Louisiana-Pacific (LPX) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
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	Jun. 30, 2024
Entity File Number	1-7107
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		70,275,943
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

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Legal and Environmental Matters [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES We maintain reserves for various contingent liabilities as follows (dollar amounts in millions): June 30, 2024 December 31, 2023 Environmental reserves $ 26 $ 26 Other reserves — — Total contingencies 26 26 Current portion (included in Accounts payable and accrued liabilities) (1) (1) Long-term portion $ 25 $ 25 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 based on 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 arising in our ordinary course of business. Based on the information currently available, management believes the resolution of such ongoing and future 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 814	$ 611	$ 1,539	$ 1,195
Cost of sales	(551)	(492)	(1,062)	(975)
Gross Profit	263	119	477	220
Selling, general, and administrative expenses	(71)	(66)	(140)	(133)
Loss on impairment	0	(24)	0	(24)
Other operating credits and charges, net	2	(21)	3	(26)
Income from operations	194	8	339	37
Non-operating income (expense):
Interest Expense	(4)	(3)	(8)	(6)
Investment income	6	2	11	7
Other non-operating items	5	(8)	6	(16)
Income (loss) before income taxes	201	(1)	349	22
Provision for income taxes	(53)	(21)	(94)	(22)
Equity in unconsolidated affiliate	12	1	12	1
Net income (loss)	160	(21)	267	1
Net loss attributed to non-controlling interest	0	1	0	0
Net income (loss) attributed to LP	$ 160	$ (20)	$ 267	$ 1
Net income (loss) attributed to LP per share of common stock:
Net income per share, basic (in dollars per share)	$ 2.23	$ (0.28)	$ 3.72	$ 0.02
Net income per share, diluted (in dollars per share)	$ 2.23	$ (0.28)	$ 3.71	$ 0.02
Average shares of common stock used to compute net income (loss) per share:
Basic (in shares)	72	72	72	72
Diluted (in shares)	72	72	72	72

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 160	$ (21)	$ 267	$ 1
Other comprehensive income (loss)
Foreign currency translation adjustments	(4)	1	(20)	16
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0	4
Other comprehensive income (loss), net of tax	(4)	1	(19)	21
Comprehensive income (loss)	156	(20)	248	22
Comprehensive loss associated with non-controlling interest	0	(1)	0	0
Comprehensive income (loss) attributed to LP	156	(19)	248	22
Translation Adjustments
Other comprehensive income (loss)
Foreign currency translation adjustments	$ (4)	$ 1	$ (20)	$ 16

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 317	$ 222
Receivables, net of allowance for doubtful accounts of $2 as of June 30, 2024 and December 31, 2023	161	155
Inventories	373	378
Prepaid expenses and other current assets	32	23
Total current assets	883	778
Timber and timberlands	30	32
Property, plant, and equipment, net	1,542	1,540
Operating lease assets	22	25
Goodwill and other intangible assets	26	27
Investments in and advances to affiliates	1	5
Other assets	20	20
Deferred Tax Assets, Deferred Income	5	11
Total assets	2,529	2,437
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	258	254
Accrued Income Taxes, Current	3	5
Total current liabilities	261	259
Long-term Debt and Lease Obligation	347	347
Deferred Income Tax Liabilities, Net	158	162
Operating Lease liability, noncurrent	23	25
Loss Contingency Accrual	25	25
Other long-term liabilities	57	61
Liabilities	871	880
Stockholders' equity:
Common stock, $1 par value, 200 shares authorized; 87 and 71 shares issued and outstanding, respectively, as of June 30, 2024; and 88 and 72 shares issued and outstanding, respectively, as of December 31, 2023	87	88
Additional paid-in capital	471	465
Retained earnings	1,595	1,479
Treasury stock, 16 shares at cost as of June 30, 2024 and December 31, 2023	(385)	(386)
Accumulated comprehensive loss	(109)	(89)
Total stockholders' equity	1,658	1,557
Total liabilities and stockholders' equity	$ 2,529	$ 2,437
Treasury Stock, Shares	16,000,000	16,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 267	$ 1
Adjustments to net income:
Depreciation and amortization	62	57
Impairment of goodwill and long-lived assets	0	24
Loss due to settlement	0	6
Deferred taxes	4	10
Foreign currency remeasurement and transaction (gain) loss	(5)	13
Other adjustments, net	(6)	29
Receivables	(33)	(22)
Inventories	1	(68)
Prepaid expenses and other current assets	(11)	(1)
Accounts payable and accrued liabilities	16	(45)
Income taxes payable, net of receivables	(21)	33
Net cash provided by (used in) operating activities	317	(30)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(77)	(188)
Acquisition of facility assets	0	(80)
Proceeds from sales of assets	0	1
Other investing activities	16	(4)
Net cash used in investing activities	(61)	(271)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing of long-term debt	0	70
Repayment of long-term debt, including call premium	0	(40)
Payment of cash dividend	(37)	(35)
Repurchase of common stock	(115)	0
Other financing activities	(5)	(9)
Net cash used in financing activities	(157)	(14)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(3)	3
Net increase (decrease) in cash, cash equivalents, and restricted cash	95	(313)
Cash, cash equivalents and restricted cash at beginning of period	222	383
Cash, cash equivalents and restricted cash at end of period	317	71
Cash paid for income taxes, net	69	45
Cash paid for interest, net	7	1
Unpaid capital expenditures	$ 10	$ 22

