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Selected Segment Data | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Selected Segment Data | SELECTED SEGMENT DATA We operate in three segments: Siding, OSB, and South America. Our business units have been aggregated into these three segments based upon the similarity of economic characteristics, customers, and distribution methods. Our results of operations are summarized below for each of these segments separately, as well as for the “Other” category, which comprises other products that are not individually significant. We evaluate the performance of our business segments based on Net sales and segment Adjusted EBITDA (defined below). Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on Net sales and segment Adjusted EBITDA for our business segments. The Company's chief operating decision maker is the Chief Executive Officer. Segment Adjusted EBITDA is defined as Income attributed to LP from continuing operations before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items. During the nine months ended September 30, 2023, we updated our definition of Adjusted EBITDA to exclude other business exit charges not classified as exit operations. Business exit charges consist of inventory and other asset impairment and exit charges related to the exit of businesses not individually significant. We consider business exit charges to be outside the performance of our ongoing core business operations and believe that presenting Adjusted EBITDA excluding business exit charges provides increased transparency as to the operating costs of our current business performance. We did not revise prior years’ Adjusted EBITDA amounts because there were no significant costs similar in nature to these items. Information about our business segments is as follows (dollar amounts in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net sales |  |  |  |  |  |  |
Siding | $ | 345 |  |  | $ | 394 |  |  | $ | 996 |  |  | $ | 1,083 |
OSB | 335 |  |  | 388 |  |  | 754 |  |  | 1,805 |
South America | 45 |  |  | 53 |  |  | 153 |  |  | 190 |
Other | 4 |  |  | 17 |  |  | 21 |  |  | 72 |
Intersegment sales | — |  |  | (1) |  |  | — |  |  | (2) |
Total sales | $ | 728 |  |  | $ | 852 |  |  | $ | 1,923 |  |  | 3,149 |
NET INCOME TO ADJUSTED EBITDA |  |  |  |  |  |  |
Net income | $ | 118 |  |  | $ | 226 |  |  | $ | 119 |  |  | $ | 1,093 |
Add (deduct): |  |  |  |  |  |  |
Net loss attributed to non-controlling interest | — |  |  | — |  |  | — |  |  | 1 |
Income from discontinued operations, net of income taxes | — |  |  | (97) |  |  | — |  |  | (196) |
Income attributed to LP from continuing operations | 118 |  |  | 129 |  |  | 119 |  |  | 898 |
Provision for income taxes | 44 |  |  | 44 |  |  | 66 |  |  | 284 |
Depreciation and amortization | 30 |  |  | 32 |  |  | 87 |  |  | 96 |
Stock-based compensation expense | 2 |  |  | 2 |  |  | 9 |  |  | 15 |
Loss on impairment attributed to LP | 1 |  |  | — |  |  | 1 |  |  | — |
Other operating credits and charges, net | (7) |  |  | (7) |  |  | 16 |  |  | (17) |
Business exit charges | 1 |  |  | — |  |  | 35 |  |  | — |
Interest expense | 4 |  |  | 3 |  |  | 9 |  |  | 9 |
Investment income | (4) |  |  | (5) |  |  | (10) |  |  | (8) |
Other non-operating items | — |  |  | (1) |  |  | 11 |  |  | 7 |
Pension settlement charges | — |  |  | 4 |  |  | 6 |  |  | 4 |
Adjusted EBITDA | $ | 190 |  |  | $ | 200 |  |  | $ | 349 |  |  | $ | 1,289 |
SEGMENT ADJUSTED EBITDA |  |  |  |  |  |  |
Siding | $ | 71 |  |  | $ | 90 |  |  | $ | 198 |  |  | $ | 251 |
OSB | 120 |  |  | 113 |  |  | 161 |  |  | 1,021 |
South America | 6 |  |  | 14 |  |  | 31 |  |  | 65 |
Other | — |  |  | (7) |  |  | (15) |  |  | (19) |
Corporate | (7) |  |  | (11) |  |  | (26) |  |  | (29) |
Total Adjusted EBITDA | $ | 190 |  |  | $ | 200 |  |  | $ | 349 |  |  | $ | 1,289 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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