Louisiana-Pacific (LPX) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Aug. 05, 2019
Entity Information [Line Items]
Entity Tax Identification Number		93-0609074
Trading Symbol		LPX
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION	LOUISIANA-PACIFIC CORPORATION
Entity Address, Address Line One		414 Union Street
City Area Code		Nashville, TN
Entity Address, Postal Zip Code		37219
City Area Code		(615)
Local Phone Number		986 - 5600
Entity Central Index Key		0000060519
Current Fiscal Year End Date		--12-31
Entity Filer Category		Large Accelerated Filer
Document Type	10-Q	10-Q
Document Period End Date	Jun. 30, 2019	Jun. 30, 2019
Entity File Number		1-7107
Document Fiscal Year Focus		2019
Document Fiscal Period Focus		Q2
Entity Current Reporting Status		Yes
Amendment Flag		false
Entity Emerging Growth Company		false
Entity Small Business		false
Entity Shell Company		false
Entity Common Stock, Shares Outstanding			123,612,522

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 348	$ 878
Receivables, net of allowance for doubtful accounts of $2 million at June 30, 2019 and $1 million at December 31, 2018	177	128
Inventories	293	273
Prepaid expenses and other current assets	11	8
Total current assets	828	1,287
Timber and timberlands	55	62
Property, plant and equipment, net	1,038	1,010
Goodwill and other intangible assets	51	26
Operating lease assets	22	0
Investments in and advances to affiliates	9	49
Restricted cash	14	13
Other assets	68	61
Deferred tax asset	4	4
Total assets	2,090	2,514
LIABILITIES AND EQUITY
Current portion of long-term debt	3	5
Accounts payable and accrued liabilities	223	233
Income taxes payable	1	21
Current portion of contingency reserves	2	2
Total current liabilities	229	262
Long-term debt, excluding current portion	348	347
Deferred income taxes	75	62
Operating Lease liability, noncurrent	14	0
Contingency reserves, excluding current portion	8	9
Other long-term liabilities	126	135
Redeemable noncontrolling interest	13	0
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized, 141,413,786 shares issued at June 30, 2019 and 153,358,542 shares issued at December 31, 2018	141	153
Additional paid-in capital	374	458
Retained earnings	1,315	1,613
Treasury stock, 17,881,363 shares and 16,525,351 shares, at cost	(410)	(378)
Accumulated comprehensive loss	(143)	(146)
Total stockholders' equity	1,278	1,700
Total liabilities and stockholders' equity	$ 2,090	$ 2,514

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 2	$ 1

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	$ 0	$ 0	$ (1)	$ 0
Revenues	588	811	1,170	1,502
Cost of sales	510	550	1,011	1,065
Gross Profit	78	261	159	437
Selling, general and administrative expenses	58	50	114	101
(Gain) loss on sale or impairment of long lived assets, net	0	0	1	(1)
Other Operating Charges And Credits, Net	(3)	(5)	(1)	(5)
Income from operations	23	215	45	342
Non-operating income (expense):
Interest expense, net	(2)	0	(1)	(1)
Other non-operating items	(2)	(1)	9	(2)
Income from continuing operations before taxes	19	215	52	339
Provision for income taxes	3	51	11	81
Equity in loss of unconsolidated affiliates	0	1	0	1
Income from continuing operations	15	163	42	258
Loss from discontinued operations before taxes	0	0	0	(6)
Benefit for income taxes	0	0	0	(1)
Loss from discontinued operations	0	0	0	(4)
Net income	16	163	42	254
Less: Net loss attributed to non-controlling interest	(2)	0	(2)	0
Net income attributed to Louisiana-Pacific Corporation	17	163	44	254
Income from continuing operations attributed to LP	17	163	44	258
Income from discontinued operations, net of tax, attributed to LP	$ 0	$ 0	$ 0	$ (4)
Net income per share of common stock:
Income per share continuing operations	$ 0.14	$ 1.13	$ 0.34	$ 1.78
Loss per share discontinued operations	0	0	0	(0.03)
Net income per share - basic	0.14	1.13	0.34	1.75
Diluted net income per share of common stock
Income per share continuing operations	0.14	1.11	0.34	1.76
Loss per share discontinued operations	0	0	0	(0.03)
Net income per share - diluted	$ 0.14	$ 1.11	$ 0.34	$ 1.73
Basic	123,400,000	144,600,000	126,900,000	144,700,000
Weighted average shares of stock outstanding - diluted	124,300,000	146,200,000	127,900,000	146,400,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 16	$ 163	$ 42	$ 254
Other comprehensive income (loss)
Foreign currency translation adjustments	1	(14)	3	(12)
Defined benefit pension plans:
Amortization of amounts included in net periodic benefit cost, net of tax	1	1	2	3
Other comprehensive income (loss)	2	(12)	4	(9)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	17	150	46	245
Net loss attributable to redeemable noncontrolling interest	(2)	0	(2)	0
Comprehensive income	19	150	48	245
Actuarial loss, net of tax
Defined benefit pension plans:
Change benefit obligations, translation adjustment	0	0	0	0
Amortization of amounts included in net periodic benefit cost, net of tax	1	1	2	2
Other comprehensive income (loss)	1	1	2	3
Prior service cost, net of tax
Defined benefit pension plans:
Amortization of amounts included in net periodic benefit cost, net of tax	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Other
Defined benefit pension plans:
Amortization of amounts included in net periodic benefit cost, net of tax	0	0	0	0
Other comprehensive income (loss)	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 16	$ 163	$ 42	$ 254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29	30	60	61
Equity in (income) loss of unconsolidated affiliates, including dividends	0	0	(2)	(1)
(Gain) loss on sale or impairment of long lived assets, net	0	0	1	(1)
Other operating credits and charges, net	(3)	0	(1)	(1)
Gain on acquisition	0	0	(14)	0
Stock-based compensation related to stock plans	3	3	5	5
Exchange (gain) loss on remeasurement	0	0	2	0
Cash settlements of warranties, net of accruals	0	(6)	(1)	(2)
Accrual of contingencies, net of cash settlements	0	0	0	(2)
Pension contributions, net of expense	1	(2)	2	(1)
Other adjustments, net	(1)	(1)	(1)	1
Increase in receivables	(6)	(16)	(41)	(45)
(Increase) decrease in inventories	19	41	(17)	(13)
Increase in prepaid expenses	(3)	(4)	(3)	(5)
Increase (decrease) in accounts payable and accrued liabilities	(2)	19	(17)	(20)
Increase (decrease) in income taxes payable and deferred income taxes	(1)	13	(16)	37
Net cash provided by (used in) operating activities	54	237	0	268
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(38)	(44)	(81)	(88)
Proceeds from sales of assets	1	0	1	1
Cash acquired in acquisition	(7)	(45)	33	(45)
Proceeds from Collection of Notes Receivable	0	22	0	22
Other investing activities	0	0	(1)	0
Net cash used in investing activities	(45)	(67)	(50)	(110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of Long-term Debt	3	0	3	0
Payment of cash dividend	(17)	(19)	(33)	(38)
Purchase of stock	0	(39)	(438)	(39)
Taxes paid related to net share settlement of equity awards	0	2	4	8
Other financing activities	(3)	0	(3)	3
Net cash used in financing activities	(22)	(60)	(481)	(81)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1	(5)	1	(4)
Net decrease in cash, cash equivalents and restricted cash	(13)	105	(530)	73
Cash, cash equivalents and restricted cash at beginning of period	375	909	892	941
Cash, cash equivalents and restricted cash at end of period	362	1,014	362	1,014
Cash paid for income taxes	7	37	28	41
Cash paid for interest, net of cash received	$ 0	$ (5)	$ 5	$ 2

