Louisiana-Pacific (LPX) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
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	1610 West End Avenue
Entity Address, Address Line Two	Suite 200
City Area Code	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	(615)
Local Phone Number	986 - 5600
Entity Central Index Key	0000060519
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Entity File Number	1-7107
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		72,043,353
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes

Commiments and Contingencies

Commiments and Contingencies	3 Months Ended
	Mar. 31, 2023
Legal and Environmental Matters [Abstract]
Commiments and Contingencies	COMMITMENTS AND CONTINGENCIES We maintain reserves for various contingent liabilities as follows (dollar amounts in millions): March 31, 2023 December 31, 2022 Environmental reserves $ 27 $ 27 Other reserves — — Total contingencies 27 27 Current portion (included in Accounts payable and accrued liabilities) (1) (1) Long-term portion $ 26 $ 26 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. 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 effect on our financial position, results of operations, cash flows, or liquidity.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 584	$ 1,167
Cost of sales	(483)	(547)
Gross Profit	101	620
Selling, general, and administrative expenses	(66)	(62)
Other Operating Charges And Credits, Net	(5)	(1)
Income from operations	30	556
Non-operating income (expense):
Interest Expense	(3)	(3)
Investment income	5	1
Other non-operating items	(8)	(10)
Income before income taxes	23	544
Provision for income taxes	(1)	(124)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	0	1
Income from continuing operations	22	421
Income from discontinued operations, net of income taxes	0	62
Net income	22	483
Net (income) loss attributed to noncontrolling interest	(1)	1
Net income attributed to LP	$ 21	$ 484
Net income attributed to LP per share of common stock:
Income per share continuing operations - basic (in dollars per share)	$ 0.29	$ 4.92
Income per share discontinued operations - basic (in dollars per share)	0	0.72
Net income per share - basic (in dollars per share)	0.29	5.64
Income per share continuing operations - diluted (in dollars per share)	0.29	4.89
Income per share discontinued operations - diluted (in dollars per share)	0	0.71
Net income per share - diluted (in dollars per share)	$ 0.29	$ 5.60
Average shares of common stock used to compute net income per share:
Basic (in shares)	72	86
Diluted (in shares)	72	86

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 22	$ 483
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	15	23
Other comprehensive income, net of tax	19	24
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	42	508
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	1	(1)
Comprehensive income (loss) attributed to LP	41	508
Translation Adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	15	23
Pension
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 4	$ 1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 126	$ 369
Receivables, net of allowance for doubtful accounts of $1 million as of March 31, 2023 and December 31, 2022	148	127
Inventories	415	337
Prepaid expenses and other current assets	23	20
Total current assets	713	854
Timber and timberlands	33	40
Property, plant, and equipment, net	1,397	1,326
Operating lease assets	42	44
Goodwill and other intangible assets	36	36
Investments in and advances to affiliates	5	6
Restricted Cash, Noncurrent	0	14
Other assets	24	24
Deferred Tax Assets, Deferred Income	10	7
Total assets	2,259	2,350
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	227	317
Accrued Income Taxes, Current	1	19
Total current liabilities	229	336
Long-term Debt and Lease Obligation	347	346
Deferred Income Tax Liabilities, Net	115	113
Operating Lease liability, noncurrent	35	41
Loss Contingency Accrual	26	26
Other long-term liabilities	56	53
Liabilities	808	916
Redeemable noncontrolling interest	1	0
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 87,986,865 and 72,031,465 shares issued and outstanding, respectively, as of March 31, 2023; and 87,986,865 and 71,748,200 shares issued and outstanding, respectively, as of December 31, 2022	88	88
Additional paid-in capital	455	462
Retained earnings	1,375	1,371
Treasury stock, 15,955,400 shares and 16,238,665 shares, at cost as of March 31, 2023, and December 31, 2022, respectively	(388)	(388)
Accumulated comprehensive loss	(80)	(99)
Total stockholders' equity	1,450	1,433
Total liabilities and stockholders' equity	$ 2,259	$ 2,350

