Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 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 | Sep. 30, 2021 | |
Entity File Number | 1-7107 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 87,989,162 | |
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 | 9 Months Ended |
Sep. 30, 2021 | |
Legal and Environmental Matters [Abstract] | |
Commiments and Contingencies | We maintain reserves for various contingent liabilities as follows: September 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,219 | $ 795 | $ 3,561 | $ 1,928 |
Cost of sales | (670) | (503) | (1,827) | (1,411) |
Gross Profit | 549 | 292 | 1,734 | 517 |
Selling, general, and administrative expenses | (63) | (52) | (168) | (157) |
Loss on impairment | 0 | (1) | 0 | (16) |
Other Operating Charges And Credits, Net | 2 | 3 | 5 | (5) |
Income from operations | 488 | 242 | 1,571 | 339 |
Non-operating income (expense): | ||||
Interest Expense | (4) | (5) | (12) | (17) |
Investment income | 0 | 0 | 1 | 3 |
Other non-operating items | 2 | 0 | (14) | 4 |
Income before income taxes | 486 | 237 | 1,546 | 329 |
Provision for income taxes | (123) | (60) | (366) | (88) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 1 | 0 | 3 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 365 | 177 | 1,182 | 241 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | 0 | 1 | 2 |
Net income attributed to LP | $ 365 | $ 177 | $ 1,183 | $ 243 |
Basic net income per share of common stock: | ||||
Net income per share - basic | $ 3.90 | $ 1.58 | $ 11.81 | $ 2.16 |
Net income per share - diluted | $ 3.87 | $ 1.57 | $ 11.73 | $ 2.15 |
Diluted net income per share of common stock | ||||
Basic | 94,000,000 | 112,000,000 | 100,000,000 | 112,000,000 |
Weighted average shares of stock outstanding - diluted | 94,000,000 | 113,000,000 | 101,000,000 | 113,000,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 365 | $ 177 | $ 1,182 | $ 241 |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss), net of tax | (19) | 5 | (18) | (17) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 346 | 182 | 1,164 | 224 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | |||
Comprehensive income (loss) attributed to LP | 346 | 182 | 1,165 | 226 |
Foreign currency translation adjustments | ||||
Other comprehensive income (loss) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (21) | 4 | (21) | (17) |
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 | $ 2 | $ 1 | $ 3 | $ 3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 607 | $ 535 |
Receivables, net of allowance for doubtful accounts of $2 million at September 30, 2021, and December 31, 2020 | 248 | 184 |
Inventories | 320 | 259 |
Prepaid expenses and other current assets | 23 | 15 |
Total current assets | 1,197 | 993 |
Timber and timberlands | 83 | 52 |
Property, plant, and equipment, net | 980 | 918 |
Operating lease assets | 38 | 40 |
Goodwill and other intangible assets | 44 | 46 |
Investments in and advances to affiliates | 18 | 11 |
Restricted Cash, Noncurrent | 13 | 0 |
Other assets | 25 | 24 |
Deferred Tax Assets, Deferred Income | 2 | 3 |
Total assets | 2,400 | 2,086 |
LIABILITIES AND EQUITY | ||
Accounts payable and accrued liabilities | 354 | 267 |
Accrued Income Taxes, Current | 72 | 18 |
Other Liabilities, Current | 1 | 1 |
Total current liabilities | 427 | 286 |
Long-term portion | 346 | 348 |
Deferred Income Tax Liabilities, Net | 94 | 78 |
Operating Lease liability, noncurrent | 29 | 32 |
Loss Contingency Accrual | 13 | 13 |
Other long-term liabilities | 115 | 86 |
Liabilities | 1,024 | 842 |
Redeemable noncontrolling interest | 9 | 10 |
Stockholders' equity: | ||
Common stock, $1 par value, 200,000,000 shares authorized; 107,035,818 and 90,222,524 shares issued and outstanding, respectively, as of September 30, 2021; and 123,547,974 and 106,240,030 shares issued and outstanding, respectively, as of December 31, 2020 | 107 | 124 |
Additional paid-in capital | 451 | 452 |
Retained earnings | 1,369 | 1,206 |
Treasury stock, 16,813,294 shares and 17,307,944 shares, at cost as of September 30, 2021, and December 31, 2020, respectively | (390) | (397) |
Accumulated comprehensive loss | (168) | (151) |
Total stockholders' equity | 1,368 | 1,234 |
Total liabilities and stockholders' equity | $ 2,400 | $ 2,086 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 365 | $ 177 | $ 1,182 | $ 241 |
Adjustments to net income: | ||||
Depreciation and amortization | 30 | 28 | 88 | 84 |
Impairment of Long-Lived Assets Held-for-use | 0 | 1 | 0 | 16 |
Deferred Income Tax Expense (Benefit) | 9 | 0 | 15 | 1 |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 11 | 0 |
Other adjustments, net | (3) | 7 | 7 | 17 |
Receivables | 64 | (48) | (59) | (75) |
Prepaid expenses and other current assets | 1 | (2) | (5) | (7) |
Inventories | (13) | 4 | (66) | 6 |
Accounts payable and accrued liabilities | 28 | 35 | 64 | 13 |
Income taxes payable, net of receivables | (31) | (16) | (46) | (42) |
Net cash provided by operating activities | 511 | 218 | 1,283 | 338 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Property, plant, and equipment additions | (68) | (14) | (133) | (53) |
Proceeds from Divestiture of Businesses | 0 | 1 | 0 | 15 |
Proceeds from Life Insurance Policy | 0 | 0 | 0 | 10 |
Other investing activities | 0 | 0 | 3 | 3 |
Net cash used in investing activities | (68) | (13) | (131) | (25) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from Issuance of Long-term Debt | 0 | 0 | 350 | 350 |
Repayments of Long-term Debt | 0 | 0 | (359) | (350) |
Payment of cash dividend | (17) | (16) | (50) | (49) |
Purchase of stock | (399) | (29) | (987) | (29) |
Other financing activities | 0 | 0 | (12) | (6) |
Net cash used in financing activities | (416) | (45) | (1,058) | (84) |
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (11) | 1 | (10) | (4) |
Net increase in cash, cash equivalents and restricted cash | 17 | 161 | 84 | 225 |
Cash, cash equivalents and restricted cash at beginning of period | 603 | 259 | 535 | 195 |
Cash, cash equivalents and restricted cash at end of period | 620 | 420 | 620 | 420 |
Income Taxes Paid, Net | 84 | 45 | 305 | 48 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 7 | 7 | 16 | 19 |
Capital Expenditures Incurred but Not yet Paid | $ 42 | $ 4 | $ 42 | $ 4 |
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 | |||
Taxes paid related to net settlement of stock-based awards | (4,000,000) | (4,000,000) | ||||
