Louisiana-Pacific (LPX) 10-Q 6 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017shares
Entity Information [Line Items]
Entity Registrant Name	LOUISIANA-PACIFIC CORP
Entity Central Index Key	60,519
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	144,873,463

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 848.7	$ 659.3
Receivables, net of allowance for doubtful accounts of $1.0 million at September 30, 2017 and December 31, 2016	171.4	108.3
Inventories	231	234.6
Prepaid expenses and other current assets	8.8	6.1
Current portion of notes receivable from asset sales	22.2	0
Assets held for sale	8.7	8.2
Total current assets	1,290.8	1,016.5
Timber and timberlands	55.6	53.5
Property, plant and equipment	2,472.3	2,410.8
Accumulated depreciation	(1,599.6)	(1,527.6)
Property, plant and equipment, net	872.7	883.2
Goodwill	9.7	9.7
Notes receivable from asset sales	0	22.2
Investments in and advances to affiliates	7.4	6.2
Restricted cash	13.2	13.2
Other assets	57.2	22.4
Long-term deferred tax asset	1.4	4.3
Total assets	2,308	2,031.2
LIABILITIES AND EQUITY
Current portion of long-term debt	0.5	2.6
Current portion of limited recourse notes payable	22	0
Accounts payable and accrued liabilities	212.5	191.5
Income taxes payable	7.4	31.3
Current portion of contingency reserves	3.4	3.4
Total current liabilities	245.8	228.8
Long-term debt, excluding current portion	353	374.4
Deferred income taxes	51.3	27.7
Contingency reserves, excluding current portion	12.3	12.7
Other long-term liabilities	180.3	191.9
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized, 153,358,542 shares issued	153.4	153.4
Additional paid-in capital	470	478.2
Retained earnings	1,149.5	890.3
Treasury stock, 8,502,549 shares and 9,041,733 shares, at cost	(178.2)	(189)
Accumulated comprehensive loss	(129.4)	(137.2)
Total stockholders' equity	1,465.3	1,195.7
Total liabilities and stockholders' equity	$ 2,308	$ 2,031.2

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 1	$ 1

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net sales	$ 718.3	$ 596.4	$ 2,023.3	$ 1,683.4
Operating costs and expenses:
Cost of sales	479.3	442.6	1,420.1	1,301.2
Depreciation and amortization	31.1	29.6	91.3	86
Selling and administrative	49.2	47	144.8	135.8
(Gain) loss on sale or impairment of long-lived assets, net	0.7	0.3	(1.8)	1
Other operating credits and charges, net	(0.9)	0	4.5	11.4
Total operating costs and expenses	559.4	519.5	1,658.9	1,535.4
Income from operations	158.9	76.9	364.4	148
Non-operating income (expense):
Interest expense, net of capitalized interest	(4.9)	(9)	(14.8)	(26.3)
Investment income	2.9	2.5	7.2	6.4
Loss on early debt extinguishment	0	(13.2)	0	(13.2)
Other non-operating items	(0.6)	(0.5)	(2.4)	1.4
Total non-operating income (expense)	(2.6)	(20.2)	(10)	(31.7)
Income from continuing operations before taxes and equity in income of unconsolidated affiliates	156.3	56.7	354.4	116.3
Provision (benefit) for income taxes	46.4	(7.5)	97.9	13.1
Equity in income of unconsolidated affiliates	(1)	(1.4)	(3.8)	(4.4)
Income from continuing operations	110.9	65.6	260.3	107.6
Loss from discontinued operations before tax	(1.7)	0	(1.7)	0
Benefit for income taxes	(0.6)	0	(0.6)	0
Loss from discontinued operations	(1.1)	0	(1.1)	0
Net income	$ 109.8	$ 65.6	$ 259.2	$ 107.6
Basic net income per share of common stock:
Income per share continuing operations	$ 0.77	$ 0.46	$ 1.80	$ 0.75
Loss per share discontinued operations	(0.01)	0	(0.01)	0
Net income per share	0.76	0.46	1.79	0.75
Diluted net income per share of common stock
Income per share continuing operations	0.76	0.45	1.78	0.74
Loss per share discontinued operations	(0.01)	0	(0.01)	0
Net income per share	$ 0.75	$ 0.45	$ 1.77	$ 0.74
Weighted average shares of stock outstanding - basic	144.5	143.7	144.4	143.3
Weighted average shares of stock outstanding - diluted	146.5	145.4	146.3	145.2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income	$ 109.8	$ 65.6	$ 259.2	$ 107.6
Other comprehensive income (loss)
Foreign currency translation adjustments	10.4	0.1	4.7	10.3
Unrealized gain (loss) on investments, net of tax	0.4	(0.5)	0.8	(0.7)
Defined benefit pension plans:
Change benefit obligations, translation adjustment	(0.4)	0.1	(0.8)	(0.6)
Amortization of amounts included in net periodic benefit cost, net of tax	1.2	0.9	3.3	2.6
Other	(0.1)	0	(0.1)	0
Other comprehensive income (loss)	11.4	0.6	7.8	11.6
Comprehensive income	121.2	66.2	267	119.2
Actuarial loss, net of tax
Defined benefit pension plans:
Amortization of amounts included in net periodic benefit cost, net of tax	0.9	0.9	2.6	2.5
Other comprehensive income (loss)	0.5	1	1.8	1.9
Prior service cost, net of tax
Defined benefit pension plans:
Amortization of amounts included in net periodic benefit cost, net of tax	0.2	0	0.6	0.1
Other comprehensive income (loss)	$ 0.2	$ 0	$ 0.6	$ 0.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 109.8	$ 65.6	$ 259.2	$ 107.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31.1	29.6	91.3	86
Equity in income of unconsolidated affiliates, including dividends	(0.2)	0	(1.2)	0.3
(Gain) loss on sale or impairment of long-lived assets, net	0.7	0.3	(1.8)	1
Loss on early debt extinguishment	0	13.2	0	13.2
Other operating credits and charges, net	(0.9)	0	4.5	11.4
Stock-based compensation related to stock plans	2	3.2	8	9.4
Exchange (gain) loss on remeasurement	(0.1)	(0.2)	1.6	(0.9)
Cash settlements of warranties, net of accruals	0.1	(4.6)	(5.5)	(11.4)
Pension expense, net of contributions	(3.2)	0	(3.9)	1.4
Non-cash interest expense, net	0.1	1.4	0.3	1.6
Other adjustments, net	(0.2)	(0.6)	(0.4)	(1.3)
(Increase) decrease in receivables	(17.1)	14.1	(61.9)	(37)
(Increase) decrease in inventories	(8.5)	4.8	4.5	(3.2)
(Increase) decrease in prepaid expenses	0.6	0.7	(2.7)	(1.9)
Increase in accounts payable and accrued liabilities	18.1	17.8	12.8	59.5
Increase (decrease) in income taxes	11.1	(9.2)	0.2	4.6
Net cash provided by operating activities	143.4	136.1	305	240.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(35)	(27.6)	(80.7)	(78.7)
Proceeds from sales of assets	0.1	0	3.3	0
(Increase) decrease in restricted cash under letters of credit/credit facility	0	0.2	0	(0.1)
Increase in restricted cash for redemption of long-term debt	0	93.4	0	93.4
Payment of long-term deposit	0	0	(32)	0
Other investing activities	0.1	(0.1)	0.1	(0.2)
Net cash used in investing activities	(34.8)	(120.9)	(109.3)	(172.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	0	350	0	350
Repayment of long-term debt	(1.2)	(274.8)	(2.5)	(282.7)
Payment of debt issuance fees		(5)	0	(5)
Sale of common stock, net of cash payments under equity plans	0	0	(0.4)	(0.1)
Taxes paid related to net share settlement of equity awards	(0.5)	(0.8)	(5.3)	(8.9)
Net cash provided by (used in) financing activities	(1.7)	69.4	(8.2)	53.3
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS	1.8	0.3	1.9	3.8
Net increase in cash and cash equivalents	108.7	84.9	189.4	125
Cash and cash equivalents at beginning of period	740	474.8	659.3	434.7
Cash and cash equivalents at end of period	$ 848.7	$ 559.7	$ 848.7	$ 559.7