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (388)
Additional paid-in capital				$ 462
Retained earnings					$ 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, amount	$ 0		$ 10	10
Taxes paid related to net settlement of stock-based awards	(10,000,000)		(10,000,000)
Compensation expense associated with stock-based compensation	$ 4			4
Other comprehensive income	19					19
Common Stock, Value, Outstanding at Mar. 31, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2023		88,000,000
Net income	1
Repurchase of common stock	0
Common Stock, Value, Outstanding at Jun. 30, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023		88,000,000
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (388)
Additional paid-in capital				455
Retained earnings					1,375
Accumulated comprehensive loss	(80)					(80)
Total stockholders' equity	1,450
Net income	(20)				(20)
Dividends paid	(17)				(17)
Issuance of shares under stock plans, amount	$ 2		$ 2
Taxes paid related to net settlement of stock-based awards	(1,000,000)		(1,000,000)
Compensation expense associated with stock-based compensation	$ 3			3
Other comprehensive income	1					1
Common Stock, Value, Outstanding at Jun. 30, 2023		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2023		88,000,000
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (387)
Additional paid-in capital				458
Retained earnings					1,337
Accumulated comprehensive loss	(78)					(78)
Total stockholders' equity	$ 1,419
Common Stock, Shares, Outstanding	72,000,000	88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares	16,000,000		16,000,000
Treasury Stock, amount	$ 386		$ (386)
Additional paid-in capital	465			465
Retained earnings	1,479				1,479
Accumulated comprehensive loss	(89)					(89)
Total stockholders' equity	1,557
Net income	108				108
Dividends paid	(19)				(19)
Issuance of shares under stock plans, amount	$ 0		$ 6	6
Taxes paid related to net settlement of stock-based awards	(6,000,000)		(6,000,000)
Common stock, Value, Shares acquired	$ (13)				(13)
Compensation expense associated with stock-based compensation	6			6
Other comprehensive income	(15)					(15)
Common Stock, Value, Outstanding at Mar. 31, 2024		$ 88
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2024		88,000,000
Net income	267
Repurchase of common stock	$ (115)
Common Stock, Value, Outstanding at Jun. 30, 2024		$ 87
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2024	71,000,000	87,000,000
Common Stock, Shares, Outstanding		88,000,000
Common Stock, Amount, Outstanding		$ 88
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (386)
Additional paid-in capital				465
Retained earnings					1,555
Accumulated comprehensive loss	$ (104)					(104)
Total stockholders' equity	1,617
Net income	160				160
Dividends paid	(19)				(19)
Issuance of shares under stock plans, amount	$ 3		$ 1	(1)
Taxes paid related to net settlement of stock-based awards	0
Common stock, Value, Shares acquired	$ (103)	$ 1			(101)
Compensation expense associated with stock-based compensation	4			4
Other comprehensive income	$ (4)					(4)
Common stock, Shares acquired		(1,000,000)
Common Stock, Value, Outstanding at Jun. 30, 2024		$ 87
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2024	71,000,000	87,000,000
Common Stock, Shares, Outstanding	71,000,000	87,000,000
Common Stock, Amount, Outstanding		$ 87
Treasury Stock, Shares	16,000,000		16,000,000
Treasury Stock, amount	$ 385		$ (385)
Additional paid-in capital	471			$ 471
Retained earnings	1,595				$ 1,595
Accumulated comprehensive loss	(109)					$ (109)
Total stockholders' equity	$ 1,658

