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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-7107
 LOUISIANA-PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
Delaware93-0609074
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
414 Union Street, Suite 2000, Nashville, TN 37219
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (615) 986 - 5600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1 par valueLPXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐   No  ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 87,989,162 shares of Common Stock, $1 par value, outstanding as of November 1, 2021.



Except as otherwise specified and unless the context otherwise requires, references to "LP", the “Company”, “we”, “us”, and “our” refer to Louisiana-Pacific Corporation and its subsidiaries.



ABOUT FORWARD-LOOKING STATEMENTS

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) provide a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about their businesses and other matters as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statements. This quarterly report on Form 10-Q contains, and other reports and documents we file with, or furnish to, the Securities and Exchange Commission (SEC) may contain, forward-looking statements. These statements are based upon the beliefs and assumptions of, and on information available to, our management.

The following statements are or may constitute forward-looking statements: (1) statements preceded by, followed by or that include words like “may,” “will,” “could,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” "project," “potential,” “continue,” "likely," or “future” or the negative or other variations thereof and (2) other statements regarding matters that are not historical facts, including without limitation, plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, capacity expansion, and other growth initiatives and the adequacy of reserves for loss contingencies.

Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following:

impacts from public health issues (including global pandemics, such as the ongoing COVID-19 pandemic) on the economy, demand for our products or our operations, including the actions and recommendations of governmental authorities to contain such public health issues;
changes in governmental fiscal and monetary policies, including tariffs, and levels of employment;
changes in general economic conditions, including impacts from the ongoing COVID-19 pandemic;
changes in the cost and availability of capital;
changes in the level of home construction and repair and remodel activity;
changes in competitive conditions and prices for our products;
changes in the relationship between supply of and demand for building products;
changes in the financial or business conditions of third-party wholesale distributors and dealers;
changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products;
changes in the cost of and availability of energy, primarily natural gas, electricity, and diesel fuel;
changes in the cost of and availability of transportation;
impact of manufacturing our products internationally;
difficulties in the launch or production ramp-up of newly introduced products;
unplanned interruptions to our manufacturing operations, such as explosions, fires, inclement weather, natural disasters, accidents, equipment failures, labor shortages or disruptions, transportation interruptions, supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes and street demonstrations;
changes in other significant operating expenses;
changes in currency values and exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real and Chilean peso;
changes in, and compliance with, general and industry-specific laws and regulations, including environmental and health and safety laws and regulations, the U.S. Foreign Corrupt Practices Act and anti-bribery laws, laws related to our international business operations, and changes in building codes and standards;
changes in tax laws, and interpretations thereof;
changes in circumstances giving rise to environmental liabilities or expenditures;
warranty costs exceeding our warranty reserves;
challenge or exploitation of our intellectual property or other proprietary information by others in the industry;
changes in the funding requirements of our defined benefit pension plans;
2


the resolution of existing and future product-related litigation and other legal proceedings;
the effect of covenants and events of default contained in our debt instruments;
the amount and timing of any repurchases of our common stock and the payment of dividends on our common stock, which will depend on market and business conditions and other considerations; and
acts of public authorities, war, civil unrest, natural disasters, fire, floods, earthquakes, inclement weather and other matters beyond our control.

In addition to the foregoing and any risks and uncertainties specifically identified in the text surrounding forward-looking statements, any statements in the reports and other documents filed by us with the SEC that warn of risks or uncertainties associated with future results, events, or circumstances identify important factors that could cause actual results, events, and circumstances to differ materially from those reflected in the forward-looking statements.

ABOUT THIRD-PARTY INFORMATION

In this quarterly report on Form 10-Q, we rely on and refer to information regarding industry data obtained from market research, publicly available information, industry publications, U.S. government sources, and other third parties. Although we believe the information is reliable, we cannot guarantee the accuracy or completeness of the information and have not independently verified it.

3


PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Condensed Consolidated Statements of Income
Dollar amounts in millions, except per share amounts
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net sales$1,219 $795 $3,561 $1,928 
Cost of sales(670)(503)(1,827)(1,411)
Gross profit549 292 1,734 517 
Selling, general, and administrative expenses(63)(52)(168)(157)
Loss on impairment (1) (16)
Other operating credits and charges, net2 3 5 (5)
Income from operations488 242 1,571 339 
Interest expense(4)(5)(12)(17)
Investment income  1 3 
Other non-operating items2  (14)4 
Income before income taxes486 237 1,546 329 
Provision for income taxes(123)(60)(366)(88)
Equity in unconsolidated affiliate1  3  
Net income$365 $177 $1,182 $241 
Net loss attributed to noncontrolling interest  1 2 
Net income attributed to LP$365 $177 $1,183 $243 
Basic net income per share of common stock:
Net income per share - basic$3.90 $1.58 $11.81 $2.16 
Diluted net income per share of common stock:
Net income per share - diluted$3.87 $1.57 $11.73 $2.15 
Average shares of common stock used to compute net income per share:
Basic94 112 100 112 
Diluted94 113 101 113 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
4


