0001628280-21-002469 | 10-K | XBRL Viewer

Print Document View Excel Document

Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-7107
Entity Registrant Name	LOUISIANA-PACIFIC CORPORATION
Entity Central Index Key	0000060519
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-0609074
Entity Address, Address Line One	414 Union Street
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37219
City Area Code	(615)
Local Phone Number	986 - 5600
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LPX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,275,217,766
Entity Common Stock, Shares Outstanding		106,505,896
Documents Incorporated by Reference	Certain portions of the registrant's Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders (which is expected to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's 2020 fiscal year) are incorporated by reference into Part III by this annual report on Form 10-K.
ICFR Auditor Attestation Flag	true

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 2,788.0	$ 2,310.0	$ 2,828.0
Operating costs and expenses:
Cost of sales	(1,920.0)	(2,007.0)	(2,084.0)
Gross Profit	867.0	303.0	744.0
Selling, general, and administrative expenses	(211.0)	(230.0)	(209.0)
Loss on impairments	(16.0)	(92.0)	(11.0)
Other operating credits and charges, net	(4.0)	(1.0)	2.0
Income from operations	636.0	(20.0)	526.0
Non-operating income (expense):
Interest (expense) income	19.0	19.0	16.0
Investment Income, Net	4.0	10.0	18.0
Other nonoperating items	0.0	6.0	(4.0)
Income from continuing operations before income taxes	621.0	(23.0)	524.0
Provision for income taxes	(125.0)	13.0	(122.0)
Equity in unconsolidated affiliate	1.0	0.0	(3.0)
Income from continuing operations	497.0	(10.0)	399.0
Loss from discontinued operations before taxes	0.0	0.0	(5.0)
Provision for income taxes from discontinued operations	0.0	0.0	1.0
Loss from discontinued operations	0.0	0.0	(4.0)
Net income	497.0	(10.0)	395.0
Net loss attributed to noncontrolling interest	2.0	5.0	0.0
Net income attributed to LP	499.0	(5.0)	395.0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	499.0	(5.0)	399.0
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 0.0	$ 0.0	$ (4.0)
Basic net income (loss) per share:
Income per share from continuing operations	$ 4.48	$ (0.04)	$ 2.79
Loss per share from discontinued operations	0	0	(0.03)
Net income per share - diluted	4.48	(0.04)	2.76
Diluted net earnings (loss) per share:
Income per share from continuing operations	4.46	(0.04)	2.76
Loss per share from discontinued operations	0	0	(0.03)
Net income per share - diluted	$ 4.46	$ (0.04)	$ 2.73
Weighted average number of shares outstanding - basic	111	123	143
Weighted average number of shares outstanding, diluted	112	123	144

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 535.0	$ 181.0
Receivables, net of allowance for doubtful accounts of $2 million and $1 million at December 31, 2020, and 2019, respectively	184.0	164.0
Inventories	259.0	265.0
Prepaid expenses and other current assets	15.0	9.0
Total current assets	993.0	619.0
Timber and timberlands	52.0	63.0
Property, plant and equipment, net	918.0	965.0
Operating lease assets	40.0	44.0
Goodwill and other intangible assets	46.0	50.0
Investments in and advances to affiliates	11.0	10.0
Restricted cash	0.0	14.0
Other assets	24.0	69.0
Deferred tax asset	3.0	1.0
Total assets	2,086.0	1,835.0
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	267.0	242.0
Income taxes payable	18.0	0.0
Current portion of contingency reserves	1.0	2.0
Total current liabilities	286.0	244.0
Long-term debt, excluding current portion	348.0	348.0
Deferred income taxes	78.0	73.0
Non-current operating lease liabilities	32.0	36.0
Contingency reserves, excluding current portion	13.0	8.0
Other long-term liabilities	86.0	125.0
Liabilities	842.0	834.0
Redeemable Noncontrolling Interest, Equity, Carrying Amount	10.0	10.0
Stockholders' equity:
Preferred stock, $1 par value, 15,000,000 shares authorized, no shares issued	0.0	0.0
Common stock, $1 par value; 200,000,000 shares authorized; 123,547,974 shares and 106,240,030 shares issued and outstanding, respectively, as of December 31, 2020; 129,665,899 shares and 111,945,021 shares issued and outstanding, respectively, as of December 31, 2019	124.0	130.0
Additional paid-in capital	452.0	454.0
Retained earnings	1,206.0	966.0
Treasury stock, 17,307,944 shares and 17,720,878 shares, at cost as of December 31, 2020, and 2019, respectively		(406.0)
Accumulated comprehensive loss	(151.0)	(153.0)
Total stockholders' equity	1,234.0	991.0
Total liabilities and stockholders' equity	2,086.0	$ 1,835.0
Treasury Stock [Member]
Stockholders' equity:
Treasury stock, 17,307,944 shares and 17,720,878 shares, at cost as of December 31, 2020, and 2019, respectively	$ (397.0)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 2	$ 1
Common Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	123,547,974	129,665,899
Common Stock, Shares, Outstanding	111,945,021	111,945,021
Preferred Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	15,000,000	15,000,000
Preferred Stock, Shares Issued	0	0
Treasury Stock, Shares	17,307,944	17,720,878

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 497	$ (10)	$ 395
Other comprehensive income (loss), net of tax
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1)	(10)	(17)
Unrealized Gain on Securities	(3)	(1)	0
Defined benefit pension and post retirement plans:
Change benefit obligations	3	0	3
Amortization of amounts included in net periodic benefit cost	5	4	6
Other	(2)	0	0
Other comprehensive income (loss), net of tax	2	(7)	(8)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	499	(17)	387
Net loss attributed to noncontrolling interest	2	5	0
Comprehensive income	$ 501	$ (12)	$ 387

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 497	$ (10)	$ 395
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	111	123	120
Impairment of long-lived assets	16	92	11
Gain on Acquisition	0	(14)	0
Deferred taxes	2	10	27
Pension contributions	0	(1)	(41)
Other adjustments, net	18	20	24
Receivables	(53)	(21)	3
Inventories	(12)	3	(2)
Prepaid expenses	(4)	(1)	0
Accounts payable and accrued liabilities	30	(4)	(21)
Income taxes payable, net of receivables	54	(37)	2
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	659	160	518
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	(1)	(7)
Net cash provided by operating activities	659	159	511
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions	(77)	(163)	(214)
Acquisition of businesses, net of cash acquired	0	30	0
Receipt of proceeds from note receivable from asset sales	0	0	22
Proceeds from Divestiture of Businesses	15	0	0
Cash Surrender Value of Life Insurance	10	0	0
Payments to Acquire Interest in Subsidiaries and Affiliates	0	(3)	(45)
Other investing activities, net	3	(1)	(1)
Net cash provided by (used in) investing activities	(49)	(137)	(238)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long term debt	(350)	(5)	(25)
Proceeds from Debt, Maturing in More than Three Months	350	0	0
Payment of cash dividends	(65)	(65)	(74)
Purchase of stock	(200)	(638)	(212)
Other financing activities, net	(7)	(9)	(6)
Net cash used in financing activities	(272)	(717)	(317)
Effect of exchange rate on cash, cash equivalents, and restricted cash	2	(2)	(5)
Net increase (decrease) in cash, cash equivalents, and restricted cash	340	(697)	(49)
Cash, cash equivalents, and restricted cash at the beginning of the year	195	892	941
Cash, cash equivalents, and restricted cash at the end of the year	535	195	892
Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net	(70)	(20)	(90)
Tax authority deposit applied to income taxes	(32)	0	0
Cash paid for interest, net	(18)	(13)	(1)
Unpaid capital expenditures	$ 16	$ 15	$ 22

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Comprehensive Loss [Member]
Balance, Beginning at Dec. 31, 2017	$ 1,604.0	$ 153.0	$ (178.0)	$ 470.0	$ 1,280.0	$ (122.0)
Balance, Beginning, Shares at Dec. 31, 2017		153,000,000	8,000,000
Net income	395.0				395.0
Payment of cash dividends	(74.0)				(74.0)
Issuance of shares for employee stock plans and stock-based compensation			(1,000,000)
Issuance of shares for employee stock plans and stock-based compensation, amount	(9.0)		$ (12.0)	(21.0)
Treasury Stock, Shares, Acquired			9,000,000
Treasury Stock, Value, Acquired, Cost Method	(212.0)		$ (212.0)
Compensation expense associated with stock awards	9.0			9.0
Other comprehensive loss	(8.0)					(8.0)
Balance, Ending, Shares at Dec. 31, 2018		153,000,000	16,000,000
Balance, Ending at Dec. 31, 2018	1,700.0	$ 153.0	$ (378.0)	458.0	1,613.0	(146.0)
Cumulative Effect of New Accounting Principle in Period of Adoption	(5.0)				12.0	(17.0)
Net income	(5.0)				(5.0)
Payment of cash dividends	(65.0)				(65.0)
Issuance of shares for employee stock plans and stock-based compensation			0
Issuance of shares for employee stock plans and stock-based compensation, amount	(3.0)		$ (10.0)	(13.0)
Common stock, Shares acquired		(23,000,000)
Common stock, Value, Shares acquired		$ (23.0)
Treasury Stock, Shares, Acquired			2,000,000
Treasury Stock, Value, Acquired, Cost Method	(638.0)		$ (38.0)
Stock Repurchased and Retired During Period, Value					(577.0)
Compensation expense associated with stock awards	9.0			9.0
Noncontrolling Interest, Change in Redemption Value	0.0
Other comprehensive loss	$ (7.0)					(7.0)
Balance, Ending, Shares at Dec. 31, 2019	111,945,021	130,000,000	18,000,000
Balance, Ending at Dec. 31, 2019	$ 991.0	$ 130.0	$ (406.0)	454.0	966.0	(153.0)
Treasury Stock, Value	406.0
Net income	499.0
Payment of cash dividends	(65.0)				(65.0)
Issuance of shares for employee stock plans and stock-based compensation			(1,000,000)
Issuance of shares for employee stock plans and stock-based compensation, amount	(3.0)		$ (9.0)	(12.0)
Common stock, Shares acquired		(6,000,000)
Common stock, Value, Shares acquired		$ (6.0)
Treasury Stock, Shares, Acquired			0
Treasury Stock, Value, Acquired, Cost Method	(200.0)		$ 0.0
Stock Repurchased and Retired During Period, Value					(194.0)
Compensation expense associated with stock awards	12.0			12.0
Noncontrolling Interest, Change in Redemption Value	(2.0)			(2.0)
Other comprehensive loss	$ 2.0					2.0
Balance, Ending, Shares at Dec. 31, 2020	111,945,021	124,000,000	17,000,000
Balance, Ending at Dec. 31, 2020	$ 1,234.0	$ 124.0		$ 452.0	$ 1,206.0	$ (151.0)
Treasury Stock, Value			$ 397.0

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.145	$ 0.135	$ 0.13

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Significant Accounting Policies [Text Block]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Louisiana-Pacific Corporation and our subsidiaries are a leading provider of high-performance building solutions that meet the demands of builders, remodelers and homeowners worldwide. Serving the new home construction, repair and remodeling, and outdoor structures markets, we have leveraged our expertise to become an industry leader known for innovation, quality and reliability. The Company operates 25 plants across the U.S., Canada, Chile, and Brazil through foreign subsidiaries, and operate facilities through joint ventures. The principal customers for our building solutions are retailers, wholesalers, and homebuilding and industrial businesses in North America and South America, with limited sales to Asia, Australia, and Europe. References to "LP," "the Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

See Note 20 below for further information regarding our products and segments.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

The Consolidated Financial Statements include the accounts of LP and our controlled subsidiaries. All intercompany transactions, profits, and balances have been eliminated. All dollar amounts are in millions except per share.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and short-term investments of three months or less when purchased. These investments are stated at cost, which approximates market value.

Receivables

Receivables consisted of the following:


	December 31,
	2020		2019
Trade receivables	$	161	$	111
Income tax receivable	2		35
Other receivables	23		19
Allowance for doubtful accounts	(2)		(1)
	$	184	$	164

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables at December 31, 2020, and 2019, primarily consist of sales tax receivables, vendor rebates, a receivable associated with an affiliate and other miscellaneous receivables.

Investments

Our long-term investments are classified as available-for-sale and are reported at estimated fair value. Unrealized gains and losses, net of tax, on these investments are reported as a separate component of “Accumulated comprehensive loss” in Stockholders’ Equity until realized. Impairment losses are charged to income for other-than-temporary declines in fair value. Realized gains and losses (including impairments) are recorded as investment income. For purposes of computing realized gains and losses, the cost is identified on a specific identification basis. As of December 31, 2020, we had no available-for-sale securities and at December 31, 2019, we had $5 million ($19 million, par value) invested in auction rate securities (ARS). During 2020, we sold our ARS and recognized a $3 million gain on available-for-sale securities, which is included in investment income in the Consolidated Statements of Income.

Fair Value of Financial Instruments

We have, where appropriate, estimated the fair value of financial instruments. These fair value amounts may be significantly affected by the assumptions used, including the discount rate and estimates of cash flows. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange.

Inventories

Inventories are valued at the lower of cost or net realizable value. Inventory costs include materials, labor, and operating overhead. The FIFO (first-in, first out) or average cost methods are used to value our inventories as of December 31, 2020. Included in the inventory balance is a lower of cost or market adjustment of $12 million as of December 31, 2020, and $13 million as of December 31, 2019. Inventory consisted of the following:


	December 31,
	2020		2019
Logs	$	49	$	47
Other raw materials	36		32
Semi-finished inventory	28		26
Finished products	146		160
Total	$	259	$	265

Timber and Timberlands

Timber and timberlands are comprised of timber deeds and allocations of the purchase price to Canadian timber harvesting licenses. Timber deeds are transactions in which we purchase timber, but not the underlying land. The cost of timber deeds is capitalized in timber and timberlands and charged to the cost of timber harvested as the volume is removed. Timber that has been severed but has not yet been delivered to a facility is included in timber and timberlands. As of December 31, 2020, and 2019, we had timber and timberlands of $18 million and $25 million, respectively.

Timber licenses have a life of twenty to twenty-five years. These licenses are amortized on a straight-line basis over the life of the facilities. As of December 31, 2020, and 2019, we had timber licenses of $34 million and $38 million, respectively. Certain Canadian timber harvesting licenses also include future requirements for reforestation. The fair value of the future estimated reforestation obligation is accrued and recognized in cost of sales based on the volume of timber harvested; fair value is determined by discounting the estimated future cash flows using a credit adjusted risk-free rate. Subsequent changes to the fair value resulting from the passage of time and revisions to fair value calculations are recognized in earnings as they occur.

Property, Plant, and Equipment

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following:


	December 31,
	2020		2019
Property, plant, and equipment, at cost:
Land, land improvements, and logging roads, net of road amortization	$	172	$	168
Buildings	356		350
Machinery and equipment	1,971		1,965
Construction in progress	63		46
	2,562		2,529
Accumulated depreciation	(1,644)		(1,564)
Property, plant, and equipment, net	$	918	$	965

Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets, which typically range from 10 to 20 years for buildings and land improvements, 3 to 15 years for equipment and the shorter of the lease term or estimated useful lives for leasehold improvements.

Depreciation and amortization expense on property, plant, and equipment is included in our Consolidated Statements of Income as noted below:


	Year ended December 31,
	2020		2019		2018
Cost of sales	$	103	$	115	$	113
Selling, general and administrative expenses	3		3		3
Total depreciation and amortization	$	106	$	118	$	116

Logging road construction costs are capitalized and included in land and land improvements. These costs are amortized as the timber volume adjacent to the road system is harvested.

Long-lived assets to be held and used (primarily property, plant, and equipment and timber and timberlands) are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When impairment is indicated, the book values of the assets are written down to their estimated fair value as calculated by the expected discounted cash flow or estimated net sales price. See Note 15 below for a discussion of charges related to impairments of property, plant, and equipment.

Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value.

Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are assessed annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. Impairment is evaluated by applying a fair value based test. Impairment losses would be recognized whenever the implied fair value of goodwill is less than its carrying value.

During the year ended December 31, 2020, we recognized a non-cash impairment charge of $5 million associated with our off-site construction operation Entekra Holdings, LLC (Entekra) related, in part, to the impacts of the COVID-19 pandemic on that operation. Our 2019 and 2018 annual impairment assessment, which were performed during the fourth quarter of each year, did not result in impairments of our goodwill or intangible assets during the those years. See Note 6 below for further discussion of goodwill and intangible assets.

Investments in Affiliates

We account for investments in affiliates when we do not have a controlling financial interest using the equity method under which LP’s share of earnings and losses of the affiliate is reflected in earnings and dividends are credited against the investment in affiliate when declared.

Restricted Cash

Our restricted cash accounts generally secure outstanding letters of credit. The restricted cash balance at December 31, 2020, and 2019, was $0 million and $14 million, respectively.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows:


	December 31,
	2020		2019
Trade accounts payable	$	125	$	127
Salaries and wages payable	62		48
Accrued rebates	44		34
Taxes other than income taxes	15		7
Current portion of operating lease liabilities	8		8
Other accrued liabilities	13		18
Total Accounts payable and accrued liabilities	$	267	$	242

Other accrued liabilities at December 31, 2020, and 2019, primarily consisted of reforestation liabilities, accrued rent, accrued interest, worker compensation liabilities, warranty reserves, and other items. Additionally, included in Accounts payable is $16 million and $15 million related to capital expenditures that had not yet been paid as of December 31, 2020 and 2019, respectively.

Other Long-Term Liabilities

Other long-term liabilities were as follows:


	December 31,
	2020		2019
Pension benefit obligation	$	17	$	23
Asset retirement obligations	10		11
Uncertain tax positions	9		37
Post-retirement obligations	9		9
Warranty reserves	6		6
Other	35		39
Total Other long-term liabilities	$	86	$	125

Asset Retirement Obligations

We record the fair value of the legal and conditional obligations to retire and remove long-lived assets in the period in which the obligation is incurred. These obligations primarily consist of monitoring costs on closed landfills, timber reforestation obligations associated with our timber licenses in Canada and site restoration costs. When the related liability is initially recorded, we capitalize the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its settlement value, and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, we recognize a gain or loss for any difference

between the settlement amount and the liability recorded. The activity in our asset retirement obligation liability for 2020 and 2019 is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	11	$	12
Accretion expense	1		1
Adjusted to expense during the year	(1)		(2)
Adjusted to other operating credits and charges, net	—		—


Ending balance	$	10	$	11

Income Taxes

We account for income taxes under an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our Consolidated Financial Statements or tax returns. In estimating future tax consequences, we generally consider all expected future events other than the enactment of changes in tax laws or rates. The effect on deferred tax assets and liabilities of a change in tax rates will be recognized as income or expense in the period that includes the enactment date. Additionally, deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.

