Louisiana-Pacific (LPX) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $1 par value
Entity Tax Identification Number	93-0609074
Trading Symbol	LPX
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION
Entity Address, Address Line One	414 Union Street
Entity Address, Address Line Two	Suite 2000
City Area Code	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37219
City Area Code	(615)
Local Phone Number	986 - 5600
Entity Central Index Key	0000060519
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Entity File Number	1-7107
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		109,323,821
Security Exchange Name	NYSE

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 795	$ 603	$ 1,928	$ 1,773
Cost of sales	(503)	(529)	(1,411)	(1,540)
Gross Profit	292	75	517	233
Selling, general, and administrative expenses	(52)	(58)	(157)	(172)
Loss on impairment	(1)	(5)	(16)	(6)
Other Operating Charges And Credits, Net	3	(3)	(5)	(2)
Income from operations	242	8	339	53
Non-operating income (expense):
Interest Expense	(5)	(6)	(17)	(14)
Investment income	0	2	3	9
Other non-operating items	0	(1)	4	8
Income before income taxes	237	3	329	56
Provision for income taxes	(60)	(3)	(88)	(13)
Net income	177	1	241	42
Net loss attributed to noncontrolling interest	0	1	2	3
Net income attributed to LP	$ 177	$ 2	$ 243	$ 46
Basic net income per share of common stock:
Net income per share - basic	$ 1.58	$ 0.02	$ 2.16	$ 0.37
Diluted net income per share of common stock
Net income per share - diluted	$ 1.57	$ 0.02	$ 2.15	$ 0.36
Basic	112,000,000	121,000,000	112,000,000	125,000,000
Weighted average shares of stock outstanding - diluted	113,000,000	122,000,000	113,000,000	126,000,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 177	$ 1	$ 241	$ 42
Other comprehensive income (loss)
Other comprehensive income (loss), net of tax	5	(9)	(17)	(5)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	182	(9)	224	37
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	0	(1)	(2)	(3)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest		1
Comprehensive income (loss) attributed to LP	182	(7)	226	41
Foreign currency translation adjustments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	4	(10)	(17)	(7)
Unrealized gain (loss) on investments
Other comprehensive income (loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	(3)	(1)
Amortization of pension and post-retirement prior service costs and net loss
Other comprehensive income (loss)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 1	$ 1	$ 3	$ 3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 420	$ 181
Receivables, net of allowance for doubtful accounts of $2 million and $1 million at September 30, 2020, and December 31, 2019, respectively	228	164
Inventories	238	265
Prepaid expenses and other current assets	18	9
Total current assets	904	619
Timber and timberlands	48	63
Property, plant, and equipment, net	902	965
Operating lease assets	40	44
Goodwill and other intangible assets	47	53
Investments in and advances to affiliates	12	10
Restricted Cash, Noncurrent	0	14
Other assets	20	67
Total assets	1,973	1,835
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	242	242
Other Liabilities, Current	2	2
Total current liabilities	244	244
Long-term portion	348	348
Deferred Income Tax Liabilities, Net	72	73
Operating Lease liability, noncurrent	32	36
Other long-term liabilities	124	133
Liabilities	820	834
Redeemable noncontrolling interest	11	10
Stockholders' equity:
Common stock, $1 par value, 200,000,000 shares authorized; 128,740,037 and 111,401,497 shares issued and outstanding, respectively, as of September 30, 2020; and 129,665,899 and 111,945,021 shares issued and outstanding, respectively, as of December 31, 2019	129	130
Additional paid-in capital	450	454
Retained earnings	1,132	966
Treasury stock, 17,338,540 shares and 17,720,878 shares, at cost as of September 30, 2020, and December 31, 2019, respectively	(399)	(406)
Accumulated comprehensive loss	(170)	(153)
Total stockholders' equity	1,142	991
Total liabilities and stockholders' equity	$ 1,973	$ 1,835

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2	$ 1
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	129,665,899	129,665,899
Common Stock, Shares, Outstanding	112,170,565	111,945,021
Treasury Stock, Shares	17,495,334	17,720,878

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Repayments of Long-term Debt	$ 0	$ 0	$ (350)	$ 3
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	177	1	241	42
Adjustments to net income:
Depreciation and amortization	28	30	84	90
Impairment of Long-Lived Assets Held-for-use	1	5	16	6
Gain on acquisition	0	0	0	(14)
Deferred Income Tax Expense (Benefit)	0	5	1	18
Other adjustments, net	7	12	17	16
Receivables	(48)	(6)	(75)	(46)
Prepaid expenses and other current assets	(2)	(3)	(7)	(6)
Inventories	4	31	6	14
Accounts payable and accrued liabilities	35	(11)	13	(29)
Income taxes payable, net of receivables	(16)	4	(42)	33
Net cash provided by operating activities	218	59	338	58
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(14)	(37)	(53)	(118)
Cash acquired in acquisition	0	0	0	33
Other investing activities	0	(1)	3	(1)
Payments to Acquire Interest in Subsidiaries and Affiliates	0	(3)	0	(3)
Proceeds from Divestiture of Businesses	1	0	15	0
Proceeds from Life Insurance Policy	0	0	10	0
Net cash used in investing activities	(13)	(40)	(25)	(90)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Long-term Debt	0	0	350	0
Payment of cash dividend	(16)	(16)	(49)	(50)
Purchase of stock	(29)	(42)	(29)	(480)
Other financing activities	0	(2)	(6)	(8)
Net cash used in financing activities	(45)	(60)	(84)	(541)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1	(2)	(4)	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash	161	(44)	225	(574)
Cash, cash equivalents and restricted cash at beginning of period	259	362	195	892
Cash, cash equivalents and restricted cash at end of period	420	318	420	318
Cash paid for income taxes	45	0	48	29
Cash paid for interest, net of cash received	7	5	19	10
Unpaid capital expenditures	$ 4	$ 10	$ 4	$ 10