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 22	$ 483
Adjustments to net income:
Depreciation and amortization	28	32
Equity Method Investment, Realized Gain (Loss) on Disposal	0	(39)
Deferred Income Tax Expense (Benefit)	(2)	11
Other adjustments, net	9	5
Receivables	(8)	(127)
Prepaid expenses and other current assets	(2)	3
Inventories	(76)	(55)
Accounts payable and accrued liabilities	(66)	(2)
Income taxes payable, net of receivables	30	(116)
Net cash (used) provided by operating activities	(119)	425
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(114)	(92)
Proceeds from Divestiture of Businesses	1	59
Other investing activities	0	1
Net cash used in investing activities	(113)	(33)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of cash dividend	(17)	(19)
Purchase of stock	0	(104)
Other financing activities	(10)	(15)
Net cash used in financing activities	(27)	(137)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3	11
Net (decrease) increase in cash, cash equivalents, and restricted cash	(257)	266
Cash, cash equivalents and restricted cash at beginning of period	383	371
Cash, cash equivalents and restricted cash at end of period	126	637
Income Taxes Paid, Net	33	12
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	7	4
Capital Expenditures Incurred but Not yet Paid	$ 28	$ 41

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - 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		102,000,000
Common Stock, Amount, Outstanding		$ 102
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (390)
Additional paid-in capital				$ 458
Retained earnings					$ 1,239
Accumulated comprehensive loss	$ (174)					$ (174)
Total stockholders' equity	1,235
Net income	484				484
Dividends paid	(19)				(19)
Issuance of shares under stock plans, amount	$ 0		$ 14	14
Taxes paid related to net settlement of stock-based awards	(15,000,000)		(15,000,000)
Purchase of stock	$ (104)
Common stock, Value, Shares acquired	(104)	$ (2)			(102)
Compensation expense associated with stock-based compensation	7			7
Other comprehensive income	24					24
Common stock, Shares acquired		(2,000,000)
Common Stock, Shares, Outstanding		101,000,000
Common Stock, Amount, Outstanding		$ 101
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (391)
Additional paid-in capital				451
Retained earnings					1,601
Accumulated comprehensive loss	(149)					(149)
Total stockholders' equity	$ 1,613
Common Stock, Shares, Outstanding	71,748,200	88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares	16,238,665		16,000,000
Treasury Stock, amount	$ 388		$ (388)
Additional paid-in capital	462			462
Retained earnings	1,371				1,371
Accumulated comprehensive loss	(99)					(99)
Total stockholders' equity	1,433
Net income	21				21
Dividends paid	(17)				(17)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0		$ 10	10
Taxes paid related to net settlement of stock-based awards	(10,000,000)		(10,000,000)
Purchase of stock	$ 0
Compensation expense associated with stock-based compensation	4			4
Other comprehensive income	$ 19					19
Common Stock, Shares, Outstanding	72,031,465	88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares	15,955,400		16,000,000
Treasury Stock, amount	$ 388		$ (388)
Additional paid-in capital	455			$ 455
Retained earnings	1,375				$ 1,375
Accumulated comprehensive loss	(80)					$ (80)
Total stockholders' equity	$ 1,450

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.24	$ 0.22

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	87,986,865	87,986,865
Common Stock, Shares, Outstanding	72,031,465	71,748,200
Treasury Stock, Shares	15,955,400	16,238,665

