5	$	5

Committments and Contingent Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 27	$ 28
Loss Contingency, Accrual, Current	1	1
Loss Contingency, Accrual, Noncurrent	26	27
SEC Schedule, 12-09, Reserve, Environmental Cost [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	27	28	$ 26
Loss Contingency Accrual, Period Increase (Decrease)	0	(2)
Payments for Environmental Liabilities	1	1
Hardboard Siding Reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	0	0
Environmental Reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 27	$ 28

- 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/disclosureRef
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+ Details

Summary of Significant Accounting Policies Restricted Cash (Details) $ in Millions	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Restricted cash	$ 0

Stockholders' Equity Share Repurchase Programs (Details) - 2024 Share Repurchase Program - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 07, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount			$ 250
Share Repurchase Program, Open Market, Value	$ (61)	$ (212)
Share repurchase program, open market	1,000,000	2,000,000
Share repurchase program, open market, average price per share	$ 108.55	$ 87.98
Share repurchase program, remaining authorized repurchase amount	$ 177

- 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/disclosureRef
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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Comprehensive Income (Loss)
Balance, Beginning, Shares at Dec. 31, 2022		88,000,000
Balance, Beginning at Dec. 31, 2022	$ 1,433.0	$ 88.0	$ (388.0)	$ 462.0	$ 1,371.0	$ (99.0)
Balance, Beginning, Treasury Shares at Dec. 31, 2022			16,000,000
Net income	178.0				178.0
Payment of cash dividends	(69.0)				(69.0)
Issuance of shares for employee stock plans and stock-based compensation			(1,000,000)
Issuance of shares for employee stock plans and stock-based compensation, amount	4.0		$ 14.0	(10.0)
Taxes paid on net settlement	(12.0)		$ (12.0)
Common stock, Shares acquired		0
Common stock, Value, Shares acquired		$ 0.0
Treasury Stock, Shares, Acquired			0
Treasury Stock, Value, Acquired, Cost Method	0.0		$ 0.0
Stock Repurchased and Retired During Period, Value					0.0
Compensation expense associated with stock awards	13.0			13.0
Other comprehensive loss	10.0					10.0
Balance, Ending, Shares at Dec. 31, 2023		88,000,000
Balance, Ending at Dec. 31, 2023	1,557.0	$ 88.0	$ (386.0)	465.0	1,479.0	(89.0)
Balance, Ending, Treasury Shares at Dec. 31, 2023			16,000,000
Net income	420.0				420.0
Payment of cash dividends	(74.0)				(74.0)
Issuance of shares for employee stock plans and stock-based compensation			0
Issuance of shares for employee stock plans and stock-based compensation, amount	5.0		$ 12.0	(7.0)
Taxes paid on net settlement	(11.0)		$ (11.0)
Common stock, Shares acquired		(2,000,000)
Common stock, Value, Shares acquired		$ (2.0)
Treasury Stock, Shares, Acquired			0
Treasury Stock, Value, Acquired, Cost Method	(214.0)		$ 0.0
Stock Repurchased and Retired During Period, Value					(211.0)
Compensation expense associated with stock awards	20.0			20.0
Other comprehensive loss	(33.0)					(33.0)
Balance, Ending, Shares at Dec. 31, 2024		86,000,000
Balance, Ending at Dec. 31, 2024	1,671.0	$ 86.0	$ (386.0)	478.0	1,615.0	(122.0)
Balance, Ending, Treasury Shares at Dec. 31, 2024			16,000,000
Net income	146.0				146.0
Payment of cash dividends	(78.0)				(78.0)
Issuance of shares for employee stock plans and stock-based compensation			0
Issuance of shares for employee stock plans and stock-based compensation, amount	6.0		$ 6.0	0.0
Taxes paid on net settlement	(6.0)		$ (6.0)
Common stock, Shares acquired		(1,000,000)
Common stock, Value, Shares acquired		$ (1.0)
Treasury Stock, Shares, Acquired			0
Treasury Stock, Value, Acquired, Cost Method	(62.0)		$ 0.0
Stock Repurchased and Retired During Period, Value					(61.0)
Compensation expense associated with stock awards	30.0			30.0
Other comprehensive loss	$ 24.0					24.0
Balance, Ending, Shares at Dec. 31, 2025	70,000,000	85,000,000
Balance, Ending at Dec. 31, 2025	$ 1,731.0	$ 85.0	$ 385.0	$ 508.0	$ 1,621.0	$ (98.0)
Balance, Ending, Treasury Shares at Dec. 31, 2025	15,000,000		15,000,000

Restructuring and Related Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Inventory Write-down	$ 0	$ 0	$ (7)
Other Restructuring Costs	0	3	(1)
Total business exit credits and charges	0	14	(32)
Equity method investment, realized gain on disposal	0	11	0
Proceeds from Equity Method Investment, Distribution		16
Entekra [Member] \| Property Plant, and Equipment and Operating Lease Assets
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Impairment of Leasehold	$ 0	$ 0	$ (24)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity and Share-based Payments

STOCKHOLDERS’ EQUITY

Preferred Stock

We are authorized to issue up to 15,000,000 shares of preferred stock at $1.00 par value. At December 31, 2025, no shares of preferred stock have been issued.

Stock Award Plan

We have a stock-based compensation plan under which stock options, SSARs, restricted stock, restricted stock units, and performance stock units may be granted. At December 31, 2025, approximately four million shares were available under the current plan for these awards.


	Year Ended December 31,
(Dollar amounts in millions)	2025		2024		2023
Total stock-based compensation expense (cost of sales and selling, general and administrative)	$	30	$	20	$	13
Income tax benefit related to stock-based compensation	$	2	$	3	$	2
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$	(6)	$	(11)	$	(12)

We recognize the compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years.

SSARs

Prior to January 1, 2018, we granted SSARs to key employees under the Company’s then-current stock award plan. Upon exercise of the SSARs, we generally issue the underlying shares from treasury. The SSARs were granted at market price at the date of grant. The SSARs became exercisable over three years and expire ten years after the date of grant. All outstanding SSARs were vested as of December 31, 2025.

Restricted Stock Units and Performance Stock Units

We grant time-vested restricted stock units (RSUs) and performance stock units (PSUs) to certain key employees and time-vested RSUs to non-employee directors under our stock award plan. RSUs generally vest (i) ratably over a three-year vesting period for employees and (ii) in full on the first anniversary of the grant date for non-employee directors. Certain of these awards are eligible to receive dividend equivalent shares. The grant date fair value of these awards approximates market value of the shares. PSUs generally vest based upon the attainment of certain performance and market metrics over a three-year cumulative performance period. Awards based upon the achievement of the performance goals are earned ratably from 0% to 200%. If the threshold performance level for the relevant performance goal is met at the end of the performance period, the award may be adjusted based on LP’s three-year total shareholder return (TSR) performance relative to a capital market peer group. This TSR modifier can increase or decrease the award by 20%, although the TSR modifier cannot cause the award to exceed the maximum of 200%.

Summary of Stock Awards Outstanding

The following table summarizes stock awards as of December 31, 2025, as well as activity during the last year:


	Stock Options / SSARS			Restricted Stock Units and Performance Stock Units
	Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	3,150	$	15.90	575,522	$	68.87
Granted	—	—		406,319	108.33
Exercised	(3,000)	15.74		(158,320)	71.85

Forfeited/cancelled	—	—		(174,499)	79.96
Outstanding at December 31, 2025	150	$	19.14	649,022	$	89.81
Vested and expected to vest at December 31, 20251	150	$	19.14
Exercisable at December 31, 2025	150	$	19.14
Unrecognized compensation costs (in millions)		$	—		$	21
To be recognized over weighted-average period of years		0			1

1Expected to vest based upon historical forfeiture rate.

In July 2025, LP modified the performance vesting criteria of approximately 101,000 outstanding PSU awards that were granted in 2023. The modification relating to the 2023 PSU awards was considered a Type III modification under Accounting for Share-Based Payments (FASB ASC Topic 718) because it changed the expectation from improbable to probable that the awards would ultimately vest, in which the original awards were cancelled, and the modified awards were considered granted on the modification date. Stock-based compensation expense related to these modified awards will be recognized over the remaining vesting period based on the expected number of awards to vest using fair values per share of $92.30. Stock-based compensation expense related to the 2023 PSU modification was $7 million for the year ended December 31, 2025.

The aggregate intrinsic value of the stock options and SSARs is the total pre-tax intrinsic value (the difference between our closing stock price on the last trading day of a fiscal year and the exercise price, multiplied by the number of in-the-money options and SSARs) that would have been received by the holders had all holders exercised their awards on the last day of such fiscal year. This amount changes based on the market value of our stock, as reported by the New York Stock Exchange. The intrinsic value of SSARs and stock options exercised in the years ended December 31, 2025, 2024, and 2023 was $0 million, $13 million, and $3 million, respectively.

The total fair value of awards vested during the years ended December 31, 2025, 2024, and 2023, was $17 million, $19 million, and $31 million, respectively.

Share Repurchases

On May 7, 2024, LP’s Board of Directors authorized the 2024 Share Repurchase Program under which we may repurchase shares of LP common stock totaling up to $250 million.

During 2025, we paid $61 million to repurchase approximately 1 million shares of our common stock through market purchases at an average price of $108.55 per share. During 2024, we paid $212 million to repurchase approximately 2 million shares of our common stock through market purchases at an average price of $87.98 per share.