Statement of Shareholders Equit

Statement of Shareholders Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, Shares, Outstanding		153,000,000
Common Stock, Amount, Outstanding		$ 153
Treasury Stock, Shares			16,000,000
Treasury Stock, amount			$ (378)
Additional paid-in capital				$ 458
Retained earnings					$ 1,613
Accumulated comprehensive loss						$ (146)
Total stockholders' equity	$ 1,700
Net income	27				27
Dividends paid	(17)				(17)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0		$ 8	8
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(4,000,000)		(4,000,000)
Common stock, Shares acquired		(12,000,000)
Common stock, Value, Shares acquired	$ (438)	$ (12)	$ (38)	(80)	(308)
Treasury Stock, Shares, Acquired			2,000,000
Compensation expense associated with stock-based compensation	2			2
Other comprehensive income	2					2
Net income	46
Common Stock, Shares, Outstanding		141,000,000
Common Stock, Amount, Outstanding		$ 141
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (412)
Additional paid-in capital				373
Retained earnings					1,314
Accumulated comprehensive loss						(144)
Total stockholders' equity	1,273
Net income	17				17
Dividends paid	(17)				(17)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	1		$ 2	1
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			0
Compensation expense associated with stock-based compensation				2
Other comprehensive income	2					2
Common Stock, Shares, Outstanding		141,000,000
Common Stock, Amount, Outstanding		$ 141
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (410)
Additional paid-in capital				374
Retained earnings					1,315
Accumulated comprehensive loss						(143)
Total stockholders' equity	1,278
Net income	2				2
Dividends paid	(16)				(16)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	1		$ 2	3
Common stock, Shares acquired		(6,000,000)
Common stock, Value, Shares acquired		$ (6)			(116)
Treasury Stock, Shares, Acquired			0
Treasury Stock, Value, Acquired, Cost Method	42		$ 0
Compensation expense associated with stock-based compensation	2			2
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition				80
Other comprehensive income	(9)					(9)
Common Stock, Shares, Outstanding		135,000,000
Common Stock, Amount, Outstanding		$ 135
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (408)
Additional paid-in capital				453
Retained earnings					1,185
Accumulated comprehensive loss	(152)					(152)
Total stockholders' equity	$ 1,213
Common Stock, Shares, Outstanding	111,945,021	130,000,000
Common Stock, Amount, Outstanding		$ 130
Treasury Stock, Shares			18,000,000
Treasury Stock, amount	$ 406		$ (406)
Additional paid-in capital	454			454
Retained earnings	966				966
Accumulated comprehensive loss	(153)					(153)
Total stockholders' equity	991
Net income	33				33
Dividends paid	(16)				(16)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	$ 0		$ 8	8
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(4,000,000)		(4,000,000)
Compensation expense associated with stock-based compensation	$ 2			2
Other comprehensive income	(22)					(22)
Net income	243
Temporary Equity, Accretion to Redemption Value, Adjustment	(2)
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130
Treasury Stock, Shares			18,000,000
Treasury Stock, amount			$ (402)
Additional paid-in capital				448
Retained earnings					983
Accumulated comprehensive loss						(175)
Total stockholders' equity	984
Net income	33				33
Dividends paid	(17)				(17)
Issuance of shares under stock plans			(1,000,000)
Issuance of shares under stock plans, amount	1		$ 2	1
Compensation expense associated with stock-based compensation	1			1
Temporary Equity, Accretion to Redemption Value, Adjustment	(2)
Other comprehensive income	0					0
Common Stock, Shares, Outstanding		130,000,000
Common Stock, Amount, Outstanding		$ 130
Treasury Stock, Shares			17,000,000
Treasury Stock, amount			$ (400)
Additional paid-in capital				446
Retained earnings					999
Accumulated comprehensive loss						(175)
Total stockholders' equity	1,000
Net income	177				177
Dividends paid	(16)				(16)
Issuance of shares under stock plans			0
Issuance of shares under stock plans, amount	0		$ 1	1
Common stock, Shares acquired		(1,000,000)
Common stock, Value, Shares acquired		$ (1)			(28)
Treasury Stock, Value, Acquired, Cost Method	29
Compensation expense associated with stock-based compensation	$ 5			5
Other comprehensive income						5
Common Stock, Shares, Outstanding	112,170,565	129,000,000
Common Stock, Amount, Outstanding		$ 129
Treasury Stock, Shares			17,000,000
Treasury Stock, amount	$ 399		$ (399)
Additional paid-in capital	450			$ 450
Retained earnings	1,132				$ 1,132
Accumulated comprehensive loss	(170)					$ (170)
Total stockholders' equity	$ 1,142

Basis For Presentation

Basis For Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Presentation	Nature of Operations Louisiana-Pacific Corporation and our subsidiaries is a leading provider of high-performance building solutions serving the new home construction, repair and remodeling, and outdoor structures markets. In addition to our U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile, and Brazil through foreign subsidiaries and joint ventures. The principal customers for our building solutions are retailers, wholesalers, and homebuilding and industrial businesses in North America and South America, with limited sales to Asia, Australia, and Europe. References to "LP," "the Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole. Basis for Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. These Condensed Consolidated Financial Statements and Notes hereto should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 , filed with the SEC on February 13, 2020 (2019 Annual Report on Form 10-K). Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. All dollar amounts are shown in millions except per share. COVID-19 Impact In March 2020, the World Health Organization (WHO) characterized the outbreak of COVID-19 as a global pandemic. In response to this declaration and the rapid global spread of COVID-19, national, state, and local governments have taken extraordinary, wide-ranging actions to contain the outbreak and spread of COVID-19, including quarantines, "stay-at-home" orders, and similar mandates imposing varying degrees of restrictions on social and commercial activity to promote social distancing. We are continuing to follow national, state, and local guidelines, while also continuing to provide our products to support critical infrastructure needs. Activity in the markets in which we serve has continued to improve since the first quarter of 2020 and we expect that improvement trend to continue through the fourth quarter; however, as a result of increasing rates of COVID-19, the demand in most markets remains uncertain. The pandemic and the resulting containment did not materially impact our results for the three and nine months ended September 30, 2020 . However, the duration of the COVID-19 pandemic, the actions to contain the pandemic and mitigate its impacts, and the effects on our operations remain unpredictable and cannot be reasonably estimated. As of September 30, 2020, there were no outstanding amounts borrowed under our Amended Credit Facility and we had $420 million of cash and cash equivalents. In response to the current business environment as impacted by COVID-19, we took precautionary measures and adjusted our operational needs, including a significant reduction in capital spending, during the first and second quarters of 2020. We have continued to evaluate the effects of the COVID-19 pandemic and will make appropriate operating adjustments in the future, as necessary. As a result of the economic and business impact of COVID-19, we may be required to revise certain accounting estimates and judgments such as, but not limited to, those related to the valuation of goodwill, intangibles, long-lived assets, accounts receivable, and inventory, which could have a material adverse effect on our financial position and results of operations. Recently Adopted Accounting Policies In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326 ) . This ASU sets forth a "current expected credit loss" (CECL) model, which requires the measurement of all expected credit losses for financial instruments or other assets (e.g., trade receivables), held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. The Company adopted ASU 2016-13 on January 1, 2020. This adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350). The standard simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The Company adopted ASU 2017-14 on January 1, 2020. This adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The standard amends ASC 820 to add and remove disclosure requirements related to fair value measurement. The Company adopted ASU 2018-13 on January 1, 2020. This adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (Subtopic 350-40) . The standard provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The Company adopted ASU 2018-15 on January 1, 2020, using the prospective transition method. This adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year, and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The amended guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of this guidance will modify our disclosures but is not expected to have a material effect on our Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the tax basis of goodwill. The transition requirements are primarily prospective, and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our Condensed Consolidated Financial Statements.

