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Retirement Plans and Post Retirement Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Retirement Plans and Postretirement Benefits | RETIREMENT PLANS AND POST-RETIREMENT BENEFITS We sponsor various defined contribution retirement plans and benefit pension plans that provide retirement benefits to substantially all our employees. Most regularly scheduled employees are eligible to participate in the defined contribution retirement plans except those covered by a collective bargaining agreement unless the collective bargaining agreement explicitly allows for participation in our plans. We contribute to a multiemployer plan for certain employees covered by collective bargaining agreements. We also provide other post-retirement benefits consisting primarily of healthcare benefits to certain retirees who meet age and service requirements. The defined benefit pension plans were limited to active and retired employees that were eligible prior to the plans being frozen. The defined benefit pension plans were substantially settled through lump sum distributions and purchase of third-party annuity contracts in 2022. Defined Benefit Pension Plans During the year ended December 31, 2022, the Company initiated the termination of our frozen U.S. and Canadian defined benefit pension plans (collectively, the Plan). Plan participants were provided the opportunity to receive their full accrued benefits from Plan assets by either electing immediate lump sum distributions or annuity contracts with a qualifying third-party annuity provider. During the year ended December 31, 2022, we contributed $5 million to fund the liquidation of the Plan. Plan assets of $247 million were liquidated to fund lump sum distributions to participants and purchase annuity contracts. As a result, a substantial portion of the Plan was settled during the year ended December 31, 2022, resulting in recognition of non-cash, pre-tax charges of $82 million from Accumulated comprehensive loss to Other non-operating items in our Consolidated Statements of Income. Upon final termination of the Plan in 2023, we recognized $6 million of non-cash, pre-tax charges from Accumulated comprehensive loss and realized pre-tax gains of $2 million related to refunds from the annuity provider to the Plan associated with the final reconciliation of participant data. The remaining Plan asset balance of $2 million was refunded in 2023. We incurred actuarial gains of $47 million in 2022 primarily related to a change in interest rates from prior year-end to those effective for settling the benefit plan obligations and actual return on Plan assets of $33 million primarily related to market returns realized prior to the pension settlement dates. The changes recognized in other comprehensive loss were as follows (dollars in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Pension settlements, net of tax | $ | — |  |  | $ | 4 |  |  | $ | 62 |
Net actuarial gain (loss) and prior service (cost) arising during the period, net of tax | — |  |  | — |  |  | 5 |
Amortization of actuarial loss, prior service cost, net of tax | — |  |  | — |  |  | 4 |
Total amounts recognized in other comprehensive income | $ | — |  |  | $ | 4 |  |  | $ | 71 |
The following table sets forth the net periodic pension cost for our defined benefit pension plans. The components of our net periodic pension costs consisted of the following (dollars in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | 1 |  |  | $ | 3 |
Other components of net periodic pension cost: |  |  |  |  |
Interest cost | — |  |  | — |  |  | 7 |
Expected return on plan assets | — |  |  | — |  |  | (7) |
Amortization of prior service cost and net transition asset | — |  |  | — |  |  | 1 |
Amortization of net actuarial loss | — |  |  | — |  |  | 5 |
Net periodic pension cost before loss due to settlement | — |  |  | 1 |  |  | 8 |
Loss due to pension settlement | — |  |  | 4 |  |  | 82 |
Total net periodic pension cost | $ | — |  |  | $ | 4 |  |  | $ | 91 |
Net periodic pension cost included in cost of sales | $ | — |  |  | $ | — |  |  | $ | — |
Net periodic pension cost included in selling, general, and administrative expenses | — |  |  | 1 |  |  | 3 |
Net periodic pension cost included in other non-operating items | — |  |  | 4 |  |  | 88 |
| $ | — |  |  | $ | 4 |  |  | $ | 91 |
The weighted average assumptions used to calculate our net periodic pension costs for the year ended December 31, 2022, included a discount rate of 2.6% for both Canada and the U.S. Additionally, the expected return on plan assets was 3.0% for the U.S. and 2.0% for Canada. The expected long-term rate of return on plan assets reflects the weighted average expected long-term rates of return for the broad categories of investments currently held in the plans (adjusted for expected changes), based on historical rates of return for each broad category, as well as factors that may constrain or enhance returns in the broad categories in the future. The expected long-term rate of return on plan assets is adjusted when there are fundamental changes in expected returns in one or more broad asset categories and when the weighted average mix of assets in the plans changes significantly. Defined Contribution Plans We also sponsor defined contribution plans in the U.S. and Canada. In the U.S., these plans are primarily 401(k) plans for hourly and salaried employees that allow for pre-tax employee deferrals and a Company match of up to 5% of an employee’s eligible wages (subject to certain limits). Under the profit-sharing feature of these plans, we may elect to contribute a discretionary amount as a percentage of eligible wages. Included in the assets of the 401(k) and profit-sharing plans are 0.4 million shares of LP common stock that represented approximately 8% of the total market value of plan assets at December 31, 2024. In Canada, we sponsor both defined contribution plans and Registered Retirement Savings Plans for hourly and salaried employees that allow for employee tax deferrals. We provide a 100% match for employee contributions up to 4% and provide a 50% match of employee's contributions from 4% to 6% (subject to certain limits). Expenses related to the U.S. and Canadian defined contribution plans and the Registered Retirement Savings Plans, including the profit-sharing feature, were $20 million, $15 million, and $23 million in 2024, 2023, and 2022, respectively. Other Benefit Plans We have several plans that provide post-retirement benefits other than pensions, primarily for salaried employees in the U.S. and certain groups of Canadian employees. The obligation at December 31, 2024 and 2023 for these post-retirement benefits was $8 million and $8 million, respectively. The net expense related to these plans was not significant in 2024, 2023, or 2022. In 2004, we adopted the Louisiana-Pacific Corporation 2004 Executive Deferred Compensation Plan (the Deferred Compensation Plan). Pursuant to the Deferred Compensation Plan, participants are eligible to defer up to 90% of their base salary and annual cash incentives that exceed the limitation as set forth by the Internal Revenue Service and receive a 5% match on their contributions. Each Deferred Compensation Plan participant is fully vested in all employee deferred compensation and earnings credited associated with employee contributions. Employer contributions and associated earnings vest over periods not exceeding five years. The liability under the Deferred Compensation Plan amounted to $3 million as of December 31, 2024, and 2023, and is included in other long-term liabilities on our Consolidated Balance Sheets.

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