We had an aggregate of $177 million of repurchase authorization remaining under the 2024 Share Repurchase Program as of December 31, 2025.

Employee Stock Purchase Plan

Our employee stock purchase plan (ESPP) provides our participating employees an opportunity to obtain shares of our common stock at a discount (through payroll deductions over six-month periods). At December 31, 2025, approximately 1 million shares of common stock were reserved for issuance under the ESPP.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 292	$ 340
Receivables, net of allowance for doubtful accounts of $1 at December 31, 2025 and 2024	127	131
Inventories	363	357
Prepaid expenses and other current assets	28	27
Total current assets	809	855
Timber and timberlands	13	29
Property, plant, and equipment, net	1,709	1,579
Operating lease assets	23	25
Goodwill and other intangible assets	22	26
Investments in and advances to affiliates	17	17
Other assets	25	20
Deferred tax assets	8	4
Total assets	2,627	2,556
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	285	287
Income taxes payable	5	11
Total current liabilities	291	299
Long-term debt, excluding current portion	348	348
Deferred income taxes	177	145
Non-current operating lease liabilities	22	24
Contingency reserves, excluding current portion	26	27
Other long-term liabilities	33	43
Liabilities	896	885
Stockholders' equity:
Preferred stock, $1 par value, 15,000,000 shares authorized, no shares issued	0	0
Common stock, $1 par value; 200 shares authorized; 85 shares issued, and 70 shares issued and outstanding, respectively, as of December 31, 2025; 86 shares issued and 70 shares issued and outstanding, respectively, as of December 31, 2024	85	86
Additional paid-in capital	508	478
Retained earnings	1,621	1,615
Treasury stock, 15 shares and 16 shares at cost as of December 31, 2025 and 2024, respectively	(385)	(386)
Accumulated comprehensive loss	(98)	(122)
Total stockholders' equity	1,731	1,671
Total liabilities and stockholders' equity	$ 2,627	$ 2,556

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease, Cost [Table Text Block]

Our operating leases are included in our Consolidated Balance Sheets and Consolidated Statements of Income as follows (dollar amounts in millions):


		December 31,
	Balance Sheet Classification	2025		2024
Assets:
Operating lease assets	Operating lease assets, net	$	23	$	25

Total lease assets		$	23	$	25
Liabilities:
Current operating lease liability	Accounts payable and accrued liabilities	$	9	$	8

Non-current operating lease liability	Non-current operating lease liabilities	22		24

Total lease liabilities		$	30	$	32

Lessor, Operating Lease, Payments to be Received, Maturity

The following table sets forth the minimum operating lease payments that are expected to be made in each of the years indicated (dollar amounts in millions):


2026	$	10
2027	7
2028	5
2029	3
2030	3
2031 and thereafter	4
Total operating lease payments	32
Less: Interest	(2)
Present value of operating lease liabilities	$	30

Business Exit Charges

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Business Exit Charges

BUSINESS EXIT CREDITS AND CHARGES

During the second quarter of 2023, we ceased the manufacturing operations of Entekra, an off-site framing operation previously reported within Other, which comprises other products that are not individually significant. During 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 Consolidated Statements of Income. Business exit credits and charges, net consisted of the following (dollar amounts in millions):


	Year Ended December 31,
	2025		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	—		—		(7)
Other operating credits and charges including personnel-related costs such as severance4	—		3		(1)
Total business exit credits and charges	$	—	$	14	$	(32)

1 Included within loss on impairments on the Consolidated Statements of Income.

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

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

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

Long-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT


		December 31, 2025						December 31, 2024
(Dollar amounts in millions)	Interest Rate	Principal		Unamortized Debt Costs		Total		Principal		Unamortized Debt Costs		Total
Debentures:
Senior unsecured notes, maturing 2029, interest rates fixed	3.625%	$	350	$	(2)	$	348	$	350	$	(2)	$	348
Amended Credit Facility, maturing 2028, interest rates variable	varies	—		—		—		—		—		—


Total		$	350	$	(2)	$	348	$	350	$	(2)	$	348
Less: current portion		—				—		—				—
Long-term portion		$	350	$	(2)	$	348	$	350	$	(2)	$	348

Senior Notes

Credit Facilities

As of December 31, 2025, we were in compliance with all financial covenants under the 2029 Senior Notes, the Amended Credit Agreement and the LOC Facility Agreement.


Years ending December 31,
2026	$	—
2027	—
2028	—
2029	350
2031 and thereafter	—
Total	$	350

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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

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


	December 31,
	2025		2024
Trade receivables	$	95	$	100
Income tax receivables	16		12


Other receivables	17		21
Allowance for doubtful accounts	(1)		(1)
Total Receivables	$	127	$	131

Schedule of Inventory, Current [Table Text Block]

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


	December 31,
	2025		2024
Logs	$	62	$	64
Other raw materials	42		41
Semi-finished inventory	38		33
Finished products	222		220
Total Inventories	$	363	$	357

Depreciation expense [Table Text Block]

Depreciation and amortization expense on property, plant, and equipment was included in our Consolidated Statements of Income as noted below (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	134	$	120	$	111
Selling, general and administrative expenses	4		3		4
Total depreciation and amortization	$	138	$	123	$	115

Property, Plant and Equipment [Table Text Block]

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):


	December 31,
	2025		2024
Land, land improvements, and logging roads, net of road amortization	$	225	$	215
Buildings	525		500
Machinery and equipment	2,602		2,457
Construction in progress	298		248
Property, plant, and equipment	3,650		3,419
Accumulated depreciation	(1,941)		(1,840)
Property, plant, and equipment, net	$	1,709	$	1,579

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Accounts payable and accrued liabilities were as follows (dollar amounts in millions):


	December 31,
	2025		2024
Trade accounts payable	$	129	$	139
Salaries and wages payable	84		80
Accrued customer incentives	50		48
Taxes other than income taxes	5		4
Current portion of operating lease liabilities	9		8
Other accrued liabilities	9		9
Total Accounts payable and accrued liabilities	$	285	$	287

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities were as follows (dollar amounts in millions):


	December 31,
	2025		2024
Post-retirement obligations	$	6	$	7
Asset retirement obligations	9		9
Uncertain tax positions	5		13
Warranty reserves	5		5
Pension benefit obligation	1		2
Other	6		8
Total Other long-term liabilities	$	33	$	43

Schedule of Asset Retirement Obligations [Table Text Block]

The activity in our asset retirement obligation liability for 2025 and 2024 is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	9	$	8
Accretion expense	1		1
Adjusted to expense (cost of sales and other operating credits and charges, net)	—		1

Ending balance	$	9	$	9

Retirement Plans and Post Retirement Benefits - Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plans [Abstract]
Total market value of plan assets represented by LP common stock	4.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Employer matching percentage	50.00%
Expenses related to defined contribution plans and multiemployer plan	$ 21.0	$ 20.0	$ 15.0
Deferred Compensation Arrangements [Abstract]
Deferred compensation plan maximum deferral percentage	90.00%
Deferred compensation plan, employer contributions and related earnings, maximum vesting period	5 years
Deferred compensation liability included in "Other long-term liabilities"	$ (3.0)
Minimum [Member]
Defined Contribution Plans [Abstract]
Employer matching percentage	4.00%
Maximum
Defined Contribution Plans [Abstract]
Employer matching percentage	6.00%
US Defined Contribution Plan [Member]
Defined Contribution Plans [Abstract]
Maximum percentage of employee's wages eligible for company match	5.00%
Shares of LP common stock included in plan assets	0.4
Total market value of plan assets represented by LP common stock	6.00%
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Arrangement, Maximum Annual Contributions Per Employee, Percent	0.05
Other Postretirement Benefits Plan [Member]
Deferred Compensation Arrangements [Abstract]
Funded status	$ 7.0	$ 8.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Revenue Disaggregation of revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 2,708	$ 2,941	$ 2,581
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	2,521	2,742	2,354
Other
Disaggregation of Revenue [Line Items]
Net sales	187	199	227
Siding \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,689	1,558	1,328
Siding \| Siding \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,679	1,549	1,319
Siding \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	10	9	9
OSB \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	832	1,184	1,026
OSB \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	13	20	15
OSB \| OSB - value-add \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	472	650	565
OSB \| OSB - commodity \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	$ 347	$ 514	$ 446

Summary of Significant Accounting Policies Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventory Adjustments	$ (23)	$ (9)
Logs	62	64
Other raw materials	42	41
Semi-finished inventory	38	33
Finished products	222	220
Total Inventories	$ 363	$ 357

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

Stock Award Plan


	Year Ended December 31,
(Dollar amounts in millions)	2025		2024		2023
Total stock-based compensation expense (cost of sales and selling, general and administrative)	$	30	$	20	$	13
Income tax benefit related to stock-based compensation	$	2	$	3	$	2
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$	(6)	$	(11)	$	(12)

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes stock awards as of December 31, 2025, as well as activity during the last year:


	Stock Options / SSARS			Restricted Stock Units and Performance Stock Units
	Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	3,150	$	15.90	575,522	$	68.87
Granted	—	—		406,319	108.33
Exercised	(3,000)	15.74		(158,320)	71.85

Forfeited/cancelled	—	—		(174,499)	79.96
Outstanding at December 31, 2025	150	$	19.14	649,022	$	89.81
Vested and expected to vest at December 31, 20251	150	$	19.14
Exercisable at December 31, 2025	150	$	19.14
Unrecognized compensation costs (in millions)		$	—		$	21
To be recognized over weighted-average period of years		0			1

1Expected to vest based upon historical forfeiture rate.