Basis For Presentation

Basis For Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Presentation	BASIS FOR PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of LP and its subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in LP’s Annual Report on Form 10-K for the year ended December 31, 2016 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	STOCK-BASED COMPENSATION LP has a Management Incentive Plan (MIP) that is administered by the Compensation Committee of the Board of Directors. The Compensation Committee authorizes the grants of restricted stock (shares or units), performance share awards payable in stock based upon the attainment of specified performance goals, stock settled stock appreciation rights (SSARs), other stock-based awards and cash-based awards at the discretion of the Compensation Committee. A detailed discussion of this is included in Note 14 to the consolidated financial statements included in LP's Annual Report on Form 10-K for the fiscal year ended December 31, 2016. As of September 30, 2017 , 2.8 million shares were available for grant under the 2013 Omnibus Plan. Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Total stock-based compensation expense (costs of sales and general and administrative) $ 2.0 $ 3.2 $ 8.0 $ 9.4 Income tax provision (benefit) related to stock-based compensation $ 0.2 $ (0.4 ) $ 0.5 $ (3.2 ) Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.5 $ 0.8 $ 5.3 $ 8.9 At September 30, 2017 , $ 12.4 million of compensation cost related to unvested performance shares, restricted stock and SSARs attributable to future service had not yet been recognized. Grants of awards During the first nine months of 2017, the Company granted 121,724 performance units at an average grant date fair value of $24.87 per share, 285,934 SSARs at an average grant date fair value of $8.02 per share and 352,897 restricted stock awards (shares or units) at an average grant date fair value of $19.91 per share.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASUREMENTS LP estimated its Senior Notes due in 2024 to have a fair value of $ 361.5 million at September 30, 2017 and $ 344.3 million at December 31, 2016 based upon market quotations. Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables and accounts payable approximate fair value due to the short-term maturity of these items.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are 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. LP's potentially dilutive securities consist of restricted stock, restricted stock units, performance share awards, and SSARs. Share amounts in millions Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Denominator for basic earnings per share: Weighted average common shares outstanding - basic 144.5 143.7 144.4 143.3 Effect of dilutive securities: Dilutive effect of stock warrants — 0.2 — 0.2 Dilutive effect of employee stock plans 2.0 1.5 1.9 1.7 Dilutive potential common shares 2.0 1.7 1.9 1.9 Denominator for diluted earnings per share: Weighted average shares outstanding - diluted 146.5 145.4 146.3 145.2 For the quarter and nine months ended September 30, 2017 , restricted stock (shares or units), performance share awards and SSARs relating to approximately 0.2 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation. For the quarter and nine months ended September 30, 2016 , restricted stock (shares or units), performance share awards, SSARs and warrants relating to approximately 2.2 million and 2.7 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation.

