Louisiana-Pacific (LPX) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $1 par value
Entity Tax Identification Number	93-0609074
Trading Symbol	LPX
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION
Entity Address, Address Line One	414 Union Street
Entity Address, Address Line Two	Suite 2000
City Area Code	Nashville
Entity Address, State or Province	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
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity File Number	1-7107
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		102,253,315
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes

Commiments and Contingencies

Commiments and Contingencies	3 Months Ended
	Mar. 31, 2021
Legal and Environmental Matters [Abstract]
Commiments and Contingencies	We maintain reserves for various contingent liabilities as follows: March 31, 2021 December 31, 2020 Environmental reserves $ 14 $ 14 Other reserves — — Total contingencies 14 14 Current portion (included in Accrued liabilities) (1) (1) Long-term portion (included in Other long-term liabilities) $ 13 $ 13 Estimates of our loss contingencies are based on various assumptions and judgments. Due to the numerous uncertainties and variables associated with these assumptions and judgments, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to contingencies and, as additional information becomes known, may change our estimates significantly. While no estimate of the range of any such change can be made at this time, the amount that we may ultimately pay in connection with these matters could materially exceed, in either the near term or the longer term, the amounts accrued to date. Our estimates of our loss contingencies do not reflect potential future recoveries from insurance carriers except to the extent that recovery may, from time to time, be deemed probable as a result of an insurer’s agreement to payment terms. Environmental Matters We maintain a reserve for undiscounted estimated environmental loss contingencies. This reserve is primarily for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company. Our estimates of our environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies considering the particular facts and circumstances surrounding each environmental loss contingency. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of the required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities. Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly. However, no estimate of the range of any such change can be made at this time. Other Proceedings From time to time, we and our subsidiaries are parties to certain legal proceedings. Based on the information currently available, management believes the resolution of such proceedings will not have a material adverse effect on our financial position, results of operations, cash flows, or liquidity.

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 1,017	$ 585
Cost of sales	(538)	(477)
Gross Profit	479	108
Selling, general, and administrative expenses	(48)	(55)
Loss on impairment	0	(7)
Other Operating Charges And Credits, Net	0	(2)
Income from operations	431	44
Non-operating income (expense):
Interest Expense	(5)	(5)
Investment income, net of adjustments	0	(2)
Other non-operating items	(10)	5
Income before income taxes	416	42
Provision for income taxes	(96)	(9)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	320	33
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(1)	0
Net income attributed to LP	$ 320	$ 33
Basic net income per share of common stock:
Net income per share - basic	$ 3.02	$ 0.29
Diluted net income per share of common stock
Net income per share - diluted	$ 3	$ 0.29
Basic	106,000,000	112,000,000
Weighted average shares of stock outstanding - diluted	107,000,000	113,000,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 320	$ 33
Other comprehensive income (loss)
Other comprehensive loss, net of tax	(6)	(22)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	313	11
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(1)	0
Comprehensive income (loss) attributed to LP	314	11
Foreign currency translation adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(7)	(23)
Amortization of pension and post-retirement prior service costs and net loss
Other comprehensive income (loss)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0	$ 1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 645	$ 535
Receivables, net of allowance for doubtful accounts of $2 million at March 31, 2021, and December 31, 2020	264	184
Inventories	307	259
Prepaid expenses and other current assets	10	15
Total current assets	1,226	993
Timber and timberlands	63	52
Property, plant, and equipment, net	921	918
Operating lease assets	39	40
Goodwill and other intangible assets	45	46
Investments in and advances to affiliates	9	11
Restricted Cash, Noncurrent	13	0
Other assets	24	24
Deferred Tax Assets, Deferred Income	2	3
Total assets	2,343	2,086
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	262	267
Accrued Income Taxes, Current	97	18
Other Liabilities, Current	1	1
Total current liabilities	360	286
Long-term portion	346	348
Deferred Income Tax Liabilities, Net	82	78
Operating Lease liability, noncurrent	30	32
Loss Contingency Accrual	13	13
Other long-term liabilities	99	86
Liabilities	930	842
Redeemable noncontrolling interest	9	10
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 121,153,436 and 104,234,125 shares issued and outstanding, respectively, as of March 31, 2021; and 123,547,974and 106,240,030 shares issued and outstanding, respectively, as of December 31, 2020	121	124
Additional paid-in capital	443	452
Retained earnings	1,390	1,206
Treasury stock, 16,919,311 shares and 17,307,944 shares, at cost as of March 31, 2021 and December 31, 2020, respectively	(393)	(397)
Accumulated comprehensive loss	(157)	(151)
Total stockholders' equity	1,404	1,234
Total liabilities and stockholders' equity	$ 2,343	$ 2,086