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Consignment inventory	$ 18	$ 23
All Customers [Member] [Member] \| Customer Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	47.00%	49.00%	50.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + 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

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number Of Reportable Segments Not Disclosed Flag	0

Summary of Significant Accounting Policies Other long-term liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other long term liabilities [Abstract]
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent	$ 6	$ 7
Liability, Retirement and Postemployment Benefits	9	9
Asset Retirement Obligations, Noncurrent	5	13
Unrecognized Tax Benefits	5	5
Pension benefit obligation	1	2
Other long term liabilities	6	8
Other long-term liabilities	$ 33	$ 43

Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 6	$ 8
Accrued to expense during the year	1	0
Payments made	(1)	(1)
Ending Balance	6	6
Current portion of warranty reserves	(2)	(2)
Long-term portion of warranty reserves	$ 5	$ 5

Revenue Recognition and Deferred Revenue (Policies)	12 Months Ended
Revenue Recognition and Deferred Revenue (Policies)	Dec. 31, 2025
Revenue Recognition and Deferred Revenue [Abstract]
Revenue	Revenue is recognized when obligations under the terms of a contract (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.

Income Taxes - Income Tax Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 7
State	6
Income Tax Payments	42	$ 124	$ 65
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	18
Chile
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	5
Brazil
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	5
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 1

Segment Information - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 2,708	$ 2,941	$ 2,581
Long lived assets	1,737	1,624
Geography Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	(593)	(559)	(535)
U.S.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	2,430	2,611	2,265
Long lived assets	1,191	1,063
Canada
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	669	675	610
Long lived assets	439	468
South America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	202	214	$ 241
Long lived assets	$ 107	$ 93

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Capital Expenditures and Identifiable Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Capital Expenditures	$ 291	$ 183	$ 300
Assets	2,627	2,556
Other
Segment Reporting Information [Line Items]
Capital Expenditures	24	11	29
Assets	677	696
Siding \| Operating Segments
Segment Reporting Information [Line Items]
Capital Expenditures	184	108	212
Assets	1,419	1,307
OSB \| Operating Segments
Segment Reporting Information [Line Items]
Capital Expenditures	83	63	$ 59
Assets	$ 531	$ 553

- Definition

Amount of asset recognized for present right to economic benefit.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

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


	Year Ended December 31,
	2025		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	—		—		(7)
Other operating credits and charges including personnel-related costs such as severance4	—		3		(1)
Total business exit credits and charges	$	—	$	14	$	(32)

1 Included within loss on impairments on the Consolidated Statements of Income.

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

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

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy LP places utmost priority on ensuring consistent and uninterrupted operational capability, as well as securing confidential business assets. We have systems and processes in place to assess, identify and manage cybersecurity incidents, and those systems and processes are integrated into our overall enterprise risk management system. We invest heavily in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents, and we have maintained a strong focus in consistently reviewing fundamental cybersecurity practices and ensuring we are reviewing emerging threats. To respond to the threat of security breaches and cyberattacks, we maintain a cybersecurity program designed to protect and preserve the confidentiality, integrity and continued availability of all information and operational processes owned by, or in the care of, LP. This program includes mechanisms to monitor and detect unusual network activity, cybersecurity incident response and containment tools, and a response plan that provides controls and procedures for timely and accurate reporting of any material cybersecurity incident. We also have a cybersecurity training and compliance program in place for the Company whereby our connected employees receive training and are tested routinely through simulated phishing attempts. We rely heavily on third-party suppliers and vendors, and a cybersecurity incident at one of our suppliers or vendors could have a material adverse impact on our business operations. We evaluate third-party cybersecurity risk controls through various assessment activities carried out by LP employees and by third-party service providers acting on our behalf. We engage independent third parties to conduct, on an annual basis, either a Security Program Assessment under the Capability Maturity Model Integration (CMMI) framework or the National Institute of Standards and Technology (NIST) framework, or targeted penetration testing combined with security controls assessments. For incident alerts and response, we outsource around-the-clock coverage to a third-party managed service provider who provides timely alerting and notification of potential cybersecurity issues. We continually work with third-party experts to advise on new threats and cybersecurity strategy best practices for specific capabilities. No risks from cybersecurity threats have materially affected, nor has LP identified any specific risks from known cybersecurity threats that are reasonably likely to materially affect, LP, including our business strategy, results of operations or financial condition. Please see “Risk Factors – Business and Operational Risk Factors – Cybersecurity risks related to the technology used in our operations and other business processes, as well as security breaches of Company, customer, consumer, employee, or vendor information, could adversely affect our business” in Item 1A of this annual report on Form 10-K for additional discussion of cybersecurity risks applicable to LP.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	LP places utmost priority on ensuring consistent and uninterrupted operational capability, as well as securing confidential business assets. We have systems and processes in place to assess, identify and manage cybersecurity incidents, and those systems and processes are integrated into our overall enterprise risk management system. We invest heavily in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents, and we have maintained a strong focus in consistently reviewing fundamental cybersecurity practices and ensuring we are reviewing emerging threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Responsibilities Oversight of risks from cybersecurity threats is shared by the Board of Directors and the FAC. The FAC oversees our cybersecurity program. The ISO provides the FAC with an annual presentation on our cybersecurity program, emerging threats, and the state of LP’s cybersecurity maturity. In addition, the ISO provides updates to the FAC no less often than annually with respect to additional information regarding the cybersecurity program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is managed by our Information Security Officer (ISO). Our ISO has over eight years of cybersecurity experience working in publicly traded companies, with expertise leading risk remediation efforts in vulnerability management, network security, security awareness, threat monitoring, data security and cloud security. To more effectively share information and gain consensus regarding cybersecurity initiatives and prevention policies, the Company has in place an Enterprise Risk Management Committee consisting of various members of LP senior leadership including the Chief Legal Counsel and Chief Financial Officer. The Enterprise Risk Management Committee is chaired by our Chief Tax Officer. The ISO, along with the cybersecurity team, is responsible for leading an enterprise-wide information security strategy, including policy, standards, architecture, processes, and security technology. The Enterprise Risk Management Committee (i) meets quarterly and as-needed to review and discuss the Company’s risks, including cybersecurity threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s cybersecurity program and the emerging threat landscape and (ii) reports risks related to any material cybersecurity incidents, as needed, to the Board of Directors and the Finance and Audit Committee (FAC) of the Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	To more effectively share information and gain consensus regarding cybersecurity initiatives and prevention policies, the Company has in place an Enterprise Risk Management Committee consisting of various members of LP senior leadership including the Chief Legal Counsel and Chief Financial Officer. The Enterprise Risk Management Committee is chaired by our Chief Tax Officer. The ISO, along with the cybersecurity team, is responsible for leading an enterprise-wide information security strategy, including policy, standards, architecture, processes, and security technology. The Enterprise Risk Management Committee (i) meets quarterly and as-needed to review and discuss the Company’s risks, including cybersecurity threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s cybersecurity program and the emerging threat landscape and (ii) reports risks related to any material cybersecurity incidents, as needed, to the Board of Directors and the Finance and Audit Committee (FAC) of the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Management Responsibilities Our cybersecurity program is managed by our Information Security Officer (ISO). Our ISO has over eight years of cybersecurity experience working in publicly traded companies, with expertise leading risk remediation efforts in vulnerability management, network security, security awareness, threat monitoring, data security and cloud security. To more effectively share information and gain consensus regarding cybersecurity initiatives and prevention policies, the Company has in place an Enterprise Risk Management Committee consisting of various members of LP senior leadership including the Chief Legal Counsel and Chief Financial Officer. The Enterprise Risk Management Committee is chaired by our Chief Tax Officer. The ISO, along with the cybersecurity team, is responsible for leading an enterprise-wide information security strategy, including policy, standards, architecture, processes, and security technology. The Enterprise Risk Management Committee (i) meets quarterly and as-needed to review and discuss the Company’s risks, including cybersecurity threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s cybersecurity program and the emerging threat landscape and (ii) reports risks related to any material cybersecurity incidents, as needed, to the Board of Directors and the Finance and Audit Committee (FAC) of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity program is managed by our Information Security Officer (ISO). Our ISO has over eight years of cybersecurity experience working in publicly traded companies, with expertise leading risk remediation efforts in vulnerability management, network security, security awareness, threat monitoring, data security and cloud security. To more effectively share information and gain consensus regarding cybersecurity initiatives and prevention policies, the Company has in place an Enterprise Risk Management Committee consisting of various members of LP senior leadership including the Chief Legal Counsel and Chief Financial Officer. The Enterprise Risk Management Committee is chaired by our Chief Tax Officer. The ISO, along with the cybersecurity team, is responsible for leading an enterprise-wide information security strategy, including policy, standards, architecture, processes, and security technology. The Enterprise Risk Management Committee (i) meets quarterly and as-needed to review and discuss the Company’s risks, including cybersecurity threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s cybersecurity program and the emerging threat landscape and (ii) reports risks related to any material cybersecurity incidents, as needed, to the Board of Directors and the Finance and Audit Committee (FAC) of the Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our ISO has over eight years of cybersecurity experience working in publicly traded companies, with expertise leading risk remediation efforts in vulnerability management, network security, security awareness, threat monitoring, data security and cloud security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The ISO, along with the cybersecurity team, is responsible for leading an enterprise-wide information security strategy, including policy, standards, architecture, processes, and security technology. The Enterprise Risk Management Committee (i) meets quarterly and as-needed to review and discuss the Company’s risks, including cybersecurity threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s cybersecurity program and the emerging threat landscape and (ii) reports risks related to any material cybersecurity incidents, as needed, to the Board of Directors and the Finance and Audit Committee (FAC) of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Product Warranty

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Guarantees and Indemnifications

PRODUCT WARRANTIES

We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	6	$	8
Changes in warranty provision	1		—
Payments made	(1)		(1)
Total warranty reserves	$	6	$	6
Current portion of warranty reserves1	(2)		(2)
Long-term portion of warranty reserves2	$	5	$	5

1Included within accounts payable and accrued liabilities on the Consolidated Balance Sheets.

