lpx-20240930

美國

證券交易委員會

華盛頓特區 20549

表單 10-Q

x 根據1934年證券交易法第13或15(d)節的季度報告

截至季度末2024年9月30日

o 根據1934年證券交易法第13或15(d)節的轉型報告書

委員會文件號 1-7107

louisiana-pacific 公司

(根據其章程規定的註冊人準確名稱)


特拉華州						93-0609074
（國家或其他管轄區的公司成立或組織）						（美國國內國稅局僱主唯一識別號碼）

西安德大道1610號, 200號, 納什維爾, TN 37203

（總部地址）（郵政編碼）

公司電話，包括區號：(615) 986 - 5600

在法案第12(b)條的規定下注冊的證券：


每一類的名稱	交易代碼	在其上註冊的交易所的名稱
普通股，每股面值爲1美元	LPX	請使用moomoo賬號登錄查看New York Stock Exchange

請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。是 x 否 o

請用勾號表明，註冊者在過去12個月（或註冊者需要提交此類文件的較短時期）是否已按照《S-t法規405條規定（本章第232.405條）的要求提交了每個互動數據文件。是 x 否 o

請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。


大型加速報告人	x	加速文件申報人	o
非加速文件提交人	o	更小的報告公司	☐
新興成長公司	☐

如果新興成長公司，根據交易所法案13(a)條款，表明是否選擇不使用延長過渡期來遵守任何新的或修訂的財務會計準則。o

請通過勾選表示註冊公司是否是一個空殼公司（如《交易所法》第120億.2條所定義的）。是 ☐ 否 ý

請說明發行人普通股每個類別的流通股票在最近可行日期的流通情況：70,238,241 2024年11月1日持有流通的普通股，面值爲1美元。

除非另有規定，或者上下文另有要求，「LP」，「公司」，「我們」，「我們」指的是Louisiana-Pacific公司及其合併子公司。

有關前瞻性聲明的警告聲明

《1933年證券法》第27A條和《1934年證券交易法》第21E條的修訂版爲前瞻性聲明提供了「安全港」，鼓勵公司提供有關其業務和其他事項的前瞻性信息，前提是這些聲明被確定爲前瞻性，並附有說明性警告性陳述，指出可能導致實際結果與這些前瞻性聲明討論的結果大不同的重要因素。這份Form 10-Q季度報告中，及我們向美國證券交易委員會（SEC）提交的其他報告和文件中可能包含前瞻性聲明。這些聲明基於我們管理層目前的信念和假設，以及可用信息。

以下陳述屬於或可能構成前瞻性陳述：(1)以「可能」、「將」、「可能」、「應當」、「相信」、「期望」、「預計」、「預期」、「計劃」、「估算」、「項目」、「目標」、「潛在」、「持續」、「可能」或「未來」等類似表述爲前導、後繼或包含在內的陳述，以及類似表達，或其否定形式或其他變體；(2)關於非歷史事實的其他事項的陳述，包括但不限於關於產品開發計劃、未來成本和支出預測、可能的法律訴訟結果、生產能力擴大和其他增長舉措、損失準備金的足額性以及關於公司財務展望的任何陳述。

導致實際結果與前瞻性聲明所示或暗示的結果明顯不同的因素包括但不限於以下:

•政府財政和貨幣政策的變化，包括關稅和就業水平；

•一般和全球經濟條件的變化，包括全球大流行病、通貨膨脹上升、供應鏈中斷，以及新的或正在進行的軍事衝突，包括俄羅斯和烏克蘭之間的衝突以及以色列及周邊地區的衝突;

•我們部分產品的商品性質以及這些產品的價格，主要由外部因素決定，比如總行業產能和影響供求趨勢的更廣泛的行業週期。

•資本成本和可用性的變化；

•房屋抵押貸款的成本和融資可用性發生變化;

•家庭施工和修復以及翻新活動水平的變化；

•我們的產品競爭環境和價格發生變化；

•建築產品供需關係的變化；

•第三方批發商和建築產品經銷商的財務或業務條件發生變化;

•供應和需求之間的關係發生了變化，包括用於製造我們產品的原材料，如木纖維和樹脂；

•能源的成本和供應發生變化，主要是天然氣、電力和柴油燃料；

•運輸成本和運輸可用性的變化，包括第三方提供的運輸服務；

•我們對於某些對我們業務至關重要的商品和服務依賴第三方廠商和供應商；

•國際製造產品對運營和財務的影響;

•新產品的開發、發佈或生產增長階段中的困難；

•我們吸引和留住合格的高管、管理人員和其他關鍵員工的能力；

•我們需要不時制定和實施有效的管理團隊關鍵成員的接班計劃；

•公共衛生問題（包括全球大流行）對經濟、對我們產品的需求或我們的運營的影響，包括政府機構爲遏制此類公共衛生問題所採取的行動和建議；

•我們識別併成功完成和整合收購、剝離、合資、資本投資和其他企業戰略交易的能力；

•我們製造業的計劃外中斷，像是爆炸、火災、惡劣天氣、自然災害、事故、設備故障、勞工短缺或中斷、交通中斷，

supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes, and street demonstrations;

•changes in global or regional climate conditions, the impacts of climate change, and potential government policies adopted in response to such conditions;

•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, Chilean peso, and Argentine 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 our competitors or other third parties;

•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, political or 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, or furnished by us to, 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 our 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 you 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 and are inherently uncertain. 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.

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Condensed Consolidated Statements of Income

Amounts in millions, except per share amounts

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales	$	722	$	728	$	2,261	$	1,923
Cost of sales	(530)		(514)		(1,591)		(1,489)
Gross profit	193		214		669		434
Selling, general, and administrative expenses	(75)		(58)		(215)		(191)
Impairment of long-lived assets	—		(1)		—		(25)

Other operating credits and charges, net	(1)		6		2		(20)
Income from operations	116		161		455		198
Interest expense	(4)		(4)		(12)		(9)
Investment income	6		4		17		10
Other non-operating income (expense)	(4)		—		2		(17)
Income before income taxes	113		160		462		183
Provision for income taxes	(23)		(44)		(117)		(66)
Equity in unconsolidated affiliate	—		1		12		3


Net income	$	90	$	118	$	358	$	119
Net income attributed to non-controlling interest	—		—		—		—
Net income attributed to LP	$	90	$	118	$	358	$	119

Net income attributed to LP per share of common stock:


Basic	$	1.28	$	1.63	$	5.01	$	1.65



Diluted	$	1.28	$	1.63	$	5.00	$	1.65

Average shares of common stock used to compute net income (loss) per share:
Basic	70		72		71		72
Diluted	71		72		72		72

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

Condensed Consolidated Statements of Comprehensive Income

Amounts in millions

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	90	$	118	$	358	$	119
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	9		(19)		(11)		(3)