Receivables

Receivables	9 Months Ended
	Sep. 30, 2017
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consist of the following: Dollar amounts in millions September 30, 2017 December 31, 2016 Trade receivables $ 157.1 $ 96.1 Income tax receivable 2.8 1.7 Other receivables 12.5 11.5 Allowance for doubtful accounts (1.0 ) (1.0 ) Total $ 171.4 $ 108.3 Other receivables at September 30, 2017 and December 31, 2016 primarily consist of sales tax receivables, vendor rebates, interest receivables, a receivable associated with an affiliate and other miscellaneous receivables.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor and operating overhead. The major types of inventories are as follows (work in process is not material): Dollar amounts in millions September 30, 2017 December 31, 2016 Logs $ 46.9 $ 54.6 Other raw materials 24.2 23.0 Semi-finished inventory 20.8 16.8 Finished products 139.1 140.2 Total $ 231.0 $ 234.6

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Accounting standards state that companies account for income taxes using the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards and other tax credits. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Valuation allowances are recorded as necessary to reduce deferred tax assets to the amount thereof that is more likely than not to be realized. The likelihood of realizing deferred tax assets is evaluated by, among other things, estimating future taxable income, considering the future reversal of existing deferred tax liabilities to which the deferred tax assets may be applied and assessing the impact of tax planning strategies. For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. An exception is provided for situations in which an enterprise anticipates a loss in a separate jurisdiction for which no tax benefit can be recognized. Each period the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. Changes in the profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. For the first nine months of 2017 , the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s income relate to foreign tax rates, changes in Canadian valuation allowances, and the deduction for U.S. domestic production activities. For the first nine months of 2016 , the primary differences between the U.S. statutory rate of 35% and the effective rate applicable to LP’s continuing operations relate to foreign tax rates, changes in Canadian and state valuation allowances, excess tax benefits in connection with LP's stock-based compensation plans, recognition of research and development credits from prior years and an increase in the reserve for unrecognized tax benefits associated with LP's South American operations. LP periodically reviews the need for valuation allowances against deferred tax assets and recognizes these deferred tax assets to the extent that the 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. LP believes that the valuation allowances provided are appropriate. If in future periods our earnings estimates differ from the estimates used to establish these valuation allowances, or other objective positive or negative evidence arises, LP may be required to record an adjustment resulting in an impact on tax expense (benefit) for that period.

Other Operating Credits and Cha

Other Operating Credits and Charges, Net	9 Months Ended
	Sep. 30, 2017
Other Operating Credits And Charges, Net [Abstract]
Other Operating Credits and Charges Net [Table Text Block]	OTHER OPERATING CREDITS AND CHARGES During the third quarter of 2017, LP recorded a refund of $ 0.9 million related to sales and use taxes. During the second quarter of 2017, LP recorded an expense of $ 2.0 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period. During the first quarter of 2017, LP recorded an expense of $ 3.4 million related to an increase in product related warranty reserves associated with CanExel products sold in specific geographic locations and for a specific time period. During the second quarter of 2016, LP recorded an expense of $ 11.4 million related to an increase in product related warranty reserves and a related adjustment to value added taxes associated with CanExel products sold in specific geographic locations and for a specific time period.

Legal and Environmental Matters

Legal and Environmental Matters	9 Months Ended
	Sep. 30, 2017
Legal and Environmental Matters [Abstract]
Legal and Environmental Matters	LEGAL AND ENVIRONMENTAL MATTERS Certain environmental matters and legal proceedings are discussed below. Environmental Matters LP maintains 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. LP’s estimates of its environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies in light of 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 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. LP regularly monitors its estimated exposure to environmental loss contingencies and, as additional information becomes known, may change its estimates significantly. However, no estimate of the range of any such change can be made at this time. Other Proceedings LP and its subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes that the resolution of such proceedings will not have a material adverse effect on the financial position, results of operations, cash flows or liquidity of LP.

Selected Segment Data

Selected Segment Data	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATA LP operates in four segments: Siding, North America Oriented Strand Board (OSB), Engineered Wood Products (EWP) and South America. LP’s business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers and distribution methods. LP’s results of operations are summarized below for each of these segments separately as well as for the “other” category which comprises other products that are not individually significant. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2016 . Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Net Sales Siding $ 226.2 $ 194.8 $ 671.2 $ 583.3 OSB 350.9 282.1 944.3 751.9 EWP 98.1 80.7 274.4 230.5 South America 38.3 31.7 114.8 103.2 Other 6.5 7.6 22.3 20.3 Intersegment sales (1.7 ) (0.5 ) (3.7 ) (5.8 ) $ 718.3 $ 596.4 $ 2,023.3 $ 1,683.4 Operating profit (loss): Siding $ 52.8 $ 35.2 $ 141.5 $ 103.9 OSB 126.4 67.4 289.4 126.7 EWP 6.3 — 12.0 (2.0 ) South America 5.8 3.3 16.4 15.3 Other (1.6 ) (0.4 ) (2.7 ) (1.0 ) Other operating credits and charges, net 0.9 — (4.5 ) (11.4 ) Gain (loss) on sale or impairment of long-lived assets, net (0.7 ) (0.3 ) 1.8 (1.0 ) General corporate and other expenses, net (30.0 ) (26.9 ) (85.7 ) (78.1 ) Interest expense, net of capitalized interest (4.9 ) (9.0 ) (14.8 ) (26.3 ) Investment income 2.9 2.5 7.2 6.4 Loss on early debt extinguishment — (13.2 ) — (13.2 ) Other non-operating items (0.6 ) (0.5 ) (2.4 ) 1.4 Income from continuing operations before taxes 157.3 58.1 358.2 120.7 Provision (benefit) for income taxes 46.4 (7.5 ) 97.9 13.1 Income from continuing operations $ 110.9 $ 65.6 $ 260.3 $ 107.6