Revenue (Notes)

Revenue (Notes)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customers [Abstract]
Revenue from Contract with Customer [Text Block]	NOTE 2. REVENUE The following table presents our reportable segment revenues, disaggregated by revenue source. We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. During the nine months ended September 30, 2020 , LP CanExel® prefinished siding was reclassified from Siding to Other, reflecting changes in organizational structure and, accordingly, the information that the chief operating decision maker uses to evaluate performance and allocate resources to our business segments. All prior periods presented have been adjusted for comparability. As noted in the segment reporting information in Note 18 below, our reportable segments are Siding, Oriented Strand Board (OSB), Engineered Wood Products (EWP), and South America. Three Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 260 $ — $ — $ 4 $ — $ — $ 264 Fiber siding 6 — — — — — 6 CanExel ® siding — — — — — — — OSB - Structural Solutions — 162 — 40 — — 202 LVL — — 35 — — — 35 LSL — — 14 — — — 14 I-Joist — — 37 — — — 37 266 162 86 44 — — 558 Commodity OSB - commodity — 198 — — — — 198 Plywood — — 7 — — — 7 — 198 7 — — — 205 Other Other products 2 8 10 1 11 — 32 $ 268 $ 368 $ 103 $ 45 $ 11 $ — $ 795 Nine Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 658 $ — $ — $ 12 $ — $ — $ 670 Fiber siding 36 — — — — — 36 CanExel ® siding — — — — 14 — 14 OSB - Structural Solutions — 360 2 104 — — 466 LVL — — 101 — — — 101 LSL — — 35 — — — 35 I-Joist — — 106 — — — 106 694 360 244 116 14 — 1,428 Commodity OSB - commodity — 419 — — — — 419 Plywood — — 16 — — — 16 — 419 16 — — — 435 Other Other products 6 13 21 3 22 — 65 $ 700 $ 792 $ 281 $ 119 $ 36 $ — $ 1,928 Three Months Ended September 30, 2019 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 213 $ — $ — $ 4 $ — $ — $ 217 Fiber siding 28 — — — — — 28 CanExel ® siding — — — — 15 — 15 OSB - Structural Solutions — 96 2 32 — — 130 LVL — — 37 — — — 37 LSL — — 12 — — — 12 I-Joist — — 39 — — — 39 241 96 91 36 15 — 478 Commodity OSB - commodity 1 100 — — — (1 ) 100 Plywood — — 7 — — — 7 1 100 7 — — (1 ) 107 Other Other products 2 2 8 1 6 — 19 $ 244 $ 197 $ 105 $ 36 $ 21 $ (1 ) $ 603 Nine Months Ended September 30, 2019 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 600 $ — $ — $ 14 $ — $ — $ 614 Fiber siding 79 — — — — — 79 CanExel ® siding — — — — 38 — 38 OSB - Structural Solutions — 295 7 105 — — 406 LVL — — 108 — — — 108 LSL — — 40 — — — 40 I-Joist — — 103 — — — 103 679 295 257 119 38 — 1,387 Commodity OSB - commodity 9 304 3 — — (4 ) 312 Plywood — — 19 — — — 19 9 304 22 — — (4 ) 331 Other Other products 7 6 23 2 16 — 55 $ 695 $ 605 $ 303 $ 121 $ 53 $ (4 ) $ 1,773 Revenue is recognized when obligations under the terms of a contract (purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. 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. We recognize revenue as of a point in time. Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is initiated. These reductions of revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations). We ship some of our products to customers' distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution centers.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributed to LP Weighted average common shares outstanding - basic 112 121 112 125 Dilutive effect of employee stock plans 1 1 1 1 Shares used for diluted earnings per share 113 122 113 126 Earnings per share: Basic earnings $ 1.58 $ 0.02 $ 2.16 $ 0.37 Diluted earnings $ 1.57 $ 0.02 $ 2.15 $ 0.36

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 4. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: (i) recurring—measured on a periodic basis and (ii) non-recurring—measured on an as-needed basis. During the nine months ended September 30, 2020 , we sold our auction rate securities (ARS) and recognized a $3 million gain on available for sale securities, which is included in investment income in the Condensed Consolidated Statements of Income. Available for sale securities were $ 5 million as of December 31, 2019. Trading securities consist of rabbi trust financial assets, which are recorded in other assets in our Condensed Consolidated Balance Sheets. The assets of the rabbi trust are invested in mutual funds and are reported at fair value based on active market quotations, which represent Level 1 inputs. The assets of the rabbi trust were $ 4 million at September 30, 2020 , and December 31, 2019. We estimated our 4.875% Senior Notes due in 2024 (2024 Senior Notes) to have a fair value of $360 million as of September 30, 2020 , based upon market quotations. Our 2024 Senior Notes and other long-term debt are categorized as Level 1 in the U.S. GAAP fair value hierarchy. Fair values are based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. There were no outstanding amounts borrowed under our Amended Credit Facility as of September 30, 2020 . Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term maturity of these items. During the three and nine months ended September 30, 2020 , and 2019 , no adjustments were recognized associated with the fair value of these assets.

Receivables

Receivables	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Receivables	RECEIVABLES Receivables consisted of the following: September 30, 2020 December 31, 2019 Trade receivables $ 183 $ 111 Income tax receivable 26 35 Other receivables 21 19 Allowance for doubtful accounts (2 ) (1 ) Total $ 228 $ 164 Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of September 30, 2020 , and December 31, 2019 , primarily consist of sales tax receivables, vendor rebates, a receivable associated with an affiliate, and other miscellaneous receivables.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The major types of inventories are as follows (work in process is not material and is included in Semi-finished inventory below): September 30, 2020 December 31, 2019 Logs $ 39 $ 47 Other raw materials 35 32 Semi-finished inventory 21 26 Finished products 143 160 Total $ 238 $ 265

Divestitures

Divestitures	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets Held For Sale	February 2020, the Company entered into a joint agreement with Maibec, Inc. (Maibec) to sell LP’s East River facility located in Nova Scotia, Canada (the East River facility), as well as the assets and brand rights for CanExel®, the fiber-based prefinished siding product manufactured at that facility. In June 2020, we completed the sale to Maibec for a total purchase price of $ 17 million , $ 15 million of which was paid in cash in connection with the closing and $ 2 million of which is payable under a promissory note due in three equal annual installments beginning in June 2021. The current portion is included in prepaid expenses and other current assets and the long-term portion is included in other assets within the Condensed Consolidated Balance Sheet. We recognized a gain on sale of $ 2 million for the nine month period ended September 30, 2020, within other operating credits and charges, net in the Condensed Consolidated Statements of Income. The total net carrying value of assets related to the East River facility and CanExel® at the date of sale was $ 14 million , consisting primarily of approximately $ 10 million and $ 5 million of inventories and property, plant, and equipment, net, respectively. The Condensed Consolidated Statements of Income for the nine months ended September 30, 2020, include net sales of $ 14 million , related to the divested East River facility and assets and brand rights for CanExel®. The Condensed Consolidated Statements of Income for the nine months ended September 30, 2019, include net sales of $ 38 million , related to the East River facility.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets (Notes)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 8. 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. During the second quarter of 2020, we performed an interim evaluation of impairment on the goodwill associated with our off-site construction operation Entekra Holdings, LLC (Entekra) due in part to the impacts of the COVID-19 pandemic on this reporting unit. As a result, we recognized a non-cash impairment charge of $5 million for the nine month period ended September 30, 2020, within loss on impairment in the Condensed Consolidated Statements of Income. We applied a discounted cash flow model in which cash flows are projected using internal forecasts over future periods, plus a terminal value, and were discounted to present value using a risk-adjusted rate of return. The cash flow forecasts included estimates of growth rates based on our current views of the long-term outlook of the reporting unit and may materially differ from actual results. The discount rate assumptions were based on an assessment of the risk inherent in the future cash flows of each reporting unit using industry, peer group, and company-specific information. Changes in goodwill and other intangible assets as of September 30, 2020 , are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademark Beginning balance December 31, 2019 $ 38 $ 30 $ 20 $ 3 Acquisition — — — — Impairment charge — (5 ) — — Amortization (3 ) — (1 ) — Ending balance September 30, 2020 $ 35 $ 25 $ 19 $ 3 1 Timber licenses are included in Timber and timberlands on the Condensed Consolidated Balance Sheets.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest (Notes)	9 Months Ended
	Sep. 30, 2020
Business Combination, Step Acquisition [Abstract]
Redeemable Noncontrolling Interest	NOTE 9. REDEEMABLE NONCONTROLLING INTEREST Redeemable noncontrolling interest is interest in subsidiaries that is redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value or carrying value at the end of each reporting period. Net loss attributed to noncontrolling interest is recorded in the Condensed Consolidated Statements of Income. Any adjustments to the redemption value of redeemable noncontrolling interest are recognized in either net income or through accumulated paid-in capital, depending on the nature of the underlying security (preferred or common units). The components of redeemable noncontrolling interest are as follows: Dollar amounts in millions Beginning balance December 31, 2019 $ 10 Purchase of redeemable common and preferred stock — Adjustment to redemption value (through accumulated paid in capital) 2 Net loss attributable to noncontrolling interest (1 ) Impairment charge attributed to noncontrolling interest (1 ) Ending balance September 30, 2020 $ 11