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.26	$ 0.26	$ 0.24	$ 0.24

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2	$ 2
Common stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	87,000,000	88,000,000
Common Stock, Shares, Outstanding	71,000,000	72,000,000
Treasury Stock, Shares	16,000,000	16,000,000

Nature of Operations and Basis

Nature of Operations and Basis for Presentation	6 Months Ended
	Jun. 30, 2024
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 home building and industrial businesses in North America and South America, and we make limited sales to customers in Asia, Australia, and Europe. The Company operates 22 plants across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries . References to "LP," the "Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. See "Note 15 - Selected Segment Data" below for further information regarding our products and segments. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (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, 2023, filed with the SEC on February 14, 2024 (2023 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

Revenue	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Revenue	REVENUE 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 15 - Selected Segment Data” below, our reportable segments are Siding, Oriented Strand Board (OSB), and LP South America (LPSA). The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions): Three Months Ended June 30, 2024 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 413 $ — $ 4 $ — $ 417 OSB - Structural Solutions — 197 41 — 238 413 197 45 — 655 Commodity OSB - commodity — 149 — — 149 Other Other products 2 4 1 2 10 $ 415 $ 351 $ 46 $ 2 $ 814 Three Months Ended June 30, 2023 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 318 $ — $ 6 $ — $ 324 OSB - Structural Solutions — 135 46 — 180 318 135 52 — 504 Commodity OSB - commodity — 92 — — 92 Other Other products 2 2 1 9 14 $ 320 $ 229 $ 53 $ 9 $ 611 Six Months Ended June 30, 2024 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 772 $ — $ 11 $ — $ 783 OSB - Structural Solutions — 371 79 — 451 772 371 90 — 1,234 Commodity OSB - commodity — 283 — — 283 Other Other products 4 9 3 5 22 $ 776 $ 664 $ 93 $ 5 $ 1,539 Six Months Ended June 30, 2023 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 647 $ — $ 14 $ — $ 661 OSB - Structural Solutions — 239 92 — 330 647 239 106 — 992 Commodity OSB - commodity — 175 — — 175 Other Other products 4 4 2 17 28 $ 651 $ 418 $ 108 $ 17 $ 1,195 Revenue is recognized when obligations under the terms of a contract (e.g. , 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 a reduction in net sales at the time the program is initiated and/or the revenue is recognized. The costs include, but are not limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs. These costs are recorded at the later of (i) the time of sale or (ii) 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 our estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, merchandising support, and customer training. 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	6 Months Ended
	Jun. 30, 2024
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, 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 (dollar and share amounts in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) attributed to LP $ 160 $ (20) $ 267 $ 1 Weighted average common shares outstanding - basic 72 72 72 72 Dilutive effect of employee stock plans — — — — Shares used for diluted earnings per share 72 72 72 72 Earnings per share: Basic $ 2.23 $ (0.28) $ 3.72 $ 0.02 Diluted $ 2.23 $ (0.28) $ 3.71 $ 0.02

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 net carrying value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) was $347 million as of June 30, 2024 and December 31, 2023. Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $319 million and $314 million as of June 30, 2024 and December 31, 2023, respectively. 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. All loans under the Credit Agreement become due on November 29, 2028. As of June 30, 2024, there were no outstanding borrowings under our Amended Credit Facility.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consisted of the following (dollar amounts in millions): June 30, 2024 December 31, 2023 Trade receivables $ 137 $ 104 Other receivables 24 26 Income tax receivable 2 27 Allowance for doubtful accounts (2) (2) Total Receivables $ 161 $ 155 Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of June 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Logs $ 70 $ 81 Other raw materials 46 53 Semi-finished inventories 32 27 Finished products 224 217 Total Inventories $ 373 $ 378