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Repayments of Long-term Debt	$ (359)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	320	$ 33
Adjustments to net income:
Depreciation and amortization	29	28
Impairment of Long-Lived Assets Held-for-use	0	7
Deferred Income Tax Expense (Benefit)	4	(4)
Gain (Loss) on Extinguishment of Debt	11	0
Other adjustments, net	3	(5)
Receivables	(74)	(31)
Prepaid expenses and other current assets	3	(1)
Inventories	(50)	(36)
Accounts payable and accrued liabilities	(3)	(16)
Income taxes payable, net of receivables	(71)	(16)
Net cash provided by operating activities	314	(9)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(34)	(24)
Other investing activities	2	0
Net cash used in investing activities	(32)	(24)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Long-term Debt	350	350
Payment of cash dividend	(17)	(16)
Purchase of stock	(122)	0
Other financing activities	(10)	(5)
Net cash (used in) provided by financing activities	(158)	329
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(2)	(3)
Net increase in cash, cash equivalents and restricted cash	122	293
Cash, cash equivalents and restricted cash at beginning of period	535	195
Cash, cash equivalents and restricted cash at end of period	658	488
Supplemental Cash Flow Information [Abstract]
Income Taxes Paid, Net	21	0
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	9	10
Capital Expenditures Incurred but Not yet Paid	$ 14	$ 7

Statement of Shareholders Equit

Statement of Shareholders Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (406)
Additional paid-in capital				$ 454
Retained earnings					$ 966
Accumulated comprehensive loss						$ (153)
Total stockholders' equity	$ 991
Net income	33				33
Dividends paid	(16)				(16)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0		$ 8	8
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(4,000,000)		(4,000,000)
Purchase of stock	$ 0
Compensation expense associated with stock-based compensation	2			2
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (402)
Additional paid-in capital				448
Retained earnings					983
Accumulated comprehensive loss	(175)					(175)
Total stockholders' equity	$ 984
Common Stock, Shares, Outstanding	106,240,030	124,000,000
Common Stock, Amount, Outstanding		$ 124
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 397		$ (397)
Additional paid-in capital	452			452
Retained earnings	1,206				1,206
Accumulated comprehensive loss	(151)					(151)
Total stockholders' equity	1,234
Net income	320				320
Dividends paid	(17)				(17)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0		$ 11	11
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(6,000,000)		(6,000,000)
Purchase of stock	$ (122)	$ 2			120
Purchase of stock	(2,000,000)
Compensation expense associated with stock-based compensation	$ 1			1
Other comprehensive income	$ (6)					(6)
Common Stock, Shares, Outstanding	104,234,125	121,000,000
Common Stock, Amount, Outstanding		$ 121
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 393		$ (393)
Additional paid-in capital	443			$ 443
Retained earnings	1,390				$ 1,390
Accumulated comprehensive loss	(157)					$ (157)
Total stockholders' equity	$ 1,404

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	200,000,000
Common Stock, Shares, Issued	121,153,436	123,547,974
Common Stock, Shares, Outstanding	104,234,125	106,240,030

Basis For Presentation

Basis For Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Presentation	Nature of Operations Louisiana-Pacific Corporation and our subsidiaries is a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, and reliability. In addition to our U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile, and Brazil through foreign subsidiaries, and operates facilities through joint ventures. The principal customers for our building solutions are retailers, wholesalers, and homebuilding and industrial businesses in North America and South America, with limited sales to Asia, Australia, and Europe. References to "LP," "the Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. Basis for Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. These Condensed Consolidated Financial Statements and Notes hereto should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 18, 2021 (2020 Annual Report on Form 10-K). Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. All dollar amounts are shown in millions except per share. Recently Adopted Accounting Policies

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Mar. 31, 2021
Disaggregation of Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	NOTE 2. REVENUE The following table presents our reportable segment revenues, disaggregated by revenue source. We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in the segment reporting information in Note 18 below, our reportable segments are Siding, Oriented Strand Board (OSB), Engineered Wood Products (EWP), and South America. Three Months Ended March 31, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 283 $ — $ — $ 9 $ — $ — $ 293 OSB - Structural Solutions — 254 — 41 — — 295 I-Joist — — 48 — — — 48 LVL — — 43 — — — 43 LSL — — 8 — — — 8 284 254 100 50 — — 687 Commodity OSB - commodity — 282 — — — — 281 Plywood — — 13 — — — 13 — 282 13 — — — 294 Other Other products 1 3 11 3 18 — 36 $ 285 $ 539 $ 123 $ 53 $ 18 $ — $ 1,017 Three Months Ended March 31, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide $ 191 $ — $ — $ 3 $ — $ — $ 194 Fiber siding 19 — — — — — 19 OSB - Structural Solutions — 103 1 32 — — 136 I-Joist — — 37 — — — 37 LVL — — 36 — — — 36 LSL — — 12 — — — 12 210 103 86 35 — — 434 Commodity OSB - commodity — 113 — — — — 113 Plywood — — 6 — — — 6 — 113 6 — — — 119 Other CanExel siding — — — — 11 — 11 Other products 2 4 7 1 7 — 21 $ 212 $ 220 $ 99 $ 36 $ 18 $ — $ 585 Revenue is recognized when obligations under the terms of a contract (i.e., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold. Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products, and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is initiated. These reductions from revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations).