2Included within other long-term liabilities on the Consolidated Balance Sheets.

We believe that the warranty reserve balances at December 31, 2025 are adequate to cover future warranty payments. However, it is possible that additional charges may be required.

Segment Information - Information about Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 2,708	$ 2,941	$ 2,581
Cost of sales	(2,119)	(2,110)	(1,988)
Selling, general, and administrative expenses	(329)	(291)	(257)
Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,521	2,742	2,354
Adjusted EBITDA	452	688	490
Operating Segments \| Siding
Segment Reporting Information [Line Items]
Net sales	1,689	1,558	1,328
Cost of sales	(1,157)	(1,092)	(1,005)
Selling, general, and administrative expenses	(176)	(155)	(125)
Depreciation and amortization	81	74	67
Other segment items	7	5	3
Adjusted EBITDA	444	390	269
Operating Segments \| OSB
Segment Reporting Information [Line Items]
Net sales	832	1,184	1,026
Cost of sales	(815)	(872)	(789)
Selling, general, and administrative expenses	(68)	(62)	(61)
Depreciation and amortization	54	45	43
Other segment items	5	3	2
Adjusted EBITDA	7	298	220
Other
Segment Reporting Information [Line Items]
Net sales	$ 187	$ 199	$ 227

Segment Information - Reconciliation of Income before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Equity in unconsolidated affiliates	$ (1)	$ (13)	$ (3)
Depreciation and amortization	(145)	(126)	(119)
Loss on impairments	(44)	(5)	(30)
Product-line discontinuance charges	(2)	0	0
Interest expense	(15)	(14)	(14)
Investment Income, Net	16	22	18
Other nonoperating items	(15)	9	(43)
Income before income taxes	195	547	248
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	452	688	490
Other
Segment Reporting Information [Line Items]
Other Adjusted EBITDA	(15)	0	(11)
Equity in unconsolidated affiliates	(1)	(13)	(3)
Depreciation and amortization	(145)	(126)	(119)
Share-Based Payment Arrangement, Expense	(30)	(20)	(13)
Loss on impairments	(44)	(5)	(6)
Other Nonrecurring (Income) Expense	(6)	(8)	(18)
Product-line discontinuance charges	(2)	0	0
Business Exit Costs	0	14	(32)
Interest expense	(15)	(14)	(14)
Investment Income, Net	16	22	18
Other nonoperating items	$ (15)	$ 9	$ (43)

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company defines its operating segments as those operations that engage in business activities from which revenues are earned and expenses incurred, for which discrete financial information is available, and that are regularly reviewed to analyze performance and allocate resources by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer.

Change in Reportable Segments

The Company conducts business through three operating segments: Siding, OSB and LP South America (LPSA). In the fourth quarter of 2025, the Company determined that LPSA did not meet the reportable segment criteria and beginning with the fourth quarter of 2025, the financial information for the LPSA operating segment is included in Other. These changes had no impact on our consolidated results of operations or financial position. Prior period segment information has been recast to conform to our current presentation. Our other operating segments, Siding and OSB remain reportable operating segments. Other now comprises our South American operations and other products that are not individually significant.

•The Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia. Our Siding is offered primed (LP® SmartSide® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®) and pre-finished (LP® SmartSide® ExpertFinish® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications.

•The 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® FlameBlock® Fire-Rated Sheathing, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring).

The accounting policies of the segments are the same as those described in the Company’s summary of significant accounting policies. We evaluate the performance of our operating segments based on segment Adjusted EBITDA, which the CODM uses to evaluate performance and allocate resources.

Segment Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment, business exit credit 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 income (expense).

The CODM uses segment Adjusted EBITDA predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment Adjusted EBITDA to assess the relative performance of each segment and to determine the compensation of certain employees.

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


	Year Ended December 31, 2025
	Siding		OSB		Total
Revenues from external customers	$	1,689	$	832	$	2,521
Reconciliation of revenue
Other revenues1					187
Total consolidated revenues					$	2,708
Less:
Cost of sales	(1,157)		(815)
Selling, general, and administrative expenses	(176)		(68)
Depreciation and amortization	81		54
Other segment items2	7		5
Reportable segment Adjusted EBITDA	$	444	$	7	$	452


	Year Ended December 31, 2024
	Siding		OSB		Total
Revenues from external customers	$	1,558	$	1,184	$	2,742
Reconciliation of revenue
Other revenues1					199
Total consolidated revenues					$	2,941
Less:
Cost of sales	(1,092)		(872)
Selling, general, and administrative expenses	(155)		(62)
Depreciation and amortization	74		45
Other segment items2	5		3
Reportable segment Adjusted EBITDA	$	390	$	298	$	688


	Year Ended December 31, 2023
	Siding		OSB		Total
Revenues from external customers	$	1,328	$	1,026	$	2,354
Reconciliation of revenue
Other revenues1					227
Total consolidated revenues					$	2,581
Less:
Cost of sales	(1,005)		(789)
Selling, general, and administrative expenses	(125)		(61)
Depreciation and amortization	67		43
Other segment items2	3		2
Reportable segment Adjusted EBITDA	$	269	$	220	$	490

1Other revenues include sales from LPSA and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.

2Other segment items include stock compensation expense.


	Year Ended December 31,
	2025		2024		2023
Reconciliation of profit (loss)
Reportable Segment adjusted EBITDA	$	452	$	688	$	490
Add (deduct):
Other Adjusted EBITDA1	(15)		—		(11)
Equity in unconsolidated affiliate	(1)		(13)		(3)
Depreciation and amortization	(145)		(126)		(119)
Stock-based compensation expense	(30)		(20)		(13)
Loss on impairment1	(44)		(5)		(6)
Other operating credits and charges, net2,3	(6)		(8)		(18)
Product-line discontinuance charges3	(2)		—		—
Business exit credits and charges2	—		14		(32)

Interest expense	(15)		(14)		(14)
Investment income	16		22		18
Other non-operating (expense) income	(15)		9		(43)
Income before income taxes	$	195	$	547	$	248

1Other Adjusted EBITDA includes LPSA, corporate, and other minor products, services, and closed operations that do not meet the criteria for discontinued operations.

2See further discussion in “Note 5 - Business Exit Credits and Charges” of the Notes to the Consolidated Financial Statements.

3See further discussion in “Note 10 - Other Operating and Non-Operating Income (Expense)” of the Notes to the Consolidated Financial Statements.


	Year Ended December 31,
	2025		2024		2023
Capital Expenditures
Siding	$	184	$	108	$	212
OSB	83		63		59
Other	24		11		29
Total capital expenditures	$	291	$	183	$	300


	December 31,
	2025		2024
Identifiable Assets
Siding	$	1,419	$	1,307
OSB	531		553
Other	677		696
Total assets	$	2,627	$	2,556

Other identifiable assets include cash and cash equivalents, short-term and long-term investments, corporate assets, and other items.

Changes in goodwill by segment for the years ended December 31, 2025 and 2024, are provided in the following table (dollar amounts in millions):


	Siding		OSB		Total
Balance at December 31, 2023	$	4	$	16	$	19

Impairment charges	—		—		—
Balance at December 31, 2024	4		16		19

Impairment charges	—		—		—
Balance at December 31, 2025	$	4	$	16	$	19

Information concerning our geographic areas is as follows (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Total sales - Point of origin
U.S.	$	2,430	$	2,611	$	2,265
Canada	669		675		610
South America	202		214		241
Inter-geographic sales	(593)		(559)		(535)
Total sales	$	2,708	$	2,941	$	2,581


	Year Ended December 31,
	2025		2024
Long lived assets
U.S.	$	1,191	$	1,063
Canada	439		468
South America	107		93
Total long lived assets	$	1,737	$	1,624

Long lived assets include property, plant and equipment, timber and timberlands, and right of use assets.

- 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

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 146	$ 420	$ 178
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	24	(33)	6
Changes in defined benefit pension plans	0	0	(4)
Other comprehensive income (loss), net of tax	24	(33)	10
Comprehensive income	$ 170	$ 388	$ 187

- 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

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

Stockholders' Equity Preferred stock (Details)	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	15,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 1
Preferred Stock, Shares Outstanding	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.