Business Exit Charges and Credi

Business Exit Charges and Credits	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Business Exit Charges and Credits	BUSINESS EXIT CHARGES AND CREDITS During the second quarter of 2023, we ceased the manufacturing operations of Entekra Holdings, LLC (Entekra), an off-site framing operation previously reported within our “Other” category, which comprises other products that are not individually significant. During the second quarter of 2024, the equity method investment held by Entekra sold substantially all of its net assets resulting in a $16 million distribution to LP and a gain of $11 million, which was recorded within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income. Business exit charges and credits consisted of the following (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Impairment of property, plant and equipment, operating lease assets, and other intangible assets 1 $ — $ (24) $ — $ (24) Gain on sale of assets from an equity method investment 2 11 — 11 — Restructuring and other related charges: Inventory write-down 3 — (6) — (6) Other expenses including personnel-related costs such as severance 4 3 (3) 3 (3) $ 14 $ (34) $ 15 $ (34) 1 Included within impairment of long-lived assets, net on the Condensed Consolidated Statements of Income. 2 Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income. 3 Included within cost of sales on the Condensed Consolidated Statements of Income. 4 Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Notes)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 are provided in the following table (dollar amounts in millions): Timber Licenses 1 Goodwill Developed Technology Beginning balance December 31, 2023 $ 25 $ 19 $ 7 Amortization (1) — — Ending balance June 30, 2024 $ 23 $ 19 $ 7 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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. T he provision for income taxes for the six months ended June 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25% and 34%, respectively, excluding discrete items discussed below. The total tax provision for the three and six months ended June 30, 2024 was $53 million and $94 million, respectively, compared to $21 million and $22 million for the comparable periods in 2023, respectively. The total effective tax rate for the six months ended June 30, 2024 was 26%, compared to 95% for the comparable period in 2023. The year-over-year decrease in the effective tax rate was primarily a result of a discrete tax expense of $22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings. We recognized net discrete tax expenses of $4 million and $15 million in the six months ended June 30, 2024 and 2023, respectively. The net discrete tax expense in the current year primarily relates to inflationary tax adjustments in certain South American entities while the net discrete tax expense in the prior year primarily relates to the change in management’s indefinite reinvestment assertion in the second quarter described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	6 Months Ended
	Jun. 30, 2024
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 such carrying values. 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 June 30, 2024, there were no indications of impairment.

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2024
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 and six months ended June 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 8 $ 8 $ 8 $ 8 Accrued to expense 1 1 1 1 Payments made — (1) (1) (1) Total warranty reserves 8 8 8 8 Current portion of warranty reserves (included in accounts payable and accrued liabilities) (2) (2) (2) (2) Long-term portion of warranty reserves (included in other long-term liabilities) $ 6 $ 7 $ 6 $ 7

Accumulated Comprehensive Loss

Accumulated Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and 2023 (dollar amounts in millions): Translation Adjustments Other Total Balance at March 31, 2024 $ (104) $ — $ (104) Translation adjustments (4) — (4) Balance at June 30, 2024 $ (108) $ — $ (109) Translation Adjustments Other Total Balance at March 31, 2023 $ (79) $ (1) $ (80) Translation adjustments 1 — 1 Balance at June 30, 2023 $ (78) $ (1) $ (78) Accumulated comprehensive loss is provided in the following table for the six months ended June 30, 2024 and 2023 (dollar amounts in millions): Translation Adjustments Other Total Balance at December 31, 2023 $ (89) $ (1) $ (89) Translation adjustments (20) — (20) Balance at June 30, 2024 $ (108) $ — $ (109) Translation Adjustments Other Total Balance at December 31, 2022 $ (94) $ (5) $ (99) Reclassified to income statement, net of taxes 1 — 4 4 Translation adjustments 16 — 16 Balance at June 30, 2023 $ (78) $ (1) $ (78) 1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost.

Other Operating and Non-Operati

Other Operating and Non-Operating Income (Notes)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reorganization charges $ (1) $ (1) $ (3) $ (4) Legal settlement — (16) 3 (16) Other 3 (3) 3 (6) Other operating credits and charges, net $ 2 $ (21) $ 3 $ (26) Other non-operating items Other non-operating items is comprised of the following components (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pension settlement charges $ — $ — $ — $ (6) Foreign currency gain (loss) 5 (8) 6 (11) Other — — — 1 Other non-operating items $ 5 $ (8) $ 6 $ (16)