Condensed Consolidated Statements of Comprehensive Income
Dollar amounts in millions
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income $365 $177 $1,182 $241 
Other comprehensive income, net of tax
Foreign currency translation adjustments(21)4 (21)(17)
Unrealized gains on securities, net of reversals   (3)
Amortization of pension and post-retirement prior service costs and net loss2 1 3 3 
Other comprehensive income (loss), net of tax(19)5 (18)(17)
Comprehensive income346 182 1,164 224 
Comprehensive loss associated with noncontrolling interest  1 2 
Comprehensive income attributed to LP$346 $182 $1,165 $226 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
5


Condensed Consolidated Balance Sheets
Dollar amounts in millions
(Unaudited) 
September 30, 2021December 31, 2020
ASSETS
Cash and cash equivalents$607 $535 
Receivables, net of allowance for doubtful accounts of $2 million at September 30, 2021, and December 31, 2020
248 184 
Inventories320 259 
Prepaid expenses and other current assets23 15 
Total current assets1,197 993 
Timber and timberlands83 52 
Property, plant, and equipment, net980 918 
Operating lease assets38 40 
Goodwill and other intangible assets44 46 
Investments in and advances to affiliates18 11 
Restricted cash13  
Other assets25 24 
Deferred tax asset2 3 
Total assets$2,400 $2,086 
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities$354 $267 
Income tax payable72 18 
Current portion of contingency reserves1 1 
Total current liabilities427 286 
Long-term debt346 348 
Deferred income taxes94 78 
Non-current operating lease liabilities 29 32 
Contingency reserves, excluding current portion13 13 
Other long-term liabilities115 86 
Total liabilities1,024 842 
Redeemable noncontrolling interest9 10 
Stockholders’ equity:
Common stock, $1 par value, 200,000,000 shares authorized; 107,035,818 and 90,222,524 shares issued and outstanding, respectively, as of September 30, 2021; and 123,547,974 and 106,240,030 shares issued and outstanding, respectively, as of December 31, 2020
107 124 
Additional paid-in capital451 452 
Retained earnings1,369 1,206 
Treasury stock, 16,813,294 shares and 17,307,944 shares, at cost as of September 30, 2021, and December 31, 2020, respectively
(390)(397)
Accumulated comprehensive loss(168)(151)
Total stockholders’ equity1,368 1,234 
Total liabilities and stockholders’ equity$2,400 $2,086 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
6


Condensed Consolidated Statements of Cash Flows
Dollar amounts in millions
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $365 $177 $1,182 $241 
Adjustments to net income:
Depreciation and amortization30 28 88 84 
Loss on impairment 1  16 
Deferred taxes9  15 1 
Loss on early debt extinguishment  11  
Other adjustments, net(3)7 7 17 
Changes in assets and liabilities (net of acquisitions and divestitures):
Receivables64 (48)(59)(75)
Prepaid expenses and other current assets1 (2)(5)(7)
Inventories(13)4 (66)6 
Accounts payable and accrued liabilities28 35 64 13 
Income taxes payable, net of receivables31 16 46 42 
Net cash provided by operating activities511 218 1,283 338 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions(68)(14)(133)(53)
Proceeds from business divestiture 1  15 
Redemption of insurance cash surrender value   10 
Other investing activities  3 3 
Net cash used in investing activities(68)(13)(131)(25)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing of long-term debt  350 350 
Repayment of long-term debt, including redemption premium  (359)(350)
Payment of cash dividends(17)(16)(50)(49)
Purchase of stock(399)(29)(987)(29)
Other financing activities  (12)(6)
Net cash used in financing activities(416)(45)(1,058)(84)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH(11)1 (10)(4)
Net increase in cash, cash equivalents and restricted cash17 161 84 225 
Cash, cash equivalents, and restricted cash at beginning of period603 259 535 195 
Cash, cash equivalents, and restricted cash at end of period$620 $420 $620 $420 
Supplemental cash flow information:
Cash paid for income taxes, net of cash received$84 $45 $305 $48 
Cash paid for interest, net of cash received$7 $7 $16 $19 
Unpaid capital expenditures$42 $4 $42 $4 