Nature of Operations and Basis

Nature of Operations and Basis for Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis for Presentation	NATURE OF OPERATIONS AND BASIS FOR PRESENTATION Nature of Operations Louisiana-Pacific Corporation and our subsidiaries are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. Serving the new home construction, repair and remodeling, and outdoor structures markets, we have leveraged our expertise to become an industry leader known for innovation, quality, reliability, and sustainability. The principal customers for our building solutions are retailers, wholesalers, and homebuilding and industrial businesses in North America and South America, with limited sales to Asia, Australia, and Europe. The Company operates 22 plants across the U.S., Canada, Chile, and Brazil through foreign subsidiaries, an d operates additional facilities through a joint venture. References to "LP," the "Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. During the year ended December 31, 2022, we sold our 50% equity interest in two joint ventures that produce I-joists to Resolute Forest Products Inc., and we sold the remaining assets related to the EWP segment to Pacific Woodtech Corporation, a Washington corporation, and Pacific Woodtech Canada Holdings Limited, a British Columbia limited company (collectively, the Purchaser). Accordingly, the results of our previously-owned EWP segment have been presented as discontinued operations in our Condensed Consolidated Statements of Income for all periods presented. See "Note 7 –Discontinued Operations" for additional information. 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 related Notes should be read in conjunction with our annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 21, 2023 (2022 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.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Revenue from Contract with Customer [Text Block]	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 depicts 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 16 below, our reportable segments are Siding, Oriented Strand Board (OSB), and South America (dollar amounts in millions). Three Months Ended March 31, 2023 By Product type and family: Siding OSB South America Other Inter-segment Total Value-add Siding Solutions $ 329 $ — $ 8 $ — $ — $ 337 OSB - Structural Solutions — 112 46 — — 158 329 112 54 — — 495 Commodity OSB - commodity — 75 — — — 75 Other Other products 2 2 1 8 — 14 $ 331 $ 189 $ 55 $ 8 $ — $ 584 Three Months Ended March 31, 2022 By Product type and family: Siding OSB South America Other Inter-segment Total Value-add Siding Solutions $ 330 $ — $ 6 $ — $ — $ 336 OSB - Structural Solutions — 406 58 — (1) 464 330 406 64 — (1) 799 Commodity OSB - commodity — 334 — — — 334 Other Other products 2 4 2 26 — 34 $ 332 $ 744 $ 67 $ 26 $ (1) $ 1,167 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, promote sales of products, and 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 estimation 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 centers.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, 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 from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Income from continuing operations $ 22 $ 421 Net (income) loss attributed to noncontrolling interest (1) 1 Income attributed to LP from continuing operations 21 422 Income for discontinued operations, net of income taxes — 62 Net income attributed to LP $ 21 $ 484 Weighted average common shares outstanding - basic 72 86 Dilutive effect of employee stock plans — 1 Shares used for diluted earnings per share 72 86 Net income attributed to LP per share - basic: Continuing operations $ 0.29 $ 4.92 Discontinued operations — 0.72 Net income attributed to LP per share - basic $ 0.29 $ 5.64 Net income attributed to LP per share – diluted: Continuing operations $ 0.29 $ 4.89 Discontinued operations — 0.71 Net income attributed to LP per share - diluted $ 0.29 $ 5.60

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	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. The fair value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) was estimated to be $302 million and $306 million as of March 31, 2023 and December 31, 2022, respectively, based on 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 is determined using published rates. In November 2022, LP entered into a Second Amended and Restated Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, and CoBank, ACB, as letter of credit issuer (the Credit Agreement), relating to its revolving credit facility (as amended, the Amended Credit Facility). The Credit Agreement provides for a revolving credit facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. The Credit Agreement, and all loans thereunder, become due on November 29, 2028.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consisted of the following (dollar amounts in millions): March 31, 2023 December 31, 2022 Trade receivables $ 112 $ 106 Other receivables 23 19 Income tax receivable 15 4 Allowance for doubtful accounts (1) (1) Total $ 148 $ 127 Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of March 31, 2023 and December 31, 2022, primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
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 (work in process is not material and is included in Semi-finished inventory) are as follows (dollar amounts in millions): March 31, 2023 December 31, 2022 Logs $ 102 $ 59 Other raw materials 75 72 Semi-finished inventories 34 25 Finished products 204 180 Total $ 415 $ 337