Selected Segment Data

Selected Segment Data	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATA We operate in three segments: Siding, OSB, and LPSA. 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. • Our Siding segment serves diverse end markets with a broad product offering, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® Trim & Siding, LP BuilderSeries ® Lap Siding, and LP ® Outdoor Building Solutions ® (collectively referred to as Siding Solutions). Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia. • Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP NovaCore ® Thermal Insulated Sheathing, LP FlameBlock ® Fire-Rated Sheathing, and LP TopNotch ® 350 Durable Sub-Flooring). OSB products are manufactured using wood strands arranged in layers and bonded with resins. • Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets. This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction. The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru. 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, business exit charges and credits, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 NET SALES BY BUSINESS SEGMENT Siding $ 415 $ 320 $ 776 $ 651 OSB 351 229 664 418 LPSA 46 53 93 108 Other 2 9 5 17 Total sales $ 814 $ 611 $ 1,539 1,195 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Net income (loss) $ 160 $ (21) $ 267 $ 1 Add (deduct): Net loss attributed to non-controlling interest — 1 — — Income (loss) attributed to LP 160 (20) 267 1 Provision for income taxes 53 21 94 22 Depreciation and amortization 31 29 62 57 Stock-based compensation expense 4 3 11 7 Other operating credits and charges, net 1 17 1 22 Business exit charges and credits (14) 34 (15) 34 Interest expense 4 3 8 6 Investment income (6) (2) (11) (7) Pension settlement charges — — — 6 Other non-operating items (5) 8 (6) 11 Adjusted EBITDA $ 229 $ 93 $ 411 $ 159 SEGMENT ADJUSTED EBITDA Siding $ 105 $ 59 $ 195 $ 126 OSB 125 37 215 42 LPSA 10 13 20 24 Other (2) (6) (3) (14) Corporate (9) (9) (16) (19) Adjusted EBITDA $ 229 $ 93 $ 411 $ 159

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to June 30, 2024, through August 6, 2024, we used $64 million to repurchase 0.7 million shares of LP common stock under the Company's existing share repurchase program authorized in May 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributed to LP	$ 160	$ 108	$ (20)	$ 21	$ 267	$ 1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue	The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions): Three Months Ended June 30, 2024 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 413 $ — $ 4 $ — $ 417 OSB - Structural Solutions — 197 41 — 238 413 197 45 — 655 Commodity OSB - commodity — 149 — — 149 Other Other products 2 4 1 2 10 $ 415 $ 351 $ 46 $ 2 $ 814 Three Months Ended June 30, 2023 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 318 $ — $ 6 $ — $ 324 OSB - Structural Solutions — 135 46 — 180 318 135 52 — 504 Commodity OSB - commodity — 92 — — 92 Other Other products 2 2 1 9 14 $ 320 $ 229 $ 53 $ 9 $ 611 Six Months Ended June 30, 2024 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 772 $ — $ 11 $ — $ 783 OSB - Structural Solutions — 371 79 — 451 772 371 90 — 1,234 Commodity OSB - commodity — 283 — — 283 Other Other products 4 9 3 5 22 $ 776 $ 664 $ 93 $ 5 $ 1,539 Six Months Ended June 30, 2023 By product type and family: Siding OSB LPSA Other Total Value-add Siding Solutions $ 647 $ — $ 14 $ — $ 661 OSB - Structural Solutions — 239 92 — 330 647 239 106 — 992 Commodity OSB - commodity — 175 — — 175 Other Other products 4 4 2 17 28 $ 651 $ 418 $ 108 $ 17 $ 1,195

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) attributed to LP $ 160 $ (20) $ 267 $ 1 Weighted average common shares outstanding - basic 72 72 72 72 Dilutive effect of employee stock plans — — — — Shares used for diluted earnings per share 72 72 72 72 Earnings per share: Basic $ 2.23 $ (0.28) $ 3.72 $ 0.02 Diluted $ 2.23 $ (0.28) $ 3.71 $ 0.02

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following (dollar amounts in millions): June 30, 2024 December 31, 2023 Trade receivables $ 137 $ 104 Other receivables 24 26 Income tax receivable 2 27 Allowance for doubtful accounts (2) (2) Total Receivables $ 161 $ 155

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	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): June 30, 2024 December 31, 2023 Logs $ 70 $ 81 Other raw materials 46 53 Semi-finished inventories 32 27 Finished products 224 217 Total Inventories $ 373 $ 378

Business Exit Charges and Cre_2

Business Exit Charges and Credits (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Business Exit Charges	Business exit charges and credits consisted of the following (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Impairment of property, plant and equipment, operating lease assets, and other intangible assets 1 $ — $ (24) $ — $ (24) Gain on sale of assets from an equity method investment 2 11 — 11 — Restructuring and other related charges: Inventory write-down 3 — (6) — (6) Other expenses including personnel-related costs such as severance 4 3 (3) 3 (3) $ 14 $ (34) $ 15 $ (34) 1 Included within impairment of long-lived assets, net on the Condensed Consolidated Statements of Income. 2 Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income. 3 Included within cost of sales on the Condensed Consolidated Statements of Income. 4 Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Changes in goodwill and other intangible assets for the six months ended June 30, 2024 are provided in the following table (dollar amounts in millions): Timber Licenses 1 Goodwill Developed Technology Beginning balance December 31, 2023 $ 25 $ 19 $ 7 Amortization (1) — — Ending balance June 30, 2024 $ 23 $ 19 $ 7 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Legal and Environmental Matters [Abstract]
Schedule of Loss Contingencies by Contingency	We maintain reserves for various contingent liabilities as follows (dollar amounts in millions): June 30, 2024 December 31, 2023 Environmental reserves $ 26 $ 26 Other reserves — — Total contingencies 26 26 Current portion (included in Accounts payable and accrued liabilities) (1) (1) Long-term portion $ 25 $ 25