Compensation expense associated with stock-based compensation | $ 2 | 2 | ||||
Other comprehensive income | (22) | (22) | ||||
Net income | 243 | |||||
Purchase of stock | (29) | |||||
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) | |||||
Total stockholders' equity | 984 | |||||
Net income | 33 | 33 | ||||
Dividends paid | (17) | (17) | ||||
Issuance of shares under stock plans | (1,000,000) | |||||
Issuance of shares under stock plans, amount | 1 | $ 2 | 1 | |||
Taxes paid related to net settlement of stock-based awards | 0 | |||||
Compensation expense associated with stock-based compensation | 1 | |||||
Other comprehensive income | 1 | 0 | ||||
Common Stock, Shares, Outstanding | 130,000,000 | |||||
Common Stock, Amount, Outstanding | $ 130 | |||||
Treasury Stock, Shares | 17,000,000 | |||||
Treasury Stock, amount | $ (400) | |||||
Additional paid-in capital | 446 | |||||
Retained earnings | 999 | |||||
Accumulated comprehensive loss | (175) | |||||
Total stockholders' equity | 1,000 | |||||
Net income | 177 | 177 | ||||
Dividends paid | (16) | (16) | ||||
Issuance of shares under stock plans | 0 | |||||
Issuance of shares under stock plans, amount | 0 | $ 1 | 1 | |||
Purchase of stock | (29) | |||||
Compensation expense associated with stock-based compensation | 5 | 5 | ||||
Other comprehensive income | 5 | 5 | ||||
Common stock, Shares acquired | (1,000,000) | |||||
Common stock, Value, Shares acquired | $ (1) | (28) | ||||
Common Stock, Shares, Outstanding | 129,000,000 | |||||
Common Stock, Amount, Outstanding | $ 129 | |||||
Treasury Stock, Shares | 17,000,000 | |||||
Treasury Stock, amount | $ (399) | |||||
Additional paid-in capital | 450 | |||||
Retained earnings | 1,132 | |||||
Accumulated comprehensive loss | (170) | (170) | ||||
Total stockholders' equity | $ 1,142 | |||||
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 | |||
Taxes paid related to net settlement of stock-based awards | (6,000,000) | (6,000,000) | ||||
Purchase of stock | $ (122) | 120 | ||||
Compensation expense associated with stock-based compensation | 1 | 1 | ||||
Other comprehensive income | (6) | (6) | ||||
Common stock, Shares acquired | (2,000,000) | |||||
Common stock, Value, Shares acquired | $ (2) | |||||
Net income | 1,183 | |||||
Purchase of stock | (987) | |||||
Common Stock, Shares, Outstanding | 121,000,000 | |||||
Common Stock, Amount, Outstanding | $ 121 | |||||
Treasury Stock, Shares | 17,000,000 | |||||
Treasury Stock, amount | $ (393) | |||||
Additional paid-in capital | 443 | |||||
Retained earnings | 1,390 | |||||
Accumulated comprehensive loss | (157) | |||||
Total stockholders' equity | 1,404 | |||||
Net income | 498 | 498 | ||||
Dividends paid | (16) | (16) | ||||
Issuance of shares under stock plans | 0 | |||||
Issuance of shares under stock plans, amount | 1 | $ 2 | 1 | |||
Purchase of stock | (465) | 458 | ||||
Compensation expense associated with stock-based compensation | 4 | 4 | ||||
Other comprehensive income | 8 | 8 | ||||
Common stock, Shares acquired | (7,000,000) | |||||
Common stock, Value, Shares acquired | $ (7) | |||||
Common Stock, Shares, Outstanding | 114,000,000 | |||||
Common Stock, Amount, Outstanding | $ 114 | |||||
Treasury Stock, Shares | 17,000,000 | |||||
Treasury Stock, amount | $ (390) | |||||
Additional paid-in capital | 446 | |||||
Retained earnings | 1,413 | |||||
Accumulated comprehensive loss | (149) | |||||
Total stockholders' equity | 1,433 | |||||
Net income | 365 | |||||
Dividends paid | (17) | (17) | ||||
Purchase of stock | (399) | 392 | ||||
Compensation expense associated with stock-based compensation | $ 5 | 5 | ||||
Other comprehensive income | (19) | |||||
Common stock, Shares acquired | (7,000,000) | |||||
Common stock, Value, Shares acquired | $ (7) | |||||
Common Stock, Shares, Outstanding | 90,222,524 | 107,000,000 | ||||
Common Stock, Amount, Outstanding | $ 107 | |||||
Treasury Stock, Shares | 17,000,000 | |||||
Treasury Stock, amount | $ 390 | $ (390) | ||||
Additional paid-in capital | 451 | $ 451 | ||||
Retained earnings | 1,369 | $ 1,369 | ||||
Accumulated comprehensive loss | (168) | $ (168) | ||||
Total stockholders' equity | $ 1,368 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2 | $ 2 |
Common Stock, Shares Authorized | 200,000,000 | |
Common Stock, Shares, Issued | 107,035,818 | 123,547,974 |
Common Stock, Shares, Outstanding | 90,222,524 | 106,240,030 |
Treasury Stock, Shares | 16,813,294 | 17,307,944 |
Basis For Presentation
Basis For Presentation | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 310 $ — $ — $ 9 $ — $ — $ 319 OSB - Structural Solutions — 307 — 65 — — 372 I-Joist — — 109 — — — 109 LVL — — 51 — — — 51 LSL — — 20 — — (1) 20 310 307 180 75 — (1) 871 Commodity OSB - commodity — 290 — — — — 290 Plywood — — 9 — — — 9 — 290 9 — — — 299 Other Other products 3 4 11 2 30 — 49 $ 312 $ 600 $ 201 $ 76 $ 30 $ (1) $ 1,219 Nine Months Ended September 30, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 879 $ — $ — $ 29 $ — $ — $ 908 OSB - Structural Solutions — 912 — 171 — — 1,082 I-Joist — — 232 — — — 232 LVL — — 140 — — — 140 LSL — — 39 — — (2) 39 879 912 411 200 — (2) 2,402 Commodity OSB - commodity — 997 — — — — 997 Plywood — — 41 — — — 41 — 997 41 — — — 1,038 Other Other products 9 9 29 3 73 — 123 $ 889 $ 1,917 $ 481 $ 203 $ 73 $ (2) $ 3,561 Three Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 260 $ — $ — $ 4 $ — $ — $ 264 OSB - Structural Solutions — 162 — 40 — — 202 I-Joist — — 37 — — — 37 LVL — — 35 — — — 35 LSL — — 14 — — — 14 260 162 86 44 — — 552 Commodity OSB - commodity — 198 — — — — 198 Plywood — — 7 — — — 7 — 198 7 — — — 205 Other Other products 8 8 10 1 11 — 38 $ 268 $ 368 $ 103 $ 45 $ 11 $ — $ 795 Nine Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 658 $ — $ — $ 12 $ — $ — $ 670 OSB - Structural Solutions — 360 2 104 — — 466 I-Joist — — 106 — — — 106 LVL — — 101 — — — 101 LSL — — 35 — — — 35 658 360 244 116 — — 1,378 Commodity OSB - commodity — 419 — — — — 419 Plywood — — 16 — — — 16 — 419 16 — — — 435 Other Other products 42 13 21 3 36 — 115 $ 700 $ 792 $ 281 $ 119 $ 36 $ — $ 1,928 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). We ship some of our products to customers’ distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributed to LP Weighted average common shares outstanding - basic 94 112 100 112 Dilutive effect of employee stock plans — 1 1 1 Shares