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS Engineered Wood Products (EWP) In March 2022, the Company sold its 50% equity interest in two joint ventures that produce I-joists to Resolute Forest Products Inc. for $59 million, resulting in a pre-tax gain associated with the sale of $39 million recorded in the year ended December 31, 2022 within Income from discontinued operations, net of income taxes in the Condensed Consolidated Statements of Income. On August 1, 2022, the Company completed the sale of the assets related to the EWP segment to the Purchaser. As a result of the sale, the Company received $217 million in gross cash proceeds after taking into account working capital adjustments. The Company paid $12 million in direct transaction costs, resulting in net proceeds of $205 million. During the year ended December 31, 2022, the Company recorded a pre-tax gain of approximately $118 million within Income from discontinued operations, net of income taxes in the Condensed Consolidated Statements of Income. Upon closing, the Company entered into the transition services agreement (TSA) with the Purchaser, pursuant to which the Company agreed to support the various activities of the EWP segment for a period not to exceed eight months, which concluded during the three months ended March 31, 2023. During the three months ended March 31, 2023, the Company collected $11 million on the Purchaser's behalf pursuant to the TSA. As of March 31, 2023, the Company had no amounts due to or due from the Purchaser. The Company has classified the results of its EWP segment as discontinued operations in its Condensed Consolidated Statements of Income for the prior period presented. The following table presents the financial results of the EWP segment for the three months ended March 31, 2022 (dollar amounts in millions): Three Months Ended March 31, 2022 Net sales $ 170 Cost of sales (129) Gross profit 41 Selling, general, and administrative expenses (3) Income from operations of discontinued operations 38 Other non-operating items — Gain on disposal before income taxes 39 Income from discontinued operations before income taxes 77 Provision for income taxes (15) Income from discontinued operations, net of income taxes $ 62 The following summarizes the total cash provided by operations and total cash provided by investing activities related to the EWP segment and included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 (dollar amounts in millions): Net cash provided by discontinued operating activities $ 13 Net cash provided by discontinued investing activities $ 59 Net cash provided by discontinued investing activities for the three months ended March 31, 2022, includes $59 million of proceeds from the sale of our 50% equity interest in two joint ventures that produce I-joists.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Notes)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	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 for the three months ended March 31, 2023, are provided in the following table (dollar amounts in millions): Timber Licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2022 $ 28 $ 19 $ 15 $ 2 Amortization (1) — — — Ending balance March 31, 2023 $ 27 $ 19 $ 15 $ 2 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 from continuing operations for the three months ended March 31, 2023 and 2022, reflected an estimated annual effective tax rate of 28% and 24%, respectively, excluding discrete items discussed below. The total effective tax rate for continuing operations for the three months ended March 31, 2023 was 5%, compared to 23% for the comparable period in 2022. We recognized net discrete tax benefits of $5 million and $9 million in the three months ended March 31, 2023 and 2022, respectively. The discrete benefits primarily relate to excess tax benefits from stock-based compensation and inflationary adjustments. On August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law. The IRA levies a 1% excise tax on net stock repurchases after December 31, 2022 and imposes a 15% corporate alternative minimum tax ("CAMT") for tax years beginning after December 31, 2022. The Company did not repurchase any shares during the three months ended March 31, 2023. CAMT is not expected to have a material impact on our results of operations or financial position.

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	3 Months Ended
	Mar. 31, 2023
Asset Impairment Charges [Abstract]
Impairments of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETSWe review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying values of our long-lived assets. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required. As of March 31, 2023, 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 Warranties

Product Warranties	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Product Warranties	PRODUCT WARRANTIES We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the three months ended March 31, 2023 and 2022, is summarized in the following table (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Beginning balance $ 8 $ 7 Accrued to expense 1 1 Payments made — — Total warranty reserves 8 8 Current portion of warranty reserves (included in Accounts payable and accrued liabilities) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 7 $ 6

Defined Benefit Pension Plans

Defined Benefit Pension Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	DEFINED BENEFIT PENSION PLANS The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three months ended March 31, 2023 and 2022 (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Service cost $ — $ 1 Other components of net periodic pension cost 1 : Interest cost — 2 Expected return on plan assets — (2) Amortization of prior service cost — — Amortization of net loss — 1 Net periodic pension costs before loss due to settlement — 2 Loss due to settlement 6 — Total net periodic pension cost $ 6 $ 2 1 Other components of net periodic pension cost are included in Other non-operating items on our Condensed Consolidated Statements of Income. In November 2021, the Company initiated the termination of our frozen U.S. and Canadian defined benefit pension plans (collectively, the Plan), which would result in the full settlement of the Company's Plan obligations. During the year ended December 31, 2022, the Company liquidated substantially all of the Plan assets to fund lump-sum distributions to participants and purchase non-participating group annuity contracts. As a result, a substantial portion of the Plan was settled during the year ended December 31, 2022. During the three months ended March 31, 2023, the Company completed the termination of the Plan resulting in recognition of non-cash, pre-tax charges of $6 million from Accumulated comprehensive loss to Other non-operating items in our Condensed Consolidated Statements of Income. Liquidation of remaining Plan assets in surplus of the defined benefit pension obligation will be made once the Plan satisfies all regulatory requirements, which is expected to be completed during 2023. The changes recognized in Other comprehensive loss were as follows (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax $ — $ — Amortization of actuarial loss, prior service cost and settlements, net of tax 4 1 Total amounts recognized in Other comprehensive income $ 4 $ 1

Accumulated Comprehensive Loss

Accumulated Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Comprehensive Loss	ACCUMULATED COMPREHENSIVE LOSS Accumulated comprehensive loss is provided in the following table for the three months ended March 31, 2023 and 2022 (dollar amounts in millions): Pension Translation Adjustments Other Total Balance at December 31, 2022 $ (5) $ (94) $ — $ (99) Reclassified to income statement, net of taxes 1 4 — — 4 Translation adjustments — 15 — 15 Balance at March 31, 2023 $ — $ (79) $ — $ (80) Pension Translation Adjustments Other Total Balance at December 31, 2021 $ (76) $ (96) $ (1) $ (174) Reclassified to income statement, net of taxes 1 1 — — 1 Translation adjustments — 23 — 23 Balance at March 31, 2022 $ (75) $ (73) $ (1) $ (149) 1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See Note 14 above for additional details.