The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
7


Condensed Consolidated Statements of Stockholders' Equity
Dollar and share amounts in millions, except per share amounts
(Unaudited) 
 Common StockTreasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Comprehensive
Loss
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, December 31, 2020124 $124 17 $(397)$452 $1,206 $(151)$1,234 
Net income attributed to LP— — — — — 320 — 320 
Dividends paid ($0.16 per share)— — — — — (17)— (17)
Issuance of shares under stock plans— —  11 (11)— —  
Taxes paid related to net settlement of stock-based awards— — — (6)— — — (6)
Purchase of stock(2)(2)— — — (120)— (122)
Compensation expense associated with stock-based compensation— — — — 1 — — 1 
Other comprehensive loss— — — — — — (6)(6)
Balance, March 31, 2021121 $121 17 $(393)$443 $1,390 $(157)$1,404 
Net income attributed to LP— — — — — 498 — 498 
Dividends paid ($0.16 per share)— — — — — (16)— (16)
Issuance of shares under stock plans— —  2 (1)— — 1 
Purchase of stock(7)(7)— — — (458)— (465)
Compensation expense associated with stock-based compensation— — — — 4 — — 4 
Other comprehensive loss— — — — — — 8 8 
Balance, June 30, 2021114 $114 17 $(390)$446 $1,413 $(149)$1,433 
Net income attributed to LP— — — — — 365 — 365 
Dividends paid ($0.18 per share)— — — — — (17)— (17)
Purchase of stock(7)(7)— — — (392)— (399)
Compensation expense associated with stock-based compensation— — — — 5 — — 5 
Other comprehensive loss— — — — — — (19)(19)
Balance, September 30, 2021107 $107 17 $(390)$451 $1,369 $(168)$1,368 



8


 Common StockTreasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Comprehensive
Loss
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, December 31, 2019130 $130 18 $(406)$454 $966 $(153)$991 
Net income attributed to LP— — — — — 33 — 33 
Dividends paid ($0.145 per share)— — — — — (16)— (16)
Issuance of shares under stock plans— —  8 (8)— —  
Taxes paid related to net settlement of stock-based awards— — — (4)— — — (4)
Compensation expense associated with stock-based compensation— — — — 2 — — 2 
Other comprehensive loss      (22)(22)
Balance, March 31, 2020130 $130 18 $(402)$448 $983 $(175)$984 
Net income attributed to LP— — — — — 33 — 33 
Dividends paid ($0.145 per share)— — — — — (17)— (17)
Issuance of shares under stock plans— — (1)2 (1)— — 1 
Compensation expense associated with stock-based compensation— —  — 1 — — 1 
Noncontrolling interest redemption value adjustment— — — — (2)— — (2)
Other comprehensive income— — — — — —  — 
Balance, June 30, 2020130 $130 17 $(400)$446 $999 $(175)$1,000 
Net income attributed to LP— — — — — 177 — 177 
Dividends paid ($0.145 per share)— — — — — (16)— (16)
Issuance of shares under stock plans— —  1 (1)— —  
Purchase of stock(1)(1)— — — (28)— (29)
Compensation expense associated with stock-based compensation— — — — 5 — — 5 
Other comprehensive income— — — — — — 5 5 
Balance, September 30, 2020129 $129 17 $(399)$450 $1,132 $(170)$1,142 


The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
9


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. NATURE OF OPERATIONS AND BASIS FOR PRESENTATION

Nature of Operations

Louisiana-Pacific Corporation and our subsidiaries is a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, and reliability. In addition to our U.S. operations, the Company also maintains manufacturing facilities in Canada, Chile, and Brazil through foreign subsidiaries, and operates 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.

Basis for Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. These Condensed Consolidated Financial Statements and Notes hereto should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 18, 2021 (2020 Annual Report on Form 10-K). Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. All dollar amounts are shown in millions except per share.

Recently Adopted Accounting Policies

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 combinations that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 effective as of January 1, 2021. There was no impact on our Condensed Consolidated Financial Statements upon adoption.


NOTE 2. 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 achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

As noted in the segment reporting information in Note 18 below, our reportable segments are Siding, Oriented Strand Board (OSB), Engineered Wood Products (EWP), and South America.

10


Three Months Ended September 30, 2021
By product type and family:SidingOSBEWPSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$310 $ $ $9 $ $ $319 
OSB - Structural Solutions— 307  65   372 
I-Joist— — 109 — — — 109 
LVL  51    51 
LSL  20   (1)20 
310 307 180 75  (1)871 
Commodity
OSB - commodity 290    — 290 
Plywood  9    9 
 290 9    299 
Other
Other products3 4 11 2 30  49 
$312 $600 $201 $76 $30 $(1)$1,219 

Nine Months Ended September 30, 2021
By product type and family:SidingOSBEWPSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$879 $ $ $29