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The activity in warranty reserves for the three and six months ended June 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 8 $ 8 $ 8 $ 8 Accrued to expense 1 1 1 1 Payments made — (1) (1) (1) Total warranty reserves 8 8 8 8 Current portion of warranty reserves (included in accounts payable and accrued liabilities) (2) (2) (2) (2) Long-term portion of warranty reserves (included in other long-term liabilities) $ 6 $ 7 $ 6 $ 7

Accumulated Comprehensive Loss

Accumulated Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated comprehensive loss is provided in the following table for the three months ended June 30, 2024 and 2023 (dollar amounts in millions): Translation Adjustments Other Total Balance at March 31, 2024 $ (104) $ — $ (104) Translation adjustments (4) — (4) Balance at June 30, 2024 $ (108) $ — $ (109) Translation Adjustments Other Total Balance at March 31, 2023 $ (79) $ (1) $ (80) Translation adjustments 1 — 1 Balance at June 30, 2023 $ (78) $ (1) $ (78) Accumulated comprehensive loss is provided in the following table for the six months ended June 30, 2024 and 2023 (dollar amounts in millions): Translation Adjustments Other Total Balance at December 31, 2023 $ (89) $ (1) $ (89) Translation adjustments (20) — (20) Balance at June 30, 2024 $ (108) $ — $ (109) Translation Adjustments Other Total Balance at December 31, 2022 $ (94) $ (5) $ (99) Reclassified to income statement, net of taxes 1 — 4 4 Translation adjustments 16 — 16 Balance at June 30, 2023 $ (78) $ (1) $ (78) 1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost.

Other Operating and Non-Opera_2

Other Operating and Non-Operating Income (Tables)	6 Months Ended
	Jun. 30, 2024
Nonoperating Income (Expense) [Abstract]
Schedule of Other Operating Cost and Expense, by Component	Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reorganization charges $ (1) $ (1) $ (3) $ (4) Legal settlement — (16) 3 (16) Other 3 (3) 3 (6) Other operating credits and charges, net $ 2 $ (21) $ 3 $ (26)
Schedule of Other Nonoperating Income (Expense)	Other non-operating items is comprised of the following components (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pension settlement charges $ — $ — $ — $ (6) Foreign currency gain (loss) 5 (8) 6 (11) Other — — — 1 Other non-operating items $ 5 $ (8) $ 6 $ (16)

Selected Segment Data (Tables)

Selected Segment Data (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about our business segments is as follows (dollar amounts in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 NET SALES BY BUSINESS SEGMENT Siding $ 415 $ 320 $ 776 $ 651 OSB 351 229 664 418 LPSA 46 53 93 108 Other 2 9 5 17 Total sales $ 814 $ 611 $ 1,539 1,195 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Net income (loss) $ 160 $ (21) $ 267 $ 1 Add (deduct): Net loss attributed to non-controlling interest — 1 — — Income (loss) attributed to LP 160 (20) 267 1 Provision for income taxes 53 21 94 22 Depreciation and amortization 31 29 62 57 Stock-based compensation expense 4 3 11 7 Other operating credits and charges, net 1 17 1 22 Business exit charges and credits (14) 34 (15) 34 Interest expense 4 3 8 6 Investment income (6) (2) (11) (7) Pension settlement charges — — — 6 Other non-operating items (5) 8 (6) 11 Adjusted EBITDA $ 229 $ 93 $ 411 $ 159 SEGMENT ADJUSTED EBITDA Siding $ 105 $ 59 $ 195 $ 126 OSB 125 37 215 42 LPSA 10 13 20 24 Other (2) (6) (3) (14) Corporate (9) (9) (16) (19) Adjusted EBITDA $ 229 $ 93 $ 411 $ 159

Nature of Operations and Basi_2

Nature of Operations and Basis for Presentation (Details)	Jun. 30, 2024 operatingPlant
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Segments, Number Of Operating Plants	22