We recognize liabilities for uncertain tax positions through a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of the available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we determine the probability for various outcomes. We evaluate these uncertain tax provisions when new information becomes available. These revaluations are based upon factors including, but not limited to, changes in circumstances, changes in tax law, successful settlement of issues under audit, and new audit activity. Such a change in recognition or measurement could result in recognition of a tax benefit or an increase to the related provision.

We classify interest related to income tax liabilities or uncertain tax positions as interest expense or interest income and, if applicable, penalties are recognized as a component of income tax expense.

Redeemable Noncontrolling Interest

Redeemable noncontrolling interest in subsidiaries that is redeemable outside of our control is classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interest adjusted for cumulative earnings allocations. Net income attributed to noncontrolling interest is recorded in the Consolidated Statements of Income. Any adjustments to the redemption value of redeemable noncontrolling interest are recognized in either net income or through accumulated paid-in capital, depending on the nature of the underlying security (preferred or common units). See Note 9 below for a further discussion of redeemable noncontrolling interest.

Stock-Based Compensation

We have stock award plans covering certain key employees and directors, which provide for awards of restricted stock, restricted stock units, performance stock units, stock-settled stock appreciation rights (SSARS), and stock options. In addition, we offer an Employee Stock Purchase Plan (ESPP) to employees.

The fair value of our restricted stock and restricted stock units is the closing stock price of LP’s common stock the day preceding the grant date. The fair value of our performance stock units is estimated using the Monte Carlo simulation pricing model. The key assumptions used in this model include expected volatility, risk-free rate, average

and grant date stock prices. The estimate of expected volatility for performance units is based upon historical stock price volatility and the length of the performance period. The risk-free interest rate is based on zero coupon U.S. Treasury bonds. The beginning average stock price equals the average closing value stock price over the defined period of trading days with the assumption that dividends distributed during the period were reinvested.

Foreign Currency Translation

The functional currency for our Canadian subsidiaries is the U.S. dollar. The books and records for these subsidiaries are maintained in the Canadian dollar. The financial statements of these foreign subsidiaries are remeasured into U.S. dollars using the historical exchange rate for property, plant, and equipment, timber and timberlands (related depreciation and amortization on both property, plant, and equipment and timber and timberlands), goodwill, and certain other non-monetary assets. We use the exchange rate at the balance sheet date for the remaining assets and liabilities, including deferred taxes. A weighted average exchange rate is used for each period for revenues and expenses. These transaction gains or losses are recorded in “Other non-operating items” on the Consolidated Statements of Income.

The functional currencies of our Chilean, Brazilian, Argentinean, Columbian, and Peruvian subsidiaries are their respective local currencies, and therefore, their books and records are maintained in local currency. Translation adjustments, which are based upon the exchange rate at the balance sheet date for assets and liabilities and the weighted average rate for the income statement, are recorded in “Accumulated comprehensive loss” in Stockholders’ equity on the Consolidated Balance Sheets.

Advertising costs

Advertising costs of $20 million, $28 million and $21 million in 2020, 2019, and 2018, respectively, are principally expensed as incurred and included as part of selling, general, and administrative expenses within our Consolidated Statements of Income. Advertising costs include product displays, media production costs, agency fees, sponsorships, and cooperating advertising.

Other Operating Credits and Charges, Net

We classify significant amounts unrelated to ongoing core operating activities as “Other operating credits and charges, net” in the Consolidated Statements of Income. Such items include, but are not limited to, restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, product reserves, retirement charges, gains or losses from settlements with governmental or other organizations, and gains (loss) on the sale of long-lived assets. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment.

Retirement Benefits

We are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, instead, systematically and gradually over subsequent periods. See Note 18 of the Notes to the Consolidated Financial Statements for further information.

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that are excluded from net income, including foreign currency translation adjustments, costs associated with pension or other post-retirement benefits that have not been recognized as components of net periodic benefit costs, and net unrealized gains or losses on securities and is presented in the accompanying Consolidated Statements of Comprehensive Income.

Present and Prospective Accounting Pronouncements (Notes)	12 Months Ended
	Dec. 31, 2020
Present and Prospective Accounting [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	2. PRESENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Policies In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). This ASU sets forth a "current expected credit loss" (CECL) model, which requires the measurement of all expected credit losses for financial instruments or other assets (e.g., trade receivables), held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. The Company adopted ASU 2016-13 on January 1, 2020. This adoption did not have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350). The standard simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The Company adopted ASU 2017-14 on January 1, 2020. This adoption did not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). The standard amends ASC 820 to add and remove disclosure requirements related to fair value measurement. The Company adopted ASU 2018-13 on January 1, 2020. This adoption did not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (Subtopic 350-40). The standard provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The Company adopted ASU 2018-15 on January 1, 2020, using the prospective transition method. This adoption did not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amended guidance modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include (a) the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year, and (b) the effects of a one percentage point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for post-retirement health care benefits. Additional disclosures include descriptions of significant gains and losses affecting the benefit obligation for the period. The Company adopted ASU 2018-14 during 2020. The adoption of this guidance modified our disclosures but did not have a material effect on our Consolidated Financial Statements. Accounting Standards Issued But Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the tax basis of goodwill. The transition requirements are primarily prospective, and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our Consolidated Financial Statements.

Revenue (Notes)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

3. REVENUE

The following table presents our reportable segment revenues, disaggregated by revenue source. We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. During 2020, LP CanExel® prefinished siding was reclassified from Siding to our Other segment, reflecting changes in organizational structure and, accordingly, the information that the chief operating decision maker uses to evaluate performance and allocate resources to our business segments. All prior periods have been adjusted for comparability.

As noted in the segment reporting information in Note 20 below, our reportable segments are: Siding, OSB, EWP, and South America.


Year Ended December 31, 2020
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	915	$	—	$	—	$	20	$	—	$	—	$	935
Fiber siding	36		—		—		—		—		—		36
OSB - Structural Solutions	—		580		—		146		—		—		726
I-joist	—		—		148		—		—		—		148
LVL	—		—		141		—		—		—		141
LSL	—		—		45		—		—		—		45
	951		580		334		166		—		—		2,031
Commodity
OSB - commodity	—		632		—		—		—		(1)		631
Plywood	—		—		25		—		—		—		25
	—		632		25		—		—		(1)		656
Other
CanExel® siding	—		—		—		—		14		—		14
Other products	8		9		30		3		38		—		88
	$	959	$	1,220	$	389	$	169	$	52	$	(1)	$	2,788


Year Ended December 31, 2019
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	797	$	—	$	—	$	19	$	—	$	—	$	816
Fiber siding	101		—		—		—		—		—		101
OSB - Structural Solutions	1		381		8		138		—		—		528
I-joist	—		—		137		—		—		—		137
LVL	—		—		142		—		—		—		141
LSL	—		—		50		—		—		—		50
	899		381		337		156		—		—		1,773
Commodity
OSB - commodity	9		387		3		—		—		(5)		394
Plywood	—		—		25		—		—		—		25
	9		387		28		—		—		(5)		419
Other
CanExel® siding	—		—		—		—		46		—		46
Other products	9		9		31		3		20		—		72
	$	917	$	777	$	396	$	159	$	66	$	(5)	$	2,310


Year Ended December 31, 2018
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	725	$	—	$	—	$	22	$	—	$	—	$	746
Fiber siding	106		—		—		—		—		—		106
OSB - Structural Solutions	23		551		14		135		—		—		723
I-joist	—		—		122		—		—		—		122
LVL	—		—		141		—		—		—		141
LSL	—		—		59		—		—		—		59
	854		551		336		157		—		—		1,898
Commodity
OSB - commodity	39		746		10		—		—		—		795
Plywood	—		—		29		—		—		—		29
	39		746		39		—		—		—		824
Other
CanExel® siding	—		—		—		—		37		—		37
Other products	12		8		34		4		11		—		69
	$	905	$	1,305	$	409	$	161	$	48	$	—	2,828

Revenue is recognized when obligations under the terms of a contract (i.e., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold.

During 2020, 2019 and 2018, our top ten customers accounted for approximately 46%, 42% and 44% of our sales, respectively, in the aggregate. No individual customer exceeded 10% of our sales in 2020, 2019, or 2018.

Our businesses routinely incur customer program costs to obtain favorable product placement, to promote sales of products and to maintain competitive pricing. Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as deductions from net sales at the time the program is

initiated. These reductions from revenue are recorded at the time of sale or the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on management’s estimation of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, and merchandising support. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations). As of December 31, 2020, and 2019, we accrued $44 million and $34 million, respectively, as customer rebates recorded in Accounts payable and accrued liabilities on our Consolidated Balance Sheets.

We ship some of our products to customers' distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution centers. The amount of consignment inventory as of December 31, 2020, and 2019, was $7 million and $12 million, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: recurring—measured on a periodic basis and non-recurring—measured on an as-needed basis.

There are three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3 Valuations based on models where significant inputs are not observable. Unobservable inputs are used when little or no market data is available and reflect the Company’s own assumptions about the assumptions market participants would use.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, and 2019, are summarized in the following tables.


	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities	$	—	$	—	$	—	$	—
Trading securities	5		5		—		—


	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities	$	5	$	—	$	—	$	5
Trading securities	4		4		—		—

Trading securities consist of rabbi trust financial assets, which are recorded in other assets in our Consolidated Balance Sheets. The rabbi trust holds assets attributable to the elections of certain management employees to defer the receipt of a portion of their compensation. The assets of the rabbi trust are invested in mutual funds and are reported at fair value based on active market quotations, which represent Level 1 inputs.

The valuation of our ARS investment portfolio was subject to uncertainties that are difficult to predict. Factors that may have impacted our valuation included changes to credit ratings of the securities as well as to the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral value, discount rates, counterparty risk, and ongoing strength and quality of market credit and liquidity. During 2020, we sold our ARS and recognized a $3 million gain on available-for-sale securities, which is included in investment income in the Consolidated Statements of Income. As of December 31, 2020, we had no available-for-sale securities, and at December 31, 2019, we had $5 million ($19 million, par value) invested in ARS.

The following table summarizes changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the twelve months ended December 31, 2020, and 2019.


	Available-for- sale securities
Balance at December 31, 2018	$	6
Return of principal on ARS	(1)
Total realized/unrealized gains	—


Balance at December 31, 2019	5
Return of principal on ARS	(3)
Total realized/unrealized gains
Included in investment income	3
Included in other comprehensive income	(4)
Balance at December 31, 2020	$	—

Carrying amounts reported on the balance sheet for cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturity of these instruments. See discussion on fair market values for Long-term Debt included within Note 12 below.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Earnings Per Share [Text Block]

Basic earnings per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, SSARs, restricted stock or units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share:


	Year ended December 31,
Share amounts in millions	2020	2019	2018






Denominator for basic earnings per share:
Weighted average common shares outstanding	111	123	143
Effect of dilutive securities:
Dilutive effect of employee stock plans	1	—	1
Dilutive potential common shares	112	123	144
Denominator for diluted earnings per share:
Adjusted weighted average shares	112	123	144

For the year ended December 31, 2019, approximately one million of the outstanding restricted stock and shares of common stock issuable upon exercise of outstanding stock option awards have been excluded from the calculation of diluted earnings per share because the net loss for the year ended December 31, 2019, causes such securities to be anti-dilutive.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in goodwill by segment for the year ended December 31, 2020, and 2019, are provided in the following table:


	Siding		OSB		Other		Total
Balance at December 31, 2018	$	—	$	16	$	—	$	16
Additions (see Note 8)	4		—		10		14

Balance at December 31, 2019	4		16		10		30
Additions	—		—		—		—
Impairment charges	—		—		(5)		(5)
Balance at December 31, 2020	$	4	$	16	$	5	$	25

Changes in other intangible assets for the year ended December 31, 2020, and 2019, are provided in the following table:


	Timber Licenses1		Developed Technology		Trademark		Total Other Intangibles
Balance at December 31, 2018	$	41	$	10	$	—	$	51
Additions (see Note 8)	—		12		3		15
Amortization	(3)		(2)		—		(5)
Balance at December 31, 2019	38		20		3		61


Amortization	(4)		(1)		—		(5)
Balance at December 31, 2020	$	34	$	19	$	3	$	56

1Timber licenses are included in Timber and timberlands on the Consolidated Balance Sheets.

During the second quarter of 2020, we performed an interim evaluation of impairment on the goodwill associated with our off-site construction operation Entekra Holdings, LLC (Entekra) due in part to the impacts of the COVID-19 pandemic on this reporting unit. As a result, we recognized a non-cash impairment charge of $5 million during the year ended December 31, 2020, within loss on impairment in the Consolidated Statements of Income. We applied a discounted cash flow model in which cash flows are projected using internal forecasts over future periods, plus a terminal value, and discounted to present value using a risk-adjusted rate of return. The cash flow forecasts included estimates of growth rates based on our current views of the long-term outlook of the reporting unit and may materially differ from actual results. The discount rate assumptions were based on an assessment of the risk inherent in the future cash flows of each reporting unit using industry, peer group, and company-specific information.

Included in the balance of timber licenses are values allocated to Canadian forest licenses whose initial value of $91 million is amortized over the estimated useful life of twenty to twenty-five years. Amortization expense related to definite-lived intangible assets was $5 million, $5 million and $4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Amortization of the above intangible assets will be $5 million per year over the next five years.

Investments in and Advances to Affiliates	12 Months Ended
Investments in and Advances to Affiliates	Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Affiliates	INVESTMENTS IN AND ADVANCES TO AFFILIATES At December 31, 2020, and 2019, we had an investment in a joint venture with Resolute Forest Products, Inc. to operate jointly owned I-Joist facilities in Quebec, Canada (Resolute-LP). Each partner owns 50% of the venture. We both sell products and raw materials to Resolute-LP, and purchase products for resale from Resolute-LP. We eliminate profits on these sales and purchases, to the extent the inventory has not been sold through to third parties, based on its 50% interest. For the years ended December 31, 2020, 2019 and 2018, we sold $21 million, $12 million and $17 million, respectively, of products to Resolute-LP and purchased $73 million, $70 million and $58 million, respectively, of I-Joists from Resolute-LP. Included in our Consolidated Balance Sheets at December 31, 2020, and 2019, are $7 million and $4 million, respectively, in accounts receivable associated with Resolute-LP. For the years ended December 31, 2020, and 2019, we received $4 million and $11 million, respectively, in dividends from Resolute-LP. We classified the receipt of these cash dividends as cash flows from operations. Our cumulative equity in earnings from Resolute-LP exceeds the cumulative distributions received; therefore, the dividends were deemed to be a return on our investment and not a return of our investment. We are the exclusive distributor of the I-Joists produced and sold by the joint venture, and it is considered an integral part of our operations. We are classifying the income from the joint venture as a reduction in cost of sales. LP recorded income from affiliates of $4 million in 2020, $11 million in 2019, and $2 million in 2018.

Acquisitions (Notes)	12 Months Ended
Acquisitions (Notes)	Dec. 31, 2020
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	8. ACQUISITIONS AND DIVESTITURES Divestitures During the second quarter of 2020, we sold LP’s East River facility located in Nova Scotia, Canada (the East River facility), as well as the assets and brand rights for CanExel®, the fiber-based prefinished siding product manufactured at that facility, for a total purchase price of $17 million, $15 million of which was received in cash in connection with the closing and $2 million of which is payable under a promissory note due in three equal annual installments beginning in June 2021. The current portion is included in prepaid expenses and other current assets and the long-term portion is included in other assets within the Consolidated Balance Sheet. We recognized a gain on sale of $2 million for the year ended December 31, 2020, within other operating credits and charges, net in the Consolidated Statements of Income. The total net carrying value of assets related to the East River facility and CanExel® at the date of sale was $14 million, consisting primarily of approximately $10 million and $5 million of inventories and property, plant, and equipment, net, respectively. The Consolidated Statements of Income for the year ended December 31, 2020, include net sales of $14 million, related to the divested East River facility and assets and brand rights for CanExel®. The Consolidated Statements of Income for the year ended December 31, 2019, include net sales of $46 million related to the East River facility. Acquisitions Acquisitions have been accounted for as business combinations using the acquisition method and, accordingly, the results of operations of the acquired businesses have been included in our Consolidated Financial Statements since their dates of acquisition. Asset acquisitions have been accounted for under ASU 2017-01. The assets and liabilities of these businesses were recorded in the financial statements at their estimated fair values as of the acquisition dates. During the first quarter of 2019, we obtained a controlling interest in Entekra. Entekra's results of operations have been fully consolidated for periods after December 31, 2018, and we established a redeemable noncontrolling interest related to the minority holders. Due to the pre-existing ownership interest in Entekra, this acquisition was accounted for as a step acquisition in accordance with ASC 805, "Business Combinations." We recognized a gain of $14 million, recorded within Other non-operating items on our Consolidated Statements of Income in connection with this transaction to record our ownership interest in Entekra at fair value on the acquisition date. Including our previously owned interest, we acquired net assets of $56 million, consisting of $41 million in current assets (including $40 million in cash), $6 million in fixed assets, $25 million of goodwill and other intangible assets less $1 million in current liabilities and $15 million in noncontrolling interest. During the second quarter of 2019, we acquired certain assets and liabilities of a pre-finishing siding company located in Wisconsin. The purchase resulted in goodwill of $4 million. During the fourth quarter of 2019, we acquired certain assets of an Illinois pre-finishing facility. The purchase resulted in $3 million of property, plant, and equipment.

Noncontrolling Interests (Notes)

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Line Items]

Redeemable Noncontrolling Interest [Table Text Block]

9. REDEEMABLE NONCONTROLLING INTERESTS

Redeemable noncontrolling interest is interest in subsidiaries that is redeemable outside of our control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value or carrying value at the end of each reporting period. Net loss attributed to noncontrolling interest is recorded in the Consolidated Statements of Income. Any adjustments to the redemption value of redeemable noncontrolling interest are recognized in either net income or through accumulated paid-in capital, depending on the nature of the underlying security (preferred or common units).