used for diluted earnings per share 94 113 101 113 Earnings per share: Basic earnings $ 3.90 $ 1.58 $ 11.81 $ 2.16 Diluted earnings $ 3.87 $ 1.57 $ 11.73 $ 2.15 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 $6 million and $5 million at September 30, 2021, and December 31, 2020, respectively. The fair value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) is estimated to be $354 million as of September 30, 2021, based upon market quotations. The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S. GAAP fair value hierarchy. Fair values are based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. There were no outstanding amounts borrowed under our Amended Credit Facility as of September 30, 2021. During the nine months ended September 30, 2020, we sold our auction rate securities (ARS) and recognized a $3 million gain on available for sale securities, which is included in Investment income in the Condensed Consolidated Statements of Income. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Receivables | RECEIVABLES Receivables consisted of the following: September 30, 2021 December 31, 2020 Trade receivables $ 211 $ 161 Income tax receivable 11 2 Other receivables 27 23 Allowance for doubtful accounts (2) (2) Total $ 248 $ 184 Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables, as of September 30, 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 | 9 Months Ended |
Sep. 30, 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): September 30, 2021 December 31, 2020 Logs $ 47 $ 49 Other raw materials 53 36 Semi-finished inventory 42 28 Finished products 178 146 Total $ 320 $ 259 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 9 Months Ended |
Sep. 30, 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 September 30, 2021, are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2020 $ 34 $ 25 $ 19 $ 3 Amortization (2) — (1) — Ending balance September 30, 2021 $ 32 $ 25 $ 17 $ 2 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest (Notes) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 $ 9 |
Long-Term Debt (Notes)
Long-Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT The following table summarizes our outstanding debt: September 30, 2021 December 31, 2020 2029 Senior Notes $ 350 $ — 2024 Senior Notes — 350 Amended Credit Facility — — Financing leases — 1 Unamortized debt costs (4) (2) Total 346 348 Less: current portion — — Long-term portion $ 346 $ 348 Senior Notes In March 2021, LP issued $350 million of the 2029 Senior Notes. The Company 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 the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. On or after March 15, 2024, LP may, at its 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 the Company's ability to grant liens to secure indebtedness, engage in sale and leaseback transactions and merge or consolidate or sell all or substantially all of its assets. If LP is subject to a "change of control," as defined in the indenture, LP is 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. 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 items. During the nine months ended September 30, 2021, $2 million of deferred debt costs were written off in association with the 2024 Senior Notes extinguishment, and LP paid $4 million in debt issuance costs that will be deferred and amortized over the life of the 2029 Senior Notes. Credit Facility In August 2021, LP entered into a fourth amendment (Fourth Amendment) to its 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 a revolving credit facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. The revolving facility, pursuant to the Amended Credit Facility, terminates, and all loans made thereunder become due in June 2027. LP has granted a security interest in substantially all of its U.S. personal property to secure the Amended Credit Facility, and certain of LP’s existing and future wholly-owned domestic subsidiaries may guaranty its 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. The Amended Credit Facility provides a release of security interest after obtaining an Investment Grade rating from any one of the Moody's, S&P, or Fitch. There are no outstanding amounts borrowed under the Amended Credit Facility as of September 30, 2021. Revolving borrowings under the Amended Credit Facility accrue interest, at the Company's option, at either (a) a “base rate” plus a margin of 0.500% to 1.500% or (b) LIBOR plus a margin of 1.500% to 2.500%. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.200% to 0.425%. The applicable margins and fees within these ranges are based on our ratio of consolidated 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 the Company and its consolidated subsidiaries to have, as of the end of each quarter, a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5%. 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 the capitalization ratio covenant. As of September 30, 2021, LP secured $13 million of outstanding letters of credit with cash collateral, included in Restricted cash in its Condensed Consolidated Balance Sheets. Deferred debt costs are amortized over the life of the related debt using a straight-line basis, which approximates the effective interest method. Included in such amortized amounts are deferred debt costs associated with LP's Amended Credit Facility, which are recorded within Other assets on its Condensed Consolidated Balance Sheets . During the nine months ended September 30, 2021, the Company paid $2 million in debt issuance costs in connection with the third amendment to the Credit Facility that LP entered into in June 2021 (Third Amendment). These debt issuance costs were deferred and will be amortized over the life of the Amended Credit Facility. As of September 30, 2021, LP was in compliance with all covenants under the 2029 Senior Notes and the Amended Credit Facility (as well as the Letter of Credit Facility by such compliance). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 in 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 nine months ended September 30, 2021 and 2020, reflected an estimated annual tax rate of 24% and 26%, respectively, excluding discrete items discussed below. The total effective tax rate for the three and nine months ended September 30, 2021, was 25% and 24%, respectively, compared to 25% and 27% for the comparable periods in 2020, respectively. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | We have stock award plans for key employees and directors, pursuant to which awards of stock options, SSARs, restricted stock, restricted stock units, and performance stock units (PSUs) are granted. In addition, we offer an employee stock purchase plan to employees.In July 2021, LP modified the performance vesting criteria of approximately 149,000 PSU awards granted in 2020. The modification was considered a Type III modification under the Accounting for Share-Based Payments (Topic 718), in which the original awards were canceled, and the modified awards were considered granted on the modification date. Post-modification stock-based compensation expense related to these awards will be recognized over the remaining service period using modification date fair values of between $56.35 and $64.12 and the number of awards expected to vest. We recognized $5 million in stock-based compensation expense during the three months ended September 30, 2021, and 2020. We recognized $10 million and $8 million in stock-based compensation expense during the nine months ended September 30, 2021, and 2020, respectively. At September 30, 2021, there was $34 million of unrecognized stock-based compensation expense related to unvested PSUs, restricted stock units, and SSARs attributable to future service. |
Impairments of Long-Lived Asset
Impairments of Long-Lived Assets | 9 Months Ended |
Sep. 30, 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 September 30, 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 disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, we may be required to record impairment charges in connection with decisions to dispose of assets. |
Product Warranty
Product Warranty | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021, and 2020, is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 8 $ 8 $ 8 $ 8 Accrued to expense — — 1 1 Payments made — — (1) (1) Total warranty reserves 8 8 8 8 Current portion of warranty reserves (included in Other current liabilities) (2) (2) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 6 $ 6 $ 6 $ 6 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021, and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ — $ — $ 1 $ 1 Other components of net periodic pension cost 1 : Interest cost 2 2 5 7 Expected return on plan assets (3) (4) (10) (11) Amortization of prior service cost — 1 — 1 Amortization of net loss 1 1 4 4 Net periodic pension cost $ 1 $ — $ 2 $ 2 1 |
Other Comprehensive Income Othe
Other Comprehensive Income Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED COMPREHENSIVE LOSS Accumulated comprehensive loss is provided in the following table for the three and nine months ended September 30, 2021, and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Pension 1 Balance at beginning of period $ (80) $ (87) $ (81) $ (89) Amounts reclassified from accumulated other comprehensive loss to income 2 2 1 3 3 Total other comprehensive income 2 1 3 3 Balance at end of period (78) (86) (78) (86) Translation Adjustments Balance at beginning of period (68) (88) (68) (67) Translation adjustments (21) 4 (21) (17) Balance at end of period (89) (84) (89) (84) Other Balance at beginning of period (2) — (2) 3 Unrealized gains on securities, net of reversals — — — (3) Balance at end of period (2) — (2) — Accumulated other comprehensive loss, end of period $ (168) $ (170) $ (168) $ (170) 1 Amounts are presented net of tax. |
Selected Segment Data
Selected Segment Data | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Selected Segment Data | SELECTED SEGMENT DATA We 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales Siding $ 312 $ 268 $ 889 $ 700 OSB 600 368 1,917 792 EWP 201 103 481 281 South America 76 45 203 119 Other 30 11 73 36 Intersegment sales (1) — (2) — Total sales $ 1,219 $ 795 $ 3,561 1,928 PROFIT BY SEGMENT Net income $ 365 $ 177 $ 1,182 $ 241 Add (deduct): Net loss attributed to noncontrolling interest — — 1 2 Income attributed to LP 365 177 1,183 243 Provision for income taxes 123 60 366 88 Depreciation and amortization 30 28 88 84 Stock-based compensation expense 5 5 10 8 Loss on impairment attributed to LP — 1 — 15 Other operating credits and charges, net (2) (2) (5) (4) Product-line discontinuance charges — (1) — 9 Loss on early debt extinguishment — — 11 — Interest expense 4 5 12 17 Investment income — — (1) (3) Other non-operating items (2) — 3 (4) Adjusted EBITDA $ 522 $ 273 $ 1,667 $ 453 Siding $ 73 $ 76 $ 240 $ 169 OSB 381 189 1,300 270 EWP 42 9 68 21 South America 37 11 91 29 Other (3) (5) (11) (13) Corporate (8) (7) (22) (23) Adjusted EBITDA $ 522 $ 273 $ 1,667 $ 453 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | NOTE 19. SUBSEQUENT EVENT On May 4, 2021, our Board of Directors authorized a share repurchase program (2021 Share Repurchase Program) under which we may repurchase up to $1 billion of shares of our common stock. Subsequent to September 30, 2021 through November 2, 2021, we paid $150 million to repurchase 2.3 million shares of LP common stock under the 2021 Share Repurchase Program. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 310 $ — $ — $ 9 $ — $ — $ 319 OSB - Structural Solutions — 307 — 65 — — 372 I-Joist — — 109 — — — 109 LVL — — 51 — — — 51 LSL — — 20 — — (1) 20 310 307 180 75 — (1) 871 Commodity OSB - commodity — 290 — — — — 290 Plywood — — 9 — — — 9 — 290 9 — — — 299 Other Other products 3 4 11 2 30 — 49 $ 312 $ 600 $ 201 $ 76 $ 30 $ (1) $ 1,219 Nine Months Ended September 30, 2021 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 879 $ — $ — $ 29 $ — $ — $ 908 OSB - Structural Solutions — 912 — 171 — — 1,082 I-Joist — — 232 — — — 232 LVL — — 140 — — — 140 LSL — — 39 — — (2) 39 879 912 411 200 — (2) 2,402 Commodity OSB - commodity — 997 — — — — 997 Plywood — — 41 — — — 41 — 997 41 — — — 1,038 Other Other products 9 9 29 3 73 — 123 $ 889 $ 1,917 $ 481 $ 203 $ 73 $ (2) $ 3,561 Three Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 260 $ — $ — $ 4 $ — $ — $ 264 OSB - Structural Solutions — 162 — 40 — — 202 I-Joist — — 37 — — — 37 LVL — — 35 — — — 35 LSL — — 14 — — — 14 260 162 86 44 — — 552 Commodity OSB - commodity — 198 — — — — 198 Plywood — — 7 — — — 7 — 198 7 — — — 205 Other Other products 8 8 10 1 11 — 38 $ 268 $ 368 $ 103 $ 45 $ 11 $ — $ 795 Nine Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add Siding Solutions $ 658 $ — $ — $ 12 $ — $ — $ 670 OSB - Structural Solutions — 360 2 104 — — 466 I-Joist — — 106 — — — 106 LVL — — 101 — — — 101 LSL — — 35 — — — 35 658 360 244 116 — — 1,378 Commodity OSB - commodity — 419 — — — — 419 Plywood — — 16 — — — 16 — 419 16 — — — 435 Other Other products 42 13 21 3 36 — 115 $ 700 $ 792 $ 281 $ 119 $ 36 $ — $ 1,928 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). We ship some of our products to customers’ distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution. |