Long-Term Debt (Notes)

Long-Term Debt (Notes)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	LONG TERM DEBT The following table summarizes our outstanding debt: September 30, 2020 December 31, 2019 2024 Senior Notes $ 350 $ 350 Amended Credit Facility — — Financing leases 1 1 Unamortized debt costs (3 ) (3 ) Total 348 348 Less: current portion — — Long-term portion $ 348 $ 348 In March 2020, we borrowed $350 million under our revolving credit facility dated as of June 27, 2019 (the Credit Facility) with American AgCredit, PCA, as administrative agent and CoBank, ACB, as a letter of credit issuer, as a precautionary measure, to ensure funds were available to meet our obligations for a substantial period of time in response to the COVID-19 pandemic. On May 1, 2020, we entered into an amendment to our the Credit Facility to provide a total capacity of $ 550 million and on May 27, 2020, we entered into a second amendment to the Credit Facil ity (as amended, the Amended Credit Facility), which modified certain representations and warranties included in the Credit Facility related to the impacts of the ongoing COVID-19 pandemic on the Company’s business, operations or financial conditions as more particularly set forth in the second amendment. The Amended Credit Facility provides for revolving credit facilities in the aggregate principal amount of up to $550 million , with a $60 million sub-limit for letters of credit. The initial $ 350 million revolving facility provided pursuant to the Credit Facility (Revolving A Loan) terminates, and all loans made thereunder become due, on June 27, 2024. The incremental $ 200 million revolving facility provided pursuant to the Amended Credit Facility in May 2020 (Revolving B Loan) terminates, and all loans made thereunder become due, on May 1, 2023. Certain of LP’s existing and future wholly-owned domestic subsidiaries may guaranty our obligations under the Amended Credit Facility and, subject to certain limited exceptions, provide security through a lien on substantially all the personal property of these subsidiaries. We repaid the $ 350 million in June 2020 and there were no outstanding amounts borrowed under the Amended Credit Facility as of September 30, 2020 . Revolving borrowings under the Amended Credit Facility accrue interest, at our option, at either a “base rate” plus a margin of 0.875% to 2.000% for Revolving A Loans and 1.125% to 2.250% for Revolving B Loans or LIBOR plus a margin of 1.875% to 3.000% for Revolving A Loans and 2.125% to 3.250% for Revolving B Loans. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.3% to 0.6% for both Revolving A Loans and Revolving B Loans. The applicable margins and fees within these ranges are based on our ratio of consolidated EBITDA to cash interest charges. The “base rate” is the highest of (i) the Federal funds rate plus 0.5%, (ii) the U.S. prime rate, and (iii) one-month LIBOR plus 1.0%. The Amended Credit Facility contains various restrictive covenants and customary events of default, the occurrence of which could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Amended Credit Facility also contains financial covenants that require us and our consolidated subsidiaries to have, as of the end of each quarter, (i) a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5% and (ii) a minimum consolidated net worth of at least $ 475 million plus 70% of consolidated net income after December 31, 2019, without a deduction for net losses. In September 2016, we issued $ 350 million aggregate principal amount of the 2024 Senior Notes, which mature on September 15, 2024. We may, at our option on one or more occasions, redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2024 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2024 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions and merge or consolidate or sell all or substantially all our assets. If we are subject to a "change of control," as defined in the indenture, we are required to offer to repurchase the 2024 Senior Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon to, but not including, the date of purchase. The indenture governing the 2024 Senior Notes contains customary events of default, including failure to make required payments on the 2024 Senior Notes, failure to comply with certain agreements or covenants contained in the indenture, failure to pay or acceleration of certain other indebtedness and certain events of bankruptcy and insolvency. An event of default in the indenture allows either the indenture trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2024 Senior Notes to accelerate, or in certain cases, automatically causes the acceleration of, the amounts due under the 2024 Senior Notes. In March 2020, LP entered into a letter of credit facility agreement (Letter of Credit Facility) with Bank of America, N.A., which provides for the funding of letters of credit up to an aggregate outstanding amount of $20 million, which may be secured by certain cash collateral of LP. The Letter of Credit Facility includes an unused commitment fee, due quarterly, ranging from 0.50% to 1.875% of the daily available amount to be drawn on each letter of credit issued under the Letter of Credit Facility. The Letter of Credit Facility is subject to similar affirmative, negative, and financial covenants as those set forth in the Amended Credit Facility, including capitalization ratio and minimum net worth covenants. As of September 30, 2020 , we were in compliance with all financial covenants under the Amended Credit Facility.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For interim periods, we recognize income tax expense by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate, and the difference from the previously accrued year-to-date balance is adjusted to the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. The tax provision for income taxes for the nine months ended September 30, 2020 , reflected an estimated annual tax rate of 26% , compared with 30% for the nine months ended September 30, 2019 . The effective tax rate, including discrete items, for the three months ended September 30, 2020 , was 25% compared to 85% for the comparable period in 2019. The effective tax rate, including discrete items, for the nine months ended September 30, 2020 , was 27% compared to 23% for the comparable period in 2019. The increase in the year to date effective tax rate was primarily due to the effect of discrete items discussed below. We recognized a net discrete tax expense of $3 million during the nine months ended September 30, 2020 , primarily related to the surrender of a corporate-owned life insurance contract and a sale of ARS, partially offset by excess tax benefits from stock-based compensation. During the nine months ended September 30, 2019 , we recognized a net discrete tax benefit of $ 4 million

Commiments and Contingencies

Commiments and Contingencies	9 Months Ended
	Sep. 30, 2020
Legal and Environmental Matters [Abstract]
Commiments and Contingencies	We maintain reserves for various contingent liabilities as follows: September 30, 2020 December 31, 2019 Environmental reserves $ 11 $ 10 Other reserves — — Total contingencies 11 10 Current portion (included in other current liabilities) (2 ) (2 ) Long-term portion (included in other long-term liabilities) $ 9 $ 8 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. During the three and nine months ended September 30, 2020 , we recognized a charge of $2 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. Other Proceedings We and our subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes the resolution of such proceedings will not have a material adverse effect on our financial position, results of operations, cash flows, or liquidity.