The components of redeemable noncontrolling interests are as follows:


	December 31,
	2020		2019
Beginning balance	$	10	$	—
Purchase of redeemable common and preferred units	—		15
Adjustment to redemption value (through accumulated paid-in capital)	2		—
Net loss attributable to noncontrolling interest	(1)		(5)
Impairment charge attributed to noncontrolling interest	(1)		—
Ending balance	$	10	$	10

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income Tax Provision

The components of income from continuing operations before income taxes, including equity in unconsolidated affiliates, were as follows:


	Year ended December 31,
	2020		2019		2018
Domestic	$	528	$	18	$	359
Foreign	93		(41)		162
Total	$	621	$	(23)	$	521

The following presents the components of our income tax provision (benefit) from continuing operations.


	Year ended December 31,
	2020		2019		2018
Current tax provision (benefit):
U.S. federal	$	79	$	(5)	$	55
State and local	17		(1)		8
Foreign	27		(17)		32
Net current tax provision (benefit)	123		(23)		95
Deferred tax provision (benefit):
U.S. federal	(3)		7		11
State and local	8		(1)		6
Foreign	(2)		5		11
Net valuation allowance increase (decrease)	(1)		(1)		(1)
Net deferred tax provision	2		10		27
Total income tax provision (benefit)	$	125	$	(13)	$	122

We paid income taxes, net of refunds, of $70 million, $20 million, and $90 million during 2020, 2019, and 2018, respectively. Included in our Consolidated Balance Sheets at December 31, 2020, is a net income tax payable of $15 million, and at December 31, 2019, we had a net income tax receivable of $35 million.

Deferred Taxes

The tax effects of significant temporary differences creating deferred tax assets and liabilities were as follows:


	December 31,
	2020		2019
Accrued liabilities	$	23	$	18
Pension and post-retirement benefits	5		7
Share-based compensation	4		5
Benefit relating to capital loss, NOL carryforwards, and credit carryforwards	9		28
Inventories	7		7
Market value write-down of ARS	—		3
Operating lease liabilities	5		6
Other	12		8
Total deferred tax assets	65		82
Valuation allowance	(10)		(11)
Total deferred tax asset after valuation allowance	55		71
Property, plant, and equipment	(109)		(121)
Timber and timberlands	(9)		(10)
Operating lease assets	(5)		(6)
Investment in Entekra	(7)		(6)
Total deferred tax liabilities	(130)		(143)
Net deferred tax liabilities	(75)		(72)
Balance sheet classification
Long-term deferred tax asset	3		1
Long-term deferred tax liability	(78)		(73)
	$	(75)	$	(72)

The benefit relating to capital loss, net operating loss (NOL) and credit carryforwards included in the above table at December 31, 2020 consists of:


	Net Operating Loss	Benefit Amount		Valuation Allowance		Expiration Beginning in

State NOL carryforwards	109	$	2	$	—	2021
Chile NOL carryforwards	4	1		—		No expiration
State credit carryforwards		1		—		2034
Canadian capital loss carryforwards		5		(5)		No expiration
Canadian credit carryforwards		1		—		2024
		$	10	$	(5)

We periodically review the need for valuation allowances against deferred tax assets and recognize these deferred tax assets to the extent that their realization is more likely than not. As part of our review, we consider all positive and negative evidence, including earnings history, the future reversal of deferred tax liabilities, and the relevant expirations of carryforwards. We believe that the valuation allowances provided are appropriate. If future years’ earnings differ from the estimates used to establish these valuation allowances, or other objective positive or negative evidence arises, we may be required to record an adjustment to the valuation allowance resulting in an impact on tax provision (benefit) for that period.

As of December 31, 2020, certain of our foreign subsidiaries had accumulated undistributed earnings of approximately $143 million. These earnings have been, and are intended to be, indefinitely reinvested in our foreign operations, and we expect future U.S. cash generation to be sufficient to meet our future U.S. cash needs. As a

result, no deferred taxes have been recorded with respect to the difference between the financial accounting value and the tax basis in these subsidiaries.

Since most of these earnings have previously been subject to the one-time U.S. transition tax on foreign earnings required by the 2017 Tax Cuts and Jobs Act, they are eligible to be repatriated without additional U.S. tax. Any additional taxes due with respect to such earnings, if repatriated to the U.S., would generally be limited to foreign withholding taxes, which we estimate could be up to $26 million.

Tax Rate Reconciliation

The following table summarizes the differences between the U.S. federal statutory tax rates and the total effective tax rates from continuing operations:


	Year ended December 31,
	2020			2019			2018
Income from continuing operations before income taxes, including equity in unconsolidated affiliates	$	621		$	(23)		$	524

U.S. federal tax rate	21		%	21		%	21		%
State and local income taxes	3			11			3
Effect of foreign tax rates	1			9			2
Effect of foreign exchange on functional currencies	—			(4)			(1)
Tax credits	(1)			8			(1)
Noncontrolling interest	—			(4)			—
Stock-based compensation	—			5			(1)

Capital gain tax rate differential	—			5			—
Inflationary adjustment	—			5			—
Valuation allowance	—			8			—
Uncertain tax positions	(4)			(7)			—
Effect of U.S. federal rate change on deferred taxes	—			—			(1)
Other, net	—			1			1
Effective tax rate (%)	20		%	58		%	23		%

We are subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. Our foreign subsidiaries are subject to income tax in Canada, Chile, Brazil, Peru, Colombia, and Argentina.

We generally remain subject to U.S. federal and state examinations for tax years 2017 and subsequent. In addition to the U.S., we have tax years that remain open and subject to examination by tax authorities in the following major tax jurisdictions: Brazil and Chile for tax years 2015 and subsequent and Canada for tax years 2016 and subsequent. Our tax returns are currently under examination by tax authorities in Canada for years 2017 and 2018 and in Chile for years 2016 through 2018.

Under U.S. GAAP, we are allowed to make an accounting policy election relating to the inclusion of Global Intangible Low-Taxed Income (GILTI) to treat taxes due on future U.S. income inclusions in taxable income related to GILTI as either (1) a current period expense (the period cost method) or (2) factoring in such amounts into our measurement of deferred taxes (the deferred method). We have elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred using the period cost method.

Uncertain Tax Positions

In accordance with the accounting for uncertain tax positions, the following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years presented:


	December 31,
	2020		2019		2018
Beginning balance	$	38	$	41	$	40
Increases:
Tax positions taken in current year	1		1		1
Tax positions taken in prior years	1		—		1
Decreases:
Tax positions taken in current year	—		—		—
Tax positions taken in prior years	—		—		—
Settlements during the year	—		(4)		(1)
Lapse of statute in current year	(29)		—		—
Ending balance	$	11	$	38	$	41

Included in the above balances at December 31, 2020, is $11 million of tax benefits that, if recognized, would affect our effective tax rate. We accrued and paid no interest during 2020 and accrued $1 million interest and paid $2 million interest during 2019. Included in our Consolidated Balance Sheets at December 31, 2019, was a $2 million liability for accrued interest. After the statute of limitations lapsed in 2020, we reversed the liability for accrued interest and had no remaining interest accrued as of December 31, 2020.

Leases (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

11. LEASES

Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, rail cars to transport our products, and a fleet of vehicles. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration.

As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease term for all of our leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that we are reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

As of December 31, 2020, our weighted average discount rates were five percent and four percent for operating and finance leases, respectively. As of December 31, 2020, our weighted average remaining lease terms were 12 and 2 years for operating and finance leases, respectively.

Our operating and finance leases are included in our Consolidated Balance Sheet and Consolidated Statement of Income as follows:


	Classification	December 31,
Consolidated Balance Sheet		2020		2019
Assets:
Operating lease assets	Operating lease assets	$	40	$	44
Finance lease assets	Property, plant, and equipment, net	—		1
Total lease assets		$	40	$	45
Liabilities:
Current
Operating	Accounts payable and accrued liabilities	$	8	$	8
Finance	Current portion of long-term debt	—		—
Non-current
Operating	Non-current operating lease liabilities	32		36
Finance	Long-term debt, excluding current portion	—		1
Total lease liabilities		$	40	$	45


	Classification	December 31,
Consolidated Statement of Income		2020		2019
Lease Cost:
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	12	$	10
Finance lease cost
Amortization of leased assets	Cost of sales	—		—
Interest on lease liabilities	Interest expense	—		—
Total lease cost		$	12	$	10

For the year ended December 31, 2020, we incurred short-term lease and variable lease costs of $2 million, and we made cash payments of $9 million in operating leases. For the year ended December 31, 2019, we incurred short-term lease and variable lease costs of $31 million, and we made cash payments of $9 million in operating leases.

We obtained right to use (ROU) assets in exchange for new operating lease liabilities of $4 million and $47 million for the years ended December 31, 2020, and 2019, respectively. We did not enter into any financing leases during 2020. We obtained ROU assets in exchange for new finance lease liabilities of $1 million for the year ended December 31, 2019.

The following table sets forth the minimum lease payments that are expected to be made in each of the years indicated.


	Operating Leases		Finance Leases		Total
2021	$	9	$	—	$	9
2022	7		—		7
2023	4		—		4
2024	3		—		3
2025	2		—		2
2026 and thereafter	27		—		27
Total lease payments	52		—		52
Less: Interest	(12)		—		(12)
Present value of lease liabilities	$	40	$	—	$	40

Long-term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT


			December 31, 2020						December 31, 2019
	Interest Rate		Principal		Unamortized Debt Costs		Total		Principal		Unamortized Debt Costs		Total
Debentures:
Senior unsecured notes, maturing 2024, interest rates fixed	4.875	%	$	350	$	(2)	$	348	$	350	$	(3)	$	347
Amended Credit Facility, maturing 2023 to 2024, interest rates variable	varies		—		—		—		—		—		—



Other financing:
Financing leases			1		—		1		1		—		1
Total			351		(2)		348		351		(3)		348
Less: current portion			—		—		—		—		—		—
Long-term portion			$	351	$	(2)	$	348	$	351	$	(3)	$	348

In March 2020, we borrowed $350 million under our revolving credit facility dated as of June 27, 2019 (the Credit Facility) with American AgCredit, PCA, as administrative agent and CoBank, ACB, as a letter of credit issuer, as a precautionary measure, to ensure funds were available to meet our obligations for a substantial period of time in response to the COVID-19 pandemic. In May 2020, we entered into an amendment to the Credit Facility to provide a total capacity of $550 million and later in May 2020, we entered into a second amendment to the Credit Facility (as amended, the Amended Credit Facility), which modified certain representations and warranties included in the Credit Facility related to the impacts of the ongoing COVID-19 pandemic on the Company’s business, operations or financial conditions as more particularly set forth in the second amendment. We repaid the $350 million borrowed under the Credit Facility in June 2020.

The Amended Credit Facility provides for revolving credit facilities in the aggregate principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. The initial $350 million revolving facility provided pursuant to the Credit Facility (Revolving A Loan) terminates, and all loans made thereunder become due, on June 27, 2024. The incremental $200 million revolving facility provided pursuant to the Amended Credit Facility in May 2020 (Revolving B Loan) terminates, and all loans made thereunder become due, on May 1, 2023. Certain of LP’s existing and future wholly-owned domestic subsidiaries may guaranty our obligations under the Amended Credit Facility and, subject to certain limited exceptions, provide security through a lien on substantially all the personal property of these subsidiaries.

There were no outstanding amounts borrowed under the Amended Credit Facility as of December 31, 2020.

Revolving borrowings under the Amended Credit Facility accrue interest, at our option, at either a “base rate” plus a margin of 0.875% to 2.000% for Revolving A Loans and 1.125% to 2.250% for Revolving B Loans or LIBOR plus a margin of 1.875% to 3.000% for Revolving A Loans and 2.125% to 3.250% for Revolving B Loans. The Amended Credit Facility also includes an unused commitment fee, due quarterly, ranging from 0.3% to 0.6% for both Revolving A Loans and Revolving B Loans. The applicable margins and fees within these ranges are based on our ratio of consolidated EBITDA to cash interest charges. The “base rate” is the highest of (i) the Federal funds rate plus 0.5%, (ii) the U.S. prime rate, and (iii) one-month LIBOR plus 1.0%.

The Amended Credit Facility contains various restrictive covenants and customary events of default, the occurrence of which could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Amended Credit Facility also contains financial covenants that require us and our consolidated subsidiaries to have, as of the end of each quarter, (i) a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5% and (ii) a minimum consolidated net worth of at least $475 million plus 70% of consolidated net income after December 31, 2019, without a deduction for net losses.

In September 2016, we issued $350 million aggregate principal amount of the 2024 Senior Notes, which mature on

September 15, 2024. We may, at our option on one or more occasions, redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2024 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2024 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions and merge or consolidate or sell all or substantially all of our assets. If we are subject to a "change of control," as defined in the indenture, we are required to offer to repurchase the 2024 Senior notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon to, but not including, the date of purchase. The indenture governing the 2024 Senior Notes contains customary events of default, including failure to make required payments on the 2024 Senior Notes, failure to comply with certain agreements or covenants contained in the indenture, failure to pay or acceleration of certain other indebtedness and certain events of bankruptcy and insolvency. An event of default in the indenture allows either the indenture trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 2024 Senior Notes to accelerate, or in certain cases, automatically causes the acceleration of, the amounts due under the 2024 Senior Notes.

In March 2020, LP entered into a letter of credit facility agreement (Letter of Credit Facility) with Bank of America, N.A., which provides for the funding of letters of credit up to an aggregate outstanding amount of $20 million, which may be secured by certain cash collateral of LP. The Letter of Credit Facility includes a letter of credit fee, due quarterly, ranging from 0.50% to 1.875% of the daily available amount to be drawn on each letter of credit issued under the Letter of Credit Facility. The Letter of Credit Facility is subject to similar affirmative, negative, and financial covenants as those set forth in the Amended Credit Facility, including capitalization ratio and minimum net worth covenants.

As of December 31, 2020, we were in compliance with all financial covenants under the Amended Credit Facility and the Letter of Credit Facility.

The weighted average interest rate for all long-term debt at December 31, 2020, and 2019, was approximately 4.9%. Required repayment of principal for long-term debt is as follows:


Years ending December 31,
2021	$	—
2022	—
2023	—
2024	350
2025	—
2026 and after	—
Total	$	351

Deferred debt costs are amortized over the life of the related debt using a straight-line basis, which approximates the effective interest method. We amortized deferred debt costs of $2 million, $2 million and $1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Included in these amortized amounts are deferred debt costs associated with our Amended Credit Facility, which is recorded within "Other assets" on our Consolidated Balance Sheets.

We estimated the 2024 Senior Notes to have a fair value of $360 million and $362 million at December 31, 2020, and 2019, respectively, based upon market quotations. Fair values were based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates (Level 1 in the U.S. GAAP fair value hierarchy).

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCKHOLDERS' EQUITY

Preferred Stock

We are authorized to issue up to 15,000,000 shares of preferred stock at $1.00 par value. At December 31, 2020, no shares of preferred stock have been issued.

Stock Award Plan

We have a stock-based compensation plan under which stock options, SSARs, restricted stock, restricted stock units, and performance stock units are granted. At December 31, 2020, approximately three million shares were available under the current plan for these awards.


	Year ended December 31,
	2020		2019		2018
Total stock-based compensation expense (costs of sales, selling, general and administrative and other operating credits and charges, net)	$	12	$	9	$	8
Income tax benefit related to stock-based compensation	$	2	$	1	$	3
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$	(5)	$	(5)	$	(9)

We recognize the compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years.

SSARs

Prior to January 1, 2018, we granted SSARs to key employees. On exercise, we generally issue these shares from treasury. The SSARs are granted at market price at the date of grant. SSARs become exercisable over three years and expire ten years after the date of grant. All outstanding SSARs were vested as of December 31, 2020.

Restricted Shares, Restricted Stock Units, and Performance Stock Units

We grant time-vested restricted stock units and performance stock units to certain key employees and directors under our stock award plan. Generally, time-vested restricted stock units granted prior to January 1, 2020, are subject to cliff-vesting for a period of three years from the date of grant for employees and one year for directors. Those awards granted after January 1, 2020, vest ratably over the three-year vesting period Performance stock units vest based upon the attainment of certain performance metrics over a three-year cumulative performance period. Certain of these awards are eligible to receive dividend equivalent shares. The grant date fair value of these awards approximates market value of the shares. For awards based upon the achievement of the performance goals, the awards are earned ratably from 0% to 200%. If the performance goals are met at the end of the performance period, the award is adjusted to reflect LP's three-year total shareholder return (TSR) performance relative to a capital market peer group. This TSR modifier can increase or decrease the award by 20%, although the TSR modifier cannot cause the award to exceed the maximum of 200%.

Summary of Stock Awards Outstanding

The following table summarizes stock awards as of December 31, 2020, as well as activity during the last year.


	Stock Options / SSARS			Restricted stock			Restricted Stock Units and Performance Stock Units
	Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019	640,521	$	15.56	78,968	$	20.05	1,139,247	$	24.82
Granted	—	—		—	—		540,678	30.31
Exercised	(252,980)	15.57		—	—		—	—
Vested	—	—		(78,968)	20.05		(358,987)	22.55
Forfeited	—	—		—	—		(92,608)	27.22
Outstanding at December 31, 2020	387,541	$	15.56	—	$	—	1,228,330	$	27.42
Vested and expected to vest at December 31, 2020(1)	387,541	$	15.56	—	$	—	1,228,330	$	27.42
Exercisable at December 31, 2020	387,541	$	15.56	—	—		—	—
Unrecognized compensation costs (in millions)		$	—		$	—		$	14
To be recognized over weighted average period of years		0			0			1.5

_______________

(1)Expected to vest based upon historical forfeiture rate.

The aggregate intrinsic value of the stock options and SSARs is the total pre-tax intrinsic value (the difference between our closing stock price on the last trading day of 2020 and the exercise price, multiplied by the number of in-the-money options and SSARs) that would have been received by the holders had all holders exercised their awards on December 31, 2020. This amount changes based on the market value of our stock, as reported by the New York Stock Exchange.The intrinsic value of SSARs exercised in the years ended December 31, 2020, 2019, and 2018 was $8 million, $13 million, and $35 million, respectively.

