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Selected Segment Data | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Selected Segment Data | SELECTED SEGMENT DATA The Company defines its operating segments as those operations that engage in business activities from which revenues are earned and expenses incurred, for which discrete financial information is available, and that are regularly reviewed to analyze performance and allocate resources by the chief operating decision maker ("CODM"), the Company's Chief Executive Officer. The Company conducts business through two reportable segments: Siding and OSB. Other comprises our South American operations and 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. Our Siding is offered primed (LP® SmartSide® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions®) and prefinished (LP® SmartSide® ExpertFinish® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications. •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® FlameBlock® Fire-Rated Sheathing, LP BurnGuard™ FRT OSB, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier Sheathing, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring). The results of our business segments are evaluated based on segment Adjusted EBITDA, which the CODM uses to assess performance and make decisions regarding the allocation of operating and capital resources. Additionally, the budgeting and forecasting process monitors budget versus actual results, with emphasis on Adjusted EBITDA. 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, 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 income (expense), income from discontinued operations, net of income taxes, and net income attributed to noncontrolling interest. Information regarding the Company’s business segments is presented below (dollar amounts in millions):
| Three Months Ended March 31, 2026
| Siding |  | OSB |  | Total
Revenues from external customers | $ | 360 |  |  | $ | 168 |  |  | $ | 528 |
Reconciliation of revenue |  |  |  |  |
Other revenues 1 |  |  |  |  | 46 |
Total consolidated revenues |  |  |  |  | $ | 574 |
Less: |  |  |  |  |
Cost of sales | (244) |  |  | (179) |  |  |
Selling, general, and administrative expenses | (39) |  |  | (17) |  |  |
Depreciation and amortization | 22 |  |  | 14 |  |  |
Other segment items 2 | 2 |  |  | 1 |  |  |
Reportable segment Adjusted EBITDA | $ | 101 |  |  | $ | (12) |  |  | $ | 89 |
| Three Months Ended March 31, 2025
| Siding |  | OSB |  | Total
Revenues from external customers | $ | 402 |  |  | $ | 267 |  |  | $ | 669 |
Reconciliation of revenue |  |  |  |  |
Other revenues 1 |  |  |  |  | 54 |
Total consolidated revenues |  |  |  |  | $ | 724 |
Less: |  |  |  |  |
Cost of sales | (276) |  |  | (211) |  |  |
Selling, general, and administrative expenses | (42) |  |  | (16) |  |  |
Depreciation and amortization | 20 |  |  | 13 |  |  |
Other segment items 2 | 1 |  |  | 1 |  |  |
Reportable segment Adjusted EBITDA | $ | 106 |  |  | $ | 54 |  |  | $ | 160 |
1 Other revenues include sales from the Company's South American operations and other minor products and services. 2 Other segment items include stock compensation expense.
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Reconciliation of profit (loss) |  |  |  |  |  |  |
Reportable segment Adjusted EBITDA | $ | 89 |  |  | $ | 160 |  |  |  |  |
Add (deduct): |  |  |  |  |  |  |
Other Adjusted EBITDA 1 | (7) |  |  | 2 |  |  |  |  |
Depreciation and amortization | (38) |  |  | (35) |  |  |  |  |
Stock-based compensation expense | (7) |  |  | (5) |  |  |  |  |
Other operating credits and charges, net 2 | (2) |  |  | (2) |  |  |  |  |
Product-line discontinuance charges 2 | (1) |  |  | — |  |  |  |  |
Interest expense | (4) |  |  | (3) |  |  |  |  |
Investment income | 2 |  |  | 4 |  |  |  |  |
Other non-operating (expense) income 2 | 3 |  |  | (5) |  |  |  |  |
Income before income taxes | $ | 36 |  |  | $ | 116 |  |  |  |  |
1 Other Adjusted EBITDA includes the Company's South American operations, unallocated corporate expenses, and other minor products and services. 2 See further discussion in “Note 7 - Other Operating and Non-Operating Items” of the Notes to the Condensed Consolidated Financial Statements. Information concerning identifiable assets by segment is as follows (dollar amounts in millions):
| March 31, 2026 |  | December 31, 2025
Identifiable Assets |  |  |
Siding | $ | 1,467 |  |  | $ | 1,419 |
OSB | 539 |  |  | 531 |
Other | 574 |  |  | 677 |
Total assets | $ | 2,581 |  |  | $ | 2,627 |
Other segment related assets include cash and cash equivalents, accounts receivable, short-term and long-term investments, corporate assets, and other items.

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