Earnings per Share (Tables) (Ta
Earnings per Share (Tables) (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributed to LP Weighted average common shares outstanding - basic 94 112 100 112 Dilutive effect of employee stock plans — 1 1 1 Shares used for diluted earnings per share 94 113 101 113 Earnings per share: Basic earnings $ 3.90 $ 1.58 $ 11.81 $ 2.16 Diluted earnings $ 3.87 $ 1.57 $ 11.73 $ 2.15 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables consisted of the following: September 30, 2021 December 31, 2020 Trade receivables $ 211 $ 161 Income tax receivable 11 2 Other receivables 27 23 Allowance for doubtful accounts (2) (2) Total $ 248 $ 184 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, 2021 December 31, 2020 Logs $ 47 $ 49 Other raw materials 53 36 Semi-finished inventory 42 28 Finished products 178 146 Total $ 320 $ 259 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill [Line Items] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Changes in goodwill and other intangible assets as of September 30, 2021, are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2020 $ 34 $ 25 $ 19 $ 3 Amortization (2) — (1) — Ending balance September 30, 2021 $ 32 $ 25 $ 17 $ 2 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes our outstanding debt: September 30, 2021 December 31, 2020 2029 Senior Notes $ 350 $ — 2024 Senior Notes — 350 Amended Credit Facility — — Financing leases — 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) | 9 Months Ended |
Sep. 30, 2021 | |
Legal and Environmental Matters [Abstract] | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | We maintain reserves for various contingent liabilities as follows: September 30, 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) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The activity in warranty reserves for the three and nine months ended September 30, 2021, and 2020, is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 8 $ 8 $ 8 $ 8 Accrued to expense — — 1 1 Payments made — — (1) (1) Total warranty reserves 8 8 8 8 Current portion of warranty reserves (included in Other current liabilities) (2) (2) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 6 $ 6 $ 6 $ 6 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021, and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ — $ — $ 1 $ 1 Other components of net periodic pension cost 1 : Interest cost 2 2 5 7 Expected return on plan assets (3) (4) (10) (11) Amortization of prior service cost — 1 — 1 Amortization of net loss 1 1 4 4 Net periodic pension cost $ 1 $ — $ 2 $ 2 1 |
Other Comprehensive Income Ot_2
Other Comprehensive Income Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | comprehensive loss is provided in the following table for the three and nine months ended September 30, 2021, and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Pension 1 Balance at beginning of period $ (80) $ (87) $ (81) $ (89) Amounts reclassified from accumulated other comprehensive loss to income 2 2 1 3 3 Total other comprehensive income 2 1 3 3 Balance at end of period (78) (86) (78) (86) Translation Adjustments Balance at beginning of period (68) (88) (68) (67) Translation adjustments (21) 4 (21) (17) Balance at end of period (89) (84) (89) (84) Other Balance at beginning of period (2) — (2) 3 Unrealized gains on securities, net of reversals — — — (3) Balance at end of period (2) — (2) — Accumulated other comprehensive loss, end of period $ (168) $ (170) $ (168) $ (170) 1 Amounts are presented net of tax. |
Other Operating and Non-Operati
Other Operating and Non-Operating Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reorganization charges $ (1) $ (1) $ (1) $ (5) Canadian wage subsidies — 5 — 9 Product-line discontinuance charges — 1 — (9) Insurance recoveries 1 — 3 — Environmental costs — (2) — (2) Other 1 — 3 2 Other operating credits and charges, net 2 3 5 (5) During the three and nine months ended September 30, 2021, we incurred severance and other charges of $1 million related to certain reorganizations. We received $1 million and $3 million in insurance recoveries during the three and nine months ended September 30, 2021, respectively, related to business interruption claims for weather-related downtime sustained in the prior year. During the three and nine months ended September 30, 2020, we recognized a charge of $2 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. We incurred severance and other charges of $1 million and $5 million for the three and nine months ended September 30, 2020, respectively, related to certain reorganizations and product-line discontinuance. We received $5 million and $9 million of Canadian wage subsidies during the three and nine months ended September 30, 2020, respectively. Additionally, we recorded a recovery of $1 million and charges of $9 million for the three and nine months ended September 30, 2020, respectively, related to the discontinuance of our fiber product (primarily related to fiber inventory adjustments to net realizable values). |