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Net income attributed to LP Weighted average common shares outstanding - basic 106 112 Dilutive effect of employee stock plans 1 1 Shares used for diluted earnings per share 107 113 Earnings per share: Basic earnings $ 3.02 $ 0.29 Diluted earnings $ 3.00 $ 0.29

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 4. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: (i) recurring—measured on a periodic basis, and (ii) non-recurring—measured on an as-needed basis. Trading securities consist of rabbi trust financial assets, which are recorded in other assets in our Condensed Consolidated Balance Sheets. The assets of the rabbi trust are invested in mutual funds and are reported at fair value based on active market quotations, which represent Level 1 inputs. The assets of the rabbi trust were $5 million at March 31, 2021, and December 31, 2020. We estimated our 3.625% Senior Notes due in 2029 (2029 Senior Notes) to have a fair value of $342 million as of March 31, 2021, based upon market quotations. Our 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S. GAAP fair value hierarchy. Fair values are based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. There were no outstanding amounts borrowed under our Amended Credit Facility as of March 31, 2021.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consisted of the following: March 31, 2021 December 31, 2020 Trade receivables $ 226 $ 161 Income tax receivable 10 2 Other receivables 30 23 Allowance for doubtful accounts (2) (2) Total $ 264 $ 184 Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of March 31, 2021, and December 31, 2020, primarily consist of sales tax receivables, vendor rebates, a receivable associated with an affiliate, and other miscellaneous receivables.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
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 and is included in Semi-finished inventory below): March 31, 2021 December 31, 2020 Logs $ 73 $ 49 Other raw materials 38 36 Semi-finished inventory 34 28 Finished products 162 146 Total $ 307 $ 259

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Notes)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 7. GOODWILL AND OTHER INTANGIBLES Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value based test on an annual basis or more frequently, if circumstances indicate a potential impairment. The Company’s annual assessment date is October 1. Changes in goodwill and other intangible assets as of March 31, 2021, are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2020 $ 34 $ 25 $ 19 $ 3 Amortization (1) — (1) — Ending balance March 31, 2021 $ 33 $ 25 $ 18 $ 2 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest (Notes)	3 Months Ended
	Mar. 31, 2021
Business Combination, Step Acquisition [Abstract]
Redeemable Noncontrolling Interest	NOTE 8. REDEEMABLE NONCONTROLLING INTEREST Redeemable noncontrolling interest is interest in subsidiaries that is redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value or carrying value at the end of each reporting period. Net loss attributed to noncontrolling interest is recorded in the Condensed Consolidated Statements of Income. Any adjustments to the redemption value of redeemable noncontrolling interest are recognized in either net income or through accumulated paid-in capital, depending on the nature of the underlying security (preferred or common units). The components of redeemable noncontrolling interest are as follows: Beginning balance December 31, 2020 $ 10 Net loss attributed to noncontrolling interest (1) Ending balance March 31, 2021 $ 9

Long-Term Debt (Notes)