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+ Details

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 2,708	$ 2,941	$ 2,581
Operating costs and expenses:
Cost of sales	(2,119)	(2,110)	(1,988)
Gross Profit	589	832	593
Selling, general, and administrative expenses	(329)	(291)	(257)
Loss on impairments	(44)	(5)	(30)
Other operating credits and charges, net	(7)	(4)	(19)
Income from operations	209	530	287
Non-operating income (expense):
Interest expense	(15)	(14)	(14)
Investment Income, Net	16	22	18
Other nonoperating items	(15)	9	(43)
Income before income taxes	195	547	248
Provision for income taxes	(50)	(140)	(74)
Equity in unconsolidated affiliates	1	13	3
Net income	$ 146	$ 420	$ 178
Basic net income (loss) per share:
Basic	$ 2.09	$ 5.91	$ 2.47
Diluted net earnings (loss) per share:
Diluted	$ 2.08	$ 5.89	$ 2.46
Weighted average number of shares outstanding - basic	70	71	72
Weighted average number of shares outstanding, diluted	70	71	72

Other Operating Credits and Charges, Net

12 Months Ended

Dec. 31, 2024

Other Operating Credits And Charges, Net [Abstract]

Other Operating Credits And Charges Net [Text Block}

OTHER OPERATING AND NON-OPERATING INCOME (EXPENSE)

Other operating credits and charges, net

The major components of other operating credits and charges, net in the Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023 are reflected in the table below and described in the paragraphs following the table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023

Legal settlement	—		3		(16)
Reorganization charges	(6)		(2)		(8)

Product-line discontinuance charges	(2)		—		—

Gain (loss) on asset sales	—		(2)		6
Other	1		(3)		(1)
Other operating credits and charges, net	$	(7)	$	(4)	$	(19)

During 2025, we paid $6 million related to certain reorganizations, including severances, and recognized $2 million of product-line discontinuance charges related to inventory we are no longer planning to sell.

During 2024, we received $3 million related to legal settlements, incurred severance and other charges of $2 million related to certain reorganizations, and recognized a $2 million loss on the sales of assets.

During 2023, we agreed to pay $16 million to resolve certain patent-related claims and to obtain certain patent rights. We incurred severance and other charges of $8 million related to certain reorganizations and recognized a $6 million gain on the sale of assets.

Non-operating income (expense)

Non-operating income (expense) is comprised of the following components (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Interest expense	$	(17)	$	(14)	$	(17)
Amortization of debt charges	(1)		(1)		(1)
Capitalized interest	3		1		4
Interest expense, net of capitalized interest	$	(15)	$	(14)	$	(14)

Interest income	$	16	$	22	$	18


Investment income	$	16	$	22	$	18


Foreign currency gain (loss), net	$	(15)	$	9	$	(40)

Pension settlement charges	—		—		(4)
Other	—		—		1
Other non-operating (expense) income	$	(15)	$	9	$	(43)

During 2025, we recognized $15 million of foreign currency losses primarily driven by $2 million and $13 million of transactional gains on Canadian and South American exchange rates, respectively.

During 2024, we recognized $9 million of foreign currency gains primarily driven by $4 million and $5 million of transactional gains on Canadian and South American exchange rates, respectively.

During 2023, we completed the termination of our U.S. and Canadian defined benefit pension plans resulting in the recognition of non-cash, pre-tax charges of $4 million. Additionally, we recognized $40 million of foreign currency losses primarily driven by $32 million of transactional losses on the Argentine peso.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income Tax Provision

The components of income from continuing operations before income taxes, including equity in unconsolidated affiliates, were (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	163	$	469	$	207
Foreign	32		91		45
Total	$	196	$	560	$	252

The components of our income tax provision (benefit) from continuing operations were (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Current tax provision (benefit):
U.S. federal	$	9	$	97	$	17
State and local	(4)		18		(1)
Foreign	21		29		14
Net current tax provision	26		144		30
Deferred tax provision (benefit):
U.S. federal	26		(8)		22
State and local	5		(3)		1
Foreign	(11)		2		21
Net valuation allowance increase (decrease)	4		5		—
Net deferred tax provision (benefit)	24		(4)		44
Total income tax provision	$	50	$	140	$	74

Deferred Taxes

The tax effects of significant temporary differences creating deferred tax assets and liabilities were (dollar amounts in millions):


	December 31,
	2025		2024
Deferred tax assets:
Accrued liabilities	$	21	$	22
Benefit relating to capital loss, operating loss, and credit carryforwards	21		9
Inventories	15		11
Operating lease liabilities	7		7
Stock-based compensation	6		2
Currency remeasurement loss	4		2
Deferred revenue	—		3
Research expenditures	—		26
Other deferred tax assets	8		9
Total deferred tax assets	82		91
Valuation allowance	(14)		(10)
Total deferred tax asset net of valuation allowance	$	68	$	81

Deferred tax liabilities:
Property, plant and equipment	(201)		(192)
Unremitted foreign earnings	(25)		(19)
Operating lease assets	(7)		(7)
Other deferred tax liabilities	(4)		(4)
Total deferred tax liabilities	(237)		(222)
Net deferred tax liabilities	$	(169)	$	(141)

Balance sheet classification:
Long-term deferred tax asset	$	8	$	4
Long-term deferred tax liability	(177)		(145)
Net deferred tax liabilities	$	(169)	$	(141)

The benefit relating to capital loss, operating loss, and credit carryforwards included in the above table at December 31, 2025, consisted of (dollar amounts in millions):


	Operating Loss		Benefit Amount		Valuation Allowance		Expiration Beginning in
Federal credit carryforwards	$	—	$	6	$	—	No expiration
State credit carryforwards	—		5		(3)		2034
Canadian capital loss carryforwards	—		4		(4)		No expiration
Chile foreign tax credit carryforwards	—		4		—		No expiration
Foreign operating loss carryforwards	7		2		(1)		2030
Total	$	7	$	21	$	(8)

We periodically review the need for valuation allowances against deferred tax assets and recognize these deferred tax assets to the extent that their realization is more likely than not. As part of our review, we consider all positive and negative evidence, including earnings history, the future reversal of deferred tax liabilities, and the relevant expirations of carryforwards. We believe that the valuation allowances provided are appropriate. If future years’ earnings differ from the estimates used to establish these valuation allowances, or other objective positive or negative evidence arises, we may record an adjustment to the valuation allowance resulting in an impact on tax provision (benefit) for that period.

In 2023 we made the determination that a substantial portion of unremitted foreign earnings was no longer indefinitely reinvested and as of December 31, 2023, we recorded a deferred tax liability of $21 million related to the taxes expected to be imposed upon the repatriation of such foreign earnings to the United States. As of December 31, 2025, and 2024, the deferred tax liability related to unremitted foreign earnings was $25 million and $19 million, respectively.

In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting, including the Pillar Two Model Rules (Pillar Two), applicable to large multinational corporations. These rules establish a global per-country minimum tax of 15%. Although, the United States has not enacted legislation to adopt the Pillar Two framework, and future adoption remains uncertain, certain countries where our operations are conducted have enacted such legislation.

Specifically, the Canadian and Brazilian governments enacted legislation in 2024 implementing certain aspects of the OECD’s minimum tax rules under the Pillar Two Framework. To date, no other jurisdictions in which LP operates have enacted Pillar Two legislation. At this time, Pillar Two legislation is not expected to have a material impact on the Company’s effective tax rate, consolidated results of operations, financial position, or cash flows. The Company will continue to monitor future developments related to Pillar Two legislation to assess any potential impact in the relevant jurisdictions.

On July 4, 2025, H.R. 1, a bill to provide for reconciliation pursuant to title II of H. Con. Res. 14, informally known as the One Big Beautiful Bill Act (“The Tax Act”), was enacted in the U.S., introducing a series of corporate tax changes in the U.S., including significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented thereafter through 2027. The provisions of The Tax Act effective in 2025 include 100% bonus depreciation on qualified property and full expensing for research and experimental expenditures. The impacts of The Tax Act are reflected in our results for the year ended December 31, 2025, and have no material impact on our income tax expense or effective tax rate. Certain provisions of The Tax Act decreased cash taxes paid during the year and may change the timing of cash tax payments in future periods.

Reconciliation of the U.S. Federal Statutory Rate to the Effective Rate

As further described in “Note 2 - Present and Prospective Accounting Pronouncements,” the Company has elected to prospectively adopt the guidance in ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures. The following table is a reconciliation of the U.S. federal statutory tax rate to the total effective tax rates from continuing operations for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 (dollar amounts in millions):


	Year Ended December 31,
	2025
	Amount ($)		Percent (%)
U.S. federal statutory tax rate	$	41	21	%
State and local income taxes1	9		4
Foreign tax effects
Chile
Unremitted foreign earnings	4		2
Inflationary adjustments	(3)		(1)
Other	(1)		—
Canada	3		2
Argentina
Changes in valuation allowances	3		1
Other	(2)		(1)
Other foreign jurisdictions	1		—


U.S. Tax credits
Research and development tax credits	(3)		(2)

U.S. Nontaxable or nondeductible items
Nondeductible compensation	3		2

Changes in unrecognized tax benefits	(7)		(3)
Other adjustments	2		1
Provision for income taxes	$	50	26	%

1State taxes in Arizona, California, Georgia, Indiana, Maine, Minnesota, North Carolina, and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory tax rate to the total effective tax rates from continuing operations for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 (dollar amounts in millions):


	Year Ended December 31,
	2024				2023
	Amount ($)		Percent (%)		Amount ($)		Percent (%)
U.S. Federal tax rate	$	118	21	%	$	53	21	%
State and local income taxes	13		2		8		3
Effect of foreign tax rates	9		2		3		1
Uncertain tax positions	(2)		—		7		3
Unremitted foreign earnings	1		—		25		10
Non deductible compensation	3		1		6		2
Tax credits	(5)		(1)		(5)		(2)
Prior year changes in tax laws and positions	3		—		(9)		(3)
Revisions to prior year estimates	—		—		(7)		(3)
Other items, net	—		—		(7)		(3)
Provision for income taxes	$	140	25	%	$	74	29	%

We are subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. Our foreign subsidiaries are subject to income tax in Canada, Chile, Brazil, Peru, Colombia, Argentina, Paraguay, and Mexico.