The total fair value of awards vested during the years ended December 31, 2020, 2019 and 2018, was $13 million, $11 million and $8 million, respectively.

Share Repurchases

On February 6, 2020, LP’s Board of Directors authorized LP to repurchase up to $200 million of shares of LP’s common stock (the Share Repurchase Program). On November 4, 2020, LP’s Board of Directors authorized an expansion of LP's Share Repurchase Program under which the Company may repurchase up to additional $300 million of shares of LP’s common stock.

We repurchased approximately six million shares of our common stock at an average price of $32.69 per share through market purchases during 2020, with a remaining capacity of $300 million under the Share Repurchase Program.

Employee Stock Purchase Plan

Our employee stock purchase plan (ESPP) provides our participating employees an opportunity to obtain shares of our common stock at a discount (through payroll deductions over three-month periods). At December 31, 2020, two million shares of common stock were reserved for issuance under the ESPP provisions.

Other Operating Credits and Charges, Net

12 Months Ended

Dec. 31, 2020

Other Operating Credits And Charges, Net [Abstract]

Other Operating Credits And Charges Net [Text Block}

OTHER OPERATING AND NON-OPERATING INCOME (EXPENSE)

Other operating credits and charges, net

The major components of “Other operating credits and charges, net” in the Consolidated Statements of Income for the years ended December 31 are reflected in the table below and described in the paragraphs following the table:


	Year ended December 31,
	2020		2019		2018
Reorganization and facility curtailment charges	$	(5)	$	(12)	$	(10)
Canadian wage subsidies	9		—		—
Product-line discontinuance charges	(8)		—		—
Environment costs, net of insurance recoveries	(3)		9		8
Adjustment to product-related warranty reserves	—		4		8
Other	3		(2)		(4)
	$	(4)	$	(1)	$	2

During 2020, we recognized a charge of $3 million related to additional estimated environmental costs to be paid by a third party associated with a non-operating site. We also incurred severance and other charges of $5 million related to certain reorganizations, and we recorded a charge of $8 million related to the discontinuance of our fiber product (primarily related to fiber inventory adjustments to net realizable values). Additionally, we received $9 million of Canadian wage subsidies during 2020.

During 2019, we recognized a $4 million gain related to the reduction of product-related warranty reserves associated with CanExel® products, and we received $9 million related to insurance recoveries on property damage. We also recognized $12 million of severance and other charges related to certain reorganizations.

During 2018, we recognized a $8 million gain related to the reduction of product-related warranty reserves associated with CanExel® products and a gain of $8 million related to the settlement of environmental costs to be paid by a third party associated with a non-operating site. We also recognized $10 million of severance and other charges related to certain reorganizations within the corporate offices and $5 million related to property damage sustained.

Non-operating income (expense)

Non-operating income (expense) is comprised of the following components:


	Year ended December 31,
	2020		2019		2018
Interest expense	$	(17)	$	(18)	$	(19)
Amortization of debt charges	(2)		(2)		(1)
Capitalized interest	—		1		4
Interest expense, net of capitalized interest	(19)		(19)		(16)
Interest income	2		9		18
Gain on sale of auction rate securities	3		—		1
SERP market adjustments	(1)		1		(1)
Investment income	4		10		18
Net periodic pension cost, excluding service cost	(1)		(3)		(4)
Foreign currency gains (losses)	1		(5)		—
Gain on acquisition of controlling interest	—		14		—
Other non-operating income	$	—	$	6	$	(4)

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
IMPAIRMENT OF LONG-LIVED ASSETS	Dec. 31, 2020
GAIN (LOSS) ON SALE OF AND IMPAIRMENT OF LONG-LIVED ASSETS, NET [Abstract]
Impairment of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for the carrying value of our long-lived assets. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, or should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required. As of December 31, 2020, we believe the current impacts of the COVID-19 pandemic did not warrant an impairment of our long-lived assets. However, future changes in the long-term effects of the COVID-19 pandemic on the demand and pricing of our products may result in future impairment charges, including curtailed facilities. We also review from time to time potential dispositions of various assets, considering current and anticipated economic and industry conditions, our strategic plan, and other relevant factors. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, we may be required to record impairment charges in connection with decisions to dispose of assets. During 2020, we recorded $9 million in pre-tax impairment charges primarily related to our fiber producing assets at a Siding facility. These impairment charges reflect the announced, accelerated conversion of this facility from fiber production to pre-finishing in February 2020. During 2019, we recorded an impairment of long-lived assets of $92 million related to non-operating and operating long-lived assets. Included within these impairment charges are $47 million related to non-operating assets located at Val-d’Or and St Michel, Quebec, Canada; Cook, Minnesota; and Silsbee, Texas; and $39 million related to an EWP facility producing LSL and OSB and $5 million related to a Siding facility that we expect to sell. These impairment charges reflect changes to anticipated usage of these facilities driven by market changes and improved operating efficiencies across our remaining facilities. During 2018, we recorded an impairment of long-lived assets of $11 million related to non-operating assets.

Committments and Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies Disclosure [Text Block]

CONTINGENCIES

We maintain reserves for various contingent liabilities as follows:


	December 31,
	2020		2019
Environmental reserves	$	14	$	10
Other reserves	—		—
Total contingencies	14		10
Current portion	(1)		(2)
Long-term portion	$	13	$	8

Estimates of our loss contingencies are based on various assumptions and judgments. Due to the numerous uncertainties and variables associated with these assumptions and judgments, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to contingencies and, as additional information becomes known, may change our estimates significantly. While no estimate of the range of any such change can be made at this time, the amount that we may ultimately pay in connection with these matters could materially exceed, in either the near term or the longer term, the amounts accrued to date. Our estimates of our loss contingencies do not reflect potential future recoveries from insurance carriers except to the extent that recovery may, from time to time, be deemed probable as a result of an insurer’s agreement to payment terms.

Environmental Matters

We maintain a reserve for undiscounted estimated environmental loss contingencies. This reserve is primarily for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company. Our estimates of our environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies considering the particular facts and circumstances surrounding each environmental loss contingency. These estimates typically reflect assumptions and judgments as to the probable nature, magnitude and timing of the required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities. Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly.

The activity in our reserve for estimated environmental loss contingency reserves is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	10	$	11
Adjustments to expense during the year	2		1
Adjustments to amounts to be paid be paid by a third party	2		—
Payments made	(1)		(1)
Ending balance	$	13	$	10

During 2020 and 2019, we adjusted our reserves at several sites to reflect current estimates of remediation costs and environmental settlements.

Other Proceedings

We and our subsidiaries are parties to other legal proceedings in the ordinary course of business. Based on the information currently available, management believes that the resolution of such proceedings should not have a material adverse effect on our financial position, results of operations, cash flows, or liquidity.

Self-Insurance

We are primarily self-insured for workers’ compensation and employee health care liability costs. Self-insurance liabilities for workers’ compensation are determined based upon a valuation performed by an actuarial firm. The estimate of future workers’ compensation liabilities incorporates loss development and an estimate associated with incurred but not yet reported claims. These claims are discounted. Self-insurance liabilities for employee health costs are determined actuarially based upon claims filed and estimated claims incurred but not yet reported. These claims are not discounted.

Indemnities and Guarantees

We are a party to contracts in which we agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising out of the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct of the indemnified parties. We cannot estimate the potential amount of future payments under these agreements until events arise that would trigger the liability.

Additionally, in connection with certain sales of assets and divestitures of businesses, we have agreed to indemnify

the buyer and related parties for certain losses or liabilities incurred by the buyer or such related parties with respect to (1) the representations and warranties made to the buyer by us in connection with the sales and (2) liabilities related to the pre-closing operations of the assets sold. Indemnities related to pre-closing operations generally include environmental liabilities, tax liabilities, and other liabilities not assumed by the buyer.

Indemnities related to the pre-closing operations of sold assets typically do not represent added liabilities for us, but simply serve to protect the buyer from potential liability associated with the obligations that existed (known and unknown) at the time of the sale. We record accruals for those pre-closing obligations that are considered probable and estimable. We have not accrued any additional amounts as a result of the indemnity agreements summarized below, as we believe the fair value of the guarantees is not material.

•In connection with various sales of our timberlands, we have agreed to indemnify various buyers with respect to losses resulting from breaches of limited representations and warranties contained in these agreements. These indemnities generally are capped at a maximum potential liability and have an unspecified duration.

•In connection with the sale by LP Canada Pulp Ltd (LPCP) of its pulp mill in Chetwynd, BC, Canada, to Tembec, Ltd in October 2002, we provided an indemnity of unspecified duration provided by LPCP for liabilities arising out of pre-closing operations. These indemnities, which do not extend to environmental liabilities, are capped at CAD$15 million in the aggregate.

•In connection with the mill exchange by LP Canada of its non-operating OSB mill in Chambord, Quebec, to Norbord in November 2016, we provided an indemnity for liabilities arising out of pre-closing operations. These indemnities are capped at CAD$5 million in aggregate.

We also have various other indemnities that are individually and in the aggregate immaterial.

We record a liability related to specific indemnification when future payment is probable, and the amount is estimable.

Product Warranty

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Guarantees and Indemnifications

We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	8	$	14
Accrued to expense during the year	2		1
Reduced to other operating credits and charges	—		(4)
Payments made	(2)		(3)
Total warranty reserves	8		8
Current portion of warranty reserves	(2)		(2)
Long-term portion of warranty reserves	$	6	$	6

The current portion of the warranty reserve is included in “Accounts payable and accrued liabilities,” and the long-term portion is included in “Other long-term liabilities” on our Consolidated Balance Sheets.

We changed the warranty reserves related to CanExel® products sold in certain geographic areas for a specific time period, reducing our warranty reserve by $4 million in 2019. The changes to the reserve reflected revised estimates of future claims.

We believe that the warranty reserve balances at December 31, 2020, are adequate to cover future warranty

payments. However, it is possible that additional charges may be required.

Retirement Plans and Post Retirement Benefits

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Retirement Plans and Postretirement Benefits

RETIREMENT PLANS AND POST-RETIREMENT BENEFITS

We sponsor various defined benefit pension plans and defined contribution retirement plans that provide retirement benefits to substantially all of 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. Participation in the defined benefit pension plans is limited to active and retired employees that were eligible prior to the plans being frozen. We also provide other post-retirement benefits consisting primarily of healthcare benefits to certain retirees who meet age and service requirements.

Defined Benefit Pension Plans

Pension benefits are earned generally based upon years of service and compensation during active employment. Contributions to the qualified defined benefit pension plans are based on actuarial calculations of amounts to cover current service costs and amortization of prior service costs over periods ranging up to 20 years. We contribute additional funds as necessary to maintain desired funding levels.

Benefit accruals under our most significant plan, which account for approximately 79% of the assets and 82% of the benefit obligations in the tables below, had been credited at the rate of five percent of eligible compensation with an interest credit based upon the 30-year U.S. Treasury rate. The Company discontinued providing contribution credits effective January 1, 2010, to its U.S. plans. The remaining defined benefit pension plans in Canada use a variety of benefit formulas, and we discontinued providing contribution credits effective January 1, 2020.

The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated salary increases. The following table details information regarding our pension plans at December 31:


	2020		2019
Change in benefit obligation:
Beginning of year balance	$	312	$	297
Service cost	1		3
Interest cost	9		12
Actuarial losses, net	17		24


Foreign exchange rate changes	1		2
Benefits paid	(21)		(26)
End of year balance	$	319	$	312
Change in assets (fair value):
Beginning of year balance	$	294	$	275
Actual return on plan assets	35		39
Employer contribution	—		4
Foreign exchange rate changes	2		3
Benefits paid	(21)		(26)
End of year balance	$	310	$	294
Plan assets less than benefit obligations	$	(10)	$	(18)

Amounts included in the balance sheet:
Non-current pension assets, included in “Other assets”	$	7	$	5
Current pension liabilities, included in “Accounts payable and accrued liabilities”	—		—
Non-current pension liabilities, included in “Other long-term liabilities”	(17)		(23)
Net amount recognized	$	(10)	$	(18)

The 2020 and 2019 actuarial losses of $17 million and $24 million, respectively, were largely the result of the actual return on assets exceeding the expected asset return offset by the increase in liability due a decrease in discount rate used to measure the obligations under the pension plans.

The pretax amounts recognized in accumulated comprehensive loss were as follows:


	Actuarial losses		Prior service cost		Total
December 31, 2018	$	(116)	$	(7)	$	(123)
Other comprehensive income (loss) before reclassifications	—		—		—
Amounts reclassified from accumulated comprehensive loss	5		(1)		4
December 31, 2019	(111)		(8)		(119)
Other comprehensive income (loss) before reclassifications	4		—		4
Amounts reclassified from accumulated comprehensive loss	6		—		6
December 31, 2020	$	(101)	$	(8)	$	(109)

Weighted average assumptions used to calculate our benefit obligations at December 31:


	2020		2019
Discount rate:
U.S.	2.3	%	3.1	%
Canada	2.3	%	3.0	%
Rate of compensation increase:
U.S.	NA		NA
Canada	NA		3.5	%

Benefit obligations by plan category are as follows:


	2020
	U.S.		Canada		Total
Fair value of plan assets	$	246	$	64	$	310
Benefit obligation	262		58		319
Funded Status	$	(16)	$	6	$	(10)

	2019
	U.S.		Canada		Total
Fair value of plan assets	$	236	$	58	$	294
Benefit obligation	258		54		312
Funded Status	$	(22)	$	4	$	(18)

The benefits expected to be paid from the benefit plans, which reflect expected future service, are as follows:


Year
2021	$	26
2022	19
2023	20
2024	19
2025	19
2026– 2030	91

These estimated benefit payments are based upon assumptions about future events. Actual benefit payments may vary significantly from these estimates.

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:


	Year ended December 31,
	2020		2019		2018
Service cost	$	1	$	3	$	3
Other components of net periodic pension cost:
Interest cost	9		12		11
Expected return on plan assets	(14)		(14)		(14)
Amortization of prior service cost and net transition asset	1		1		1
Amortization of net actuarial loss	6		5		6
Net periodic pension cost before loss due to settlement	$	2	$	6	$	7
Loss due to settlement	—		—		—
Total net periodic pension cost	$	2	$	6	$	7

Net periodic pension cost included in cost of sales	$	—	$	2	$	2
Net periodic pension cost included in selling, general, and administrative expenses	1		1		1
Net periodic pension cost included in other non-operating items	1		3		4
	$	2	$	6	$	7

Weighted average assumptions used to calculate our net periodic pension costs for the year ended December 31:


	2020		2019		2018
Discount rate:
U.S.	3.1	%	4.2	%	3.5	%
Canada	3.0	%	3.8	%	3.3	%
SERP	NA		NA		4.0	%
Expected return on plan assets:
U.S.	5.8	%	5.8	%	5.8	%
Canada	3.2	%	3.4	%	4.1	%
SERP	NA		NA		NA
Rate of compensation increase:
U.S.	NA		NA		NA
Canada	3.5	%	3.5	%	3.5	%
SERP	NA		NA		N/A

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.

Asset allocation targets are established based upon the long-term returns and volatility characteristics of the investment classes and recognize the benefits of diversification and the profits of the plans’ liabilities. The actual and target allocations at the measurement dates are as follows:


	Target Allocation 2020		Actual Allocation
			2020		2019
Asset category
U.S. Plans
Equity securities	33	%	41	%	40	%
Debt securities	50	%	38	%	40	%
Multi-Strategy Funds	17	%	20	%	20	%

Cash and cash equivalents	—	%	1	%	—	%
Total Allocation for U.S. Plans	100	%	100	%	100	%

Non-U.S. Plans
Debt securities	40	%	40	%	90	%
Multi-Strategy Funds	60	%	60	%	10	%
Total Allocation for Non-U.S. Plans	100	%	100	%	100	%

Our investment policies for the defined benefit pension plans provide target asset allocations by broad categories of investment and ranges of acceptable allocations. These policies are set by an administrative committee with the goal of maximizing long-term investment returns within acceptable levels of volatility and risk. Our U.S. plans include hedge funds and real return investment strategies to increase returns and reduce volatility. Our plans do not currently invest directly in derivative securities, although such investments may be considered in the future to increase returns and/or reduce volatility. To the extent the expected return on plan assets varies from the actual return, an actuarial gain or loss results.

The fair value of our pension plan assets and fair value asset categories and the level of inputs as defined in Note 4 at December 31, 2020, and 2019, are as follows:


	December 31, 2020
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Equity investment funds:
Domestic stock funds	$	56	$	56	$	—	$	—	$	—
International stock funds	46		46		—		—		—
Fixed-income investment funds:
Domestic bond funds	94		17		—		—		77
International bond funds	64		—		26		—		38
Multi-strategy funds	48		48		—		—		—
Cash and cash equivalents	2		—		2		—		—
Total	$	310	$	167	$	28	$	—	$	115

	December 31, 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Equity investment funds:
Domestic stock funds	$	54	$	54	$	—	$	—	$	—
International stock funds	40		40		—		—		—
Fixed-income investment funds
Domestic bond funds	93		15		—		—		78
International bond funds	52		—		20		—		32
Multi-strategy funds	53		47		—		—		6
Cash and cash equivalents	2		—		2		—		—
Total	$	294	$	156	$	22	$	—	$	116

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 five percent 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 one million shares of LP common stock that represented approximately eight percent of the total market value of plan assets at December 31, 2020.

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 base contribution of three percent of eligible earnings and match 50% of an employee’s deferrals up to a maximum of three percent of each employee’s eligible earnings (subject to certain limits).

Expenses related to the U.S. and Canadian defined contribution plans and the Registered Retirement Savings Plans were $9 million in 2020, and $10 million in both 2019 and 2018.

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, 2020, and 2019, for these post-retirement benefits was $10 million and $7 million, respectively. The net expense related to these plans was not significant in 2020 or 2019.

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 I.R.S. and receive a five percent 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 $2 million at December 31, 2020, and 2019, and is included in “Other long-term liabilities” on our Consolidated Balance Sheets.