Other	—		—		—		4
Other comprehensive income (loss), net of tax	9		(19)		(11)		2
Comprehensive income	99		99		347		120
Comprehensive income associated with non-controlling interest	—		—		—		—
Comprehensive income attributed to LP	$	99	$	99	$	347	$	121

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

Condensed Consolidated Balance Sheets

Amounts in millions, except per share amounts

(Unaudited)


	September 30, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	346	$	222
Receivables, net of allowance for doubtful accounts of $2 as of September 30, 2024 and December 31, 2023	136		155
Inventories	372		378
Prepaid expenses and other current assets	30		23

Total current assets	885		778

Property, plant, and equipment, net	1,567		1,540
Timber and timberlands	30		32
Operating lease assets, net	25		25
Goodwill and other intangible assets	26		27
Investments in and advances to affiliates	18		5

Other assets	21		20
Deferred tax asset	4		11

Total assets	$	2,576	$	2,437

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	$	282	$	254
Income taxes payable	22		5

Total current liabilities	303		259

Long-term debt	347		347
Deferred income taxes	153		162
Non-current operating lease liabilities	25		25
Contingency reserves, excluding current portion	25		25
Other long-term liabilities	56		61

Total liabilities	$	910	$	880



Stockholders’ equity:
Common stock, $1 par value per share, 200 shares authorized; 86 and 70 shares issued and outstanding, respectively, as of September 30, 2024; and 88 and 72 shares issued and outstanding, respectively, as of December 31, 2023	86		88
Additional paid-in capital	472		465
Retained earnings	1,594		1,479
Treasury stock, 16 shares at cost as of September 30, 2024 and December 31, 2023	(386)		(386)
Accumulated comprehensive gain (loss)	(100)		(89)
Total stockholders’ equity	1,666		1,557
Total liabilities and stockholders’ equity	$	2,576	$	2,437

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

Condensed Consolidated Statements of Cash Flows

Amounts in millions

(Unaudited)


	Nine Months Ended September 30,
		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	358	$	119
Adjustments to net income:
Depreciation and amortization		93		87
Impairment of goodwill and long-lived assets		—		25
Gain on sale of assets, net		—		(6)
Pension loss due to settlement		—		6

Deferred taxes		(1)		44
Foreign currency remeasurement and transaction loss (gain)		(2)		20
Other adjustments, net		(2)		28
Changes in assets and liabilities (net of acquisitions and divestitures):
Receivables		(6)		(52)
Inventories		4		(46)
Prepaid expenses and other current assets		(11)		(5)
Accounts payable and accrued liabilities		28		(36)
Income taxes payable, net of receivables		39		(26)
Net cash provided by operating activities		500		157
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant, and equipment additions		(121)		(236)
Acquisition of facility assets		—		(80)
Proceeds from sales of assets		—		9

Investment in affiliates		(17)		—
Other investing activities, net		16		(4)
Net cash used in investing activities		(122)		(312)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing of long-term debt		—		80
Repayment of long-term debt		—		(80)
Payment of cash dividends		(56)		(52)
Repurchase of common stock		(188)		—
Other financing activities		(8)		(10)
Net cash used in financing activities		(252)		(61)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(2)		(6)
Net increase (decrease) in cash, cash equivalents, and restricted cash		124		(223)
Cash, cash equivalents, and restricted cash at beginning of period		222		383
Cash, cash equivalents, and restricted cash at end of period		$	346	$	160

Supplemental cash flow information:
Cash paid for income taxes, net		$	80	$	49
Cash paid for interest, net		$	14	$	14
Unpaid capital expenditures		$	17	$	17

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

Condensed Consolidated Statements of Stockholders’ Equity

Amounts in millions, except per share amounts

(Unaudited)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Comprehensive Loss		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance, December 31, 2023	88	$	88	16	$	(386)	$	465	$	1,479	$	(89)	$	1,557
Net income attributed to LP	—	—		—	—		—		108		—		108
Dividends paid ($0.26 per share)	—	—		—	—		—		(19)		—		(19)
Issuance of shares under stock plans	—	—		—	6		(6)		—		—		—
Taxes paid related to net settlement of stock-based awards	—	—		—	(6)		—		—		—		(6)
Purchase of stock	—	—		—	—		—		(13)		—		(13)
Compensation expense associated with stock-based compensation	—	—		—	—		6		—		—		6
Other comprehensive loss	—	—		—	—		—		—		(15)		(15)
Balance, March 31, 2024	88	$	88	16	$	(386)	$	465	$	1,555	$	(104)	$	1,617
Net income attributed to LP	—	—		—	—		—		160		—		160
Dividends paid ($0.26 per share)	—	—		—	—		—		(19)		—		(19)
Issuance of shares under stock plans	—	—		—	1		1		—		—		3
Taxes paid related to net settlement of stock-based awards	—	—		—	—		—		—		—		—
Purchase of stock	(1)	(1)		—	—		—		(101)		—		(103)
Compensation expense associated with stock-based compensation	—	—		—	—		4		—		—		4
Other comprehensive loss	—	—		—	—		—		—		(4)		(4)
Balance, June 30, 2024	87	$	87	16	$	(385)	$	471	$	1,595	$	(109)	$	1,658
Net income attributed to LP	—	—		—	—		—		90		—		90
Dividends paid ($0.26 per share)	—	—		—	—		—		(18)		—		(18)
Issuance of shares under stock plans	—	—		—	3		(3)		—		—		—
Taxes paid related to net settlement of stock-based awards	—	—		—	(4)		—		—		—		(4)
Purchase of stock	(1)	(1)		—	—		—		(73)		—		(74)
Compensation expense associated with stock-based compensation	—	—		—	—		4		—		—		4
Other comprehensive loss	—	—		—	—		—		—		9		9
Balance, September 30, 2024	86	$	86	16	$	(386)	$	472	$	1,594	$	(100)	$	1,666


	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Comprehensive Loss		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance, December 31, 2022	88	$	88	16	$	(388)	$	462	$	1,371	$	(99)	$	1,433
Net income attributed to LP	—	—		—	—		—		21		—		21
Dividends paid ($0.24 per share)	—	—		—	—		—		(17)		—		(17)
Issuance of shares under stock plans	—	—		—	10		(10)		—		—		—
Taxes paid related to net settlement of stock-based awards	—	—		—	(10)		—		—		—		(10)

Compensation expense associated with stock-based compensation	—	—		—	—		4		—		—		4
Other comprehensive income	—	—		—	—		—		—		19		19
Balance, March 31, 2023	88	$	88	16	$	(388)	$	455	$	1,375	$	(80)	$	1,450
Net loss attributed to LP	—	—		—	—		—		(20)		—		(20)
Dividends paid ($0.24 per share)	—	—		—	—		—		(17)		—		(17)
Issuance of shares under stock plans	—	—		—	2		—		—		—		2
Taxes paid related to net settlement of stock-based awards	—	—		—	(1)		—		—		—		(1)

