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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, 2022
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.)
1610 West End Avenue, Suite 200, Nashville, TN 37203
(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: 71,695,455 shares of common stock, $1 par value, outstanding as of October 31, 2022.
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.



CAUTIONARY STATEMENT REGARDING 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, which may be amplified by the invasion of Ukraine by Russia, the sanctions (including their duration), and other measures being imposed in response to this conflict, as well as any escalation or expansion of economic disruption or the conflict’s current scope:
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 the supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products;
changes in the cost and availability of energy, primarily natural gas, electricity, and diesel fuel;
changes in the cost 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;
challenges to or exploitation of our intellectual property or other proprietary information by others in the industry;
2


changes in the funding requirements of our defined benefit pension plans;
the resolution of existing and future product-related litigation, environmental proceedings and remediation efforts, and other legal or environmental proceedings or matters;
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;
cybersecurity events affecting our information technology systems or those of our third-party providers and the related costs and impact of any disruption on our business; 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.
The forward-looking statements that we make or that are made by others on our behalf are based on our knowledge of our business and operating environment and assumptions that we believe to be or will believe to be reasonable when such forward-looking statements are or will be made. As a consequence of the factors described above, the other risks, uncertainties, and factors we disclose below and in the reports and other documents filed by us with the SEC, other risks not known to us at this time, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from those discussed in or implied or contemplated by our forward-looking statements. Consequently, this cautionary statement qualifies all forward-looking statements we make or that are made on our behalf, including those made herein and incorporated by reference herein. We cannot assure that the results or developments expected or anticipated by us will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business, our operations, or our operating results in the manner or to the extent we expect. We caution readers not to place undue reliance on such forward-looking statements, which speak only as of their dates. We undertake no obligation to revise or update any of the forward-looking statements to reflect subsequent events or circumstances except to the extent required by applicable law.
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 and share amounts in millions, except per share amounts
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net sales$852 $1,018 $3,149 $3,080 
Cost of sales(620)(513)(1,778)(1,423)
Gross profit232 505 1,370 1,657 
Selling, general, and administrative expenses(67)(58)(196)(155)
Other operating credits and charges, net7 2 17 5 
Income from operations172 448 1,191 1,507 
Interest expense(3)(4)(9)(12)
Investment income5  8 1 
Other non-operating items(3)(2)(11)(13)
Income before income taxes172 442 1,178 1,482 
Provision for income taxes(44)(111)(284)(350)
Equity in unconsolidated affiliate1 1 4 3 
Income from continuing operations129 332 898 1,134 
Income from discontinued operations, net of income taxes97 33 196 47 
Net income$226 $365 $1,093 $1,182 
Net loss attributed to noncontrolling interest  1 1 
Net income attributed to LP$226 $365 $1,094 $1,183 
Net income attributed to LP per share of common stock:
Income per share continuing operations - basic$1.75 $3.55 $11.23 $11.34 
Income per share discontinued operations - basic1.32 0.35 2.45 0.47 
Net income per share - basic$3.07 $3.90 $13.67 $11.81 
Income per share continuing operations - diluted$1.74 $3.52 $11.16 $11.26 
Income per share discontinued operations - diluted1.31 0.35 2.43 0.47 
Net income per share - diluted$3.05 $3.87 $13.59 $11.73 
Average shares of common stock used to compute net income per share:
Basic74 94 80 100 
Diluted74 94 80 101 
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,
 2022202120222021
Net income $226 $365 $1,093 $1,182 
Other comprehensive income, net of tax
Foreign currency translation adjustments(13)(21)(22)(21)
Changes in defined benefit pension plans3 2 6 3 
Other comprehensive income (loss), net of tax(9)(19)(16)(18)
Comprehensive income216 346 1,077 1,164 
Comprehensive loss associated with noncontrolling interest  1 1 