We generally remain subject to U.S. federal and state examinations for tax years 2018 and subsequent. In addition to the U.S., we have tax years that remain open and subject to examination by tax authorities in the following major tax jurisdictions: Brazil and Chile for tax years 2017 and subsequent; and Canada for tax years 2020 and subsequent. Our tax returns are currently under examination by tax authorities in the U.S. for years 2022 and 2023, Canada for year 2022, and in Chile for years 2016 and 2020.

Income Tax Payments

The following table is a summary of income taxes paid (net of refunds) by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (dollar amounts in millions):


	December 31,
	2025
Federal	$	7
State	6
Foreign
Canada	18
Chile	5
Brazil	5
Other	1
Income Tax Payments	$	42

We paid income taxes, net of refunds, of $42 million, $124 million, and $65 million during 2025, 2024, and 2023, respectively. Included in our Consolidated Balance Sheet at December 31, 2025 is a net income tax receivable of $11 million, compared to $1 million at December 31, 2024.

Uncertain Tax Positions

The following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	11	$	13	$	6
Increases:
Tax positions taken in current year	1		1		1
Tax positions taken in prior years	—		—		6
Decreases:


Settlements with taxing authorities in current year	—		(3)		—
Lapse of statute in current year	(8)		—		—
Ending balance	$	4	$	11	$	13

Included within other long-term liabilities on our Consolidated Balance Sheets at December 31, 2025, are $4 million of tax benefits that, if recognized, would affect our effective tax rate. We accrued and paid no interest during 2025 or 2024.

- Definition

The entire disclosure for income tax.

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Nashville, Tennessee
Auditor Firm ID	34

SSARs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 0.0	$ 13.0	$ 3.0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Options and SSARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards modified (in shares)	101,000
Plan modification, fair value per share (in usd per share)	$ 92.30
Stock-based compensation expense related to modification		$ 7.0
Performance Shares \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Performance Shares \| Share-based Payment Arrangement, Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Payment Arrangement, Performance Threshhold		200.00%
Share Based Payment Arrangement, Increase (Decrease), Performance Threshold		20.00%
Performance Shares \| Share-based Payment Arrangement, Employee \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Payment Arrangement, Performance Threshhold		0.00%

Summary of Significant Accounting Policies Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 9	$ 8
Accretion expense	1	1
Adjusted to expense (cost of sales and other operating credits and charges, net)	0	1
Ending balance	$ 9	$ 9

Income Taxes - Components of income before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 163	$ 469	$ 207
Foreign	32	91	45
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest	$ 196	$ 560	$ 252

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 44	$ 5
Impairment of equipment not utilized in future	24
Impairment related to expiration of timber licences	13
Operating Lease, Impairment Loss	2
Property, Plant and Equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Leasehold	$ 4

Summary of Significant Accounting Policies Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation and amortization	$ 138	$ 123	$ 115
Cost of Sales
Property, Plant and Equipment [Line Items]
Total depreciation and amortization	134	120	111
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Total depreciation and amortization	$ 4	$ 3	$ 4

Revenue

12 Months Ended

Dec. 31, 2025

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.

The Company conducts business through three operating segments: Siding, OSB and LPSA. In the fourth quarter of 2025, the Company determined that LPSA did not meet the reportable segment criteria and beginning with the fourth quarter of 2025, the financial information for the LPSA operating segment is included in Other. These changes had no impact on our consolidated results of operations or financial position. Prior period segment information has been recast to conform to our current presentation. Our other operating segments, Siding and OSB remain reportable operating segments. Other now comprises our South American operations and other products that are not individually significant. See “Note 15 - Segment Information” of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for further information regarding our reportable segments.

The following table presents revenues disaggregated by revenue source (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Siding	$	1,679	$	1,549	$	1,319
Other	10		9		9
Net sales attributable to Siding	1,689		1,558		1,328
OSB - Structural Solutions	472		650		565
OSB - Commodity	347		514		446
Other	13		20		15
Net sales attributable to OSB	832		1,184		1,026
Other	187		199		227
Total Sales	$	2,708	$	2,941	$	2,581

Revenue is recognized when obligations under the terms of a contract (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.

During 2025, 2024, and 2023, our top ten customers accounted for approximately 47%, 49%, and 50% of our sales, respectively, in the aggregate. No individual customer exceeded 10% of our sales in 2025, 2024, or 2023.

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 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 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 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). As of December 31, 2025 and 2024, we accrued $50 million and $48 million, respectively, for customer rebates recorded in accounts payable and accrued liabilities on our Consolidated Balance Sheets.

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. The amount of consignment inventory as of December 31, 2025 and 2024, was $18 million and $23 million, respectively.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.24	$ 0.28	$ 0.26

Other Operating Credits and Charges, Net - Non-Operating Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest Expense, Operating and Nonoperating		$ 17	$ 14	$ 17
Amortization of financing costs and discounts		1	1	1
Interest Costs Capitalized Adjustment		3	1	4
Interest expense, net of capitalized interest		(15)	(14)	(14)
Investment Income, Interest and Dividend		16	22	18
Investment income		16	22	18
Foreign Currency Transaction Gain (Loss), Realized		15	(9)	40
Loss due to settlement		0	0	(4)
Gain on Acquisition		0		1
Other nonoperating items		(15)	9	(43)
Canada
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Foreign Currency Transaction Gain (Loss), Realized		(2)	(4)
South America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Foreign Currency Transaction Gain (Loss), Realized		$ (13)	$ (5)
Argentina, Pesos
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Foreign Currency Transaction Gain (Loss), Realized				$ 32
Entekra [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gain on Acquisition	$ 0

Committments and Contingent Liabilities

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

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


	December 31,
	2025		2024
Environmental reserves	$	27	$	28
Other reserves	—		—
Total contingencies	$	27	$	28
Current portion1	(1)		(1)
Long-term portion	$	26	$	27

1Included within accounts payable and accrued liabilities on the Consolidated Balance Sheets.

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.

The activity in our reserve for estimated environmental loss contingency reserves is summarized in the following table (dollar amounts in millions):


	Year Ended December 31,
	2025		2024
Beginning balance	$	28	$	26
Adjustments to expense (other operating credits and charges, net and cost of sales)	—		2

Payments made	(1)		(1)
Ending balance	$	27	$	28

During 2024, we adjusted our reserves at several sites to reflect current estimates of remediation costs and environmental settlements.

Other Proceedings

We are party to other legal proceedings in the ordinary course of business. Based on the information currently available, we do not believe that the resolution of such proceedings could reasonably be expected to have a material adverse effect on our financial position, results of operations, cash flows, or liquidity.

Self-Insurance

We are primarily self-insured for workers’ compensation and employee health care liability costs. Self-insurance liabilities for workers’ compensation are determined based upon a valuation performed by an actuarial firm. The estimate of future workers’ compensation liabilities incorporates loss development and an estimate associated with incurred but not yet reported claims. These claims are discounted. Self-insurance liabilities for employee health costs are determined actuarially based upon claims filed and estimated claims incurred but not yet reported. These claims are discounted.

Indemnities and Guarantees

We are a party to certain contracts in which we agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising out of the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct of the indemnified parties. We cannot estimate the potential amount of future payments under these agreements until events arise that would trigger the liability.

Additionally, in connection with certain sales of assets and divestitures of businesses, we have agreed to indemnify the applicable buyer and certain related parties for certain losses or liabilities incurred by the buyer or such related parties with respect to (1) the representations and warranties made to the buyer by us in connection with the applicable sale or divestiture and (2) liabilities related to the pre-closing operations of the assets or businesses sold. Indemnities related to pre-closing operations generally include environmental liabilities, tax liabilities, and other liabilities not assumed by the buyer.

Indemnities related to the pre-closing operations of sold assets or divested businesses typically do not represent added liabilities for us, but simply serve to protect the buyer from potential liability associated with the obligations that existed (known and unknown) at the time of the sale. We record accruals for those pre-closing obligations that are considered probable and estimable. We have not accrued any additional amounts as a result of the indemnity agreements summarized below, as we believe the fair value of the guarantees is not material.

In connection with various sales of our timberlands, we have agreed to indemnify the relevant buyers with respect to losses resulting from breaches of limited representations and warranties contained in the related agreements. These indemnities generally are capped at a maximum potential liability and have an unspecified duration.

We also have various other indemnities that are individually and in the aggregate immaterial.