Schedule of Other Nonoperating Income (Expense) | OTHER OPERATING AND NON-OPERATING ITEMS Other operating credits and charges, net Other operating credits and charges, net is comprised of the following components: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reorganization charges $ (1) $ (1) $ (1) $ (5) Canadian wage subsidies — 5 — 9 Product-line discontinuance charges — 1 — (9) Insurance recoveries 1 — 3 — Environmental costs — (2) — (2) Other 1 — 3 2 Other operating credits and charges, net 2 3 5 (5) During the three and nine months ended September 30, 2021, we incurred severance and other charges of $1 million related to certain reorganizations. We received $1 million and $3 million in insurance recoveries during the three and nine months ended September 30, 2021, respectively, related to business interruption claims for weather-related downtime sustained in the prior year. During the three and nine months ended September 30, 2020, we recognized a charge of $2 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. We incurred severance and other charges of $1 million and $5 million for the three and nine months ended September 30, 2020, respectively, related to certain reorganizations and product-line discontinuance. We received $5 million and $9 million of Canadian wage subsidies during the three and nine months ended September 30, 2020, respectively. Additionally, we recorded a recovery of $1 million and charges of $9 million for the three and nine months ended September 30, 2020, respectively, related to the discontinuance of our fiber product (primarily related to fiber inventory adjustments to net realizable values). Other non-operating items Other non-operating items is comprised of the following components: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest expense $ (4) $ (5) $ (12) $ (16) Amortization of debt charges — — (1) (1) Interest expense $ (4) $ (5) $ (12) $ (17) Interest income — — 1 1 Gain on sale of auction rate securities — — — 3 SERP market adjustments — — — (1) Investment income $ — $ — $ 1 $ 3 Net periodic pension cost, excluding service cost — — — (1) Loss on early debt extinguishment — — (11) — Foreign currency gain (loss) 2 — (3) 5 Other non-operating items $ 2 $ — $ (14) $ 4 |
Selected Segment Data (Tables)
Selected Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales Siding $ 312 $ 268 $ 889 $ 700 OSB 600 368 1,917 792 EWP 201 103 481 281 South America 76 45 203 119 Other 30 11 73 36 Intersegment sales (1) — (2) — Total sales $ 1,219 $ 795 $ 3,561 1,928 PROFIT BY SEGMENT Net income $ 365 $ 177 $ 1,182 $ 241 Add (deduct): Net loss attributed to noncontrolling interest — — 1 2 Income attributed to LP 365 177 1,183 243 Provision for income taxes 123 60 366 88 Depreciation and amortization 30 28 88 84 Stock-based compensation expense 5 5 10 8 Loss on impairment attributed to LP — 1 — 15 Other operating credits and charges, net (2) (2) (5) (4) Product-line discontinuance charges — (1) — 9 Loss on early debt extinguishment — — 11 — Interest expense 4 5 12 17 Investment income — — (1) (3) Other non-operating items (2) — 3 (4) Adjusted EBITDA $ 522 $ 273 $ 1,667 $ 453 Siding $ 73 $ 76 $ 240 $ 169 OSB 381 189 1,300 270 EWP 42 9 68 21 South America 37 11 91 29 Other (3) (5) (11) (13) Corporate (8) (7) (22) (23) Adjusted EBITDA $ 522 $ 273 $ 1,667 $ 453 |
Basis For Presentation (Details
Basis For Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Repayments of Long-term Debt | $ 0 | $ 0 | $ 359 | $ 350 | |
Borrowings under revolving credit facility | 0 | $ 0 | 350 | $ 350 | |
Line of Credit Facility, Maximum Borrowing Capacity | 550 | 550 | |||
Cash and cash equivalents | $ 607 | $ 607 | $ 535 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,219 | $ 795 | $ 3,561 | $ 1,928 |
Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 312 | 268 | 889 | 700 |
OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 600 | 368 | 1,917 | 792 |
EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 201 | 103 | 481 | 281 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 30 | 11 | 73 | 36 |
South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 76 | 45 | 203 | 119 |
Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (1) | 0 | (2) | 0 |
Value-add [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 871 | 552 | 2,402 | 1,378 |
Value-add [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 310 | 879 | ||
Value-add [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 307 | 162 | 912 | 360 |
Value-add [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 180 | 86 | 411 | 244 |
Value-add [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 75 | 44 | 200 | 116 |
Value-add [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (1) | 0 | (2) | 0 |
Value-add [Member] | SmartSide siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 319 | 264 | 908 | 670 |
Value-add [Member] | SmartSide siding [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 310 | 260 | 879 | 658 |
Value-add [Member] | SmartSide siding [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | SmartSide siding [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | SmartSide siding [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | SmartSide siding [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 4 | 29 | 12 |
Value-add [Member] | SmartSide siding [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | OSB -Structural Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 372 | 202 | 1,082 | 466 |
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 | 307 | 162 | 912 | 360 |
Value-add [Member] | OSB -Structural Solutions [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 2 |
Value-add [Member] | OSB -Structural Solutions [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | OSB -Structural Solutions [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 65 | 40 | 171 | 104 |
Value-add [Member] | OSB -Structural Solutions [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | I Joist [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 109 | 232 | ||
Value-add [Member] | I Joist [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 109 | 37 | 232 | 106 |
Value-add [Member] | LVL [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 51 | 35 | 140 | 101 |
Value-add [Member] | LVL [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LVL [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LVL [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 51 | 35 | 140 | 101 |
Value-add [Member] | LVL [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LVL [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LVL [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LSL [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 20 | 14 | 39 | 35 |
Value-add [Member] | LSL [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LSL [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LSL [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 20 | 14 | 39 | 35 |
Value-add [Member] | LSL [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LSL [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Value-add [Member] | LSL [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (1) | 0 | (2) | 0 |
Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 299 | 205 | 1,038 | 435 |
Commodity | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 290 | 198 | 997 | 419 |