Potential Impairments

Potential Impairments	9 Months Ended
	Sep. 30, 2017
Asset Impairment Charges [Abstract]
Potential Impairments	POTENTIAL IMPAIRMENTS LP continues to review certain operations and investments for potential impairments. LP’s management currently believes it has adequate support for the carrying value of each of these operations and investments based upon the anticipated cash flows that result from estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. LP also reviews from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, its strategic plan and other relevant circumstances. 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, LP may be required to record impairment charges in connection with decisions to dispose of assets.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	DEFINED BENEFIT PENSION PLANS The following table sets forth the net periodic pension cost for LP’s defined benefit pension plans during the quarter and nine months ended September 30, 2017 and 2016 . The net periodic pension cost included the following components: Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Service cost $ 1.4 $ 1.2 $ 4.1 $ 3.6 Interest cost 3.3 3.3 9.7 10.1 Expected return on plan assets (3.3 ) (3.3 ) (9.8 ) (10.0 ) Amortization of prior service cost 1 0.2 0.1 0.6 0.3 Amortization of net loss 1 1.4 1.4 4.2 4.1 Net periodic pension cost $ 3.0 $ 2.7 $ 8.8 $ 8.1 1 The amortization of prior service costs and net loss are included in the amounts reclassified from accumulated other comprehensive income (loss); see Note 14 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income. During the nine months ended September 30, 2017 , LP made $12.8 million in pension contributions to its defined benefit pension plans. LP expects to contribute between $1.0 million and $2.0 million to its defined benefit pension plans in the remaining months of 2017.

Product Warranty

Product Warranty	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Indemnifications	LP provides warranties on the sale of most of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the quarter ended September 30, 2017 and 2016 are summarized in the following table: Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Beginning balance $ 25.3 $ 25.6 $ 24.1 $ 21.0 Accrued to expense 0.2 0.2 0.6 0.6 Accrued to other operating credits and charges — — 5.4 10.9 Accrued to discontinued operations 1.5 — 1.5 — Foreign currency translation 0.6 0.1 2.0 0.6 Payments made (1.6 ) (4.8 ) (7.6 ) (12.0 ) Total warranty reserves 26.0 21.1 26.0 21.1 Current portion of warranty reserves (9.0 ) (9.0 ) (9.0 ) (9.0 ) Long-term portion of warranty reserves $ 17.0 $ 12.1 $ 17.0 $ 12.1 LP continues to monitor warranty and other claims associated with these products and believes as of September 30, 2017 that the reserves associated with these matters are adequate. However, it is possible that additional charges may be required in the future. During the quarter ended September 30, 2017 , LP increased the reserves associated with discontinued composite decking products by $1.5 million . The current portion of the warranty reserve is included in the caption “Accounts payable and accrued liabilities” and the long-term portion is included in the caption “Other long-term liabilities” on LP’s Consolidated Balance Sheets.