Other Operating and Non-Operati

Other Operating and Non-Operating Income (Notes)	3 Months Ended
	Mar. 31, 2023
Nonoperating Income (Expense) [Abstract]
Other Operating and Non-Operating Income	OTHER OPERATING AND NON-OPERATING ITEMS Other operating credits and charges, net Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Insurance recoveries $ — $ — Reorganization charges (2) (1) Environmental costs — — Other (3) — Other operating credits and charges, net $ (5) $ (1) Other non-operating items Other non-operating items is comprised of the following components (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Net periodic pension cost, excluding service cost $ — $ (1) Pension settlement charges (6) — Foreign currency loss (3) (9) Other 1 — Other non-operating items $ (8) $ (10)

Selected Segment Data

Selected Segment Data	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATA We operate in three segments: Siding, OSB, and South America. Our business units have been aggregated into these three 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 segment Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on Net sales and segment Adjusted EBITDA for our business segments. Segment Adjusted EBITDA 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, pension settlement charges, and other non-operating items. Information about our business segments is as follows (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Net sales Siding $ 331 $ 332 OSB 189 744 South America 55 67 Other 8 26 Intersegment sales — (1) Total sales $ 584 $ 1,167 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Net income $ 22 $ 483 Add (deduct): Net loss (income) attributed to noncontrolling interest (1) 1 Income from discontinued operations, net of income taxes — (62) Income attributed to LP from continuing operations 21 422 Provision for income taxes 1 124 Depreciation and amortization 28 32 Stock-based compensation expense 4 6 Other operating credits and charges, net 5 1 Interest expense 3 3 Investment income (5) (1) Pension settlement charges 6 — Other non-operating items 3 10 Adjusted EBITDA $ 66 $ 598 SEGMENT ADJUSTED EBITDA Siding $ 67 $ 83 OSB 5 505 South America 12 25 Other (9) (6) Corporate (9) (9) Total Adjusted EBITDA $ 66 $ 598

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2023 By Product type and family: Siding OSB South America Other Inter-segment Total Value-add Siding Solutions $ 329 $ — $ 8 $ — $ — $ 337 OSB - Structural Solutions — 112 46 — — 158 329 112 54 — — 495 Commodity OSB - commodity — 75 — — — 75 Other Other products 2 2 1 8 — 14 $ 331 $ 189 $ 55 $ 8 $ — $ 584 Three Months Ended March 31, 2022 By Product type and family: Siding OSB South America Other Inter-segment Total Value-add Siding Solutions $ 330 $ — $ 6 $ — $ — $ 336 OSB - Structural Solutions — 406 58 — (1) 464 330 406 64 — (1) 799 Commodity OSB - commodity — 334 — — — 334 Other Other products 2 4 2 26 — 34 $ 332 $ 744 $ 67 $ 26 $ (1) $ 1,167

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Income from continuing operations $ 22 $ 421 Net (income) loss attributed to noncontrolling interest (1) 1 Income attributed to LP from continuing operations 21 422 Income for discontinued operations, net of income taxes — 62 Net income attributed to LP $ 21 $ 484 Weighted average common shares outstanding - basic 72 86 Dilutive effect of employee stock plans — 1 Shares used for diluted earnings per share 72 86 Net income attributed to LP per share - basic: Continuing operations $ 0.29 $ 4.92 Discontinued operations — 0.72 Net income attributed to LP per share - basic $ 0.29 $ 5.64 Net income attributed to LP per share – diluted: Continuing operations $ 0.29 $ 4.89 Discontinued operations — 0.71 Net income attributed to LP per share - diluted $ 0.29 $ 5.60

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (dollar amounts in millions): March 31, 2023 December 31, 2022 Trade receivables $ 112 $ 106 Other receivables 23 19 Income tax receivable 15 4 Allowance for doubtful accounts (1) (1) Total $ 148 $ 127