Commodity | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 7 | 41 | 16 |
Commodity | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB - commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 290 | 198 | 997 | 419 |
Commodity | OSB - commodity [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB - commodity [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 290 | 198 | 997 | 419 |
Commodity | OSB - commodity [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB - commodity [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB - commodity [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | OSB - commodity [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | ||
Commodity | Plywood [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 7 | 41 | 16 |
Commodity | Plywood [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | Plywood [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | Plywood [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9 | 7 | 41 | 16 |
Commodity | Plywood [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | Plywood [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Commodity | Plywood [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other Product Types | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 49 | 38 | 123 | 115 |
Other Product Types | Other [Member] | Siding [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3 | 8 | 9 | 42 |
Other Product Types | Other [Member] | OSB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4 | 8 | 9 | 13 |
Other Product Types | Other [Member] | EWP [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11 | 10 | 29 | 21 |
Other Product Types | Other [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 30 | 11 | 73 | 36 |
Other Product Types | Other [Member] | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2 | $ 1 | 3 | $ 3 |
Other Product Types | Other [Member] | Intersegment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 0 | $ (2) |
Earnings per Share (Details)
Earnings per Share (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares outstanding - basic | 94,000,000 | 112,000,000 | 100,000,000 | 112,000,000 |
Dilutive effect of employee stock plans | 0 | 1,000,000 | 1,000,000 | |
Shares used for diluted earnings per share | 94,000,000 | 113,000,000 | 101,000,000 | 113,000,000 |
Net income per share - basic | $ 3.90 | $ 1.58 | $ 11.81 | $ 2.16 |
Net income per share - diluted | $ 3.87 | $ 1.57 | $ 11.73 | $ 2.15 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Trading Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 6 | $ 5 |
Senior unsecured notes, maturing 2029 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 354 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Trade receivables | $ 211 | $ 161 |
Income tax receivable | 11 | 2 |
Other receivables | 27 | 23 |
Allowance for doubtful accounts | (2) | (2) |
Total | $ 248 | $ 184 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Logs | $ 47 | $ 49 |
Other raw materials | 53 | 36 |
Semi-finished inventory | 42 | 28 |
Finished products | 178 | 146 |
Total | $ 320 | $ 259 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill and other intangible assets | $ 25 | $ 25 |
Productive Land [Member] | ||
Goodwill [Line Items] | ||
Timber and Timberlands | 32 | 34 |
Amortization of Intangible Assets | (2) | |
Developed Technology Rights [Member] | ||
Goodwill [Line Items] | ||
Amortization of Intangible Assets | (1) | |
Finite-Lived Intangible Assets, Net | 17 | 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 | 9 Months Ended | |
Sep. 30, 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Financing leases | $ 0 | $ 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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | $ 0 | $ 0 | $ 359 | $ 350 | |
Line of Credit Facility, Maximum Borrowing Capacity | 550 | 550 | |||
Gain (Loss) on Extinguishment of Debt | 0 | $ 0 | 11 | $ 0 | |
Redemption Premium | 9 | ||||
Write off of Deferred Debt Issuance Cost | $ 2 | ||||
Debt Instrument, Redemption Price, Percentage | 102.438% | ||||
Payments of Debt Issuance Costs | 4 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 0 | $ 0 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.425% | ||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalization Ratio, Maximum | 57.50% | 57.50% | |||
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 | 0.50% | ||||
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 | 1.50% | ||||
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 | 1.50% | ||||
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 | 2.50% | ||||
Senior Notes [Member] | Senior unsecured notes, maturing 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 0 | 350 | ||
Senior Notes [Member] | Senior unsecured notes, maturing 2029 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 350 | $ 350 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent | 25.00% | 25.00% | 24.00% | 27.00% |
Other Tax Expense (Benefit) | $ 7 | $ 3 | ||
Estimated annual tax rate | 24.00% | 26.00% |
Compensation Related Costs, S_2
Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Other Selling, General and Administrative Expense | $ 5 | $ 5 | $ 10 | $ 8 |
Unrecognized stock compensation | $ 34 | $ 34 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 149 | |||
Performance Shares | Minimum [Member] | ||||
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 | $ 56.35 | |||
Performance Shares | Maximum [Member] | ||||
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 | $ 64.12 |
Commiments and Contingencies _2
Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 | $ 1 | $ 0 | $ 16 |
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 | $ 9 | ||
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 | $ 1 |
Product Warranty (Details)
Product Warranty (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||
Beginning Balance | $ 8 | $ 8 | $ 8 | $ 8 |
Accrued to expense | 0 | 0 | 1 | 1 |
Payments made | 0 | 0 | (1) | (1) |
Total warranty reserves | 8 | 8 | 8 | 8 |
Current portion of warranty reserves | (2) | (2) | (2) | (2) |
Long-term portion of warranty reserves | $ 6 | $ 6 | $ 6 | $ 6 |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 1 | $ 1 |
Interest cost | 2 | 2 | 5 | 7 |
Expected return on plan assets | (3) | (4) | (10) | (11) |
Amortization of Prior Service Cost | 0 | 1 | 0 | 1 |