Other Comprehensive Income Othe

Other Comprehensive Income Other Comprehensive Income	9 Months Ended
	Sep. 30, 2017
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 14 - OTHER COMPREHENSIVE INCOME Other comprehensive income activity, net of tax, is provided in the following table for the quarter and nine months ended September 30, 2017 : Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at June 30, 2017 $ (52.0 ) $ (86.4 ) $ (4.8 ) $ 3.1 $ (0.7 ) $ (140.8 ) Other comprehensive income (loss) before reclassifications 10.4 (0.4 ) — 0.7 (0.2 ) 10.5 Income taxes — — — (0.3 ) — (0.3 ) Net other comprehensive income (loss) before reclassifications 10.4 (0.4 ) — 0.4 (0.2 ) 10.2 Amounts reclassified from accumulated comprehensive income (loss) — 1.4 0.3 — 0.1 1.8 Income taxes — (0.5 ) (0.1 ) — — (0.6 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 0.9 0.2 — 0.1 1.2 Total other comprehensive income (loss) 10.4 0.5 0.2 0.4 (0.1 ) 11.4 Balance at September 30, 2017 $ (41.6 ) $ (85.9 ) $ (4.6 ) $ 3.5 $ (0.8 ) $ (129.4 ) Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2016 $ (46.3 ) $ (87.7 ) $ (5.2 ) $ 2.7 $ (0.7 ) $ (137.2 ) Other comprehensive income (loss) before reclassifications 4.7 (0.8 ) — 1.3 (0.2 ) 5.0 Income taxes — — — (0.5 ) — (0.5 ) Net other comprehensive income (loss) before reclassifications 4.7 (0.8 ) — 0.8 (0.2 ) 4.5 Amounts reclassified from accumulated comprehensive income (loss) — 4.2 0.9 — 0.1 5.2 Income taxes — (1.6 ) (0.3 ) — — (1.9 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2.6 0.6 — 0.1 3.3 Total other comprehensive income (loss) 4.7 1.8 0.6 0.8 (0.1 ) 7.8 Balance at September 30, 2017 $ (41.6 ) $ (85.9 ) $ (4.6 ) $ 3.5 $ (0.8 ) $ (129.4 ) Other comprehensive income activity, net of tax, is provided in the following table for the quarter and six months ended September 30, 2016 : Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at June 30, 2016 $ (44.9 ) $ (86.9 ) $ (5.4 ) $ 3.1 $ (1.0 ) $ (135.1 ) Other comprehensive income (loss) before reclassifications 0.1 0.1 — (0.8 ) — (0.6 ) Income taxes — — — 0.3 — 0.3 Net other comprehensive income (loss) before reclassifications 0.1 0.1 — (0.5 ) — (0.3 ) Amounts reclassified from accumulated other comprehensive income — 1.4 0.1 — — 1.5 Income taxes — (0.5 ) (0.1 ) — — (0.6 ) Net amounts reclassified from cumulative other comprehensive income — 0.9 — — — 0.9 Total other comprehensive income (loss) 0.1 1.0 — (0.5 ) — 0.6 Balance at September 30, 2016 $ (44.8 ) $ (85.9 ) $ (5.4 ) $ 2.6 $ (1.0 ) $ (134.5 ) Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2015 $ (55.1 ) $ (87.8 ) $ (5.5 ) $ 3.3 $ (1.0 ) $ (146.1 ) Other comprehensive income (loss) before reclassifications 10.3 (0.6 ) — (1.1 ) — 8.6 Income taxes — — — 0.4 — 0.4 Net other comprehensive income (loss) before reclassifications 10.3 (0.6 ) — (0.7 ) — 9.0 Amounts reclassified from accumulated other comprehensive income — 4.1 0.3 — — 4.4 Income taxes — (1.6 ) (0.2 ) — — (1.8 ) Net amounts reclassified from cumulative other comprehensive income — 2.5 0.1 — — 2.6 Total other comprehensive income (loss) 10.3 1.9 0.1 (0.7 ) — 11.6 Balance at September 30, 2016 $ (44.8 ) $ (85.9 ) $ (5.4 ) $ 2.6 $ (1.0 ) $ (134.5 ) The amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost; see Note 12 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income.

Recent and Prospective Accounti

Recent and Prospective Accounting Pronouncements (Notes)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	RECENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2018. LP has elected to adopt the revenue recognition standard in the first quarter of 2018 using the modified retrospective transition method with a cumulative adjustment to its opening balance of retained earnings. LP does not anticipate the adoption of this standard to have a material impact on LP’s financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350). The standard simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. LP does not expect the adoption of this new standard to have a material impact on its consolidated results of operations and financial position. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715). The standard amends the requirements in ASC 715 related to the income statement presentation of the components of net periodic benefit cost for an entity's sponsored defined benefit pension and other post-retirement plans. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. LP does not expect the adoption of this new standard to have a material impact on its consolidated results of operations and financial position as only the presentation of the income statement will be affected. In May 2017, the FASB issued ASU 2017-09, Modification Accounting for Share-Based Payment Arrangements. The standard amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. LP does not expect the adoption of this new standard to have a material impact on its consolidated results of operations and financial position.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation, Stock Options, Activity [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Total stock-based compensation expense (costs of sales and general and administrative) $ 2.0 $ 3.2 $ 8.0 $ 9.4 Income tax provision (benefit) related to stock-based compensation $ 0.2 $ (0.4 ) $ 0.5 $ (3.2 ) Impact on cash flow due to taxes paid related to net share settlement of equity awards $ 0.5 $ 0.8 $ 5.3 $ 8.9

Earnings per Share (Tables) (Ta

Earnings per Share (Tables) (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are 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. LP's potentially dilutive securities consist of restricted stock, restricted stock units, performance share awards, and SSARs. Share amounts in millions Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Denominator for basic earnings per share: Weighted average common shares outstanding - basic 144.5 143.7 144.4 143.3 Effect of dilutive securities: Dilutive effect of stock warrants — 0.2 — 0.2 Dilutive effect of employee stock plans 2.0 1.5 1.9 1.7 Dilutive potential common shares 2.0 1.7 1.9 1.9 Denominator for diluted earnings per share: Weighted average shares outstanding - diluted 146.5 145.4 146.3 145.2

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2017
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consist of the following: Dollar amounts in millions September 30, 2017 December 31, 2016 Trade receivables $ 157.1 $ 96.1 Income tax receivable 2.8 1.7 Other receivables 12.5 11.5 Allowance for doubtful accounts (1.0 ) (1.0 ) Total $ 171.4 $ 108.3

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The major types of inventories are as follows (work in process is not material): Dollar amounts in millions September 30, 2017 December 31, 2016 Logs $ 46.9 $ 54.6 Other raw materials 24.2 23.0 Semi-finished inventory 20.8 16.8 Finished products 139.1 140.2 Total $ 231.0 $ 234.6

Selected Segment Data (Tables)