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The major types of inventories (work in process is not material and is included in Semi-finished inventory) are as follows (dollar amounts in millions): March 31, 2023 December 31, 2022 Logs $ 102 $ 59 Other raw materials 75 72 Semi-finished inventories 34 25 Finished products 204 180 Total $ 415 $ 337

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table presents the financial results of the EWP segment for the three months ended March 31, 2022 (dollar amounts in millions): Three Months Ended March 31, 2022 Net sales $ 170 Cost of sales (129) Gross profit 41 Selling, general, and administrative expenses (3) Income from operations of discontinued operations 38 Other non-operating items — Gain on disposal before income taxes 39 Income from discontinued operations before income taxes 77 Provision for income taxes (15) Income from discontinued operations, net of income taxes $ 62 The following summarizes the total cash provided by operations and total cash provided by investing activities related to the EWP segment and included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 (dollar amounts in millions): Net cash provided by discontinued operating activities $ 13 Net cash provided by discontinued investing activities $ 59

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill [Line Items]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Changes in goodwill and other intangible assets for the three months ended March 31, 2023, are provided in the following table (dollar amounts in millions): Timber Licenses 1 Goodwill Developed Technology Trademarks Beginning balance December 31, 2022 $ 28 $ 19 $ 15 $ 2 Amortization (1) — — — Ending balance March 31, 2023 $ 27 $ 19 $ 15 $ 2

Commiments and Contingencies Co

Commiments and Contingencies Commiments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Legal and Environmental Matters [Abstract]
Schedule of Loss Contingencies by Contingency [Table Text Block]	We maintain reserves for various contingent liabilities as follows (dollar amounts in millions): March 31, 2023 December 31, 2022 Environmental reserves $ 27 $ 27 Other reserves — — Total contingencies 27 27 Current portion (included in Accounts payable and accrued liabilities) (1) (1) Long-term portion $ 26 $ 26

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The activity in warranty reserves for the three months ended March 31, 2023 and 2022, is summarized in the following table (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Beginning balance $ 8 $ 7 Accrued to expense 1 1 Payments made — — Total warranty reserves 8 8 Current portion of warranty reserves (included in Accounts payable and accrued liabilities) (2) (2) Long-term portion of warranty reserves (included in Other long-term liabilities) $ 7 $ 6

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three months ended March 31, 2023 and 2022 (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Service cost $ — $ 1 Other components of net periodic pension cost 1 : Interest cost — 2 Expected return on plan assets — (2) Amortization of prior service cost — — Amortization of net loss — 1 Net periodic pension costs before loss due to settlement — 2 Loss due to settlement 6 — Total net periodic pension cost $ 6 $ 2 1
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)	The changes recognized in Other comprehensive loss were as follows (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax $ — $ — Amortization of actuarial loss, prior service cost and settlements, net of tax 4 1 Total amounts recognized in Other comprehensive income $ 4 $ 1

Accumulated Comprehensive Loss

Accumulated Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated comprehensive loss is provided in the following table for the three months ended March 31, 2023 and 2022 (dollar amounts in millions): Pension Translation Adjustments Other Total Balance at December 31, 2022 $ (5) $ (94) $ — $ (99) Reclassified to income statement, net of taxes 1 4 — — 4 Translation adjustments — 15 — 15 Balance at March 31, 2023 $ — $ (79) $ — $ (80) Pension Translation Adjustments Other Total Balance at December 31, 2021 $ (76) $ (96) $ (1) $ (174) Reclassified to income statement, net of taxes 1 1 — — 1 Translation adjustments — 23 — 23 Balance at March 31, 2022 $ (75) $ (73) $ (1) $ (149) 1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See Note 14 above for additional details.