Amortization of net loss | 1 | 1 | 4 | 4 |
Net periodic pension cost | $ 1 | $ 0 | $ 2 | $ 2 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning Balance | $ (151) | |||
Ending Balance | $ (168) | $ (170) | (168) | $ (170) |
Foreign currency translation adjustments | ||||
Beginning Balance | (68) | (88) | (68) | (67) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (21) | 4 | (21) | (17) |
Ending Balance | (89) | (84) | (89) | (84) |
Amortization of pension and post-retirement prior service costs and net loss | ||||
Beginning Balance | (80) | (87) | (81) | (89) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | 1 | 3 | 3 |
Ending Balance | (78) | (86) | (78) | (86) |
Unrealized gain (loss) on investments | ||||
Beginning Balance | (2) | 0 | (2) | 3 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | (3) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | |
Ending Balance | (2) | 0 | (2) | 0 |
AOCI Attributable to Parent [Member] | ||||
Beginning Balance | (149) | (175) | (151) | (153) |
Ending Balance | $ (168) | $ (170) | $ (168) | $ (170) |
Other Operating and Non-Opera_2
Other Operating and Non-Operating Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Nonoperating Income (Expense) [Abstract] | ||||
Investment income, net of adjustments | $ 0 | $ 0 | ||
Amortization of debt charges | 0 | 0 | $ (1,000,000) | $ (1,000,000) |
Interest Expense | (4,000,000) | (5,000,000) | (12,000,000) | (17,000,000) |
Interest Income | 0 | 0 | 1,000,000 | 1,000,000 |
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | 0 | 3,000,000 |
SERP market adjustments | 0 | 0 | 0 | (1,000,000) |
Investment income | 0 | 0 | 1,000,000 | 3,000,000 |
Net periodic pension cost, excluding service cost | 0 | 0 | 0 | (1,000,000) |
Gain (Loss) on Extinguishment of Debt | 0 | 0 | (11,000,000) | 0 |
Foreign currency gain (loss) | 2,000,000 | 0 | (3,000,000) | 5,000,000 |
Other non-operating items | 2,000,000 | 0 | (14,000,000) | 4,000,000 |
Environmental Remediation Expense | 0 | (2,000,000) | 0 | (2,000,000) |
Proceeds from Insurance Settlement, Operating Activities | 1,000,000 | 0 | 3,000,000 | 0 |
Canadian wage subsidies | 0 | 5,000,000 | 0 | 9,000,000 |
Product line discontinuance charges | 0 | 1,000,000 | 0 | (9,000,000) |
Interest expense | (4,000,000) | (5,000,000) | (12,000,000) | (16,000,000) |
Other operating income, other | 1,000,000 | 3,000,000 | 2,000,000 | |
Other Operating Charges And Credits, Net | 2,000,000 | 3,000,000 | 5,000,000 | (5,000,000) |
Restructuring Charges | $ (1,000,000) | $ (1,000,000) | $ (1,000,000) | $ (5,000,000) |
Selected Segment Data (Details)
Selected Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||||||
Net sales | $ 1,219 | $ 795 | $ 3,561 | $ 1,928 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 365 | 177 | 1,182 | 241 | ||||
Net loss attributed to noncontrolling interest | 0 | 0 | 1 | 2 | ||||
Net Income (Loss) Attributable to Parent | 365 | $ 498 | $ 320 | 177 | $ 33 | $ 33 | 1,183 | 243 |
Provision for income taxes | 123 | 60 | 366 | 88 | ||||
Depreciation and amortization | 30 | 28 | 88 | 84 | ||||
Stock-based compensation expense | (5) | (5) | (10) | (8) | ||||
Asset impairment attributable to parent | 0 | 1 | 0 | 15 | ||||
Other operating income (expense) exclusive of product discontinuance charges | (2) | (2) | (5) | (4) | ||||
Product line discontinuance charges | 0 | (1) | 0 | 9 | ||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 11 | 0 | ||||
Interest Expense | 4 | 5 | 12 | 17 | ||||
Investment income, net of adjustments | 0 | 0 | ||||||
Other Nonoperating Income Expense, Net of Debt Extinguishment | 2 | 0 | (3) | 4 | ||||
Adjusted EBITDA | 522 | 273 | 1,667 | 453 | ||||
Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 871 | 552 | 2,402 | 1,378 | ||||
Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 20 | 14 | 39 | 35 | ||||
Siding [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 312 | 268 | 889 | 700 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,182 | 241 | ||||||
Adjusted EBITDA | 73 | 76 | 240 | 169 | ||||
Siding [Member] | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 310 | 879 | ||||||
Siding [Member] | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
OSB [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 600 | 368 | 1,917 | 792 | ||||
Adjusted EBITDA | 381 | 189 | 1,300 | 270 | ||||
OSB [Member] | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 307 | 162 | 912 | 360 | ||||
OSB [Member] | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
EWP [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 201 | 103 | 481 | 281 | ||||
Net loss attributed to noncontrolling interest | 1 | 2 | ||||||
Adjusted EBITDA | 42 | 9 | 68 | 21 | ||||
EWP [Member] | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 180 | 86 | 411 | 244 | ||||
EWP [Member] | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 20 | 14 | 39 | 35 | ||||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 30 | 11 | 73 | 36 | ||||
Net Income (Loss) Attributable to Parent | 365 | 177 | 1,183 | 243 | ||||
Adjusted EBITDA | (3) | (5) | (11) | (13) | ||||
Other [Member] | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
Other [Member] | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 0 | 0 | 0 | 0 | ||||
Corporate Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | (8) | (7) | (22) | (23) | ||||
Intersegment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | (1) | 0 | (2) | 0 | ||||
Intersegment | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | (1) | 0 | (2) | 0 | ||||
Intersegment | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | (1) | 0 | (2) | 0 | ||||
South America | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 76 | 45 | 203 | 119 | ||||
Adjusted EBITDA | 37 | 11 | 91 | 29 | ||||
South America | Value-add [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | 75 | 44 | 200 | 116 | ||||
South America | Value-add [Member] | LSL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 02, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Subsequent Event [Line Items] | |||||||
Payments for Repurchase of Common Stock | $ 399 | $ 465 | $ 122 | $ 29 | $ 987 | $ 29 | |
Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, Shares acquired | (7) | (7) | (2) | (1) | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments for Repurchase of Common Stock | $ 150 | ||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Purchase of stock | 2.3 |