Statement of Shareholders Equit

Statement of Shareholders Equity Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		153
Common Stock, Value, Outstanding		$ 153
Treasury Stock, Common, Shares			8
Treasury Stock, Value			$ (178)
Additional Paid in Capital, Common Stock				$ 471
Retained earnings					$ 1,280
Accumulated comprehensive loss	$ (122)					$ (122)
Total stockholders' equity	1,605
Effect of adoptions of ASU 2018-02 and 2014-09 | Accounting Standards Update 2014-09 [Member]	(4)				(4)
Effect of adoptions of ASU 2018-02 and 2014-09 | Accounting Standards Update 2018-02 [Member]	0				17	(17)
Net income	91				91
Dividends paid	(19)				(19)
Issuance of shares for stock plans and stock-based compensation, shares			(1)
Issuance of shares for stock plans and stock-based compensation, value	0		$ (10)	(10)
Compensation expense associated with stock-based compensation	2			2
Taxes paid related to net settlement of stock-based awards, shares			0
Taxes paid related to net settlement of stock-based awards, value	(6)		$ (6)
Other comprehensive income	4					4
Effect of adoptions of ASU 2018-02 and 2014-09	(17)
Net income	254
Taxes paid related to net settlement of stock-based awards, value	(8)
Common Stock, Shares, Outstanding		153
Common Stock, Value, Outstanding		$ 153
Treasury Stock, Common, Shares			8
Treasury Stock, Value			$ (173)
Additional Paid in Capital, Common Stock				463
Retained earnings					1,364
Accumulated comprehensive loss	(135)					(135)
Total stockholders' equity	1,672
Net income	163				163
Dividends paid	(19)				(19)
Issuance of shares for stock plans and stock-based compensation, shares			0
Issuance of shares for stock plans and stock-based compensation, value	0		$ (8)	(8)
Purchase of treasury stock			1
Purchase of treasury stock	(39)		$ (39)
Compensation expense associated with stock-based compensation	3			3
Taxes paid related to net settlement of stock-based awards, shares			0
Taxes paid related to net settlement of stock-based awards, value	(2)		$ (2)
Other comprehensive income	(12)					(12)
Common Stock, Shares, Outstanding		153
Common Stock, Value, Outstanding		$ 153
Treasury Stock, Common, Shares			9
Treasury Stock, Value			$ (206)
Additional Paid in Capital, Common Stock				458
Retained earnings					1,508
Accumulated comprehensive loss	(147)					(147)
Total stockholders' equity	1,766
Common Stock, Shares, Outstanding		153
Common Stock, Value, Outstanding		$ 153
Treasury Stock, Common, Shares			17
Treasury Stock, Value	378		$ (378)
Additional Paid in Capital, Common Stock	458			458
Retained earnings	1,613				1,613
Accumulated comprehensive loss	(146)					(146)
Total stockholders' equity	1,700
Net income	27				27
Dividends paid	(17)				(17)
Issuance of shares for stock plans and stock-based compensation, shares			0
Issuance of shares for stock plans and stock-based compensation, value	0		$ 8	(8)
Common stock, Shares acquired		(12)
Common stock, Value, Shares acquired		$ (12)
Purchase of treasury stock			2
Purchase of treasury stock	(438)		$ (38)
Accelerated Share Repurchase Program, Adjustment				(80)	(308)
Compensation expense associated with stock-based compensation	2			2
Taxes paid related to net settlement of stock-based awards, shares			0
Taxes paid related to net settlement of stock-based awards, value	(4)		$ (4)
Other comprehensive income	2					2
Net income	44
Taxes paid related to net settlement of stock-based awards, value	(4)
Common Stock, Shares, Outstanding		141
Common Stock, Value, Outstanding		$ 141
Treasury Stock, Common, Shares			18
Treasury Stock, Value			$ (412)
Additional Paid in Capital, Common Stock				373
Retained earnings					1,314
Accumulated comprehensive loss	(144)					(144)
Total stockholders' equity	1,273
Net income	17				17
Dividends paid	(17)				(17)
Issuance of shares for stock plans and stock-based compensation, shares			0
Issuance of shares for stock plans and stock-based compensation, value	(1)		$ (2)	1
Compensation expense associated with stock-based compensation	2			2
Taxes paid related to net settlement of stock-based awards, value	0
Other comprehensive income	2					2
Common Stock, Shares, Outstanding		141
Common Stock, Value, Outstanding		$ 141
Treasury Stock, Common, Shares			18
Treasury Stock, Value	410		$ (410)
Additional Paid in Capital, Common Stock	374			$ 374
Retained earnings	1,315				$ 1,315
Accumulated comprehensive loss	(143)					$ (143)
Total stockholders' equity	$ 1,278

Basis For Presentation

Basis For Presentation	6 Months Ended
	Jun. 30, 2019
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 us and our 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 our Annual Report on Form 10-K for the year ended December 31, 2018

Leases (Notes)

Leases (Notes)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	NOTE 2 - LEASES On January 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)" (ASC 842), which supersedes the lease accounting requirements in ASC Topic 840, "Leases". The new standard requires entities to recognize, separately from each other, an asset for its right to use (ROU) the underlying asset equal to the liability for its finance and operating lease obligations. Further, the company is required to present separately the current and non-current portion of the ROU asset and corresponding lease liability. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842)" Targeted Improvements, which provides an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. We have elected to adopt using this optional transition method. 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. Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, railcars to transport our products, and a fleet of vehicles. As part of our adoption of ASC 842, we have also elected to apply the following practical expedients as permitted under the new standard: • Package of practical expedients - we will not reassess whether expiring or existing contracts contain a lease, will not reassess the classification of expired or existing leases, and will not reassess whether lease initial direct costs would qualify for capitalization under the new lease accounting standard. • Lease and non-lease components as lessee - for leases across all asset classes in which we are a lessee, we will not separate non-lease components from lease components and instead will account for each separate lease component and the non-lease components associated with that lease component as a single lease component. • Short-term leases - we have elected not to recognize ROU assets and lease liabilities for short-term leases across all asset classes that have a lease term of 12 months or less. We recognize the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term. Key estimates and judgments include how we determined the discount rate used to record the unpaid lease payments at present value and lease term. • ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. • The lease term for all of our leases includes the noncancellable 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. Quantitative Information Classification June 30, 2019 Consolidated Balance Sheet Assets: Operating lease assets Operating lease assets $ 22 Finance lease assets Property, plant, and equipment, net 1 Total lease assets $ 24 Liabilities: Current Operating Accounts payable and accrued liabilities $ 8 Finance Current portion of long-term debt 1 Noncurrent Operating Noncurrent operating lease liabilities 14 Finance Long-term debt, excluding current portion 1 Total lease liabilities $ 24 Classification Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Consolidated Statement of Income Lease Cost: Operating lease cost Cost of sales and Selling, general and administrative expenses $ 2 $ 5 Finance lease cost Amortization of leased assets Cost of sales — — Interest on lease liabilities Interest expense, net of capitalized interest — — Total lease cost $ 3 $ 5 Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 5 $ — $ 5 2020 8 1 9 2021 6 — 6 2022 3 — 3 2023 1 — 1 2024 and thereafter — — — Total lease payments 23 1 25 Less: Interest (1 ) — (1 ) Present value of lease liabilities $ 22 $ 1 $ 24 Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 3.1 Finance leases 3.2 Weighted-average discount rate Operating leases 3.5 % Finance leases 4.3 % Other Information Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Short-term lease cost $ 1 $ 2 Variable lease cost 7 14 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases — — Operating cash flows from operating leases 2 4 Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for new operating lease liabilities — 6 Right-of-use assets obtained in exchange for new financing lease liabilities — 1 Shown in the table below are future minimum operating lease commitments as of December 31, 2018, as disclosed in our 2018 Form 10-K, prior to adoption of the new lease standard. Dollar amounts in millions Year ended December 31, 2019 $ 8 2020 7 2021 5 2022 2 2023 — 2024 and thereafter — Total $ 22

Revenue (Notes)