Accumulated Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income (Loss), Net of Tax

ACCUMULATED COMPREHENSIVE INCOME

Accumulated comprehensive income includes cumulative translation adjustments, unrealized gains (losses) on certain financial instruments and pension and post-retirement adjustments. Other comprehensive income activity, net of tax, is provided in the following table:


	Year Ended December 31,
	2020		2019		2018
Pension
Balance at beginning of period	$	(89)	$	(93)	$	(84)
Other comprehensive income before reclassifications, net of taxes	3		—		3
Amounts reclassified from accumulated other comprehensive loss to income, net of taxes 1	5		4		6
Total other comprehensive income	8		4		9
Reclassification of certain effects due to tax law changes 2	—		—		(17)
Balance at end of period	(81)		(89)		(93)
Translation Adjustments
Balance at beginning of period	(67)		(57)		(40)
Translation adjustments	(1)		(10)		(17)
Balance at end of period	(68)		(67)		(57)
Other
Balance at beginning of period	3		4		2
Other comprehensive income before reclassifications, net of taxes	(2)		—		—
Amounts reclassified from accumulated other comprehensive loss to income, net of taxes	(3)		(1)		1
Total other comprehensive income	(5)		(1)		1
Reclassification of certain effects due to tax law changes 2	—		—		1
Balance at end of period	(2)		3		4
Accumulated other comprehensive loss, end of period	$	(151)	$	(153)	$	(146)

1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See note 18 above for additional details.

2 We reclassified certain tax effects from tax law changes of $16 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which we adopted in 2018.

Foreign currency translation adjustments exclude income tax expense (benefit) given that these adjustments arise out of the translation of assets into the reporting currency that is separate from the taxable income and is deemed to be reinvested for an indefinite period of time. The pension adjustments included an income tax provision of $2 million, $1 million and $3 million in 2020, 2019 and 2018, respectively.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting Information [Line Items]

Segment Reporting Disclosure [Text Block]

20. SEGMENT INFORMATION

We operate in four segments: Siding, OSB, EWP, and South America. Our business units have been aggregated into these four 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 LP CanExel® prefinished siding was reclassified from Siding to our Other segment during the year ended December 31, 2020, reflecting changes in organizational structure and, accordingly, the information that the chief operating decision maker uses to evaluate performances and allocate resources to the segments. All prior periods presented have been adjusted for comparability.

•The Siding segment consists of LP SmartSide trim and siding and LP Outdoor Building Solutions innovative products for premium outdoor buildings.

•The OSB segment manufactures and distributes OSB structural panel products in the U.S. and Canada. Our OSB structural panel products include LP OSB, LP TechShield radiant barrier, LP TopNotch sub-flooring, LP Legacy super tough, moisture-resistant sub-flooring and LP FlameBlock fire-rated sheathing.

•The EWP segment consists of LP SolidStart I-Joist (I-Joist), Laminated Veneer Lumber (LVL), Laminated Strand Lumber (LSL), and other related products. This segment also includes the sales of I-Joist and LVL products produced by our joint venture and sales of plywood produced as a by-product of the LVL production process.

•Our South America segment manufactures and distributes OSB structural panel and siding products in South America and certain export markets. This segment has manufacturing operations in two countries, Chile and Brazil, and operates sales offices in Chile, Brazil, Peru, Columbia, and Argentina.

We evaluate the performance of our business segments based on net sales and Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and Adjusted EBITDA for our business segments. Adjusted EBITDA is a non-GAAP financial measure and is defined as earnings from continuing operations before interest expense, income taxes, depreciation and amortization, and exclude stock-based compensation expense, impairment of long-lived assets, other operating credits and charges, net, loss on early debt extinguishment, investment income and other non-operating items.

Information about our product segments is as follows:


	Year ended December 31,
	2020		2019		2018
NET SALES BY BUSINESS SEGMENT
Siding	$	959	$	917	$	905
OSB	1,220		777		1,305
EWP	389		396		409
South America	169		159		161
Other	52		66		48
Intersegment Sales	(1)		(5)		—
Total sales	$	2,788	$	2,310	$	2,828

PROFIT BY SEGMENT
Net income	$	497	$	(10)	$	395
Add (deduct):
Loss from noncontrolling interest	2		5		—
Loss from discontinued operations	—		—		4


Income from continuing operations attributed to LP	499		(5)		399
Provision for income taxes	125		(13)		122
Depreciation and amortization	111		122		120
Stock-based compensation expense	12		9		8
Loss on impairment attributed to LP	15		92		11
Other operating credits and charges, net	(4)		1		(2)
Product-line discontinuance charges	8		—		—
Interest expense	19		19		16
Investment income	(4)		(10)		(18)
Other non-operating items	—		(6)		4
Adjusted EBITDA	$	781	$	209	$	660
Siding	$	246	$	169	$	196
OSB	519		10		425
EWP	23		26		26
South America	42		34		40
Other	(19)		(3)		(2)
Corporate	(30)		(27)		(25)
Adjusted EBITDA	$	781	$	209	$	660

	Year ended December 31,
	2020		2019		2018
Depreciation and Amortization
Siding	$	32	$	36	$	31
OSB	65		59		58
EWP	4		16		16
South America	7		9		9
Other	3		3		2
Non-segment related	—		—		3
Total depreciation and amortization	$	111	$	123	$	120

Capital Expenditures
Siding	$	34	$	86	$	116
OSB	25		46		55
EWP	6		6		10
South America	7		7		28
Other	4		14		2
Non-segment related	1		4		3
Total capital expenditures	$	77	$	163	$	214

Information concerning identifiable assets by segment is as follows:


	December 31,
	2020		2019
Identifiable Assets
Siding	$	521	$	516
OSB	511		558
EWP	152		146
South America	106		109
Other	19		37
Non-segment related	778		469
Total assets	$	2,086	$	1,835

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:


	Year ended December 31,
	2020		2019		2018
GEOGRAPHIC LOCATIONS
Total Sales—Point of origin
U.S.	$	2,425	$	1,968	$	2,409
Canada	643		653		861
South America	185		178		174
Intercompany sales	(465)		(489)		(616)
Total Sales	$	2,788	$	2,310	$	2,828
Operating profit (loss)
U.S.	$	608	$	95	$	475
Canada	50		(17)		138
South America	35		25		31
Other operating credits and charges, net and loss on impairments of assets	(20)		(93)		(9)
General corporate expense, loss on early debt extinguishment, other income (expense) and interest, net	(52)		(33)		(114)
	621		(23)		521
Provision for income taxes	(125)		13		(122)
Income from continuing operations	$	497	$	(10)	$	399
Loss attributed to noncontrolling interest	2		5		—
Income from continuing operations attributed to LP	$	499	$	(5)	$	399

IDENTIFIABLE TANGIBLE LONG LIVED ASSETS
U.S.	$	533	$	570	$	542
Canada	367		390		408
South America	77		74		82
Total assets	$	977	$	1,034	$	1,032

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Nature of Operations [Policy Text Block]

Nature of Operations

See Note 20 below for further information regarding our products and segments.

Consolidation, Policy [Policy Text Block]

Basis of Presentation

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and short-term investments of three months or less when purchased. These investments are stated at cost, which approximates market value.

Investment, Policy [Policy Text Block]

InvestmentsOur long-term investments are classified as available-for-sale and are reported at estimated fair value. Unrealized gains and losses, net of tax, on these investments are reported as a separate component of “Accumulated comprehensive loss” in Stockholders’ Equity until realized. Impairment losses are charged to income for other-than-temporary declines in fair value. Realized gains and losses (including impairments) are recorded as investment income. For purposes of computing realized gains and losses, the cost is identified on a specific identification basis.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial InstrumentsWe have, where appropriate, estimated the fair value of financial instruments. These fair value amounts may be significantly affected by the assumptions used, including the discount rate and estimates of cash flows. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange.

Inventory, Policy [Policy Text Block]

InventoriesInventories are valued at the lower of cost or net realizable value. Inventory costs include materials, labor, and operating overhead. The FIFO (first-in, first out) or average cost methods are used to value our inventories as of December 31, 2020.

Timber and Timberlands [Policy Text Block]

Timber and Timberlands

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant, and Equipment

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following:


	December 31,
	2020		2019
Property, plant, and equipment, at cost:
Land, land improvements, and logging roads, net of road amortization	$	172	$	168
Buildings	356		350
Machinery and equipment	1,971		1,965
Construction in progress	63		46
	2,562		2,529
Accumulated depreciation	(1,644)		(1,564)
Property, plant, and equipment, net	$	918	$	965

Asset Impairment, Policy [Policy Text Block]

Long-lived assets that are held for sale are written down to the estimated sales proceeds less cost to sell unless the estimated net proceeds exceed the carrying value.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and Intangible Assets

Investments in Affiliates

Investments in AffiliatesWe account for investments in affiliates when we do not have a controlling financial interest using the equity method under which LP’s share of earnings and losses of the affiliate is reflected in earnings and dividends are credited against the investment in affiliate when declared.

Restricted Cash, Policy [Policy Text Block]

Restricted Cash

Our restricted cash accounts generally secure outstanding letters of credit. The restricted cash balance at December 31, 2020, and 2019, was $0 million and $14 million, respectively.

Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligations

between the settlement amount and the liability recorded. The activity in our asset retirement obligation liability for 2020 and 2019 is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	11	$	12
Accretion expense	1		1
Adjusted to expense during the year	(1)		(2)
Adjusted to other operating credits and charges, net	—		—


Ending balance	$	10	$	11

Income Taxes, Policy [Policy Text Block]

Income Taxes

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Redeemable Noncontrolling Interest

Stock-based Compensation Policy [Policy Text Block]

Stock-Based Compensation

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

Other operating charges and credits policy [Policy Text Block]

Other Operating Credits and Charges, NetWe classify significant amounts unrelated to ongoing core operating activities as “Other operating credits and charges, net” in the Consolidated Statements of Income. Such items include, but are not limited to, restructuring charges (including severance charges), charges to establish and maintain litigation or environmental reserves, product reserves, retirement charges, gains or losses from settlements with governmental or other organizations, and gains (loss) on the sale of long-lived assets. Due to the nature of these items, amounts in the income statement can fluctuate from year to year. The determination of which items are considered significant and unrelated to core operations is based upon management’s judgment.

Retirement Benefits Policy [Policy Text Block]

Retirement BenefitsWe are required to use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the values of the obligations and plan assets are not recognized in earnings as they occur but, instead, systematically and gradually over subsequent periods.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive IncomeComprehensive income consists of net income and other gains and losses affecting stockholders’ equity that are excluded from net income, including foreign currency translation adjustments, costs associated with pension or other post-retirement benefits that have not been recognized as components of net periodic benefit costs, and net unrealized gains or losses on securities and is presented in the accompanying Consolidated Statements of Comprehensive Income.

Advertising Cost [Policy Text Block]

Advertising costsAdvertising costs of $20 million, $28 million and $21 million in 2020, 2019, and 2018, respectively, are principally expensed as incurred and included as part of selling, general, and administrative expenses within our Consolidated Statements of Income. Advertising costs include product displays, media production costs, agency fees, sponsorships, and cooperating advertising.

Revenue Recognition and Deferred Revenue (Policies)	12 Months Ended
Revenue Recognition and Deferred Revenue (Policies)	Dec. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Revenue	Revenue is recognized when obligations under the terms of a contract (i.e., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Receivables consisted of the following:


	December 31,
	2020		2019
Trade receivables	$	161	$	111
Income tax receivable	2		35
Other receivables	23		19
Allowance for doubtful accounts	(2)		(1)
	$	184	$	164

Schedule of Inventory, Current [Table Text Block]

Inventories


	December 31,
	2020		2019
Logs	$	49	$	47
Other raw materials	36		32
Semi-finished inventory	28		26
Finished products	146		160
Total	$	259	$	265

Depreciation expense [Table Text Block]

Depreciation and amortization expense on property, plant, and equipment is included in our Consolidated Statements of Income as noted below:


	Year ended December 31,
	2020		2019		2018
Cost of sales	$	103	$	115	$	113
Selling, general and administrative expenses	3		3		3
Total depreciation and amortization	$	106	$	118	$	116

Property, Plant and Equipment [Table Text Block]

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following:


	December 31,
	2020		2019
Property, plant, and equipment, at cost:
Land, land improvements, and logging roads, net of road amortization	$	172	$	168
Buildings	356		350
Machinery and equipment	1,971		1,965
Construction in progress	63		46
	2,562		2,529
Accumulated depreciation	(1,644)		(1,564)
Property, plant, and equipment, net	$	918	$	965

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Accounts payable and accrued liabilities were as follows:


	December 31,
	2020		2019
Trade accounts payable	$	125	$	127
Salaries and wages payable	62		48
Accrued rebates	44		34
Taxes other than income taxes	15		7
Current portion of operating lease liabilities	8		8
Other accrued liabilities	13		18
Total Accounts payable and accrued liabilities	$	267	$	242

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities were as follows:


	December 31,
	2020		2019
Pension benefit obligation	$	17	$	23
Asset retirement obligations	10		11
Uncertain tax positions	9		37
Post-retirement obligations	9		9
Warranty reserves	6		6
Other	35		39
Total Other long-term liabilities	$	86	$	125

Schedule of Asset Retirement Obligations [Table Text Block]

The activity in our asset retirement obligation liability for 2020 and 2019 is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	11	$	12
Accretion expense	1		1
Adjusted to expense during the year	(1)		(2)
Adjusted to other operating credits and charges, net	—		—


Ending balance	$	10	$	11

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


Year Ended December 31, 2020
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	915	$	—	$	—	$	20	$	—	$	—	$	935
Fiber siding	36		—		—		—		—		—		36
OSB - Structural Solutions	—		580		—		146		—		—		726
I-joist	—		—		148		—		—		—		148
LVL	—		—		141		—		—		—		141
LSL	—		—		45		—		—		—		45
	951		580		334		166		—		—		2,031
Commodity
OSB - commodity	—		632		—		—		—		(1)		631
Plywood	—		—		25		—		—		—		25
	—		632		25		—		—		(1)		656
Other
CanExel® siding	—		—		—		—		14		—		14
Other products	8		9		30		3		38		—		88
	$	959	$	1,220	$	389	$	169	$	52	$	(1)	$	2,788


Year Ended December 31, 2019
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	797	$	—	$	—	$	19	$	—	$	—	$	816
Fiber siding	101		—		—		—		—		—		101
OSB - Structural Solutions	1		381		8		138		—		—		528
I-joist	—		—		137		—		—		—		137
LVL	—		—		142		—		—		—		141
LSL	—		—		50		—		—		—		50
	899		381		337		156		—		—		1,773
Commodity
OSB - commodity	9		387		3		—		—		(5)		394
Plywood	—		—		25		—		—		—		25
	9		387		28		—		—		(5)		419
Other
CanExel® siding	—		—		—		—		46		—		46
Other products	9		9		31		3		20		—		72
	$	917	$	777	$	396	$	159	$	66	$	(5)	$	2,310


Year Ended December 31, 2018
By Product type and family:	Siding		OSB		EWP		South America		Other		Inter-segment		Total
Value-add
SmartSide	$	725	$	—	$	—	$	22	$	—	$	—	$	746
Fiber siding	106		—		—		—		—		—		106
OSB - Structural Solutions	23		551		14		135		—		—		723
I-joist	—		—		122		—		—		—		122
LVL	—		—		141		—		—		—		141
LSL	—		—		59		—		—		—		59
	854		551		336		157		—		—		1,898
Commodity
OSB - commodity	39		746		10		—		—		—		795
Plywood	—		—		29		—		—		—		29
	39		746		39		—		—		—		824
Other
CanExel® siding	—		—		—		—		37		—		37
Other products	12		8		34		4		11		—		69
	$	905	$	1,305	$	409	$	161	$	48	$	—	2,828

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020, and 2019, are summarized in the following tables.