Compensation expense associated with stock-based compensation	—	—		—	—		3		—		—		3
Other comprehensive income	—	—		—	—		—		—		1		1
Balance, June 30, 2023	88	$	88	16	$	(387)	$	458	$	1,337	$	(78)	$	1,419
Net income attributed to LP	—	—		—	—		—		118		—		118
Dividends paid ($0.24 per share)	—	—		—	—		—		(17)		—		(17)
Issuance of shares under stock plans	—	—		—	—		—		—		—		—
Taxes paid related to net settlement of stock-based awards	—	—		—	—		—		—		—		—

Compensation expense associated with stock-based compensation	—	—		—	—		2		—		—		2
Other comprehensive loss	—	—		—	—		—		—		(19)		(19)
Balance, September 30, 2023	88	$	88	16	$	(387)	$	460	$	1,438	$	(98)	$	1,502

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. NATURE OF OPERATIONS AND BASIS OF 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, reliability, and sustainability. The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America, and we make limited sales to customers in Asia, Australia, and Europe. The Company operates 22 plants across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries. References to "LP," the "Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

See "Note 15 - Selected Segment Data" below for further information regarding our products and segments.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (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, 2023, filed with the SEC on February 14, 2024 (2023 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.

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

NOTE 2. REVENUE

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.

As noted in the segment reporting information in “Note 15 - Selected Segment Data” below, our reportable segments are Siding, Oriented Strand Board (OSB), and LP South America (LPSA). The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):


	Three Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	418	$	—	$	6	$	—	$	423
OSB - Structural Solutions	—		136		40		—		175
	418		136		46		—		599
Commodity
OSB - commodity	—		112		—		—		112

Other
Other products	3		5		1		2		11
	$	420	$	253	$	47	$	2	$	722

	Three Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	342	$	—	$	5	$	—	$	347
OSB - Structural Solutions	—		174		40		—		213
	342		174		44		—		560
Commodity
OSB - commodity	—		157		—		—		157

Other
Other products	2		5		—		4		11
	$	345	$	335	$	45	$	4	$	728


	Nine Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	1,190	$	—	$	17	$	—	$	1,207
OSB - Structural Solutions	—		507		119		—		626
	1,190		507		136		—		1,833
Commodity
OSB - commodity	—		395		—		—		395

Other
Other products	7		15		4		7		33
	$	1,196	$	917	$	140	$	7	$	2,261

	Nine Months Ended September 30, 2023
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	989	$	—	$	19	$	—	$	1,008
OSB - Structural Solutions	—		412		132		—		544
	989		412		151		—		1,552
Commodity
OSB - commodity	—		332		—		—		332

Other
Other products	7		9		2		21		39
	$	996	$	754	$	153	$	21	$	1,923

Revenue is recognized when obligations under the terms of contracts (e.g., 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.

Our businesses routinely incur customer program costs to obtain favorable product placement, promote sales of products, and maintain competitive pricing. Customer program costs and incentives are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized. The costs include, but are not limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs. These costs are recorded at the later of (i) the time of sale or (ii) 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 our estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, merchandising support, and customer training. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations).

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.

NOTE 3. EARNINGS PER SHARE

Basic earnings per share is based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is 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, stock-settled appreciation rights, restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023




Net income attributed to LP	$	90	$	118	$	358	$	119

Weighted average common shares outstanding - basic	70		72		71		72
Dilutive effect of employee stock plans	—		—		—		—
Shares used for diluted earnings per share	71		72		72		72
Earnings per share:



Basic	$	1.28	$	1.63	$	5.01	$	1.65




Diluted	$	1.28	$	1.63	$	5.00	$	1.65

NOTE 4. 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: (i) recurring—measured on a periodic basis, and (ii) non-recurring—measured on an as-needed basis.

The net carrying value of the 3.625% Senior Notes due in 2029 (2029 Senior Notes) was $347 million as of September 30, 2024 and December 31, 2023. Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $333 million and $314 million as of September 30, 2024 and December 31, 2023, respectively. The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S. GAAP fair value hierarchy. Fair values are based on trading activity among the Company’s lenders and the average bid and ask price is determined using published rates.

In November 2022, LP entered into a Second Amended and Restated Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, and CoBank, ACB, as letter of credit issuer (the Credit Agreement), relating to its revolving credit facility (as amended, the Amended Credit Facility). The Credit Agreement provides for the Amended Credit Facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. All loans under the Credit Agreement become due on November 29, 2028. As of September 30, 2024, there were no outstanding borrowings under our Amended Credit Facility.

Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term maturity of these items.

NOTE 5. RECEIVABLES

Receivables consisted of the following (dollar amounts in millions):


	September 30, 2024		December 31, 2023
Trade receivables	$	109	$	104
Income tax receivable	3		27
Other receivables	27		26
Allowance for doubtful accounts	(2)		(2)
Total Receivables	$	136	$	155

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers. Other receivables as of September 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

NOTE 6. INVENTORIES

Inventories are valued at the lower of cost or net realizable value. Inventory cost includes materials, labor, and operating overhead. The major types of inventories (work in process is not material and is included in semi-finished inventory) are as follows (dollar amounts in millions):


	September 30, 2024		December 31, 2023
Logs	$	62	$	81
Other raw materials	48		53
Semi-finished inventories	31		27
Finished products	232		217
Total Inventories	$	372	$	378

NOTE 7. BUSINESS EXIT CREDITS AND CHARGES

During the second quarter of 2023, we ceased the manufacturing operations of Entekra Holdings, LLC (Entekra), an off-site framing operation previously reported within our “Other” category, which comprises other products that are not individually significant. During the second quarter of 2024, the equity method investment held by Entekra sold substantially all of its net assets resulting in a $16 million distribution to LP and a gain of $11 million, which was recorded within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

Business exit credits and charges consisted of the following (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Impairment of property, plant and equipment, operating lease assets, and other intangible assets1	$	—	$	—	$	—	$	(24)
Gain on sale of assets from an equity method investment2	—		—		11		—
Restructuring and other related charges:
Inventory write-down3	—		—		—		(6)
Other expenses including personnel-related costs such as severance4	—		(1)		3		(4)
	$	—	$	(1)	$	14	$	(35)

1Included within impairment of long-lived assets on the Condensed Consolidated Statements of Income.

2Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

3Included within cost of sales on the Condensed Consolidated Statements of Income.

4Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

NOTE 8. GOODWILL AND OTHER INTANGIBLES

Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value-based test on an annual basis, or more frequently if circumstances indicate a potential impairment. The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the nine months ended September 30, 2024 are provided in the following table (dollar amounts in millions):


	Timber Licenses1		Goodwill		Developed Technology
Beginning balance December 31, 2023	$	25	$	19	$	7


Amortization	(2)		—		—
Ending balance September 30, 2024	$	23	$	19	$	7

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

NOTE 9. INCOME TAXES

For interim periods, we recognize income tax expense by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted in the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates.