Long-Term Debt (Notes)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT The following table summarizes our outstanding debt: March 31, 2021 December 31, 2020 2029 Senior Notes $ 350 $ — 2024 Senior Notes — 350 Amended Credit Facility — — Financing leases 1 1 Unamortized debt costs (4) (2) Total 346 348 Less: current portion — — Long-term portion $ 346 $ 348 Senior notes In March 2021, we issued $350 million aggregate principal amount of the 3.625% Senior Notes, which mature March 15, 2029 (2029 Senior Notes). We may redeem the 2029 Senior Notes, in whole or in part, prior to March 15, 2024, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the indenture governing our 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. On or after March 15, 2024, we may, at our option on one or more occasions, redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2029 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions and merge or consolidate or sell all or substantially all of our assets. If we are subject to a "change of control," as defined in the indenture, we are required to offer to repurchase the 2029 Senior Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon to, but not including, the date of purchase. The indenture governing the 2029 Senior Notes contains customary events of default, including failure to make required payments on the 2029 Senior Notes, failure to comply with certain agreements or covenants contained in the indenture, failure to pay or acceleration of certain other indebtedness and certain events of bankruptcy and insolvency. An event of default in the indenture allows either the indenture trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2029 Senior Notes to accelerate, or in certain cases, automatically causes the acceleration of, the amounts due under the 2029 Senior Notes. In September 2016, LP issued $350 million aggregate principal amount Senior Notes due 2024 (2024 Senior Notes). In February 2021, LP delivered to holders of the 2024 Senior Notes a conditional notice of redemption to redeem on March 27, 2021 all of the 2024 Senior Notes outstanding at a redemption price of 102.438% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date. The redemption notice became irrevocable on March 11, 2021, and the 2024 Senior Notes were fully redeemed on March 27, 2021. In connection with this redemption, LP recorded an early debt extinguishment charge of $11 million, recorded within Other non-operating items on the Condensed Consolidated Statements of Income, which included $9 million of redemption premium and $2 million of unamortized debt costs associated with these notes. Deferred debt costs are amortized over the life of the related debt using a straight-line basis which approximates the effective interest method. These costs are a direct deduction from the carrying amount related to the debt liability. If the debt is retired early, the related unamortized deferred financing costs are written off in the period the debt is retired to other non-operating income (expense). During the three months ended March 31, 2021, $2 million of deferred debt costs were written off in association with the 2024 Senior Notes extinguishment, and we paid $4 million in debt issuance costs that will be deferred and amortized over the life of the 2029 Senior Notes. Credit facility In May 2020, we entered into two amendments to our revolving credit facility, dated as of June 27, 2019 (Credit Facility), with American AgCredit, PCA, as administrative agent and CoBank, ACB, as letter of credit issuer, (as amended, the Amended Credit Facility). The Amended Credit Facility provides for revolving credit facilities in the aggregate principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. The initial $350 million revolving facility provided pursuant to the Credit Facility (Revolving A Loan) terminates, and all loans made thereunder become due, in June 2024. The incremental $200 million revolving facility provided pursuant to the Amended Credit Facility in May 2020 (Revolving B Loan) terminates, and all loans made thereunder become due in May 2023. LP has granted a security interest in substantially all of its personal property to secure the Amended Credit Facility, and certain of LP’s existing and future wholly-owned domestic subsidiaries may guaranty our obligations under the Amended Credit Facility and, subject to certain limited exceptions, provide security through a security interest in substantially all the personal property of these subsidiaries. There are no outstanding amounts borrowed under the Amended Credit Facility as of March 31, 2021. Revolving borrowings under the Amended Credit Facility accrue interest, at our option, at either a “base rate” plus a margin of 0.875% to 2.000% for Revolving A Loans and 1.125% to 2.250% for Revolving B Loans or LIBOR plus a margin of 1.875% to 3.000% for Revolving A Loans and 2.125% to 3.250% for Revolving B Loans. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.3% to 0.6% for both Revolving A Loans and Revolving B Loans. The applicable margins and fees within these ranges are based on our ratio of consolidated EBITDA to cash interest charges. The “base rate” is the highest of (i) the Federal funds rate plus 0.5%, (ii) the U.S. prime rate, and (iii) one-month LIBOR plus 1.0%. The Amended Credit Facility contains various restrictive covenants and customary events of default, the occurrence of which could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Amended Credit Facility also contains financial covenants that require us and our consolidated subsidiaries to have, as of the end of each quarter, (i) a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5% and (ii) a minimum consolidated net worth of at least $475 million plus 70% of consolidated net income after December 31, 2019, without a deduction for net losses. In March 2020, LP entered into a letter of credit facility agreement (Letter of Credit Facility) with Bank of America, N.A., which provides for the funding of letters of credit up to an aggregate outstanding amount of $20 million, which may be secured by certain cash collateral of LP. The Letter of Credit Facility includes an unused commitment fee, due quarterly, ranging from 0.50% to 1.875% of the daily available amount to be drawn on each letter of credit issued under the Letter of Credit Facility. The Letter of Credit Facility is subject to similar affirmative, negative, and financial covenants as those set forth in the Amended Credit Facility, including capitalization ratio and minimum net worth covenants. As of March 31, 2021, we secured $13 million of outstanding letters of credit with cash collateral, included in Restricted cash in our Condensed Consolidated Balance Sheets. As of March 31, 2021, we were in compliance with all financial covenants under the Amended Credit Facility.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For interim periods, we recognize income tax expense by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate, and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. The tax provision for income taxes for the three months ended March 31, 2021 and 2020, reflected an estimated annual tax rate of 25% and 26%, respectively, excluding discrete items discussed below. The total effective tax rate for the three months ended March 31, 2021, was 23% compared to 22% for the comparable period in 2020.

Compensation Related Costs, Sha

Compensation Related Costs, Share Based Payments	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement	NOTE 11. STOCK-BASED COMPENSATION We have stock award plans for key employees and directors, which provide for awards of stock options, SSARs, restricted stock, restricted stock units, and performance stock units are granted. In addition, we offer an employee stock purchase plan to employees. During the three months ended March 31,2021, we granted awards of 200,065 restricted stock units and 121,749 performance stock units, at an average grant date fair value of $43.39 per share.