We record a liability related to specific indemnification when future payment is probable, and the amount is estimable.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482804/825-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Land and Land Improvements	$ 225	$ 215
Buildings	525	500
Machinery and equipment	2,602	2,457
Construction in progress	298	248
Property, Plant and Equipment, Gross	3,650	3,419
Accumulated depreciation	(1,941)	(1,840)
Property, Plant and Equipment, Net	1,709	1,579
Impairment related to expiration of timber licences	13
Licensing Agreements [Member]
Property, Plant and Equipment [Line Items]
Intangible Assets, Net (Excluding Goodwill)	8	23
Licensing Agreements [Member] \| Canada
Property, Plant and Equipment [Line Items]
Intangible Assets, Net (Excluding Goodwill)	35
Timber [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 5	$ 6
Building \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Building \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Land Improvements \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Land Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years

Summary of Significant Accounting Policies Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade accounts payable	$ 129	$ 139
Salaries and wages payable	84	80
Accrued customer incentives	50	48
Taxes other than income taxes	5	4
Current portion of operating lease liabilities	9	8
Other accrued liabilities	9	9
Total Accounts payable and accrued liabilities	$ 285	$ 287
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total Accounts payable and accrued liabilities	Total Accounts payable and accrued liabilities
Unpaid capital expenditures	$ 33	$ 32	$ 15

Summary of Stock Awards Oustanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 17.0	$ 19.0	$ 31.0
Options and Ssars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	150	3,150
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 19.14	$ 15.90
Options / SSARs granted	0
Options / SSARs exercised	(3,000)
Options/ SSARs forfeited	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 19.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value	$ 0
Options / SSARs exercisable	150
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	150
SSARs granted Weighted Average Exercise Price	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 19.14
Unrecognized stock compensation	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 15.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	0 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options / SSARs exercised	(158,320)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	649,022	575,522
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 89.81	$ 68.87
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	406,319
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 108.33
Unrecognized stock compensation	$ 21.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 71.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(174,499)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 79.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 146	$ 420	$ 178
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	145	126	119
Impairment of long-lived assets	44	5	30
Pension loss due to settlement	0	0	4
Deferred taxes	24	(4)	44
Foreign currency remeasurement and transaction losses	11	0	50
Other adjustments, net	12	(12)	6
Receivables	9	3	(8)
Inventories	(18)	9	(46)
Prepaid expenses and other current assets	1	(5)	(1)
Accounts payable and accrued liabilities	(2)	23	(40)
Income taxes payable, net of receivables	(18)	19	(33)
Net cash provided by operating activities	382	605	316
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(291)	(183)	(300)
Proceeds from divestiture of businesses	0	0	(80)
Proceeds from sale of assets	0	1	9
Investment in affiliates	0	(17)	0
Other investing activities, net	0	16	(4)
Net cash provided by (used in) investing activities	(291)	(183)	(376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long term debt	0	0	(80)
Proceeds from Debt, Maturing in More than Three Months	0	0	80
Payment of cash dividends	(78)	(74)	(69)
Purchase of stock	(61)	(212)	0
Other financing activities	(2)	(7)	(8)
Net cash used in financing activities	(141)	(292)	(77)
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	1	(12)	(24)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(48)	118	(161)
Cash, cash equivalents, and restricted cash at beginning of period	340	222	383
Cash, cash equivalents, and restricted cash at end of period	292	340	222
Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net	(42)	(124)	(65)
Cash paid for interest, net	(14)	(14)	(15)
Unpaid capital expenditures	33	32	15
Share-Based Payment Arrangement, Noncash Expense	$ 30	$ 20	$ 13

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Siding	$	1,679	$	1,549	$	1,319
Other	10		9		9
Net sales attributable to Siding	1,689		1,558		1,328
OSB - Structural Solutions	472		650		565
OSB - Commodity	347		514		446
Other	13		20		15
Net sales attributable to OSB	832		1,184		1,026
Other	187		199		227
Total Sales	$	2,708	$	2,941	$	2,581

Income Taxes - Reconciliation of the U.S. Federal Statutory Rate to the Effective Rate (After ASU Adoption) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount ($)
U.S. federal statutory tax rate	$ 41	$ 118	$ 53
State and local income taxes	9	13	8
Unremitted foreign earnings		1	25
Effect of foreign tax rates		9	3
Research and development tax credits	(3)
Non deductible compensation	3	3	6
Changes in unrecognized tax benefits	(7)
Provision (benefit) for income taxes	$ 50	$ 140	$ 74
Percent (%)
U.S. Federal tax rate	21.00%	21.00%	21.00%
State and local income taxes	4.00%	2.00%	3.00%
Unremitted foreign earnings		0.00%	10.00%
Effect of foreign tax rates		2.00%	1.00%
Research and development tax credits	(2.00%)
Non deductible compensation	2.00%	1.00%	2.00%
Changes in unrecognized tax benefits	(3.00%)
Effective tax rate (%)	26.00%	25.00%	29.00%
Chile
Amount ($)
Unremitted foreign earnings	$ 4
Inflationary adjustments	(3)
Other	$ (1)
Percent (%)
Unremitted foreign earnings	2.00%
Inflationary adjustments	(1.00%)
Other	0.00%
Canada
Amount ($)
Effect of foreign tax rates	$ 3
Percent (%)
Effect of foreign tax rates	2.00%
Argentina
Amount ($)
Other	$ (2)
Changes in valuation allowances	$ 3
Percent (%)
Other	(1.00%)
Changes in valuation allowances	1.00%
Other
Amount ($)
Effect of foreign tax rates	$ 1
Percent (%)
Effect of foreign tax rates	0.00%
U.S.
Amount ($)
Other	$ 2
Percent (%)
Other	1.00%

Income Taxes - Reconciliation of deferred taxes (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Accrued liabilities	$ 21.0	$ 22.0
Benefit relating to capital loss, operating loss, and credit carryforwards	21.0	9.0
Inventories	15.0	11.0
Operating lease liabilities	7.0	7.0
Stock-based compensation	6.0	2.0
Currency remeasurement loss	4.0	2.0
Deferred revenue	0.0	3.0
Research expenditures	0.0	26.0
Other deferred tax assets	8.0	9.0
Total deferred tax assets	82.0	91.0
Valuation allowance	(14.0)	(10.0)
Total deferred tax asset net of valuation allowance	68.0	81.0
Property, plant and equipment	(201.0)	(192.0)
Unremitted foreign earnings	(25.0)	(19.0)	$ (21.0)
Operating lease assets	(7.0)	(7.0)
Other deferred tax liabilities	(4.0)	(4.0)
Total deferred tax liabilities	(237.0)	(222.0)
Net deferred tax liabilities	(169.0)	(141.0)
Long-term deferred tax asset	(8.0)	(4.0)
Long-term deferred tax liability	$ (177.0)	$ (145.0)

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS	Dec. 31, 2025
GAIN (LOSS) ON SALE OF AND IMPAIRMENT OF LONG-LIVED ASSETS, NET [Abstract]
Impairment of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying value of each of these assets based upon the anticipated cash flows that result from our estimates of future demand, pricing, and production costs, assuming certain levels of planned capital expenditures. However, 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. We also review from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, our strategic plan, and other relevant factors. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, we may be required to record impairment charges in connection with decisions to dispose of assets. During 2025, we recorded $44 million of non-cash, pre-tax impairment charges. These charges included $24 million related to equipment that will not be utilized in future operations, $13 million related to the expiration and non-renewal of certain timber licenses, $4 million related to property, plant, and equipment associated with a facility closure, and $2 million primarily related to an operating lease asset associated with a previously closed facility. During 2024, we recorded $5 million of non-cash, pre-tax impairment charges related to property, plant, and equipment that will not be utilized in future operations.

Income Taxes - Components of Income tax provision (benefit) from continuing operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal	$ 9	$ 97	$ 17
State and local	(4)	18	(1)
Foreign	21	29	14
Net current tax provision (benefit)	26	144	30
U.S federal	26	(8)	22
State and local	5	(3)	1
Foreign	(11)	2	21
Net valuation allowance increase (decrease)	4	5	0
Deferred income tax expense (benefit)	24	(4)	44
Provision (benefit) for income taxes	$ 50	$ 140	$ 74

Other Operating Credits and Charges, Net (Tables)

12 Months Ended

Dec. 31, 2025

Other Operating Credits And Charges, Net [Abstract]

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

Non-operating income (expense) is comprised of the following components (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Interest expense	$	(17)	$	(14)	$	(17)
Amortization of debt charges	(1)		(1)		(1)
Capitalized interest	3		1		4
Interest expense, net of capitalized interest	$	(15)	$	(14)	$	(14)

Interest income	$	16	$	22	$	18


Investment income	$	16	$	22	$	18


Foreign currency gain (loss), net	$	(15)	$	9	$	(40)

Pension settlement charges	—		—		(4)
Other	—		—		1
Other non-operating (expense) income	$	(15)	$	9	$	(43)

Other Operating Credits and Charges Net [Table Text Block]


	Year Ended December 31,
	2025		2024		2023

Legal settlement	—		3		(16)
Reorganization charges	(6)		(2)		(8)

Product-line discontinuance charges	(2)		—		—

Gain (loss) on asset sales	—		(2)		6
Other	1		(3)		(1)
Other operating credits and charges, net	$	(7)	$	(4)	$	(19)