Other Operating and Non-Opera_2

Other Operating and Non-Operating Income (Tables)	3 Months Ended
	Mar. 31, 2023
Nonoperating Income (Expense) [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Insurance recoveries $ — $ — Reorganization charges (2) (1) Environmental costs — — Other (3) — Other operating credits and charges, net $ (5) $ (1)
Schedule of Other Nonoperating Income (Expense)	Other non-operating items is comprised of the following components (dollar amounts in millions): Three Months Ended March 31, 2023 2022 Net periodic pension cost, excluding service cost $ — $ (1) Pension settlement charges (6) — Foreign currency loss (3) (9) Other 1 — Other non-operating items $ (8) $ (10)

Selected Segment Data (Tables)

Selected Segment Data (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2023 2022 Net sales Siding $ 331 $ 332 OSB 189 744 South America 55 67 Other 8 26 Intersegment sales — (1) Total sales $ 584 $ 1,167 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Net income $ 22 $ 483 Add (deduct): Net loss (income) attributed to noncontrolling interest (1) 1 Income from discontinued operations, net of income taxes — (62) Income attributed to LP from continuing operations 21 422 Provision for income taxes 1 124 Depreciation and amortization 28 32 Stock-based compensation expense 4 6 Other operating credits and charges, net 5 1 Interest expense 3 3 Investment income (5) (1) Pension settlement charges 6 — Other non-operating items 3 10 Adjusted EBITDA $ 66 $ 598 SEGMENT ADJUSTED EBITDA Siding $ 67 $ 83 OSB 5 505 South America 12 25 Other (9) (6) Corporate (9) (9) Total Adjusted EBITDA $ 66 $ 598

Nature of Operations and Basi_2

Nature of Operations and Basis for Presentation (Details)	Mar. 31, 2023 operatingPlant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating Segments, Number Of Operating Plants	22

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 584	$ 1,167
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	331	332
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	189	744
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	8	26
South America
Disaggregation of Revenue [Line Items]
Net sales	55	67
Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	(1)
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	495	799
Value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	329	330
Value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	112	406
Value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	54	64
Value-add [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	1
Value-add [Member] | SmartSide siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	337	336
Value-add [Member] | SmartSide siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	329	330
Value-add [Member] | SmartSide siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | SmartSide siding [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	8	6
Value-add [Member] | SmartSide siding [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | OSB -Structural Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	158	464
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	112	406
Value-add [Member] | OSB -Structural Solutions [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Value-add [Member] | OSB -Structural Solutions [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	46	58
Value-add [Member] | OSB -Structural Solutions [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	1
Commodity | OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	75	334
Commodity | OSB - commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	75	334
Commodity | OSB - commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	0	0
Commodity | OSB - commodity [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	0	0
Other Product Types | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	14	34
Other Product Types | Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	2	2
Other Product Types | Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	2	4
Other Product Types | Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	8	26
Other Product Types | Other [Member] | South America
Disaggregation of Revenue [Line Items]
Net sales	1	2
Other Product Types | Other [Member] | Intersegment
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 22	$ 421
Net (income) loss attributed to noncontrolling interest	(1)	1
Income from continuing operations attributed to LP	21	422
Income from discontinued operations, net of income taxes	0	62
Net Income (Loss) Attributable to Parent	$ 21	$ 484
Basic (in shares)	72	86
Dilutive effect of employee stock plans	0	1
Diluted (in shares)	72	86
Income per share continuing operations - basic (in dollars per share)	$ 0.29	$ 4.92
Income per share discontinued operations - basic (in dollars per share)	0	0.72
Net income per share - basic (in dollars per share)	0.29	5.64
Income per share continuing operations - diluted (in dollars per share)	0.29	4.89
Income per share discontinued operations - diluted (in dollars per share)	0	0.71
Net income per share - diluted (in dollars per share)	$ 0.29	$ 5.60

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Senior unsecured notes, maturing 2029 - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 302	$ 306
Debt Instrument, Interest Rate, Stated Percentage	3.625%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total	$ 415	$ 337

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Aug. 01, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses			$ 1	$ 59
Equity Method Investment, Realized Gain (Loss) on Disposal			$ 0	$ 39
Discontinued Operations, Disposed of by Sale | EWP Segment Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage		50%	50%	50%
Proceeds from Divestiture of Interest in Joint Venture			$ 59
EWP Segment Assets | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 217
Direct transaction costs			12
Gain on sale	$ 118
Amount collected on purchaser's behalf			$ 11
Resolute Forest Products Inc. | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses		$ 59
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 39

Discontinued Operations - Finan

Discontinued Operations - Financial Results of EWP Segment (Details) - Discontinued Operations, Held-for-sale - EWP Segment Assets $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 170
Cost of sales	(129)
Gross profit	41
Selling, general, and administrative expenses	(3)
Income from operations of discontinued operations	38
Other non-operating items	0
Gain on disposal before income taxes	39
Loss from discontinued operations before taxes	77
Provision for income taxes	(15)
Income from discontinued operations, net of income taxes	62
Net cash provided by discontinued operating activities	13
Net cash provided by discontinued investing activities	$ 59