Comprehensive income attributed to LP$216 $346 $1,078 $1,165 
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, 2022December 31, 2021
ASSETS
Cash and cash equivalents$469 $358 
Receivables, net of allowance for doubtful accounts of $1 million as of September 30, 2022, and December 31, 2021
171 169 
Inventories337 278 
Prepaid expenses and other current assets24 17 
Current assets of discontinued operations 68 
Total current assets1,001 890 
Timber and timberlands39 42 
Property, plant, and equipment, net1,215 1,039 
Operating lease assets44 50 
Goodwill and other intangible assets37 39 
Investments in and advances to affiliates7 7 
Restricted cash14 13 
Other assets23 25 
Deferred tax asset4 2 
Long-term assets of discontinued operations 87 
Total assets$2,383 $2,194 
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities$342 $304 
Income tax payable88 13 
Current liabilities of discontinued operations 34 
Total current liabilities430 351 
Long-term debt346 346 
Deferred income taxes107 86 
Non-current operating lease liabilities 40 44 
Contingency reserves, excluding current portion26 24 
Other long-term liabilities69 63 
Long-term liabilities of discontinued operations 42 
Total liabilities$1,019 $955 
Redeemable noncontrolling interest3 4 
Stockholders’ equity:
Common stock, $1 par value, 200,000,000 shares authorized; 87,986,865 and 71,690,061 shares issued and outstanding, respectively, as of September 30, 2022; and 102,415,883 and 85,636,154 shares issued and outstanding, respectively, as of December 31, 2021
88 102 
Additional paid-in capital459 458 
Retained earnings1,395 1,239 
Treasury stock, 16,296,804 shares and 16,779,729 shares, at cost as of September 30, 2022, and December 31, 2021, respectively
(390)(390)
Accumulated comprehensive loss(190)(174)
Total stockholders’ equity1,361 1,235 
Total liabilities and stockholders’ equity$2,383 $2,194 
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)
 Nine Months Ended September 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,093 $1,182 
Adjustments to net income:
Depreciation and amortization99 88 
Gain on sale of assets(157) 
Deferred taxes27 15 
Loss on early debt extinguishment 11 
Other adjustments, net34 7 
Changes in assets and liabilities (net of acquisitions and divestitures):
Receivables(20)(59)
Prepaid expenses and other current assets(11)(5)
Inventories(72)(66)
Accounts payable and accrued liabilities40 64 
Income taxes payable, net of receivables70 46 
Net cash provided by operating activities1,103 1,283 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions(282)(133)
Proceeds from sales of assets265  
Other investing activities3 3 
Net cash used in investing activities(14)(131)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing of long-term debt 350 
Repayment of long-term debt, including redemption premium (359)
Payment of cash dividends(53)(50)
Purchase of stock(900)(987)
Other financing activities(15)(12)
Net cash used in financing activities(968)(1,058)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(11)(10)
Net increase in cash, cash equivalents, and restricted cash111 84 
Cash, cash equivalents, and restricted cash at beginning of period371 535 
Cash, cash equivalents, and restricted cash at end of period$482 $620 
Supplemental cash flow information:
Cash paid for income taxes, net of cash received$242 $305 
Cash paid for interest, net of cash received$14 $16 
Unpaid capital expenditures$44 $42 
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, 2021
102 $102 17 $(390)$458 $1,239 $(174)$1,235 
Net income attributed to LP— — — — — 484 — 484 
Dividends paid ($0.22 per share)
— — — — — (19)— (19)
Issuance of shares under stock plans— — (1)14 (14)— —  
Taxes paid related to net settlement of stock-based awards— — — (15)— — — (15)
Purchase of stock(2)(2)— — — (102)— (104)
Compensation expense associated with stock-based compensation— — — — 7 — — 7 
Other comprehensive income— — — — — — 24 24 
Balance, March 31, 2022
101 $101 16 $(391)$451 $1,601 $(149)$1,613 
Net income attributed to LP— — — — — 384 — 384 
Dividends paid ($0.22 per share)
— — — — — (18)— (18)
Issuance of shares under stock plans— — — 2 — — — 2 
Taxes paid related to net settlement of stock-based awards— — — (1)— — — (1)
Purchase of stock(7)(7)— — — (463)— (471)
Compensation expense associated with stock-based compensation— — — — 7 — — 7 
Other comprehensive loss— — — — — — (31)(31)
Balance, June 30, 2022
94 $94 16 $(390)$457 $1,505 $(181)$1,484 
Net income attributed to LP— — — — — 226 — 226 
Dividends paid (0.22 per share)
— — — — — (16)— (16)
Issuance of shares under stock plans— —    — —  
Purchase of stock(6)(6)— — — (320)— (325)
Compensation expense associated with stock-based compensation— — — — 2 — — 2 
Other comprehensive loss— — — — — — (9)(9)
Balance, September 30, 2022
88 $88 16 $(390)$459 $1,395 $(190)$1,361 
The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
8