Income Taxes - Reconciliation of the U.S. Federal Statutory Rate to the Effective Rate (Before ASU Adoption) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount ($)
U.S. federal statutory tax rate	$ 41	$ 118	$ 53
State and local income taxes	9	13	8
Effect of foreign tax rates		9	3
Uncertain tax positions		(2)	7
Unremitted foreign earnings		1	25
Non deductible compensation	3	3	6
Tax credits		(5)	(5)
Prior year changes in tax laws and positions		3	(9)
Revisions to prior year estimates		0	(7)
Other items, net		0	(7)
Provision (benefit) for income taxes	$ 50	$ 140	$ 74
Percent (%)
U.S. Federal tax rate	21.00%	21.00%	21.00%
State and local income taxes	4.00%	2.00%	3.00%
Effect of foreign tax rates		2.00%	1.00%
Uncertain tax positions		0.00%	3.00%
Unremitted foreign earnings		0.00%	10.00%
Non deductible compensation	2.00%	1.00%	2.00%
Tax credits		(1.00%)	(2.00%)
Prior year changes in tax laws and positions		0.00%	(3.00%)
Revisions to prior year estimates		0.00%	(3.00%)
Other items, net		0.00%	(3.00%)
Effective tax rate (%)	26.00%	25.00%	29.00%

Long-term Debt Narrative (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
Long-term Debt Narrative (Details) - USD ($) $ in Millions	May 31, 2024	Mar. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of financing costs and discounts			$ 1	$ 1	$ 1
Long-term Debt, Gross			$ 350	350
Capitalization ratio			65.00%
Debt, weighted average interest rate			3.60%
Deferred debt issuance costs			$ 4
Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20
Senior unsecured notes, maturing 2024
Debt Instrument [Line Items]
Fair value of debt			341	323
Senior unsecured notes, maturing 2029 \| Senior Notes
Debt Instrument [Line Items]
Amount of loan issuance		$ 350
Long-term Debt, Gross			$ 350	$ 350
Debt, interest rate, stated percentage		3.625%	3.625%
Debt Instrument, Repurchase Price, Percentage		101.00%
Debt Instrument, Debt Default, Principal Amount Due, Percentage		25.00%
Minimum \| Letter of Credit
Debt Instrument [Line Items]
Debt Instrument, Fee, Percentage	1.00%
Minimum \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Debt instrument, commitment fee percentage			0.20%
Maximum \| Letter of Credit
Debt Instrument [Line Items]
Debt Instrument, Fee, Percentage	1.875%
Maximum \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.50%
Debt instrument, commitment fee percentage			0.425%
Federal Funds Rate \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
One-Month LIBOR \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.00%
SOFR \| Minimum \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.50%
SOFR \| Maximum \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.50%
Adjusted Rate SOFR \| Minimum \| Amended Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.10%

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

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


		December 31, 2025						December 31, 2024
(Dollar amounts in millions)	Interest Rate	Principal		Unamortized Debt Costs		Total		Principal		Unamortized Debt Costs		Total
Debentures:
Senior unsecured notes, maturing 2029, interest rates fixed	3.625%	$	350	$	(2)	$	348	$	350	$	(2)	$	348
Amended Credit Facility, maturing 2028, interest rates variable	varies	—		—		—		—		—		—


Total		$	350	$	(2)	$	348	$	350	$	(2)	$	348
Less: current portion		—				—		—				—
Long-term portion		$	350	$	(2)	$	348	$	350	$	(2)	$	348

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


Years ending December 31,
2026	$	—
2027	—
2028	—
2029	350
2031 and thereafter	—
Total	$	350

- Definition

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

+ References

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+ Details

Common Stock Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense (cost of sales and selling, general and administrative)	$ 30	$ 20	$ 13
Income tax benefit related to stock-based compensation	2	3	2
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$ (6)	$ (11)	$ (12)
Options and SSARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Appreciation Rights (SARs)
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Employee
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares \| Share-based Payment Arrangement, Employee
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Other Operating Credits and Charges, Net - Other operating credits and charges, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Operating Credits And Charges, Net [Abstract]
Legal settlement	$ 0	$ 3	$ (16)
Reorganization charges	(6)	(2)	(8)
Product-line discontinuance charges	(2)	0	0
Gain (loss) on asset sales	0	(2)	6
Other	1	(3)	(1)
Other operating credits and charges, net	$ (7)	(4)	(19)
Proceeds from legal settlements		3
Reorganization charges		2	(8)
Gain (loss) on asset sales		$ 2	6
Legal Fees			$ (16)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 146.0	$ 420.0	$ 178.0
Weighted average number of shares outstanding - basic	(70)	(71)	(72)
Dilutive effect of employee stock plans	0	0	0
Weighted average number of shares outstanding, diluted	70	71	72
Basic	$ 2.09	$ 5.91	$ 2.47
Diluted	$ 2.08	$ 5.89	$ 2.46

- Definition

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

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- Definition

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

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+ Details

- Definition

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

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income from continuing operations before income taxes, including equity in unconsolidated affiliates, were (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	163	$	469	$	207
Foreign	32		91		45
Total	$	196	$	560	$	252

Schedule of Components of Income Tax Expense (Benefit)]

The components of our income tax provision (benefit) from continuing operations were (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Current tax provision (benefit):
U.S. federal	$	9	$	97	$	17
State and local	(4)		18		(1)
Foreign	21		29		14
Net current tax provision	26		144		30
Deferred tax provision (benefit):
U.S. federal	26		(8)		22
State and local	5		(3)		1
Foreign	(11)		2		21
Net valuation allowance increase (decrease)	4		5		—
Net deferred tax provision (benefit)	24		(4)		44
Total income tax provision	$	50	$	140	$	74

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences creating deferred tax assets and liabilities were (dollar amounts in millions):


	December 31,
	2025		2024
Deferred tax assets:
Accrued liabilities	$	21	$	22
Benefit relating to capital loss, operating loss, and credit carryforwards	21		9
Inventories	15		11
Operating lease liabilities	7		7
Stock-based compensation	6		2
Currency remeasurement loss	4		2
Deferred revenue	—		3
Research expenditures	—		26
Other deferred tax assets	8		9
Total deferred tax assets	82		91
Valuation allowance	(14)		(10)
Total deferred tax asset net of valuation allowance	$	68	$	81

Deferred tax liabilities:
Property, plant and equipment	(201)		(192)
Unremitted foreign earnings	(25)		(19)
Operating lease assets	(7)		(7)
Other deferred tax liabilities	(4)		(4)
Total deferred tax liabilities	(237)		(222)
Net deferred tax liabilities	$	(169)	$	(141)

Balance sheet classification:
Long-term deferred tax asset	$	8	$	4
Long-term deferred tax liability	(177)		(145)
Net deferred tax liabilities	$	(169)	$	(141)

Summary of Tax Credit Carryforwards

The benefit relating to capital loss, operating loss, and credit carryforwards included in the above table at December 31, 2025, consisted of (dollar amounts in millions):


	Operating Loss		Benefit Amount		Valuation Allowance		Expiration Beginning in
Federal credit carryforwards	$	—	$	6	$	—	No expiration
State credit carryforwards	—		5		(3)		2034
Canadian capital loss carryforwards	—		4		(4)		No expiration
Chile foreign tax credit carryforwards	—		4		—		No expiration
Foreign operating loss carryforwards	7		2		(1)		2030
Total	$	7	$	21	$	(8)

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2025
	Amount ($)		Percent (%)
U.S. federal statutory tax rate	$	41	21	%
State and local income taxes1	9		4
Foreign tax effects
Chile
Unremitted foreign earnings	4		2
Inflationary adjustments	(3)		(1)
Other	(1)		—
Canada	3		2
Argentina
Changes in valuation allowances	3		1
Other	(2)		(1)
Other foreign jurisdictions	1		—


U.S. Tax credits
Research and development tax credits	(3)		(2)

U.S. Nontaxable or nondeductible items
Nondeductible compensation	3		2

Changes in unrecognized tax benefits	(7)		(3)
Other adjustments	2		1
Provision for income taxes	$	50	26	%

1State taxes in Arizona, California, Georgia, Indiana, Maine, Minnesota, North Carolina, and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.


	Year Ended December 31,
	2024				2023
	Amount ($)		Percent (%)		Amount ($)		Percent (%)
U.S. Federal tax rate	$	118	21	%	$	53	21	%
State and local income taxes	13		2		8		3
Effect of foreign tax rates	9		2		3		1
Uncertain tax positions	(2)		—		7		3
Unremitted foreign earnings	1		—		25		10
Non deductible compensation	3		1		6		2
Tax credits	(5)		(1)		(5)		(2)
Prior year changes in tax laws and positions	3		—		(9)		(3)
Revisions to prior year estimates	—		—		(7)		(3)
Other items, net	—		—		(7)		(3)
Provision for income taxes	$	140	25	%	$	74	29	%

Schedule of Cash Flow, Supplemental Disclosures


	December 31,
	2025
Federal	$	7
State	6
Foreign
Canada	18
Chile	5
Brazil	5
Other	1
Income Tax Payments	$	42

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years (dollar amounts in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	11	$	13	$	6
Increases:
Tax positions taken in current year	1		1		1
Tax positions taken in prior years	—		—		6
Decreases:


Settlements with taxing authorities in current year	—		(3)		—
Lapse of statute in current year	(8)		—		—
Ending balance	$	4	$	11	$	13

Summary of Significant Accounting Policies Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Asset Impairment Charges	$ 0	$ 0

- Definition

+ References + Details