The provision for income taxes for the nine months ended September 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25% and 27%, respectively, excluding discrete items discussed below. The total tax provision for the three and nine months ended September 30, 2024 was $23 million and $117 million, respectively, compared to $44 million and $66 million for the comparable periods in 2023, respectively. The total effective tax

rate for the three and nine months ended September 30, 2024 was 20% and 25%, respectively, compared to 27% and 36%, respectively, for the comparable period in 2023. The year-to-date decrease in the effective tax rate was primarily a result of a discrete tax expense of $22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings.

During the nine months ended September 30, 2024, we recognized a $1 million net discrete tax benefit and during the nine months ended September 30, 2023, we recognized a net discrete tax expense of $16 million. The current year net tax benefit related primarily to stock based compensation while the net discrete tax expense in the prior year primarily related to the $22 million second quarter expense recognized in connection with the change in management’s indefinite reinvestment assertion described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which establishes a global minimum effective tax rate of 15% for multinational enterprise groups with annual global revenue exceeding 750 million Euros. On June 20, 2024, the Canadian government enacted legislation implementing aspects of the OECD’s minimum tax rules under the Pillar Two Framework, effective in 2024. We considered the new Canadian legislation as part of our third quarter 2024 tax provision and concluded that (i) it had no impact on our consolidated financial statements for the nine months ended September 30, 2024, and (ii) we expect there to be no impact on our Consolidated Financial Statements for the year ending December 31, 2024. The Canadian government issued draft legislative proposals in August of 2024 to implement remaining OECD Pillar Two framework enforcement mechanisms proposed to take effect in 2025 for calendar year companies. No other jurisdictions in which LP operates have enacted Pillar Two legislation at this time. The Company is continuously monitoring the expanding adoptions of Pillar Two legislation and assessing its potential impact on our future tax liability.

NOTE 10. COMMITMENTS AND CONTINGENCIES

We maintain reserves for various contingent liabilities as follows (dollar amounts in millions):


	September 30, 2024		December 31, 2023
Environmental reserves	$	26	$	26
Other reserves	—		—
Total contingencies	26		26
Current portion (included in Accounts payable and accrued liabilities)	(1)		(1)
Long-term portion	$	25	$	25

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 based on 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.

Other Proceedings

From time to time, we and our subsidiaries are parties to certain legal proceedings arising in our ordinary course of business. Based on the information currently available, management believes the resolution of such ongoing and future proceedings will not have a material effect on our financial position, results of operations, cash flows, or liquidity.

NOTE 11. 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 such carrying values. If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, 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 September 30, 2024, there were no indicators of impairment.

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.

NOTE 12. PRODUCT WARRANTIES

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 for the three and nine months ended September 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	8	$	8	$	8	$	8
Change in warranty provision	(1)		(1)		—		1

Payments made	(1)		—		(1)		(1)
Total warranty reserves	7		7		7		7
Current portion of warranty reserves (included in accounts payable and accrued liabilities)	(2)		(2)		(2)		(2)
Long-term portion of warranty reserves (included in other long-term liabilities)	$	5	$	6	$	5	$	6

We continue to monitor warranty and other claims associated with our products and believe, as of September 30, 2024, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments. However, it is possible that additional changes may be required in the future.

NOTE 13. ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three months ended September 30, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at June 30, 2024	$	(108)	$	—	$	(109)

Translation adjustments	9		—		9
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at June 30, 2023	$	(78)	$	(1)	$	(78)

Translation adjustments	(19)		—		(19)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

Accumulated comprehensive loss is provided in the following table for the nine months ended September 30, 2024 and 2023 (dollar amounts in millions):


	Translation Adjustments		Other		Total
Balance at December 31, 2023	$	(89)	$	(1)	$	(89)

Translation adjustments	(11)		—		(11)
Balance at September 30, 2024	$	(100)	$	—	$	(100)
	Translation Adjustments		Other		Total
Balance at December 31, 2022	$	(94)	$	(5)	$	(99)
Reclassified to income statement, net of taxes1	—		4		4
Translation adjustments	(3)		—		(3)
Balance at September 30, 2023	$	(97)	$	(1)	$	(98)

1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost.

NOTE 14. OTHER OPERATING AND NON-OPERATING ITEMS

Other operating credits and charges, net

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Reorganization charges	$	(1)	$	(2)	$	(1)	$	(9)
Legal settlement	—		—		3		(16)



Gain on asset sales	—		6		—		6
Other	—		1		—		(1)
Other operating credits and charges, net	$	(1)	$	6	$	2	$	(20)

Other non-operating items

Other non-operating items is comprised of the following components (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023











Pension settlement charges	$	—	$	—	$	—	$	(6)

Foreign currency gain (loss)	(4)		—		2		(12)
Other	—		—		—		1
Other non-operating items	$	(4)	$	—	$	2	$	(17)

NOTE 15. SELECTED SEGMENT DATA

We operate in three segments: Siding, OSB, and LPSA. Our business units have been aggregated into these three segments based upon the similarity of economic characteristics, customers, and distribution methods. Our results of operations are summarized below for each of these segments separately, as well as for the “Other” category, which comprises other products that are not individually significant.

•Our Siding segment serves diverse end markets with a broad product offering, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions® (collectively referred to as Siding Solutions). Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia.

•Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP® Structural Solutions (which includes LP TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal Insulated Sheathing, LP FlameBlock® Fire-Rated Sheathing, and LP TopNotch® 350 Durable Sub-Flooring). OSB products are manufactured using wood strands arranged in layers and bonded with resins.

•Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets. This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction. The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru.

We evaluate the performance of our business segments based on net sales and segment Adjusted EBITDA. Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for our business segments. Segment Adjusted EBITDA is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items.

Information about our business segments is as follows (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
NET SALES BY BUSINESS SEGMENT
Siding	$	420	$	345	$	1,196	$	996
OSB	253		335		917		754
LPSA	47		45		140		153
Other	2		4		7		21

Total sales	$	722	$	728	$	2,261	1,923
NET INCOME TO ADJUSTED EBITDA RECONCILIATION
Net income	$	90	$	118	$	358	$	119
Add (deduct):
Net income attributed to non-controlling interest	—		—		—		—

Income attributed to LP	90		118		358		119
Provision for income taxes	23		44		117		66
Depreciation and amortization	31		30		93		87
Stock-based compensation expense	4		2		15		9
Loss on impairment attributed to LP	—		1		—		1
Other operating credits and charges, net	1		(7)		2		16
Business exit credits and charges	—		1		(14)		35

Interest expense	4		4		12		9
Investment income	(6)		(4)		(17)		(10)
Pension settlement charges	—		—		—		6
Other non-operating items	4		—		(2)		11
Adjusted EBITDA	$	153	$	190	$	564	$	349
SEGMENT ADJUSTED EBITDA
Siding	$	123	$	71	$	318	$	198
OSB	33		120		249		161
LPSA	9		6		29		31
Other	(3)		—		(6)		(15)
Corporate	(9)		(7)		(26)		(26)
Adjusted EBITDA	$	153	$	190	$	564	$	349

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q. The following discussion includes forward-looking statements that are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. We encourage you to review the risks and uncertainties described in the sections titled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" included in our 2023 Annual Report on Form 10-K and in this quarterly report on Form 10-Q. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements contained in this quarterly report on Form 10-Q or implied by past results and trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results we expect for the full fiscal year or any other period.