Revenue (Notes)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customers [Abstract]
Revenue from Contract with Customer [Text Block]	NOTE 3 - REVENUE Revenue is recognized when obligations under the terms of a contract (purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Shipping cost incurred by us to deliver products to our customers are recorded in cost of sales. We recognize revenue as of a point in time. The following tables disaggregate our revenue by product line and product type by segment for the quarter and six months ended June 30, 2019 and 2018 : Quarter Ended June 30, 2019 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 200 $ — $ — $ 4 $ — $ — $ 204 SmartSide ® Fiber siding 25 — — — — — 25 CanExel ® siding 7 — — — — — 7 OSB - commodity 5 97 1 — — (2 ) 101 OSB - value-add — 100 2 35 — — 138 LVL — — 40 — — — 40 LSL — — 14 — — — 14 I-joist — — 38 — — — 38 Plywood — — 6 — — — 6 Other 2 1 5 1 5 — 16 $ 238 $ 199 $ 107 $ 40 $ 5 $ (2 ) $ 588 By Product type: Commodity $ 5 $ 97 $ 7 $ — $ — $ (2 ) $ 107 Value-add 231 100 95 39 — — 465 Other 2 1 5 1 5 — 16 $ 238 $ 199 $ 107 $ 40 $ 5 $ (2 ) $ 588 Six Months Ended June 30, 2019 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 387 $ — $ — $ 10 $ — $ — $ 397 SmartSide ® Fiber siding 51 — — — — — 51 CanExel ® siding 24 — — — — — 24 OSB - commodity 8 204 3 — — (3 ) 212 OSB - value-add — 199 4 73 — — 276 LVL — — 71 — — — 71 LSL — — 28 — — (1 ) 28 I-joist — — 64 — — — 64 Plywood — — 12 — — — 12 Other 5 5 15 2 10 — 35 $ 474 $ 407 $ 197 $ 85 $ 10 $ (4 ) $ 1,170 By Product type: Commodity $ 8 $ 204 $ 15 $ — $ — $ (3 ) $ 225 Value-add 461 199 167 83 — — 910 Other 5 5 15 2 10 (1 ) 35 $ 474 $ 407 $ 197 $ 85 $ 10 $ (4 ) $ 1,170 Quarter Ended June 30, 2018 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 194 $ — $ — $ 7 $ — $ — $ 200 SmartSide ® Fiber siding 28 — — — — — 28 CanExel ® siding 13 — — — — — 13 OSB - commodity 12 231 5 — — — 249 OSB - value-add 12 155 4 37 — — 208 LVL — — 40 — — — 40 LSL — — 17 — — — 17 I-joist — — 32 — — — 32 Plywood — — 8 — — — 8 Other 3 1 7 1 3 — 15 $ 262 $ 387 $ 113 $ 45 $ 3 $ — $ 811 By Product type: Commodity $ 12 $ 231 $ 13 $ — $ — $ — $ 257 Value-add 246 155 93 44 — — 538 Other 3 1 7 1 3 — 15 $ 262 $ 387 $ 113 $ 45 $ 3 $ — $ 811 Six Months Ended June 30, 2018 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 359 $ — $ — $ 14 $ — $ — $ 372 SmartSide ® Fiber siding 54 — — — — — 54 CanExel ® siding 26 — — — — — 26 OSB - commodity 21 413 8 — — — 442 OSB - value-add 22 284 8 72 — — 386 LVL — — 77 — — — 77 LSL — — 31 — — — 31 I-joist — — 64 — — — 64 Plywood — — 16 — — — 16 Other 7 4 16 2 6 — 36 $ 489 $ 701 $ 219 $ 88 $ 6 $ — $ 1,502 By Product type: Commodity $ 21 $ 413 $ 24 $ — $ — $ — $ 457 Value-add 460 284 179 86 — — 1,009 Other 7 4 16 2 6 — 36 $ 489 $ 701 $ 219 $ 88 $ 6 $ — $ 1,502

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	STOCK-BASED COMPENSATION We have 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 and stock-settled stock appreciation rights (SSARs).We also maintain an employee stock purchase plan which allows eligible employees to purchase shares of LP’s common stock at a discount. As of June 30, 2019 , 2.5 million shares were available for grant under the 2013 Omnibus Plan and 1.9 million shares were available under the 2019 Employee Stock Purchase Plan. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total stock-based compensation expense (cost of sales, selling, general and administrative and other operating credits and charges, net) $ 2 $ 3 $ 5 $ 5 Income tax provision related to stock-based compensation $ — $ (1 ) (1 ) (3 ) Impact on cash flow due to taxes paid related to net share settlement of equity awards $ — $ 2 4 8 At June 30, 2019 , $19 million of compensation cost related to unvested performance shares, restricted stock and SSARs attributable to future service had not yet been recognized. During the first six months of 2019, we granted 195,452 performance units at an average grant date fair value of $25.19 per share and 392,704 restricted stock units at an average grant date fair value of $24.21 per share.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASUREMENTS We estimated our Senior Notes due in 2024 to have a fair value of $356 million at June 30, 2019 and $338 million at December 31, 2018 based upon market quotations. Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, accounts payable and current portion of long-term debt approximate fair value due to the short-term maturity of these items.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share are based upon 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. Our potentially dilutive securities consist of stock options, SSARs, restricted stock or units and performance share awards. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Denominator for basic earnings per share: Weighted average common shares outstanding - basic 123.4 144.6 126.9 144.7 Effect of dilutive securities: Dilutive effect of employee stock plans 0.9 1.6 1.0 1.7 Denominator for diluted earnings per share: Weighted average shares outstanding - diluted 124.3 146.2 127.9 146.4 For the quarter and six months ended June 30, 2019 and 2018 , there were no SSARs that were considered not in-the-money for purposes of our earnings per share calculation.

Accelerated Share Repurchase Pr

Accelerated Share Repurchase Programs (Notes)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accelerated Share Repurchases [Table Text Block]	NOTE 7 - SHARE REPURCHASE PROGRAM During the quarter ended March 31, 2019, we announced that our Board of Directors authorized an additional $600 million share repurchase program, including an accelerated share repurchase (ASR) program, which was initiated in February 2019. In connection with the ASR program, we entered into an agreement with Goldman, Sachs & Co. (GS) to repurchase $ 400 million of our common stock. Under the ASR, we received approximately 12 million shares of our common stock during the quarter ended March 31, 2019. At the final settlement of the ASR program, which is expected to occur prior to the end of the third quarter of 2019, GS may be required to deliver additional shares of common stock to us or, under certain circumstances, we may be required to deliver shares of our common stock or may elect to make a cash payment to GS, with the number of shares to be delivered or the amount of such payment based on the difference between the volume-weighted average price, less a discount, of our common stock during the term of the agreement and the initial $ 400 million paid.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consist of the following: June 30, 2019 December 31, 2018 Trade receivables $ 139 $ 87 Income tax receivable 24 16 Other receivables 16 25 Allowance for doubtful accounts (2 ) (1 ) Total $ 177 $ 128 Other receivables at June 30, 2019 and December 31, 2018 primarily consist of sales tax receivables, vendor rebates, a receivable associated with an affiliate and other miscellaneous receivables.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Logs $ 47 $ 57 Other raw materials 30 25 Semi-finished inventory 21 23 Finished products 195 168 Total $ 293 $ 273

