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Assets Held For Sale | 3 Months Ended
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Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held For Sale | ASSETS HELD FOR SALE In 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, as well as the assets and brand rights for CanExel®, the fiber-based prefinished siding product manufactured there. The closing of this transaction is subject to customary closing conditions and is expected to occur by December 31, 2020. As a result, the assets and liabilities associated with this business have met the criteria to be classified as held-for-sale in our Condensed Consolidated Balance Sheet as of March 31, 2020. Upon reclassification to held-for-sale in the first quarter of 2020, we recorded a pre-tax impairment charge of $2 million in "Impairment of long-lived assets" on our Condensed Consolidated Statement of Income to reduce the carrying value of this business to fair value less cost to sell. The sale of the East River facility and assets and brand rights for CanExel® did not meet the criteria for classification as discontinued operations. The total carrying value of assets related to the East River facility and CanExel® as of March 31, 2020, was $19 million, including $2 million of trade receivables, net, $12 million of inventories, and $5 million of property, plant, and equipment, net. The total carrying value of total liabilities related to the East River facility and CanExel® as of March 31, 2020, was $2 million, which primarily consisted of accounts payable. Additionally, during the three months ended March 31, 2020, we classified $2 million of assets related to a non-operating facility as held-for-sale.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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