Selected Segment Data (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Net Sales Siding $ 226.2 $ 194.8 $ 671.2 $ 583.3 OSB 350.9 282.1 944.3 751.9 EWP 98.1 80.7 274.4 230.5 South America 38.3 31.7 114.8 103.2 Other 6.5 7.6 22.3 20.3 Intersegment sales (1.7 ) (0.5 ) (3.7 ) (5.8 ) $ 718.3 $ 596.4 $ 2,023.3 $ 1,683.4 Operating profit (loss): Siding $ 52.8 $ 35.2 $ 141.5 $ 103.9 OSB 126.4 67.4 289.4 126.7 EWP 6.3 — 12.0 (2.0 ) South America 5.8 3.3 16.4 15.3 Other (1.6 ) (0.4 ) (2.7 ) (1.0 ) Other operating credits and charges, net 0.9 — (4.5 ) (11.4 ) Gain (loss) on sale or impairment of long-lived assets, net (0.7 ) (0.3 ) 1.8 (1.0 ) General corporate and other expenses, net (30.0 ) (26.9 ) (85.7 ) (78.1 ) Interest expense, net of capitalized interest (4.9 ) (9.0 ) (14.8 ) (26.3 ) Investment income 2.9 2.5 7.2 6.4 Loss on early debt extinguishment — (13.2 ) — (13.2 ) Other non-operating items (0.6 ) (0.5 ) (2.4 ) 1.4 Income from continuing operations before taxes 157.3 58.1 358.2 120.7 Provision (benefit) for income taxes 46.4 (7.5 ) 97.9 13.1 Income from continuing operations $ 110.9 $ 65.6 $ 260.3 $ 107.6

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	The net periodic pension cost included the following components: Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Service cost $ 1.4 $ 1.2 $ 4.1 $ 3.6 Interest cost 3.3 3.3 9.7 10.1 Expected return on plan assets (3.3 ) (3.3 ) (9.8 ) (10.0 ) Amortization of prior service cost 1 0.2 0.1 0.6 0.3 Amortization of net loss 1 1.4 1.4 4.2 4.1 Net periodic pension cost $ 3.0 $ 2.7 $ 8.8 $ 8.1

Product Warranty (Tables)

Product Warranty (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The activity in warranty reserves for the quarter ended September 30, 2017 and 2016 are summarized in the following table: Quarter Ended September 30, Nine Months Ended September 30, Dollar amounts in millions 2017 2016 2017 2016 Beginning balance $ 25.3 $ 25.6 $ 24.1 $ 21.0 Accrued to expense 0.2 0.2 0.6 0.6 Accrued to other operating credits and charges — — 5.4 10.9 Accrued to discontinued operations 1.5 — 1.5 — Foreign currency translation 0.6 0.1 2.0 0.6 Payments made (1.6 ) (4.8 ) (7.6 ) (12.0 ) Total warranty reserves 26.0 21.1 26.0 21.1 Current portion of warranty reserves (9.0 ) (9.0 ) (9.0 ) (9.0 ) Long-term portion of warranty reserves $ 17.0 $ 12.1 $ 17.0 $ 12.1

Other Comprehensive Income Ot29

Other Comprehensive Income Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at June 30, 2017 $ (52.0 ) $ (86.4 ) $ (4.8 ) $ 3.1 $ (0.7 ) $ (140.8 ) Other comprehensive income (loss) before reclassifications 10.4 (0.4 ) — 0.7 (0.2 ) 10.5 Income taxes — — — (0.3 ) — (0.3 ) Net other comprehensive income (loss) before reclassifications 10.4 (0.4 ) — 0.4 (0.2 ) 10.2 Amounts reclassified from accumulated comprehensive income (loss) — 1.4 0.3 — 0.1 1.8 Income taxes — (0.5 ) (0.1 ) — — (0.6 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 0.9 0.2 — 0.1 1.2 Total other comprehensive income (loss) 10.4 0.5 0.2 0.4 (0.1 ) 11.4 Balance at September 30, 2017 $ (41.6 ) $ (85.9 ) $ (4.6 ) $ 3.5 $ (0.8 ) $ (129.4 ) Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2016 $ (46.3 ) $ (87.7 ) $ (5.2 ) $ 2.7 $ (0.7 ) $ (137.2 ) Other comprehensive income (loss) before reclassifications 4.7 (0.8 ) — 1.3 (0.2 ) 5.0 Income taxes — — — (0.5 ) — (0.5 ) Net other comprehensive income (loss) before reclassifications 4.7 (0.8 ) — 0.8 (0.2 ) 4.5 Amounts reclassified from accumulated comprehensive income (loss) — 4.2 0.9 — 0.1 5.2 Income taxes — (1.6 ) (0.3 ) — — (1.9 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2.6 0.6 — 0.1 3.3 Total other comprehensive income (loss) 4.7 1.8 0.6 0.8 (0.1 ) 7.8 Balance at September 30, 2017 $ (41.6 ) $ (85.9 ) $ (4.6 ) $ 3.5 $ (0.8 ) $ (129.4 ) Other comprehensive income activity, net of tax, is provided in the following table for the quarter and six months ended September 30, 2016 : Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at June 30, 2016 $ (44.9 ) $ (86.9 ) $ (5.4 ) $ 3.1 $ (1.0 ) $ (135.1 ) Other comprehensive income (loss) before reclassifications 0.1 0.1 — (0.8 ) — (0.6 ) Income taxes — — — 0.3 — 0.3 Net other comprehensive income (loss) before reclassifications 0.1 0.1 — (0.5 ) — (0.3 ) Amounts reclassified from accumulated other comprehensive income — 1.4 0.1 — — 1.5 Income taxes — (0.5 ) (0.1 ) — — (0.6 ) Net amounts reclassified from cumulative other comprehensive income — 0.9 — — — 0.9 Total other comprehensive income (loss) 0.1 1.0 — (0.5 ) — 0.6 Balance at September 30, 2016 $ (44.8 ) $ (85.9 ) $ (5.4 ) $ 2.6 $ (1.0 ) $ (134.5 ) Pension Adjustments Dollar amounts in millions Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2015 $ (55.1 ) $ (87.8 ) $ (5.5 ) $ 3.3 $ (1.0 ) $ (146.1 ) Other comprehensive income (loss) before reclassifications 10.3 (0.6 ) — (1.1 ) — 8.6 Income taxes — — — 0.4 — 0.4 Net other comprehensive income (loss) before reclassifications 10.3 (0.6 ) — (0.7 ) — 9.0 Amounts reclassified from accumulated other comprehensive income — 4.1 0.3 — — 4.4 Income taxes — (1.6 ) (0.2 ) — — (1.8 ) Net amounts reclassified from cumulative other comprehensive income — 2.5 0.1 — — 2.6 Total other comprehensive income (loss) 10.3 1.9 0.1 (0.7 ) — 11.6 Balance at September 30, 2016 $ (44.8 ) $ (85.9 ) $ (5.4 ) $ 2.6 $ (1.0 ) $ (134.5 )