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest (Notes)	6 Months Ended
	Jun. 30, 2019
Business Combination, Step Acquisition [Abstract]
Redeemable Noncontrolling Interest	NOTE 10 - ACQUISITIONS AND REDEEMABLE NONCONTROLLING INTEREST Redeemable noncontrolling interest are interests in subsidiaries that are redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interest adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount of redeemable preferred noncontrolling interest are affected by corresponding charges through income. Any adjustments recognized on redeemable common noncontrolling interest are affected by corresponding charges to accumulated paid in capital. Entekra During the second quarter of 2018, we invested $45 million in Entekra Holdings, LLC (Entekra), a start-up design, engineering and manufacturing company that provides off-site framing for both residential and commercial construction. This investment was recorded as an equity investment based upon the joint control of Entekra’s operations. We own 81.8% of the A units and 55% of the B units of Entekra. Our portion of the earnings and losses of Entekra was included in our Consolidated Statement of Income as income (loss) from unconsolidated affiliate. During the first quarter of 2019, we obtained a controlling interest in Entekra. Entekra's results of operations have been fully consolidated for periods after December 31, 2018 and we established a redeemable noncontrolling interest related to the minority holders. Due to the pre-existing ownership interest in Entekra, this acquisition was accounted for as a step acquisition in accordance with ASC 805, "Business Combinations". We recognized a gain of $14 million recorded within other non-operating items on our Consolidated Statements of Income in connection with this transaction to record our ownership interest in Entekra at fair value on the acquisition date based upon an appraisal. Including our previously owned interest, we acquired net assets of $ 56 million , consisting of $41 million in current assets, $ 6 million in fixed assets, $ 25 million of goodwill and other intangible assets less $ 1 million in current liabilities and $15 million in non-controlling interest. Certain information about Entekra (e.g., pro forma financial information and allocation of purchase price) is not presented because such information is not material to our results of operations and financial position. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning balance $ 14 $ — $ — $ — Purchase of redeemable common and preferred stock — — 15 — Net loss attributable to redeemable non-controlling interest (2 ) — (2 ) — Adjustment to redemption value — — — — Ending balance $ 13 $ — $ 13 $ — As of June 30, 2019, Entekra has entered into a long-term lease associated with their manufacturing facility which is currently under construction. In accordance with ASC 842, Entekra does not yet control the underlying asset. When Entekra obtains control, we anticipate that we will increase our ROU assets by $ 18 million and the related lease liability by a comparable amount. Prefinished Staining Product Incorporated (PSPI) During the second quarter of 2019, we acquired certain assets and liabilities of Prefinished Staining Product Incorporated (PSPI), a prefinished siding company located in Green Bay, Wisconsin. The purchase resulted in us recording intangible assets of $ 4 million . Our assessment of fair value and the purchase price allocation related to this acquisition is final. Certain information about PSPI (e.g., pro forma financial information and allocation of purchase price) is not presented because such information is not material to our results of operations and financial position.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Notes)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 11 - GOODWILL AND OTHER INTANGIBLES Changes in goodwill and other intangible assets for the six months ended June 30, 2019 is provided in the following table: Dollar amounts in millions 2019 Timber and timberlands Goodwill Developed Technology Other Assets Total Beginning balance December 31, $ 41 $ 16 $ 10 $ — $ 67 Acquisitions (Note 10) — 14 12 3 29 Amortization (1 ) — (1 ) — (2 ) Total goodwill and other intangibles $ 39 $ 30 $ 21 $ 3 $ 93

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES 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. 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 profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. For the first six months of 2019, our income tax expense on continuing operations reflects a rate of 20% as compared to 24% in the comparable period of 2018. For the first six months of 2019, the primary differences between the U.S. statutory rate of 21% and the effective rate of 20% relates to increases in tax deductions related to stock-based compensation and the effects of foreign and state tax rates. For the first six months of 2018, the primary differences between the U.S. statutory rate of 21% and the effective rate of 24%

Other Operating Credits and Cha

Other Operating Credits and Charges, Net	6 Months Ended
	Jun. 30, 2019
Other Income and Expenses [Abstract]
Other Operating Income and Expense [Text Block]	OTHER OPERATING CREDITS AND CHARGES During the second quarter of 2019, we reduced our product related warranty reserves by $ 4 million and recorded a gain of $1 million in insurance recoveries associated with property damage from prior years. Additionally, we recorded a charge of $ 1 million related to severance associated with certain reorganizations within the corporate office and $1 million related to severance and other charges associated with our recently announced planned curtailment of an OSB mill in British Columbia, Canada. During the first quarter of 2019, we recorded a charge of $2 million on severance and other charges related to certain reorganizations within the corporate offices and property damage sustained by our Wilmington facility during a hurricane occurring in the fall of 2018. During the second quarter of 2018, we recorded a gain of $ 8 million related to the settlement of previously-paid environmental costs or the liability for future environmental costs to be paid by a third party associated with a non-operating site. Additionally, we recorded a charge of $4 million in severance and other charges related to certain reorganizations within the corporate offices, including the costs associated with the retirement of our previous chief financial officer.

Legal and Environmental Matters

Legal and Environmental Matters	6 Months Ended
	Jun. 30, 2019
Legal and Environmental Matters [Abstract]
Legal and Environmental Matters	LEGAL AND ENVIRONMENTAL MATTERS Certain environmental matters and legal proceedings are discussed below. 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 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. We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly. However, no estimate of the range of any such change can be made at this time. Recorded in Other assets is $1 million related to a receivable for reimbursements of environmental costs associated with a non-operating site as of June 30, 2019 . Other Proceedings We and our subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes the resolution of such proceedings will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Selected Segment Data

Selected Segment Data	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATA We operate in four segments: Siding, North America Oriented Strand Board (OSB), Engineered Wood Products (EWP) and South America. Our business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers and distribution methods. Our results of operations attributed to LP 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 our Annual Report on Form 10-K for the year ended December 31, 2018 . During the first quarter of 2019, certain timber operations where reclassified from other to EWP and we have reclassifed a significant portion of our unallocated expenses to the business segments effective during the first quarter of 2019. All prior periods presented have been adjusted for comparability. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales Siding $ 238 $ 262 $ 474 $ 489 OSB 199 387 407 701 EWP 107 113 197 219 South America 40 45 85 88 Other 5 3 10 6 Intersegment sales (2 ) — (4 ) — $ 588 $ 811 $ 1,170 $ 1,502 Operating profit (loss): Siding 37 $ 53 $ 70 $ 89 OSB (18 ) 149 (25 ) 238 EWP 6 6 9 6 South America 7 10 15 19 Other (2 ) (2 ) (5 ) (4 ) Other operating credits and charges, net 3 5 1 5 Gain (loss) on sale or impairment of long-lived assets, net — — (1 ) 1 General corporate and other expenses, net (8 ) (6 ) (16 ) (12 ) Interest expense, net (2 ) — (1 ) (1 ) Other non-operating items (2 ) (1 ) 9 (2 ) Income from continuing operations before taxes 21 214 54 339 Provision for income taxes 3 51 11 81 Income from continuing operations attributed to LP $ 17 $ 163 $ 44 $ 258

Potential Impairments

Potential Impairments	6 Months Ended
	Jun. 30, 2019
Asset Impairment Charges [Abstract]
Potential Impairments	POTENTIAL IMPAIRMENTS

Product Warranty

Product Warranty	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Indemnifications	We provide warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the quarter and six months ended June 30, 2019 and 2018 are summarized in the following table: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning balance $ 13 $ 29 $ 14 $ 25 Accrued to expense 1 — 1 1 Reduced to other operating credits and charges (4 ) — (4 ) — Accrued to discontinued operations — — — 5 Foreign currency translation — (1 ) — — Payments made — (6 ) (1 ) (7 ) Total warranty reserves 9 23 9 23 Current portion of warranty reserves (2 ) (4 ) (2 ) (4 ) Long-term portion of warranty reserves $ 7 $ 19 $ 7 $ 19 We continue to monitor warranty and other claims associated with these products and believe as of June 30, 2019 that the reserves associated with these matters are adequate. However, it is possible that additional changes may be required in the future. 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 Other long-term liabilities on our Consolidated Balance Sheets.

Discontinued Operations (Notes)

Discontinued Operations (Notes)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 18 - DISCONTINUED OPERATIONS LP has adopted and implemented plans to sell selected businesses and assets in order to improve its operating results. For all periods presented, these operations include residual losses of mills divested in past years and associated warranty and other liabilities associated with these operations. Included in the operating losses of discontinued operations for the six months ended June 30, 2018 was an increase in warranty reserves associated with our discontinued composite decking products of $ 5 million .