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	9 Months Ended
	Sep. 30, 2020
Asset Impairment Charges [Abstract]
Impairments of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying value of our long-lived assets. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, or should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required. As of September 30, 2020 , we believe the current impacts of the COVID-19 pandemic did not warrant an impairment of our long-lived assets. However, future changes in the long-term effects of the COVID-19 pandemic on the demand and pricing of our products may result in future impairment charges, including curtailed facilities. 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. During the three and nine months ended September 30, 2020 , we recorded $1 million and $ 9 million

Product Warranty

Product Warranty	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Indemnifications	PRODUCT WARRANTIES We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves for the three and nine months ended September 30, 2020 , and 2019 , is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 8 $ 9 $ 8 $ 14 Accrued to expense — — 1 1 Reduced to other operating credits and charges — — — (4 ) Payments made — (1 ) (1 ) (2 ) Total warranty reserves 8 9 8 9 Current portion of warranty reserves (included in other current liabilities) (2 ) (2 ) (2 ) (2 ) Long-term portion of warranty reserves (included in other long-term liabilities) $ 6 $ 7 $ 6 $ 7 We continue to monitor warranty and other claims associated with these products and believe as of September 30, 2020

Defined Benefit Pension Plans

Defined Benefit Pension Plans	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	DEFINED BENEFIT PENSION PLANS The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and nine months ended September 30, 2020 , and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Service cost $ — $ 1 $ 1 $ 3 Other components of net periodic pension cost 1 : Interest cost 2 3 7 9 Expected return on plan assets (4 ) (4 ) (11 ) (11 ) Amortization of prior service cost 1 — 1 — Amortization of net loss 1 1 4 4 Net periodic pension cost $ — $ 2 $ 2 $ 5 1

Other Comprehensive Income Othe

Other Comprehensive Income Other Comprehensive Income	9 Months Ended
	Sep. 30, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	ACCUMULATED COMPREHENSIVE INCOME (LOSS) Other comprehensive income activity, net of tax, is provided in the following table for the three and nine months ended September 30, 2020 , and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension 1 Balance at beginning of period $ (87 ) $ (91 ) $ (89 ) $ (93 ) Amounts reclassified from accumulated other comprehensive loss to income 2 1 1 3 3 Total other comprehensive income 1 1 3 3 Balance at end of period (86 ) (90 ) (86 ) (90 ) Translation Adjustments Balance at beginning of period (88 ) (54 ) (67 ) (57 ) Translation adjustments 4 (10 ) (17 ) (7 ) Balance at end of period (84 ) (64 ) (84 ) (64 ) Other Balance at beginning of period — 3 3 3 Unrealized gains on securities, net of reversals — — (3 ) (1 ) Balance at end of period — 3 — 3 Accumulated other comprehensive loss, end of period $ (170 ) $ (152 ) $ (170 ) $ (152 ) 1 Amounts are presented net of tax. 2

Other Operating and Non-Operati

Other Operating and Non-Operating Income (Notes)	9 Months Ended
	Sep. 30, 2020
Nonoperating Income (Expense) [Abstract]
Other Operating and Non-Operating Income	OTHER OPERATING AND NON-OPERATING INCOME Other operating credits and charges, net Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Reorganization charges $ (1 ) $ (2 ) $ (5 ) $ (5 ) Canadian wage subsidies 5 — 9 — Product-line discontinuance charges 1 — (9 ) — Environmental costs (2 ) — (2 ) — Severance and other charges associated with curtailment — (2 ) — (3 ) Adjustment to product-related warranty reserves — — — 4 Other — — 2 1 $ 3 $ (3 ) $ (5 ) $ (2 ) During the three and nine months ended September 30, 2020 , we recognized a charge of $2 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. We incurred severance and other charges of $1 million and $5 million for the three and nine months ended September 30, 2020 , respectively, related to certain reorganizations and product-line discontinuance. We received $5 million and $ 9 million of Canadian wage subsidies during the three and nine months ended September 30, 2020 , respectively. Additionally, we recorded a recovery of $1 million and charges of $9 million for the three and nine months ended September 30, 2020 , respectively, related to the discontinuance of our fiber product (primarily related to fiber inventory adjustments to net realizable values). During the nine months ended September 30, 2019 , we reduced our product-related warranty reserves by $ 4 million . Additionally, we recorded a charge of $3 million and $8 million for the three and nine months ended September 30, 2019 , respectively, related to severance associated with certain reorganizations within the corporate office and severance and other charges associated with planned curtailments. Non-operating income Non-operating income is comprised of the following components: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest expense $ (5 ) $ (5 ) $ (16 ) $ (14 ) Amortization of debt charges — — (1 ) (1 ) Capitalized interest, net of reversals — (1 ) — 1 Interest expense (5 ) (6 ) (17 ) (14 ) Interest income — 2 1 8 Gain on sale of auction rate securities — — 3 — SERP market adjustments — — (1 ) 1 Investment income — 2 3 9 Net periodic pension cost, excluding service cost — (1 ) (1 ) (2 ) Gain on acquisition of controlling interest — — — 14 Foreign currency gain (loss) — — 5 (4 ) Other non-operating items $ — $ (1 ) $ 4 $ 8

Selected Segment Data

Selected Segment Data	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Selected Segment Data	SELECTED SEGMENT DATA We operate in four segments: Siding, OSB, EWP, and South America. Our business units have been aggregated into these four segments based upon the similarity of economic characteristics, customers, and distribution methods. Our results of operations are summarized below for each of these segments separately as well as for the “Other” category, which comprises other products that are not individually significant. Our LP CanExel® prefinished siding was reclassified from Siding to Other during the nine months ended September 30, 2020 , reflecting changes in organizational structure and, accordingly, the information that the chief operating decision maker uses to evaluate performances and allocate resources to the segments. All prior periods presented have been adjusted for comparability. We evaluate the performance of our business segments based on net sales and Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and Adjusted EBITDA for our business segments. Adjusted EBITDA is a non-GAAP financial measure and is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items. Information about our product segments is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales Siding $ 268 $ 244 $ 700 $ 695 OSB 368 197 792 605 EWP 103 105 281 303 South America 45 36 119 121 Other 11 21 36 53 Intersegment sales — (1 ) — (4 ) Total sales $ 795 $ 603 $ 1,928 $ 1,773 PROFIT BY SEGMENT Net income $ 177 $ 1 $ 241 $ 42 Add (deduct): Net loss attributed to noncontrolling interest — 1 2 3 Income attributed to LP 177 2 243 46 Provision for income taxes 60 3 88 13 Depreciation and amortization 28 29 84 89 Stock-based compensation expense 5 2 8 6 Loss on impairment attributed to LP 1 5 15 6 Other operating credits and charges, net (2 ) 3 (4 ) 2 Product-line discontinuance charges (1 ) — 9 — Interest expense 5 6 17 14 Investment income — (2 ) (3 ) (9 ) Other non-operating items — 1 (4 ) (8 ) Adjusted EBITDA $ 273 $ 49 $ 453 $ 160 Siding $ 76 $ 44 $ 169 $ 128 OSB 189 (1 ) 270 4 EWP 9 6 21 22 South America 11 7 29 27 Other (5 ) (1 ) (13 ) (1 ) Corporate (7 ) (6 ) (23 ) (20 ) Adjusted EBITDA $ 273 $ 49 $ 453 $ 160

Subsequent Events (Notes)