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 814	$ 611	$ 1,539	$ 1,195
Siding
Disaggregation of Revenue [Line Items]
Net sales	415	320	776	651
OSB
Disaggregation of Revenue [Line Items]
Net sales	351	229	664	418
LPSA
Disaggregation of Revenue [Line Items]
Net sales	46	53	93	108
Other
Disaggregation of Revenue [Line Items]
Net sales	2	9	5	17
Value-add
Disaggregation of Revenue [Line Items]
Net sales	655	504	1,234	992
Value-add | Siding
Disaggregation of Revenue [Line Items]
Net sales	413	318	772	647
Value-add | OSB
Disaggregation of Revenue [Line Items]
Net sales	197	135	371	239
Value-add | LPSA
Disaggregation of Revenue [Line Items]
Net sales	45	52	90	106
Value-add | Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add | Siding Solutions
Disaggregation of Revenue [Line Items]
Net sales	417	324	783	661
Value-add | Siding Solutions | Siding
Disaggregation of Revenue [Line Items]
Net sales	413	318	772	647
Value-add | Siding Solutions | OSB
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add | Siding Solutions | LPSA
Disaggregation of Revenue [Line Items]
Net sales	4	6	11	14
Value-add | Siding Solutions | Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add | OSB - Structural Solutions
Disaggregation of Revenue [Line Items]
Net sales	238	180	451	330
Value-add | OSB - Structural Solutions | Siding
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Value-add | OSB - Structural Solutions | OSB
Disaggregation of Revenue [Line Items]
Net sales	197	135	371	239
Value-add | OSB - Structural Solutions | LPSA
Disaggregation of Revenue [Line Items]
Net sales	41	46	79	92
Value-add | OSB - Structural Solutions | Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity | OSB - commodity
Disaggregation of Revenue [Line Items]
Net sales	149	92	283	175
Commodity | OSB - commodity | Siding
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity | OSB - commodity | OSB
Disaggregation of Revenue [Line Items]
Net sales	149	92	283	175
Commodity | OSB - commodity | LPSA
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity | OSB - commodity | Other
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other | Other products
Disaggregation of Revenue [Line Items]
Net sales	10	14	22	28
Other | Other products | Siding
Disaggregation of Revenue [Line Items]
Net sales	2	2	4	4
Other | Other products | OSB
Disaggregation of Revenue [Line Items]
Net sales	4	2	9	4
Other | Other products | LPSA
Disaggregation of Revenue [Line Items]
Net sales	1	1	3	2
Other | Other products | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 2	$ 9	$ 5	$ 17

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributed to LP	$ 160	$ 108	$ (20)	$ 21	$ 267	$ 1
Weighted average common shares outstanding - basic	72		72		72	72
Dilutive effect of employee stock plans (in shares)	0		0		0	0
Shares used for diluted earnings per share (in shares)	72		72		72	72
Net income per share, basic (in dollars per share)	$ 2.23		$ (0.28)		$ 3.72	$ 0.02
Net income per share, diluted (in dollars per share)	$ 2.23		$ (0.28)		$ 3.71	$ 0.02

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Nov. 30, 2022
Senior unsecured notes, maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.625%
Carrying value of long term debt	$ 347
Debt, fair value	319	$ 314
Line of Credit | Revolving Credit Facility [Member] | Amended Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum borrowing capacity			$ 550
Long-term debt, gross	$ 0
Letter of Credit Sub-limit | Revolving Credit Facility [Member] | Amended Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum borrowing capacity			$ 60

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade receivables	$ 137	$ 104
Other receivables	24	26
Income tax receivable	2	27
Allowance for doubtful accounts	(2)	(2)
Total	$ 161	$ 155

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Logs	$ 70	$ 81
Other raw materials	46	53
Semi-finished inventory	32	27
Finished products	224	217
Total	$ 373	$ 378

Business Exit Charges and Cre_3

Business Exit Charges and Credits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Proceeds from equity method investment distribution	$ 16
Gain on sale of assets from an equity method investment	$ 11	$ 0	$ 11	$ 0

Business Exit Charges and Cre_4

Business Exit Charges and Credits - Schedule of Business Exit Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Impairment of property, plant and equipment, operating lease assets, and other intangible assets	$ 0	$ (24)	$ 0	$ (24)
Gain on sale of assets from an equity method investment	11	0	11	0
Inventory write-down	0	(6)	0	(6)
Other expenses including personnel-related costs such as severance	3	(3)	3	(3)
Business exit charges and credits	$ 14	$ (34)	$ 15	$ (34)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill and other intangible assets	$ 19	$ 19
Timber Licenses
Goodwill [Line Items]
Timber and Timberlands	23	25
Amortization of Intangible Assets	(1)
Developed Technology
Goodwill [Line Items]
Amortization of Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 7	$ 7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Estimated annual tax rate			25%	34%
Effective Income Tax Rate Reconciliation, Percent	26%	95%
Other Tax Expense (Benefit)			$ 4	$ 15