	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities	$	—	$	—	$	—	$	—
Trading securities	5		5		—		—


	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities	$	5	$	—	$	—	$	5
Trading securities	4		4		—		—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]


	Available-for- sale securities
Balance at December 31, 2018	$	6
Return of principal on ARS	(1)
Total realized/unrealized gains	—


Balance at December 31, 2019	5
Return of principal on ARS	(3)
Total realized/unrealized gains
Included in investment income	3
Included in other comprehensive income	(4)
Balance at December 31, 2020	$	—

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the computation of basic and diluted earnings per share:


	Year ended December 31,
Share amounts in millions	2020	2019	2018






Denominator for basic earnings per share:
Weighted average common shares outstanding	111	123	143
Effect of dilutive securities:
Dilutive effect of employee stock plans	1	—	1
Dilutive potential common shares	112	123	144
Denominator for diluted earnings per share:
Adjusted weighted average shares	112	123	144

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

Changes in goodwill by segment for the year ended December 31, 2020, and 2019, are provided in the following table:


	Siding		OSB		Other		Total
Balance at December 31, 2018	$	—	$	16	$	—	$	16
Additions (see Note 8)	4		—		10		14

Balance at December 31, 2019	4		16		10		30
Additions	—		—		—		—
Impairment charges	—		—		(5)		(5)
Balance at December 31, 2020	$	4	$	16	$	5	$	25

Schedule of Intangible Assets and Goodwill [Table Text Block]

Changes in other intangible assets for the year ended December 31, 2020, and 2019, are provided in the following table:


	Timber Licenses1		Developed Technology		Trademark		Total Other Intangibles
Balance at December 31, 2018	$	41	$	10	$	—	$	51
Additions (see Note 8)	—		12		3		15
Amortization	(3)		(2)		—		(5)
Balance at December 31, 2019	38		20		3		61


Amortization	(4)		(1)		—		(5)
Balance at December 31, 2020	$	34	$	19	$	3	$	56

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]


	Year ended December 31,
	2020		2019		2018
Domestic	$	528	$	18	$	359
Foreign	93		(41)		162
Total	$	621	$	(23)	$	521

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]


	Year ended December 31,
	2020		2019		2018
Current tax provision (benefit):
U.S. federal	$	79	$	(5)	$	55
State and local	17		(1)		8
Foreign	27		(17)		32
Net current tax provision (benefit)	123		(23)		95
Deferred tax provision (benefit):
U.S. federal	(3)		7		11
State and local	8		(1)		6
Foreign	(2)		5		11
Net valuation allowance increase (decrease)	(1)		(1)		(1)
Net deferred tax provision	2		10		27
Total income tax provision (benefit)	$	125	$	(13)	$	122

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of significant temporary differences creating deferred tax assets and liabilities were as follows:


	December 31,
	2020		2019
Accrued liabilities	$	23	$	18
Pension and post-retirement benefits	5		7
Share-based compensation	4		5
Benefit relating to capital loss, NOL carryforwards, and credit carryforwards	9		28
Inventories	7		7
Market value write-down of ARS	—		3
Operating lease liabilities	5		6
Other	12		8
Total deferred tax assets	65		82
Valuation allowance	(10)		(11)
Total deferred tax asset after valuation allowance	55		71
Property, plant, and equipment	(109)		(121)
Timber and timberlands	(9)		(10)
Operating lease assets	(5)		(6)
Investment in Entekra	(7)		(6)
Total deferred tax liabilities	(130)		(143)
Net deferred tax liabilities	(75)		(72)
Balance sheet classification
Long-term deferred tax asset	3		1
Long-term deferred tax liability	(78)		(73)
	$	(75)	$	(72)

Summary of Tax Credit Carryforwards [Table Text Block]

The benefit relating to capital loss, net operating loss (NOL) and credit carryforwards included in the above table at December 31, 2020 consists of:


	Net Operating Loss	Benefit Amount		Valuation Allowance		Expiration Beginning in

State NOL carryforwards	109	$	2	$	—	2021
Chile NOL carryforwards	4	1		—		No expiration
State credit carryforwards		1		—		2034
Canadian capital loss carryforwards		5		(5)		No expiration
Canadian credit carryforwards		1		—		2024
		$	10	$	(5)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table summarizes the differences between the U.S. federal statutory tax rates and the total effective tax rates from continuing operations:


	Year ended December 31,
	2020			2019			2018
Income from continuing operations before income taxes, including equity in unconsolidated affiliates	$	621		$	(23)		$	524

U.S. federal tax rate	21		%	21		%	21		%
State and local income taxes	3			11			3
Effect of foreign tax rates	1			9			2
Effect of foreign exchange on functional currencies	—			(4)			(1)
Tax credits	(1)			8			(1)
Noncontrolling interest	—			(4)			—
Stock-based compensation	—			5			(1)

Capital gain tax rate differential	—			5			—
Inflationary adjustment	—			5			—
Valuation allowance	—			8			—
Uncertain tax positions	(4)			(7)			—
Effect of U.S. federal rate change on deferred taxes	—			—			(1)
Other, net	—			1			1
Effective tax rate (%)	20		%	58		%	23		%

Summary of Income Tax Contingencies [Table Text Block]


	December 31,
	2020		2019		2018
Beginning balance	$	38	$	41	$	40
Increases:
Tax positions taken in current year	1		1		1
Tax positions taken in prior years	1		—		1
Decreases:
Tax positions taken in current year	—		—		—
Tax positions taken in prior years	—		—		—
Settlements during the year	—		(4)		(1)
Lapse of statute in current year	(29)		—		—
Ending balance	$	11	$	38	$	41

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease, Cost [Table Text Block]

Our operating and finance leases are included in our Consolidated Balance Sheet and Consolidated Statement of Income as follows:


	Classification	December 31,
Consolidated Balance Sheet		2020		2019
Assets:
Operating lease assets	Operating lease assets	$	40	$	44
Finance lease assets	Property, plant, and equipment, net	—		1
Total lease assets		$	40	$	45
Liabilities:
Current
Operating	Accounts payable and accrued liabilities	$	8	$	8
Finance	Current portion of long-term debt	—		—
Non-current
Operating	Non-current operating lease liabilities	32		36
Finance	Long-term debt, excluding current portion	—		1
Total lease liabilities		$	40	$	45


	Classification	December 31,
Consolidated Statement of Income		2020		2019
Lease Cost:
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	12	$	10
Finance lease cost
Amortization of leased assets	Cost of sales	—		—
Interest on lease liabilities	Interest expense	—		—
Total lease cost		$	12	$	10

Lessor, Operating Lease, Payments to be Received, Maturity

The following table sets forth the minimum lease payments that are expected to be made in each of the years indicated.


	Operating Leases		Finance Leases		Total
2021	$	9	$	—	$	9
2022	7		—		7
2023	4		—		4
2024	3		—		3
2025	2		—		2
2026 and thereafter	27		—		27
Total lease payments	52		—		52
Less: Interest	(12)		—		(12)
Present value of lease liabilities	$	40	$	—	$	40

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]


			December 31, 2020						December 31, 2019
	Interest Rate		Principal		Unamortized Debt Costs		Total		Principal		Unamortized Debt Costs		Total
Debentures:
Senior unsecured notes, maturing 2024, interest rates fixed	4.875	%	$	350	$	(2)	$	348	$	350	$	(3)	$	347
Amended Credit Facility, maturing 2023 to 2024, interest rates variable	varies		—		—		—		—		—		—



Other financing:
Financing leases			1		—		1		1		—		1
Total			351		(2)		348		351		(3)		348
Less: current portion			—		—		—		—		—		—
Long-term portion			$	351	$	(2)	$	348	$	351	$	(3)	$	348

Schedule of Maturities of Long-term Debt [Table Text Block]

The weighted average interest rate for all long-term debt at December 31, 2020, and 2019, was approximately 4.9%. Required repayment of principal for long-term debt is as follows:


Years ending December 31,
2021	$	—
2022	—
2023	—
2024	350
2025	—
2026 and after	—
Total	$	351

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

Stock Award Plan


	Year ended December 31,
	2020		2019		2018
Total stock-based compensation expense (costs of sales, selling, general and administrative and other operating credits and charges, net)	$	12	$	9	$	8
Income tax benefit related to stock-based compensation	$	2	$	1	$	3
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$	(5)	$	(5)	$	(9)

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes stock awards as of December 31, 2020, as well as activity during the last year.


	Stock Options / SSARS			Restricted stock			Restricted Stock Units and Performance Stock Units
	Number of Awards	Weighted Average Exercise Price		Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019	640,521	$	15.56	78,968	$	20.05	1,139,247	$	24.82
Granted	—	—		—	—		540,678	30.31
Exercised	(252,980)	15.57		—	—		—	—
Vested	—	—		(78,968)	20.05		(358,987)	22.55
Forfeited	—	—		—	—		(92,608)	27.22
Outstanding at December 31, 2020	387,541	$	15.56	—	$	—	1,228,330	$	27.42
Vested and expected to vest at December 31, 2020(1)	387,541	$	15.56	—	$	—	1,228,330	$	27.42
Exercisable at December 31, 2020	387,541	$	15.56	—	—		—	—
Unrecognized compensation costs (in millions)		$	—		$	—		$	14
To be recognized over weighted average period of years		0			0			1.5

_______________

(1)Expected to vest based upon historical forfeiture rate.

Other Operating Credits and Charges, Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Operating Credits And Charges, Net [Abstract]

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

Non-operating income (expense) is comprised of the following components:


	Year ended December 31,
	2020		2019		2018
Interest expense	$	(17)	$	(18)	$	(19)
Amortization of debt charges	(2)		(2)		(1)
Capitalized interest	—		1		4
Interest expense, net of capitalized interest	(19)		(19)		(16)
Interest income	2		9		18
Gain on sale of auction rate securities	3		—		1
SERP market adjustments	(1)		1		(1)
Investment income	4		10		18
Net periodic pension cost, excluding service cost	(1)		(3)		(4)
Foreign currency gains (losses)	1		(5)		—
Gain on acquisition of controlling interest	—		14		—
Other non-operating income	$	—	$	6	$	(4)

Other Operating Credits and Charges Net [Table Text Block]


	Year ended December 31,
	2020		2019		2018
Reorganization and facility curtailment charges	$	(5)	$	(12)	$	(10)
Canadian wage subsidies	9		—		—
Product-line discontinuance charges	(8)		—		—
Environment costs, net of insurance recoveries	(3)		9		8
Adjustment to product-related warranty reserves	—		4		8
Other	3		(2)		(4)
	$	(4)	$	(1)	$	2

Committments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

maintain reserves for various contingent liabilities as follows:


	December 31,
	2020		2019
Environmental reserves	$	14	$	10
Other reserves	—		—
Total contingencies	14		10
Current portion	(1)		(2)
Long-term portion	$	13	$	8

Schedule of Environmental Loss Contingencies by Site [Table Text Block]

The activity in our reserve for estimated environmental loss contingency reserves is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	10	$	11
Adjustments to expense during the year	2		1
Adjustments to amounts to be paid be paid by a third party	2		—
Payments made	(1)		(1)
Ending balance	$	13	$	10

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14472-108349

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12053-110248

+ Details

Product Warranty (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

The activity in warranty reserves is summarized in the following table.


	Year ended December 31,
	2020		2019
Beginning balance	$	8	$	14
Accrued to expense during the year	2		1
Reduced to other operating credits and charges	—		(4)
Payments made	(2)		(3)
Total warranty reserves	8		8
Current portion of warranty reserves	(2)		(2)
Long-term portion of warranty reserves	$	6	$	6

Retirement Plans and Post Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Funded Status and Assumptions Used in Calculating Benefit Obligation [Table Text Block]


	2020		2019
Change in benefit obligation:
Beginning of year balance	$	312	$	297
Service cost	1		3
Interest cost	9		12
Actuarial losses, net	17		24


Foreign exchange rate changes	1		2
Benefits paid	(21)		(26)
End of year balance	$	319	$	312
Change in assets (fair value):
Beginning of year balance	$	294	$	275
Actual return on plan assets	35		39
Employer contribution	—		4
Foreign exchange rate changes	2		3
Benefits paid	(21)		(26)
End of year balance	$	310	$	294
Plan assets less than benefit obligations	$	(10)	$	(18)

Amounts included in the balance sheet:
Non-current pension assets, included in “Other assets”	$	7	$	5
Current pension liabilities, included in “Accounts payable and accrued liabilities”	—		—
Non-current pension liabilities, included in “Other long-term liabilities”	(17)		(23)
Net amount recognized	$	(10)	$	(18)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The pretax amounts recognized in accumulated comprehensive loss were as follows:


	Actuarial losses		Prior service cost		Total
December 31, 2018	$	(116)	$	(7)	$	(123)
Other comprehensive income (loss) before reclassifications	—		—		—
Amounts reclassified from accumulated comprehensive loss	5		(1)		4
December 31, 2019	(111)		(8)		(119)
Other comprehensive income (loss) before reclassifications	4		—		4
Amounts reclassified from accumulated comprehensive loss	6		—		6
December 31, 2020	$	(101)	$	(8)	$	(109)

Defined Benefit Plan, Assumptions [Table Text Block]

Weighted average assumptions used to calculate our benefit obligations at December 31:


	2020		2019
Discount rate:
U.S.	2.3	%	3.1	%
Canada	2.3	%	3.0	%
Rate of compensation increase:
U.S.	NA		NA
Canada	NA		3.5	%

Schedule of Expected Benefit Payments [Table Text Block]

The benefits expected to be paid from the benefit plans, which reflect expected future service, are as follows:


Year
2021	$	26
2022	19
2023	20
2024	19
2025	19
2026– 2030	91

Schedule of Net Benefit Costs [Table Text Block]

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:


	Year ended December 31,
	2020		2019		2018
Service cost	$	1	$	3	$	3
Other components of net periodic pension cost:
Interest cost	9		12		11
Expected return on plan assets	(14)		(14)		(14)
Amortization of prior service cost and net transition asset	1		1		1
Amortization of net actuarial loss	6		5		6
Net periodic pension cost before loss due to settlement	$	2	$	6	$	7
Loss due to settlement	—		—		—
Total net periodic pension cost	$	2	$	6	$	7

Net periodic pension cost included in cost of sales	$	—	$	2	$	2
Net periodic pension cost included in selling, general, and administrative expenses	1		1		1
Net periodic pension cost included in other non-operating items	1		3		4
	$	2	$	6	$	7

Weighted average assumptions used to calculate our net periodic pension costs for the year ended December 31:


	2020		2019		2018
Discount rate:
U.S.	3.1	%	4.2	%	3.5	%
Canada	3.0	%	3.8	%	3.3	%
SERP	NA		NA		4.0	%
Expected return on plan assets:
U.S.	5.8	%	5.8	%	5.8	%
Canada	3.2	%	3.4	%	4.1	%
SERP	NA		NA		NA
Rate of compensation increase:
U.S.	NA		NA		NA
Canada	3.5	%	3.5	%	3.5	%
SERP	NA		NA		N/A

Schedule of Allocation of Plan Assets [Table Text Block]

The actual and target allocations at the measurement dates are as follows:


	Target Allocation 2020		Actual Allocation
			2020		2019
Asset category
U.S. Plans
Equity securities	33	%	41	%	40	%
Debt securities	50	%	38	%	40	%
Multi-Strategy Funds	17	%	20	%	20	%

Cash and cash equivalents	—	%	1	%	—	%
Total Allocation for U.S. Plans	100	%	100	%	100	%

Non-U.S. Plans
Debt securities	40	%	40	%	90	%
Multi-Strategy Funds	60	%	60	%	10	%
Total Allocation for Non-U.S. Plans	100	%	100	%	100	%

The fair value of our pension plan assets and fair value asset categories and the level of inputs as defined in Note 4 at December 31, 2020, and 2019, are as follows:


	December 31, 2020
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Equity investment funds:
Domestic stock funds	$	56	$	56	$	—	$	—	$	—
International stock funds	46		46		—		—		—
Fixed-income investment funds:
Domestic bond funds	94		17		—		—		77
International bond funds	64		—		26		—		38
Multi-strategy funds	48		48		—		—		—
Cash and cash equivalents	2		—		2		—		—
Total	$	310	$	167	$	28	$	—	$	115

	December 31, 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value
Equity investment funds:
Domestic stock funds	$	54	$	54	$	—	$	—	$	—
International stock funds	40		40		—		—		—
Fixed-income investment funds
Domestic bond funds	93		15		—		—		78
International bond funds	52		—		20		—		32
Multi-strategy funds	53		47		—		—		6
Cash and cash equivalents	2		—		2		—		—
Total	$	294	$	156	$	22	$	—	$	116

Schedule of benefit obligation by plan category [Table Text Block]

Benefit obligations by plan category are as follows:


	2020
	U.S.		Canada		Total
Fair value of plan assets	$	246	$	64	$	310
Benefit obligation	262		58		319
Funded Status	$	(16)	$	6	$	(10)

	2019
	U.S.		Canada		Total
Fair value of plan assets	$	236	$	58	$	294
Benefit obligation	258		54		312
Funded Status	$	(22)	$	4	$	(18)

Accumulated Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Other comprehensive income activity, net of tax, is provided in the following table:


	Year Ended December 31,
	2020		2019		2018
Pension
Balance at beginning of period	$	(89)	$	(93)	$	(84)
Other comprehensive income before reclassifications, net of taxes	3		—		3
Amounts reclassified from accumulated other comprehensive loss to income, net of taxes 1	5		4		6
Total other comprehensive income	8		4		9
Reclassification of certain effects due to tax law changes 2	—		—		(17)
Balance at end of period	(81)		(89)		(93)
Translation Adjustments
Balance at beginning of period	(67)		(57)		(40)
Translation adjustments	(1)		(10)		(17)
Balance at end of period	(68)		(67)		(57)
Other
Balance at beginning of period	3		4		2
Other comprehensive income before reclassifications, net of taxes	(2)		—		—
Amounts reclassified from accumulated other comprehensive loss to income, net of taxes	(3)		(1)		1
Total other comprehensive income	(5)		(1)		1
Reclassification of certain effects due to tax law changes 2	—		—		1
Balance at end of period	(2)		3		4
Accumulated other comprehensive loss, end of period	$	(151)	$	(153)	$	(146)

1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See note 18 above for additional details.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Year ended December 31,
	2020		2019		2018
NET SALES BY BUSINESS SEGMENT
Siding	$	959	$	917	$	905
OSB	1,220		777		1,305
EWP	389		396		409
South America	169		159		161
Other	52		66		48
Intersegment Sales	(1)		(5)		—
Total sales	$	2,788	$	2,310	$	2,828

PROFIT BY SEGMENT
Net income	$	497	$	(10)	$	395
Add (deduct):
Loss from noncontrolling interest	2		5		—
Loss from discontinued operations	—		—		4


Income from continuing operations attributed to LP	499		(5)		399
Provision for income taxes	125		(13)		122
Depreciation and amortization	111		122		120
Stock-based compensation expense	12		9		8
Loss on impairment attributed to LP	15		92		11
Other operating credits and charges, net	(4)		1		(2)
Product-line discontinuance charges	8		—		—
Interest expense	19		19		16
Investment income	(4)		(10)		(18)
Other non-operating items	—		(6)		4
Adjusted EBITDA	$	781	$	209	$	660
Siding	$	246	$	169	$	196
OSB	519		10		425
EWP	23		26		26
South America	42		34		40
Other	(19)		(3)		(2)
Corporate	(30)		(27)		(25)
Adjusted EBITDA	$	781	$	209	$	660

	Year ended December 31,
	2020		2019		2018
Depreciation and Amortization
Siding	$	32	$	36	$	31
OSB	65		59		58
EWP	4		16		16
South America	7		9		9
Other	3		3		2
Non-segment related	—		—		3
Total depreciation and amortization	$	111	$	123	$	120

Capital Expenditures
Siding	$	34	$	86	$	116
OSB	25		46		55
EWP	6		6		10
South America	7		7		28
Other	4		14		2
Non-segment related	1		4		3
Total capital expenditures	$	77	$	163	$	214

Information concerning identifiable assets by segment is as follows:


	December 31,
	2020		2019
Identifiable Assets
Siding	$	521	$	516
OSB	511		558
EWP	152		146
South America	106		109
Other	19		37
Non-segment related	778		469
Total assets	$	2,086	$	1,835

Schedule of Segment Reporting Information, by Geographical Areas [Table Text Block]

Information concerning our geographic segments is as follows:


	Year ended December 31,
	2020		2019		2018
GEOGRAPHIC LOCATIONS
Total Sales—Point of origin
U.S.	$	2,425	$	1,968	$	2,409
Canada	643		653		861
South America	185		178		174
Intercompany sales	(465)		(489)		(616)
Total Sales	$	2,788	$	2,310	$	2,828
Operating profit (loss)
U.S.	$	608	$	95	$	475
Canada	50		(17)		138
South America	35		25		31
Other operating credits and charges, net and loss on impairments of assets	(20)		(93)		(9)
General corporate expense, loss on early debt extinguishment, other income (expense) and interest, net	(52)		(33)		(114)
	621		(23)		521
Provision for income taxes	(125)		13		(122)
Income from continuing operations	$	497	$	(10)	$	399
Loss attributed to noncontrolling interest	2		5		—
Income from continuing operations attributed to LP	$	499	$	(5)	$	399

IDENTIFIABLE TANGIBLE LONG LIVED ASSETS
U.S.	$	533	$	570	$	542
Canada	367		390		408
South America	77		74		82
Total assets	$	977	$	1,034	$	1,032

Summary of Significant Accounting Policies Receivables (Details) $ in Millions	Dec. 31, 2020 USD ($) plant	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 161	$ 111
Income Taxes Receivable, Current	2	35
Other Receivables, Gross, Current	23	19
Allowance for Doubtful Other Receivables, Current	(2)	(1)
Receivables, net of allowance for doubtful accounts of $2 million and $1 million at December 31, 2020, and 2019, respectively	$ 184	$ 164
Number of Plants Operated \| plant	25

Summary of Significant Accounting Policies Investments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Receivables [Abstract]
Available-for-sale Securities	$ 5
Par value	$ 19

Summary of Significant Accounting Policies Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory Adjustments	$ (12)	$ (13)
Logs	49	47
Other raw materials	36	32
Semi-finished inventory	28	26
Finished products	146	160
Total	$ 259	$ 265

Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Land and Land Improvements	$ 172	$ 168
Buildings	356	350
Machinery and equipment	1,971	1,965
Construction in progress	63	46
Property, Plant and Equipment, Gross	2,562	2,529
Accumulated depreciation	(1,644)	(1,564)
Property, Plant and Equipment, Net	918	965
Timber [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 18	$ 25

Summary of Significant Accounting Policies Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation and amortization included in Selling and administrative	$ 3	$ 3	$ 3
Depreciation and amortization	106	118	116
Cost of Goods and Service Benchmark [Member]
Depreciation and amortization in cost of sales	$ 103	$ 115	$ 113

Summary of Significant Accounting Policies Accounts Payable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable	$ 125	$ 127
Accrued Salaries, Current	62	48
Accrued Exchange Fee Rebate, Current	44	34
Taxes Payable, Current	15	7
Operating Lease, Liability, Current	8	8
Other Accrued Liabilities, Current	13	18
Accounts payable and accrued liabilities	267	242
Unpaid capital expenditures	$ 16	$ 15	$ 22

Summary of Significant Accounting Policies Other long-term liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other long term liabilities [Abstract]
Asset Retirement Obligation, Current	$ 10,000,000	$ 11,000,000
Unrecognized Tax Benefits	9,000,000	37,000,000
Liability, Retirement and Postemployment Benefits	9,000,000	9,000,000
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent	17,000,000	23,000,000
Long-term portion of warranty reserves	6,000,000	6,000,000
Other long term liabilities	35,000,000	39,000,000
Other long-term liabilities	$ 86,000,000	$ 125,000,000

Summary of Significant Accounting Policies Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Entity Information [Line Items]
Asset Retirement Obligation	$ 10	$ 11	$ 12
Accretion Expense, Including Asset Retirement Obligations	1	1
Asset Retirement Obligation, Liabilities Incurred	(1)	(2)
Increase (Decrease) in Asset Retirement Obligations	0	0
Advertising Expense	$ 20	$ 28	$ 21

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Consignment inventory	$ 7	$ 12
Accrued rebates	$ 44	$ 34
All Customers [Member] [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	46.00%	42.00%	44.00%

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 5.0	$ 0.0	$ 6.0
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	5.0
Par value	19.0
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	5.0	0.0
Trading securities	4.0	5.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	0.0	0.0
Trading securities	4.0	5.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	0.0	0.0
Trading securities	0.0	0.0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets, Fair Value Disclosure [Abstract]
Available for sale securities	5.0	0.0
Trading securities	$ 0.0	$ 0.0

Fair Value Measurements Unobservable Inputs Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5	$ 6
Return of principal on ARS	(3)	(1)
Included in investment income	3
Included in other comprehensive income	(4)
Ending balance	$ 0	$ 5

Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
Earnings Per Share (Details) - shares shares in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted average number of shares outstanding - basic	111	123	143
Dilutive effect of employee stock plans	1	0	1
Weighted average number of shares outstanding, diluted	112	123	144
Adjusted weighted average shares	112	123	144

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill, Beginning Balance		$ 30	$ 16
Goodwill, Acquired During Period		0	14
Asset Impairment Charges		(5)
Goodwill		25	30	$ 16
Intangible Assets, Net (Excluding Goodwill)		61	51
Finite-lived Intangible Assets Acquired			15
Amortization of Intangible Assets		(5)	(5)	(4)
Intangible Assets, Net (Excluding Goodwill)		56	61	51
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months		5
Licensing Agreements [Member]
Goodwill [Line Items]
Intangible Assets, Net (Excluding Goodwill)		38	41
Finite-lived Intangible Assets Acquired			0
Amortization of Intangible Assets		(4)	(3)
Intangible Assets, Net (Excluding Goodwill)		34	38	41
Licensing Agreements [Member] \| CANADA
Goodwill [Line Items]
Intangible Assets, Net (Excluding Goodwill)		91
Technology-Based Intangible Assets [Member]
Goodwill [Line Items]
Intangible Assets, Net (Excluding Goodwill)		20	10
Finite-lived Intangible Assets Acquired			12
Amortization of Intangible Assets		(1)	(2)
Intangible Assets, Net (Excluding Goodwill)		19	20	10
Trademarks [Member]
Goodwill [Line Items]
Intangible Assets, Net (Excluding Goodwill)		3	0
Finite-lived Intangible Assets Acquired			3
Amortization of Intangible Assets		0	0
Intangible Assets, Net (Excluding Goodwill)		3	3	0
Siding
Goodwill [Line Items]
Goodwill, Beginning Balance		4	0
Goodwill, Acquired During Period	$ 4	0	4
Asset Impairment Charges		0
Goodwill		4	4	0
OSB
Goodwill [Line Items]
Goodwill, Beginning Balance		16	16
Goodwill, Acquired During Period		0	0
Asset Impairment Charges		0
Goodwill		16	16	16
Other
Goodwill [Line Items]
Goodwill, Beginning Balance		10	0
Goodwill, Acquired During Period		0	10
Asset Impairment Charges		(5)
Goodwill		5	$ 10	$ 0
Entreka [Member]
Goodwill [Line Items]
Asset Impairment Charges		$ (5)

Investments in and Advances to Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Revenue from affiliates	$ 21.0	$ 12.0	$ 17.0
Expenses from affiliates	73.0	70.0	58.0
Due from affiliates	7.0	4.0
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Unconsolidated Subsidiaries	4.0	11.0
Income from affiliates, classified in cost of sales	$ (4.0)	$ (11.0)	$ (2.0)
Resolute Forest Products Inc. [Member]
Schedule of Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	50.00%

Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Proceeds From Sale of Buildings, Cash Received	$ 15.0
Gain on Acquisition			$ 0.0	$ 14.0	$ 0.0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value			0.0	15.0
Goodwill, Acquired During Period			0.0	14.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment			3.0
Proceeds from Sale of Buildings	17.0
Proceeds from Sale and Collection of Notes Receivable	2.0
Gain (Loss) on Sale of Properties			2.0
Property, plant and equipment, net			918.0	965.0
Inventories			259.0	265.0
Net sales			2,788.0	2,310.0	2,828.0
East River Facility and CanExe [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	14.0
Property, plant and equipment, net	5.0
Inventories	10.0
CanExel siding [Member]
Business Acquisition [Line Items]
Net sales			14.0	46.0	37.0
Operating Segments \| Other
Business Acquisition [Line Items]
Net sales			52.0	66.0	48.0
Operating Segments \| CanExel siding [Member] \| Other
Business Acquisition [Line Items]
Net sales			14.0	46.0	$ 37.0
Entekra [Member]
Business Acquisition [Line Items]
Gain on Acquisition		$ 14.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		56.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		41.0
Cash Acquired from Acquisition		40.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		6.0
Acquired Intangible Assets, including Goodwill		25.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities		(1.0)
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value		$ 15.0
Siding
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 4.0		$ 0.0	$ 4.0

Noncontrolling Interests (Details) - USD ($) $ in Millions	12 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Equity, Common, Fair Value	$ 10	$ 10	$ 0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	0	15
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(1)	(5)
Noncontrolling Interest, Impairment Charge	(1)	0
Noncontrolling Interest, Change in Redemption Value	$ 2	$ 0

Income Taxes Tax act (Details)	12 Months Ended
Income Taxes Tax act (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%

Income Taxes Income Statement table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0.00%	0.00%	(1.00%)
Domestic	$ 528	$ 18	$ 359
Foreign	93	(41)	162
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest	$ 621	$ (23)	$ 521

Income Taxes Income tax provision (benefit) from continuing operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal	$ 79	$ (5)	$ 55
State and local	17	(1)	8
Foreign	27	(17)	32
Net current tax provision (benefit)	123	(23)	95
U.S federal	(3)	7	11
State and local	8	(1)	6
Foreign	(2)	5	11
Net valuation allowance increase (decrease)	(1)	(1)	(1)
Deferred income tax expense (benefit)	2	10	27
Provision (benefit) for income taxes	125	(13)	122
Income Taxes Paid		20	$ 90
Income taxes payable	18	0
Income Taxes Receivable, Current	2	$ 35
Taxes Payable	$ 15

Income Taxes Reconciliation of deferred taxes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Accrued liabilities	$ 23.0	$ 18.0
Pension and post-retirement benefits	5.0	7.0
Share-based compensation	4.0	5.0
Benefit of capital loss and NOL carryovers	9.0	28.0
Other	12.0	8.0
Inventory	7.0	7.0
Market value write down of ARS	0.0	3.0
Deferred Tax Liabilities, Leasing Arrangements	5.0	6.0
Valuation Allowance, Amount	(10.0)	(11.0)
Deferred Tax Assets, Net of Valuation Allowance	55.0	71.0
Deferred Tax Assets, Net	65.0	82.0
Property, plant and equipment	(109.0)	(121.0)
Timber and timberlands	9.0	10.0
Installment sale gain deferral	7.0	6.0
Total Deferred Tax Liabilities	(130.0)	(143.0)
Deferred Tax Liabilities, Net	(75.0)	(72.0)
Long-term deferred tax asset	(3.0)	(1.0)
Long-term deferred tax liability	$ (78.0)	$ (73.0)

Income Taxes NOL and credit carryovers (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 9.0	$ 28.0
Federal NOL carryover valuation allowance	(5.0)
Operating Loss Carryforwards, Valuation Allowance	(5.0)
Federal NOL carryover	10.0
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Domestic Subsidiaries	26.0
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	109.0
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 4.0

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income from continuing operations before income taxes, including equity in unconsolidated affiliates	$ 621	$ (23)	$ 524
Undistributed Earnings of Foreign Subsidiaries	$ 143
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal tax rate	21.00%	21.00%	21.00%
State and local income taxes	3.00%	11.00%	3.00%
Tax credits	1.00%	(8.00%)	1.00%
Noncontrolling interest	0.00%	(4.00%)	0.00%
Stock-based compensation	0.00%	5.00%	(1.00%)
Effective Income Tax Rate Reconciliation, capital gain tax rate differential	0.00%	(5.00%)	0.00%
Effective income tax rate reconciliation, inflationary adjustment	0.00%	(5.00%)	0.00%
Valuation allowance	0.00%	8.00%	0.00%
Uncertain tax positions	(4.00%)	(7.00%)	0.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0.00%	0.00%	(1.00%)
Other, net	0.00%	1.00%	1.00%
Effective tax rate (%)	20.00%	58.00%	23.00%
Foreign tax rate
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effect of foreign tax rates / foreign exhchange	1.00%	9.00%	2.00%
Foreign Currency Gain (Loss)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effect of foreign tax rates / foreign exhchange	0.00%	(4.00%)	(1.00%)

Income Taxes Uncertain tax positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized Tax Benefits	$ 11	$ 38	$ 41	$ 40
Tax positions taken in current year	1	1	1
Tax positions taken in prior years	1	0	1
Tax positions taken in current year	0	0	0
Tax positions taken in prior years	0	0	0
Settlements during the year	0	(4)	(1)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	29	0	$ 0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 11
Unrecognized Tax Benefits, Interest on Income Taxes Accrued		1
Unrecognized Tax Benefits, Interest on Income Taxes Expense		$ 2

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 9
Operating Lease, Weighted Average Discount Rate, Percent	5.00%
Short-term Lease, Cost	$ 2
Operating Lease, Cost	12	$ 10
Operating lease assets	40	44
Finance Lease, Right-of-Use Asset	0	1
Leases of Lessee Disclosure [Text Block]	40	45
Operating Lease, Liability, Current	8	8
Finance Lease, Liability, Current	0	0
Non-current operating lease liabilities	32	36
Finance Lease, Liability, Noncurrent	0	1
Total lease liabilities	40	45
Finance Lease, Right-of-Use Asset, Amortization	0	0
Finance Lease, Interest Expense	0	0
Total lease costs	12	10
Operating Lease, Payments	9	9
Variable Lease, Cost		31
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 4	47
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 1
Finance Lease, Weighted Average Discount Rate, Percent	4.00%
Operating Lease, Weighted Average Remaining Lease Term	12 years
Finance Lease, Weighted Average Remaining Lease Term	2 years
Finance Lease, Liability, Payments, Remainder of Fiscal Year	$ 0
Lease, Liability, Payments, Remainder of Fiscal Year	9
Lessee, Operating Lease, Liability, Payments, Due Year Two	7
Finance Lease, Liability, Payments, Due Year Two	0
Lease, Liability, Payments, Due Year Two	7
Lessee, Operating Lease, Liability, Payments, Due Year Three	4
Finance Lease, Liability, Payments, Due Year Three	0
Lease, Liability, Payments, Due Year Three	4
Lessee, Operating Lease, Liability, Payments, Due Year Four	3
Finance Lease, Liability, Payments, Due Year Four	0
Lease, Liability, Payments, Due Year Four	3
Lessee, Operating Lease, Liability, Payments, Due Year Five	2
Finance Lease, Liability, Payments, Due Year Five	0
Lease, Liability, Payments, Due Year Five	2
Lessee, Operating Lease, Liability, Payments, Due after Year Five	27
Finance Lease, Liability, Payments, Due after Year Five	0
Lease, Liability, Payments, Due After Year Five	27
Lessee, Operating Lease, Liability, Payments, Due	52
Finance Lease, Liability, Payment, Due	0
Lease, Liability, Payments Due	52
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(12)
Finance Lease, Liability, Undiscounted Excess Amount	0
Lease, liability, undiscounted excess amount	(12)
Operating Lease, Liability	40
Finance Lease, Liability	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent

Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Notes and Loans Payable [Abstract]
Long-term Debt, Gross	$ 351		$ 351
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2)		(3)
Long-term debt	348		348
Long-term Debt and Lease Obligation	351
Current portion of long-term debt	0		0
Long term debt, Gross, Noncurrent	351		351
Long-term debt, excluding current portion	348		348
Senior unsecured notes, maturing 2024
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 350
Notes and Loans Payable [Abstract]
Debt, interest rate, stated percentage	4.875%
Long-term Debt, Gross	$ 350		350
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2)		(3)
Long-term debt	348		347
Other Debt Obligations [Member]
Notes and Loans Payable [Abstract]
Long-term Debt, Gross	1		1
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net		$ 0	0
Long-term debt	$ 1		$ 1

Long-term Debt Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Long-term Debt Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2020
Debt Instrument [Line Items]
Amortization of financing costs and discounts		$ 2.0	$ 2.0	$ 1.0
Long-term Debt, Gross		351.0	$ 351.0
Debt, weighted average interest rate			4.90%
Line of Credit Facility, Maximum Borrowing Capacity		200.0			$ 550.0
Proceeds from Lines of Credit		350.0
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 350.0
Senior unsecured notes, maturing 2024
Debt Instrument [Line Items]
Fair value of debt		360.0	$ 362.0
Amount of loan issuance		350.0
Long-term Debt, Gross		$ 350.0	$ 350.0
Debt, interest rate, stated percentage		4.875%
Senior unsecured notes, maturing 2024 \| Amended Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 550.0
Senior unsecured notes, maturing 2024 \| Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 60.0
Base Rate \| Minimum \| Revolving A Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.875%
Base Rate \| Minimum \| Revolving B Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.125%
Base Rate \| Maximum \| Revolving A Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Base Rate \| Maximum \| Revolving B Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
London Interbank Offered Rate (LIBOR) \| Minimum \| Revolving A Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.875%
London Interbank Offered Rate (LIBOR) \| Minimum \| Revolving B Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.125%
London Interbank Offered Rate (LIBOR) \| Maximum \| Revolving A Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.00%
London Interbank Offered Rate (LIBOR) \| Maximum \| Revolving B Loans \| Amended Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.25%

Long-term Debt Long-term Debt Required repayment of Principal (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
2021	$ 0
2022	0
2023	0
2024	350
2025	0
2026 and after	0
Total	$ 351	$ 351

Stockholders' Equity Preferred stock (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	15,000,000	15,000,000
Preferred Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00

Common Stock Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense (costs of sales, selling, general and administrative and other operating credits and charges, net)	$ 12	$ 9	$ 8
Income tax benefit related to stock-based compensation	2	1	3
Impact on cash flow due to taxes paid related to net share settlement of equity awards	$ (5)	$ (5)	$ (9)
Options and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	3