Subsequent Events (Notes)	9 Months Ended
	Sep. 30, 2020
Subsequent Event [Line Items]
Subsequent Events [Text Block]	NOTE 19. SUBSEQUENT EVENTS In the first quarter of 2020, the Board of Directors authorized the repurchase of $ 200 million of LP’s common stock, and during the nine months ended September 30, 2020, LP paid $ 29 million for 0.9 million shares of its common stock under this authorization. From September 30, 2020 , to November 4, 2020, LP has paid $ 71 million for 2.3 million shares of its common stock.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 260 $ — $ — $ 4 $ — $ — $ 264 Fiber siding 6 — — — — — 6 CanExel ® siding — — — — — — — OSB - Structural Solutions — 162 — 40 — — 202 LVL — — 35 — — — 35 LSL — — 14 — — — 14 I-Joist — — 37 — — — 37 266 162 86 44 — — 558 Commodity OSB - commodity — 198 — — — — 198 Plywood — — 7 — — — 7 — 198 7 — — — 205 Other Other products 2 8 10 1 11 — 32 $ 268 $ 368 $ 103 $ 45 $ 11 $ — $ 795 Nine Months Ended September 30, 2020 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 658 $ — $ — $ 12 $ — $ — $ 670 Fiber siding 36 — — — — — 36 CanExel ® siding — — — — 14 — 14 OSB - Structural Solutions — 360 2 104 — — 466 LVL — — 101 — — — 101 LSL — — 35 — — — 35 I-Joist — — 106 — — — 106 694 360 244 116 14 — 1,428 Commodity OSB - commodity — 419 — — — — 419 Plywood — — 16 — — — 16 — 419 16 — — — 435 Other Other products 6 13 21 3 22 — 65 $ 700 $ 792 $ 281 $ 119 $ 36 $ — $ 1,928 Three Months Ended September 30, 2019 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 213 $ — $ — $ 4 $ — $ — $ 217 Fiber siding 28 — — — — — 28 CanExel ® siding — — — — 15 — 15 OSB - Structural Solutions — 96 2 32 — — 130 LVL — — 37 — — — 37 LSL — — 12 — — — 12 I-Joist — — 39 — — — 39 241 96 91 36 15 — 478 Commodity OSB - commodity 1 100 — — — (1 ) 100 Plywood — — 7 — — — 7 1 100 7 — — (1 ) 107 Other Other products 2 2 8 1 6 — 19 $ 244 $ 197 $ 105 $ 36 $ 21 $ (1 ) $ 603 Nine Months Ended September 30, 2019 By product type and family: Siding OSB EWP South America Other Inter-segment Total Value-add SmartSide ® $ 600 $ — $ — $ 14 $ — $ — $ 614 Fiber siding 79 — — — — — 79 CanExel ® siding — — — — 38 — 38 OSB - Structural Solutions — 295 7 105 — — 406 LVL — — 108 — — — 108 LSL — — 40 — — — 40 I-Joist — — 103 — — — 103 679 295 257 119 38 — 1,387 Commodity OSB - commodity 9 304 3 — — (4 ) 312 Plywood — — 19 — — — 19 9 304 22 — — (4 ) 331 Other Other products 7 6 23 2 16 — 55 $ 695 $ 605 $ 303 $ 121 $ 53 $ (4 ) $ 1,773 Revenue is recognized when obligations under the terms of a contract (purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. 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. We recognize revenue as of a point in time. Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is initiated. These reductions of revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations). We ship some of our products to customers' distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution centers.

Earnings per Share (Tables) (Ta

Earnings per Share (Tables) (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributed to LP Weighted average common shares outstanding - basic 112 121 112 125 Dilutive effect of employee stock plans 1 1 1 1 Shares used for diluted earnings per share 113 122 113 126 Earnings per share: Basic earnings $ 1.58 $ 0.02 $ 2.16 $ 0.37 Diluted earnings $ 1.57 $ 0.02 $ 2.15 $ 0.36

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Receivables consisted of the following: September 30, 2020 December 31, 2019 Trade receivables $ 183 $ 111 Income tax receivable 26 35 Other receivables 21 19 Allowance for doubtful accounts (2 ) (1 ) Total $ 228 $ 164

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The major types of inventories are as follows (work in process is not material and is included in Semi-finished inventory below): September 30, 2020 December 31, 2019 Logs $ 39 $ 47 Other raw materials 35 32 Semi-finished inventory 21 26 Finished products 143 160 Total $ 238 $ 265

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill [Line Items]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Changes in goodwill and other intangible assets as of September 30, 2020 , are provided in the following table: Timber licenses 1 Goodwill Developed Technology Trademark Beginning balance December 31, 2019 $ 38 $ 30 $ 20 $ 3 Acquisition — — — — Impairment charge — (5 ) — — Amortization (3 ) — (1 ) — Ending balance September 30, 2020 $ 35 $ 25 $ 19 $ 3

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes our outstanding debt: September 30, 2020 December 31, 2019 2024 Senior Notes $ 350 $ 350 Amended Credit Facility — — Financing leases 1 1 Unamortized debt costs (3 ) (3 ) Total 348 348 Less: current portion — — Long-term portion $ 348 $ 348

Commiments and Contingencies Co

Commiments and Contingencies Commiments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Legal and Environmental Matters [Abstract]
Schedule of Loss Contingencies by Contingency [Table Text Block]	We maintain reserves for various contingent liabilities as follows: September 30, 2020 December 31, 2019 Environmental reserves $ 11 $ 10 Other reserves — — Total contingencies 11 10 Current portion (included in other current liabilities) (2 ) (2 ) Long-term portion (included in other long-term liabilities) $ 9 $ 8

Product Warranty (Tables)

Product Warranty (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The activity in warranty reserves for the three and nine months ended September 30, 2020 , and 2019 , is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 8 $ 9 $ 8 $ 14 Accrued to expense — — 1 1 Reduced to other operating credits and charges — — — (4 ) Payments made — (1 ) (1 ) (2 ) Total warranty reserves 8 9 8 9 Current portion of warranty reserves (included in other current liabilities) (2 ) (2 ) (2 ) (2 ) Long-term portion of warranty reserves (included in other long-term liabilities) $ 6 $ 7 $ 6 $ 7

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	e following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and nine months ended September 30, 2020 , and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Service cost $ — $ 1 $ 1 $ 3 Other components of net periodic pension cost 1 : Interest cost 2 3 7 9 Expected return on plan assets (4 ) (4 ) (11 ) (11 ) Amortization of prior service cost 1 — 1 — Amortization of net loss 1 1 4 4 Net periodic pension cost $ — $ 2 $ 2 $ 5 1 Other components of net periodic pension cost are included in other non-operating items on our Condensed Consolidated Statements of Income.