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (costs of sales and general and administrative)	$ 2,000,000	$ 3,200,000	$ 8,000,000	$ 9,400,000
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	200,000	(400,000)	500,000	(3,200,000)
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$ 500,000	$ 800,000	$ 5,300,000	$ 8,900,000

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the 2013 Omnibus Plan	2,800,000
Compensation cost related to unvested awards, not yet recognized | $	$ 12.4
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	121,724
Weighted Average Grant Date Fair Value, Other than options | $ / shares	$ 24.87
Stock Settled Stock Appreciation Rights (SSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	285,934
Weighted Average Grant Date Fair Value | $ / shares	$ 8.02
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	352,897
Weighted Average Grant Date Fair Value, Other than options | $ / shares	$ 19.91

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes due 2024, Fair Value Disclosure	$ 361.5	$ 344.3

Earnings per Share (Details)

Earnings per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	144.5	143.7	144.4	143.3
Dilutive effect of stock warrants		0.2	0	0.2
Dilutive effect of employee stock plans	2	1.5	1.9	1.7
Dilutive potential common shares	2	1.7	1.9	1.9
Weighted average shares outstanding - diluted	146.5	145.4	146.3	145.2

Earnings per Share Narrative (D

Earnings per Share Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2.2	0.2	2.7

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Receivables [Abstract]
Trade receivables	$ 157.1	$ 96.1
Income tax receivable	2.8	1.7
Other receivables	12.5	11.5
Allowance for doubtful accounts	(1)	(1)
Total	$ 171.4	$ 108.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Logs	$ 46.9	$ 54.6
Other raw materials	24.2	23
Semi-finished inventory	20.8	16.8
Finished products	139.1	140.2
Total	$ 231	$ 234.6

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%	35.00%

Other Operating Credits and C38

Other Operating Credits and Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Operating Credits And Charges, Net [Abstract]
Standard and Extended Product Warranty Accrual, Period Increase (Decrease)	$ 0	$ 2	$ 3.4	$ 0		$ 5.4	$ 10.9
Other operating credits and charges, net	$ (0.9)			$ 0	$ 11.4	$ 4.5	$ 11.4

Selected Segment Data (Details)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Net sales:	$ 718.3	$ 596.4	$ 2,023.3	$ 1,683.4
Operating profit (loss):	158.9	76.9	364.4	148
Other operating credits and charges, net	0.9	0	(4.5)	(11.4)
Loss on sale or impairment of long-lived assets, net	(0.7)	(0.3)	1.8	(1)
General corporate and other expenses, net	(30)	(26.9)	(85.7)	(78.1)
Interest expense, net of capitalized interest	(4.9)	(9)	(14.8)	(26.3)
Investment income	2.9	2.5	7.2	6.4
Loss on early debt extinguishment	0	(13.2)	0	(13.2)
Other non-operating items	(0.6)	(0.5)	(2.4)	1.4
Income from continuing operations before taxes	157.3	58.1	358.2	120.7
Provision (benefit) for income taxes	46.4	(7.5)	97.9	13.1
Income from continuing operations	110.9	65.6	260.3	107.6
Siding [Member]
Segment Reporting Information [Line Items]
Net sales:	226.2	194.8	671.2	583.3
Operating profit (loss):	52.8	35.2	141.5	103.9
OSB [Member]
Segment Reporting Information [Line Items]
Net sales:	350.9	282.1	944.3	751.9
Operating profit (loss):	126.4	67.4	289.4	126.7
Engineered Wood Products [Member]
Segment Reporting Information [Line Items]
Net sales:	98.1	80.7	274.4	230.5
Operating profit (loss):	6.3	0	12	(2)
South America [Member]
Segment Reporting Information [Line Items]
Net sales:	38.3	31.7	114.8	103.2
Operating profit (loss):	5.8	3.3	16.4	15.3
Other [Member]
Segment Reporting Information [Line Items]
Net sales:	6.5	7.6	22.3	20.3
Operating profit (loss):	(1.6)	(0.4)	(2.7)	(1)
Intersegment elimination [Member]
Segment Reporting Information [Line Items]
Net sales:	$ (1.7)	$ (0.5)	$ (3.7)	$ (5.8)