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 25	$ 25
Accrual for Environmental Loss Contingencies, Gross	26	26
Current portion (included in Accounts payable and accrued liabilities)	(1)	(1)
Long-term portion	25	25
Environmental reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	26	26
Other reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 0	$ 0

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 8	$ 8	$ 8
Accrued to expense	1	1	1	1
Payments made	0	(1)	(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	$ 7	$ 6	$ 7

Accumulated Comprehensive Los_2

Accumulated Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Beginning Balance	$ (104)	$ (80)	$ (89)	$ (99)
Reclassified to income statement, net of taxes				4
Foreign currency translation adjustments	(4)	1	(20)	16
Ending Balance	(109)	(78)	(109)	(78)
Translation Adjustments
Beginning Balance	(104)	(79)	(89)	(94)
Reclassified to income statement, net of taxes				0
Foreign currency translation adjustments	(4)	1	(20)	16
Ending Balance	(108)	(78)	(108)	(78)
Other
Beginning Balance	0	(1)	(1)	(5)
Reclassified to income statement, net of taxes				4
Foreign currency translation adjustments	0	0	0	0
Ending Balance	$ 0	$ (1)	$ 0	$ (1)

Other Operating and Non-Opera_3

Other Operating and Non-Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Nonoperating Income (Expense) [Abstract]
Reorganization charges	$ (1)	$ (1)	$ (3)	$ (4)
Legal settlement	0	(16)	3	(16)
Other	3	(3)	3	(6)
Other operating credits and charges, net	2	(21)	3	(26)
Loss due to settlement	0	0	0	(6)
Foreign currency gain (loss)	5	(8)	6	(11)
Other	0	0	0	1
Other non-operating items	$ 5	$ (8)	$ 6	$ (16)

Selected Segment Data (Details)

Selected Segment Data (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) operatingSegment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | operatingSegment			3
Net sales	$ 814	$ 611	$ 1,539	$ 1,195
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	160	(21)	267	1
Net loss attributed to non-controlling interest	0	1	0	0
Income from continuing operations attributed to LP	160	(20)	267	1
Provision for income taxes	53	21	94	22
Depreciation and amortization	31	29	62	57
Stock-based compensation expense	(4)	(3)	(11)	(7)
Other operating income (expense) exclusive of product discontinuance charges	1	17	1	22
Business exit charges	(14)	34	(15)	34
Interest Expense	4	3	8	6
Investment income	(6)	(2)	(11)	(7)
Loss due to settlement	0	0	0	6
Other non-operating items	5	(8)	6	(11)
Adjusted EBITDA	229	93	411	159
Value-add
Segment Reporting Information [Line Items]
Net sales	655	504	1,234	992
Siding
Segment Reporting Information [Line Items]
Net sales	415	320	776	651
Adjusted EBITDA	105	59	195	126
Siding | Operating Segments
Segment Reporting Information [Line Items]
Net sales	415	320	776	651
Siding | Value-add
Segment Reporting Information [Line Items]
Net sales	413	318	772	647
OSB
Segment Reporting Information [Line Items]
Net sales	351	229	664	418
Adjusted EBITDA	125	37	215	42
OSB | Operating Segments
Segment Reporting Information [Line Items]
Net sales	351	229	664	418
OSB | Value-add
Segment Reporting Information [Line Items]
Net sales	197	135	371	239
LPSA
Segment Reporting Information [Line Items]
Net sales	46	53	93	108
Adjusted EBITDA	10	13	20	24
LPSA | Operating Segments
Segment Reporting Information [Line Items]
Net sales	46	53	93	108
LPSA | Value-add
Segment Reporting Information [Line Items]
Net sales	45	52	90	106
Other
Segment Reporting Information [Line Items]
Net sales	2	9	5	17
Adjusted EBITDA	(2)	(6)	(3)	(14)
Other | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2	9	5	17
Other | Value-add
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (9)	$ (9)	$ (16)	$ (19)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event shares in Millions, $ in Millions	1 Months Ended
	Aug. 06, 2024 USD ($) shares
Subsequent Event [Line Items]
Stock repurchased during period | $	$ 64
Stock repurchased during period (in shares) | shares	0.7