Other Comprehensive Income Ot_2

Other Comprehensive Income Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Other comprehensive income activity, net of tax, is provided in the following table for the three and nine months ended September 30, 2020 , and 2019 : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension 1 Balance at beginning of period $ (87 ) $ (91 ) $ (89 ) $ (93 ) Amounts reclassified from accumulated other comprehensive loss to income 2 1 1 3 3 Total other comprehensive income 1 1 3 3 Balance at end of period (86 ) (90 ) (86 ) (90 ) Translation Adjustments Balance at beginning of period (88 ) (54 ) (67 ) (57 ) Translation adjustments 4 (10 ) (17 ) (7 ) Balance at end of period (84 ) (64 ) (84 ) (64 ) Other Balance at beginning of period — 3 3 3 Unrealized gains on securities, net of reversals — — (3 ) (1 ) Balance at end of period — 3 — 3 Accumulated other comprehensive loss, end of period $ (170 ) $ (152 ) $ (170 ) $ (152 ) 1 Amounts are presented net of tax. 2 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)	9 Months Ended
	Sep. 30, 2020
Nonoperating Income (Expense) [Abstract]
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	Non-operating income is comprised of the following components: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest expense $ (5 ) $ (5 ) $ (16 ) $ (14 ) Amortization of debt charges — — (1 ) (1 ) Capitalized interest, net of reversals — (1 ) — 1 Interest expense (5 ) (6 ) (17 ) (14 ) Interest income — 2 1 8 Gain on sale of auction rate securities — — 3 — SERP market adjustments — — (1 ) 1 Investment income — 2 3 9 Net periodic pension cost, excluding service cost — (1 ) (1 ) (2 ) Gain on acquisition of controlling interest — — — 14 Foreign currency gain (loss) — — 5 (4 ) Other non-operating items $ — $ (1 ) $ 4 $ 8

Selected Segment Data (Tables)

Selected Segment Data (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales Siding $ 268 $ 244 $ 700 $ 695 OSB 368 197 792 605 EWP 103 105 281 303 South America 45 36 119 121 Other 11 21 36 53 Intersegment sales — (1 ) — (4 ) Total sales $ 795 $ 603 $ 1,928 $ 1,773 PROFIT BY SEGMENT Net income $ 177 $ 1 $ 241 $ 42 Add (deduct): Net loss attributed to noncontrolling interest — 1 2 3 Income attributed to LP 177 2 243 46 Provision for income taxes 60 3 88 13 Depreciation and amortization 28 29 84 89 Stock-based compensation expense 5 2 8 6 Loss on impairment attributed to LP 1 5 15 6 Other operating credits and charges, net (2 ) 3 (4 ) 2 Product-line discontinuance charges (1 ) — 9 — Interest expense 5 6 17 14 Investment income — (2 ) (3 ) (9 ) Other non-operating items — 1 (4 ) (8 ) Adjusted EBITDA $ 273 $ 49 $ 453 $ 160 Siding $ 76 $ 44 $ 169 $ 128 OSB 189 (1 ) 270 4 EWP 9 6 21 22 South America 11 7 29 27 Other (5 ) (1 ) (13 ) (1 ) Corporate (7 ) (6 ) (23 ) (20 ) Adjusted EBITDA $ 273 $ 49 $ 453 $ 160

Basis For Presentation (Details

Basis For Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Repayments of Long-term Debt	$ 0	$ 0	$ 350	$ (3)
Borrowings under revolving credit facility	0	$ 0	350	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	550		550
Cash and cash equivalents	$ 420		$ 420		$ 181

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 795	$ 603	$ 1,928	$ 1,773
Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	268	244	700	695
OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	368	197	792	605
EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	103	105	281	303
South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	45	36	119	121
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	11	21	36	53
Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	(1)	0	(4)
SmartSide Strand siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	264	217	670	614
SmartSide Strand siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	260	213	658	600
SmartSide Strand siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Strand siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Strand siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	4	4	12	14
SmartSide Strand siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Strand siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Fiber siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	6	28	36	79
SmartSide Fiber siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	6	28	36	79
SmartSide Fiber siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Fiber siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Fiber siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Fiber siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
SmartSide Fiber siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
CanExel siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	15	14	38
CanExel siding [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
CanExel siding [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
CanExel siding [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
CanExel siding [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
CanExel siding [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	15	14	38
CanExel siding [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	202	130	466	406
OSB - value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	162	96	360	295
OSB - value-add [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	2	2	7
OSB - value-add [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	40	32	104	105
OSB - value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - value-add [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LVL [Member]
Disaggregation of Revenue [Line Items]
Net sales	35	37	101	108
LVL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LVL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LVL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	35	37	101	108
LVL [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LVL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LVL [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LSL [Member]
Disaggregation of Revenue [Line Items]
Net sales	14	12	35	40
LSL [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LSL [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LSL [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	14	12	35	40
LSL [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LSL [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
LSL [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
I Joist [Member]
Disaggregation of Revenue [Line Items]
Net sales	37	39	106	103
I Joist [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
I Joist [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
I Joist [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	37	39	106	103
I Joist [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
I Joist [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
I Joist [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	198	100	419	312
OSB - commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	1	0	9
OSB - commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	198	100	419	304
OSB - commodity [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	3
OSB - commodity [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
OSB - commodity [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	(1)	0	(4)
Plywood [Member]
Disaggregation of Revenue [Line Items]
Net sales	7	7	16	19
Plywood [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Plywood [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Plywood [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	7	7	16	19
Plywood [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Plywood [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Plywood [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	32		65
Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	2		6
Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	8		13
Other [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	10		21
Other [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	1		3
Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	11		22
Other [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0		0
Commodity [Member]
Disaggregation of Revenue [Line Items]
Net sales	205	107	435	331
Commodity [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	1	0	9
Commodity [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	198	100	419	304
Commodity [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	7	7	16	22
Commodity [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Commodity [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	(1)	0	(4)
Value-add [Member]
Disaggregation of Revenue [Line Items]
Net sales	558	478	1,428	1,387
Value-add [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales	266	241	694	679
Value-add [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales	162	96	360	295
Value-add [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales	86	91	244	257
Value-add [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales	44	36	116	119
Value-add [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	15	14	38
Value-add [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 0	0	$ 0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		19		55
Other [Member] | Siding [Member]
Disaggregation of Revenue [Line Items]
Net sales		2		7
Other [Member] | OSB [Member]
Disaggregation of Revenue [Line Items]
Net sales		2		6
Other [Member] | EWP [Member]
Disaggregation of Revenue [Line Items]
Net sales		8		23
Other [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Net sales		1		2
Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Net sales		6		16
Other [Member] | Intersegment [Member]
Disaggregation of Revenue [Line Items]
Net sales		$ 0		$ 0

Earnings per Share (Details)

Earnings per Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares outstanding - basic	112,000,000	121,000,000	112,000,000	125,000,000
Dilutive effect of employee stock plans	1,000,000	1,000,000	1,000,000
Shares used for diluted earnings per share	113,000,000	122,000,000	113,000,000	126,000,000
Net income per share - basic	$ 1.58	$ 0.02	$ 2.16	$ 0.37
Net income per share - diluted	$ 1.57	$ 0.02	$ 2.15	$ 0.36

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale		$ 5
Trading Securities, Equity	$ 4
Senior unsecured notes, maturing 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 360

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 183	$ 111
Income tax receivable	26	35
Other receivables	21	19
Allowance for doubtful accounts	(2)	(1)
Total	$ 228	$ 164

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Logs	$ 39	$ 47
Other raw materials	35	32
Semi-finished inventory	21	26
Finished products	143	160
Total	$ 238	$ 265

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Total Consideration	$ 17
Noncash or Part Noncash Divestiture, Amount of Consideration Received	2
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	2
Proceeds from Divestiture of Businesses	1	$ 0	$ 15	$ 0
East River Facility And CanExel [Member] | Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Net Sales			14	$ 38
Net carrying value	(14)		(14)
Disposal Group, Including Discontinued Operation, Inventory, Current	10		10
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 5		$ 5

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill additions	$ 0
Goodwill, Impairment Loss	(5)
Goodwill and other intangible assets	25	$ 30
Productive Land [Member]
Goodwill [Line Items]
Timber and Timberlands	35	38
Additions to Timberlands	0
Amortization of Intangible Assets	(3)
Developed Technology Rights [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	(1)
Additions to finite-lived Intangible Assets	0
Finite-Lived Intangible Assets, Net	19	20
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets	0
Additions to finite-lived Intangible Assets	0
Finite-Lived Intangible Assets, Net	$ 3	$ 3