Defined Benefit Pension Plans

Defined Benefit Pension Plans	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	DEFINED BENEFIT PENSION PLANS The following table sets forth the net periodic pension cost for our defined benefit pension and postretirement plans during the six months ended June 30, 2019 and 2018 : Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ 1 $ 1 $ 2 $ 2 Other components of net periodic pension cost 1 : Interest cost 3 3 6 6 Expected return on plan assets (4 ) (3 ) (7 ) (7 ) Amortization of prior service cost — — — — Amortization of net loss 1 2 2 3 Net periodic pension cost $ 2 $ 2 $ 3 $ 5 Net periodic pension cost included in cost of sales 1 1 1 1 Net periodic pension cost included in selling, general and administrative — 1 1 1 Net periodic pension costs included in other non-operating items 1 1 1 2 1 Other components of net periodic pension cost are included in Other non-operating items on our Consolidated Statements of Income. For the six months ended June 30, 2019 , $ 1 million of net periodic pension cost was included in Cost of sales and $ 1 million included in Selling, general and administrative expenses. For the six months ended June 30, 2018 , $ 1 million of net periodic pension cost was included in Cost of sales and $ 1 million included in Selling, general and administrative expenses. During the six months ended June 30, 2019 , we made $4 million in pension contributions to our defined benefit pension plans. We expect to contribute about $1 million

Other Comprehensive Income Othe

Other Comprehensive Income Other Comprehensive Income	6 Months Ended
	Jun. 30, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 20 - ACCUMULATED COMPREHENSIVE INCOME (LOSS) Other comprehensive income activity, net of tax, is provided in the following table for the quarter and six months ended June 30, 2019 and 2018 : Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at March 31, 2019 $ (55 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (144 ) Other comprehensive income (loss) before reclassifications 1 — — — — 1 Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications 1 — — — — 1 Amounts reclassified from accumulated comprehensive income (loss) — 1 — — — 1 Income taxes — — — — — — Net amounts reclassified from cumulative other comprehensive income (loss) — 1 — — — 1 Total other comprehensive income (loss) 1 1 — — — 2 Balance at June 30, 2019 $ (54 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (143 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2018 $ (57 ) $ (88 ) $ (5 ) $ 4 $ (1 ) $ (146 ) Other comprehensive income (loss) before reclassifications 3 — — (1 ) — 2 Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications 3 — — (1 ) — 2 Amounts reclassified from accumulated comprehensive income (loss) — 2 — — — 3 Income taxes — (1 ) — — — (1 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2 — — — 2 Total other comprehensive income (loss) 3 2 — (1 ) — 4 Balance at June 30, 2019 $ (54 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (143 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at March 31, 2018 $ (37 ) $ (96 ) $ (5 ) $ 4 $ (2 ) $ (135 ) Other comprehensive income (loss) before reclassifications (14 ) — — — — (14 ) Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications (14 ) — — — — (14 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 — — — 2 Income taxes — — — — — — Net amounts reclassified from cumulative other comprehensive income (loss) — 1 — — — 1 Total other comprehensive income (loss) (14 ) 1 — — — (12 ) Balance at June 30, 2018 $ (51 ) $ (94 ) $ (5 ) $ 4 $ (1 ) $ (147 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2017 $ (40 ) $ (80 ) $ (5 ) $ 4 $ (2 ) $ (122 ) Effect of adoption of ASU 2018-02 (17 ) 1 (17 ) Other comprehensive income (loss) before reclassifications (12 ) — — — — (11 ) Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications (12 ) — — — — (11 ) Amounts reclassified from accumulated other comprehensive income (loss) — 3 — — — 3 Income taxes — (1 ) — — — (1 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2 — — — 3 Total other comprehensive income (loss) (12 ) 3 — — — (9 ) Balance at June 30, 2018 $ (51 ) $ (94 ) $ (5 ) $ 4 $ (1 ) $ (147 ) The amounts reclassified from accumulated other comprehensive income (loss) are included in the computation of net periodic pension cost; see Note 19 for additional details. The net periodic pension cost is included in Cost of sales, Selling, general and administrative expenses and Other non-operating items in the Consolidated Statements of Income.

NON-OPERATING INCOME (EXPENSE)

NON-OPERATING INCOME (EXPENSE) (Notes)	6 Months Ended
	Jun. 30, 2019
Nonoperating Income (Expense) [Abstract]
Other Nonoperating Income and Expense [Text Block]	NOTE 21 - NON-OPERATING INCOME (EXPENSE) Components of non-operating income and expense are as follows: Quarter Ended June 30, Six Months Ended June 30, Dollar amounts in millions 2019 2018 2019 2018 Interest income $ 2 $ 5 $ 6 $ 8 SERP market adjustments — — 1 — Interest expense (5 ) (5 ) (9 ) (10 ) Amortization of debt charges (1 ) — (1 ) — Capitalized interest 1 1 2 2 Interest expense, net (2 ) — (1 ) (1 ) Net periodic pension cost, excluding service cost (1 ) (1 ) (1 ) (2 ) Gain on acquisition of controlling interest — — 14 — Foreign currency gain (loss) (1 ) 1 (4 ) — Other non-operating items (2 ) (1 ) 9 (2 ) Total non-operating expense $ (4 ) $ — $ 8 $ (3 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Lease, Cost [Table Text Block]	Quantitative Information Classification June 30, 2019 Consolidated Balance Sheet Assets: Operating lease assets Operating lease assets $ 22 Finance lease assets Property, plant, and equipment, net 1 Total lease assets $ 24 Liabilities: Current Operating Accounts payable and accrued liabilities $ 8 Finance Current portion of long-term debt 1 Noncurrent Operating Noncurrent operating lease liabilities 14 Finance Long-term debt, excluding current portion 1 Total lease liabilities $ 24 Classification Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Consolidated Statement of Income Lease Cost: Operating lease cost Cost of sales and Selling, general and administrative expenses $ 2 $ 5 Finance lease cost Amortization of leased assets Cost of sales — — Interest on lease liabilities Interest expense, net of capitalized interest — — Total lease cost $ 3 $ 5 Maturity of Lease Liabilities Operating Leases Finance Leases Total 2019 $ 5 $ — $ 5 2020 8 1 9 2021 6 — 6 2022 3 — 3 2023 1 — 1 2024 and thereafter — — — Total lease payments 23 1 25 Less: Interest (1 ) — (1 ) Present value of lease liabilities $ 22 $ 1 $ 24 Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 3.1 Finance leases 3.2 Weighted-average discount rate Operating leases 3.5 % Finance leases 4.3 % Other Information Quarter Ended June 30, 2019 Six Months Ended June 30, 2019 Short-term lease cost $ 1 $ 2 Variable lease cost 7 14 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases — — Operating cash flows from operating leases 2 4 Financing cash flows from finance leases — — Right-of-use assets obtained in exchange for new operating lease liabilities — 6 Right-of-use assets obtained in exchange for new financing lease liabilities — 1

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	The following tables disaggregate our revenue by product line and product type by segment for the quarter and six months ended June 30, 2019 and 2018 : Quarter Ended June 30, 2019 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 200 $ — $ — $ 4 $ — $ — $ 204 SmartSide ® Fiber siding 25 — — — — — 25 CanExel ® siding 7 — — — — — 7 OSB - commodity 5 97 1 — — (2 ) 101 OSB - value-add — 100 2 35 — — 138 LVL — — 40 — — — 40 LSL — — 14 — — — 14 I-joist — — 38 — — — 38 Plywood — — 6 — — — 6 Other 2 1 5 1 5 — 16 $ 238 $ 199 $ 107 $ 40 $ 5 $ (2 ) $ 588 By Product type: Commodity $ 5 $ 97 $ 7 $ — $ — $ (2 ) $ 107 Value-add 231 100 95 39 — — 465 Other 2 1 5 1 5 — 16 $ 238 $ 199 $ 107 $ 40 $ 5 $ (2 ) $ 588 Six Months Ended June 30, 2019 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 387 $ — $ — $ 10 $ — $ — $ 397 SmartSide ® Fiber siding 51 — — — — — 51 CanExel ® siding 24 — — — — — 24 OSB - commodity 8 204 3 — — (3 ) 212 OSB - value-add — 199 4 73 — — 276 LVL — — 71 — — — 71 LSL — — 28 — — (1 ) 28 I-joist — — 64 — — — 64 Plywood — — 12 — — — 12 Other 5 5 15 2 10 — 35 $ 474 $ 407 $ 197 $ 85 $ 10 $ (4 ) $ 1,170 By Product type: Commodity $ 8 $ 204 $ 15 $ — $ — $ (3 ) $ 225 Value-add 461 199 167 83 — — 910 Other 5 5 15 2 10 (1 ) 35 $ 474 $ 407 $ 197 $ 85 $ 10 $ (4 ) $ 1,170 Quarter Ended June 30, 2018 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 194 $ — $ — $ 7 $ — $ — $ 200 SmartSide ® Fiber siding 28 — — — — — 28 CanExel ® siding 13 — — — — — 13 OSB - commodity 12 231 5 — — — 249 OSB - value-add 12 155 4 37 — — 208 LVL — — 40 — — — 40 LSL — — 17 — — — 17 I-joist — — 32 — — — 32 Plywood — — 8 — — — 8 Other 3 1 7 1 3 — 15 $ 262 $ 387 $ 113 $ 45 $ 3 $ — $ 811 By Product type: Commodity $ 12 $ 231 $ 13 $ — $ — $ — $ 257 Value-add 246 155 93 44 — — 538 Other 3 1 7 1 3 — 15 $ 262 $ 387 $ 113 $ 45 $ 3 $ — $ 811 Six Months Ended June 30, 2018 By Product family: Siding OSB EWP South America Other Inter-segment Total SmartSide ® Strand siding $ 359 $ — $ — $ 14 $ — $ — $ 372 SmartSide ® Fiber siding 54 — — — — — 54 CanExel ® siding 26 — — — — — 26 OSB - commodity 21 413 8 — — — 442 OSB - value-add 22 284 8 72 — — 386 LVL — — 77 — — — 77 LSL — — 31 — — — 31 I-joist — — 64 — — — 64 Plywood — — 16 — — — 16 Other 7 4 16 2 6 — 36 $ 489 $ 701 $ 219 $ 88 $ 6 $ — $ 1,502 By Product type: Commodity $ 21 $ 413 $ 24 $ — $ — $ — $ 457 Value-add 460 284 179 86 — — 1,009 Other 7 4 16 2 6 — 36 $ 489 $ 701 $ 219 $ 88 $ 6 $ — $ 1,502