General

We are 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. Our manufacturing facilities are located in the U.S., Canada, Chile, and Brazil. To serve these markets, we operate in three segments: Siding, OSB, and LPSA.

Demand for Building Products

Demand for our products correlates positively with new home construction and repair and remodeling activity in North America, which historically has been characterized by significant cyclicality. The U.S. Census Bureau reported on October 18, 2024 that actual single-family housing starts were flat for the three months ended September 30, 2024 and 10% higher for the nine months ended September 30, 2024, as compared to the same periods in 2023. Actual multi-family housing starts for the three and nine months ended September 30, 2024 were 10% and 29% lower, respectively, as compared to the same periods in 2023. Repair and remodeling activity is difficult to reasonably measure, but many indicators suggest that it has declined modestly year-over-year.

Future economic conditions in the United States and the demand for homes are uncertain due to inflationary impacts on the economy, including interest rates, employment levels, consumer confidence, and financial markets, among other things. The potential effect of these factors on our future operational and financial performance is uncertain. As a result, our past performance may not be indicative of future results.

Supply and Demand for Siding

Our Siding Solutions products are specialty building materials and are subject to competition from various siding technologies, including vinyl, stucco, wood, fiber cement, brick, and others. We believe we are the largest manufacturer in the engineered wood siding market in North America and South America. We have consistently grown our Siding segment above the underlying market growth rates. Our Siding segment is generally less sensitive to new housing market cyclicality since a majority of its demand comes from other markets, including off-site structure producers and repair and remodel. Our growth in this market depends upon the continued displacement of vinyl, wood, fiber cement, stucco, bricks, and other alternatives, our product innovation and our technological expertise in wood and wood composites to address the needs of our customers.

Supply and Demand for OSB

OSB is a commodity product, and it is subject to competition from manufacturers worldwide. Product supply is influenced primarily by fluctuations in available manufacturing capacity and imports. The ratio of overall OSB demand to capacity generally drives price. We cannot predict whether the prices of our OSB products will remain at current levels or fluctuate in the future.

Critical Accounting Policies and Significant Estimates

Note 1 of the Notes to the Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K is a discussion of our significant accounting policies and significant accounting estimates and judgments. Throughout the preparation of the financial statements, we employ significant judgments in the application of accounting principles and methods. These judgments are primarily related to the assumptions used to arrive at various estimates.

There have been no changes in the application of principles, methods, and assumptions used to determine our significant estimates since December 31, 2023.

Non-GAAP Financial Measures and Other Key Performance Indicators

In evaluating our business, we utilize non-GAAP financial measures that fall within the meaning of SEC Regulation G and Regulation S-K Item 10(e), which we believe provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP financial measures do not have standardized definitions and are not defined by U.S. GAAP. In this quarterly report on Form 10-Q, we disclose income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excluding stock-based compensation expense, loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items, as Adjusted EBITDA (Adjusted EBITDA), which is a non-GAAP financial measure. We have included Adjusted EBITDA in this report because we view it as an important supplemental measure of our performance and believe that it is frequently used by interested persons in the evaluation of companies that have different financing and capital structures and/or tax rates. We also disclose income attributed to LP, excluding loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, interest expense outside of normal operations, other operating credits and charges, net, loss on early debt extinguishment, gain (loss) on acquisition, and pension settlement charges, and adjusting for a normalized tax rate, as Adjusted Income (Adjusted Income). We also disclose Adjusted Diluted EPS, which is calculated as Adjusted Income divided by diluted shares outstanding. We believe that Adjusted Diluted EPS and Adjusted Income are useful measures for evaluating our ability to generate earnings and that providing these measures should allow interested persons to more readily compare the earnings for past and future periods. Reconciliations of Adjusted EBITDA, Adjusted Income and Adjusted Diluted EPS to their most directly comparable U.S. GAAP financial measures, net income, income attributed to LP and income attributed to LP per diluted share, respectively, are presented below.

Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS are not substitutes for the U.S. GAAP measures of net income, income attributed to LP, and income attributed to LP per diluted share or for any other U.S. GAAP measures of operating performance. It should be noted that other companies may present similarly titled measures differently, and therefore, as presented by us, these measures may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS have material limitations as performance measures because they exclude items that are actually incurred or experienced in connection with the operation of our business.

The following table reconciles net income to Adjusted EBITDA (dollar amounts in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	90	$	118	$	358	$	119
Add (deduct):
Net income attributed to non-controlling interest	—		—		—		—

Income attributed to LP	90		118		358		119
Provision for income taxes	23		44		117		66
Depreciation and amortization	31		30		93		87
Stock-based compensation expense	4		2		15		9
Loss on impairment attributed to LP	—		1		—		1
Other operating credits and charges, net	1		(7)		2		16
Business exit credits and charges	—		1		(14)		35

Interest expense	4		4		12		9
Investment income	(6)		(4)		(17)		(10)
Pension settlement charges	—		—		—		6
Other non-operating items	4		—		(2)		11
Adjusted EBITDA	$	153	$	190	$	564	$	349
SEGMENT ADJUSTED EBITDA
Siding	$	123	$	71	$	318	$	198
OSB	33		120		249		161
LPSA	9		6		29		31
Other	(3)		—		(6)		(15)
Corporate	(9)		(7)		(26)		(26)
Adjusted EBITDA	$	153	$	190	$	564	$	349

The following table provides the reconciliation of net income to Adjusted Income (dollar amounts in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income per share - diluted	$	1.28	$	1.63	$	5.00	$	1.65

Net income	$	90	$	118	$	358	$	119
Add (deduct):
Net income attributed to non-controlling interest	—		—		—		—
Income attributed to LP	90		118		358		119
Loss on impairment attributed to LP	—		1		—		1
Other operating credits and charges, net	1		(7)		2		16
Business exit credits and charges	—		1		(14)		35

Pension settlement charges	—		—		—		6
Reported tax provision	23		44		117		66
Adjusted income before tax	115		157		463		242
Normalized tax provision at 25%	(29)		(39)		(116)		(61)
Adjusted Income	$	86	$	117	$	347	$	182
Diluted shares outstanding	71		72		72		72
Adjusted Diluted EPS	$	1.22	$	1.62	$	4.84	$	2.51

Key Performance Indicators

In addition, management monitors certain key performance indicators to evaluate our business performance, which include our Overall Equipment Effectiveness (OEE) and our sales volume relative to housing starts, as provided by reports from the U.S. Census Bureau.