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Business Combination, Step Acquisition [Abstract]
Net loss attributable to noncontrolling interest, exclusive of impairment		$ (1)
Impairment attributable to noncontrolling interest		(1)
Temporary Equity, Accretion to Redemption Value, Adjustment	$ 2	2
Redeemable noncontrolling interest		$ 11	$ 10

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Financing leases	$ 1	$ 1
Unamortized debt costs	(3)	(3)
Total	348	348
Less: current portion	0	0
Long-term portion	348	348
Senior Notes [Member] | Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 0	$ 0	$ 350	$ (3)
Line of Credit Facility, Maximum Borrowing Capacity	550		550
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 0		$ 0
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.60%
Revolving Credit Facility [Member] | Amended Credit Facility [Member]
Debt Instrument [Line Items]
Capitalization Ratio, Maximum	57.50%		57.50%
Debt Covenant, Consolidated Net Worth	$ 475		$ 475
Debt Covenant, Consolidated Net Worth, Add On For Consolidated Net Income After Deductions, Percent	70.00%		70.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 200		$ 200
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.125%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.25%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.125%
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	3.25%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	0.875%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	2.00%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	1.875%
Revolving Credit Facility [Member] | Amended Credit Facility, A Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate During Period	3.00%
Amended Credit Facility, A Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 350		350
Senior Notes [Member] | Senior unsecured notes, maturing 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 350		$ 350		$ 350
Debt Instrument, Change In Control, Repurchase Price Percentage				101.00%
Holders Of Aggregate Principal Amount Required To Accelerate Amounts Due, Percent				25.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective Income Tax Rate Reconciliation, Percent	27.00%		23.00%
Other Tax Expense (Benefit)		$ 2		$ 4

Commiments and Contingencies _2

Commiments and Contingencies Commiments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Total contingencies	$ 11	$ 10
Current portion (included in other current liabilities)	(2)	(2)
Long-term portion (included in other long-term liabilities)	9	8
Environmental reserves
Loss Contingencies [Line Items]
Total contingencies	11	10
Other reserves
Loss Contingencies [Line Items]
Total contingencies	$ 0	$ 0

Impairments of Long-Lived Ass_2

Impairments of Long-Lived Assets Impairments of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 1	$ 5	$ 16	$ 6
Fiber production [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ (1)		$ 9

Product Warranty (Details)

Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 9	$ 8	$ 14
Accrued to expense	0	0	1	1
Standard Product Warranty Accrual, Other Operating Charges and Credits	0	0	0	(4)
Payments made	0	(1)	(1)	(2)
Total warranty reserves	8	9	8	9
Current portion of warranty reserves	(2)	(2)	(2)	(2)
Long-term portion of warranty reserves	$ 6	$ 7	$ 6	$ 7

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0	$ 1	$ 1	$ 3
Interest cost	2	3	7	9
Expected return on plan assets	(4)	(4)	(11)	(11)
Amortization of Prior Service Cost	1	0	1	0
Amortization of net loss	1	1	4	4
Net periodic pension cost	$ 0	$ 2	$ 2	$ 5

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Beginning Balance			$ (153)
Ending Balance	$ (170)	$ (152)	(170)	$ (152)
Foreign currency translation adjustments
Beginning Balance	(88)	(54)	(67)	(57)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	4	(10)	(17)	(7)
Ending Balance	(84)	(64)	(84)	(64)
Amortization of pension and post-retirement prior service costs and net loss
Beginning Balance	(87)	(91)	(89)	(93)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	1	3	3
Ending Balance	(86)	(90)	(86)	(90)
Unrealized gain (loss) on investments
Beginning Balance	0	3	3	3
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	(3)	(1)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	0	0	(3)
Ending Balance	0	3	0	3
AOCI Attributable to Parent [Member]
Beginning Balance	(175)	(143)	(153)	(146)
Ending Balance	$ (170)	$ (152)	$ (170)	$ (152)

Other Operating and Non-Opera_3

Other Operating and Non-Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Nonoperating Income (Expense) [Abstract]
Product line discontinuance charges	$ 1	$ 0	$ 9	$ 0
Environmental Remediation Expense	(2)	0	(2)	0
Severance Costs	(1)	(2)	(5)	(5)
Canadian wage subsidies	5	0	9	0
Standard Product Warranty Accrual, Other Operating Charges and Credits	0	0	0	4
Interest expense	(5)	(5)	(16)	(14)
Amortization of debt charges	0	0	(1)	(1)
Interest Costs Capitalized Adjustment	0		0	(1)
Capitalized Interest Cost, net of reversals		(1)
Interest Expense	(5)	(6)	(17)	(14)
Interest Income	0	2	1	8
Marketable Securities, Gain (Loss)	0	0	3	0
SERP market adjustments	0	0	(1)	(1)
Investment income	0	2	3	9
Net periodic pension cost, excluding service cost	0	(1)	(1)	(2)
Gain on acquisition of controlling interest	0	0	0	14
Foreign currency gain (loss)	0	0	5	(4)
Total non-operating income (expense)	0	(1)	4	8
Severance costs related to curtailment	0	(2)	0	(3)
Non Cash Other Operating Charges And Credits	0	0	2	1
Other Operating Charges And Credits, Net	$ 3	$ (3)	$ (5)	$ (2)

Selected Segment Data (Details)

Selected Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 795	$ 603	$ 1,928	$ 1,773
Operating profit (loss):	242	8	339	53
Provision for income taxes	60	3	88	13
Depreciation and amortization	28	29		89
Depreciation and amortization	28	30	84	90
Stock-based compensation expense	(5)	(2)	(8)	(6)
Impairment of Long-Lived Assets Held-for-use	1	5	15	6
Other operating income (expense) exclusive of product discontinuance charges	(2)	(3)	(4)	(2)
Investment income	0	(2)	(3)	(9)
Other non-operating items	0	1	(4)	(8)
Product line discontinuance charges	1	0	9	0
Interest Expense	5	6	17	14
Income from continuing operations attributed to LP	273	49	453	160
Siding [Member]
Segment Reporting Information [Line Items]
Net sales	268	244	700	695
Operating profit (loss):	177	1	241	42
Income from continuing operations attributed to LP	76	44	169	128
OSB [Member]
Segment Reporting Information [Line Items]
Net sales	368	197	792	605
Income from continuing operations attributed to LP	189	(1)	270	4
EWP [Member]
Segment Reporting Information [Line Items]
Net sales	103	105	281	303
Operating profit (loss):	0	1	2	3
Income from continuing operations attributed to LP	9	6	21	22
South America [Member]
Segment Reporting Information [Line Items]
Net sales	45	36	119	121
Income from continuing operations attributed to LP	11	7	29	27
Other [Member]
Segment Reporting Information [Line Items]
Net sales	11	21	36	53
Operating profit (loss):	177	2	243	46
Income from continuing operations attributed to LP	(5)	(1)	(13)	(1)
Intersegment [Member]
Segment Reporting Information [Line Items]
Net sales	0	(1)	0	(4)
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Income from continuing operations attributed to LP	$ (7)	$ (6)	$ (23)	$ (20)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	200
Payments for Repurchase of Common Stock	$ 71	$ 29	$ 42	$ 29	$ 480
Common stock, Shares acquired	2.3