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total stock-based compensation expense (cost of sales, selling, general and administrative and other operating credits and charges, net) $ 2 $ 3 $ 5 $ 5 Income tax provision related to stock-based compensation $ — $ (1 ) (1 ) (3 ) Impact on cash flow due to taxes paid related to net share settlement of equity awards $ — $ 2 4 8

Earnings per Share (Tables) (Ta

Earnings per Share (Tables) (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic earnings per share are based upon 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. Our potentially dilutive securities consist of stock options, SSARs, restricted stock or units and performance share awards. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Denominator for basic earnings per share: Weighted average common shares outstanding - basic 123.4 144.6 126.9 144.7 Effect of dilutive securities: Dilutive effect of employee stock plans 0.9 1.6 1.0 1.7 Denominator for diluted earnings per share: Weighted average shares outstanding - diluted 124.3 146.2 127.9 146.4

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consist of the following: June 30, 2019 December 31, 2018 Trade receivables $ 139 $ 87 Income tax receivable 24 16 Other receivables 16 25 Allowance for doubtful accounts (2 ) (1 ) Total $ 177 $ 128

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The major types of inventories are as follows (work in process is not material): June 30, 2019 December 31, 2018 Logs $ 47 $ 57 Other raw materials 30 25 Semi-finished inventory 21 23 Finished products 195 168 Total $ 293 $ 273

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combination, Step Acquisition [Abstract]
Redeemable Noncontrolling Interest [Table Text Block]	Including our previously owned interest, we acquired net assets of $ 56 million , consisting of $41 million in current assets, $ 6 million in fixed assets, $ 25 million of goodwill and other intangible assets less $ 1 million in current liabilities and $15 million in non-controlling interest. Certain information about Entekra (e.g., pro forma financial information and allocation of purchase price) is not presented because such information is not material to our results of operations and financial position. Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning balance $ 14 $ — $ — $ — Purchase of redeemable common and preferred stock — — 15 — Net loss attributable to redeemable non-controlling interest (2 ) — (2 ) — Adjustment to redemption value — — — — Ending balance $ 13 $ — $ 13 $ —

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill [Line Items]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Changes in goodwill and other intangible assets for the six months ended June 30, 2019 is provided in the following table: Dollar amounts in millions 2019 Timber and timberlands Goodwill Developed Technology Other Assets Total Beginning balance December 31, $ 41 $ 16 $ 10 $ — $ 67 Acquisitions (Note 10) — 14 12 3 29 Amortization (1 ) — (1 ) — (2 ) Total goodwill and other intangibles $ 39 $ 30 $ 21 $ 3 $ 93

Selected Segment Data (Tables)

Selected Segment Data (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales Siding $ 238 $ 262 $ 474 $ 489 OSB 199 387 407 701 EWP 107 113 197 219 South America 40 45 85 88 Other 5 3 10 6 Intersegment sales (2 ) — (4 ) — $ 588 $ 811 $ 1,170 $ 1,502 Operating profit (loss): Siding 37 $ 53 $ 70 $ 89 OSB (18 ) 149 (25 ) 238 EWP 6 6 9 6 South America 7 10 15 19 Other (2 ) (2 ) (5 ) (4 ) Other operating credits and charges, net 3 5 1 5 Gain (loss) on sale or impairment of long-lived assets, net — — (1 ) 1 General corporate and other expenses, net (8 ) (6 ) (16 ) (12 ) Interest expense, net (2 ) — (1 ) (1 ) Other non-operating items (2 ) (1 ) 9 (2 ) Income from continuing operations before taxes 21 214 54 339 Provision for income taxes 3 51 11 81 Income from continuing operations attributed to LP $ 17 $ 163 $ 44 $ 258

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The activity in warranty reserves for the quarter and six months ended June 30, 2019 and 2018 are summarized in the following table: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning balance $ 13 $ 29 $ 14 $ 25 Accrued to expense 1 — 1 1 Reduced to other operating credits and charges (4 ) — (4 ) — Accrued to discontinued operations — — — 5 Foreign currency translation — (1 ) — — Payments made — (6 ) (1 ) (7 ) Total warranty reserves 9 23 9 23 Current portion of warranty reserves (2 ) (4 ) (2 ) (4 ) Long-term portion of warranty reserves $ 7 $ 19 $ 7 $ 19

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Service cost $ 1 $ 1 $ 2 $ 2 Other components of net periodic pension cost 1 : Interest cost 3 3 6 6 Expected return on plan assets (4 ) (3 ) (7 ) (7 ) Amortization of prior service cost — — — — Amortization of net loss 1 2 2 3 Net periodic pension cost $ 2 $ 2 $ 3 $ 5 Net periodic pension cost included in cost of sales 1 1 1 1 Net periodic pension cost included in selling, general and administrative — 1 1 1 Net periodic pension costs included in other non-operating items 1 1 1 2

Other Comprehensive Income Ot_2

Other Comprehensive Income Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at March 31, 2019 $ (55 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (144 ) Other comprehensive income (loss) before reclassifications 1 — — — — 1 Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications 1 — — — — 1 Amounts reclassified from accumulated comprehensive income (loss) — 1 — — — 1 Income taxes — — — — — — Net amounts reclassified from cumulative other comprehensive income (loss) — 1 — — — 1 Total other comprehensive income (loss) 1 1 — — — 2 Balance at June 30, 2019 $ (54 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (143 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2018 $ (57 ) $ (88 ) $ (5 ) $ 4 $ (1 ) $ (146 ) Other comprehensive income (loss) before reclassifications 3 — — (1 ) — 2 Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications 3 — — (1 ) — 2 Amounts reclassified from accumulated comprehensive income (loss) — 2 — — — 3 Income taxes — (1 ) — — — (1 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2 — — — 2 Total other comprehensive income (loss) 3 2 — (1 ) — 4 Balance at June 30, 2019 $ (54 ) $ (87 ) $ (4 ) $ 4 $ (1 ) $ (143 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at March 31, 2018 $ (37 ) $ (96 ) $ (5 ) $ 4 $ (2 ) $ (135 ) Other comprehensive income (loss) before reclassifications (14 ) — — — — (14 ) Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications (14 ) — — — — (14 ) Amounts reclassified from accumulated other comprehensive income (loss) — 2 — — — 2 Income taxes — — — — — — Net amounts reclassified from cumulative other comprehensive income (loss) — 1 — — — 1 Total other comprehensive income (loss) (14 ) 1 — — — (12 ) Balance at June 30, 2018 $ (51 ) $ (94 ) $ (5 ) $ 4 $ (1 ) $ (147 ) Pension Adjustments Foreign currency translation adjustments Actuarial losses Prior service costs Unrealized gain (loss) on investments Other Total Balance at December 31, 2017 $ (40 ) $ (80 ) $ (5 ) $ 4 $ (2 ) $ (122 ) Effect of adoption of ASU 2018-02 (17 ) 1 (17 ) Other comprehensive income (loss) before reclassifications (12 ) — — — — (11 ) Income taxes — — — — — — Net other comprehensive income (loss) before reclassifications (12 ) — — — — (11 ) Amounts reclassified from accumulated other comprehensive income (loss) — 3 — — — 3 Income taxes — (1 ) — — — (1 ) Net amounts reclassified from cumulative other comprehensive income (loss) — 2 — — — 3 Total other comprehensive income (loss) (12 ) 3 — — — (9 ) Balance at June 30, 2018 $ (51 ) $ (94 ) $ (5 ) $ 4 $ (1 ) $ (147 )