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill and other intangible assets	$ 19	$ 19
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	27	28
Amortization of Intangible Assets	(1)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	15	15
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 2	$ 2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	5%	23%
Other Tax Expense (Benefit)	$ 5	$ 9
Estimated annual tax rate	28%	24%

Commiments and Contingencies _2

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Total contingencies	$ 26	$ 26
Accrual for Environmental Loss Contingencies, Gross	27	27
Current portion (included in Accounts payable and accrued liabilities)	(1)	(1)
Long-term portion	26	26
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	27	27
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0	$ 0

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 7
Accrued to expense	1	1
Payments made	0	0
Total warranty reserves	8	8
Current portion of warranty reserves	(2)	(2)
Long-term portion of warranty reserves	$ 7	$ 6

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 1
Interest cost	0	2
Expected return on plan assets	0	(2)
Amortization of Prior Service Cost	0	0
Amortization of net loss	0	1
Loss due to settlement	6	2
Net periodic pension cost	0	2
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement	$ (6)	$ 0

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax	$ 0	$ 0
Amortization of actuarial loss, prior service cost and settlements, net of tax	4	1
Total amounts recognized in Other comprehensive income	$ 4	$ 1

Accumulated Comprehensive Los_2

Accumulated Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning Balance	$ (99)	$ (174)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	4	1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	15	23
Ending Balance	(80)	(149)
Pension
Beginning Balance	(5)	(76)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	4	1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	4	1
Ending Balance	0	(75)
Translation Adjustments
Beginning Balance	(94)	(96)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	15	23
Ending Balance	(79)	(73)
Other
Beginning Balance	0	(1)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Ending Balance	0	(1)
AOCI Attributable to Parent [Member]
Beginning Balance	(99)	(174)
Ending Balance	$ (80)	$ (149)

Other Operating and Non-Opera_3

Other Operating and Non-Operating Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Nonoperating Income (Expense) [Abstract]
Insurance recoveries	$ 0	$ 0
Reorganization charges	(2)	(1)
Environmental costs	0	0
Other	(3)	0
Other operating credits and charges, net	(5)	(1)
Net periodic pension cost, excluding service cost	0	(1)
Pension settlement charges	(6)	(2)
Foreign currency loss	(3)	(9)
Other	1	0
Other non-operating items	(8)	(10)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement	$ (6)	$ 0

Selected Segment Data (Details)

Selected Segment Data (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) operatingSegment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 584	$ 1,167
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	22	483
Net (income) loss attributed to noncontrolling interest	(1)	1
Net Income (Loss) Attributable to Parent	21	484
Provision for income taxes	1	124
Depreciation and amortization	28	32
Stock-based compensation expense	(4)	(6)
Other operating income (expense) exclusive of product discontinuance charges	5	1
Interest Expense	3	3
Investment income, net of adjustments	5	1
Other Nonoperating Income Expense, Net of Debt Extinguishment	(3)	(10)
Adjusted EBITDA	66	598
Income from discontinued operations, net of income taxes	0	(62)
Income from continuing operations attributed to LP	$ 21	422
Number of Operating Segments | operatingSegment	3
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement	$ 6	0
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	0	(1)
Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	495	799
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	331	332
Adjusted EBITDA	67	83
Siding [Member] | Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	329	330
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	189	744
Adjusted EBITDA	5	505
OSB [Member] | Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	112	406
Other [Member]
Segment Reporting Information [Line Items]
Net sales	8	26
Adjusted EBITDA	(9)	(6)
Income from continuing operations attributed to LP	21	422
Other [Member] | Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(9)	(9)
Intersegment
Segment Reporting Information [Line Items]
Net sales	0	(1)
Intersegment | Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	0	1
South America
Segment Reporting Information [Line Items]
Net sales	55	67
Adjusted EBITDA	12	25
South America | Value-add [Member]
Segment Reporting Information [Line Items]
Net sales	$ 54	$ 64

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Payments for Repurchase of Common Stock		$ 0	$ 104
Maximum
Subsequent Event [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 30
Minimum
Subsequent Event [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 25
Common Stock [Member]
Subsequent Event [Line Items]
Common stock, Shares acquired			(2)
Subsequent Event
Subsequent Event [Line Items]
Subsequent Event, Description	80 million