Defined Benefit Pension Plans40

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017		Sep. 30, 2016	Dec. 31, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.4	$ 1.2	$ 4.1		$ 3.6
Interest cost	3.3	3.3	9.7		10.1
Expected return on plan assets	(3.3)	(3.3)	(9.8)		(10)
Amortization of prior service cost 1	0.2	0.1	0.6	[1]	0.3
Amortization of net loss 1	1.4	1.4	4.2	[1]	4.1
Net periodic pension cost	$ 3	$ 2.7	8.8		$ 8.1
Payment for Pension Benefits			$ 12.8
Minimum [Member] | Scenario, Forecast [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year						$ 1
Maximum [Member] | Scenario, Forecast [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year						$ 2
[1]	The amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost; see Note 12 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income.

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 25.3		$ 24.1	$ 25.6	$ 24.1	$ 21
Accrued to expense	0.2			0.2	0.6	0.6
Accrued to other operating credits and charges	0	$ 2	$ 3.4	0	5.4	10.9
Accrued to discontinued operations	1.5			0	1.5	0
Foreign currency translation	0.6			0.1	2	0.6
Payments made	(1.6)			(4.8)	(7.6)	(12)
Total warranty reserves	26	$ 25.3		21.1	26	21.1
Current portion of warranty reserves	(9)			(9)	(9)	(9)
Long-term portion of warranty reserves	$ 17			$ 12.1	$ 17	$ 12.1

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Beginning Balance	$ (140.8)	$ (135.1)	$ (137.2)	$ (146.1)
Other comprehensive income (loss) before reclassifications	10.5	(0.6)	5	8.6
Income taxes	(0.3)	0.3	(0.5)	0.4
Net other comprehensive income (loss) before reclassifications	10.2	(0.3)	4.5	9
Amounts reclassified from accumulated other comprehensive income (loss)	1.8	1.5	5.2	4.4
Income taxes	(0.6)	(0.6)	(1.9)	(1.8)
Net amounts reclassified from cumulative other comprehensive income (loss)	1.2	0.9	3.3	2.6
Total other comprehensive income (loss)	11.4	0.6	7.8	11.6
Ending Balance	(129.4)	(134.5)	(129.4)	(134.5)
Foreign currency translation adjustments
Beginning Balance	(52)	(44.9)	(46.3)	(55.1)
Other comprehensive income (loss) before reclassifications	10.4	0.1	4.7	10.3
Income taxes	0	0	0	0
Net other comprehensive income (loss) before reclassifications	10.4	0.1	4.7	10.3
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Income taxes	0	0	0	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0	0	0	0
Total other comprehensive income (loss)	10.4	0.1	4.7	10.3
Ending Balance	(41.6)	(44.8)	(41.6)	(44.8)
Actuarial loss, net of tax
Beginning Balance	(86.4)	(86.9)	(87.7)	(87.8)
Other comprehensive income (loss) before reclassifications	(0.4)	0.1	(0.8)	(0.6)
Income taxes	0	0	0	0
Net other comprehensive income (loss) before reclassifications	(0.4)	0.1	(0.8)	(0.6)
Amounts reclassified from accumulated other comprehensive income (loss)	1.4	1.4	4.2	4.1
Income taxes	(0.5)	(0.5)	(1.6)	(1.6)
Net amounts reclassified from cumulative other comprehensive income (loss)	0.9	0.9	2.6	2.5
Total other comprehensive income (loss)	0.5	1	1.8	1.9
Ending Balance	(85.9)	(85.9)	(85.9)	(85.9)
Prior service cost, net of tax
Beginning Balance	(4.8)	(5.4)	(5.2)	(5.5)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Income taxes	0	0	0	0
Net other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0.3	0.1	0.9	0.3
Income taxes	(0.1)	(0.1)	(0.3)	(0.2)
Net amounts reclassified from cumulative other comprehensive income (loss)	0.2	0	0.6	0.1
Total other comprehensive income (loss)	0.2	0	0.6	0.1
Ending Balance	(4.6)	(5.4)	(4.6)	(5.4)
Unrealized gain (loss) on investments
Beginning Balance	3.1	3.1	2.7	3.3
Other comprehensive income (loss) before reclassifications	0.7	(0.8)	1.3	(1.1)
Income taxes	(0.3)	0.3	(0.5)	0.4
Net other comprehensive income (loss) before reclassifications	0.4	(0.5)	0.8	(0.7)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Income taxes	0	0	0	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0	0	0	0
Total other comprehensive income (loss)	0.4	(0.5)	0.8	(0.7)
Ending Balance	3.5	2.6	3.5	2.6
Other
Beginning Balance	(0.7)	(1)	(0.7)	(1)
Other comprehensive income (loss) before reclassifications	(0.2)	0	(0.2)	0
Income taxes	0	0	0	0
Net other comprehensive income (loss) before reclassifications	(0.2)	0	(0.2)	0
Amounts reclassified from accumulated other comprehensive income (loss)	0.1	0	0.1	0
Income taxes	0	0	0	0
Net amounts reclassified from cumulative other comprehensive income (loss)	0.1	0	0.1	0
Total other comprehensive income (loss)	(0.1)	0	(0.1)	0
Ending Balance	$ (0.8)	$ (1)	$ (0.8)	$ (1)