NON-OPERATING INCOME (EXPENSE_2

NON-OPERATING INCOME (EXPENSE) (Tables)	6 Months Ended
	Jun. 30, 2019
Nonoperating Income (Expense) [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Components of non-operating income and expense are as follows: Quarter Ended June 30, Six Months Ended June 30, Dollar amounts in millions 2019 2018 2019 2018 Interest income $ 2 $ 5 $ 6 $ 8 SERP market adjustments — — 1 — Interest expense (5 ) (5 ) (9 ) (10 ) Amortization of debt charges (1 ) — (1 ) — Capitalized interest 1 1 2 2 Interest expense, net (2 ) — (1 ) (1 ) Net periodic pension cost, excluding service cost (1 ) (1 ) (1 ) (2 ) Gain on acquisition of controlling interest — — 14 — Foreign currency gain (loss) (1 ) 1 (4 ) — Other non-operating items (2 ) (1 ) 9 (2 ) Total non-operating expense $ (4 ) $ — $ 8 $ (3 )

Leases Leases - Financial State

Leases Leases - Financial Statement information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 22	$ 22	$ 0
Finance lease assets	1	1
Total lease assets	24	24
Operating lease liability, current	8	8
Finance lease liability, current	1	1
Operating Lease liability, noncurrent	14	14	$ 0
Finance lease liability, noncurrent	1	1
Total lease liabilities	24	24
Operating lease cost	2	5
Amortization of leased assets	0	0
Interest expense, net of capitalized interest	0	0
Total lease costs	$ 3	$ 5

Leases Maturity of Lease Liabil

Leases Maturity of Lease Liabilities (Details) $ in Millions	Jun. 30, 2019USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 5
2020	8
2021	6
2022	3
2023	1
2024 and after	0
Total lease payments	23
Less: Interest	(1)
Present value of lease liabilities	22
Finance Lease, Liability, Payment, Due [Abstract]
2019	0
2020	1
2021	0
2022	0
2023	0
2024 and after	0
Total lease payments	1
Less: Interest	0
Present value of lease liabilities	1
Lease Liabilities, Payments Due [Abstract]
2019	5
2020	9
2021	6
2022	3
2023	1
2024 and after	0
Lease, Liability, Payments Due	25
Lease, liability, undiscounted excess amount	(1)
Total lease liabilities	$ 24

Leases Lease Term and Discount

Leases Lease Term and Discount Rate (Details)	Jun. 30, 2019
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	3 years 1 month 6 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.50%
Finance Lease, Weighted Average Discount Rate, Percent	4.30%

Leases Other Information (Detai

Leases Other Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Short-term Lease, Cost	$ 1	$ 2
Variable Lease, Cost	7	14
Operating cash flows from finance leases	0	0
Operating cash flows from operating leases	2	4
Financing cash flows from finance leases	0	0
Right-of-use assets obtained in exchange for new operating lease liabilities	0	6
Right-of-use assets obtained in exchange for new financing lease liabilities	$ 0	$ 1

Leases Previously Disclosed - F

Leases Previously Disclosed - Future Minimum Rent Commitments (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 8
2020	7
2021	5
2022	2
2023	0
2024 and thereafter	0
Total	$ 22

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 588	$ 811	$ 1,170	$ 1,502
Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	238	262	474	489
OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	199	387	407	701
EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	107	113	197	219
South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	40	45	85	88
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	3	10	6
Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	(2)	0	(4)	0
SmartSide Strand siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	204	200	397	372
SmartSide Strand siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	200	194	387	359
SmartSide Strand siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Strand siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Strand siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	4	7	10	14
SmartSide Strand siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Strand siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Fiber siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	25	28	51	54
SmartSide Fiber siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	25	28	51	54
SmartSide Fiber siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Fiber siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Fiber siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Fiber siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
SmartSide Fiber siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
CanExel siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	7	13	24	26
CanExel siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	7	13	24	26
CanExel siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
CanExel siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
CanExel siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
CanExel siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
CanExel siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues	101	249	212	442
OSB - commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	12	8	21
OSB - commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	97	231	204	413
OSB - commodity [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	5	3	8
OSB - commodity [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
OSB - commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
OSB - commodity [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues		0	(3)	0
OSB - value-add [Member]
Disaggregation of Revenue [Line Items]
Revenues	138	208	276	386
OSB - value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	12	0	22
OSB - value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	100	155	199	284
OSB - value-add [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	2	4	4	8
OSB - value-add [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	35	37	73	72
OSB - value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
OSB - value-add [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LVL [Member]
Disaggregation of Revenue [Line Items]
Revenues	40	40	71	77
LVL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LVL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LVL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	40	40	71	77
LVL [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LVL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LVL [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LSL [Member]
Disaggregation of Revenue [Line Items]
Revenues	14	17	28	31
LSL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LSL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LSL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	14	17	28	31
LSL [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LSL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
LSL [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	(1)	0
I Joist [Member]
Disaggregation of Revenue [Line Items]
Revenues	38	32	64	64
I Joist [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
I Joist [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
I Joist [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	38	32	64	64
I Joist [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
I Joist [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
I Joist [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Plywood [Member]
Disaggregation of Revenue [Line Items]
Revenues	6	8	12	16
Plywood [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Plywood [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Plywood [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	6	8	12	16
Plywood [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Plywood [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Plywood [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	16	15	35	36
Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	2	3	5	7
Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	1	5	4
Other [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	7	15	16
Other [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	1	2	2
Other [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues	107	257	225	457
Commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	12	8	21
Commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	97	231	204	413
Commodity [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	7	13	15	24
Commodity [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Commodity [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	(2)	0	(3)	0
Value-add [Member]
Disaggregation of Revenue [Line Items]
Revenues	465	538	910	1,009
Value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	231	246	461	460
Value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	100	155	199	284
Value-add [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	95	93	167	179
Value-add [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	39	44	83	86
Value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Value-add [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	16	15	35	36
Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Revenues	2	3	5	7
Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	1	5	4
Other [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	7	15	16
Other [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenues	1	1	2	2
Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	5	3	10	6
Other [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ (1)	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
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	$ 3,000,000	$ 5,000,000	$ 5,000,000
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	0	(1,000,000)	(1,000,000)	(3,000,000)
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$ 0	$ 2,000,000	$ 4,000,000	$ 8,000,000

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the 2013 Omnibus Plan	2,500,000
Compensation cost related to unvested awards, not yet recognized | $	$ 19
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	195,452
Weighted Average Grant Date Fair Value, Other than options | $ / shares	$ 25.19
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	392,704
Weighted Average Grant Date Fair Value, Other than options | $ / shares	$ 24.21

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes due 2024, Fair Value Disclosure	$ 356	$ 338

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	123,400,000	144,600,000	126,900,000	144,700,000
Dilutive effect of employee stock plans	900,000	1,600,000	1,000,000	1,700,000
Weighted average shares outstanding - diluted	124,300,000	146,200,000	127,900,000	146,400,000

Earnings per Share Narrative (D

Earnings per Share Narrative (Details) shares in Millions	6 Months Ended
	Jun. 30, 2019shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0

Accelerated Share Repurchase _2

Accelerated Share Repurchase Programs (Details) shares in Millions, $ in Millions	Jun. 30, 2019USD ($)shares
Equity [Abstract]
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $	$ 400
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	12