The following tables present summary data relating to: (i) housing starts within the United States, (ii) our sales volumes, and (iii) our OEE performance. We consider these items to be key performance indicators for our business because LP’s management uses these metrics to evaluate our business and trends in our industry, measure our performance, and make strategic decisions. We believe that the key performance indicators presented may provide additional perspective and insights when analyzing our core operating performance. These key performance indicators should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the financial measures that were prepared in accordance with U.S. GAAP. These measures may not be comparable to similarly titled performance indicators used by other companies.

We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products. We believe that housing starts is a useful measure for evaluating our results and that providing this measure should allow interested persons to more readily compare our sales volume for past and future periods to an external indicator of product demand. Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled performance indicators reported by other companies.

The following table sets forth housing starts for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Housing starts1:
Single-Family	258	259	780	709
Multi-Family	94	105	263	371
	352	364	1,043	1,079

1 Actual U.S. housing starts data, in thousands, reported by the U.S. Census Bureau as published through October 18, 2024.

We monitor sales volumes for our products in our Siding, OSB, and LPSA segments, which we define as the number of units of our products sold within the applicable period. Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth. It should be noted that other companies may present sales volume data differently, and therefore, as presented by us, sales volume data may not be comparable to similarly titled measures reported by other companies. We believe that sales volumes can be a useful measure for evaluating and understanding our business.

The following table sets forth sales volumes for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
Sales Volume	Siding	OSB	LPSA	Total	Siding	OSB	LPSA	Total
Siding Solutions (MMSF)	460	—	11	470	398	—	6	405
OSB - Structural Solutions (MMSF)	—	402	130	532	—	412	115	528
OSB - commodity (MMSF)	—	431	—	431	—	401	—	401
	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
Sales Volume	Siding	OSB	LPSA	Total	Siding	OSB	LPSA	Total
Siding Solutions (MMSF)	1,318	—	29	1,347	1,158	—	25	1,183
OSB - Structural Solutions (MMSF)	—	1,297	397	1,693	—	1,151	370	1,521
OSB - commodity (MMSF)	—	1,261	—	1,261	—	1,137	—	1,137

We measure OEE at each of our mills to track improvements in the utilization and productivity of our manufacturing assets. OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality. We believe that OEE, when used in conjunction with other metrics, can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to monitor operational improvements. We believe that we use a best-in-class target across all LP manufacturing sites that allows us to optimize capital investments, focus maintenance and reliability improvements, and improve overall equipment efficiency. It should be noted that other companies may present OEE data differently, and therefore, as presented by us, OEE data may not be comparable to similarly titled measures reported by other companies.

OEE for the three and nine months ended September 30, 2024 and 2023 for each of our segments is listed below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Siding	77	%	77	%	78	%	77	%
OSB	78	%	74	%	78	%	75	%
LPSA	68	%	74	%	73	%	74	%

Results of Operations

Our results of operations for each of our segments are discussed below, as are the results of operations for the “other” category, which comprises other products that are not individually significant. See "Note 15 - Selected Segment Data" of the Notes to the Condensed Consolidated Financial Statements included in "Item 1 - Financial Statements" of this quarterly report on Form 10-Q for further information regarding our segments.

Siding

The Siding segment serves diverse end markets with a broad product offering, including LP SmartSide Trim & Siding, LP SmartSide ExpertFinish Trim & Siding, LP BuilderSeries Lap Siding, and LP Outdoor Building Solutions (collectively referred to as Siding Solutions). Our Siding Solutions products consist of a full line of engineered wood siding, trim, soffit, and fascia.

Segment net sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
Net sales	$	420	$	345	22	%	$	1,196	$	996	20	%
Adjusted EBITDA	123		71		72	%	318		198		61	%

Net sales in this segment by product line were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
Siding Solutions	$	418	$	342	22	%	$	1,190	$	989	20	%
Other	3		2		17	%	7		7		1	%
Total	$	420	$	345	22	%	$	1,196	$	996	20	%

Percent changes in average net sales prices and unit shipments for the three and nine months ended September 30, 2024, compared to the corresponding periods in 2023, were as follows:


	Three Months Ended September 30, 2024 versus 2023				Nine Months Ended September 30, 2024 versus 2023
	Average Net Selling Price		Unit Shipments		Average Net Selling Price		Unit Shipments
Siding Solutions	6	%	15	%	6	%	14	%

The year-over-year net sales increase for the Siding segment for the three and nine months ended September 30, 2024 reflects increased sales volumes and list price increases.

Third quarter 2024 Adjusted EBITDA increased year-over-year by $51 million, primarily reflecting the impacts of the net sales increase and a $5 million increase due to the non-recurrence of a manufacturing press rebuild in 2023. For the nine months ended September 30, 2024, the year-over-year increase in Adjusted EBITDA of $120 million primarily reflects the impact of the net sales increase.

OSB

The OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP Structural Solutions (which includes LP TechShield Radiant Barrier, LP WeatherLogic Air & Water Barrier, LP Legacy Premium Sub-Flooring, LP NovaCore Thermal Insulated Sheathing, LP FlameBlock Fire-Rated Sheathing, and LP TopNotch 350 Durable Sub-Flooring). OSB products are manufactured using wood strands arranged in layers and bonded with resins.

Segment net sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
Net sales	$	253	$	335	(24)	%	$	917	$	754	22	%
Adjusted EBITDA	33		120		(72)	%	249		161		54	%

Net sales in this segment by product line were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
OSB - Structural Solutions	$	136	$	174	(22)	%	$	507	$	412	23	%
OSB - commodity	112		157		(29)	%	395		332		19	%
Other	5		5		17	%	15		9		67	%
Total	$	253	$	335	(24)	%	$	917	$	754	22	%

Percent changes in average net sales prices and unit shipments for the three and nine months ended September 30, 2024, compared to the corresponding periods in 2023, were as follows:


	Three Months Ended September 30, 2024 versus 2023				Nine Months Ended September 30, 2024 versus 2023
	Average Net Selling Price		Unit Shipments		Average Net Selling Price		Unit Shipments
OSB - Structural Solutions	(20)	%	(3)	%	9	%	13	%
OSB - commodity	(34)	%	8	%	7	%	11	%

Third quarter 2024 net sales for the OSB segment decreased year-over-year by $82 million (or 24%), reflecting an $88 million decrease from lower OSB selling prices, partially offset by a $4 million increase in sales volumes. For the nine months ended September 30, 2024, the year-over-year increase in net sales of $164 million (or 22%) reflects a $47 million increase in revenue due to higher OSB selling prices and a $100 million increase in sales volumes.

Adjusted EBITDA for the three months ended September 30, 2024 decreased year-over-year by $87 million, primarily reflecting the impact of lower OSB prices. Adjusted EBITDA for the nine months ended September 30, 2024 increased year-over-year by $87 million, reflecting the impact of higher OSB prices and sales volumes, partially offset by higher mill-related costs.