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	3 Months Ended
	Mar. 31, 2021
Asset Impairment Charges [Abstract]
Impairments of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying value of our long-lived assets. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, or should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required. As of March 31, 2021, there were no indications of impairment. We also review from time to time potential dispositions of various assets, considering current and anticipated economic and industry conditions, our strategic plan, and other relevant factors. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the

Product Warranty

Product Warranty	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Indemnifications	PRODUCT WARRANTIES We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the three months ended March 31, 2021, and 2020, is summarized in the following table: Three Months Ended March 31, 2021 2020 Beginning balance $ 8 $ 8 Accrued to expense — 1 Payments made — (1) Total warranty reserves 8 8 Current portion of warranty reserves (included in Other current liabilities) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 6 $ 6

Defined Benefit Pension Plans

Defined Benefit Pension Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	DEFINED BENEFIT PENSION PLANS The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Service cost $ — $ 1 Other components of net periodic pension cost 1 : Interest cost 2 3 Expected return on plan assets (3) (4) Amortization of prior service cost — — Amortization of net loss 1 1 Net periodic pension cost $ 1 $ 1 1

Other Comprehensive Income Othe

Other Comprehensive Income Other Comprehensive Income	3 Months Ended
	Mar. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	ACCUMULATED COMPREHENSIVE INCOME (LOSS) Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Pension 1 Balance at beginning of period $ (81) $ (89) Amounts reclassified from accumulated other comprehensive loss to income 2 — 1 Total other comprehensive income — 1 Balance at end of period (81) (88) Translation Adjustments Balance at beginning of period (68) (67) Translation adjustments (7) (23) Balance at end of period (75) (90) Other Balance at beginning of period (2) 3 Unrealized gains on securities, net of reversals — — Balance at end of period (2) 3 Accumulated other comprehensive loss, end of period $ (157) $ (175) 1 Amounts are presented net of tax.

Other Operating and Non-Operati

Other Operating and Non-Operating Income (Notes)	3 Months Ended
	Mar. 31, 2021
Nonoperating Income (Expense) [Abstract]
Other Operating and Non-Operating Income	OTHER OPERATING AND NON-OPERATING INCOME Other operating credits and charges, net During the three months ended March 31, 2021, we recorded a gain of $1 million related to the sale of assets previously classified as held for sale, offset by other expenses including severance associated with certain reorganizations within the corporate office. During the three months ended March 31, 2020, we recorded a charge of $2 million related to severance associated with certain reorganizations within the corporate office. Other non-operating items During the three months ended March 31, 2021, we recorded an early debt extinguishment charge of $11 million related to the redemption of our 2024 Senior Notes, offset by a foreign currency gain of $1 million. During the three months ended March 31, 2020, we recorded a foreign currency gain of $6 million, offset by $1 million of net periodic pension cost.

Selected Segment Data

Selected Segment Data	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATAWe operate in four segments: Siding, OSB, 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 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. We evaluate the performance of our business segments based on net sales and Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and Adjusted EBITDA for our business segments. Adjusted EBITDA is a non-GAAP financial measure and is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items. Information about our product segments is as follows: Three Months Ended March 31, 2021 2020 Net sales Siding $ 285 $ 212 OSB 539 220 EWP 123 99 South America 53 36 Other 18 18 Intersegment sales — — Total sales $ 1,017 $ 585 PROFIT BY SEGMENT Net income $ 320 $ 33 Add (deduct): Net loss attributed to noncontrolling interest 1 — Income attributed to LP 320 33 Provision for income taxes 96 9 Depreciation and amortization 29 28 Stock-based compensation expense 1 2 Loss on impairment attributed to LP — 7 Other operating credits and charges, net — 2 Loss on early debt extinguishment 11 — Interest expense 5 5 Investment income — 2 Other non-operating items (1) (5) Adjusted EBITDA $ 461 $ 83 Siding $ 90 $ 42 OSB 354 35 EWP 7 9 South America 21 7 Other (5) (3) Corporate (6) (7) Adjusted EBITDA $ 461 $ 83

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2021
Subsequent Event [Line Items]
Subsequent Events [Text Block]	NOTE 19. SUBSEQUENT EVENT In the first quarter of 2020, the Board of Directors authorized the repurchase of $200 million of LP's common stock (the "Share Repurchase Program"). In the fourth quarter of 2020, the Board of Directors authorized the expansion of the Share Repurchase Program under which LP may repurchase up to an additional $300 million of shares of LP’s common stock. Subsequent to March 31, 2021 through May 5, 2021, we paid $146 million to repurchase 2.3 million shares of LP common stock.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 283 $ — $ — $ 9 $ — $ — $ 293 OSB - Structural Solutions — 254 — 41 — — 295 I-Joist — — 48 — — — 48 LVL — — 43 — — — 43 LSL — — 8 — — — 8 284 254 100 50 — — 687 Commodity OSB - commodity — 282 — — — — 281 Plywood — — 13 — — — 13 — 282 13 — — — 294 Other Other products 1 3 11 3 18 — 36 $ 285 $ 539 $ 123 $ 53 $ 18 $ — $ 1,017 Three Months Ended March 31, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide $ 191 $ — $ — $ 3 $ — $ — $ 194 Fiber siding 19 — — — — — 19 OSB - Structural Solutions — 103 1 32 — — 136 I-Joist — — 37 — — — 37 LVL — — 36 — — — 36 LSL — — 12 — — — 12 210 103 86 35 — — 434 Commodity OSB - commodity — 113 — — — — 113 Plywood — — 6 — — — 6 — 113 6 — — — 119 Other CanExel siding — — — — 11 — 11 Other products 2 4 7 1 7 — 21 $ 212 $ 220 $ 99 $ 36 $ 18 $ — $ 585 Revenue is recognized when obligations under the terms of a contract (i.e., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold. Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products, and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is initiated. These reductions from revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations).

