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

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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