LPSA

Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets. This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction. The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru.

Segment net sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
Net sales	$	47	$	45	4	%	$	140	$	153	(8)	%
Adjusted EBITDA	9		6		41	%	29		31		(5)	%

Net sales in this segment by product were as follows (dollar amounts in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024		2023		% Change		2024		2023		% Change
OSB - Structural Solutions	$	40	$	40	—	%	$	119	$	132	(10)	%
Siding	6		5		19	%	17		19		(11)	%
Other	1		—		292	%	4		2		91	%
Total	$	47	$	45	4	%	$	140	$	153	(9)	%

Percent changes in average net sales price and unit shipments for the three and nine months ended September 30, 2024, compared to the corresponding periods in 2023, were as follows:


	Three Months Ended September 30, 2024 versus 2023				Nine Months Ended September 30, 2024 versus 2023
	Average Net Selling Price		Unit Shipments		Average Net Selling Price		Unit Shipments
OSB - Structural Solutions	(11)	%	13	%	(16)	%	7	%
Siding	(32)	%	76	%	(22)	%	14	%

The year-over-year net sales and Adjusted EBITDA increases for the three months ended September 30, 2024 reflect higher sales volumes offset by unfavorable currency fluctuations. The year-over-year net sales and Adjusted EBITDA decreases for the nine months ended September 30, 2024 reflect lower constant currency selling prices and unfavorable currency fluctuations, partially offset by higher sales volumes.

Other

Our other products segment includes other minor products, services, and closed operations, which do not qualify as discontinued operations. During the second quarter of 2023, we announced the shutdown of our off-site framing operation Entekra Holdings LLC (Entekra). Other net sales were $2 million and $7 million for the three and nine months ended September 30, 2024, respectively, as compared to $4 million and $21 million for the corresponding periods in 2023, respectively. The year-over-year decrease in other net sales for the three and nine months ended September 30, 2024 was primarily due to lower Entekra sales volumes as a result of the aforementioned shutdown. Adjusted EBITDA was $(3) million and $(6) million for the three and nine months ended September 30, 2024, respectively, as compared to $0 million and $(15) million for the corresponding periods in 2023, respectively.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses were $75 million and $215 million for the three and nine months ended September 30, 2024, respectively, compared to $58 million and $191 million for the corresponding periods in 2023, respectively. The year-over-year increase in selling, general, and administrative expenses was driven by higher employee compensation and marketing expenses.

Income Taxes

We recognized an estimated tax provision of $23 million and $117 million in the three and nine months ended September 30, 2024, respectively, as compared to $44 million and $66 million for the corresponding periods in 2023, respectively. Each quarter the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is recorded in the current quarter. For 2024, the primary differences between the U.S. statutory rate of 21% and the effective rate relates to state income tax. For 2023, the primary difference between the U.S. statutory rate of 21% and the effective rate relates to the $22 million tax expense impact from a change in indefinite reinvestment assertion on Chile and Brazil earnings, which is discussed immediately below.

In the second quarter of 2023, management changed its intent to no longer assert indefinite reinvestment related to undistributed earnings in Chile and Brazil. As a result, we established a net $22 million deferred tax liability for the expected tax consequences of repatriating all beginning of year cumulative Chile and Brazil earnings, which was recorded as an expense in the second quarter of 2023.

Legal and Environmental Matters

For a discussion of legal and environmental matters involving us and the potential impact thereof on our financial position, results of operations, and cash flows, see Items 3, 7, and 8 in our 2023 Annual Report on Form 10-K and "Note 10 - Commitments and Contingencies" of the Notes to the Condensed Consolidated Financial Statements included in "Item 1 - Financial Statements" of this quarterly report on Form 10-Q.

Liquidity and Capital Resources

Overview

Our principal sources of liquidity are existing cash and investment balances, cash generated by our operations, and our ability to borrow under such credit facilities as we may have in effect from time to time. We assess our liquidity in terms of our ability to generate cash to fund our short- and long-term cash requirements. As such, we project our anticipated cash requirements as well as cash flows generated from operating activities to meet those needs. We anticipate long-term cash uses may also include strategic acquisitions. On a long-term basis, we expect to rely on our credit facility for any long-term funding not provided by operating cash flows. We may also, from time to time, issue and sell equity, debt, or hybrid securities or engage in other capital market transactions.

Our principal uses of liquidity are paying the costs and expenses associated with our operations, servicing outstanding indebtedness, paying dividends, and making capital expenditures. We may also, from time to time, prepay or repurchase outstanding indebtedness or shares or acquire assets or businesses that are complementary to our operations. Any such share repurchases may be commenced, suspended, discontinued, or resumed, and the method or methods of effecting any such repurchases may be changed, at any time, or from time to time, without prior notice.

We expect to fund our capital expenditures over at least the next 12 months through cash on hand, cash generated from operations, and available borrowing under our Amended Credit Facility, as necessary.

Operating Activities

During the nine months ended September 30, 2024 and 2023, cash provided by operations was $500 million and $157 million, respectively. The increase in cash provided by operations was primarily related to higher net income and changes in working capital, partially offset by $31 million of higher income taxes paid.

Investing Activities

During the nine months ended September 30, 2024 and 2023, cash used in investing activities was $122 million and $312 million, respectively. During the nine months ended September 30, 2024, we received $16 million in proceeds from our share of the sale of certain assets from an equity method investment. We also paid $17 million for an equity investment in South America. During the nine months ended September 30, 2023, we paid $80 million to acquire the assets owned by Wawa OSB, Inc.

Capital expenditures for the nine months ended September 30, 2024 and 2023, were $121 million and $236 million, respectively. The year-over-year decrease was primarily related to siding conversion expenditures in the prior year. Capital expenditures for the nine months ended September 30, 2024 were primarily related to growth and sustaining maintenance projects.

Financing Activities

During the nine months ended September 30, 2024, cash used in financing activities was $252 million, which includes $188 million to repurchase shares of LP common stock under the 2022 Share Repurchase Program (defined below). Additionally, we paid cash dividends of $56 million and used $8 million to repurchase stock from employees in connection with income tax withholding requirements associated with our employee stock-based compensation plans.

During the nine months ended September 30, 2023, cash used in financing activities was $61 million, which includes $52 million of dividend payments and $10 million of stock repurchases from employees in connection with

income tax withholding requirements associated with our employee stock-based compensation plans. We borrowed and subsequently repaid $80 million from our Amended Credit Facility.

Credit Facility and Letter of Credit Facility

In November 2022, LP entered into the Credit Agreement with American AgCredit, PCA, as administrative agent and sole lead arranger, and CoBank, ACB, as letter of credit issuer, relating to the Amended Credit Facility. The Credit Agreement provides for the Amended Credit Facility in the principal amount of up to $550 million, with a $60 million sub-limit for letters of credit. All loans under the Credit Agreement become due on November 29, 2028. As of September 30, 2024, we had no outstanding borrowings under our Amended Credit Facility.

