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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | We operate in three segments: Siding, OSB, and LPSA. 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. •Our Siding segment serves diverse end markets with a broad product offering, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions™ (collectively referred to as Siding Solutions). Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia. •Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP® Structural Solutions (which includes LP TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal Insulated Sheathing, LP FlameBlock® Fire-Rated Sheathing, and LP TopNotch® 350 Durable Sub-Flooring). OSB is manufactured using wood strands arranged in layers and bonded with resins. •Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets. This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction. The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru. We evaluate the performance of our business segments based on net sales and segment Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for our business segments. Segment Adjusted EBITDA 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, pension settlement charges, and other non-operating items. During the year ended December 31, 2023, we updated our definitions of Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS to exclude other business exit charges not classified as discontinued operations. Business exit charges consist of inventory and other asset impairment and exit charges related to the exit of other 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, Adjusted Income, and Adjusted Diluted EPS 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, Adjusted Income, and Adjusted Diluted EPS amounts because there were no significant costs similar in nature to these items. Information about our product segments is as follows (dollars in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
NET SALES BY BUSINESS SEGMENT |  |  |  |  |
Siding | $ | 1,328 |  |  | $ | 1,469 |  |  | $ | 1,170 |
OSB | 1,026 |  |  | 2,062 |  |  | 2,387 |
LPSA | 205 |  |  | 241 |  |  | 265 |
Other | 22 |  |  | 84 |  |  | 95 |
Intersegment Sales | — |  |  | (2) |  |  | (3) |
Total sales | $ | 2,581 |  |  | $ | 3,854 |  |  | $ | 3,915 |
NET INCOME TO ADJUSTED EBITDA RECONCILIATION |  |  |  |  |
Net income | $ | 178 |  |  | $ | 1,083 |  |  | $ | 1,373 |
Add (deduct): |  |  |  |  |
Net loss attributed to non-controlling interest | — |  |  | 3 |  |  | 4 |
Income from discontinued operations, net of income taxes | — |  |  | (198) |  |  | (71) |
Income attributed to LP from continuing operations | 178 |  |  | 888 |  |  | 1,306 |
Provision for income taxes | 74 |  |  | 274 |  |  | 402 |
Depreciation and amortization | 119 |  |  | 129 |  |  | 114 |
Stock-based compensation expense | 13 |  |  | 19 |  |  | 16 |
Loss on impairment attributed to LP | 6 |  |  | 1 |  |  | 5 |
Other operating credits and charges, net | 18 |  |  | (16) |  |  | (1) |
Business exit charges | 32 |  |  | — |  |  | — |
Pension settlement charges | 4 |  |  | 82 |  |  | 2 |
Interest expense | 14 |  |  | 11 |  |  | 14 |
Investment income | (18) |  |  | (14) |  |  | (1) |
Loss on early debt extinguishment | — |  |  | — |  |  | 11 |
Other non-operating items | 39 |  |  | 15 |  |  | 9 |
Adjusted EBITDA | $ | 478 |  |  | $ | 1,389 |  |  | $ | 1,877 |
SEGMENT ADJUSTED EBITDA |  |  |  |  |
Siding | $ | 269 |  |  | $ | 339 |  |  | $ | 289 |
OSB | 220 |  |  | 1,034 |  |  | 1,531 |
LPSA | 42 |  |  | 77 |  |  | 113 |
Other | (17) |  |  | (23) |  |  | (20) |
Corporate | (36) |  |  | (38) |  |  | (36) |
Adjusted EBITDA | $ | 478 |  |  | $ | 1,389 |  |  | $ | 1,877 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Depreciation and Amortization |  |  |  |  |
Siding | $ | 67 |  |  | $ | 46 |  |  | $ | 34 |
OSB | 43 |  |  | 71 |  |  | 69 |
LPSA | 7 |  |  | 8 |  |  | 8 |
Other | 2 |  |  | 4 |  |  | 4 |
Non-segment related | — |  |  | — |  |  | — |
Total depreciation and amortization | $ | 119 |  |  | $ | 129 |  |  | $ | 114 |
Capital Expenditures |  |  |  |  |
Siding | $ | 212 |  |  | $ | 316 |  |  | $ | 177 |
OSB | 59 |  |  | 53 |  |  | 47 |
LPSA | 19 |  |  | 20 |  |  | 20 |
Other | — |  |  | 1 |  |  | 2 |
Non-segment related | 10 |  |  | 21 |  |  | 4 |
Total capital expenditures | $ | 300 |  |  | $ | 412 |  |  | $ | 250 |
Information concerning identifiable assets by segment is as follows (dollars in millions):
| December 31,
2023 |  | 2022
Identifiable Assets |  |  |
Siding | $ | 1,291 |  |  | $ | 1,045 |
OSB | 526 |  |  | 491 |
LPSA | 165 |  |  | 151 |
Other | 11 |  |  | 74 |
Non-segment related | 444 |  |  | 589 |
Total assets | $ | 2,437 |  |  | $ | 2,350 |
Non-segment related assets include cash and cash equivalents, short-term and long-term investments, corporate assets, and other items. Information concerning our geographic segments is as follows (dollars in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
GEOGRAPHIC LOCATIONS |  |  |  |  |
Total Sales—Point of origin |  |  |  |  |
U.S. | $ | 2,265 |  |  | $ | 3,329 |  |  | $ | 3,354 |
Canada | 610 |  |  | 827 |  |  | 613 |
LPSA | 241 |  |  | 273 |  |  | 291 |
Intercompany sales | (535) |  |  | (575) |  |  | (344) |
Total Sales | $ | 2,581 |  |  | $ | 3,854 |  |  | $ | 3,915 |
Operating profit (loss) |  |  |  |  |
U.S. | $ | 304 |  |  | $ | 1,084 |  |  | $ | 1,567 |
Canada | 40 |  |  | 129 |  |  | 112 |
LPSA | 35 |  |  | 70 |  |  | 106 |
Other operating credits and charges, net and loss on impairments of assets | (49) |  |  | 15 |  |  | (5) |
General corporate expense, loss on early debt extinguishment, other income (expense), interest, net and equity in unconsolidated affiliates | (78) |  |  | (139) |  |  | (77) |
Income before income taxes, including equity in unconsolidated affiliates | 252 |  |  | 1,159 |  |  | 1,704 |
Provision for income taxes | (74) |  |  | (274) |  |  | (402) |
Income from continuing operations | $ | 178 |  |  | $ | 885 |  |  | $ | 1,302 |
Loss attributed to noncontrolling interest | — |  |  | 3 |  |  | 4 |
Income attributed to LP from continuing operations | $ | 178 |  |  | $ | 888 |  |  | $ | 1,306 |
IDENTIFIABLE TANGIBLE LONG LIVED ASSETS |  |  |  |  |
U.S. | $ | 996 |  |  | $ | 939 |  |  | $ | 671 |
Canada | 472 |  |  | 356 |  |  | 359 |
South America | 104 |  |  | 87 |  |  | 75 |
Total assets | $ | 1,572 |  |  | $ | 1,382 |  |  | $ | 1,106 |

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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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