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Investments in and Advances to Affiliates | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Transactions with Affiliates | INVESTMENTS IN AND ADVANCES TO AFFILIATES At December 31, 2020, and 2019, we had an investment in a joint venture with Resolute Forest Products, Inc. to operate jointly owned I-Joist facilities in Quebec, Canada (Resolute-LP). Each partner owns 50% of the venture. We both sell products and raw materials to Resolute-LP, and purchase products for resale from Resolute-LP. We eliminate profits on these sales and purchases, to the extent the inventory has not been sold through to third parties, based on its 50% interest. For the years ended December 31, 2020, 2019 and 2018, we sold $21 million, $12 million and $17 million, respectively, of products to Resolute-LP and purchased $73 million, $70 million and $58 million, respectively, of I-Joists from Resolute-LP. Included in our Consolidated Balance Sheets at December 31, 2020, and 2019, are $7 million and $4 million, respectively, in accounts receivable associated with Resolute-LP. For the years ended December 31, 2020, and 2019, we received $4 million and $11 million, respectively, in dividends from Resolute-LP. We classified the receipt of these cash dividends as cash flows from operations. Our cumulative equity in earnings from Resolute-LP exceeds the cumulative distributions received; therefore, the dividends were deemed to be a return on our investment and not a return of our investment. We are the exclusive distributor of the I-Joists produced and sold by the joint venture, and it is considered an integral part of our operations. We are classifying the income from the joint venture as a reduction in cost of sales. LP recorded income from affiliates of $4 million in 2020, $11 million in 2019, and $2 million in 2018.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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