The Credit Agreement contains various restrictive covenants and customary events of default. The breach of restrictive covenants or the occurrence of any other event of default under the Credit Agreement could result in the acceleration of our obligation to repay the indebtedness outstanding thereunder. The Credit Agreement also contains financial covenants that require us and our consolidated subsidiaries to have, as of the end of each quarter, a capitalization ratio (i.e., funded debt less unrestricted cash to total capitalization) of no more than 57.5%. As of September 30, 2024, we were in compliance with all financial covenants under the Credit Agreement.

In May 2024, LP entered into a new letter of credit facility agreement, replacing the letter of credit facility agreement dated May 2020. This agreement 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). The Letter of Credit Facility provides for a letter of credit fee, due quarterly, ranging from 1.000% 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 Credit Agreement, including the capitalization ratio covenant. All amounts outstanding under the Letter of Credit Facility become due on April 15, 2029. As of September 30, 2024, we were in compliance with all covenants under the Letter of Credit Facility.

Other Liquidity Matters

Off-Balance Sheet Arrangements

As of September 30, 2024, we had standby letters of credit of $14 million outstanding related to collateral for environmental impact on owned properties, a deposit for a forestry license, and insurance collateral, including workers' compensation.

Potential Impairments

We review the carrying values of our long-lived assets for potential impairments and believe we have adequate support for such carrying values as of September 30, 2024.

If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, 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 September 30, 2024, there were no indicators of impairment.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to fluctuations in foreign currency exchange rates, commodity prices and interest rates which could impact our results of operations and financial condition.

Foreign Currency Risk

Each of our international operations has transactional foreign currency exposures related to buying and selling in currencies other than the local currencies in which it operates. Exposures are primarily related to the U.S. dollar relative to the Canadian dollar, the Brazilian real, the Chilean peso, and the Argentine peso. We also have translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. dollars. Although we have in the past entered into foreign exchange contracts associated with certain of our indebtedness and may continue to enter into foreign exchange contracts associated with major equipment purchases to manage a portion of the foreign currency rate risk, we historically have not entered into currency rate hedges with respect to our exposure from operations, provided we may do so in the future.

Commodity Price Risk

Some of our products are sold as commodities, and therefore sales prices fluctuate daily based on market factors over which we have little or no control. The most significant commodity product we sell is OSB. There have been no material changes to the assumed production capacity and annual average price sensitivity for OSB previously disclosed under the caption “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our 2023 Annual Report on Form 10-K. We historically have not entered into material commodity futures and swaps, although we may do so in the future.

Interest Rate Risk

We are exposed to market risk associated with changes in interest rates on our variable rate long-term debt. As of September 30, 2024, there were no outstanding borrowings under our Amended Credit Facility. We do not currently have any derivative or hedging arrangements to reduce the impact of changes in interest rates, or other known exposures to changes in interest rates. There have been no material changes to the interest rate sensitivity analysis previously disclosed under the caption “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our 2023 Annual Report on Form 10-K.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of September 30, 2024, our Chief Executive Officer and Chief Financial Officer carried out, with the participation of the Company's management, a review and evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2024, LP’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter, ended September 30, 2024, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II-OTHER INFORMATION

ITEM 1LEGAL PROCEEDINGS

The description of certain legal and environmental matters involving LP set forth in "Item 1 - Financial Statements" of this quarterly report on Form 10-Q under "Note 10 - Commitments and Contingencies" of the Notes to the Condensed Consolidated Financial Statements contained herein is incorporated herein by reference.

ITEM 1A.RISK FACTORS

In addition to the other information set forth in this quarterly report on Form 10-Q, an investor should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” of the Company’s 2023 Annual Report on Form 10-K. There have been no material changes to the risk factors previously disclosed under the caption "Item 1A. Risk Factors" in Part I of our 2023 Annual Report on Form 10-K.

The risks described in our 2023 Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially adversely affect our business, financial condition, operating results, or cash flows.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During May 2022 and May 2024, our Board of Directors authorized share repurchase programs under which LP was authorized to repurchase up to $600 million (the 2022 Share Repurchase Program) and $250 million (the 2024 Share Repurchase Program), respectively, of its outstanding common stock. During the quarter ended September 30, 2024, we repurchased 815,929 shares of our common stock at an average price of $89.37 per share through market purchases pursuant to the 2022 Share Repurchase Program. At September 30, 2024, we had an aggregate of $262 million of repurchase authorization remaining under the 2022 Share Repurchase Program and the 2024 Share Repurchase Program. LP may initiate, discontinue, or resume purchases of its common stock under the 2022 Share Repurchase Program and the 2024 Share Repurchase Program in the open market, in block, and in privately negotiated transactions, including under Rule 10b5-1 plans, at times and in such amounts as management deems appropriate without prior notice, subject to market and business conditions, regulatory requirements, and other factors.

The following amount of our common stock was repurchased under this authorization during the quarter ended September 30, 2024:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Purchase Plans or Programs1	Approximate Dollar Value of Shares Available for Repurchase Under the Plans or Programs (in millions)
July 1, 2024 - July 31, 2024	617,525	$	87.39	617,525	$	281
August 1, 2024 - August 30, 2024	198,404	$	95.56	198,404	$	262
September 1, 2024 - September 30, 2024	—	$	—	—	$	262
Total for Third Quarter 2024	815,929			815,929

1 On May 3, 2022, LP’s Board of Directors authorized the 2022 Share Repurchase Program under which LP may repurchase shares of its common stock totaling up to $600 million. On May 7, 2024, LP’s Board of Directors authorized the 2024 Share Repurchase Program under which LP may repurchase shares of its common stock totaling up to $250 million. As of September 30, 2024, LP had an aggregate of $262 million of repurchase authorization remaining under the 2022 Share Repurchase Program and the 2024 Share Repurchase Program.

ITEM 5.OTHER INFORMATION

None of our directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended September 30, 2024.

ITEM 6.EXHIBITS
















31.1			Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. *

31.2			Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. *

32			Certifications pursuant to § 906 of the Sarbanes-Oxley Act of 2002. **

101.INS			Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.*

101.SCH			Inline XBRL Taxonomy Extension Schema Document.*

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document.*

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.*

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.*

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.*

104			Cover Page Interactive Data File (embedded with Inline XBRL document and contained in Exhibit 101)*

*Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.


		LOUISIANA-PACIFIC CORPORATION

Date:	November 5, 2024	BY:	/S/ W. BRADLEY SOUTHERN
			W. Bradley Southern
			Chief Executive Officer

Date:	November 5, 2024	BY:	/S/ ALAN J.M. HAUGHIE
			Alan J.M. Haughie
			Executive Vice President and
			Chief Financial Officer