SSARs (Details) - USD ($) $ in Millions	12 Months Ended
SSARs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 8.0	$ 13.0	$ 35.0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Summary of Stock Awards Oustanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 13.0	$ 11.0	$ 8.0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Options and Ssars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	387,541	640,521
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 15.56	$ 15.56
Options / SSARs granted	0
Options / SSARs exercised	(252,980)
Options / SSARs cancelled	0
Options/ SSARs forfeited	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 15.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value	$ 0
Options / SSARs exercisable	387,541
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	387,541
SSARs granted Weighted Average Exercise Price	$ 0
Options / SSARs cancelled Weighted Average Exercise Price	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 15.56
Unrecognized stock compensation	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 15.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	0 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Awards Other than Options, Vested and Expected to Vest, Outstanding, Number	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Awards Other than Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	0	78,968
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 0	$ 20.05
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0
Options / SSARs cancelled Weighted Average Exercise Price	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(78,968)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 20.05
Unrecognized stock compensation	$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	0 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Awards Other than Options, Vested and Expected to Vest, Outstanding, Number	1,228,330
Share-based Compensation Arrangement by Share-based Payment Award, Equity Awards Other than Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 27.42
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,228,330	1,139,247
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 27.42	$ 24.82
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	540,678
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 30.31
Options / SSARs cancelled Weighted Average Exercise Price	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(358,987)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 22.55
Unrecognized stock compensation	$ 14.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(92,608)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 27.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 6 months

Stockholders' Equity Share Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Nov. 04, 2020	Dec. 31, 2020	Feb. 06, 2020
Equity [Abstract]
Share Repurchase Program, Open Market	300	6
Share repurchase program, open market, average price per share		$ 32.69
Share repurchase program, remaining authorized repurchase amount		$ 300,000,000
Stock Repurchase Program, Authorized Amount			$ 200,000,000

Stockholders' Equity ESPP (Details) shares in Millions	Dec. 31, 2020 shares
Equity [Abstract]
Shares available for grant, Employee Stock Purchase Plan	2,000,000

Other Operating Credits and Charges, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain Contingencies [Line Items]
Reorganization charges	$ (5)	$ (12)	$ (10)
Reorganization Value, Net Realizable Value of Asset Dispositions	(8)	0	0
Insurance and environmental recoveries	3	9	8
Adjustment to product related warranty reserves	0	4	8
Other Income	3	(2)	(4)
Other operating credits and charges, net	$ (4)	$ (1)	$ 2

Other Operating Credits and Charges, Net Non-Operating Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest Expense		$ 17.0	$ 18.0	$ 19.0
Amortization of financing costs and discounts		2.0	2.0	1.0
Interest Costs Capitalized Adjustment		0.0	1.0	4.0
Interest expense, net of capitalized interest		(19.0)	(19.0)	(16.0)
Investment Income, Interest and Dividend		2.0	9.0	18.0
Realized Investment Gains (Losses)		3.0	0.0	1.0
Interest Income, Other		(1.0)	1.0	(1.0)
Investment income		4.0	10.0	18.0
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		1.0	3.0	4.0
Foreign Currency Transaction Gain (Loss), Realized		1.0	(5.0)	0.0
Gain on Acquisition		0.0	14.0	0.0
Other nonoperating items		$ 0.0	$ 6.0	$ (4.0)
Entekra [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gain on Acquisition	$ 14.0

IMPAIRMENT OF LONG-LIVED ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ (9.0)	$ (92.0)
Impairment of long-lived assets			$ 11.0
Nonoperating Assets in Canada, Minnesota and Texas [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		47.0
EWP Facility Producing LSL and OSB [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		39.0
Siding Facility Expected To Sell [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		$ 5.0

Committments and Contingent Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 14	$ 10
Loss Contingency Accrual, Period Increase (Decrease)	(2)	0
Loss Contingency, Accrual, Current	1	2
Loss Contingency, Accrual, Noncurrent	13	8
SEC Schedule, 12-09, Reserve, Environmental Cost [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	13	10	$ 11
Loss Contingency Accrual, Period Increase (Decrease)	(2)	(1)
Payments for Environmental Liabilities	1	1
Hardboard Siding Reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	0	0
Environmental Reserves
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 14	$ 10

Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
Product Warranty (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 8	$ 14
Accrued to expense during the year	2	1
Accrued/(credited) to other operating credits and charges	0	(4)
Payments made	(2)	(3)
Ending Balance	$ 8	$ 14	$ 8	$ 8
Current portion of warranty reserves			(2)	(2)
Long-term portion of warranty reserves			$ 6	$ 6

Retirement Plans and Post Retirement Benefits Defined Benefit Plans (Details)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Maximum benefit amortization period	20 years
Approximate percentage of assets represented by most significant plans	79.00%
Approximate percentage of benefit obligations represented by most significant plans	82.00%
Rate of eligible compensation increase	5.00%

Retirement Plans and Post Retirement Benefits Funded Status, Assumptions Used in Benefit Obligations and Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Benefit Obligation [Roll Forward]
Beginning of year balance	$ 312	$ 297
Service cost	1	3	$ 3
Interest cost	9	12	11
Actuarial (gain)/loss	17	24
Foreign exchange rate changes	1	2
Benefits Paid	21	26
End of year balance	319	312	297
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	294	275
Actual return on plan assets	35	39
Employer contribution	0	4
Foreign exchange rate changes	2	3
Fair value of plan assets, end of year balance	310	294	275
Funded status	(10)	(18)
Amounts Recognized in Balance Sheet [Abstract]
Noncurrent pension assets, included in “Other assets”	7	5
Current pension liabilities, included in “Accounts payable and accrued liabilities”	0	0
Noncurrent pension liabilities, included in “Other long-term liabilities”	(17)	(23)
Benefits Expected to be Paid from Benefit Plans [Abstract]
2021	26
2022	19
2023	20
2024	19
2025	19
2026– 2030	91
Defined Benefit Plan, Plan Assets, Benefits Paid	21	26
Multi-strategy Funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	53
Fair value of plan assets, end of year balance	48	53
Domestic stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	54
Fair value of plan assets, end of year balance	56	54
International stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	40
Fair value of plan assets, end of year balance	46	40
Domestic bond funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	93
Fair value of plan assets, end of year balance	94	93
Significant Unobservable Inputs (Level 3)
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Significant Unobservable Inputs (Level 3) \| Multi-strategy Funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Significant Unobservable Inputs (Level 3) \| Domestic stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Significant Unobservable Inputs (Level 3) \| International stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Significant Unobservable Inputs (Level 3) \| Domestic bond funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Fair Value, Inputs, Level 1 [Member]
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	156
Fair value of plan assets, end of year balance	167	156
Fair Value, Inputs, Level 1 [Member] \| Multi-strategy Funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	47
Fair value of plan assets, end of year balance	48	47
Fair Value, Inputs, Level 1 [Member] \| Domestic stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	54
Fair value of plan assets, end of year balance	56	54
Fair Value, Inputs, Level 1 [Member] \| International stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	40
Fair value of plan assets, end of year balance	46	40
Fair Value, Inputs, Level 1 [Member] \| Domestic bond funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	15
Fair value of plan assets, end of year balance	17	15
Fair Value, Inputs, Level 2
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	22
Fair value of plan assets, end of year balance	28	22
Fair Value, Inputs, Level 2 \| Multi-strategy Funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Fair Value, Inputs, Level 2 \| Domestic stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Fair Value, Inputs, Level 2 \| International stock funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Fair Value, Inputs, Level 2 \| Domestic bond funds
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	0
Fair value of plan assets, end of year balance	0	0
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Amounts recognized in other comprehensive income—pre-tax
Other Comprehensive Income (Loss), before Reclassifications, before Tax	0	0
Reclassification from accumulated other comprehensive income, current period, before tax	0	(1)
Total	(8)	(8)	(7)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Amounts recognized in other comprehensive income—pre-tax
Other Comprehensive Income (Loss), before Reclassifications, before Tax	4	0
Reclassification from accumulated other comprehensive income, current period, before tax	6	4
Total	(109)	(119)	(123)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Amounts recognized in other comprehensive income—pre-tax
Other Comprehensive Income (Loss), before Reclassifications, before Tax	4	0
Reclassification from accumulated other comprehensive income, current period, before tax	6	5
Total	(101)	(111)	$ (116)
Defined Benefit, US Plans [Member]
Change in Benefit Obligation [Roll Forward]
Beginning of year balance	258
End of year balance	262	258
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	236
Fair value of plan assets, end of year balance	246	236
Funded status	$ (16)	$ (22)
Weighted average assumptions for obligations as of measurement date [Abstract]
Discount rate	2.30%	3.10%
Defined Benefit, Canadian Plans [Member]
Change in Benefit Obligation [Roll Forward]
Beginning of year balance	$ 54
End of year balance	58	$ 54
Change in Assets (Fair Value) [Roll Forward]
Fair value of plan assets, beginning of year balance	58
Fair value of plan assets, end of year balance	64	58
Funded status	$ 6	$ 4
Weighted average assumptions for obligations as of measurement date [Abstract]
Discount rate	2.30%	3.00%
Rate of compensation increase		3.50%

Retirement Plans and Post Retirement Benefits Pension Costs, Assumptions Used in Net Periodic Costs and Expected Contributions and Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 3	$ 3
Interest cost	9	12	11
Expected return on plan assets	(14)	(14)	(14)
Amortization of prior service cost	1	1	1
Amortization of net actuarial loss	6	5	6
Net periodic pension cost before settlement	2	6	7
Loss due to settlement	0	0	0
Net periodic pension cost	2	6	7
Net periodic pension cost included in cost of sales	0	2	2
Net periodic pension cost included in selling, general, and administrative expenses	1	1	1
Net periodic pension cost included in other non-operating items	$ 1	$ 3	$ 4
Defined Benefit, Canadian Plans [Member]
Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.00%	3.80%	3.30%
Expected return on plan assets	3.20%	3.40%	4.10%
Rate of compensation increase	3.50%	3.50%	3.50%
Defined Benefit, SERP [Member]
Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate			4.00%
Defined Benefit, US Plans [Member]
Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.10%	4.20%	3.50%
Expected return on plan assets	5.80%	5.80%	5.80%

Retirement Plans and Post Retirement Benefits Asset Allocation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 310	$ 294	$ 275
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	0.00%
Defined Benefit Plan, Actual Plan Asset Allocation	1.00%	0.00%
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 167	$ 156
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	115	116
Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	28	22
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Domestic stock funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	56	54
Domestic stock funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	56	54
Domestic stock funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Domestic stock funds \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Domestic stock funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
International stock funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	46	40
International stock funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	46	40
International stock funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
International stock funds \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
International stock funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Domestic bond funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	94	93
Domestic bond funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	17	15
Domestic bond funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	77	78
Domestic bond funds \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Domestic bond funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
International bond funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	64	52
International bond funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
International bond funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	38	32
International bond funds \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	26	20
International bond funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Multi-strategy Funds
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	48	53
Multi-strategy Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	48	47
Multi-strategy Funds \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	6
Multi-strategy Funds \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Multi-strategy Funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2	2
Cash and Cash Equivalents \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash and Cash Equivalents \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash and Cash Equivalents \| Fair Value, Inputs, Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2	2
Cash and Cash Equivalents \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	$ 0
UNITED STATES
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	100.00%
Defined Benefit Plan, Actual Plan Asset Allocation	100.00%	100.00%
UNITED STATES \| Equity Securities
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	33.00%
Defined Benefit Plan, Actual Plan Asset Allocation	41.00%	40.00%
UNITED STATES \| Debt Securities
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	50.00%
Defined Benefit Plan, Actual Plan Asset Allocation	38.00%	40.00%
UNITED STATES \| Multi-strategy Funds
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	17.00%
Defined Benefit Plan, Actual Plan Asset Allocation	20.00%	20.00%
Non-US
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	100.00%
Defined Benefit Plan, Actual Plan Asset Allocation	100.00%	100.00%
Non-US \| Debt Securities
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	40.00%
Defined Benefit Plan, Actual Plan Asset Allocation	40.00%	90.00%
Non-US \| Cash and Cash Equivalents
Target Allocations [Abstract]
Target Plan Asset Allocation 2018	60.00%
Defined Benefit Plan, Actual Plan Asset Allocation	60.00%	10.00%

Retirement Plans and Post Retirement Benefits Defined Contribution Plans and Other Benefit Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Defined Benefit Plan, Actual Plan Asset Allocation	1.00%	0.00%
Defined Contribution Plans [Abstract]
Expenses related to defined contribution plans and multiemployer plan	$ 9.0	$ 10.0	$ 10.0
Funded status	$ (10.0)	(18.0)
Deferred Compensation Arrangements [Abstract]
Deferred compensation plan maximum deferral percentage	90.00%
Deferred compensation plan, employer contributions and related earnings, maximum vesting period	5 years
Deferred compensation liability included in "Other long-term liabilities"	$ (2.0)	$ (2.0)
US Defined Contribution Plan [Member]
Defined Contribution Plans [Abstract]
Maximum percentage of employee's wages eligible for company match	5.00%
Shares of LP common stock included in plan assets	1,000,000
Total market value of plan assets represented by LP common stock	8.00%
Canadian Defined Contribution Plan [Member]
Defined Contribution Plans [Abstract]
Maximum percentage of employee's wages eligible for company match	3.00%
Percentage of base contribution	3.00%
Employer matching percentage	50.00%
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%
Defined Benefit Plan, Actual Plan Asset Allocation	100.00%	100.00%
UNITED STATES \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	33.00%
Defined Benefit Plan, Actual Plan Asset Allocation	41.00%	40.00%
UNITED STATES \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50.00%
Defined Benefit Plan, Actual Plan Asset Allocation	38.00%	40.00%
UNITED STATES \| Multi-strategy Funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	17.00%
Defined Benefit Plan, Actual Plan Asset Allocation	20.00%	20.00%
Other Postretirement Benefits Plan [Member]
Defined Contribution Plans [Abstract]
Funded status	$ 10.0	$ 7.0

Accumulated Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax		$ 2	$ 1	$ 3
Accumulated comprehensive loss, net of tax, beginning of period	$ (146)	(151)	(153)	(146)
Other comprehensive income loss net of tax including redeemable non controlling interest		2	(7)	(8)
Accumulated comprehensive loss, net of tax, end of period	(146)	(151)	(153)	(146)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated comprehensive loss, net of tax, beginning of period	(93)	(81)	(89)	(93)	$ (84)
Foreing currency translation adjustments		3	0	3
Amortization of amounts included in net periodic benefit cost		(5)	(4)	(6)
Other comprehensive income loss net of tax including redeemable non controlling interest		8	4	9
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		0	0	(17)
Accumulated comprehensive loss, net of tax, end of period	(93)	(81)	(89)	(93)	(84)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated comprehensive loss, net of tax, beginning of period	(57)	(68)	(67)	(57)	(40)
Foreing currency translation adjustments		(1)	(10)	(17)
Accumulated comprehensive loss, net of tax, end of period	(57)	(68)	(67)	(57)	(40)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated comprehensive loss, net of tax, beginning of period	4	(2)	3	4	2
Foreing currency translation adjustments		(2)	0	0
Reclassification from OCI, Other		(3)	(1)	1
Other comprehensive income loss net of tax including redeemable non controlling interest		(5)	(1)	1
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	16	0	0	1
Accumulated comprehensive loss, net of tax, end of period	$ 4	$ (2)	$ 3	$ 4	$ 2

Selected Segment Data (Details) - USD ($) $ in Millions	12 Months Ended
Selected Segment Data (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 2,788	$ 2,310	$ 2,828
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	497	(10)	395
Net loss attributed to noncontrolling interest	2	5	0
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	0	4
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	0	4
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	499	(5)	399
Provision for income taxes	125	(13)	122
Depreciation and amortization	111	122	120
Total stock-based compensation expense (costs of sales, selling, general and administrative and other operating credits and charges, net)	12	9	8
Impairment of long-lived assets	15	92	11
Other operating credits and charges, net	4	1	(2)
Interest Expense, net	19	19	16
Investment Income, Nonoperating	(4)	(10)	(18)
Other nonoperating items	0	(6)	4
Adjusted EBITDA	781	209	660
Depreciation and amortization	111	123	120
Capital Expenditures	77	163	214
Reorganization Value, Net Realizable Value of Asset Dispositions	8	0	0
Intersegment sales
Segment Reporting Information [Line Items]
Net sales	(1)	(5)	0
Non-segment related
Segment Reporting Information [Line Items]
Depreciation and amortization	0	0	3
Capital Expenditures	1	4	3
Siding \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	959	917	905
Adjusted EBITDA	246	169	196
Depreciation and amortization	32	59	58
Capital Expenditures	34	86	116
OSB \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,220	777	1,305
Adjusted EBITDA	519	10	425
Depreciation and amortization	65	36	31
Capital Expenditures	25	46	55
EWP \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	389	396	409
Adjusted EBITDA	23	26	26
Depreciation and amortization	4	16	16
Capital Expenditures	6	6	10
South America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	169	159	161
Adjusted EBITDA	42	34	40
Depreciation and amortization	7	9	9
Capital Expenditures	7	7	28
Other \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	52	66	48
Adjusted EBITDA	(19)	(3)	(2)
Depreciation and amortization	3	3	2
Capital Expenditures	4	14	2
Corporate Segment \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (30)	$ (27)	$ (25)

Segment Information Identifiable assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets	$ 2,086	$ 1,835
Non-segment related
Assets	778	469
OSB \| Operating Segments
Assets	511	558
Siding \| Operating Segments
Assets	521	516
EWP \| Operating Segments
Assets	152	146
South America \| Operating Segments
Assets	106	109
Other \| Operating Segments
Assets	$ 19	$ 37

Segment Information Geographic Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	$ 2,788	$ 2,310	$ 2,828
Operating Income (Loss)	636	(20)	526
Other operating credits and charges, net and loss on impairments of assets	(20)	(93)	(9)
General corporate expense, loss on early debt extinguishment, other income (expense) and interest, net	(52)	(33)	(114)
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest	621	(23)	521
Provision for income taxes	(125)	13	(122)
Income from continuing operations	497	(10)	399
Net Income (Loss) Attributable to Noncontrolling Interest	(2)	(5)	0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	499	(5)	399
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile	977	1,034	1,032
Intersegment sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	(1)	(5)	0
UNITED STATES
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	2,425	1,968	2,409
Operating Income (Loss)	608	95	475
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile	533	570	542
CANADA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	643	653	861
Operating Income (Loss)	50	(17)	138
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile	367	390	408
South America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	185	178	174
Operating Income (Loss)	35	25	31
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile	77	74	82
Intersegment sales \| Intersegment sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Sales	$ (465)	$ (489)	$ (616)