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Trade receivables	$ 139	$ 87
Income tax receivable	24	16
Other receivables	16	25
Allowance for doubtful accounts	(2)	(1)
Total	$ 177	$ 128

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory [Line Items]
Logs	$ 47	$ 57
Other raw materials	30	25
Semi-finished inventory	21	23
Finished products	195	168
Total	$ 293	$ 273

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Combination, Step Acquisition [Abstract]
Payments to Acquire Businesses and Interest in Affiliates		$ 45
Beginning balance	$ 14		$ 0	$ 0
Ending balance	13	0	13	0
Purchase of redeemable common and preferred stock	0	0	15	0
Adjustment to redemption value	0	0	0	0
Net loss attributable to redeemable noncontrolling interest	(2)	0	(2)	0
Gain on acquisition	0	$ 0	14	$ 0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	56		56
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	41		41
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	6		6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	25		25
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(1)		(1)
Right-of-Use Asset, not yet controlled	18		$ 18
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 4

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Amortization of Intangible Assets	$ (2)
Goodwill additions	14
Additions to goodwill and other intangibles	29
Goodwill and other intangible assets	30	$ 16
Goodwill and other intangibles	93	67
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	39	41
Additions to Timberlands	0
Amortization of Intangible Assets	(1)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1)
Additions to finite-lived Intangible Assets	12
Finite-Lived Intangible Assets, Net	21	10
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Additions to finite-lived Intangible Assets	3
Finite-Lived Intangible Assets, Net	$ 3	$ 0

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Percent	20.00%	24.00%

Other Operating Credits and C_2

Other Operating Credits and Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Product Warranty Reserves, Reduced to Other Operating Charges and Credits	$ (4)		$ 0	$ (4)	$ 0
Insurance Proceeds	(1)
Severance Costs - Restructuring	1	$ 2	(4)
Severance costs related to curtailment	1
Other Operating Charges And Credits, Net	$ 3		5	$ 1	$ 5
Gain loss on settlement, environmental			$ 8

Legal and Environmental Matte_2

Legal and Environmental Matters Legal and Environmental Matters (Details) $ in Millions	Jun. 30, 2019USD ($)
Environmental Remediation Obligations [Abstract]
Recorded in Other assets	$ 1

Selected Segment Data (Details)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 588	$ 811	$ 1,170	$ 1,502
Operating profit (loss):	23	215	45	342
Other operating credits and charges, net	3	5	1	5
Gain (loss) on sale or impairment of long-lived assets, net	0	0	(1)	1
General corporate and other expenses, net	8	6	16	12
Interest expense, net	(2)	0	(1)	(1)
Other non-operating items	(2)	(1)	9	(2)
Income from continuing operations before taxes	21	214	54	339
Provision for income taxes	3	51	11	81
Income from continuing operations attributed to LP	17	163	44	258
Siding [Member]
Segment Reporting Information [Line Items]
Revenues	238	262	474	489
Operating profit (loss):	37	53	70	89
OSB [Member]
Segment Reporting Information [Line Items]
Revenues	199	387	407	701
Operating profit (loss):	(18)	149	(25)	238
EWP [Member]
Segment Reporting Information [Line Items]
Revenues	107	113	197	219
Operating profit (loss):	6	6	9	6
South America [Member]
Segment Reporting Information [Line Items]
Revenues	40	45	85	88
Operating profit (loss):	7	10	15	19
Other [Member]
Segment Reporting Information [Line Items]
Revenues	5	3	10	6
Operating profit (loss):	(2)	(2)	(5)	(4)
Intersegment [Member]
Segment Reporting Information [Line Items]
Revenues	$ (2)	$ 0	$ (4)	$ 0

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 13	$ 29	$ 14	$ 25
Accrued to expense	1	0	1	1
Reduced to Other Operating Charges and Credits	(4)	0	(4)	0
Foreign Currency Translation	0	(1)	0	0
Payments made	0	(6)	(1)	(7)
Total warranty reserves	9	23	9	23
Current portion of warranty reserves	(2)	(4)	(2)	(4)
Long-term portion of warranty reserves	7	19	$ 7	19
Composite decking products [Member]
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Accrued to discontinued operations	$ 0	$ 0		$ 5

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations before taxes	$ 0	$ 0	$ 0	$ (6)
Composite decking products [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations before taxes		$ 5

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2019
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	3	3	6	6
Expected return on plan assets	(4)	(3)	(7)	(7)
Amortization of Prior Service Cost	0	0	0	0
Amortization of net loss	1	2	2	3
Net periodic pension cost	2	2	3	5
Net periodic pension cost included in cost of sales	1	1	1	1
Net periodic pension cost included in selling, general and administrative	0	1	1	1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible List]	$ 1	$ 1	1	$ 2
Pension Contributions			$ 4
Forecast [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year					$ 1

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Beginning Balance	$ (144)	$ (135)	$ (122)	$ (146)	$ (122)
Effect of adoption of ASU 2018-02					(17)
Other comprehensive income (loss) before reclassifications	1	(14)		2	(11)
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1	(14)		2	(11)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1	2		3	3
Reclassification from AOCI, Current Period, Tax	0	0		(1)	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	1		2	3
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2	(12)		4	(9)
Ending Balance	(143)	(147)	(135)	(143)	(147)
Foreign currency translation adjustments
Beginning Balance	(55)	(37)	(40)	(57)	(40)
Other comprehensive income (loss) before reclassifications	1	(14)		3	(12)
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1	(14)		3	(12)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0		0	0
Reclassification from AOCI, Current Period, Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1	(14)		3	(12)
Ending Balance	(54)	(51)	(37)	(54)	(51)
Actuarial loss, net of tax
Beginning Balance	(87)	(96)	(80)	(88)	(80)
Effect of adoption of ASU 2018-02					(17)
Other comprehensive income (loss) before reclassifications	0	0		0	0
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1	2		2	3
Reclassification from AOCI, Current Period, Tax	0	0		(1)	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	1		2	2
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1	1		2	3
Ending Balance	(87)	(94)	(96)	(87)	(94)
Prior service cost, net of tax
Beginning Balance	(4)	(5)	(5)	(5)	(5)
Other comprehensive income (loss) before reclassifications	0	0		0	0
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0		0	0
Reclassification from AOCI, Current Period, Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0		0	0
Ending Balance	(4)	(5)	(5)	(4)	(5)
Unrealized gain (loss) on investments
Beginning Balance	4	4	4	4	4
Effect of adoption of ASU 2018-02					1
Other comprehensive income (loss) before reclassifications	0	0		(1)	0
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0		(1)	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0		0	0
Reclassification from AOCI, Current Period, Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0		(1)	0
Ending Balance	4	4	4	4	4
Other
Beginning Balance	(1)	(2)	(2)	(1)	(2)
Other comprehensive income (loss) before reclassifications	0	0		0	0
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0		0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0		0	0
Reclassification from AOCI, Current Period, Tax	0	0		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	0		0	0
Ending Balance	(1)	(1)	(2)	(1)	(1)
AOCI Attributable to Parent [Member]
Beginning Balance	(144)	(135)	(122)	(146)	(122)
Ending Balance	$ (143)	$ (147)	(135)	$ (143)	$ (147)
Accounting Standards Update 2018-02 [Member]
Effect of adoption of ASU 2018-02			0
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]
Effect of adoption of ASU 2018-02			$ (17)

NON-OPERATING INCOME (EXPENSE_3

NON-OPERATING INCOME (EXPENSE) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Nonoperating Income (Expense) [Abstract]
Interest income	$ 2	$ 5	$ 6	$ 8
SERP market adjustments	0	0	1	0
Interest expense	(5)	(5)	(9)	(10)
Amortization of debt charges	(1)	0	(1)	0
Capitalized interest	1	1	2	2
Interest expense, net	(2)	0	(1)	(1)
Net periodic pension cost, excluding service cost	(1)	(1)	(1)	(2)
Gain on acquisition of controlling interest	0	0	14	0
Foreign currency gain (loss)	(1)	1	(4)	0
Other non-operating items	(2)	(1)	9	(2)
Total non-operating expense	$ (4)	$ 0	$ 8	$ (3)