Earnings per Share (Tables) (Ta

Earnings per Share (Tables) (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Net income attributed to LP Weighted average common shares outstanding - basic 106 112 Dilutive effect of employee stock plans 1 1 Shares used for diluted earnings per share 107 113 Earnings per share: Basic earnings $ 3.02 $ 0.29 Diluted earnings $ 3.00 $ 0.29

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following: March 31, 2021 December 31, 2020 Trade receivables $ 226 $ 161 Income tax receivable 10 2 Other receivables 30 23 Allowance for doubtful accounts (2) (2) Total $ 264 $ 184

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The major types of inventories are as follows (work in process is not material and is included in Semi-finished inventory below): March 31, 2021 December 31, 2020 Logs $ 73 $ 49 Other raw materials 38 36 Semi-finished inventory 34 28 Finished products 162 146 Total $ 307 $ 259

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill [Line Items]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Changes in goodwill and other intangible assets as of March 31, 2021, are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2020 $ 34 $ 25 $ 19 $ 3 Amortization (1) — (1) — Ending balance March 31, 2021 $ 33 $ 25 $ 18 $ 2

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes our outstanding debt: March 31, 2021 December 31, 2020 2029 Senior Notes $ 350 $ — 2024 Senior Notes — 350 Amended Credit Facility — — Financing leases 1 1 Unamortized debt costs (4) (2) Total 346 348 Less: current portion — — Long-term portion $ 346 $ 348

Commiments and Contingencies Co

Commiments and Contingencies Commiments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Legal and Environmental Matters [Abstract]
Schedule of Loss Contingencies by Contingency [Table Text Block]	We maintain reserves for various contingent liabilities as follows: March 31, 2021 December 31, 2020 Environmental reserves $ 14 $ 14 Other reserves — — Total contingencies 14 14 Current portion (included in Accrued liabilities) (1) (1) Long-term portion (included in Other long-term liabilities) $ 13 $ 13

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The activity in warranty reserves for the three months ended March 31, 2021, and 2020, is summarized in the following table: Three Months Ended March 31, 2021 2020 Beginning balance $ 8 $ 8 Accrued to expense — 1 Payments made — (1) Total warranty reserves 8 8 Current portion of warranty reserves (included in Other current liabilities) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 6 $ 6

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	e following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Service cost $ — $ 1 Other components of net periodic pension cost 1 : Interest cost 2 3 Expected return on plan assets (3) (4) Amortization of prior service cost — — Amortization of net loss 1 1 Net periodic pension cost $ 1 $ 1 1

Other Comprehensive Income Ot_2

Other Comprehensive Income Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Other comprehensive income activity, net of tax, is provided in the following table for the three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Pension 1 Balance at beginning of period $ (81) $ (89) Amounts reclassified from accumulated other comprehensive loss to income 2 — 1 Total other comprehensive income — 1 Balance at end of period (81) (88) Translation Adjustments Balance at beginning of period (68) (67) Translation adjustments (7) (23) Balance at end of period (75) (90) Other Balance at beginning of period (2) 3 Unrealized gains on securities, net of reversals — — Balance at end of period (2) 3 Accumulated other comprehensive loss, end of period $ (157) $ (175) 1 Amounts are presented net of tax.

Other Operating and Non-Opera_2

Other Operating and Non-Operating Income (Tables)	3 Months Ended
	Mar. 31, 2021
Nonoperating Income (Expense) [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	During the three months ended March 31, 2021, we recorded a gain of $1 million related to the sale of assets previously classified as held for sale, offset by other expenses including severance associated with certain reorganizations within the corporate office. During the three months ended March 31, 2020, we recorded a charge of $2 million related to severance associated with certain reorganizations within the corporate office.
Schedule of Other Nonoperating Income (Expense)	During the three months ended March 31, 2021, we recorded an early debt extinguishment charge of $11 million related to the redemption of our 2024 Senior Notes, offset by a foreign currency gain of $1 million. During the three months ended March 31, 2020, we recorded a foreign currency gain of $6 million, offset by $1 million of net periodic pension cost.

