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Selected Segment Data | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Selected Segment Data | SELECTED SEGMENT DATA 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. •The Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia, 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). •The 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). •The LPSA segment manufactures and distributes 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, the chief executive officer, 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 excluding interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, other non-operating items, income from discontinued operations, net of income taxes, and net income attributed to noncontrolling interest. Information about our business segments is as follows (dollar amounts in millions):
| Three Months Ended March 31, 2025
| Siding |  | OSB |  | LPSA |  | Segment Total |  | Other |  | Consolidated
Net sales | $ | 402 |  |  | $ | 267 |  |  | $ | 52 |  |  | $ | 722 |  |  | $ | 2 |  |  | $ | 724 |
Cost of sales | (276) |  |  | (211) |  |  | (37) |  |  | (524) |  |  | (3) |  |  | (526) |
Selling, general, and administrative expenses | (42) |  |  | (16) |  |  | (6) |  |  | (64) |  |  | (11) |  |  | (75) |
Adjustments to Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
Depreciation and Amortization | 20 |  |  | 13 |  |  | 2 |  |  | 35 |  |  | — |  |  | 35 |
Other charges 1 | 1 |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 5 |
Adjusted EBITDA | $ | 106 |  |  | $ | 54 |  |  | $ | 12 |  |  | $ | 172 |  |  | $ | (10) |  |  | $ | 162 |
| Three Months Ended March 31, 2024
| Siding |  | OSB |  | LPSA |  | Segment Total |  | Other |  | Consolidated
Net sales | $ | 361 |  |  | $ | 313 |  |  | $ | 47 |  |  | $ | 721 |  |  | $ | 3 |  |  | $ | 724 |
Cost of sales | (254) |  |  | (219) |  |  | (35) |  |  | (508) |  |  | (3) |  |  | (511) |
Selling, general, and administrative expenses | (36) |  |  | (16) |  |  | (5) |  |  | (56) |  |  | (13) |  |  | (69) |
Adjustments to Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
Depreciation and Amortization | 18 |  |  | 11 |  |  | 2 |  |  | 31 |  |  | — |  |  | 31 |
Other charges 1 | 2 |  |  | 1 |  |  | — |  |  | 2 |  |  | 5 |  |  | 7 |
Adjusted EBITDA | $ | 90 |  |  | $ | 90 |  |  | $ | 10 |  |  | $ | 190 |  |  | $ | (8) |  |  | $ | 182 |
1 Other charges includes stock compensation and income from equity in unconsolidated affiliates.
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
NET INCOME TO ADJUSTED EBITDA RECONCILIATION |  |  |  |  |  |  |
Net income | $ | 91 |  |  | $ | 108 |  |  |  |  |
Add (deduct): |  |  |  |  |  |  |
Provision for income taxes | 26 |  |  | 41 |  |  |  |  |
Depreciation and amortization | 35 |  |  | 31 |  |  |  |  |
Stock-based compensation expense | 5 |  |  | 6 |  |  |  |  |
Other operating credits and charges, net | 2 |  |  | — |  |  |  |  |
Business exit credits | — |  |  | (1) |  |  |  |  |
Interest expense | 3 |  |  | 4 |  |  |  |  |
Investment income | (4) |  |  | (6) |  |  |  |  |
Other non-operating items | 5 |  |  | (1) |  |  |  |  |
Adjusted EBITDA | $ | 162 |  |  | $ | 182 |  |  |  |  |
Information concerning identifiable assets by segment is as follows (dollar amounts in millions):
| March 31, 2025 |  | December 31, 2024
Identifiable Assets |  |  |
Siding | $ | 1,352 |  |  | $ | 1,319 |
OSB | 567 |  |  | 554 |
LPSA | 151 |  |  | 145 |
Other | 500 |  |  | 551 |
Total assets | $ | 2,570 |  |  | $ | 2,569 |
Other segment related assets include cash and cash equivalents, short-term and long-term investments, corporate assets, and other items.

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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