 Common StockTreasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Comprehensive
Loss
Total
Stockholders'
Equity
 SharesAmountSharesAmount
Balance, December 31, 2020
124 $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, 2021
121 $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 income— — — — — — 8 8 
Balance, June 30, 2021
114 $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 income— — — — — — (19)(19)
Balance, September 30, 2021
107 $107 17 $(390)$451 $1,369 $(168)$1,368 
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 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 22 plants in our continuing operations across the U.S., Canada, Chile, and Brazil through foreign subsidiaries, and it 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.
In August 2022, LP and one of its wholly-owned subsidiaries sold the assets related to the Engineered Wood Products (EWP) segment to Pacific Woodtech Corporation, a Washington corporation, and Pacific Woodtech Canada Holdings Limited, a British Columbia limited company (collectively, the Purchaser) for $217 million in gross cash proceeds after taking into account working capital adjustments (including $3 million received subsequent to September 30, 2022). Upon closing, the Company entered into a transition services agreement (TSA) with the Purchaser, pursuant to which the Company agreed to support the various activities of the EWP segment for a period not to exceed eight months. We have classified the related assets and liabilities associated with the EWP segment as discontinued operations in our Condensed Consolidated Balance Sheets. The results of our EWP segment have been presented as discontinued operations in our Condensed Consolidated Statements of Income for all periods presented. See Note 7 –Discontinued Operations for additional information.
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 related Notes should be read in conjunction with our annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 22, 2022 (2021 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.
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 17 below, our reportable segments are Siding, Oriented Strand Board (OSB), and South America (dollar amounts in millions).
10


Three Months Ended September 30, 2022
By product type and family:SidingOSBSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$393 $ $6 $ $ $399 
OSB - Structural Solutions 205 47   251 
393 205 53   650 
Commodity
OSB - commodity 180    180 
Other
Other products1 3  17  22 
$394 $388 $53 $17 $(1)$852 
Three Months Ended September 30, 2021
By product type and family:SidingOSBSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$310 $ $9 $ $ $319 
OSB - Structural Solutions 307 65   372 
310 307 75   691 
Commodity
OSB - commodity 290    290 
Other
Other products3 4 2 30 (1)38 
$312 $600 $76 $30 $(1)$1,018 
11


Nine Months Ended September 30, 2022
By product type and family:SidingOSBSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$1,079 $ $18 $ $ $1,097 
OSB - Structural Solutions 995 172  (2)1,165 
1,079 995 190  (2)2,262 
Commodity
OSB - commodity 801   (1)801 
Other
Other products4 9  72  86 
$1,083 $1,805 $190 $72 $(2)$3,149 
Nine Months Ended September 30, 2021
By product type and family:SidingOSBSouth AmericaOtherInter-segmentTotal
Value-add
Siding Solutions$879 $ $29 $ $ $908 
OSB - Structural Solutions 912 171   1,082 
879 912 200   1,991 
Commodity
OSB - commodity 997    997 
Other
Other products9 9 3 73 (2)93 
$889 $1,917 $203