Selected Segment Data (Tables)

Selected Segment Data (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2021 2020 Net sales Siding $ 285 $ 212 OSB 539 220 EWP 123 99 South America 53 36 Other 18 18 Intersegment sales — — Total sales $ 1,017 $ 585 PROFIT BY SEGMENT Net income $ 320 $ 33 Add (deduct): Net loss attributed to noncontrolling interest 1 — Income attributed to LP 320 33 Provision for income taxes 96 9 Depreciation and amortization 29 28 Stock-based compensation expense 1 2 Loss on impairment attributed to LP — 7 Other operating credits and charges, net — 2 Loss on early debt extinguishment 11 — Interest expense 5 5 Investment income — 2 Other non-operating items (1) (5) Adjusted EBITDA $ 461 $ 83 Siding $ 90 $ 42 OSB 354 35 EWP 7 9 South America 21 7 Other (5) (3) Corporate (6) (7) Adjusted EBITDA $ 461 $ 83

Basis For Presentation (Details

Basis For Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Repayments of Long-term Debt	$ 359
Borrowings under revolving credit facility	350	$ 350
Line of Credit Facility, Maximum Borrowing Capacity	550
Cash and cash equivalents	$ 645		$ 535

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,017	$ 585
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	285	212
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	539	220
EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	123	99
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	18	18
South America
Disaggregation of Revenue [Line Items]
Net sales	53	36
Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	687	434
Value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	284	210
Value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	254	103
Value-add [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	100	86
Value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	50	35
Value-add [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	293	194
Value-add [Member] | SmartSide siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	283	191
Value-add [Member] | SmartSide siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	9	3
Value-add [Member] | SmartSide siding [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | OSB -Structural Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	295	136
Value-add [Member] | OSB -Structural Solutions [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | OSB -Structural Solutions [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	254	103
Value-add [Member] | OSB -Structural Solutions [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	1
Value-add [Member] | OSB -Structural Solutions [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | OSB -Structural Solutions [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	41	32
Value-add [Member] | OSB -Structural Solutions [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | I Joist [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	48	37
Value-add [Member] | LVL [Member]
Disaggregation of Revenue [Line Items]
Net sales	43	36
Value-add [Member] | LVL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LVL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LVL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	43	36
Value-add [Member] | LVL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LVL [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LVL [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LSL [Member]
Disaggregation of Revenue [Line Items]
Net sales	8	12
Value-add [Member] | LSL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LSL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LSL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	8	12
Value-add [Member] | LSL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LSL [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | LSL [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide Fiber siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		19
Value-add [Member] | SmartSide Fiber siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		19
Value-add [Member] | SmartSide Fiber siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Value-add [Member] | SmartSide Fiber siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Value-add [Member] | SmartSide Fiber siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Value-add [Member] | SmartSide Fiber siding [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales		0
Value-add [Member] | SmartSide Fiber siding [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0
Commodity
Disaggregation of Revenue [Line Items]
Net sales	294	119
Commodity | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	282	113
Commodity | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	13	6
Commodity | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	281	113
Commodity | OSB - commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	282	113
Commodity | OSB - commodity [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0
Commodity | Plywood [Member]
Disaggregation of Revenue [Line Items]
Net sales	13	6
Commodity | Plywood [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | Plywood [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | Plywood [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	13	6
Commodity | Plywood [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | Plywood [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | Plywood [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other Product Types | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	36	21
Other Product Types | Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	1	2
Other Product Types | Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	3	4
Other Product Types | Other [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	11	7
Other Product Types | Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	18	7
Other Product Types | Other [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	3	1
Other Product Types | Other [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	$ 0	0
Other Product Types | SmartSide Fiber siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		11
Other Product Types | SmartSide Fiber siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Other Product Types | SmartSide Fiber siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Other Product Types | SmartSide Fiber siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales		0
Other Product Types | SmartSide Fiber siding [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales		0
Other Product Types | SmartSide Fiber siding [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales		0
Other Product Types | CanExel siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		$ 11

Earnings per Share (Details)

Earnings per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	106,000,000	112,000,000
Dilutive effect of employee stock plans	1,000,000	1,000,000
Shares used for diluted earnings per share	107,000,000	113,000,000
Net income per share - basic	$ 3.02	$ 0.29
Net income per share - diluted	$ 3	$ 0.29

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	Mar. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Securities, Equity	$ 5
Senior unsecured notes, maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 342

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 226	$ 161
Income tax receivable	10	2
Other receivables	30	23
Allowance for doubtful accounts	(2)	(2)
Total	$ 264	$ 184

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Logs	$ 73	$ 49
Other raw materials	38	36
Semi-finished inventory	34	28
Finished products	162	146
Total	$ 307	$ 259

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill and other intangible assets	$ 25	$ 25
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	33	34
Amortization of Intangible Assets	(1)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1)
Finite-Lived Intangible Assets, Net	18	19
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 2	$ 3

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Business Combination, Step Acquisition [Abstract]
Net loss attributable to noncontrolling interest, exclusive of impairment	$ (1)
Redeemable noncontrolling interest	$ 9	$ 10

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Financing leases	$ 1	$ 1
Unamortized debt costs	(4)	(2)
Total	346	348
Less: current portion	0	0
Long-term portion	346	348
Senior Notes [Member] | Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	350
Senior Notes [Member] | Senior unsecured notes, maturing 2029
Debt Instrument [Line Items]
Long-term debt, gross	350	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 359
Line of Credit Facility, Maximum Borrowing Capacity	550
Gain (Loss) on Extinguishment of Debt	11	$ 0
Redemption Premium	9
Write off of Deferred Debt Issuance Cost	$ 2
Debt Instrument, Redemption Price, Percentage	102.438%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 0
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.60%
Revolving Credit Facility [Member] | Amended Credit Facility [Member]
Debt Instrument [Line Items]
Capitalization Ratio, Maximum	57.50%
Debt Covenant, Consolidated Net Worth	$ 475
Debt Covenant, Consolidated Net Worth, Add On For Consolidated Net Income After Deductions, Percent	70.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 200
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.125%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.25%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.125%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	3.25%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	0.875%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.00%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.875%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	3.00%
Amended Credit Facility, A Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 350
Senior Notes [Member] | Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0		350
Senior Notes [Member] | Senior unsecured notes, maturing 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 350		$ 0
Debt Instrument, Interest Rate, Stated Percentage	3.625%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Percent	23.00%	22.00%
Other Tax Expense (Benefit)		$ 2
Estimated annual tax rate	25.00%	26.00%

Compensation Related Costs, S_2

Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 43.39
Other Selling, General and Administrative Expense	$ 1	$ 2
Unrecognized stock compensation	$ 22
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	200,065
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	121,749

Commiments and Contingencies _2

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Total contingencies	$ 13	$ 13
Accrual for Environmental Loss Contingencies, Gross	14	14
Current portion (included in Accrued liabilities)	(1)	(1)
Long-term portion (included in Other long-term liabilities)	13	13
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	14	14
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0	$ 0

Impairments of Long-Lived Ass_2

Impairments of Long-Lived Assets Impairments of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 7
Fiber production [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 0	5
East River
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use		$ 2

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 8
Accrued to expense	0	1
Payments made	0	(1)
Total warranty reserves	8	8
Current portion of warranty reserves	(2)	(2)
Long-term portion of warranty reserves	$ 6	$ 6

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 1
Interest cost	2	3
Expected return on plan assets	(3)	(4)
Amortization of Prior Service Cost	0	0
Amortization of net loss	1	1
Net periodic pension cost	$ 1	$ 1

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning Balance	$ (151)
Ending Balance	(157)	$ (175)
Foreign currency translation adjustments
Beginning Balance	(68)	(67)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(7)	(23)
Ending Balance	(75)	(90)
Amortization of pension and post-retirement prior service costs and net loss
Beginning Balance	(81)	(89)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	1
Ending Balance	(81)	(88)
Unrealized gain (loss) on investments
Beginning Balance	(2)	3
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0
Ending Balance	(2)	3
AOCI Attributable to Parent [Member]
Beginning Balance	(151)	(153)
Ending Balance	$ (157)	$ (175)

Other Operating and Non-Opera_3

Other Operating and Non-Operating Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Nonoperating Income (Expense) [Abstract]
Severance Costs	$ (2)
Gain (Loss) on Extinguishment of Debt	(11)	$ 0
Foreign currency gain (loss)	1	6
Net periodic pension cost, excluding service cost		$ (1)
Gain on Sale of Assets	$ 1

Selected Segment Data (Details)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,017	$ 585
Operating profit (loss):	431	44
Provision for income taxes	96	9
Depreciation and amortization	29	28
Stock-based compensation expense	(1)	(2)
Asset impairment attributable to parent	0	7
Other operating income (expense) exclusive of product discontinuance charges	0	(2)
Other Nonoperating Income Expense, Net of Debt Extinguishment	1
Gain (Loss) on Extinguishment of Debt	11	0
Interest Expense	5	5
Investment income, net of adjustments	0	(2)
Other non-operating items	10	(5)
Adjusted EBITDA	461	83
Net loss attributed to noncontrolling interest	1	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	320	33
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	285	212
Adjusted EBITDA	90	42
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	539	220
Adjusted EBITDA	354	35
EWP [Member]
Segment Reporting Information [Line Items]
Net sales	123	99
Adjusted EBITDA	7	9
Other [Member]
Segment Reporting Information [Line Items]
Net sales	18	18
Operating profit (loss):	320	33
Adjusted EBITDA	(5)	(3)
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(6)	(7)
Intersegment
Segment Reporting Information [Line Items]
Net sales	0	0
South America
Segment Reporting Information [Line Items]
Net sales	53	36
Adjusted EBITDA	$ 21	$ 7

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 05, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Payments for Repurchase of Common Stock	$ 146	$ 122	$ 0

Uncategorized Items - lpx-20210

Label	Element	Value
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	$ (22,000,000)
Common Stock [Member]
Treasury Stock, Shares, Retired	us-gaap_TreasuryStockSharesRetired	2,300,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	$ (22,000,000)